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FINANCIAL TIMES 



Schneider probe 
broadens after 
second arrest 

The Belgian investigation into Dldier Ptoeau- 
Valencienne, chairman of France's Groupe Schnei- 
der, broadened with the arrest of an Italian busi- 
nessmen as part of a fraud inquiry involving 
Belgian subsidiaries of the electrical engineering 
company. 

Belgian justice officials said that Valentino 
Foti had been detained on the same charges as 
Mr Pinea u-Valeneienne. The Schneider chairman, 
held in a Brussels prison since Friday, is charged 
with fraud and falsification of accounts following 
an investigation triggered by complaints from 
minority shareholders in Cofibe! and Cofimines, 
Belgian subsidiaries of the French company. 

Page 16 

IBM alms to unify software development 

International Business 
Machines is realigning 
its worldwide software 
development operations 
following a management 
review ordered by 
chairman and chief 
executive Lou Gerstner 
Cleft). IBM, which spends 
about $ibn a year devel- 
oping software, plans 
to co-ordinate efforts 
behind a set of technolo- 
gies called “Workplace". The shift is part of Mr 
Gerstner's plans to unify IBM's prodnct develop- 
ment work. Page 17 

Mediobanca chiefs under investigation: 

Four senior executives of Mediobanca, the Milan 
merchant bank, were told they were under investi- 
gation by Ravenna magistrates for alleged irregu- 
larities in their role as advisers to the collapsed 
Fermzzi-Montedison group. Page 17 

Nikkei reaches 1994 dosing high: Markets 
in London and New York were closed yesterday, 
but in Tokyo, foreign buying of heavy industrial 
shares helped push the Nikkei average up 6L8I 
points to a 1994 closing high of 20.83837. Friday’s 
closing share prices for US and UK markets were 
published in the FT on Saturday and yesterday. 
Page 17; Lex, Page 16 

Japan’s steelmakers under pressures 

Japan's steel industry, severely squeezed by reces- 
sion and tierce price competition, faces demands 
from the country's carmakers to reduce prices 
for sheet steel. Page 20 

UK may stem import of construction steel: 

Regulations to stem imports into Britain of cut- 
price subsidised construction steel, mainly from 
Italy and Spain, are being considered by the UK 
government. Page 16 

British industry told to embrace Europe: 

Business leaders call in a letter to the Financial 
Times today for British industry to “stand up 
and be counted" in the forthcoming European 
elections. “The silent industrial majority must 
make its voice beard above the political bickering," 
they write. Page 14 

Russia demands veto on Caspian oB deals: 

Russia demanded the right to reject Caspian Sea 
oil projects that its former Soviet neighbours 
are negotiating with western companies, a move 
which could undermine some of the world's largest 
energy deals. Page 2 

Poland to keep tough banking rules: 

Poland's central bank intends to maintain its 
tough licensing policy for domestic and foreign 
banks, making it unlikely that Chase Manhattan 
and Deutsche Bank, which have applications 
pending, will be allowed into the country in the 
near future. Page 18 

Japanese chip makers to boost capacity: 

Japan's six leading electronics companies plan 
to increase investment in semiconductor making 
capacity by 15.3 per cent to a combined Y46lbn 
(S4.39bn) in the year to March in response to a 
surge in demand for personal computers in the 
US and Japan. Page 6 

Total sees room for profits growth: French 
oil group Total expects half time operating profits 
of about the same level as the FFr3.49bn ($591m) 
recorded in the first six months of 1993, but says 
it has room for increased production and improved 
productivity. Page 21 

fnco agrees terms with unions: toco, the 
western uo.ld s biggest nickel producer, has 
signed a tentative three-year labour contract 
with almost :,DOO workers at its Ontario operations, 
averting a strike which was due to begin tonight. 
Page 20 

UN set to harden stance on N Korea: 

The United Nations Security Council is today- 
expected to discuss North Korea’s refusal to let 
international inspectors examine fuel rods being 
removed from its nuclear reactor. The US is threat- 
ening sanctions, but China is warning against 
punishment Page 16 

Suez In property deal with Unibafi: French 
financial and industrial bolding company Suez 
is selling a large part of the property' assets of 
its Compagnie Fonctere Internationale property 
subsidiary to Unibail. the property management 
group, for between FFrt.2bn and FFr4bn {S570m 
and $722m>. Page 17 

Saga lifts profits: Saga Petroleum. Norway’s 
biggest independent oil company, lifted pre-tax 
profit for the first four months of the year to 
NKr659m (SS9m) from N T Kr640tn despite lower 
crude oil prices. Page is 

Andean Pact tariff agreed: The five countries 
of the Andean Part have agreed to a co mm on 
external tariff. 25 years after formation. Page 6 


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Brussels bowed to lobbying to clear textile plant aid 


By Guy tie Jonqu&res and Jenny 
Luesfay in London and Uonei 
Barber in Brussels 

The European Commission 
overrode strong objections from 
its own officials earlier this 
month in approving a £61m 
(590m) UK government grant for 
a Belfast textiles plant to be built 
by a Taiwanese group, two of 
whose top managers have been 
charged in connection with an 
alleged share fraud. 

The £l57m project, the largest 


industrial investment in North- 
ern Ireland sin a* the De Lorean 
car venture which collapsed with 
heavy losses in the early 1980s. 
has been backed by heavy lobby- 
ing in Brussels by British minis- 
ters. MPs and MEPs. 

According to senior Commis- 
sion officials, one unnamed min- 
ister told Mr Karel van Miert, the 
competition commissioner in 
charge of vetting the project, that 
failure to approve it would have 
political consequences in London 
as well as in Belfast. 


The plant is to be built in a 
political stronghold of the Ulster 
Unionist party by a Malaysian 
division of Hualon. a Taiwanese 
conglomerate. Last year, votes 
from Ulster unionist MPs enabled 
Mr John Major to keep the Maas- 
tricht treaty alive when a minor- 
ity faction in his own Conserva- 
tive party rebelled. 

Mr Oung You-ming, chairman 
of the division, jumped bail and 
moved to Malaysia in 1991 after 
being charged by Taiwanese 
authorities with breach of trust 


in a stock market scandal that 
led to the resignation of a Tai- 
wanese cabinet minister. 

Mr Oung Ta-ming. his brother, 
who heads the Hualon group, has 
been convicted on the same 
charges and sentenced to three- 
and-a-half years in jail. The sen- 
tence was reduced on appeal to 
two-and-a-half years. Mr Oung is 
appealing against his conviction 
before Taiwan's supreme court 

Northern Ireland’s Industrial 
Development Board, which han- 
dled negotiations on the project 


and is due to sign a contract with 
Hualon on June 9, said it knew of 
the investigations into the Oung 
brothers and of their outcome. 

The IDB said it had not met or 
talked to any Oung family mem- 
ber involved in the court cases. It 
said it had “a well-established 
procedure for assessing all rele- 
vant aspects of any project and 
its promoters". 

Mr Clifford Forsythe, Ulster 
Unionist MP for South Antrim, 
where the plant will be built, and . 
Mr Jim Nicolson. Northern 


Ireland's Ulster Unionist MEF. 
said the IDB had never told them 
of the allegations surrounding 
Hualon and the Oung family. 

“I was not aware of any of 
this . . . and I have never heard 
anyone mention it before." Mr 
Forsythe said yesterday. “In any 
of these situations you expect the 
government department responsi- 
ble to look at the situation very 
carefully." 

Continued on Page 16 
The Hualon project. Page 8 


Shake-up of Europe’s 
labour market urged 


By David Buchan in Midhouse 

Europe should reduce labour 
market regulation, link pay to 
productivity, and lower barriers 
to cheap imports is order to 
increase competitiveness and cut 
chronic unemployment, a Franco- 
German study says. 

The release of the report, pre- 
pared for the German and French 
governments in the run-up to 
their year-long “co-ordinated" 
presidency of the European 
Union, coincided with the first 
day of a twoday Franco-German 
summit in the French border 
town of Mulhouse. 

The report was issued by the 
economics ministry in Bonn and 
was welcomed by Mr Gunter 
Rexrodt, Germany’s economics 
minister, as showing a high 
degree of agreement between 
Germany and France on struc- 
tural reform. 

He described it as “a major 
contribution to joint initiatives to 
solving employment problems in 
Europe during the forthcoming 
German and French presidencies 
of the EU." 

However, Mr Edmond Alphan- 
dery, France’s economics minis- 
ter, appeared to distance himself 
from the report, saying it was 
provisional and did not commit 
his government. 

Germany takes the EU presi- 
dency in July for six months and 
will be followed by France, 
prompting the two countries to 
co-ordinate their agendas over 
the next year. 

When Mr Jacques Delore, the 
European Commission president, 
attacked Mr Rexrodt in Brussels 
earlier this month for his labour 
deregulation ideas, France did 
not take sides. Yesterday, Mr 
Rexrodt appeared to want to give 
the impression that France had 
now lined up alongside with him. 

Though commissioned by both 
governments at their Beaune 
summit a year ago. the joint 
study was headed on the German 
side by Professor Johann Eekoff. 
number two to Mr Rexrodt at the 
Bonn economics ministry, and, 
on the French side by Mr Roger 



Italian right 
snubbed by 
EU minister 


Sr 

Chancellor Kohl (left) and President Mitterrand arrive for the 53rd Franco-German summit 


Germany aims to privatise 

military support Page 2 

European election 

campaign Page 4 

Lex. — Page 16 


Fauroux, a former industry min- 
ister in the socialist government 

In a separate communique, Mr 
Edmond Alphandery, French eco- 
nomics minister, and Mr Tbeo 
Waigel. German finance minister, 
hailed the prospect of low infla- 
tion and rising growth rates in 
their two countries, and said "the 
recovery ought to be accompan- 
ied bv measures favouring more 
flexibility in the labour market”. 

The Franco-German report 
acknowledges the two countries 
have different employment weak- 


nesses. Germany's drawbacks are 
said to include high wage costs, 
short working hours ami prod- 
ucts too complex for customers’ 
needs. France suffers from too 
heavy a social security burden on 
companies that invest too little in 
research. 

However, the study says both 
countries suffer from "far-reach- 
ing labour market regulation, 
insufficient training and retrain- 
ing . . . and lack of wage differen- 
tiation”. ft recommends; 

• Reducing regulation, "above 
ail in services, and promoting 
new companies and technologies, 
instead of subsidising outdated 
structures". 

• Basing wages policy on pro- 
ductivity. introducing more flexi- 
ble working hours and “review- 
ing rules governing dismissals". 

• Regarding cheap imports from 


east Europe as a potential bene- 
fit, rather than a threat, because 
they "lower production costs". 

While most of the report's con- 
clusions would seem more pain- 
ful for France than Germany, the 
study would not be without eon- 
suequence for Germany which, it 
is noted, has even more inflexible 
working hour rules than France. 


By David Gardner in Brussels 

Neo-fascist ministers of Italy's 
new government coalition made 
their first appearance on the 
European political stage yester- 
day found that hands were 
not extended in welcome. 

The Belgian telecommunica- 
tions minister, Mr Elio di Rupo. 
refused to date hands with his 
Italian opposite number, Mr Giu- 
seppe Tatarelia. 

Mr Tatarelia is one of five Ital- 
ian ministers from the right-wing 
National Alliance, and one of 
three from its neo-fascist core, 
the MSI, two of whom made their 
debut at the Council of Ministers 
in Brussels yesterday. 

Mr di Rupo, a rising star in 
Belgium’s socialist firmament, 
and whose Italian father came to 
Brussels after the second world 
war. broke all the dub rules on 
welcoming newcomers to the EU 
Council, and underlined it by 
issuing a statement 

For the first time in the history 
of the European Community and 
Union, he said, the Council 
counted among its members the 
representatives of an "Ideology 
that has been condemned for 
ever". 

Discomfiture about the neo-fas- 
cist presence is widespread, 
although few senior officials or 
ministers are prepared to discuss 
it. Officials from Germany, Spain. 
Greece, and Portugal in particu- 
lar say that they fear It might 
make fascism respectable in then- 
own countries once again. 


Meanwhile, the European par- 
liament's dominant socialist 
group has voted not to work with 
the Italian neo-fascists. 

Yesterday, the Danish Social 
Democrat telecommunications 
minister, Mr Helge Mortenseu, 
admitted under questioning that 
he, too. had not seen fit to shake 
hands with Mr Tatarelia, because 
“I did not find it suitable". 

Mr Tatarelia was not unpre- 
pared far his reception. He 
observed to Mr di Rupio that it 
was Benito Mussolini's regime in 
Italy which had first abolished 
the handshake - in favour of the 
Roman-style fascist salute. 

The current Greek presidency 
of the EU calmed the waters by 
issuing a bland declaration on 
democratic principles. Among the 
larger member states there was 
mostly sfienoe yesterday. - 

But Mr Alain Jiippd, the 
French foreign minister, said two 
weeks ago that the inclusion of 
neo-fascists in the new Italian 
government would require “vigi- 
lance". 

Mr Douglas Hurd, the UK’s for- 
eign secretary, said at the same 
time that his government “had 
no reservations about working 
with the Italian government”. 

He said the government had 
looked into the extreme-right 
ministers* "proposals”, examined 
them “as individuals", and con- 
sidered “the posts which they 
occupy". 

"I’m sure there will be no diffi- 
culty in collaboration - between 
Britain and Italy,” Mr Hurd said. 


Britain close to victory on 
opting out of labour law 


By David Goodhart in London 

The UK government is on the 
verge of winning an important 
polio- reform from the European 
Commission over limiting the 
scope of European labour legisla- 
tion in the case of the 
contracting-out of public ser- 
vices. 

The victory would come at a 
useful time for the UK govern- 
ment. just before the European 
elections, and would offer some 
evidence that the European 
Union is moving to accommodate 
the UK’s derepula to ry approach 
on employment issues. 

Hie government has been lob- 
bying in Brussels for several 
months to exclude contracting- 
out from the European Acquired 
Rights Directive (1977) - known 
in the UK by the acronym Tupe - 
which protects the jobs and con- 
ditions of employees when the 


undertaking they work for 
changes ownership. 

The UK government has faced 
strong opposition from the social 
and employment affairs director- 
ate genera] in Brussels and from 
the European trade union move- 
ment. But it has won support 
from the governments in France 
and Italy, which are both focus- 
l n g 

on reform of the public 
sector. 

More decisively, the German 
government has swung its weight 
behind reform of the directive 
after a recent ruling from the 
European Court of Justice, 
involving a German insurance 
company, which said that a sin- 
gle woman cleoner should be cov- 
ered by Tupe. 

The belief among UK busi- 
nesses that Tupe does apply to 
many cases of contracting out 
has impaired the government's 


programme of encouraging the 
public sector to contract out ser- 
vices to private companies, and it 
has reduced the expected savings 
to the exchequer. 

There has been much legal dis- 
pute In the UK over what kind of 
business undertaking is covered 
by Tupe arid how much of an 
employee's pay and conditions 
should be transferred. However, 
the courts, most recently the 
Court of Appeal, have often sided 
with the trade unions, which 
have argued for the widest possi- 
ble application or Tupe. 

The UK government has been 
arguing that Tupe should be 
amended to make clear that it 
applies only to whole economic 
undertakings, rather than to indi- 
vidual activities, such as 
cleaning or catering, within such 

Continued on Page 16 
Editorial Comment, Page 15 


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Management Today on Swiftair versus 
the top international couriers. 


The test wi, tu Tokyo, and our rivals included 
DHL. TNT, UPS. FedEx and Securicor. At 
only 19.05 versus tlic couriers" C7-K35, (he 
Swiftair package not only reached as destined 
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Management Today certainly couldn't think of 
J reason to. Swiftair had proved "mow effiocn; 
than the isurttn vrfib thtr u u/py ii-agir.- Mi i 
bright ItyptT and lhmrn that “pner it >ificn at; 
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© THE FINANCIAL TIMES LIMITED 1>>4 No 32,380 Week No 22 LONDON - PARIS • FRANKFURT « MEW YORK - TOKYO 


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FINANCIAL TIMES MONDAY MAY 30 1994 


2 

~ NEWS: INTERNATIONAL 


Brussels to reformulate social policy 


would be adopted by EU social 
affairs and labour ministers on 
June 22. The directive woold not in 
theory affect companies in the UK, 
by virtue of Britain's opt-out from 
the Maastricht treaty’s social chap- 
ter. But Mr Flynn nevertheless 
looked forward to a period of con- 
solidation to follow the already flag- 
ging activist phase of EU social pol- 
icy, to cover the jobless as well as 
those in work. 

The top priority would be job cre- 
ation, and Mr Flynn called for the 
pursuit of higher labour standards 
through a new co mmi tment by both 
sides of industry to "high productiv- 


ity, high quality, and high value 
added". 

But he underlined that the Euro- 
pean Union remained committed to 
“a level playing field of agreed mini- 
mum standards” far workers, as the 
corollary to the Single Market and 
fair competition within it 

Attempts by the UK to dilute that 
would be resisted, he warned. “If we 
cannot progress as 12. then we will 
be obliged to progress as 11 rather 
than stand still or move back- 
wards," he said, citing as an exam- 
ple the works council directive - 
the first measure under the Maas- 
tricht social chapter. 


Telecoms minis ters in deregulation talks 


Employers protest 
at EU subsidies 
for trade unions 


By David Gardner in Brussels 

The European Commission is 
looking for “a new balance between 
what is economically necessary and 
socially desirable” in formulating a 
social policy for the nest decade, 
according to Mr Padraig Flynn, 
social affairs commissioner. 

There is likely to be less Euro- 
legislation, and less focus on labour 
law, the main area of controversy 
between the UK and its partners 
and between employers and trade 
unions. 

The emphasis will be on “the 
quality, not the quantity of our leg- 


By Emma Tucker in Brussels 

Europe’s domestic telephone users 
could soon have access to an alter- 
native universal telephone service if 
ambitious European Commission 
proposals to liberalise mobile tele- 
communications and cable infra- 
structure networks succeed. 

The plans amount to the creeping 
deregulation of voice telephony for 
households well ahead of 1998, the 
date set by the EU for the break-up 
of monopoly control over the conti- 
nent's public telephone services. 

These and other issues will be 
discussed at a meeting of telecoms 


islative action”, and on improving 
labour conditions through higher 
productivity, the commissioner fore- 
cast, as Brussels finalises its prepa- 
ration of a new White Paper on 
social policy for July. 

“We are looking for new ways to 
reconcile the twin objectives of eco- 
nomic growth and social progress - 
a new European model," Mr Flynn 
said. 

Winding up a three-day s eminar 
on Saturday in preparation for the 
White Paper, he rebuked those who 
saw competitiveness purely In 
terms of lower labour costs. 

“We need to recognise that, yes. 


ministers in Brussels today, amid 
growing impatience from Europe’s 
leading electronics companies that 
liberalisation is not proceeding 
quickly enough. 

Last month the commission pub- 
lished a green paper on mobile com- 
munications intended to open the 
development of the mobile sector 
towards the personal communica- 
tions tnass market 

Europe has only about 8m sub- 
scribers to mobile cellular tele- 
phones. but this figure could rise 
sharply if the opening up of the 
mobiles sector is accompanied by 
liberalisation of other telecommuni- 


wealth creation is essential to pay 
for social progress, but also that the 
social environment is an integral 
part of the competitive formula.” 
Mr Flynn said. 

“The fixation oF some with the 
Labour cost side of the equation is 
one-dimensional," he added. “What 
counts is productivity, and the 
social environment .. is a key fac- 
tor in deter mining that" 

He said he hoped that the 
Commission's revamped directive 
for elected works councils in 
large trans-European companies - 
opposed by the UK and criticised by 
Unice. the Euro-employers' lobby - 


cations infrastructures, such as 
cable TV networks. 

In a deregulated market there 
would be nothing to stop mobile 
and cable operators joining forces to 
offer - particularly in highly cabled 
countries such as Belgium, Ger- 
many and the Netherlands - an 
alternative to the existing universal 
domestic telephone service. 

Although senior commission offi- 
cials privately acknowledge that 
telecommunications markets are 
overtaking the agreed EU timetable 
for dismantling barriers in Euro- 
pean telecoms markets, they are not 
prepared to expend the political 


capital that would be required to 
dismantle the 1998 deadline. 

But in a report to be presented to 
telecoms mins ters at today's council 
meeting, heads of Europe’s leading 
electronics companies are expected 
to argue that the EU should set 
precise targets for speeding liberal- 
isation. 

Mr Karel Van Miert. competition 
commissioner, has publicly thrown 
his weight behind a full and speedy 
liberalisation of Europe’s cable tele- 
vision infrastructure. However, his 
plans may be scuppered by those 
member states wary of the political 
impact of early deregulation. 


The companies behind the report 
- Siemens, ICL, Philips Electronics, 
IBM Europe and Cie des Machines 
Bull - are part of an EU advisory 
group on information highways. 
They have been charged with pro- 
posing a strategy for developing 
pan-European computer and tele- 
communications networks as part 
of the Ell's broader effort to boost 
economic growth. 

The report is likely to intensify 
debate before the summit in Corfu 
next month, when Mr Martin 
Bangemann, industry commis- 
sioner. is due to present it to heads 
of state. 


By Lionel Barber in Brussels 

In a move which points to a 
growing divergence between busi- 
ness and organised labour, Unice, 
the European employes' federation, 
has called into question the princi- 
ple of subsidising the European 
trade union movement through the 
EU budget 

Mr Zgymunt Tyszkiewicz, Unice 
secretary general, raised the issue 
of union funding during a weekend 
speech in which he also called for a 
shake-up of the European Commis- 
sion to correct alleged pro-union 
bias in preparing EU legislation. 

He told a Brussels conference on 
the future of European social policy 
on Saturday that business was con- 
cerned about the level of subsidies 
for trade union activities, much of 
which was earmarked by a sympa- 
thetic European Parliament. 
“Employers don’t believe that bal- 
anced support exists, 0 he said. 

Unice has identified Eeu26.49m 
(S30.6m) in direct subsidies for the 
European trade union confederation 
(Etuc) and closely related bodies in 
the 1994 EU budget Though the 
money represents only a fraction of 
the annual EcuTObn budget Unice 
is pressing for greater transparency 


in the allocation and use of funds. 

The employers’ federation hi 
focusing on the EculTm set aside 
for unions ahead of the Brussels 
directive on works councils expec- 
ted to pass into law this year. The 
money is to help trade unions to 
put in place new systems of infor- 
mation and consultation at com- 
pany level 

Etuc officials dismissed the Unice 
criticism as unwarranted, noting 
that large European companies get 
far bigger subsidies through fund- 
ing of research and development 
and other areas of the EU budget. 

Unice's challenge marks a new 
line of attack in its campaign 
against the works council directive, 
which it regards as unnecessary 
Brussels-led interference in the 
managpiwnt of indiv idual compa- 
nies, threatening to set back efforts 
to improve competitiveness. 

The directive requires companies 
to comply with minimum require- 
ments on consultation with elected 
works councils, but only if the com- 
panies foil to agree a voluntary pact 
sought by 100 employees or their 
representatives in at least two mem- 
ber states. It is expected to pass into 
law later this year under the Ger- 
man presidency. 


Italian tax plan 
aimed at cutting 
unemployment 


By David Lane in Rome 

The Italian government headed 
by Mr Silvio Berlusconi Is 
expected to approve a package 
of tax measures at the end of 
this week. Tax exemption of 
reinvested profits and fiscal 
incentives to encourage new 
car purchases, along the lines 
adopted in France, are among 
measures being considered 
stimulate the economy. 

Dining the campaign for the 
elections at the end of March. 
Mr Berlusconi promised to 
tackle the problem of unem- 
ployment and create a million 
new jobs. This week’s tax pack- 
age will reinforce decrees 
issued last Friday that seek to 
boost employment 

Italy’s construction industry, 
badly affected by the recession 
and the effects of the tangento- 
poli (kickback city) corruption 
scandal, may be helped by a 
decree that suspends the Mer- 
loni Law until the end of this 
year. 

The Merloni Law, which 
came into force at the begin- 
ning of March, establishes a 
new and transparent frame- 
work for awarding and over- 
seeing public works contracts. 

The new government 
believes the law has put a 
brake on public works, and 
intends to introduce modifica- 
tions. Meanwhile, it hopes the 
law's suspension will have a 
rapid impact on activity and 
employment in the construc- 
tion sector, with around 
L60.000bn (S3Sbn) of contracts 
being given the go-ahead. 

A second decree eases regu- 
lations covering the hiring of 
staff. Only businesses with 
payrolls of less than three had 
been allowed to hire directly, 
all others being required to 


obtain staff through state 
employment exchanges. Now 
businesses with up to IS work- 
ers may hire directly, though 
this relaxation does not apply 
to forming. 

Mr Berlusconi's government 
has said it wants to reduce 
rigidity in the labour market 
and thereby encourage the cre- 
ation of new jobs. It is expected 
follow Friday’s decree by 
introducing measures covering 
part-time and fixed term con- 
tracts. 

Unemployment is particu- 
larly high among young Ital- 
ians, and Mr Berlusconi’s gov- 
ernment seeks to reduce it by 
stimulating the establishment 
of businesses by young people. 
A decree allocates LSOObn for 
incentives, LlOObn this year 
and L200bn in each of the next 
two years. The incentives will 
be available in depressed areas 
throughout the country. 

The body managing this pro- 
gramme will be transformed 
into a joint stock corporation 
whose scope will be the provi- 
sion of services to small and 
medium enterprises. It will 
have share capital of LlObn, 
held by the Treasury, and take 
stakes of up to 10 per cent in 
the equity of businesses. 

The package announced on 
Friday includes a decree to 
release funds to businesses in 
southern Italy that have been 
waiting for payment of 
regional development grants 
already approved. Although 
about L2,0tH)bn will be released 
to about 2,700 businesses, a fur- 
ther 13,500 businesses will still 
be waiting far payment. 

The Bank of Italy ou Friday 
relaxed reserve requirements, 
reducing the marginal rate of 
obligatory reserve from 17.5 to 
15 per cent from mid-July. 



A man looks at a grave marker in a military cemetery near the 
D-Day invasion site of Omaha Beach in Normandy. The 50th 
anniversary of D-Day. when allied troops invaded continental 
Europe, falls on June 6. Ram 


Germany and France plan to 
co-ordinate EU presidencies 


Quentin Peel and David Buchan 
on today’s meeting in Mulhouse 


Leaders of Germany and 
France will meet today to 
move their traditional Euro- 
pean partnership into even 
higher gear to co-ordinate then- 
successive presidencies of the 
European Union over the next 
year. 

At their two-day meeting in 
the border town of Mulhouse. 
Chancellor Helmut Kohl of 
Germany and President Mitter- 
rand and Prime Minister 
Edouard Balladur of France 
will plan their joint approach 
to next month's EU summit In 
Corfu and to Germany's presi- 
dency in the second half of this 
year and France's in the fol- 
lowing six months. 

Mr Kohl and Mr Mitterrand 
were reported over the week- 
end by the SQddeutsche Zei- 
tung newspaper to have 
already decided that at Corfu 
they will back Mr Jean-Luc 
Dehaene, the Belgian prime 
minister, to succeed Air Jac- 
ques Defers as European Com- 
mission president 

In Paris an official would 


only comment that “from our 
praise of Belgium’s perfor- 
mance in the presidency” in 
the second half of last year 
“you can see where our heart 
lies” In Bonn, rumours that 
the Defers succession might be 
deliberately kept open for Mr 
Kohl to fill if he lost bis Octo- 
ber election were discounted, 
partly because this would 
leave the European Parliament 
insufficient time to use its 
Maastricht rights to endorse 
the new commissioners. 

According to the Elysde 
spokesman, the two countries 
are to set up a high-level work- 
ing party to ensure “perfect co- 
ordination” of EU business 
between July 1 this year and 
June 30 next year. Among 
other things, thfo will involve: 
• France foiling in with Ger- 
many’s desire for the EU to 
open more to the east, in 
return for Germany's backing 


for French initiatives towards 
North Africa, and particularly 
Algeria, whose official debt is 
expected to be rescheduled in 
Paris next week. 

Germany would tike Presi- 
dents Boris Yeltsin and Leonid 
Kravchuk to come to Corfu to 
sign EU co-operation treaties 
with Russia and Ukraine, a 
wish that French complaints 
about Russia “dumping” 
enriched uranium looked like 
thwarting. But Mr Alain 
Juppe, French foreign minis- 
ter. used his recent trip to Rus- 
sia to get a restraint agreement 
that still needs endorsement by 
his EU partners. France and 
Germany have also been nego- 
tiating with Mr Kravchuk a 
plan for western aid to stop 
further work, and radiation 
leaks, at Chernobyl nuclear 
plant and to fund completion 
of less dangerous reactors. 

• An attempted compromise 


on economic growth and trade 
issues. Both governments seem 
agreed that the eastward 
expansion of high-speed rail 
should figure in the list of EU- 
backed infrastructure projects 
being prepared for Corfu, 
though Germany remains more 
sceptical than France of the 
Commission “behaving like a 
bank” in financing these. In 
advance of the G7 summit in 
July, France wants German 
support for the new World 
Trade Organisation to debate 
minimum labour standards. 

• Improvements to the EU 
post-Maastricht. To France, 
this chiefly means better for- 
eign policy coordination, and 
possibly a Western European 
Union arms agency; progress 
on an initial, bilateral Franco- 
German weapons procurement 
agency will be reviewed at 
Mulhouse. Germany, currently 
president of the Schengen 
organisation to reduce border 
controls, is keener on foster 
progress on common immigra- 
tion and crime policies. 


Fighting flares in Bosnia 


Serb and Bosnian government 
forces at the weekend fought 
for control of strategic supply 
routes, as the UN said a new 
round of talks aimed at bro- 
kering a ceasefire would con- 
vene this week, writes Laura 
Sflber in Belgrade. 

Despite ongoing clashes. 
Lord Owen, EU negotiator, 
said: “I think there's a fairly 
good chance of getting a cease- 
fire In the next few weeks.” 

But he appeared uncertain as 
to whether the warring fac- 
tions would endorse a settle- 
ment on Bosnia's partition. 
International mediators last 
week put forward a revised 


version of a settlement that 
would give the new Moslem- 
Croat federation 51 per cent of 
Bosnia and the Bosnian Serbs 
49 per cent 

Mr Radovan Karadzic, Bos- 
nian Serb leader, said he would 
rejoin peace talks, making 
clear that his side will back a 
ceasefire, bat stop short of a 
political settlement 

The Bosnian government 
fears a ceasefire would cement 
Serb gains, about 70 per cent of 
Bosnian territory. Mr Karadzic 
said Serbs were ready to sacri- 
fice land if sanctions are lifted 
but remain far from accepting 
proposals for a 49-51 ratio. 


“Maybe we could accept 49 per 
cent, if they give us Tuzla and 
Sarajevo,” he said yesterday, 
reported Vecernje Novosti, the 
Belgrade daily. 

In remarks likely to raise 
Bosnian government fears. Mr 
Karadzic said: “It is now cer- 
tain that we have a state, we 
just must take care for it to be 
as big as possible." 

Meanwhile, both sides 
claimed civilian losses in fight- 
ing in the strategic Sava River 
valley, northern Bosnia. Serb 
forces had appeared to regain 
strategic high ground near 
Tuzla, the Bosnian stronghold 
in the northeast 


CORRECTION 

Astra and 

Takeda 

settlement 

Under the terms of the 
settlement between Astra, the 
Swedish pharmaceutical group, 
and the Japanese group, Tak- 
eda, Astra will receive unspeci- 
fied consideration for Takeda's 
future sales of products con- 
taining lansoprazole and not 
the generic version of Los ec 
(Astra’s best-selling anti-ulcer 
drug) as stated in a May 27 
story headed “Astra-Takeda 
patent row settled”. 


t 


French business leaders rally round imprisoned Schneider chairman 


By John Ridding in Paris 

French business leaders 
yesterday rallied behind Mr 
Didier Pinean-Valeucienne. 
chairman of Groupe Schnei- 
der, the French electrical engi- 
neering group, imprisoned in 


Brussels since Friday on 
charges of frand. 

The arrest of the Schneider 
chairman also prompted 
high-level exchanges between 
the French and Belgian gov- 
ernments. although both sides 
declined to confirm Belgian 


television reports tbat Mr 
Edouard Balladur, the French 
prime minister, had tele- 
phoned Mr Jean-Luc Dehaene, 
his Belgian counterpart con- 
cerning the issue. 

In an advertisement placed 
in the Journal da Dimanche, 


the French Sunday paper, 35 
prominent French business- 
men pledged their support for 
Mr Pineaa-Valendenne, testi- 
fying to his “moral rigour, eth- 
ics and competence". 

In Brussels, however, there 
seemed little sign of an early 


release for the Schneider 
chairman. The Belgian Justice 
Ministry said it would respect 
the decision of the investiga- 
ting judge, Mr Jean-Claude 
Van Espen, who detained Mr 
Pinean-Valencienne on 
charges of fraud, embezzle- 


ment, falsification Of animal 
accounts and abuse of confi- 
dence. 

Under Belgian law, Mr 
Pineau-Valencienne must 
remain in prison until the 
judge decides whether the 
charges should be confirmed. 


His court appearance has been 
set for Wednesday. 

The charges against Mr 
Pineaa-Valendenne relate to a 
complaint by minority share- 
holders to two Belgian Schnei- 
der subsidiaries - Cofimines 
and Coflbel. They claimed that 


T ough manager finds himself behind Belgian bars 


Brussels is sensitive, and Paris is dismayed, reports John Ridding 


W hen Mr Didier Pineau- 
Valencienne, chairman of 
France's Groupe Schnei- 
der, was asked last year about the 
protracted dispute between his elec- 
trical engineering group and minor- 
ity shareholders in two financial 
subsidiaries in Belgium, he dis- 
missed the prospect of trouble. 
"There should not be any unpleasant 
surprises," he told Les Echos, the 

financial dally. 

After a weekend in Forest prison 
in Brussels, however, Mr Pineau- 
Valencienne may be reflecting on 
those words. Having travelled to Bel- 
gium last Thursday to make a state- 
ment concerning an investigation 
triggered by complaints filed by 
min ority shar eholders in Cofibel and 
Cofimines. the two subsidiaries, Mr 
Ptneau-Valendenne found himself 
charged with fraud and detained in 
prison. 

The event has prompted shock and 
dismay in France. “We are deeply 
angered," said Schneider, which 
rejected the charges of forgery, use 
of fraudulent documents, embezzle- 
ment and breach of accounting laws. 


The company said that Mr Pineau- 
Valencienne had travelled volun- 
tarily to Brussels and had requested 
a hearing concerning the investiga- 
tion by Belgian magistrates. 

A group of leading French indus- 
trialists, including Mr Bertrand Col- 
iomb, chairman of Lafarge Coppee, 
and Mr Jean Gandois. head of Pecb- 
iney. placed an advertisement in the 
Journal du Dimanche yesterday 
pledging support for the Schneider 
chairman, while the French ambas- 
sador to Brussels, who visited Mr 
Pineau-Valencienne in prison, said 
that concern about the events had 
been expressed at the highest Level. 

The reaction in France is partly a 
reflection of the importance or the 
group, one of France's 25 biggest 
companies, with annual sales of 
about FFr56bn ($9.8bn). It also 
reflects the prominence of Mr 
Pineau-Valencienne, who has forced 
his way to the top r anks of French 
Industry and has been tipped as a 
possible successor to Mr Francois 


Perigot, the head of the Patronat, 
the French employers’ federation. 

His journey to the top has not 
been smooth. Since taking the reins 
at Schneider in 1981. Mr Pineau- 
Valencienne has gained a reputation 
as a tough and ambitious manager, 
and was often at the centre of con- 
troversy. Landmarks include the liq- 
uidation to 1984 of Creusot-Loire. the 
group's steelmaking subsidiary, fol- 
lowing a test of strength with the 
Socialist government of the time, 
from which Mr Pineau-Valencienne 
was demanding a rescue package. 

I n 1991. Mr Pineau-Valencienne 
switched his focus to the US, 
where he launched a hostile bid 
for Square D. the electrical equip- 
ment group. The $2.23bn i£L5bnj bid 
was the largest launched by a 
French company in the US. Mr 
Pineau-Valencienne’s ultimate suc- 
cess in the offer, after a pro tra cted 
legal battle, won him the respect of 
his peers. He was named business- 


man of the year by Nouvel Econo- 
niiste, the French business maga- 
zine. 

The result of his efforts has been 
the reshaping of the disparate indus- 
trial conglomerate he inherited into 
one of Europe's largest electrical 
engineering groups. Sales have 
increased from FFr40bn in the year 
of his arrival to FFr56bn last year. 
Profits have also been improving, 
rising by 33 per cent last year to 
FFr405m. 

It is Mr Pineau-Vaiencienne's 
strategy of reorganising the group, 
however, which lies behind his pres- 
ent plight. In November 1992, 
Schneider launched an offer to buy 
out minority shareholders in Cofibel 
and Cofimines. two financial subsid- 
iaries to Belgium, as part or Us reor- 
ganisation. “The structure of the 
company in Belgium was an unima- 
gineable imbroglio." said the Schnei- 
der chairman. 

Minority shareholders in the two 
subsidiaries protested against the 


terms of the offer. In April last year, 
they filed a complaint with the Bel- 
gian legal authorities, claiming that 
the offer undervalued their shares. 
They also accused Schneider of mis- 
management of its Belgian subsid- 
iaries, criticising the entry of a 
Swiss-registered company called 
Fimo into the capital of PB Finance, 
in which Cofibel had a stake. 
Reports in the Belgian press claimed 
that PB Finance through the Swiss 
company was involved in money 
laundering, an allegation firmly 
denied by Schneider, 

After a protracted dispute, Schnei- 
der increased its offer, mid an agree- 
ment was reached with minority 
shareholders at the end of last year. 
Last September, however, in 
response to the complaints filed by 
minority shareholders, Belgian 
investigating magistrates opened the 
investigation which resulted in Fri- 
day’s charges. 

Industry observers said the case 
also reflected Belgian sensitivity 


about the power of neighbouring 
French industry, particularly with 
respect to minority shareholders. 
“There Is a fear of economic imperi- 
alism, 1 " said one analyst in Paris. He 
said such fears had been demon- 
strated in previous cases, citing the 
1992 ruling by a Belgian appeal court 
that Accor, the French hotels group, 
should Increase its offer for Wagons- 
Lits, the Franco-Belgian travel 
group, following a daim by Belgian 
investors. 

Schneider, however, stressed that 
the agreement had already been 
reached concerning the price. “It is a 
paradox that this should happen 
now, after we have resolved the dis- 
pute," said Schneider, it said that 
attempts were being made to secure 
the release of Mr Pineau-Valen- 
Henna before Wednesday’s hearing 
and that the Belgian authorities had 
not clarified the reasons behind 
their charges. 

What is already dear, however, is 
that what started as a squabble with 
minority shareholders has become a 
great deal more troubling for Mr 
Pineau-Valencienne. 


Schneider’s 1992 bid to buy 
them ont had undervalued 
their shares. An agreement 
between the minority share- 
holders and Schneider was 
reached earlier this year after 
the French group raised its 
offer price, but an investiga- 
tion by the Belgian authorities 
Into the management of the 
two subsidiaries, which was 
launched last September, has 
continued. 


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NEWS; INTERNATIONAL 


^ unio^ Erich Honecker: hardline Germany rejects offer of MiGs 

keeper of the Berlin Wall to help discharge Russian debt 


,KV plant 
'csidencies 


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By Our Forehpi Staff 

Erich Honecker. who 
personified the intransigence 
of communism during the 
1980s, died yesterday of cancer 
in the Chilean capital, Sant- 
iago, his home since January 
1903. He was 8L 
The former East German 
leader, who started life as a 
roofer and spent years in 
prison as an opponent of Nazi 
Germany. left for exile after 
the collapse of his trial in 
which he was charged with 
responsibility for the death of 
13 East Germans on the border 
with West Germany. His orders 
for border guards to shoot at 
escapees, which resulted in 190 
deaths, had led to a warrant 
for his arrest in November 1990 
after German unification. 

German television brought 
almost hourly updates during 
the court case and even 
boarded the aircraft that took 
him to Santiago after judges in 
Berlin ruled he was too iH with 
liver cancer to stand trial. 

By then pale and wizened, 
fascination, with the man, seen 
by many as the East German 
Politburo member responsible 
for the building of the Berlin 
Wall, only faded after he had 
retired to his daughter’s house 
halfway around the globe. 

He was born a miner ’s son In 
the Saarland, Germany's 
southwestern state. Both his 
parents were members of the 
Communist party and the 
young Honecker distributed 
party pamphlets at the age of 
eight and joined the Young 
Spartacus Union, a children’s 
communist organisation, aged 
10 . 

He went on to join the Com- 
munist party in 1929, studied 
in Moscow, and worked under 
various alias** ; to expand the 
party in Germany. 

In 1935 he was arrested by 
the Gestapo charged with high 
treason and sentenced to 10 
years in. prison. 

It was Walter Ulbricht, East 
Germany's first Co mmunist 
party leader, who brought 



Honecker studies files before bis 1992 trial for manslaughter of 
would-be escapees of his communist re gime 

Honecker into the central com- 
mittee after the second world 
war. He earned Ulbrichfs trust 
as leader of the Free German 
Youth (FDJ), the party’s youth 
wing, during a cam paig n led 
by Honecker to destroy all tele- 
vision aerials which were 
being used to receive West Ger- 
man television. 

Long Ulbricht ’s “crown 
prince, " he was given responsi- 
bility in the ruling politburo 
for military and state security. 

The top job fell to him in May 
1971 after Ulbricht resisted 
Moscow’s efforts to reach an 
accord with West Germany. 

Few East Germans expected 
much from the stem-faced 
Honecker who had a reputa- 
tion for orthodoxy and was a 
notoriously bad speaker. 

However the early Honecker 
years, until about 1975, were 


seen in retrospect by many 
East Germans as the country's 
most prosperous. With prompt- 
ing from Moscow, relations 
between the two German! es 
were allowed to improve as 
Wily Brandt, West Germany’s 
Social Democratic chancellor, 
sought to improve ties between 
Bonn and Berlin. In this 
respect Honecker played a cru- 
cial role. 

Western politicians and busi- 
nessmen beat a path to his 
door. A Sunday afternoon 
meeting in 1973 over cakes and 
coffee with the late Herbert 
Wehner, Social Democratic 
whip in the Bonn parliament, 
led to a series of high-level 
meetings with West German 
leaders. 

This two-track policy of 
strict domestic delimitation 
from West Germany while 


courting the West German 
political and financial elite was 
crowned by the visit to East 
Germany In December 1981 by 
Mr Helmut Schmidt, then West 
German C hancello r. 

But Honecker was pulled 
between the West German 
need for detente and the Soviet 
need for legitimising a separate 
East German national state. 

Hcmecker’s desperately poor 
childhood coloured his outlook 
on life. On inspection tours of 
cramped new East German 
housing estates he would 
remark that workers under the 
Kaiser could never have 
dreamed of such superb living 
conditions. 

He failed to realise that East 
German workers did not com- 
pare their lot with that- of their 
grandfathers but instead with 
West German workers whose 
flats were larger and equipped 
with more modem appliances. 

- Throughout the mid-1980s 
Honecker had longed to crown 
his political career with a visit 

to Rnwn. 

Yet, in 1983 and 1984. as 
Moscow moved from one geri- 
atric Communist party leader 
to another, be was prevented 
from visiting West Germany 
and it was only under the then 
Soviet leader Mikhail Gorba- 
chev that he was at last 
allowed to do so. 

However, Honecker, increas- 
ingly divorced from the 
reforms which were taking 
place in the former Soviet 
Union and Mr Gorbachev's 
refusal to intervene to protect 
the C ommunis t parties of East- 
ern Europe against popular 
uprisings, in the end found 
himself up against the very 
Wall which was supposed to 
protect East Germany. 

Towards the end of 1989 the 
people of Leipzig and of East 
Berlin themselves demon- 
strated against the Wall and 
eventually breached it on the 
night of November 8. Honecker 
had failed to sense the shifting 
nature of power in Moscow and 
in the West. Moscow bad 
dropped him. 



Russia, Ukraine in war of words 


CRIMEA 


By John Uoyd, JBI Barshay 
and Leyla Boulton 

Far from cheering on nashi 
(our side), Russia’s newspa- 
pers. like its people, have been 
categorical in blaming “politi- 
cians” for the past week’s 
stand-off between Ukraine and 
its Russian-dominated penin- 
sula of Crimea. 

"Politicians are doing every- 
thing so that holidaymakers 
sunbathe on barricades," said 
the liberal daily Izoesha, just 
as Kiev, Moscow, and Crimea, 
traditionally Russia's summer 
holiday playground, swapped 
threats over the Crimean par- 
liament’s decision to restore a 
secessionist constitution. 

The official military newspa- 
per, Krasnaya Zvezda (Red 
Star), called for peace with a 
front page story headlined: 
"Will the Politicians Stop at 
the Danger Zone?" Admittedly, 
most of the criticism was 
aimed at politicians in 
Ukraine, with many commen- 
tators noting the influence of 
elections a month away. 

Despite popular resentment 
at Mr Nikita Khrushchev’s 
decision to donate Crimea to 
Ukraine in. 1954, Russia's 
papers refused to give Yuri 
Meshkov, the maverick Cri- 
mean leader who wants reuni- 
fication with Russia, total sup- 

KPMM: 3A 


port According to Izvestia, be 
was to be held responsible for 
crying wolf on troop move- 
ments in Crimea, and under- 
mining its livelihood by scar- 
ing away Russian tourists. 

The mass-circulation weekly 
Argument# i Fakty argued that 
the former KGB and Red 
Army, with the collapse of the 
former Soviet Union, had their 
own reasons for wanting the 
crisis to degenerate into war. 

“Many officers still think of 
themselves as belonging to a 
single, although temporarily 
divided, system. They hope 
that a war in the Crimea will 
push Ukraine towards a grad- 
ual restoration of common 
statehood with Russia and that 
other ex-Soviet republics will 
follow suit" the paper said. 

With typical cheekiness, 
Komsomoiskaya Praodo. the 
former Communist youth 
daily, took a more light- 
hearted approach. Noting the 
way the dollar exchange rate 
in Crimea soared and then fell 
in a matter of days, it said the 
whole crisis had simply made 
currency speculators rich. It 
also speculated that the only 
reason Kiev had not deployed 
more armoured vehicles was 
that most of the equipment 
inherited from the Red Army 
had fallen into disrepair. 

Most regional and local 
newspapers in the former 
Soviet Union have yet to find 


the confidence to comment 
forcefully on events: the over- 
whelming majority print gov- 
ernment statements and ver- 
sions of events unedited and 
unglossed. The Crimean press 
follows this tradition closely. 

A typical edition of the main 
daily Krymskte hvesdya (Cri- 
mean News) - published by the 
Crimean supreme soviet -has 
press releases and regulations 
on the front page, with bland 
features on the other three. 

Last Wednesday’s edition 
had as Its main story a tran- 
scription of the press confer- 
ence given by Mr Sergei Tsp- 
kov, the supreme soviet 

I’haiimiin — under tha haartlrap- 

“We are working without 
fuss" - which, as a response to 
a region accused by the Ukrai- 
nian government of unlawful 
secession and provoking civil 
war, appears to lack urgency. 

Ukraine’s press, still largely 
under state control, devoted 
much space to reprinting presi- 
dential decrees on asserting 
authority over Crimea's mili- 
tia, and parliamentary resolu- 
tions giving Crimea 10 days to 
change its mind and rescind its 
“illegal” constitution. 

As usual, the news was two 
days old at the time of print- 
ing. The singular anti- estab- 
lishment paper, Nezavismost, 
led a crusade condemning Rus- 
sian and Uk rainian television 
for, respectively, biased and 



. s Meshkov, portray^ 1 as hi one hand, is offering a 

i a fishing net. Yeltsin, 


absent coverage. It attacked 
Russia's Ostankino Television 
for hi g hli ghting false rumours 
of Ukrainian military deploy- 
ments. 

The paper charged Ostan- 
kino with “artistically editing" 
an interview with Mr Vitaly 
Radetsky, the Ukrainian 
defence minister, which "gave 
the impression that poor little 
Crimea is choking in the grips 
of the Ukrainian monster." 
However, the outspoken paper 
lambasted Ukrainian Televi- 
sion for burying the story as 
an "insignificant matter," 
instead of providing foil expla- 
nation and commentary. 

to Nezavismost "s opinion col- 
umn, a Ukrainian MP lamented 
that Crimean negotiations in 
Kiev last Wednesday ended 
without a concrete resolution 
confirming Crimea’s status as 
part of Ukraine. Crimea’s 
apparent reason for not agree- 
ing was that their parliamen- 
tary delegation “lacked author- 
ity," wrote Mr Yuri Karmazin, 
a Ukrainian MP. 

The mainstream press’ con- 
demnation of Russia's widely- 
perceived role in stirring up 
troubles in Crimea was more 
subtle. Kiev’s leading newspa- 
per, Kieoskiye Vedomosti, dis- 
played two carefully chosen 
quotes side by side. It quoted 
Mr Warren Christopher. US 
secretary of state, noting that 
the US "recognises and highly 
values the responsible and 
peaceful position of Ukraine." 
The paper then had a Russian 
MP, Mr Konstantin Zatulin, 
saying that “the tension 
around Crimea is connected 
not with the peninsula's poli- 
tics, but with who’ll be presi- 
dent of Ukraine." 

In a separate story, IBevsiciye 
Vedomosti drew an alarming 
parallel between Crimea’s 
developments and the 1992 
bloody civil wax which took 
place between Mbldova and its 
Slavic-oriented, separatist 
region of Transdneister. It not- 
ed that that “Tiraspol (Trans - 
(toaster's capital) also began 
with establishing Its own 
power ministries." But this tit- 
bit was buried in the last para- 
graph of page 13. 

For all grim warnings to 
the Russian and Ukrainian 
press, more amercing than any- 
thing else this week, however, 
was President Boris Yeltsin's 
reported response to a barrage 
of crftidsia from Ms Ukrainian 
counterpart, Mr Leonid Krav- 
chuk. 

Projecting his new-found 
Image as father of the nation, 
Mr Yeltsin told Russians that 
despite, all the fuss, it would be 
perfectly safe to go on holiday 
to the Crimea this summer 
after aH 


By Bruce dark. Defence 

Correspondent. In Barfin 

Germany has rejected a 
Russian offer to discharge 
more than a billion dollars’ 
worth of debt in toe form of 
100 of its most advanced MiG 
fighter aircraft, according to 
German government officials. 

The proposal was made by 
General Pavel Grachev, the 
Russian defence minister, to 
Mr JOrg Schebohm. state secre- 
tary for defence, during the 
recent visit to Germany of 
President Boris Yeltsin. 

The offer, whose acceptance 
would have implied a huge 
change to Germany’s strategic 
orientation, was rejected on 
both political and technical 
grounds, the 

They said the German Air 
Force remained committed to 
procuring the four-nation 
Eurofighter 2000, although 


its price was higher and 
it has aroused political 
controversy. 

The opposition Social Demo- 
crats have threatened to with- 
draw from the project, which 
also involves Britain, Spain 
and Italy, if they win the Ger- 
man elections this autumn. 

United Germany has inher- 
ited 30 MiG fighters from the 
east German forces, and a 
report by the National Audit 
Office last autumn, leaked to 
part to the press, suggested 
that further purchases of the 
Russian aircraft would be a 
better option than procuring 
Burofighier. 

However, a decision to make 
MiGs the linchpin of the air 
force could leave Germany 
dependent on Russian spare 
parts and after-sales 
service - both of which are 
alleged by Western experts to 
be unreliable - and call in 


question Germany’s commit- 
ment to its western allies. 

Other drawbacks with the 
MiGs included: the need for a 
massive internal reorganisa- 
tion of the air force; toe Rus- 
sian aircraft's incompatibility 
with western air traffic control 
procedures; and the frequency 
with which they require servic- 
ing. 

MiG engines are designed to 
fly for about 600 hours between 
overhauls, compared with up 
to 4,000 for a similar western 
aircraft. 

This reflects the fact that the 
cost of engineers' pay was 
never an important factor for 
Soviet military planners. 

The German officials insisted 
that discussions between Mr 
SchObohm and Gen Grachev 
did not get as far as negotia- 
tions over price. 

Reports in the specialist 
press have speculated that 


Russia would be prepared to 
sell Its MiGs for as little as 
DM20m t£8m) apiece, compared 
with a basic price for the Euro- 
fight er of three to five times 
higher. 

This would imply that the 
proposed MiG deal would hare 
been worth DMSbn, only a frac- 
tion of the DMSObn which Ger- 
many is owed by Russia. 

A government official said: 
“The deal looked cheap, but it 
would still have required the 
air force to transfer funds to 
the economics ministry or any 
other government agencies 
which are owned money by 
Russia. The nir force does not 
hare the necessary resources 
at the moment." 

The air force says the need 
to renew its air-to-air defence 
capacity will not arise until the 
year 2002, when its fleet of US- 
built F-is will become obsolete. 


Cdn. S4.441.000 
Cdn. 52,904,000 
SFR 100,000,000 
Cdn. S 60,000,000 
SFR 100.000400 
ECU 56,000,000 
Cdn. $75,000,000 
SFR 100,000,000 
U.S. $125,000,000 
Cdn. St 25 ,000,000 

SFR 150,000,000 

as. S 60 .ooo.ooo 

U.S. S40.000.000 
Cdn. SI 15,000,000 


946% 

1045% 

6-WX> 

11-*% 

5-«r% 

9Vb% 

10 % 

5% 

lOW* 

tom 


11.125% 


NOTICE OF MEETING OF DEBENTUREHOLDERS 
TRKEC CORPORATION LTD. 

NOTICE OF MEETING 

OF HOLDERS OF THE FOLLOWING SECURITIES 
ISSUED BY TRIZEC CORPORATION LTD. 

Senior Debentures to mature November IS, 1993; 

Senior Debentures to mature June !, 1998; 

Bonds 1983-1993; 

Senior Debentures to mature March 15, 1995; 

Bonds 1985-1995; 

Senior Debentures to mature September 13, 1995; 

Senior Debentures to mature October 1, 1996; 

Bonds 1987-1999; 

Senior Debentures to mature 1995; 

Senior Debentures Due June 22, 1999 and 
Senior Debentures Due June 22, 2009; 

Senior Debentures to mature 1997; 

Senior Debentures to mature 1995; 

Floating Rate Notes to mature 1995; and 
Senior Debentures Due June 18, 1996; 

(collectively, the "Debentures") 

NOTICE IS HEREBY GIVEN that, pursuant to an order of tbe Court of Queen’s Bench of Alberta (the “Court") dated May 1 0th, 
1994, as amended by a further order of tbe Court dated May 25, 1994 (the “Interim Order"), a meeting (the ' ' Debcntu rchol ders 
Meeting") of the holders of tbe Debentures (the " Debenture^ ciders”) of Trizec Corporation Ltd. (the "Company”) win be held in the 
Bankers Hall Auditorium, 315 -8th Avenue S.W., P-3 Level, Calgary, Alberta, Canada on the 2&th day of June, 1994 at the hour of 
KHM) o'clock a.m. (Calgary time), for the following purposes 

1. to consider, pursuant to tbe Interim Order, and if deemed advisable, to puss a resolution (tbe "Resolution") to approve an 
arrangement (tbe "Plan of Arrangement") pursuant to section 192 of the Canada Business Corporations Act, the full text of 
which Resolution is set oat in Appendix “£** to the Management Proxy Circular mailed or otherwise made available to 
Dcbentureholders; and 

2. to transact such other business as may property be brought before tbe Dcbentureholders Meeting or any adjournment thereof. 

At the Debenturehokleis Meeting, each holder of Debentures will have one' vote for each Cdn. $1,000 principal amount of such 

Debentures held (the principal amount of Debentures payable in other currencies far such purposes to be converted using exchange rates 
prevailing as of April 25, 1994, bring U.S. Dollars 1.3813, ECU 1.5859 and SFR .9646 as specified in the Interim Order). 

The Court has set the quotum for tbe Debcntureholders Meeting as two or more persons entitled to vote in person or by proxy holding 
in the aggregate at least a majority of the outstanding principal amount of the Debentures determined in Canadian dollars as provided 
above. 

Tbe record date for entitlement to notice of the Debcntureholders Meeting Is the close of business an May 1 1, 1994. The record dale 
for entitlement to vote at the Debentnreholders Meeting has been established as 10 days prior (excluding the dale of the Debenture holder* 
Meeting) to the date of tbe Debcntureholders Meeting and only those Debcntureholders who (t) as registered Debcntureholders are 
entered on the applicable register of Debentures or (ii) as holders of unregistered Debentures, have complied with tbe deposit procedures 
referred to below, are entitled to vote far p ers on or by proxy. 

Holders of Debentures in unregistered or bearer form desiring to attend and vote in person or by proxy at the Debcntureholders 
Meeting or any adjournment thereof without producing such Debentures, may deposit same with a custodian listed below and will receive 
in exchange a Voting Certificate (s) which will entitle the bolder named therein to be present and vote on behalf of the holder at the 
Dcbentureholders Meeting and at any adjournments thereof or to appoint a proxyholder to represent and vote on behalf of the 
Debentureh older at the Dcbentureholders Meeting and any adjournment thereof. Debentures so deposited will be held on deposit until afler 
the Debenturebolden Meeting and any adjournment thereof and will only then be returned to the depositor on presentation of the receipt 
therefor. 

A Debentuxeholder may attend the Deb an ture holders Meeting in person or may appoint another person as proxyholder. To appoint a 
person to attend as proxyholder, a Debenturebolder must deposit with the Company, e/o Montreal Trust Company of Canada (the 
‘Trustee") at the address specified below, an instrument appointing the proxyholder, signed by the Debenturebolder or an attorney of the 
Debenturebolder, prior to 5:00 p.m. (Calgary time) on the second day (Saturdays, Sundays and holidays in Calgary excluded) preceding 
the date of the Debenturebolden Meeting or any adjournment thereof or with the Chair of the Dcbentureholders Meeting prior to the 
commencement thereof. 

The forms of proxy, which accompanied the Management Proxy Circular, name Kevin E. Benson and Willard J. L'Hcureux, each a 
director and officer of tbe Company, as proxy nominees. Dcbentureholders may appoint another person us proxyholder by inserting the 
name of such person in the space provided in such form of proxy or by completing another valid form of proxy. Persons appointed as 
proxyholders need not be Debenture hokie ra. Dcbentureholders may not appoint Montreal Trust Company of Canada, the trustee for the 
Debentures, a proxyholder. 

The vote required to pass the Resolution is, subject to further order of the Court, the affirmative vote of not less than two-thirds of the 
votes cast by the Dcbenturcholdera, voting as a single class, in respect of the Resolution. The Plan of Arrangement is subject to the approval 
or the Court. The matter is scheduled to be heard before Mr. Justice G.R. Forsyth at The Court House, 611 —4th Street S.W., Calgary, 
Alberta, Canada at UkOO sum. (Calgary Time) on July 6, 1994. Additional details concerning such hearing are set forth in the Management 
Proxy Circular. 

If Dcbentureholdera have any questions about the procedures to be followed to qualify to vote at the Dcbentureholdera Meeting or 
about obtaining, completing and depositing proxies and voting certificates, they should contact Montreal Trust Company of Canada at 
(403) 267-6893. 

DATED at Calgary, Alberta, this 27th day of May, 1994. 

By Order of (he Board of Directors, 

(Signed) Karen E. Jackson 

Senior Vice President, General Counsel 
& Corporate Secretary 

Debentareholdecs wbo are unable to attend tbe Debenture holders Meeting in person are requested to date and sign the applicable 
form of proxy which accompanied tbe Management Proxy Circular and either deliver or mail it in the envelope provided to Trizec 
Corporation Ltd. c/o Montreal Trust Company of Canada, 411 — 8th Avenue S.W., Calgary, Alberta, Canada, T2P 1E7, prior to 
ScOO p,m. (Calgary time) on tbe second day (Saturdays, Sundays and holidays in Calgary excluded) preceding the date of the 
Debentnreholders Meeting or any adjournment thereof or deposit same with the Chair of the Debcntureholders Meeting prior to the 
commencement thereof. The time limits for depositing proxies prior to the Debentureholders Meeting may be waived by the Company in 
Its discretion without notice. 

Copies of this Notice -a ad tbe Management Proxy Circular containing the Resolution and suitable forms or proxy are being or have 
been mailed by first class prepaid mail to all holders of folly registered Debentures and Debentures registered as to principal only. 
Additional copies of such documents and Instructions and forms of voting certificates and proxies for the purpose of enabling the holders 
of nnregistered Debentures to be present and vote at the Debentnreholders Meeting in person or by proxy may be obtained from the 
following custodians la respect of the series of uuq^tacd Debentures indicated: 

Custodians: 

(a) For all series of D eben tu res in unregistered or bearer bnc 


Montreal Trust Company of Canada 
510 Burrard Street 
Vancouver, British Columbia 
Canada V6C 3B9 

Attention: Corporate Trust Department 
Eurodcsr 

Boulevard E-Jacqmain, 151 
B-1210 Brussels, Belgium 


Montreal Trust Company of Canada 
41 1 — 8th Avenue S.W. 

Calgary, Alberta 
Canada T2P IE7 

Attention: Corporate Trust Department 

Montreal Trust Company of Canada 
Place Montreal Trust 
1800, avenue McGBl College 
Montreal, Quebec 
Canada H3A 3K9 

Attention: Corporate Trust Department 

Canadian Imperial Bank of Commerce 
309 — 8th Avenue S.W. 

Calgary, Alberta. 

Canada T2P2P2 

(b) For SFR 100,«KM»0 Ot% Bonds 1983-1993 

SFR MMMMOjOOQ 5tt« Bonds 198$- 1995 
SFR KMMKKUKXI 5% Bonds 1987-1999; 

Swiss Bank Corporation 
Baereogasse 16 
CH-8010 Zurich 
Switzerland 

(c) For ECU 56,000,000 94*% Senior D eben t u res to mature September 13, 1995c 

Sod£te Gdndrale 
Aisadenne de Banque 
15 avenue Emth 
Renter 

L-2420 Luxembourg 


Montreal Trust Company of Canada 
151 Front Street West 
Toronto. Ontario 
Canada M5J 2NI 

Attention; Corporate Trust Department 

CeddS Jl 
67 Boulevard Grand 
Duehesse Charlotte 
L-1331 Luxembourg 




4 


FINANCIAL TIMES MONDAY MAY 30 1994 


NEWS: INTERNATIONAL 


Clinton denies 


shake-up plan 


By Jurek Martin fen Washington 

President Bill Clinton has 
denied that he plans imminent 
changes to his much criticised 
foreign policy team. 

In a weekend Interview with, 
the Los Angeles Times, Mr 
Clinton conceded he had prob- 
lems communicating his for- 
eign policy goals to the public 
at large. But that deficiency, 
he said, should not be hud at 
die door of either Mr Warren 
Christopher, secretary of state, 
or Mr Anthony Lake, the 
national security adviser. 

The president said he had 
talked to “a huge number of 
people” about foreign policy in 
recent weeks, mostly because 
it had been subject to what he 
called “relentless criticism.'' 
He could well imagine that an 


impression had been left that 
he was planning to reshuffle 
his team but he suggested that 
his secretary of state; in partic- 
ular. was involved in delicate 
and indispensable nngnHaHnna 
in the Middle East and over 

fThtna 

Mr Clinton's decision last 
week to renew China's most 
favoured nation trading status 
without reference to Its human 
rights record has again pro- 
duced a wave of political and 
media criticism for his lack of 
foreign policy constancy. 

This, in turn, has given new 
impetus to the rumours that 
have periodically swept over 
Washington for months about 
the fate of Mr Christopher and 
Mr Lhke, old colleagues from 
the Carter administration. Pop- 
ular variations have had both 


replaced by their deputies, Mr 
Strobe Talbott and Mr Sandy 
Berger, respectively. 

An alternative version has 
had Mr Talbott, a friend of the 
president dating back to their 
Oxford days, move to take over 
the national security council 
from Mr Lake. This post does 
not require approval by the 
Senate, where earlier this year 
over 30 members voted not to 
confirm Mr Talbott as deputy 
secretary of state. 

Another widely canvassed 
option had Mr Clinton appoint- 
ing a generally respected 
heavy hitter as the new secre- 
tary of state. This might be 
even a Republican or, in a total 
coup de thMtre, retired General 
Colin Powell, until last year 
head of the joint chiefs of staff 

Matched against all this 


speculation have been two seri- 
ous factors, first, there is no 
hard ev idence that Mr C tinton, 
having already ditched his first 
secretary of defence, Mr Les 
Aspin, has lost confidence is 
Mr Christopher or Mr Late in 
the face of the critical battery. 

Second, a change at the for- 
eign policy helm now would be 
freely interpreted as a sign of 
weakness and a distraction 
from domestic policy priorities 
in the run-up to mid-term con- 
gressional elections that 
already have the White House 
and the Democratic party ner- 
vous. 

It would seem more appropri- 
ate for Mr Clinton to antwrbrin 
a reshuffle same time well into 
next year. Candidates then for 
the State Department might 
include Senator George Mitch- 



Christopfaen periodic rumours 


ell, the majority leader who is 
retiring at the end of this year, 
or a party heavyweight such as 
Senator Bill Bradley of New 
Jersey, whom Mr Clinton 
approached during the transi- 
tion about becoming secretary 
of state. 


N Korea faces renewed threat of sanctions 


By John Burton in Seoul 

The North Korean nuclear issue may 
be referred by the US and South Korea 
soon to the United Nations Security 
Council for punitive action, following 
Pyongyang's refusal to allow interna- 
tional inspectors to examine fuel rods 
being withdrawn from its nuclear reac- 
tor. The International Atomic Energy 
Agency reported at the weekend that 


negotiations with North Korea on the 
inspection of fuel rods had broken 
down, with Pyongyang continuing to 
remove them In spite of IAEA protests. 

The IAEA wants to analyse the rods 
to determine whether North Korea has 
previously diverted plutonium pro- 
duced by tiie SMW reactor for its sus- 
pected nuclear weapons programme. 

But North Korea refused all IAEA 
proposals to secure some of the 8,000 


fuel rods to verify that the reactor core 
is the original installed in 1986. The 
reactor was start down for 100 days in 
1989, loading to speculation that North 
Kona removed some of the plutonium- 
rich fuel rods to mate nuclear devices. 

The US and South Korea have 
warned that if inspection is blocked, 
they would ask the UN for economic 
sanctions on North Korea. Pyongyang 
has said this would he “an act of war". 


There is a feint hope the Issue could 
be resolved, since two IAEA inspectors 
remain at the North's Yongbyon 
nuclear oomplex to supervise the rods' 
removal, which is half completed. 

North Korea said it would not com- 
ply with the IAEA's demand concern- 
ing the fuel rods since it claimed a 
"unique status”, referring to its move 
to withdraw from the nuclear nan-pro- 
liferation treaty a year ago. 


Colombian presidential vote looks close-run 


By Stephen Rdler and 
Santa KendaB In Bogota 

Colombia’s long-standing 
do mina tion by its two tradi- 
tional political parties seemed 
set to continue yesterday in 
the first round of Colombia's 
presidential pI prHnna 
Pre-election opinion polls 
suggested the ballot would be 
close-run, with both candidates 
tending some polls. However, 
ne ither Mr Emesto Samper, of 
the TJherai party, nor Mr And- 


res Pastrana, of the Conserva- 
tives, seemed likely to win the 
majority needed to avoid a run- 
off on J une 19. 

Althoug h the el ection cam- 
paign has not been so far 
marred by the violence of the 
previous presidential campaign 
in 1990, when three presiden- 
tial candidates were killed, 
abstention among Colombia’s 
17 Jm eligible voters looked set 
to r emain high. In polling sta- 
tions In the slums that s tre tc h 
south of Bogota and even in 


the middle pings areas to the 
north, fewer than 10 per cent of 
those eligible turned out in the 
first two hours of polling. 
Abstention rates of 60 per cent 
or more are not unusnaL 
A record 18 candidates are 
standing for the presidency 
and each for the first time has 
a vice-president on the ballot 
However, tile Liberal and Con- 
servative parties, which have 
dominate d Colombian politics 
since the 19th century, contin- 
ued to do so. 


The high vot e r apathy has 
been blamed in part by the 
great similarities perceived 
between the programmes of 
both leading candidates. Mr 
Samper, 43, has already fought 
one election to win the Liberal 
candidacy. An economist and 
former minister of economic 
development in President 
Cesar Gaviria’s cabinet, he has 
campaigned for a softening of 
the Gaviria economic moderni- 
sation programme. He has 
emphasised job creation, rais- 


ing social investment to 15 per 
cent of GDP and subsidising 
agriculture, much which has 
been, hit hard by lower tariffs. 

Mr Pastrana. 39, a former 
television presenter, senator 
and mayor of Bogota, also 
stresses social investment and 
education but gives the private 
sector a strong role in his pro- 
posals. Mr Pastrana’s slide 
campaign appears to have won 
him support from younger vot- 
ers, and from a high proportion 
of women. 


Housing shortage at 
centre stage in Israel 

David Horovitz on a lack of land and labour 


O n a terraced hillside 
rising above west Jeru- 
salem’s huge new 
Maiha shopping centre, rows of 
new housing stand close to 
completion - outside walls 
faced in golden Jerusalem 
stone, roofing finished, hut 
with windows missing, no 
plumbing, and electricity yet to 
be connected. 

Across town, in the Talpiot 
neighbourhood, Yitzhak, 
bespectacled building manager 
of a deserted site, explains the 
malaise: “There are no Pales- 
tinians reming in from the ter- 
ritories to work. And without 
Palestinians, there’s no bufld- 
iug." 

The closure of the occupied 
territories - which is keeping 
virtually aB Palestinians work- 
ers from their jobs inride sov- 
ereign Israel -has exacerbated 
a problem that has now 
become a priority for Prime 
Minister Yitzhak Rabin's mod- 
erate Labour government the 
soaring rise in bouse prices. 

For the third time In eight 
days, the Israeli cabinet yester- 
day devoted a frill meeting to 
the issue, finally approving 
measures to free land for 50,000 
new housing units this year, 
setting aside cheaper housing 
for those most in need, and 
introducing incentives for con- 
tractors to complete at top 
speed. 

Even yesterday’s measures 
seem far too limited to achieve 
a drastic improvement. 

The problem, basically, is a 
ma tter of simply and demand. 
"In Jerusalem, for example ” 
says real estate agent Alex 
Losky, “there’s huge demand. 
Everybody wants to live here. 
But there’s just no land avail- 
able for building on.” 

Simply has been limited by 
the amount of red tape block- 
hog allocation of new areas for 
construction - the innumera- 


ble local, regional and n a t i o nal 
committees from which 
approval most be sought And 
once land is allocated, private 
contractors - well aware of the 
spiralling prices - are in no 
hurry to complete projects. 
The longer they take, the 
higher the price they’ll be aWe 
tO H«nawd. 

Even contractors trying to 
wink fast have been hampered 
by the closure of the territo- 
ries. Previously, 65,000 Pales- 
tinians worked in construction 
inride Israel; yesterday, the 
cabinet agreed reluctantly to 
lift tine closure enter cm just 


ISRAELI HOUSE PRI C ES 

% I nc a r — — on previous 


1989 

34.7 

1990 

34 £ 

1991 

30.1 

1992 

10.1 

1993 

21-5 

1994 

104* 

90 



13.000 of them. Asked why, 
wife a national unemployment 
rate of 10 per cent, Israelis 
were unwilling to fill the vac- 
uum, Mr Yehuda Goran, dep- 
uty director of the Contractors' 
Association, said: "The Israeli 
unemployment reservoir is 
generally composed of people 
who aren't fit to work in con- 
struction. There Is potential to 
recruit only about 9JSOO." 

Mr Goren thought pay was 
quite competitive, and stressed 
Palestinians and Israelis were 
offered the same rates, ranging 
from 2,100 shekels (about £460) 
to 3,500 shekels a month -be- 
low, hut not far below, average 
Israeli wages. Israel has taken 
to bringing in workers from 
Thailand, Romania and other 
cheap labour countries. Mr 
Goren said there would be 


26,000 foreign construction 
workers in IsraaTby the week’s 
wad. Their minftnum wage is 
1,500 shekels a month. 

While land and labour short- 
ages limit supply, demand is 
booming. Even though the pre- 
Gulf war era of 20,000 Russian 
immigrants a month is now a 
distant memory, new arrivals 
still average a monthly bjjoo. 
Before the autonomy deal with 
the Palestinians, many thou- 
sands of casheorapped families 
ffnrf cheeper housing in 
the occupied West Bank, but 
only the.mqgt ideologically 
committed ara buying^ homes 
in setfiemantefoday. A further 
wave of doriand for homes 
inside sovereign Israel is inevi- 
table when, sotmer Of later, the 
government offers compensa- 
tion to settler* willing to leave 
the oamptedfondtorisa 

.On top a f/fcfi these factors, 
demand is ate bring fuelled by 
foreign JfewSh Investment in 
Israeli property which, accord- 
ing to Mr Bonnie Loval of the 
Anglo SaXon real estate 
agency, accounts for 40 or even 
50 per cent of house purchases 
In the best areas of Jerusalem. 
Tel Aviv and coastal towns 
Kkp HerzHyah and Netanyah. 

In tiie previous Likud gov- 
ernment, Mr Artel Sharon, for- 
ma: general and defence minis- 
ter, was housing supremo. He 
bulldozed through much of the 
red tape, and paid tans of mil- 
lions of dollars In incentives to 
contractors, to shake the 
industry Into a period of furi- 
ous construction. Mr Sharon 
concentrated much of his 
b uDding efforts on the south of 
Israel, the Negev desert where 
jobs are scarce and where even 
new immigrants wore reluc- 
tant to five. As the Rabin gov- 
ernment tries to address the 
housing shortage, many of Mr 
Sharon's southern apartments 
stand empty. 


Banker to head Caracas 
privatisation programme 


By Joseph Mann 
in Caracas 

President Rafael Caldera of 
Venezuela, after less than four 
months in office, reorganised 
his cabinet at the weekend, 
appointing Mr Carlos Bermu- 
dez to head the country's stal- 
led privatisation programme. 
Mr Bermudez worked for many 
years as president of Banco 
de Venezuela, one of the 
country's largest and strongest 
banks. 

By naming a respected pri- 
vate-sector figure to head the 
privatisation programme. Mr 
Caldera hopes to convince pri- 
vate investors that it is serious 
about selling off state-owned 
assets. 


The government suffered a 
serious setback on May 20 
when it failed to obtain any 
tenders for the sale of a state- 
owned airline, Aeropostal, 
which was its highly publicised 
first effort at privatisation. Mr 
Bermudez replaces Mr Abdon 
Vivas Teran, a long-time 
congressmen and close sup- 
porter of President Caldera, 
who headed the privatisation 
programme until now. 

Aside from Aeropostal, the 
government has a long list of 
companies scheduled for priva- 
tisation, including three elec- 
tric power companies, a group 
of hotels and joint ventures in 
heavy industry. 

Of the seven cabinet 
changes, the only other new 


face is Mr Alfredo Gruber, who 
takes over as state minister in 
charge of the CVG (Corpora- 
tion Venezolana de Guayana), 
the government-controlled 
group that includes steel and 
aluminium producers, mining 
companies and the country's 
largest hydroelectric power 
concern. Mr Gruber, a veteran 
executive in Venezuela’s oil 
industry, was previously presi- 
dent of Palmaven, a subsidiary 
of PDVSA, the national oil 
company. 

The government changes 
come at a time of increasing 
economic problems and reflect 
the president's desire to elimi- 
nate public squabbling that 
has occurred among cabinet 
ministers in the past 


It’s rare to find 
a tax- free haven 
with guaranteed 
growth 


NO WONDER SO MANY INVESTORS KEEP 
SWISS PLUS PRIVATE. 


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Daring vision or time bomb 

Kieran Cooke reports on a huge dam planned for Sarawak 



T he jungfe light quickly 
fades. The rain pounds 
like a hundred machine 
guns on the roof of the Long 
Murum longhouse. The men, 
descendants of Borneo's head- 
hunters, their arms and legs 
covered in tattoos, sit round a 
flickering kerosene lamp. They 
chew betel nut and drink rice 
wine. Talk is of change and 
development 

Here, in the heart of Sara- 
wak, East Malaysia, plans are 
under way for South-East 
Asia's biggest Infrastructure 
project - a MSISbn (£a85hn) 
dam nearly twice the bright of 
the Aswan dam in Egypt 
The dam, at Bakun a few 
miles downstream from Long 
Murum, will flood an area 
larger than Singapore. Long 
Murum and 14 other tribal 
longhouses will disappear. 
More than 8,000 tribespeople 
whose families have lived and 
hunted In the area for genera- 
tions will be resettled. 

To some, Bakun is another 
example of Malaysia's confi- 
dence in the future and a trib- 
ute to the daring vision of 
Prime Minister Mahathir 
Mohamad. “It's a project whose 
time has come." said Dr 
Mahathir earlier this year. 

To others Bakun is an ill 
conceived scheme of doubtful 
economic merit which could 
bring environmental disaster 
to one of the world’s few 
remaining areas of tropical 
rainforest and sound the death 
knell for a unique tribal cul- 
ture. “It will be an ecological 
time bomb sitting right hi the 
centre of Borneo,” says Mr Sim 
Kwang Yang, a Sarawak-based 

opposition MP. 

Bakun has been discussed 
for 14 years but only recently 
given the godhead by the gov- 
ernment. Producing 2.400MW 
of electricity by early next cen- 
tury, the government says 
Bakun will not only meet the 
needs of Malaysia's fast indus- 
trialising economy. It will also 
turn Malaysia into a regional 
power exporter. 

Bakun poses considerable 
technical challenges. It is being 
built at a site more than 500km 
upriver from Sarawak’s coast 
The journey to Bakun involves 
crossing a number of treacher- 
ous rapids. New roads will 
have to be built through dense 
jungle to bring in building 
materials and engineering 
equipment 

Taking the power out of 
Bakun will involve even 
greater difficulties. Some of the 
electricity generated will go to 
Sarawak itself and to the 
neighbouring Malaysian state 
of Sabah. However, the bulk of 
the power will go to peninsular 
Malaysia, first by 670km of 
overhead cables within Sara- 
wak and then through 650km 
of cables under the South 
China Sea. 

Experts point out that power 


Akosombo Ghana . • 680 ;■ 

' Kosspo . 

(taphfc by enris YMtar . 

transmission through such a 
lengthy underwater cable has 
never been attempted. "They 
are either being very daring or 
very foolish," said one Kuala 
Lumpur based energy company 
executive. Considerable power 
loss seems inevitable. 

Bakun will be a private sec- 
tor project In January this 
year the government signed a 
memorandum of understand- 
ing giving management of 
Bakun to the locally based 
Ekran company. The 
announcement was greeted 
with some surprise. There was 
no tendering process involved. 

Controlled by Mr Ting Pek 
Killing, a Sarawak-based 
Malaysian Chinese, Ekran was 
established only in 1991 and 
has no experience in projects 
of the size of Bakun. Mr Ting, a 
swashbuckling entrepreneur 
who has made a name for him - 
self as a tourist resort devel- 
oper, is supremely confident. 
“We can build anything on 
earth.” he says. 

Mr Ting says between 60 and 
70 per cent of financing for 
Bakun will be raised from 
domestic sources and insists 
the project can be built in six 
years, without federal or state 
funds. Ekran is widely believed 
to be backed by Mr Daim Zain- 
nudin, a former federal finance 
minister and an economic 
adviser to the government. 

S ome tribespeople feel the 
change the dam will 
bring is part of an inevi- 
table process. “Our ways are 
altering anyway," says Mr 
John Bam pa. who works in the 
small town of Beiaga, close to 
the Bakun site. “As children 
we were taught tu hunt wild 
pig and fish. But the new gen- 
eration hare been to school 
and have not been taught the 
old ways.” 


However, many tradespeople 
say they have not been con- 
sulted about Bakun or given 
any project details. Some 
reports say a series of dams are 
to be built in the area. In 
recent years 17 technical 
studies have been carried out 
on Bakun. A government min- 
ister told parliament this year 
those documents remain classi- 
fied under Malaysia’s official 
secrets act 

Gara Jalong. one of a group 
of longhouse dwellers who two 
weeks ago tried but failed to 
present a petition opposing 
Bakun to the Sarawak State 
Assembly, says a government- 
appointed committee on Bakun 
does not represent the tribes- 
people. "Many of Its members 
have been responsible for sell- 
ing our lands to the logging 
companies.” 

Logging is very big business 
in Sarawak. In the past tribes- 
people who have interfered 
with the activities of the log- 
ging companies have been 
imprisoned. Though Malaysia 
says it Is committed to curtail- 
ing logging it is still by far the 
world’s largest exporter of 
unprocessed tropical timber - 
most of it from Sarawak. 

Over the last 12 months 
prices of many tropical hard- 
woods have more than dou- 
bled. In a 1991 review of for- 
estry activities In Malaysia the 
World Bank said Sarawak's 
trees were being cut at about 
four times the sustainable rate 
- a judgment fiercely denied 
by the government. Mr Abdul 
Taib Mahmud has been Sara- 
wak’s chief minister since 1981. 
In exchange for support of Dr 
Mahathir's national front coali- 
tion government, Sarawak is 
left largely to govern itself. 

An unde and political rival 
of Mr Taib once accused the 
chief minister and his political 


allies of controlling 30 per cent 
of Sarawak’s timber conces- 
sions. Two of Mr Taib’s sons 
are among Ekran’s matn share- 
holders. Mr James Wong, Sara- 
wak’s environment minister, 
also controls one of the state’s 
biggest timber companies. 

Bakun is bring built an the 
upper reaches of the Rejang, 
Malaysia’s longest river. An 
area of more than 80,000 hect- 
ares (200,000 acres), much of it 
virgin rain forest, will he dear 
cut to accommodate the dam. 

E nvironmentalists allege 
logging has already 
caused severe soil ero- 
sion. Locals say ten years ago 
the Rejang’s waters were dear 
and fish were abundant Now 
the river, nearly a mile wide in 
places, Is a muddy brown col- 
our and there are few fish. 
Water levels fluctuate wfldly. 

The government seems deter- 
mined that Bakun wifi go 
ahead but is waiting for Ekran 
to submit an environmental i 
impact study on the project It 
has yet to decide whether that ! 
study will be made public. 

In the past Dr Mahathir has 
attacked both local and foreign 
groups that have lobbied on 
behalf of native peoples: he has 

said such groups would prefer 
to see the jungle d welfare hy- 
ing "like monkeys in trees” 
instead or sharing In Malay- 
sia’s development. 

Lihan Ahang a native chief 
at Long Murum. points to a 
faded black and white photo- 
graph of his grandfather, a 
warrior who fought against the 
Brookes, the White Rajahs of 
Borneo. "We are not against 
development,’’ he says. “But I 
am sad about tills project, it 
means giving up our lands and 
leaving the graves of our 
ancestors. It means changing 
our whole way of Ufe.” 


UN to 
discuss 
war in 
Yemen 


By Eric Watidna to Aden 

The United Nations Security 
Council will tomorrow discuss 
Yemen's month-old civil war 
following a joint appeal from 
Egypt, Saudi Arabia, Kuwait, 
Oman, Bahrain and the United 
Arab Emirates. 

Though the outcome of the 

meeting remains unce rtain, tbfl 

fact it has been called appears 
to serve south Yemeni political 
Interests. Indeed, the appeal 
from the six nations now sug- 
gests implicit recognition for 
the new southern government 
In spite of objections from 
northern leader General All 
Abdullah Saleh. 

Support from the six Arab 
nations follows intensive diplo- 
matic efforts by the south over 
the past month and is widely 
viewed as a political coup for 
fee breakaway state. 

Shortly after the start of hos- 
tilities an April 27, Gen Saleh 
and other northern leaders 
warned the -international com- 
munity against attempts at 
mediating, saying it would 
amount to middling m Yem- 
en’s domestic politics. Those 
warnings were repeated last 
week when Saudi Arabia initi- 
ated the current proposals. 

Supported by his political 
allies in the fundamentalist 
blah party, Gen Saleh claims 
to represent constitutional 
legitimacy in the country and 
has rowed to crush what he 
calls rebellion by the southern* 
era. He fe unliltely to heed any 

international objections, espe- 
cially if he entertains hopes of 
a military victory. 

The prospects of such a 
northern victory, though, 
appear less likely with each 
passing day; TO win the war 
Gen Saleh bad to capture Aden 
and other key regions of the 
south. . A month ago, he 
boasted of easy victories. But 
northern troops attempting to 
enter Aden have met with stiff 
resistance and advanced only 
to 60km from fee city. 

Lacking any air cover, Gen 
Saleh’s troops approaching 
Aden from the north have been 
exposed to relentless bombing 
and strafing by southern lets 
while those approaching from 
the east and west have come 
under heavy naval bombard- 
ment from southern ships. 

Stalled in efforts to reach the 
southern capital,! Gen Saleh 
last week opened * new front 
to the east, aiming to capture 
the oil firida of fee Wadi Hbdh- 
ramaut, some 700km north-east 
of Aden. But southern leaders 
were unruffled by the new 
northern thrust, saying that 
Gen Saleh was over-extending 
his forces a nd making them 
easy prey to counter-attack. 









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FINANCIAL TIMES MONDAY MAY 30 1994 


NEWS: UK 


Growth forecast suggests stronger upturn 


By Peter Norman, 

Economice Editor 

The Treasury is likely to revise 
upwards its forecast for OK economic 
growth this year on the strength of 
increasing evidence that activity has 
withstood the impact of April's tax 
rises. 

Treasury economists are drawing 
up a new forecast for publication, 
around the end of next month. It is 
expected to upgrade last November’s 
Budget forecasts for 1394 of 15 per 
cent growth of gross domestic product 
and Z25 per cent growth for GDP 
Tfw'mns oil and gas extraction. 


Economic indicators for April, pub- 
lished this mouth, suggested that the 
econ omic upturn is gathering 
strength. This trend is likely to be 
confirmed by early data for May, due 
this week. 

Economists expect Ban k of En gland 
figures tomorrow win show that sea- 
sonally adjusted growth of MO. the 
measure of “narrow” money - com- 
prising mainly coins and banknotes in 
circulation - accelerated to about 7.1 
per cent in the year to May from 65 
per cent in the year to April. 

MO is regarded as a useful guide to 
the trend of retail sales, which grew 
strongly last mouth In spite of the 


entry into force of Increased direct 
and indirect taxes. At about 7 per 
cent, MO would be growing at nearly 
twice the celling of the government’s 
0 per cent to 4 per cent “monitoring 
range” for narrow-money growth this 
year. 

The Chartered Institute of Purchas- 
ing and Supply is due to publish its 
purchasing managers' index on 
Wednesday. This indicator, which is 
based on techniques developed suc- 
cessfully in the US. is also expected to 
point to farther increases in activity. 

The forecasters' consensus of near- 
term growth prospects has been 
creeping upwards in recent weeks. 


A Treasury survey of 32 new inde- 
pendent forecasts in May found that 
the average expectation of growth 
was 2.7 per cent for this year and 1995 
compared with 2.6 per cent for each 
year in April 

The recent report of the Treasury’s 
panel of economic advisers - the 
so-called “six wise men” - produced 
average GDP growth forecasts of 2J) 
per cent for this year and 2 A per cent 
in 1995. 

With growth projections ranging 
from 2.6 per cent to 3.4 per cent, each 
of ihe advisers forecast that growth 
this year would exceed the November 
Budget prediction. 


Seasonally adjusted figures from 
the Central Statistical Office last 
week showed that first-quarter GDP 
was 2.6 per cent up on the first quar- 
ter of last year and 0.7 per cent 
hi gher than in the fina l quarter of 
1993. 

However, after removing buoyant 
oil and gas extraction from the fig- 
ures. economic activity only recov- 
ered in the first quarter to the aver- 
age level of 1990. 

First-quarter GDP, excluding oil 
and gas, was 0.6 per cent higher than 
in the final 1993 quarter and just 2 per 
cent up on the first quarter of last 
year. 


‘Moribund’ 
Noraid ignores 
US court order 


By Jimmy Bums 

Noraid, an organisation once 
stigmatised as the Irish Repub- 
lican Army’s main fund-raising 
arm in the US, is openly defy- 
ing a court order to file regular 
reports with the Department of 
Justice in Washington. 

However, officials at the 
department say Noraid is no 
longer of concern - they 
describe it as “moribund” - 
and they are prepared to turn a 
blind eye to its failure to file. 

Under the US Foreign Agents 
Registration Act, Noraid has 
been required since the mid 
1970s to give details of its fund- 
raising activities at least twice 
a year. 

But Noraid has not filed with 
the Justice Department for 
three years. The last recorded 
file covers 12 months ending 
July 1991 and is incomplete. 

Mr Martin Galvin, a lawyer 
and Noraid'a spokesman, says 
the organisation’s leadership 
has no affiliation or relation- 
ship with the IRA. He says Its 
sole purpose is to contribute 
funds to families of political 
prisoners and to lobby in the 
US for a united Ireland. 

in an interview in New York, 
Mr Galvin said: “We don't 
believe we are required to reg- 
ister under law. We are not 
agents of the IRA. We are 
Americans who under the US 

-• . + i, V ■■■ 


constitution’s First Amend- 
ment have the right to express 
our views on Ireland.’* 

A similar assertion by the 
previous leadership of Noraid 
led to a lengthy legal battle in 
the late 1970s between the 
organisation and the Justice 
Department. In 1981, it resulted 
in a judicial decree noMfh-mTng 
Noraid’s finks with the IRA 
Thirteen . years later, the 
Department of Justice no 
plans to take Noraid to court 
over its apparent defiance. Offi- 
cials argue that to do so would 
risk generating renewed sup- 
port for the organisation when 
its finances axe dwindling. 

justice Department officials 
say they have not carried out a 
formal audit on Noraid’s 
accounts since the mid 1970s. 

British and Anw>rv-an intelli- 
gence sources currently esti- 
mate that the -fund-raising 
effort has dipped from a high 
of nearly $im a year during the 
hunger strikes In the early 
1980s to between $100,000 and 
$ 200 , 000 . 

In the last accounts filed at 
tire Justice Department, Noraid 
claimed it had raised $lAm in 
the 12 months to July 199L 
Government officials say the 
figure is artificially inflated to 
mask the financial weakness of 
republican groups in the US. 

Search for support Page 12 



As religious figures, opposition parties and charity groups dealing with the homeless attacked prime minister John Major’s recent 
description of Britain's beggars as “an eyesore”, homeless people marched through Loudon yesterday to commemorate those who 
had died on the streets. Weekend reports indicated that one in four single homeless people has served in the armed forces «au» pm 


Tories argue over single currency 


By Roland Rudd 

Sir Leon Brittan, European 
Union commissioner, yesterday 
predicted that the community 
would back a single European 
currency and warned that the 
issue would not go away. 

His comments on the contro- 
versial policy were immedi- 
ately refuted by Sir Christo- 
pher Prout, leader of the 
Conservative MEPs. and Con- 
servative Central Office. 

Mr John Major's advisers 
were irritated by the interven- 
tion of Sir Leon, the former 


Conservative trade and indus- 
try secretary, in the middle of 
the European elections. 

The prime minister baa said 
he does not believe that a sin- 
gle currency will come in his 
Ufa time. 

In an interview with the 
BBC, Sir Leoa, referring to the 
single European currency, 
said: “Where people in Britain 
would make a great mistake Is 
If they think that it is not 
going to happen. 

*lt is going to happen and 
since the collapse of the 
exchange rate mechanism in 


its old form, the foci is that 
most of the countries of conti- 
nental Europe are keener than 
ever to go ahead with a single 
currency.” 

Sir Christopher dismissed Sir 
Leon’s predictions, saying the 
moment for a single currency 
had come and gone. He made ft 
dear that while the govern- 
ment was not opposed to the 
principle of a single currency it 
was up to the British parlia- 
ment to decide if it wanted 
one. 

However, he added: “There 
would be difficulty in getting 


one through Parliament 
because of the deep seated 
opposition to it in the coun- 
try." 

Sir Leon said the fact that 
the rest of the EU was moving 
towards a single currency did 
not mean that Britain had to 
follow suit “But it Is impor- 
tant that we do not think it is 
going to go away and not hap- 
pen." 

He denied that there was a 
need for concern because 
Britain had the option of a sin- 
gle currency but not the obli- 
gation. 


Britain in brief 



Poll boost 
for Blair 
and Beckett 

A joint leadership ticket of 
Mr Tony Blair and Mrs 
Margaret Becket was being 
promoted within the 
opposition Labour party 
yesterday as three potential 
candidates for the leadership 
outlined their vision for a 
future Labour government. 

Hie latest opinion poll 
showed overwhelming support 
for Mr Blair, shadow home 
secretary, to become leader, 
and Mrs Beckett, the deputy 
leader, to keep her post. 

The poll, compiled by the 
BBC, Included elements of all 
three of the electoral college 
of AIPs and MEPs, levy-paying 
trade unionists and 
constituency parties. It 
showed Mr Blair with 48 per 
cent against 17 per cent for 
Mr Gordon Brown, Labour's 
shadow chancellor. More than 
40 per cent wanted Ms Beckett 
to continue as deputy leader. 

The contest will not start 
officially until after the June 
9 European elections. 

Managers tarn 
to altruism 

British managers Like nothing 
more alter a hard day at work 
in the caring 1990s than to 
start managing again, it seems 
- but this time for no pay and 
to help others, according to 
a survey of 3,000 members of 
the Institute of Management 
published today. 

More than half of the 857 
managers who replied to the 
survey said they undertook 
some form of voluntary work 
in the community. Two-thirds 
of those who did not do 
community work said they 
would like to. 

Just one in 10 managers 
admit that they are seeking 
to make social or business 
contacts. Most told the survey 
they volunteer from a sense 
of social responsibility and 
a feeling of satisfaction from 
helping others. 


Scientists warn 
on overgrazing 

Overgrazing Is damaging 
heather moorland across most 
of the uplands of England, 
according to English Nature, 
the government’s statutory 
adviser on nature 
conservation. 

Large amounts of heather 
moorland have been lost since 
the 1948s due to sheep 
grazing, a survey by scientists 
at English Nature showed. In 
Cumbria, about 36 per cent 
of upland heather had 
disappeared by the late 1980s. 
The same percentage of 
heather moorland was lost 
in the Northern Peak District 
between 1913 and 1979, most 
of it since the 1940a. 


Police pressure 
for drugs policy 

The government was faci n g 

growing pressure yesterday 
to launch a major education 
campaign In a bid to counter 
the soaring use of drugs as 
police chiefs renewed their 
call for attention to be 
switched from supply to 
demand of drugs. 

Mr Keith Hellawell, the chief 
constable of West Yorkshire 
and chairman of the chief 
constables' committee on 
drugs, stepped up pressure for 
government action against the 
growing demand for drugs. 

Mr Heilawell, who has 
suggested that cannabis might 
be legalised at some point as 
part of a new approach to 
drugs, is to chair a chief 
constables' conference on 
drags starting on June 8. 


GPs see more 
stress cases 

Britain Is the grip of a “stress 
epidemic”, with family doctors 
often taking over the 
counselling role of parish 
priests, according to a report 
published yesterday. 

A bleak picture of the 
country’s moral and mental 
well-being is painted in a 
survey in the British Medical 
Association News Review. 

A survey of 650 general 
practitioners showed that 
more than 80 per cent said 
the number of patients with 
stress-related problems had 
increased significantly over 
the past 15 years. 



Michael Woo. Sales Office Manager. Chemicals. Singapore: 




"MySIngapore office covers the fastest devel- 
oping countries in the world. We have to compete 
not only with multinational companies, but also with 
local companies that are upgrading rapidly- For a 
western company to succeed here, it’s vital to have 

selected areas of chemicals, coatings, health care products dnd fibers. 


a long-term virion and commitment, phis the flex- 
ibility and operHtnindeKiness -to seize opportunities 
and come up with creative proposals. My staff and 
1 have a double function: to be the eyes and ears 
for our business units in the West, and to be on our. 


toes to serve our customers in the East Our first 
priority Is to become partners to our customers. 

In Aria, it's even more true than In other parts of the 
world that you’ve got to create the right chemistry 
m your relationships before business is done.” 


v, v, . , ^ leading companies in selected areas or cnemicais, coaongs. neaim are proouas*™ mm 

^™" triesaro ‘ jndtf i e wo rt< tBi ateu P t l |fiA l! a ^ N 9ac! w orfcfon».FDrmorelnfonnatton.~wHeor 
ff 9300. 6800 SB « « MML <3^.66 22 «, 












FINANCIAL IZVESTIA 

TALKS BUSINESS TO 300,000 INFLUENTIAL 

RUSSIANS EVERY THURSDAY. 

Financial Izvestia is an 8-page weekly business newspaper 
produced by the Financial Times in partnership with Izvestia, Russia’s 
leading independent daily. 

Printed on the FT’s distinctive pink paper, it accompanies 
Izvestia every Thursday. 

Drawing on the huge editorial network of both newspapers, 
it brings up to the minute, accurate, national and international news to 
300,000 decision makers in Russia. News from around the world that 
impacts upon the Russian market, making Financial Izvestia an 
essential and unique business tool for those shaping the new Russia. 

To find out more about advertising to these influential people 
call Ruth Swanston at the Financial Times in London on 44 71 873 4263 
(fax 44 71 873 3428),. Stephen Dunbar-Johnsoii in New York 
on 1 212 752 4500, Dominic Good in Paris on 33 1 42 97 06 21, 

Sarah Pakenham- Walsh in Hong Kong on 852 868 2863. 

FINANCIAL TIMES 

LONDON ■ 'AMS ■ nUNDUl T ■ MW TCUUE ■ TOKYO 




A - 




‘empowerment’ 
fas! 


Oli if- 

v*A*^/v » * WAllVAlt 

long^fere it became fashionable. 
Martin Dickson on the company's 
formidable reputation for innovation 


A t 3M, the US manufac- 
turing giant, they never 
tire of telling one 
another - and anyone 
else who wffl listen - 
the remarkable story of Richard 
- Drew and William Merepight 

Drew was an enterprising young 
3M laboratory assistant in the early 
1920s who had a great new product 
. idea: a glue-covered paper which 
would make It easier for car manu- 
! facturers to paint their vehicles 
i without the colours running. 

McKnight, his boss at what was 
: then a humdrum sandpaper manu- 
facturing business, was unim- 
i pressed and suggested be drop the 
research. Drew persisted and 
invented masking tape - the first of 
the family erf Scotch brand sticky 
tapes which transformed the for- 
tunes of the business. 

A chastened McKnight - who as 
company president played the cru- 
cial role in forming the company’s 
• shape and culture - proclaimed 
that from now an all 3U laboratory 
staff would be free to devote 15 per 
cent of their time to research of 
thetr own - a guideline that persists 
to this day. 

1 And in Ida, in a paper spelling 
out 3M*s management philosophy, 
he declared that employees must be 
allowed to perform their work in 
their own way - a principle which 
' anticipated by 50 years the current 
management fashion for worker 
; “empowerment”. 

i People would make mistakes, 
McKnight declared, but in the long 
run these would not be as serious 
SB “thfi mistakes management will 
make if it Is dictatorial and under- 
takes to tell those under Its author- 
ity exactly how they must do their 
job". 

The tale is of more than histone 
interest SM managers use it fre- 
quently both to explain and rein- 
force the extraordinarily strong cor- 
porate culture which has made the 
group one of America's most inven- 
tive businesses, manufacturing 
more than 60,000 products, ranging 
from aerosol inhalers to film, video 


tape and home cleaning sponges. 

"The culture is Innovative, " says 
w iiiiam Coyne, vice president for 
research and development, “but 
management has to continue 
dearly defining that, for example 
by revisiting the successes of the 
past." It is no accident that a corpo- 
rate video smt out this year to sub- 
sidiaries around the world opened 
by quoting McKnight* s 1941 
remarks. 

3M*s Inventiveness means that it 
consistently ranks in surveys of 
businessmen as one of the most 
admired corporations in the US. It 
was also prominently featured as 
one of the c ou n try' s best-run com- 
panies in the early 1980s best seller 
In Search of Excellence by manage- 
ment guru Tom Peters. 

Such accolades, and the pride 
that accompanies them, can often 
be the prelude to a Dali - as graphi- 
cally demonstrated by the manage- 
ment upheaval over the past two 
years at struggling IBM, another In 
Search of Excellence star. 

But over the past decade SM has 
quietly kept up its solid growth. 

Accolades, and the 
pride that goes with 
them, can be the 
prehide to a fall 

without the ftiss, managerial 
upheaval or vast write-offs common 
at some big US r cdijpatatians, from 
its headquarters near Minneapolis/ 
St Paul - aland (rf freezing winters 
and hot summers on the edge of the 
Great Plains which fosters 
down-to-earth Mid-western values 
rather than corporate pretension. 

True, its financial results over the 
past five years have been unexcit- 
ing, falling short of its own goal of 
earnings per share growth averag- 
ing at least 10 per cent a year. 

But this is mainly because 3M is a 
quintessential^ cyclical company, 
whose earnings rise and fall with 
the economy of the US - and 



Richard Drew (left) had a great idea: a gine-covered paper which would make it easier to paint cars. His boss, William McKnight, was unimpressed 


increasingly that of the world, since 
some SO per cent of Its sales are now 
overseas, up from 37 per cent in the 
mid-1980s. 

As the US economy strengthens, 
and Europe emerges from recession, 
amit y gfa are predicting wnninga per 
share growth of around 8 per cent 
this year and 16 per cent in 1995. 

However, there can be no room 
for complacency at SM, which faces 
two central management challenges 
in the 1990s if it is to retain its 
enviable reputation. 

Intense international competition 
in most of its markets means that 
customers have come to expect 
excellent service at very low cost, 
maMnff it harder for manufacturers 
to claw hack through price 
increases the impact of inflation on 
their manufacturing costs. 

This pressure on margins means 
3M has to improve constantly its 
productivity in manufacturing and 
distribution, while trying to steal a 
march oh rivals with the invention 
of new products which, in the 
words WR^D chief CSSyhe, “change ' 
the basis of competition''. As an 
example, he cites a new kind of 
reflective material which 3M says la- 
three times brighter than that pre- 
viously used on road signs. 

“We have to continue creating,” 
says Livio DeSimone, the chemical 
engineer who has been 3M*s chair- 
man and chief executive since 
November 1991, “but we must bring 
this more efficiently to the hands of 
the user. This is the hot topic for us 
today - and for all those whoVe got 
their eyes open and want to sur- 
vive." 


Some Wall Street critics argue 
that 3M has been too slow to cut 
manufacturing costs in Europe, 
where it has been gradually lower- 
ing employment through attrition 
and early retirement 

But Doug Hanson, who heads the 
region, points oat that forced redun- 
dancies involve particularly heavy 
severance costs to Europe and dras- 
tic cuts in the workforce are simply 
not 3M*s style 

“We always want to do right by 
the people that leave, because if you 
don’t, the rest of your people are 
going to be concerned.” 

Whatever the restructuring 
record, there can be no doubting 
3M*s resolve to keep new ideas com- 
ing. For many years it bad a target 
- emulated by several other large 
US c ompanies - that at least 25 per 
cent of its annual sales must come 
from products which had been on 
the market for less than five years. 

But two years ago, in the light of 
increasing competition, it derided to 
raise the bar. Now 30 per cent of 
'sales should come from products 
less than four years old. Over 25 per 
cent did in 1993, and tiris year 3M 
hopes to achieve the new target 
fully for the first time. 

This impressive record is due to 
several factors. Arguably the most 
important Is McKnighfs cultural 
legacy. His 15 per cent rule remains 
an important company creed 
(though far from all the group’s 
8,500 technical staff spend so much 
time on their own projects). 

One of the group’s most cele- 
brated inventions to the 1980s - the 
Post-it Notes which people stick to 


computer screens - was dreamed 
up by researcher Art Fry to 15-per- 
cent time, though he was initially 
trying to create a hymn book 
marker. 

Coyne recalls that when he first 
joined 3M as a junior researcher, “I 
became convinced to less than a 
day that this was a company which 
expected me to main* a difference as 
an individual.” 

But the culture also encourages 
the cross-fertilisation of Ideas 
between 3M’s more than 40 business 
units. Much of this is done through 
informal networking, for example 
through an employee-run technical 

‘If we have any 
arrogance we work 
hard at not 
retaining that trait* 

forum, which runs a series of lec- 
tures by inside and outside speak- 
ers. 

Technicians are also encouraged 
to get out and meet customers, on 
the grounds that the best ideas - 
such as Drew's masking tape - 
come not from sitting to a labora- 
tory but from identifying unarticu- 
lated customer needs. 

Cross fertilisation is also 
reinforced by official bodies, such as 
3M’s little-publicised audit teams. 
Their primary function is to assess 
the commercial potential of labora- 
tories' new product programmes. 
But as they go round the group 
they often come across develop- 


ments to one lab which can be help- 
ful to another. 

There is also a complex system of 
awards for new Ideas, though the 
company generally eschews finan- 
cial bonuses for inventions, on the 
grounds that getting them to mar- 
ket Involves extremely complex cor- 
porate team-work. 

The culture is also underpinned 
by 3M’s low turnover among 
research staff and the company's 
insistence on growing top manage- 
ment from within the company. 

3M's R&D effort is hardly 
flawless. Coyne is concerned about 
productivity, noting that R&D 
spouting is 7.3 per cent of group 
sales, compared with a target of 63 
per cent Other senior officials 
express concern that inventiveness 
could be stifled as the group gets 
bigger. 

But this willingness to engage to 
self-criticism, and benchmark 
against other companies, may be an 
important reason why 3M is still 
expanding healthily, unlike some 
other corporate superstars of the 
1980s. 

DeSimone also attributes its lack 
of complacency to the immense 
diversity of its product portfolio, 
which means it has to compete 
across an unusually broad front 
against top-notch rivals, such as the 
Japanese in memory media, John- 
son & Johnson to healthcare and 
Eastman Kodak in film. 

“If we have any arrogance we 
work hard at not retaining that 
trait,” he says. "It's always been a 
killer to the long run - hut it’s a 
very quick kffler these days." 


NTIAL j No such thing as a free opera ticket 


A t the weekend they were hob- 
nobbing among the sheep at 
Glyndebourne. Last Monday 
night they were hard at it among 
the begonias at Chelsea. The season 
is upon us when business execu- 
tives and their contacts get together 
to style. 

Far from disapproving of all this 
junketing, I love it On the - regret- 
tably few - occasions that I have 
been on the receiving end of corpo- 
rate hospitality, I have bad a splen- 
did time. Two weeks ago my hus- 
band arid i were taken to Co vent 
Garden by BP. We bad good seats 
and nice champagne and smoked 
salmo n, it was all most pleasant. 

What puzzles me about this hectic 
entertaining is why companies do 
it Why did Enterprise Oil invite 200 
people and their spouses to a pri- 
vate snoop round Chelsea (to Mon- 
day, followed by a lavish meal? 
Why do 300-odd companies pay up 
to £ 20,000 a year to take a few 
guests to Glyndebourne? Surely in 
this age of sleek and professional 
managemen t, no one takes deci- 
sions based on Wimbledon tickets 
os£a box at Ascot Could it be that 


the season has became an institu- 
tionalised perk for senior directors? 

When you ask most companies 
about their entertaining they will 
not talk numbers: to fact they wifi, 
barely talk at alL Off the record 
they will mouth platitudes about 
building relationships, and point 
out that the money from some of 
these events goes to charity. 

Not all companies are so coy. 
Michael Prideaux, of BAT Indus- 
tries, provides the most sensible 
solution to the puzzle. He says cor- 
porate entertaining works subtly at 
the margin. There is nothing you 
can do to persuade an institutional 
investor to go on holding your 
shares. But if you have just treated 
them to a nice day out, they may be 
more willing to hear your side of 
the story before flogging them. 

I expect he is right. The system 
works because we are all human. 
Perhaps I should think twice before 
saying anything untoward about BP. 


LUCY 

K E L LA WAY 



When a woman In a position of 
power starts making unpopular deo- 
jsfons the rimnnas are that someone 


will unfairly accuse her of sleeping 
her way to the top. Such was the 
sad fate that last week befell the 
intelligent and likeable Glare Spot- 
tiswoode, director general of Olkas. 

The less gfli d about that incident 
- or non incident - the better. Yet I 
wonder if the sordid story might 
contain a warning to the business 
world. The tabloid press is endlessly 
fascinated by who is sleeping with 
whom, and being fad up with the 
affairs of MFs it may be shifting its 
attention towards commerce. Spot 
tiswoode - who spans the two 
worlds - could be a first step. 

If businessmen in the past have 
escaped attention it is not because 
they are considered out of bqpnds - 
witness Ralph Halpam and his 


Umbo - but because they are not 
well enough known. Now that many 
of our captains of industry are 
becoming increasingly famous (as 
well as increasingly rich) all the 
ingredients for a nice tabloid sex 
scandal are there. I put it to the 
editor of the Sun, who said he 
couldn't possibly comment. Perhaps 
that means he'd love to break a few 
such stories, but is having a bit of 
trouble wmiing up with any. 


While the private lives of executives 
is a subject for the prurient only, 
the same can not. he said about 
their pay. The bad publicity any 
director can expect over an immod- 
est rise is doing tone to moderate 


pay rises than any number of (dubi- 
ously independent) committees. 

Yet not all those who receive a 
public flogging deserve ft. Take last 
week’s revelation that Alan Jack- 
son. chief executive of BTR, has a 
guaranteed floor under his basic 
salary. I can’t see anything wrong 
with that - most of us assume our 
base pay will not fall. Of course, 
bosses' total pay should go up and 
down with performance: but the 
basic salary should he small and 
fixed and the bonus generous when 
the company is doing well: non exis- 
tent when it is not 

Likewise, I can’t get too excited 
about the revelation at Lasmo's 
AGM last week that its part-time 
ex-chairman and deputy chairman 
were entitled to a pro-rata payment 
of £700 a day if they worked more 
than a certain number of days a 
year. As a part-time worker, I think 
it is fair to be paid extra for extra 
work. I am less sore about whether 
those gentlemen deserved such high 
salaries to start with. 


There is something deeply revealing 


about the way in which people lose, 
especially those who are used to 
winning. Lord Young, c hairman of 
Cable and Wireless, and Richard 
Branson of Virgin evidently 
thought that they were on to a win- 
ner late last year when they smil- 
ingly posed with the racehorse Des- 
ert Orchid to launch their bid for 
the national lottery. 

Now that they have lost we are 
seeing another side of their person- 
alities. Branson is taking it like a 
spoilt child, having his picture 
taken sulking on the steps of his 
Holland Park home, and ripping up 
the fax that bore the news. Lord 
Young, in tine with his smooth 
image, has delicately withdrawn 
into the background as IT nothing 
had ’h flppprced 

Full marks, then, to their lobby- 
ist, Des Wilson. According to the 
inveterate campaigner, who treats 
every day as a personal victory, the 
Branson-Young bid should not be 
seen as a failure at alL Their inter- 
vention resulted in other contend- 
ers promising to pay more money to 
charity. And that was the whole 
point, right? 



DESERT ISLAND 

MANAGER 

Richard 

Branson 

After losing the competition last 
week to run the UK's national 
lottery and falling to persuade 
the Radio Authority to create a 
new FM national frequency for 
bis pop station, Richard Branson 
probably needs a spell on a 
desert island. He Is no stranger 
to desert island living. Neckar to 
the Virgin islands was 
uninhabitable when be bought it 
12 years ago. Now It Is one of the 
most exclusive retreats in the 
Caribbean. 

What would you need, apart 
from fax and telephone, to cany 
on your business? 

"Thoughts of essentials for my. 
occasional weeks of blissful 
isolation on Necker would be 
pretty similar to those I would 
want as a mythical desert island 
manager. 1 would plead fora 
global satellite TV system with 
Sky, CNN and the BBC World 
Service. Armed with all that and 
a stock of trusty black A4 
notebooks, t think l could 
keep the business under 
control. 

How would you keep your 
sanity? 

"Given that the public relations 
machine at British Airways ' 
wrote me off to the sanity 
department at least four yean 
ago, 1 have long since lost 
Interest in worrying about the 
question. As one diversion, I 
would probably use my spare 
notebooks to start a Journal and 
diary of our lives. As another 
exercise. I would enforce some 
sort of physical routine, such as 
building a tennis court. It Is my 
favourite sport." 

You can choose one sort of food 
and one sort of drink, what and 
why? 

“Assuming we have water on the 
island and that fruit Is growing, 
the two unmissable essentials 
would be baked beans and good 
beer - although it would be a 
toss up between beer and 
champagne." 

And one Him? 

“It would have to be BonaUno, 
starring Alain Delon and Jean 
Paul Belmondo, It fits the blU. It 


teenage years and was a 
favourite of both myself and my 
first partner to business, Nik 
PowelL" 

Which person would choose to 
accompany yon? 

“I could not consider life without 
the family so I have to assume 
they are coming. My one other 
person would be Karl Marx. We 
both have beards and 
moustaches in common end 
discussions on the merits of 
capitalism versus co mmunism 
would take on a new significance 
if we both had to work to 
survive." 

Which book would you take? 

“It would be James ClavalTs Tai 
Pan. I am told it is an interesting 
novel and I started it just after 
Virgin’s Hong Kang inaugural 
flight but have not had a chance 
to read It since. 

Branson insisted on one final 
condition for desert island 
living; 

“I would Immediately establish a 
national lottery cm our island. It 
would be fun, help Karl to 
understand a hit more about 
capitalis m and, of course, thaw - 
would not have to be a 
competitive tender to win it” 


Paul 



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



I I I I I I 1 


■f 


• s V 


FIRST CLASS COMFORT FOR A BUSINESS CLASS FARE. 

Flights from London. Paris, 


Airline 

Business Class 
Sleeper Seat 

Business 
Class Pitch 

American 

NO 

40' 

Air France 

NO 

38' 

British Airways 

NO 

40' 

iEsSSSsEj ffil 



Delta 

NO 

41' 

Lufthansa 

NO 

40' 

United 

NO 

40' 


Frankfurt. Munich and Madrid to 
New York, Houston and Denver and 
on to 130 U-5. dries. 


iw U ■ t iUM Wl l iwiiawtMwR 



Continental Airlines 3 



vf,: _ ' 



























FINANCIAL TIMES MONDAY MAY, .30 1994 


WORKING LIFE/SPORT 


READING MATTER 


The Chamber 

John Grisham, the lawyer turned 
blockbuster thriller writer, m* flp. 
bis name and his mAhons writing 
books with titles like The Firm 
toad The Client. 

Now we have The Chamber, 
which at first sight should be called 
The Formula, because it starts by 
conforming to the a well established 
Grisham pattern. 

It takes us swiftly into the T nmn 
event, in this case a Ku Klux yian 
bombing 1 in the 1960s which MtTs 
a Jewish lawyer and his two young 
sons. Twenty years later, the man 
sentenced to death for the crime 
faces the gas chamber. A young, 
talented but independent lawyer 
from an underprivileged 
background, working for big ht tip 
law firm, volunteers for the 
apparently hopeless case. The twist; 
the old racist prisoner is his long 
lost grandfather. 

The first hundred pages are 
dramatic and promising. But 
thereafter the book should be 


in long hand and its runs to almost 
500 pages. It hints that it might 
become a detective story of file 
young lawyer's bunt for the 
mystery second bomber, who 
masterminded the attack but got 
away. That storyline peters out 

The Chamber is a sustained 
attack on the mechanics and 
politics of the death penalty. It 
claims to be a thriller, as the hero 
desperately attempts to save his 
grandfather while the dock ticks 
away. Yet the story is peculiarly 
lacking in drama. It is largely a 
mechanistic account of ludicrous 
petitions being faxed backward 
and forward between courts. 

The book is mainly a portrait 
of the white, working class south, 
through a family which is 
inevitably and hopelessly wrecked 
by its history of racism. This 
portrait is at times compelling. But 
Grisham is far better at explaining 
events than exploring characters. 
So the moving story of the 
grandfather and the lawyer 
learning to love and depend upon 
one another on death row gets 
hopelessly confused with the 
thriller and detective sides of the 
story. For those who were gripped 
by The Firm and The Pelican Brief, 
this latest Grisham book may well 
go down as The Disappointment. 

The Chamber, By John Grisham. 
Century, £15.99 ppm 


Wired up 

It can lay reasonable claim to being 
the trendiest magazine in the world. 
What Mac Musical Express and 
Rolling Stone were to the rise of 
popular music, a new US magazine 
called Wired a i mf to be for the 
emerging world of multimedia. In 
the 1960s Rolling Stone and NME 
were essential for young rock tons 
who each week bought LPs to play 
an the mono record players in their 
bedrooms. Wired aims to be the 
essential accessary far a generation 
brought up with the personal 
computer, electronic games and 
e-mail. 

Launched in January last year, 
with 12 full-tfme staff and only 
$250,000 of capital. Wired's 
circulation has risen from 150,000 
to 230,000 copies a month, mainly 
In the US. 

Its success rests on making the 
cyberspace world of the computer 
nerd accessible to the average 
consumer. It offers an informed 
and exciting guide to 
the new products, 
services and businesses 
which are being 
created by the 
convergence of 
computers, 

Mwvmnnim. 

ications and 
The 

magazine's trick 
is that it 
approaches 
this often 
intimi- 
dating 
world from 
angles 
which 
will 
satisfy 
novices 
and specialists 
alike. Its apparently chaotic 
design borrows heavily from style 
ma gazines such as The Face. Zt 
has its very own grammar: each 
article ends not Just with the 
writer's name, but also their email 
address on the Internet networking 
system. Yet its not afraid of being 
mainstream. 

Zt carries meaty articles which 
would grace a staid business 
magazine Recent issues have 
included long pieces about the US 
government anti-trust case against 
Microsoft and the battle between 
MCI and AT&T in long distance 
telecommunications, for instance. 

Jane Metcalfe, the magazine’s 
32-year-old president and co-founder 
explains: “We wanted to make a 
magazine for really modem people 
living in a digital electronic world. 
All these technologies can allow 
people to take power themselves.'’ 

She and her co-founder, Louis 
Rossetto, spent their savings and 
almost two years hawking the 
project around US publishers before 
they got their launch finance. Now 
they employ 52 people and sell in 
26 countries. Wired is also about 
to go international in a big way, 
with a recent deal to start a 
Japanese language edition and 
rapid expansion planned in the 
UK and continental Europe. 

In the UK Wired is distributed by 
CoMag Tel 0895 444055. 

By Charles Leadbeater 



JOBS 


School’s out at 
Allied-Lyons 

How do you train a group of busy 
part-time workers, of varying ages, 
literacy and backgrounds? One 
way is to let them teach themselves 
with the help of a computer. 

Allied-Lyons Retailing, part of 
the UK food and drink group, says 
it is the first brewer to introduce 
on-line, interactive, 
computer-based training as a tool 
to improve service in its pubs, 
whidh employ a high percentage 
of part-time staff. 

More than 20 outlets in London 
already have the open - or distance 

- learning system, and it is 
intended that by the end of the 
year it will be available mail 
Allied’s 2,000 retail outlets. 

"It is difficult to get part-time 
workers together to train,'’ says 
Mr Richard Lowe, the group's head 
of retail marketing: “So we have 
designed a computer-based system 
into whidh staff can dip.” 

Indiv id uals signing on to the 
interactive system are informed 
about their group and then offered 
a number of quizzes over how the 
best service is provided. A second 
package, looking in more detail 
at health and safety issues, is to 
be introduced soon. 

Open learning has been used 
for some years but is now being 
applied to more diverse needs. A 
recent survey found the system 

- used by employers as diverse 
as Rover and Rank Xerox - to be 
one of the fastest growing forms 
of training delivery in. the UK. 

The reasons for this are fairly 
simple: it is relatively cheap, 
compared with conventional 
training: it Is flexible; and It can 
provide effective training without 
the need for employees to take 
regular time away from their 
workplace. 

Employees seem to like it too 
as it can offer courses that are 
“tafior-made" to their needs. Users 
ranging from those requiring lame 
skirls , such as bar staffi.to those 
wanting to learn complex tasks, 
such as British 

Tpl pfyrmmimi^afcinm ex plaining 
the introduction of a new technical 
system to every manage: in the 
country. 

BT says: “Normally this would 
have meant a day off work to attend 
a training session, at a cost of at 
least £150 a head. By presenting 
the information an a videodisc, 
which managers could view 
quickly, locally and at a convenient 
time, we reduced the cost of the 
exercise to £15 per manager." 


By Lisa Wood 


^pTneiKAjwwcyjDEZ) 
on. we f&WT&l 
Hon/VDO tANMWfT 




EATING OUT 


Where to find the 
best Chinese 
meals in London 

London's Chinese restaurants 
originated to feed sailors who 
manned ships from, the Far East 
Hence, the first eating houses of 
this type were along the Thames. 

Today only Chinatown (987 2330}, 
Tai Fan (791 0118), Old Friends (790 
5027) and Young Friends (987 4276) 
remain in the limehouse area of 
London’s East End. 

In the interim, Chinese 
restaurants have spread throughout 
London. Among the more expensive 
are the Oriental in the Dorchester 
Hotel Wl (629 8888). winch has 
a Michefin star, Imperial City in. 
the Royal Exchange, EC3 (626 3437), 
where Ken Horn the well known 
American; Chinese chef is 
consultant, Poons in the City, EC3 
(626 0126) and the Inn of Happiness, 
St James's Court Hotel SW1 (821 
1931). 

These are Chinese restaurants . 
at which you can certainly impress 
business guests. The service has 
none of the abruptness that can 
characterise cheaper Chinese 
restaurants but the bill can be the 
equivalent of tb”* in a top French 
or Italian restaurant - £30 to £50 
per bead - particularly if you are 
lured into ordering one or more 
of their specialities - abalone, 
shark’s fin or a whole Peking duck 
- or leave the choice of the menu 
to the manager. (If you do this, 
always specify a maximum price 
per head.) 

The highest concentration of 
Chinese restaurants is now in 
London's Chinatown, an area of 
the West End delineated by 
Shaftesbury Avenue to the north, 
and lisle Street to the south, with - 


its borders along Wardour Street 
and Charing Cross Road. 

The main thoroughfare is the 
pedestrianised Gerrard Street which 
boasts a host of Chinese food shops 
(Including Chinese sweet shops), 
as well as several good restaurants, 
particularly Harbour City (439 7120), 
London Chinatown (437 3186) and 
Lee Ho Fook (439 1829). 

The many Chinese restaurants 
in the area fall into three loose 
categories. First, those which offer 
an extensive lunch and dinner 
menu. The most interesting of these 
are: Fung Shing (437 1539), Mr Kong 
(437 7341) and Poons (437 4549) of 
Lisle Street; Ming in Greek Street 
(734 2721) and the Mayflower on 
Shaftesbury Avenue (734 9207). 

Then there are those cavernous 
restaurants which at lunchtime 
serve Chinese dim sum. These tend 
to be noisy but good value, 
particularly for entertaining large 
groups, as the average price of each 
dish is low. The New World in 
Gerrard Place (734 0396), Gheun 
Cheng Ku in Wardour Street (437 
1398), China Court in the Swiss 
Centre (424 0108) and Tai Wing Wah. 
in Newport Place (287 2702) are 
among the most popular. 

finally, almost all these 
restaurants offer a “one dish" meal . 
for the adventurous but single . • ' 
diner. Try the tiny branch ofLee ■ 
Ho Fook, in Macclesfield Street,' • 
for a large bowl of duck and noodles 
or poik and rice that, with a pot 
of Chinese tea, wiRteave Change 
from £5. Or pay £6 at Poons, in 
Leicester Street {■©71528), for a 
large earthenware bowl of steamed 
rice cooked with ed steaks and 
black bean sauce. This was so warm 
and ffittng it seemed to dry my very 
wet feet * 

By Nicholas Loader 


HEALTH 


How to do battle 
with jet lag 

Not for nothing are overnight 
Rights known as "red-eyes". But 
reducing the negative ride-effects 
of long distance flying is posriWe. 
One of the most important things 
a traveller can do, says Dr GlU Lea, 
of travel company Trailflnders, 
is to sleep as much as possible on 
the journey. 

Trying to preempt Jet lag by 
setting watches to a new time zone 
in advance, changing diets or 
im^w gn i n g high-tech light 
treatments to change the body's 
circadian rhythm are really not 


Dr Lea beUeves a disrupted 
personal body clock is an inevitable 
consequence of moving through 
time zones. Sleeping at the other 
end is still the best remedy for jet 
lag and general travel weariness. 

As for as time permits, business 
travellers should adapt their 
schedules and book a flight which 
arrives as dose as possible to the 
filer’s bedtime. Generally, the body 
needs 24 hours to adjust to a new 
time zone, and important business 
decisions should be postponed as 
long as possible after arrivaL 

Other effects of long-haul flying 
can be dealt with on the plane, hi 
the air, the body tends to dehydrate 

ar y l ri rinlrfng - ptonty nf Tjquk fe l Is 
crucial during a flight While free 
cocktails in first class are very 
tem pting , these have a dehydrating 
effect and travellers should 
alternate alcohol with water or 
soft drinks. 

Sitting for five to fifteen hours 
- even in a roomy business class 
seat - can cause the body .to stiffen, 
and the increased pressure of fiie 
flight cabin tends to swell the 
ankles. Travellers should get up 
and walk around, and remove shoes 
with caution. Remember you need 
to be able to get them back on at 
the end of the flight 

If walking around the cabin every 
20 minutes seems excessive. Dr 
Lea recommends that passengers 
lift their knees off the seat and 
wiggle their feet up and down at 
the ankles. Lifting the thighs off 
the seat allows Wood to flow back 
up from the ankles and can reduce 
swelling. 

As part of their campaigns' to 
woo business customers, several 
airlines have launched programmes 
and products to reUeivepa&engers 
of the physical Inc o n veniences of 
travel Japan Air lines produces 
a special drink which it calls “Sky 
Time” - a coafoinatian of kiwi juice 
and royal jelly - which promises 
to hefo passengers rf euJoy their 
flights toft more relaxed mood and 
arrive at Ihelr destinations foil 
of energy”.. JAL also offers a 
honeycomb mask for passengers 
towear on their noses and mouths, 
th-order to retain moisture in the 


BUZZ WORDS 

Watchdog 

Cove ctment: beware of the dog. 
Watchdogs are roaming all around 
us. Last week Clare Spatttewoode, 
the British gas industry watchdog, 
got in a spot of trouble with MPs 
over an outspoken attack upon 
her predecessor. Another House 
of Commons committee called for 
the sacking of Joe Fmmer, 
chairman <rf the Personal 
Investment Authority, "the Wanned 
watchdog to protect private 
investors 4 Tbnes\ 

The watchdog peckis growing 
the whole time, with everything 
from Oflot, for lotteries, and a 
railway regulator, to the 



TO keep travellers from stiffening 
Up on fixe flight, JAL shows an the 
movie screens exercises that can 
be performed in the seats. 

British Airways’ Well-being in 
the Air package includes light 
meals, suggestions for exercises, 
“comfort kits", containing 
moisturisens and eyecompresses, 
and an audio programme to create 
a “sense of inner calm". 

By Motoko Rich 


STYLE 


Commission, which beared itsteeth 
last week, and the Securities and 
Investment Board for financial 
sendees. 

The original watchdog was 
Cerberus, the three-headed deg 
which kept the shades in Hades. 
Now watchdogs are people who 
keep watch oyer sectors of industry, 
finance or government 

The word developed from the 
Oxford English Dictionary first 
usage in Shakespeare's play The 
Tempest (“the watch-Dogges barke, 
bawgh-wawgb"), through its first 
modem usage in 1645 in 
Encyclopedia Metropohtana (“now 
we feel the necessity for a set of 
guardian or watchdogs of the state) 
to a fixed meaning in 1910: “the 
ChancaDor acted as ' 
watchdog in 
front of the 
Treasury." 

Americans 
dropped file 
hyphen to 
stop the 
tail wagging 
the rest of 
the word, 
although it was new enough to 
continue to to wear inverted 
commas into the 1950s. 

British watchdogs have specific 
tasks, such as Offcas and Ofwat 
for utilities, the Securities and 
Investment Board for financial 
services and National Audit Office 
for the public sector. Some are bred 
from government stock, others are 
mongrels from consumers and 
sectors of industry. 

Strangely, the less dogginess the 
more watchfulness. The problem 
with fits word centres on who Is 
being guarded from what this is 
rarely clear, since a watchdog both 
prevents intruders and escapees. 

Some so-called watchdogs are 
thought to have foiled to protect 
the public. So not all watchdogs 
are necessarily Impartial or 
independent, according to the 
Economist (April 30): “The Molten 
commisslan’skeypaiirt ishkely . 
to be the establishment of an 
independent watchdog to monitor 
New York's police department" 

Away from the familiar language 
of barking and biting, a watchdog 
can “come under fire" (Telegraph, 
April 90) or find itself “launched 
to stamp out abuses” (Daily Mail, 
April 22). The watchdog metaphor 
only has a limited linguistic life 
loyal dogs are not put down, but 
“de-recognised”. “Lautro is due 
to be derecognised as a regulator 
some time after the HA is to 
become operational in July this 
year” ( Financial Times, April 28). 

By Andrew St. George 


SPORT: LAURA. THOMPSON 



Brian Lara: the 
dream machine 


S o Brian Lara failed, last Fri- 
day at Lords, to score his 
sixth consecutive century 
and thus equal the achieve- 
ment of Don Bradman, CJB. Fly and 
Mike Proctor. Perhaps this was just 
as well. Otherwise crowds might 
have started expecting him to give 
them a multiple hundred every time 
he played, and to break a record a 
week - not that record breaking is 
difficult in cricket. 

Any one of us could have our 
wicket smashed first ball as we fail 
to scrabble a single and be told, by 
some Wisden-crazed old buffer in 
the commentary box, that ours was 
the fastest run-out at Edgbaston 
since Bunny Legge-Braike was 
stumped by the Nawab of Pataudi 
in 1898. 

A batsman can play a bad stroke 
at any time and. for Lara, it was 
perhaps better played sooner than 
later. 

His development as a cricketer - 
for clearly he believes he will 
improve - should be a natural pro- 
cess, not forced upon him by the 


ever-greater expectations of observ- 
ers. 

And yet one could not help imag- 
ining how it would have been if he 
had scored that sixth century, the 
happy sense of awe that would have 
united those chilly spectators who 


were scattered around Lords, 
waiting to be entranced. People 
“want" Lara to do incredible things. 
His “sudden” emergence has had a 
miraculous aspect: the best bats- 
man of his generation appeared as 
If from nowhere, his name scarcely 
known, his past untrammelled by 
years of grind, his future free to be 
glamorous and great 

To the English, whose own crick- 
eters seem so shambolic, so wildly 
unpredictable - if only they’d be 
bad all the time, one sometimes 
finds oneself thinking, instead of 
merely 80 per cent of it - Brian 
Lara represents a glorious and sim- 
ple certainty. 

There might be an Inward throb 
of pique, in the heart concealed 
behind the MCC tie, that it is not an 
English player who is being glori- 
ously and simply certain. Essen- 
tially, though, Lara is the type of 
sportsman that transcends national- 
ism. It was hard to admire the Paki- 
stani bowlers who, for all their daz- 
zle, seemed full of spite; but Lara 
smiles politely at each inept ball as 
he sweeps it towards the sun. and 
displays a demeanour as impeccable 
as his cricket. No superfluous 
aggression communicates itself. 
Winning seems more like the inci- 
dental reward of genius than the 
supreme intention. 

And so it is that, perhaps almost 
as much as West Indians, Ffo gfiah 
cricket lovers see themselves in 
Lara. They see In him an under- 



standing, as intrinsic an tfafgfr QWU, 
of the game's inexplicable ethos; 
and they treasure this for its rarity. 

After all, cricket is antithetical to 
the late 20th century, which is 
impatient, restless, egotistical and 
attuned to the concept of immediate 
gratification. In cricket the willing- 
ness to wait to plan, to endure, to 
take a wider view, is just as Impor- 
tant as the ability to attack: hut 
today our characters are not formed 
to win wars of attrition, merely to 
zap the enemy as hard and fast as 
possible. Bence the emergence of 
the one-day game, which has 
infused cricket with a vehemence 
that should only be part of the 
larger scheme. 

But Brian Lara is above, or 
beyond, all this hysterical moder- 
nity: for all his youth and cooL his 
conduct is of an age when batsman 
walked and bowlers did not try to 
knock your bead off. His genius is 
such that it walks hand in hand 
with grace. He is, it would seem, 
that rare phenomenon: a sportsman 
who is totally at ease with his own 
talent 

With most of them, even the very 
greatest one Infers the strains, the 
sacrifices, the knowledge of the gap 
that has to be overcome between 
what nature has given their bodies 
and what they want their bodies to 
do. These inferences are a large part 
of what makes sport fascinating to 
watch: in them one can read a 
human drama. Yet occasionally, 
very occasionally, there will he a 
sportsman with what is almost the 
unconscious facility of a racehorse. 
Jesse Owens was probably such a 
one; perhaps Fele; Don Bradman, 
certainly. 

This, though, is what Jack Hobbs 
- another great cricketer, but not in 
the racehorse class - said about 
Bradman: “The Don was too good. 
He spoilt the game because he got 
hundreds every time he played... I 
don't think we want to see another 
one like him. " 

Is there then, perhaps, a perfec- 
tion that annihilates, that almost 
frightens because it seems to leave 
no room for anything more? This is 
what one sometimes feels watching 
Pete Sampras, another racehorse 
sportsman. Yet at other times, one 
exults in the knowledge that the 


game could be played no better. 

The perfect sportsman negates 
the competitive element which is 
essential to sport; perhaps he also 
negates the human element Yet he 
Is a ma gical figure in the imagina- 
tions of those that watch him. Brian 
Lara is not and perhaps never wtD 
be, the “run-getting machine*' that 
Hobbs called Bradman. But people 
have seen in hfm t.he image of the 
perfect sportsman: and, taken 
unawares by his smiling genius, by 
the irruption into the lives of a 
Boy’s Own hero, the most jaded of 
observers has begun again to 
dream. 


Main events 



"MMI 

Fortnum anti N 


Hh 

For four days 
Epsom Downs, 
just outside 
London, wHI be 
covered Ih 
ason hampers, 


marquees, a fun-fair and gipsy 
caravans. The Epsom meeting 
opens with Derby day and 
finishes on Saturday, when the 
Oaks race for fillies will be run. 



THURSDAYS 

Englaid fake on 
New Zealand in 
foe first cricket 
Test at Trent 
Bridge. After his 
ordeal against the West Indian 
fast bowlers over the winter, 
Mfke Atherton will start his first 
futi home series as England 
captain more worried about 

bouncers from the selection 




committee rather than on foe 
pitch. New Zealand, for aU thetr 
youthful promise, are one of the 
weaker cricket nations. 


Q : SATURDAY: 

. England's rugby 
: side faces South 
. Africa in 
; Pretoria.. 

v England lost 

their first two provincial matches 
and barely won foe third. But 
France did the same last year 
and then won foe Test series. 


Linen without 
all the tears 

Whether the British like it or not, 
linen just won't go away where 
fashion is concerned. It’s a fabric 
more often accepted for the bed 
or table. Its tendency to crease 
horribly frustrates those who wear 
it. Yet this summer there is more 
of It than ever. 

There are linen garments of every 
sort and all prices in the shops this 
summer. Classic good buys are 
Racing Great's shirt, in a wide 
choice of colours and easy to wash 
and iron, or its £99 linen jacket 
(by mall order or from the Racing 
Great shop in Regent's Street). 
Marks and Spencer do a reasonably 
tailored linen suit for £100. The 
three-button double-breasted style, 
with matching trousers, is mmilar 
in look to the toiHjf-tbe-range 
Giorgio Armani, version, in cream, 
brown or navy which is a lifetime 
investment for &L300. 

On the continent and In the US, 
where summers are hotter and 
longer, linen is seen as a godsend 
- cool comfortable, natural and 
ecologically sound. 

In Italy, where men In pate 
summer suits have lunch a 
it only takes a little persuasion 
and Mama or the maid will re-press 
their Armani linen for the 
afternoon, a service that's almost 
inconceivable in Britain. 

A label in John Rocha’s crisp, 
pate beige, three-quarter length 
pure Irish linen coat, announcing 
that the look of the fabric might 
change after dry-cleaning; is a 
daunting prospect But, says David 
Tothill of London's speciality 
dry-cleaners, there Is nothing to 
fear If the job is done professionally. 

“Beware of thinking you can look 
after linen at home,” he adds, . 
“since it's the reshaping and 
pressing of the garment after 
washing (this takes three or four 
times longer than moat fabrics) 
which completes the process. 

“English women dorf ^understand 
linen like continental women do. 

It is a luxury fibre, expensive and 
difficult to care for. It can cone 
alive if it’s professionally looked 
after but wash it yourself and you 


could end up with a shiny finish 
which is hard to reverse.’’ 

To thill has another warning. 
Linen win eventually end up with 
pe rmanent creasing in areas that 
always crease with regular wear, 
and no amnmit of cleaning or 
pressing can alter it 
Far converts, however, there is 
nothing like it Those who 
appreciate the natural qualities 
of linen, can ignore the down side. 
“There isn’t a more natural fabric,'' 
says Rocha, UK Designer of the 
Year. “As the years go by the fabric 
gets more mature and both the 
look and feel get better ami better. 
It’s perfect for summer.” 

John Rocha ‘s collection at Liberty, 

Haney Nichols, London. Barneys, 

Nero York. David TothiU's new 
premises in Harriet Street 071245 
0205, Collection and detioery service 
0712520105 



FINANCIAL TIMES MONDAY MAY 30 1. 994 


MEDIA FUTURES 


Interactive marriage, Italian style 

Andrew Hill assesses the chances of a new venture between Stet and Bell Atlantic of the US 


I s a country already con- 
ducting a passionate love 
affair with the television 
and telephone, any ven- 
ture which tries to put the 
two together should have a fair 
chance of success. 

That at least seems to be the 
view of Stet, Italy’s state-con- 
trolled telecommunications 
utility, and Bell Atlantic, the 
US telecoms group, which last 
month agreed to develop an 
interactive multimedia televi- 
sion service for the Italian 
market 

By early 1996. the two com- 
panies hope to be able to offer 
Italian consumers feature 
fTlmg, on demand, via the tele- 
phone network operated by 
Stefs subsidiary Sip. In due 
course, the companies will add 
video shopping, banking, 
do-it-yourself, and even emer- 
gency first aid, not to mention 
exploiting co m mer ci al applica- 
tions such as video conferences 
and training. 

"Italy will probably be the 
first into the (European] mar- 
ket with this capability,” says 
Edgar Brown, president and 
chief executive of Bell Atlantic 
International. 

Certainly, Italy looks like a 
prime target for multimedia 
services. Not only are late 20th 
century Italians, like their 
ancestors, hooked on commu- 
nication, they also seem to 
fake to ga dg et s very quickly. 


“Within Europe if s probably 
one of the better markets and 
cm of the more receptive to 
new ideas and new services,” 
says Evan Idler. European 
telecoms analyst at Lehman 
Brothers in London. 

The classic success story in 
Italy has been the mobile tele- 
phone, or “teleftmino" in the 
Italian diminutive. Whereas in 
many other European coun- 
tries, ordinary people would 
hesitate to produce a mobile 
telephone in public for fear of 
being either mugged or 
sneered at, the ftwifawa posi- 
tively flaunt th efr “telefbnml", 
and use them not just as tools 
but as toys. In tdg cities, it is 
quite comm on to see groups in 
piazza caffe passing round the 
cellular phone to talk to 
friends out of town. 

Linked to this «*ciigi techno- 
logical ease is a sophisticated 
television culture, which hi 
some parts of the country feeds 
viewers as many as 20 national 
and local channels. One impor- 
tant point for advocates of mul- 
timedia is that the diet already 
includes several cheap, but 
unavoidable, home shopping 
channels, peopled by enthusi- 
astic presenters with bizarre 
sales pitches (“Buy a Persian 
carpet, win a scooter!"). 

For Stet, which is lately to be 
privatised later this year, and 
Bell Atlantic, the first step 
towards realising thf« potential 


is technical Sip will work with 
the US group to adapt its tradi- 
tional copper-wire telephone 
network to the transmission of 
video signals. Investing an esti- 
mated L4,000bn (*SL5hn). 

ft Italy eventually wants a 
fully-fledged multimedia ser- 
vice, certain analysts believe 
substantially more will need to 
be invested, but Sip's modest 
first ambition is for technical 
tests to take place by the Bid 
of this year, n nd commercial 
trials - an a group of 2JJ00 
users - during 1996. 

It is the strange and volatile 
Italian market, however, which 
offers the biggest challenge - 
and carries the biggest risk - 
for the two companies, which 
will develop and market the 
services through Stream, a Stet 
subsidiary in which Bell Atlan- 
tic will take a 49 per cent 
stake. 

A s Miro Afltone, stream’s 
managing director, put 
It after last month’s 
launch: "The technology, 
although it’s demanding 
sophisticated, is really the 
smaller problem. The real 
unknowns are in the market- 
ing, which is lin ked to demand 
and to the capability of opera- 
tors wanting to back the new 
medium." 

To help conquer the 
unknown. Stream - which is 
likely to seek an initial capital 


Election of LlOObn by the end 
of next month - is already 
talking to potential partners 
who could provide "informa- 
tion and programming" ahead 
of the 1996 commercial launch. 

According to Bell Atlantic’s 
Edgar Brown, the two main 
shareholders are prepared to 
accept dilution of their own 
stakes in Stream, but will 
retain joint control 

Stream's first challenge will 
he to lure subscribers into the 
system with movie services, 
which are described as the 
“trigger” for the rest of the sys- 
tem. 

Although simple to under- 
stand, movies may also prove 
the most difficult of the pro- 
posed services to get right in 
Italy. Broadly speaking, con- 
sumers will be able to choose 
what to watch from a library of 
films or programmes, divided 
into categories and targeted at 
particular audiences. More 
importantly, they will also be 
able to choose exactly when to 
watch. 

The question is whether this 
will be tempting enough to 
defeat rival attractions in the 
sector. Not only is big-screen 
cinema already quite a draw 
for urban I talians , anyone in 
the country can also watch 
8,000 films a year, for free, on 
the state-owned Rai television, 
channels and their private 
competitors. 


Any which way you 
want to read it 


Anthony Bidder, president of 
KnightJtidder, publishers of newspaper 
such as the Philadelphia Inquirer and 
the Miami Herald, Is as certain as anyone 
can be that the future of the newspaper 
is secure. 

“We have spent a great deal ctf time 
studying the issue over the last four years. 
We think the traditional printed 
newspaper, improved and with new 
services for advertisers, is going to be 
a good solid business for as far out as 
we can see,” 

But at the same time KnightrRiddar, 
which last year had Newspaper revenues 
of $2bn out of a group total of $2.45bn, 
is placing a range cf each-way bets an 
technologies, that could affect Jhe future 
of the traditional newspapers. 

These projects, backed by spending 
of around $X0m a year, cover a wider-rangs 
of areas than those being persuade by 
most other newspaper groups. They range 
from on-line fax and audio text services, 
through plans for expansion in 
conventional television news, to the more 
futuristic portable flat panels that can 
scroll through newspaper pages and 
sections and bring the pictures to life 
with video news dips. 

At the Mercury Center, in San Jose, 
electronic access to Knight-Bidder's San 
Jose Mercury News is available for $9A5 
a month. Described as “more of a library 
service" it is carried on the America 
Online data base, which has 84,000 
subscribers in the Mercury's circulation 
area. Knight-Bidder has 6.500 direct 
subscribers, but every time anyone else 
accesses Mercury Afinas information the 
company gets a fee. The sendee indudes 
an electronic version of the Mercury News 
classified advertisements - an important 
vehicle for staff poaching in Silicon 
Valley. The Mercury Centre also runs 
fax and audio services. A subscriber to 
the audio service can specify a list of 
interests, such as company results, give 
a PIN number and receive what are 
personalised broadcasts by car phone. 

In Philadelphia the Inquirer is going 
to launch its own television News Hour 
with a local station of dedicated television 
professionals but calling on the 610 
Knlght-Ridder newsroom staff In the area. 

If it is a success the aim is to tarn out 

a 24-hour news channel for the 5m people 
in the area. This is a service which, like 
the Mercury Center, could be replicated 
in other cities where the company has 
a major daily newspapers. 

“Our failing is that we need to be 
involved in the video business," says 
Ridder, "partly to generate moving 
pictures for the flat panel being developed 


Anthony Ridder 
believes there’s still a 
future for traditional 
newspapers. But just 
in case he’s hedging 
his bets, writes 
Raymond Snoddy 

at the Knight-Bidder Information Design 
Laboratory in Boulder, Colorado.'’ 

TMririw believes that on-line data bases 
are fine, but that people like headlines, 
and prefer journalists to make judgments 
on. the relative importance of stories, . 
ratber than simply offering relatively 

imritffarentiated tistR nf In formation. ' 

By the end of this year an. electronic 
version of Knight-Bidder's Journal of 
Commerce, a dally specialising in transport 
and trade issues, wfll be available to 
Personal Computers in a newspaper 
format 

Bidder believes the portable flat panel 
as a commercial product is still prbbalfly 
five years away. 

He reckons that when the flat panel 
is fully developed he wfll be able to plug 
it into a hotel telephone socket overnight 
and take delivery of the full electronic 
text of his daily reading - the Miami 
Herald, the New York Times and the WaU 
Street Journal Customers will be able 
to dick on an electronic pen and pull 
up any story they are interested in. They 
will be able to displayed this at whatever 
size they want and if they are interested 
in a soccer game they will will be able 
to dick an a sports picture and get a 
two-minute video cf highlights. 

Roger Fidler, the Knight-Bidder 
executive behind the fiat panel 
development, believes that by the year 
2005 in the US such flat panels could 
overtake PCs as a method of ob taining 
information. 

Just is case he is wrong, he is p u s hin g 
ahead with more conventional newspaper 
developments, such as home delivery 
of information for advertisers to 
non-newspaper subscribers, producing 
Specialist publications aimed at particular 
areas or demographics, and even cresting 
consumer events such as the recent 
Women's Show in Philadelphia. This 
attracted more than 20,000 people. 

As he keeps a close watch on all his 
each-way bets, he emphasises that every 
day in America “62 per cent of all adults 
read a daily newspaper - 69 per cent cm. 
Sunday - and that has not changed during 
the last five years." 


Ridden “we need to be in video" 


PCs to shake off dunce’s image 


dan Cane 

days of the bumble 
rtskm set are numbered, 
lin a few years, it will be 
Wanted in the hivmft and 
e by the personal 
pater - albeit in. modified 
1 — which is set to become 
principal vehicle for the 
Hmedia revolution, 
ho says so? Bill Gates. 

1 ofhficrosoft, for one. He 
lets that hrtmftg will soon 
» at least two PCs capable 
paying multimedia 
‘p». 

ifgfct, shorn erf its 
~ Nod boasting a large 
[five in the lounge. 

1 grill and 
‘sound, text 

_ --Fand the service 
^HHwMeractivB - video on 
femand'nr.^frrpp dimensional 
are typical 
exanipife.'^..- > - 

. ' a device 
J® Wfrdfe&H&vfhea you want 
™ w6wselag|^piiig or do 
wwpwsaa^faances. You 
sftlfis&han a metre from 

rtanditwgSakeyhoard 


and a superior ability to 
display text," he says. 

Gates' plan is that Windows, 
the operating software that 
has been a principal key to 
Microsoft's position as 
software market leader, .win 

control both these PCs. 

The drawback to date, 
however, has been that PCs, 
sharp though they are at 
arithmetic; are pretty much 
dunces where it comes to 
displaying video images. They 
are simply not designed to 
handle or store the sheer 
volume of information 
contained in a moving picture- 
Thus, video sequences in 

multimedia presentations are 
United to a postage stan® 

sized area of the screamAny 

attempt to enlarge the image 
causes a sharp toss of quality 
and fidelity. 

Now, Videologic, of Kin^ 
Langley on 1 he outskirts of 
London, claims to have an 
answer to the problem- It has 
developed a setof sffiooajhips 


Size, offering flftnemfl quality 
motion and fnfly compatible . 
with Gate’s Windows. And the 
cost of the chips should be no 
mare than $25 In quantity- . 
in other words, chips for a- 
mass market. 

The company’s claim should 
be taken seriously for a 
number of reasons. First, 
because It is already the world 
leader in an emtio: form of 
PC video. In 1968 it developed 
chips which overlaid video 
pictures on a PC screen, by 


and memory. The new chips, 
however, mix the digits 
representing video, text and 
graphics m the computer’s 
memory, somet h i n g, 
Videologic says, iio other 


accomplished. 

It Is a cheaper solution and 
it makes it possible for the 


»1UCU £.1! 

them on a PC screen -foil 


partin' aspect of the video * 
picture, something that was 
impossible with the eartigr 
technology. 

Second, because it has some 
very powerM partners 


fachi/Hng international 

tt ngvnBBR Mnrhhv-c rim wiriri’a 
largest computer 
manufacturer, British Telecom, 
and Motorola, a leading JOS 
semiconductor manufacturer. 
Its agreement wiffilBMcovers 
the joint dRwig n, development 

ptmI wiflrknHwg nf T rniVthnwMB 

products. Videologic has, 
however, retained its 

intellectual property rights. 

Third, because the company 
already has a raft of blue chip 
customers, mcluding Microsoft, 
the Bank nf England, Dautraha 

Bank and the John Lewis 
Partnership. 

According to Derek 
Maclaren. chairman, the 
company has a six month lead 

■ aa the competition protected 

by patents, knowledge and an 
adherence to industry 
standards others have yet to 
emulate. The concepts are 
difficult to grasp, especially 
for a consumer product so 
Vldedogic is seffihg its 

■ fla ggfrfr product, “928Movie” 
as a way of speeding up 
Windows graphics with, it 
says, “multimedia for free". 


As a measure of the difficul- 
ties facing Stream. Telepiti, 
which launched pay-TV movie 
and sports channels three 
years ago, has yet to make 
money and has attracted 
600,000 subscribers, whereas 
Stet and Bell Atlantic hope for 
well over a million users. 

At the same time, Rai and 
Fininvest (the media empire 
built by Silvio Berlusconi, the 
new Italian prime minister) 
have amassed substantial fil m 
archives and rights, which 
Stream would be hard-pressed 
to match unless it could link 
up with one of the existing 
conventional nhfltin«>ia 

S tream could argue that a 
new medium requires 
new rules, and pay royal- 
ties on the basi s of flw number 
of viewers selecting individual 
films. If that tactic fails, how- 
ever, and Stream's film cata- 
logue is not sufficiently broad 
by the time it launches, film- 
lovers could easily switch back 
to the conventiomd rfiannwi*. 

The second service to be 
introduced is likely to be video 
shopping, and here the US-Ital- 
ian joint venture is on surer 
ground. Already, home shop- 
ping via television is said to be 
worth between L600bn and 
L800bn a year in Italy, and 
interactive television would 
allow customers to complete 
the whole transaction, from 


order to payment, on screen. 
Industry sources, however, are 
stfll convinced that both con- 
sumers and companies will 
have to be eased into the new 
technology. Tm not sure that 
the Italians are prepared to 
move suddenly to a new [buy- 
ing! system, instead of touch- 
ing products or smelling per- 
fumes,” says one. 

Evan Miller of Lehman 
Brothers points out that 
Europe has been generally 
more cautious than the US to 
moving towards multimedia 
services. Analysts are in gen- 
eral sceptical about the possi- 
bility of a full-scale national 
system being in place within 
the next few years, but they 
believe there is a chance of a 
limited service in the most 
important cities. 

The limited previous experi- 
ence of Stet and Sip in a simi- 
lar fluid means they are likely 
to be cautious about pushing 
their customers too hard to 
accept new technology. Over 
the last few years, Sip has 
watched its ambitious Videotel 
venture - an interacti ve tele- 
phone system, similar to 
France’s Minitel - quietly 
wither away. Stefs judgment 
is that Videotel was too compli- 
cated and the range of services 
too narrow. That is likely to be 
the first lesson that Stream 
learns in setting up a multime- 
dia service. 



Bill Cockburn: post has vital role as valet to the new networks 

When Postman Pat 
goes electronic 

Bill Cockburn talks 
to Andrew Adorns 
about the Royal 
Mail's future 


Sharper TV coverage 
heaves into view 


By Raymond Snoddy 
The television pictures 

t nmgmfri flri fnrini thf» dat-lra 

of heaving yachts during the 
Whitbread Round the World 
Yacht Race may not have 
completely satisfied the most 
fastidious engineer. But they 
were as near broadcast quality 
as makes no difference. 

The Yacht Video System 
meant that for the first time 
broadcasters could receive 
news dips of life on board the 
competing boats, even when 
they were far out at sea. 

Last week Craig Woolf and 
David Tflstm, the two 
engineers who put the 
operational system 


together in British 
Telecommunications’ 
laboratories, received a Royal 
Television Society's 
Technology award for their 
achievement. 

BT mWaTty planne d the 

Yacht Video System as a 
demonstration and 
promotional exercise. Now it 
is starting to see the business 
potential. The system could 
be used by broadcasters for 
transmitting pictures from a 
moving vehicles in remote 
terrain. Cruise lines are also 
showing interest in using the 
system in reverse to deliver 
television news bulletins by 
satellite to ships in the middle 
of oceans. 


Even a year ago, an interview 
with a postal service chief 
executive on the subject of 
“media futures" might have 
seemed laughable. However. 
Bill Cockburn. chief executive 
of the UK’s Royal Mail, holds 
forth about the role of his 
business in the interactive age 
with all the verve, and much 
of the plausibility, of today's 
telecommunications barons 

Cockburn concedes that “no 
letter Is safe in the age of the 
technological postman." But 
tomorrow's entrepreneurial 
post office will, he argues, be 
offering both the postmen and 
the technology. 

His vision combines the 
potential of the existing postal 
service to thrive on the back 
of technological Innovation 
in other sectors, plus the 
ability of the postal service 
to innovate on its own account 

Cockburn is sceptical about 
the pace of the supposed 
interactive revolution. In the 
short and medium term, with 
interactive systems and 
cultural adaptation in their 
infancy, home shopping and 
the Hkp could significantly 
boost the conventional mail 
business - through catalogues, 
e x tra hilling, and so on. 

But even when full 
interactivity dawns, Cockburn 
sees a vital role for post as 
valet to the new networks. 
Home shopping, for instance, 
is potentially a huge source 
of new business for those with 
an efficient home-to-home 
delivery capacity. “We need 
to be positioned to take that 
an." 


He sees a similar 
evolutionary process in utility 
billing mail. Ultimately, all 
accounts may be settled on 
the screen. 

Before that, however, 
Cockburn sees a lucrative 
market in the outsourcing of 
billing to single operators 
capable of printing and 
delivering bills and handling 
the payments - whether cash, 
paper or electronic. “Who 
better than us to do it - we 
already have the delivery and 
much of the payments 
capacity, and are fast 
developing electronic mail." 

Part of Royal Mail's case for 
privatisation is the need to 
break free of government 
investment restrictions to 
develop new technology. 
Cockburn also wants the 
freedom to contract joint 
ventures, at home and abroad, 
to pool his assets with those 
of new technological operators. 

“We have a lot to offer a 
partner,” says Cockburn. who 
proceeds to rattle off the plums 
on his balance sheet. “We have 
our own telecoms network, 
the fourth largest in the 
country, 16 trains, 70 chartered 
air services a day, 30,000 
vehicles, the biggest residential 
database in the UK, and 2,000 
buildings. Think of the 
opportunities that gives you.” 
Not to mention an army of 
Postman Pats. 



Make sure you don't miss Business Travel 
Classified every Monday in the Financial 
Times. It provides a definitive market place for 
business travel agents, business flights and 
any other service that will ease your journey. 

For advertising information contact: 

Julia Copeland 071 873 3559 or 
Stephanie Cox-Freeman 071873 3580 

FT. Because business is never black and white 




FINANCIAL TIMES MONDAY MAY 30 1994 





Spanish sWces . / 

..Bpatateoee 
[UMpraapMl 
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week MriM 
of strikes in 
ftspuMe I.'.. 
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!;«r access to partial Afoerfe in 
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■ Last Wednesday, when foe v e •“ 
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departure taxes 
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As in so many other things, 
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apptes. At the moment, 
departure taxes for Wam^iond 
fights range from SFrlO t£AJSO} 
In Lugano to SRI 2 in Bern, 
SFR5L50 in Zurich, SRi3 in 
Geneva and SFr15 In Basis. 
From Novambar, the tax at 
Geneva wffl rise to SFirlASO 
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aid by July 1 1996 both wfi 
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Lost luggage leads 
to Denver delays 


Denver's new airport, topped 
irith white Fibreglass cones in 
imitation of toe Rocky Moon- 
tains in toe background, con- 
tinues to lie empty. It was doe 
to open on May 16, but was 
delayed - for the fourth time - 
by glitches in the high-technol- 
ogy baggage delivery system. 

The new Denver Interna- 
tional Airport, with a runway 
that will be able to handle 99 
aircraft arrivals an hour in 
bad weather — as many as the 
city's 64-year-old Stapleton 
airport can cope with on a 
dear day - is eight months 
behind schedule and )lbn over 
budget It has cost |&2bn to 
date. 

When its opening was post- 
poned again this month, city 
officials decided not to set 


another target saying only 
that the airport would open 
when the computerised bag- 
gage handling system - the 
most sophisticated and com- 
plex of its kind - had bear 
sufficiently tested and proved 
operational. 

The system, which has cost 
6194m, 1ms SI miles of tracks 
that snake through the air- 
port carrying bags in 4,000 
individual containers. Bar 
codes on luggage labels tell 
the system the bags' destina- 
tions. But the system relies on 
human co-operation: it keeps 
going awry when luggage is 
loaded with the labels face 
down or otherwise obscured. 

Laurie Morse 


Planes, trains 
and tunnels 

Paul Betts on UK airlines’ response 
to the new Channel crossing 


T he UK airline industry is 
gearing itself up for increas- 
ing competition next year on 
short-haul European routes 
from high-speed rail services through 

the Channpl hmnri. 

British Airways plans to revamp its 
Club Europe business class services 
later this year, and is Itntnnhfng new 
services from London to Orly, which, 
being south of Paris, offers a competi- 
tive alternative to high-speed trains. 
British Midland also plans services to 
Orly from September, and to launch 
new routes to more distant destina- 
tions in Europe which will not com- 
pete directly with the turmeL 
But one airline has decided that, if 
you cannot beat high-speed trains on 
shorter routes, then join them. Mr 
Richard. Branson sees the new net- 
work of high-speed train services 

linked tO the Hhannel tunne l as a 

chance for his Virgin group to expand 
its travel business in Europe. 

"We see high-speed trains as com- 
plementing our Virgin Atlantic long- 
haul airline operations," says Mr 
Branson. “We have no intention of 
pTpanding in the short-haul European 
airline business, but trains would give 
us a big foothold in the market” 

Mr Branson wfiL join forces with 
one of the five consortiums bidding to 
build the fast rail link from London to 
Folkestone - Virgin, will decide which 
one in the next three weeks. The win- 
ning consortium win run the UK end 
of the joint venture with SNCF, the 
French railway company, operating 


Eurostar trains through the tunneL 

Mr Branson wants to extend his 
Virgin Atlantic airline formula of 
“comfort and fun” to the proposed rail 
services. He plans to introduce indi- 
vidual seat video screens, and equip 
trains with telephones and faxes. 

wig recent investment - to manag e 
jointly with Shirayama Shokusan of 
Japan the £150m hotel development 
on the rite of London’s old County 
Hall building, near Waterloo station - 
is also linked to his Channel tunnel 
ambitions. “County Hall is iy»xt to the 
new Channel tunnel London rail ter- 
minal, and wQl make an ideal base for 
our long-distance air travellers to con- 
nect Into the Eurostar rail network," 
he said. 

Virgin Upper Class air passengers 
would be driven by limousine from 
Heathrow airport to spend the night 
at County Hall, before travelling to 
the continent by high-speed train the 
next day. 

British Airways, however, believes 
that, while the tunnel will have 
short-term impact, in the longer term 
it will pTpflnd the overall travel mar- 
ket for both airlines and trains. 

Sir John Egan, chief exe c u tive of 
BAA, the UK airports operator, also 
expects only a modest impact “Most 
business travellers start their jour- 
neys from home to toe airport If they 
live in the home counties, they will 
still find it more convenient to go 
straight to Gatwick or Heathrow 
rather than travel to the city centre to 
catch a Channel tunnel train.* 


Gateway to 
Palestinian 
contracts 

The shaded, walled courtyard of the 
American Colony Hotel, in Arab East 
Jerusalem, is toe starting print for 
foreigners who want to do business 
with Palestinians in the West Bank. 

It prorides a good base, because Pat 
estuuans do not like to cross into the 
Jewish side of the city. However, if 
you also plan meetings on the Jewish 
side, be warned that many Israelis see 
the Colony as a hotbed of Palestinian 
“terrorism”. 

By far the best hotel on the Arab 
side of the holy city, it serves tradi- 
tional Arab and in t e r n atio nal cuisine 
throughout the day. 

From the Colony you can easily 
travel to the commercial centres of 
the West Bank - RamaUah, Nablus, 
Jenin and now Jericho - all of which 
are within an hour’s drive of East 
Jerusalem. Jericho, which is in the 
process of becoming the administra- 
tive capital of Palestinian self-govern- 
ment, will soon be an essential place 
for any foreign businessman to visit 
Travelling in the West Bank can be 
dangerous. Cars with yellow Israeli 
licence plates are often targets of 
stone-torowing youths, who assume 
the drivers are Jewish settlers. The 
best way to travel is in an Arabic taxi, 
which has dif feren t coloured licence 
plates and signs in Arabic. 

If you want to rent a car, go to 
Petra Rent a Car, in Shufet which 
will deliver it to your doorstep and 
give you a mobile telephone if needed. 
Although most of its cars have yellow 
plates, they have big stickers on their 
sides in Arabic to deter potential 
stone-throwers. Another sensible pre- 
caution is to buy a Palestinian kefi- 
yoh - head scarf - and drape if over 
your dashboard. 



KM* 

M«ln square, Jericho: the town win soon be on every business visitor's schedule 


Having an Arabic flxer/translator is 
aifhmi gh most Palestinian 
businessmen speak good English. A 
fixer can set up meetings, negotiate 
around a roadblock, and give a fla- 
vour of the political and religious sen- 
sitivities that infuse discussions in 
the Holy Land. He can also accom- 
pany you on a tour of the Old City, 
where otherwise you are almost cer- 
tain to be fleeced by merchants in the 
bazaar. 

Most places in the West Bank 
accept dollars, Israeli shekels and Jor- 
danian dinars. You can get a slightly 
better rate for foreign currency at 
money changers in East Jerusalem. 
Many foreigners use Nabfl Freidy on 
Sallah’adin street. East Jerusalem's 
high street 

Doing business in the Gaza Strip is 
more difficult After years of repres- 
sion, Gaza has become a deeply con- 


servative and islamtdsed society. 
Travelling with yellow licence plates 
almost guarantees that you will be 
stoned. To get into Gaza, leave your 
car at the Erez checkpoint and trans- 
fer to a car with white plates. There 
are several taxis just past the check- 
point, but most of the drivers do not 
speak English, ft is better to arrange a 
car with a translator beforehand. 

Many new hotels are being devel- 
oped in Gaza, especially on the sea 
front where a cool breeze blows off 
the Mediterranean most nights. Many 
foreigners, however, prefer to stay at 
Mama House in central Gaza. Many 
important politicians and business- 
men show tip hoe. in the evenings, 
and It is one of the rare places where 
guests can be served beer. 

Julian Ozanne 


PEOPLE 


No longer 
shooting for 
the moon 

Daniel Goldin tells Guy de 
Jonquieres how Nasa is taking 
several steps for America 


D aniel Goldin, administrator 
of the US National Aeronau- 
tics and Space Administra- 
tion. eaters the room rather 
the worse for wear. The head of the 
organisation winch sent a man to the 
moon is nursing multiple fractures 
after an accident on his preferred mode 
of transport - a racing bicycle. 

Yet despite refusing to take pain- 
killers, he is in fighting form. Within 
minutes, he is punching away at a 
favourite theme: the ills of modem soci- 
ety, in which a search for self-gratifica- 
tion has cramped horizons and sapped 
toe urge for adventure and discovery. 

“Our society demands instant results. 
We eat instant food. We have instant 
entertainment gntj we demand instant 
financial results. When you demand 
instant financial results, there is no 
room for risk or failure. That's the fun- 
damental problem I see today. Where is 
new wealth going to be generated if we 
don't take risks? 

“The key thing is not to be afraid of 
risk. There are so many prophets who 
sit In toe wings waiting for someone to 
fail And you know what they do? If 
there's a failure, they come in and say: 
•By God, let’s punish that failure'. And 
guess what happens - you get medioc- 
rity in society." 

That is where Nasa comes in. Its wfil- 
ingness to embrace risk by advancing 
toe frontiers of technology and backing 
projects with a long-term economic pay- 
off, he says, is one of toe few ways in 
which American society can invest in 
its collective future. 

Recently, however, this uplifting 
vision has encountered obstacles. Not 
only has enthusiasm for space missions 
continued to wane in the US, but two 
years of austerity have reduced 
Nasa's annual budget by 30 per cent in 
real terms to »A5bn. “We can't get any 
closer to the bone," Goldin says. 

Still, a lot of fat needed to he cut 
Since the 53-year-old Goldin was 
recruited two years ago from TRW, a 
leading US defence and engineering 
company, he has been widely praised 
for shaking up toe management of 
Nasa’s flabby bureaucracy and control- 


ling costs more tightly. 

He is also shifting expenditure from 
showpiece space missions into projects 
promising greater commercial spin-off. 
That is In tune with President Clinton's 
drive to increase government support 
for industrial high-technology research 
and helps explain why Goldin is one of 
only two federal agency heads to have 
survived from the Bush administration. 

Though Nasa has generated many 
valuable spin-ofis - such as “error-free" 
computer software - they have until 
now been largely chance by-products of 
its larger space programmes. In future, 
the agency will focus more on specific 
three-to- five-year research projects, 
often in partnership with industry. The 
aim is to develop generic "break- 
through" technologies, which could 
spawn a string of specific industrial 
innovations. 

They include work on robotics, artifi- 
cial intelligence, and environmental 
technology. One of the most promising 
is satellite remote sensing - using satel- 
lites to capture vast amounts of data 
about the earth's surface which could 
be used in everything from agriculture 
to environmental planning, “The whole 
remote-sensing industry is worth about 
glbn a year today. We think we could 
activate that to be worth perhaps $10bn 
a year." says Goldin. 

His biggest - and most controversial 
- move has been to commit substantial 
resources to supporting the civil air- 
craft Industry. Such support has not 
been an explicit goal of federal policy 
since Congress vetoed research funds 
for a Supersonic Transport aeroplane in 
1971, its planned response to Concorde. 

“When that decision was taken, 1 was 
despondent about what my country did 
and excited by the Europeans' boldness 
in taking risks on Concorde," he says. 
“Yes, Concorde cost money, but what a 
feati It defined Europe as a society. I 
salute the Europeans." 

Getting the US back in the race 
involved Interminable, and often 
heated, negotiations with industry and 
government, and a grass-roots lobbying 
ca m p ai gn which took Goldin to public 
meetings around the country. 



The results are joint research pro- 
grammes with US manufacturers into a 
High Speed Civil Transport (HSCT). a 
supersonic passenger jet. and an 
Advanced Subsonic aircraft, both expec- 
ted to enter service early next century. 

Nasa’s contribution of about $2£bn 
over five years will cover a third of the 
total cost The rest will be paid for by 
industry, much of it In the form of 
services to the agency. 

The research includes cleaner, less 
thirsty and quieter engines, more effi- 
cient aerodynamic designs, new materi- 
als and improved safety systems. Gol- 
din hopes that by the end of the decade, 
the technologies will have been proved 
in the laboratory and will be ready for 
industry to turn into products. 

Building the HSCT will, he says, 
require an international consortium of 
manufacturers because the market is 
not big enough to support two rival 
supersonic aircraft The issue is how it 
will be controlled and led. “Will it be 
from Europe or America? Generally, the 
way the world works is that the corpo- 
ration or country with the superior 
capability and technology can provide 
the leadership." 

The recent scale of US efforts to 
ensure that it calls the shots has unset- 
tled Europe’s aircraft manufacturers, 
which have launched their own feasibil- 
ity study into a supersonic aircraft to 
succeed Concorde. 

They and EU trade negotiators are 
also pressing, against strong US opposi- 
tion. for stricter international curbs on 


civil aircraft subsidies in which would 
be Included Nasa support, on the 
grounds that it threatens to distort 
competition. 

Goldin rejects the charge. Re con- 
demns European subsidies to Airbus, 
and insists Nasa funding of the US air- 
craft industry is different because it 
stops short of production. “This is not 
ugly, unfair competition. This is won- 
derful stuff," he growls. “I compete 
with everyone, including myself.” 

Nonetheless, the risks Nasa is taking 
are paid for with taxpayers’ money. “So 
what? Look at the mediocrity in toe 
world. Look at the state of indus- 
try ... If we don’t make bold moves, 
where are the new jobs coming from? 
You tell me." 

But would it not be more efficient to 
pool transatlantic HSCT research by, 
for example, inviting European manu- 
facturers to participate in Nasa's pro- 
grammes? No chance, says Goldin: “I 
am fiercely competitive in defence of 
America. It's written in my genetic 
code.” He recalls that one of the first 
questions he asked after moving to 
Nasa was who its customers were. “I 
sat down with our staff and we did an 
analysis. Clearly, our customers were 
the American people, 

“They own this programme, but they 
had been separated from it for a long 
time because Nasa was focusing on 
beating the Russians. But in the new 
world order, after the Berlin wall came 
down, it was clear that we had to serve 
the American public.” 



Gilbert to 
spearhead 
Biogen’s move 
into Europe 

Biogen, one of the biggest of 
the US biotechnology 
companies which is based in 
Cambridge, Massachusetts, 
is increasing its presence In 
Europe and appointing Alain 
GHbert (right) as its first 
European vice-president, 
writes Dante) Green. 

Gilbert, 46, will be building 
a European sates organisation 
to promote two of the 
company’s drugs; Hlrulog, an 
anti-blood clot drug, and beta 
interferon, In late trials for the 
treatment of multiple sclerosis. 

Gilbert, a French citizen, will 
be based in Parts or Brussels; 
the company will decide in 
the next few days which of 
these two cities will house its 
European headquarters. 

Gilbert joins Biogen from 
Idexx Laboratories, a Portland, 
Maine, biotechnology company 
specialising En veterinary 
products, where he has been 
president of European 
operations since 1990. 

Between 1987 and 1990, 
he was president of operations 
in Europe, Africa and the 
middle east for Medtronic, the 
US pacemaker and heart 
treatment device supplier. 
Before that, he worked for US 
drugs company Abbott 
Laboratories in sales and 
marketing where he became 
general manager of the Aids 
and hepatitis diagnostics 

division. 

The European appointment 
not only mate Biogen’s 
expansion Into Europe, but 
also its determination to move 
beyond licensing out of Its 
products to drugs companies 
into sales and marketing on 
its own behalf. 

Gilbert says toe structure 
of the company would be 
centralised with all main 
decisions taken at the 
headquarters. Sales and 
marketing people would be 



reendted in other countries 
and he preeflets that within 
nine months the company 
would employ 100-150 people 
in Europe. 

Biogen's other investment 
in Europe, a research centre 
in Bracknell, west of London 
in the UK, would Increasingly 
focus its activities on the 
European market, he said. 

de Raad to 

promote 

quality 

The European Foundation 
for QuaHty Management, a 
non-profit association 
created in 1988 by 14 of 
Europe’s leading companies 
and today backed by more 
than 320 corporate 
members, has a new 
secretary general, writes Tnm 
Dickson. 

He is Geertde Raad, a 
Dutchman who took over 
the reins of the 
Brussels-based organisation 
from John King at the 
beginning of this month. 

EFGM's rote b to promote 
toe business idea known as 
total quality management, 
a philosophy which puts 
customers and employees 
at the centre of a company's 
thinking. Wth toe support 
of the European Commission 
and the European 
Organisation for Quality, 
EFQM in 1992 launched an 
annual award which 
recognises the best 
European exponents of TQM. 

De Raad, who has an MBA 
from Northeastern Uni versi t y 
of Boston, faces toe 
challenge of trying to spread 
the TQM “gospel” to a wider 
and sometimes sceptical 
European audience. He was 
previously responsible for 
toe plastics business of 
Royk Nijverdai-Ten Cate 
which Included 10 
companies, employed 2£Q0 
people and boasted 
Ecu350m of turnover. As 
corporate director, he was 
in charge of all acquisition 
activities, technology 


development and the 
group-wide implementation 
of TQM. He joined the 
executive board In 1990 and 
subsequently became a 
corporate vice-president. 

Pettersson's 
auspicious 
move on paper 

It be may luck, but Bengt 
Pettsrason looks to be timing 
his leap from one pilfer of the 
Swedish pulp and paper 
establishment to another rather 
well; writes Christopher 
Brcrwn-Humes. He wilt be 
leaving Store to take over as 
MoDo’s chief executive on 
August 1 with at least two 
favourable developments as 
a background. 

First, MoDo's fortunes are 
on a dear upward trend; last 
week it announced its first 
quarterly profit for three years. 
Second, and perhaps more 
important, MoDo has recently 
resolved a tong-njndng 
ownership battle which froze 
much decision-making tor 
many months. 

It certainly helps that 
Pettersaon does not come . 
from SGA, toe Swedish 
forestry group which was the 
losing party in toe struggle. 

Pettersaon is a respected 
forest industry manager, if little 
known outside toe sector. He 
has strong credentials for the 
-job, having been to foe pulp < 
and paper business tor 28 
yews - "quite a few cycles", 
as he puts IL For the past six 
years he has been managing 
director of Store's packaging 
dhrisioni altered, which fared 
better than most of the 
company's operations In foe 
Industry downturn. 

Observers expect - 
Petteireson's style to be 
different from that of Bemt 
L5f, who steps down after nine 
years as Motto’s chief 
executive. Lflfs builiah industry 
prognoses, agate in evidence 
feat week, didn't always go 
down too woH with analysts. 

Pettersaon te coy about his 
Immediate priorities: But high 
on Ns agenda will be foe fete 
Of Modo’s. packaging division, 
effectively earmarked for safe 
toHowing the company's 
decision to concentrate on 
newsprint, fine paper and 
board. He may-even question 
whether MoDo has foe . 
resouregs to develop as many 
as three core areas given 
increasing competitive 
pressures. Pew would be \ 
surprised if he opts for an . 
alliance or disposal in due - 
course. 






FINANCIAL TIMES MONDAY MAY 30 1994 


U 


lC nsr.;. 




— "•i 



Julian Oe 


v - - T/TTZ. 

• JM Ht r.r'.ti 
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ARTS 


Bnyril NM r 

Mark^te.ra^toCterart.Caflpiw 
American tour, thefioyai Baflatrevtves Anthwy 
.DdweH’a production of DonQuixbt*.- SyNteGu»«n.. 
Is^accord&ig to pur dance.eritiC' 
C^arooofCri^.nrapped aboard' - 
tofeTBanjp of the dance: she . 
i^h^tiwwtttoftidthaorty- 

Be-baft" Performances, affwJth . 

Mfe&Uflk^ tonight,^ 
andSatwdsy. BafieMoveratn New, 
yoAw® beatheStateTiwattrfcr 
New Y«k Cftj Baflet. Tocdgh&in 
ffericvthe Opera Bastfiefjoefe , 

-ibe vWMderftil la : ' 

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The spirit of carnival and tropical 
BAhn oorms to London on 
Wednesday *han the original 
T/qpfctfSa muefcaarw, GSbertoGfl 
#gH) end Gaetano Vetoso, are 
reunited tor the first time In 20 
yeera at the Royal Abort Hal. 

Joined by Qai Costa and 
CaetOTO*a efater Maria Defoania. 
the Doc** Barhams (he 
four great Bahians) wffl 
perform alongside toa 
£0 dnmnmefs and 
* ' \ dsnotts of the 
• - Manguefrs 

. BChOOiof 

Samba In an 


■' ,/ efimaxtothe 


Contemporary 
Arts "Festival of 
Bahia - . 



atom Opera 

One of the most unusual 

operatic premieres of the 

season takes piece on 

Sunday whan the Bonn. 

Opera stapes B fituarany, 

a four-act opera-haflet by 

Brazffian oompoear 
Antonio Cerios Gomes. 
Based on a torn story 

about the Guarani 

Indians, it was ffrst 

performed at La 
Bede in 1870. Long 

forgotten outside 

BrazK, it owes Its 

current rwival to 

BackJoDorninQo 
fright) who sings the 
HU# rote. The 
producer Is Wemer 

Herzog, of 
ffitzearraktotane. 



I t was an event winch defined 
an entire generation. For 
three days in New York State, 

half a mutton students, anti- 
war protesters and all-pur- 
pose hippies congregated fat a field 
for three days of music, lnind-aher- 
ing substances and muddy may- 
hem. 

The 1969 Woodstock Aquarian 
Exposition, horn of the chaotic, 
shoe-string idealism of a gma» 
group of friends, became synony- 
mous with the slogan of late 1960s 
libertarianism: peace and love. But 
today, as two rival companies vie to 
stage the definitive 25th anniver- 
sary celebration of the Woodstock 
festival, these two qualities are lit- 
tle in evidence. 

Where there was once Just a 
group of friends behind the festival, 
there are now corporate hackers 
and slick professional promoters. 
Where there was a *500,000 budget 
and an entry charge of $18 (that 
hardly anyone paid), there is now a 
joint budget of $28£m and a likely 
entrance charge of $120. 

Where there was a modest record 
and dm contract, there are now 
substantial record, fQm,. television, 
and merchandising contracts. 
Instead of a few patrolling Bell’s 
Angels, the occasional food vendor 
and endless traffic jams, there win 
be an eight-foot high fiance and an 
army of security guards, conces- 
sions stands, cash machines, porta- 
loos and park-and-ride. 

In one camp, Woodstock '94 Is 
beingputtx^etiier by the three men 
who organised the original event, 
Michael Lang. John Roberts and 
Joel Roaenman. Although the trio 
went their different ways after 1969. 
Tang remained in the music busi- 
ness, promoting acts like Joe 
Cocker and Rickie Lee Jones, while 
Roberts and Rosenman evolved, Uke 
numerous former hippies, into Wall 
Street investment bankers. 
'Through thejrw&bdwodk'Ven- “ 
tures partnership, the trio are 
organising a two-day rock festival 
on August 13 and 14 in Saugerties, 
about seven miles from Woodstock 
town, and expecting an audience of 
250,000. The partnership is backed 
by the financial muscle of Poly- 
Gram Records (which is supplying 
the $19 .5m budget), top rock pro- 
moter John Scher, concert promo- 
tion firm Metropolitan Entertain- 
ment, and a slick public relations 
campaign. 

The suggested line up of musi- 
cians - Aero smith, Metallica, 
Soundgarden and Guns N* Roses - 
reflected a festival appealing not to 
the 40-plus participants at the 
original Woodstock festival but to 
the current 17-2S year old genera- 
tion of pup music fans. While John 
Scher says the choice of bands is 
timely, “because today's music and 
culture, energy and excitement 
recall the mood of 1988," some vet- 
erans of the first Woodstock are not 
entirely convinced that Inviting the 
nihilis tic - and sometimes down- 
right nasty - bands of the Nineties 
to a rodk festival is the best way to 
celebrate the spirit of the Sixties. 

Sid Bernstein’s anniversary cele- 
bration, however, is an unasham- 
edly nostalgic attempt to recreate 
the mood of the first Woodstock far 
an older, more affluent gen e ra t ion. 



Woodstock 1969: shoestring Idealism and musk: from (far left) Jards Joplin and (far right) Jfanl Hendrix. Today, corp ora te backers have moved in 

Peace and percentages 

Patrick Harverson reports on rival bids to hold 25th anniversary 
celebrations of the Woodstock Aquarian Exposition 


His event will occupy the ori ginal 
site of the festival. Max Yasgnr's 
farm in Bethel (actually 50 miles 
from Woodstock town proper). The 
veteran US music promoter who 
brought the Beatles to America, 
Bernstein ironically, baa no connec- 
tion with the Woodstock of 1969. 

Although he was in the music 
business at the time, he was some 
way removed firm the hippie cul- 
ture, booking acts like Tony Ben- 
nett and Sarah Vaughan at Car- 
negie Hall. A likeable, avuncular 
figure who schmoozes like a Broad- 
way talent agent in a Woody Allen 
movie, Bernstein runs the Bethel *94 
or ganisati on from Ms Upper East 
Side apartment Eight years ago, he 
had a Damascene conversion when, 
as he tells it, he visited the site with 
his family and was so moved by the 
powerful memories of Woodstock 
shadowing Max Yasgnr’s farm that 
he became determined to put 
together a. show to mark the event’s 
quarter century anniversary. He 
describes it as a “mystical, magical 
place - almost like the Holy Grafl." 

Bernstein's plan for Bethel '94 


(the Woodstock name is owned by 
the Lang triumvirate) is to present 
many of the acts who performed at 
Woodstock. He has already booked 
several surviving Woodstock artists 
including Richie Havens, John 
Sebastian and Melanie (other key 
players like Jlmi Hendrix, Janls 
Joplin and Keith Moan subse- 
quently died of drug overdoses). 
Bernstein also plans to book non- 
Woodstock acts like Fleetwood Mac, 
James Brown and Ray Charles: all 
reflecting Sixties nostalgia and 
appeallngto the older generation of 
the CD buying public. 

B ernstein has yet to 
receive final permission 
from the town of Bethel 
to hold his concert, and 
there is some doubt as 
to whether he has the money to 
stage a festival for 80,000 people. 
The |7m budget, be says, is being 
provided by a “group of doctors and 
professional men in the Philadel- 
phia area," and an anonymous 
group of Wall Street investors. 
Bernstein hopes those attending 


his event will bring clothes and 
non-perishable foods that wtD be 
given away to charity. When the 
concert ends, he plans to give every- 
one a seed to plant in their gardens 
or neighbourhoods as a symbol at 
hope and new Ufa. This is the tone 
we’re setting for our concert The 
Woodstock generation was about 
peace and love, but we haven’t had 
much peace and love In this last 
generation." 

So far, the sympathies of Wood- 
stock veterans seem. If anything, to 
be with Bernstein's less ambitious 
Bethel *94. “Fra: people who were at 
Woodstock, part of the charm of 
going again is to see how a lot of 
the old bands have fined," says 
Maik Newman, a musician with the 
New York rock band Tao Jones, 
who has fond memories of losing all 
his clothes at the first Woodstock. 
“If they're going to have a lot of 
new bands and cater to a new audi- 
ence, it’s not really a 25th anniver- 
sary.* 

Scott Weiii, a hippy-turned- 
mortgage broker who attended the 
original festival has shmiw* 1 doubts. 


1 think if they’re going to do it, 
and call it Woodstock, I would have 
liked to have seen more of an 
attempt at a recreation of Wood- 
stock. How can you call it Wood- 
stock and have Guns IT Roses?" 

The organisers of Woodstock ’94 
appear sensitive to these criticisms. 
Having originally said that the festi- 
val would feature Guns N* Roses - 
a heavy rock band whose ethos is 
about as far removed from “peace 
and love” of the Sixties as is possi- 
ble - it now seems unlikely that the 
band will appear. 

P erhaps Scott Wein best 
sums up the frustrations 
many Woodstock veter- 
ans feel about this sum- 
mer's celebrations. “I 
don’t resent people trying to make 
money - this is America. But if 
you're going to exploit Woodstock, I 
feel it will only be fair if you try to 
remember Woodstock for what it 
was. I don’t want my kid going; 
then coming back and saying: 'Shit, 
that was Woodstock? What was the 
big deal?”" 


The Lodger /Alastair Macaulay 

Pleasure lies in 
mystery and 
moral ambiguity 


A landlord asks his prospec- 
tive lodger for her refer- 
ences. She asks him for 
his. Who is to know who is 
safe with whom? No one. In Simon 
Burke’s play The Lodger, at the 
Hampstead Theatre, both landlord 
and lodger use each other. He, Wise, 
comes to thinfr he is in love with 
her - but only after he has fetish- 
ised with her bedclothes and under- 
wear. She, Lois, comes to regard 
him as the nicest man she knows - 
but she only makes advances to 
him when she needs to make up for 
being unable to pay her rent. 

Subsequent developments are 
more shocking. Lois uses Wise’s flat 
as a brothel; Wise, on discovering, 
beats her senseless. The pleasure of 
following The Lodger, though, lies 
not in its plot but in Its mystery 
and moral ambiguity. Lois has lied 
to Wise about her work, but then 
she is a reluctant whore; she Is 
manipulated by her pimp/lover Pol- 
lock. Wise has lied to her about 
working in the QD; but then he is 
pathetically anxious to attract some 
woman to relieve his loneliness. His 
best chum is his police colleague 
Reed, with whom he can discuss his 
needs; Lois’s only chum Is Pollock, 
who uses her repulsively. Which 
pair is preferable? 

Every man in The Lodger uses 
Lois, mid the play sets. up quite a 
range of misogynies. Most overt mid 
cbflling, Reed to Wise, after a few 
drinks: “Pity we’re not queer... A 
quick shag after footie...! can’t see 
the point in women." And yet - 
nice twist - Lois refuses to see the 
world as men. vs. women. Though 
she resists Pollock's control over 
her, she defends him from Wise and 
Reed. They are cops (corrupt and 
brutal cops - another drilling ele- 
ment, especially after recent 
headlines); Pollock and she, she 
insists, are just perpetual social vic- 
tims. 

The Lodger, which won Burke the 
1992 Mobil Playwriting Competition 
for Manchester’s Royal Exchange 
Theatre (which performed it earlier 
this year), holds the attention easily 
for just over two hours. At its best, 
the dialogue has the menace and 
suspense of early (pre-1968) Pinter. 
It includes several ghb jokes that 
amuse without developing the play. 
(Lois about Wise: "He’s not that 
bad. He doesn’t go round closing 
hospitals or anything.") The play 
disintegrates, however, as its sev- 
eral mysteries are elucidated. We 
are all px. enough to applaud Lois's 
resilience. But no character has 
been explored in depth. 

The performance, however, is 
excellent, apart from two of the 
most unconvincing stage steps I 
have ever seen. The director, 


Tichard Wilson (yes. he of One Foot 
in the Grave and The Weekend). 
hangs tension in the air from the 
very first moment. He and his 
designer, Julian McGowan, create 
several dark scenes, turning limited 
space to claustrophobic advantage. 
Body language and verbal pacing 
are full of meaning and 
suggestion. Amid a good cast Julia 
Ford and Philip Jackson, as Lois 
and Wise, perfectly control the 
ambiguous lights by which we see 
them. 

A nyone seeking civilised 
entertainment in Covent 
Garden should fell into the 
Donmar for the next week 
or so where Maria Friedman is 
appearing "by special arrange- 
ment", writes Antony Thom croft. 

The "special arrangements” are 
the settings to her songs. Friedman 
asked leading musicians to come up 
with new ideas to pep up cabaret 
standards. So just as you settle bade 
for the soothing familiar ity of Bern- 
stein’s “S omething ’s Coming" from 
West Side Story you get challenged 
by discords from Jason Carr's 
arrangement which suggests, 
rightly enough for the young leads, 
that what is coming is best 
avoided 

In practice Friedman is such a 
strong performer - quirky face; blis- 
tering voice; confiding personality - 
that you hardly notice the new gar- 
ments. Also her choice of songs - 
two y earningly sad Yiddish compo- 
sitions from the Vilna Ghetto; lots 
of fairly rare Michel Legrand - lifts 
her performance out of the comfort- 
able rut of most cabaret. The 
spunky arrangements from Jeremy 
Sams, Jason Carr, and more, are a 
bonus. 

Although it is a pleasure to come 
across such novelties as a lament 
from a tittle girl swallowed by a 
bear, I could have done with more 
Broadway and less Brel. Making 
something of “If you go away” is 
meat and drink to any half decent 
late night chanteuse, but discover- 
ing the panazz in that most populist 
of all Cole Porter songs “l happen to 
like New York” is a real achieve- 
ment Of the modems Sondheim 
comes out best: his work always 
seems sharper delivered up front 
and solo than from the wide open 
stage. Perhaps Friedman's greatest 
coup was converting Elton John's 
“Sorry seems to be the hardest 
word" into a sophisticated, heart 
wrenching, threnody. 

So a happy two hours. Excellent 
band, too. The best is left for the 
encore: a wonderfully defiant 
“Broadway Baby”. Someone should 
hook Marla Friedman's ticket 
now. 


****'• 




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. 1 


iNTERkATtOtitf* 



m BERLIN 

CONCERTS 

Seiji Ozawa conducts the Berlin 
PhBharmonlc Orchestra and Ernst 
Senff Chorus tomorrow and Wed 
•at the Phflharmonte. The programme 
federated to Beritoz’s La Damnation 
de pauat, and the soloists are 
Wattraud Meier, Vinson Cole and 
Sergei Leiferkus. The orchestra’s 
Faust series continues on Sun anti 
Vjaxt,Man with Schumann’s Scenes 
from Faust, conducted by Claudio 
Jbbado (2548 8132). Tomorrow 
^^^chai^iieihmis. MarceHo 
j^ti^poducts the Orchestra of 
ttfeDautaehe Oper in works by 
and Schubert with 
SiMa MarcovW (2090 


on 


Kjj-;.- 

gives a song recital 
’ [ache Oper. 

Don Giovanni 

and George 

"hytefe Biwi^yfus opera, with 
by Swk^cornposer Jost 
The Steatsoper 
^ dwtUnda^ haa Giselle, Doe 


FretechOtz, Tosca, Paul Dessau’s 
opera Die Verurteiiing des LukuHus 
and Roland Petit's ballet Dix (200 
4762/2035 4494) 

■ NEW YORK 

THEATRE 

• Broken Glass: set in New York 
In 1938, Arthur Miner’s latest play 

is a short, dtecursiva but compelling 
study of paralysis in the face of 
crisis (Booth, 222 West 45th St, 

239 6200) 

• Three Tall Women: a moving, 
poetic play by Edward Afoee, 
dominated by the huge, heroic 
performance of Myra Carter. She, 
Jordan Baker and the droll and 
delightful Marian Seldes represent 
three generations of women trying 
to sort out their pasts (Promenade, 
Broadway at 76th St, 239 6200) 

• Angela In America: Tony 
Kushner*s two-part epic conjure 8 
a vision of America at the edge of 
cKsaster. Part one is Millenium 
Approaches, part two Perestroika 
played on separate evenings (Water 
Kerr. 219 West 48th St, 239 6200) 

• Fbur Dogs and a Bone: John. 
Patrick Shanls/s satiric comedy 
about movie-making and power 
plays in Hollywood (LucffieLortei. 
121 Christopher St, 924 8782) 

• AU in the TVnJng: six spending 

short plays by^vWlv® add up 

to one enchanted evenkigj^hn 
Houseman, 450 West 42nd St, 239 

Sf’she Loves Me: the 1963 Bock, 
Hamlck and Masteroff musical * 
a delicate, unabashedly simple story 
with ail the lujmantty.integnty and 
charm that Broadway's 
mega-musicals lack (Brooks 


Atkinson, 256 West 47th St, 307 
4100) 

• Carousel: Nicholas Hytner’s 
bold, beautiful National Theatre 
production from London launches 
Rodgers and Hammeratein towards 
the 21st century (Vivian Beaumont 
Lincoln Center, 239 6200) 

DANCE/MUSIC 

Matropofftan Opera American Ballet 
Theatre's Spring season ends this 
week with performances of La 
8yiphkie andGlseUe (362 6000) 
State Thrater New York City 
Beliefs Spring; ;asason nais daily 
except Mon ti JUne 26, with 
by Balanchine, 
Robbins, Martins and Tanner. 

Several syenfcgs;ara devoted to 
Ttie Diamond Project, featuring new 
neoclassi c al palate tv Ulysses 
Dove, Rtehanj^anner, Robert 
LaFaese antf nine ot frer 

New 

York Phfflwrmbnip concerts are 
conducted by the orchestra's music 
. director, Kurt Masur. Tomorrow's 
- programme fe erdftieti' American 
Eccentrics, with music by fas, 
ftuiggles and "others. ^ Thunk 

symphonies by Mozart and 
Bnjckner-'Frfc Mahler's Ninth. Sat 
world premiers of Ned Rorem's new 
Cpnca rt o ' -fpr cor anglais, plus works 
by Strauss and Beethoven (875 
6030 ) 

JAZZ/CABARET ‘ 

• Modem Jazz Qtiarttt begins 

a fbUr night-run tonlght atthe Blue • 
NdtaThfe stalwart quwtet stands 
at thb'liitersactim^ bop and 
foe bfuee meet ctearicai, and there's 
notftirig stuffy about it (131 West 
3rd St near Sixth Ave, 475 8582} 


• # Andrea Maroovicd is In the 
midst of an Irvfog Berlin tribute at 
Algonquin Hotel, mixing some rarely 
heard pieces with classics Dke 
Cheek to Cheek (59 West 44th St 
8406800) 

• Vernal Bagneris offers a 
substantial tribute to Jelly Rofl 
Morton at Michael's Pub, where 
Woody Allen continues his Job as 
clarinet player every Monday (211 
East 55th St 758 2272) 

• Bobby Short singer and 
showman,' is In residence at Carlyle 
Hotel tfll mid-June, giving royal 
treatment to gome by Gershwin, 
Bflngtort Beifln and Cole Porter 
(Madison Ave at 76th St 744 1600) 

IT PARIS 

DANCE 

Ptriata Oamier The Parts Opera 
Bailers next production is a 
programme of 20th century ctasska, 
opening on Sat and running till June 
,21. It consists of HaraJd Lander's 
' Etudes (1952), ' Jerome Robbins' 

In the Nfght (t97U) and William 
Forsythe's In the Middle (1987). 

A second programme, comprising 
works by Antony Tudor, Paul Taylor 
and Kenneth MacMfllan, opens on 
June 17 (4742 5371) 

TMAtre de la VBe Compagnie 
MfchNe Anne da Mey is In residence 
this week with a new choreography 
of Stravinsky’s Puldnefa. Next 
weak: Jan Lauwara and. ' . . 
Needcompany, June 15-22: Lyon 
Opera BaHet (4274 2277) 

OPERA 

Brattle A new production df^ Toaca, 
^aged by Werner Schroeter and 
conducted by Spiros Aigbfe, runs 


till June 17 with changing casts 
headed by Card Vanoss/GaBna 
Kalinina, Giacomo AragaH/Viachesiav 
Polozov and Sergei Leiferkus/ 
Jaan-Phifippe Lafont (this week’s 
performances are tonight and Fri). 
There are also performances on 
Wed, Sat and next TUes of Andr6 
Engel’s production of Lady Macbeth 
of Mtsensk. with a cast headed 
by Mary-Jane Johnson and Jacque 
Trussel, conducted by Mywg-Whun 
Chung (4473 1300) 

Optra Comique Pinal performances 
of Don Pasquale are tomorrow, 

Thuts and Sal, with cast headed 
by Gabriel Bacquter and Leontina 
Vaduva (4286 888$) 

CONCERTS 

Sale Gaveau Tonight Victoria de 
k» Angeles sings Schubert, Fflurt 
and Granados. Tomorrow: Edita 
Gruberova, accompanied by 
Friedrich Haider, in a Schubert, 
Dvorak and Brahms recital (4953 
0507) 

TMfttrv des Champe-EfyaAes 

Tonight Gabor Otvfis conducts 
Buenos Aires Philharmonic 
Orchestra In works by Gtanneo. 
Strauss and Prokofiev. Tomorrow: 
AntoneHa Allemandi conducts 
Orchestra Cotonne and Chorus In 
concert performance of 
Leoncavallo's i RagSacd, with cast 
led by Amedeo Zambon and Adefisa 
Tabiadon. Wed: Frangote-Renft 
Duchable, Michel Dalberto, 
Jean-PhBppe Coterd and 
Jean-Marc Lulsada play concertos 
for two and four pianos by Poulenc, 
Mozart aid Bach. Rt Maries 
Jansons conducts Oslo 
Philharmonic Orchestra m works 
by Weber, Bruch and Mahler, with 
violin soloist Maxim Vengerov. Next 


Mon: Natalia Gutman plays Bath 
cefio suites (4952 5050) 

Bastille Tomorrow: Myung-Whun 
Chung conducts Op6ra Orchestra 
in symphonies by Haydn and Matter 
(4473 1300) 

Sale Pleyel Tomorrow: Krystlan 
Zknerman piano redtaL Wed, Thurs, 
Sat Leonard Slatkfn conducts 
Orchestra de Paris in works by 
PurceU/Britten, Bgar, Dvorak and 
Bartok, with violin soloist Isaac 
Stem. June 7: Radu Lupu Is soloist 
with Academy of St Martin in the 
Fields (4561 0630) 

JAZZ/CABARET 
Singer and keyboard artist Davefl 
Crawford, the latest discovery of 
the New Orleans jazz and blues 
scene, la bi residence this week 
and next at Lionel Hampton Jazz 
dubu Music from 10.30 pm to 2 
am (Hotel Mericflen Pais Etofle, 81 
Boulevard Gouvion St Cyr, IN 4066 
3042) 

THEATRE 

• The Prince of Horn burg: Kiefers 
drama about state power and 
individual freedom is directed by 
Alexander Lang at the Mogador 
Comfidie Fran^aise. In repertory 

HI June 12 (4678 0404) 

• Otoarma: Charlotte Gainsbourg 
and Maurice Btinichou star In David 
Mamets celebrated two-hander 
about sexual harassment on "the 
university campus. Defy except 
Mon at fiaite- Montparnasse E-{4322 
1618) 

• The Homecoming: Harold 
Pinter's menacing drama Is directed 
by Bernard Murat, daRy except Mon 
at Atelier, place Charles-Duffin (4606 
4924) 


ARTS GUIDE 

Monday: Berlin, Now York and 
Paris. 

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

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

Friday: Exhibitions Giida. 

European Cable and 
Satellite Business TV 

(Central European Time) 
MONDAY TO FRIDAY 
NBC/Super Channel: FT Busi- 
ness Today 1330: FT Buafrwes 
Tonight 1730, 2230 


MONDAY 

NBC/Super Channel: 
Reports 1230 . 


FT 


TUESDAY 

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


WEDNESDAY 
NBC/Super Channel: 
Reports 1230 


FT 


FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Mqr Nawne FT Reports 0230, 


Channel: Ft 


SUNDAY 
NBC/Super 
Reports 2230 
Sky^Nem: FT Reports 0430, 









12 


FINANCIAL TIMES MONDAY MAY 30 1994 


No sympathy for 
Eurosceptics 


F or Americans, the 
glass is always halt 
foil, never half empty. 
Having imbibed some* 
thing of this spirit, I God the 
negative attitudes of British 
Eurosceptics a trifle hard to 
stomach. To stand sullenly on 
the sidelines, rather than fight 
for the land of union, that will 
gtpanit individual liberty ani^ 
prosperity, would strike the 
typical American as the worst 
Mat of defeatism: the Dunkirk 
spirit in reverse. 

I realise that many Euroscep- 
tics are keen supporters of free 
markets. But this means they 
should have little respect for 
the nation state, which often 
acts as an obstacle to the free 
movement of goods, not to 
mention people. Two centuries 
ago, American states managed 
to pool sovereignty in a federal 
rmfnn tha t expanded economic 
opportunities, preserved per- 
sonal freedoms and deterred 
aggression from neighbours. 
Why oppose a similar strategy 
in Europe? 

The record of Brazil and 

Twriia r emin ds US that bi gness 

Is not in itself a virtue. Ameri- 
can prospe ri ty is a product of 
the specific political philoso- 
phy adopted by the US foun- 
ding fathers. And despite the 
constraints they so wisely built 
into the constitution, Washing- 
ton eventually seized fax too 
much power. The centre's dom- 
inance explains many of 
today’s frictions: President Bill 
Clinton is feeing violent oppo- 
sition to his social reforms 
partly because such decisions 
should be taken by lower levels 
of government There is no rea- 
son why the same healthcare 
rules should be imposed on 
states as diverse as Vermont 
Louisiana and Oregon. 

But European nations have 
the US example. If they are 
intelligent, they will copy the 
best aspects of US federalism 
while avoiding the mistakes. 
The fact that European coun- 
tries are long-established 
nation states (unlike the orig- 
inal components of the US 
union) should act as a natural 
brake on aggrandisement by 
the centre. So should the 
tncraasing n umb er arid diver- 
sity of members as the union 
prepares to absorb the Nordic 
countries and, eventually, east- 
ern European states. 

The political landscape is 



MICHAEL PROWSE 

OR 

AMERICA 


also changing, hi the late 1980s 
the likely destination for 
Europe seemed to be an inter- 
ventionist, monolithic super- 
state run by a clone of Jacques 
Delors. That dark future now 
looks a little less plausible. 
Many countries - not just 
Britain - are fearful of a loss of 
national identity. Germany, at 
last, is showing signs of impa- 
tience with the bureaucracy 
endemic to Brussels. And 
European politicians cannot 
ignore entirely a global tide of 
ideas that strongly favours free 
markets and personal liberty. 
Who would have guessed that 
Italy, of all countries, would 
appoint Antonio Martino as 
foreign minister, a libertarian 
fen of Margaret Thatcher? 

Since there Is now consider- 
able room to influence debate 
in rantinantai Europe, British 
Eurosceptics should stop being 
so negative. They could start 
by reconsidering their blind 
opposition to a single Euro- 
pean currency. Nearly all econ- 
omists agree that this would 
considerably enhance the com- 
mercial attractions of a single 
European market 

I can understand that an 
old-fashioned Keynesian might 
fear that loss of the pound ster- 
ling would prevent a UK gov- 
ernment creating jobs at will 
by printing wads of money. 
But most Eurosceptics are 
surely sophisticated enough to 
realise that an independent 
monetary policy offers only an 
illnsionary form of sover- 
eignty. It gives you the free- 
dom to create more inflation 
than your neighbours, but not 
more jobs or a higher standard 
of living, because these depend 
on economic fundamentals 
such as work effort and pro- 
ductivity growth. 

It is odd, to say the least, 
that many fierce opponents of 


a single currency are sympa- 
thetic to rule-based global 
moneta ry systems such as the 
19th-century gold standard. Yet 
provided a European central 
bank were responsibly run 
(which seems likely if Ger- 
many is to abandon the 
D-Mark), the effect on Britain 
would be much toe same as a 
gold standard - protection 
from destabilising changes in 
the value of money. 

There is one crucial caveat 
A single currency would be 
disastrous if, in toe of 
social justice, Brussels 
remained wedded to laws pre- 
venting the flexible adjustment 
of wages a nd social benefits in 
member countries. The US 
should serve as a warning 
here. Some regions will always 
face special economic prob- 
lems: for different reasons 
Taras, New Rng< and and Calif- 
ornia have all recently suffered 
severe local recessions. The 
hardship is tolerable only 
because depressed regions can 
reduce costs and regain market 
shares by allowing their wages 
and social benefits to fen rela- 
tive to the national average. 

But rather than opposing a 
gfri gte currency out of fear tost , 
regional recessions would turn 
into depressions. Eurosceptics 
j fhmiid Hjwrt their fire at the 
root problem. This is the dotty 
desire in Brussels to ftgmnnnisA 
everything, and thus prevent 
member countries exploiting 
comparative advantages such 
as low wages and flexible 
working conditions. 

The terms for federal union 
demanded by Britain’s part- 
ners could eventually prove 
unacceptable, for example if 
they thr eatened important lib- 
erties of UK citizens. I am not 
in the camp that regards 
Britain's future in Europe as a 
metaphysical necessity. 

Geography is less important 
than in the past as Japan 
showed after the second world 
war, when it formed its main 
commercial (and military) ties 
with the US rather than its 
Asian neighbours. The UK 
could withdraw and prosper 
commercially, say by negotia- 
ting entry to the North Ameri- 
can Free Trade Agreement 
But such a costly upheaval 
should be avoidable - espe- 
cially if Euro6ceptics stop sulk- 
ing and start working for the 
right kind of liberal Europe. 


L ast week was one that 
Ms Clare Spottiswoode, 
the UK gas regulator 
with a disarming gig- 
gle, will be anxious to put 
b ehind her. From a position of 
relative obscurity, she found 
herself splashed across 
Britain's tabloid newspapers as 
“toe laughing gas regulator”. 

This unwelcome exposure 
was sparked off by spurious 
allegations - denied with great 
seriousness - of an improper 
relationship with a civil ser- 
vant involved in her appoint- 
ment But the addition of Ms 
Spottiswoode to the cast of reg- 
ulars in the tabloid soap opera 
reflects more than the tradi- 
tional British obsession with 
hanky-panky, real or imagined, 
in public life. 

The UK’s utility regulators 
are finding themselves increas- 
ingly in the limelight as they 
revolutionise the industries 
they regulate. They are also 
attracting growing attention 
from the politicians as it 
beco m es Hear that their deci- 
sions have fer-reaching conse- 
quences for society. 

Yet the UK’s utility regula- 
tors were created to take com- 
plex pricing and competition 
judgments away from toe med- 
dling of MPs. ’‘Politicians made 
such a hash of running the 
nationalised industries,” says 
Sir Christopher Foster, adviser 
to the gnnterrmtent on privati- 
sation mid author of a book on 
regulation. “Detaching them 
from the day-to-day interfer- 
ence of politicians hag been an 
incontrovertible good.” 

Until recently, the consensus 
was that the regulators had 
made a good fist of their jobs, 
especially in toe two utilities - 
tel ecommunicatio ns and gas - 
that were privatised first 
In telecoms, prices have 
fanm by more than 30 per cent 
in real terms since 1984. BT, 
the privatised company that 
formerly enjoyed a monopoly 
in telephony, sow feces more 
than 40 competitors in differ- 
ent sectors of Its market 
If there is disquiet, it is 
among companies in the indus- 
try rather than consumers. BT 
has complained of over-regula- 
tion: Mr Don Crnlckshank, the 
regulator, is now tackling the 
gmailpr obstacles faced by new 
entrants to the mar ket, such as 
access to directory inquiries. 
Mercury, the second largest 
operator, has taken Mr Cnuck- 
shank to court over his 
approach to regulating the 
charges BT makes for carrying 
other operators’ calls. 

Gas prices have also fa ll en in 
real terms, by more than 20 per 
cent since the privatisation of 
British Gas in 1986. The next 
stage of regulation, opening up 


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The regulators of the UK's privatised utilities are 
feeling besieged. John Willman explains why 

Through gas and 
high water 



Regulators: Spottiswoode (top left) and her predecessor, McKinnon (below left); Sir Bryan Carsberg 
and Ms successor at Oftel, Crnlckshank (centre, above and below); Byatt (top right) and Uttlechild 


the industry to competition, is 
proving more controversial, 
however. One consequence of 
liberalisation could be differen- 
tial pricing, if charges rose for 
customers furthest from the 
North Sea gas fields. 

Before last week’s events, Ms 
Spottiswoode had incurred the 
wrath of opposition MPs for 
appearing with Mr Tim Eggar, 
energy minister, at the launch 
of the consultative paper on 
gas competition. “She has 
adopted a Thatcherite interpre- 
tation of competition that will 
lead to higher prices for con- 
sumers furthest from the 
points where gas comes 
ashore,” says Mr Peter Hztin. 
toe left-wing Labour MP, who 
advocates far-reaching changes 
to the regulatory system. 

In the water industry, prices 
have risen above the rate of 
inflation to finance modernisa- 
tion arid up water and 
beaches. There is also less 
scope to introduce competition 
to keep prices down. 

In the south-west of England, 
Conservative candidates are 
already blaming water price 


increases 80 per cent above the 
national average for their 
expected poor showing in next 
month’s European elections. 

Experiments in water meter 
ing, encouraged by toe regula- 
tor to curb demand in areas of 
toe country where supplies are 
under strain, have also proved 
controversial. The burden of 
metered charges fells more 
heavily on families, pensioners 
and low-income households. 

“It’s fflusoxy to believe that 
politics can be removed from 
the utilities,” says Mr Dieter 
Helm of Oxford Economic 
Research Associates. “They are 
central to file performance of 
the economy as a whole, there 
is a strong monopoly element 
and they have a large impact 
on living standards.” 

The impact of utility regula- 
tion on toe economy can be 
semi in the electricity industry. 
Prof Stephen littlechild, the 
regulator, refused to bait the 
expansion of gas-fired power 
stations, a development largely 
responsible for the sharp fall in 
demand for coal that has led to 
widespread pit closures. The 


decision is described by Mr 
Haiti as “an effective veto on 
coal”. 

"The idea that regulation is a 
value-free, technical exercise is 
nonsense,” he adds. “Regula- 
tors may hide behind the man- 
tle of competition, but they are 
right in the thick of political 
controversy.” 

The view that regulation is 
too important to be left to the 
regulators is increasingly 
heard in the City. Investors are 
concerned that the water and 
electricity regulators, who are 
cond ucting reviews, will crack 


chief executive of National 
Power, the privatised electric- 
ity generator, called for curbs 
on regulators’ power. Barclays 
de Zoete Wedd Investment 
Management and Prudential, 
the UK’s largest institutional 
investor, have urged water 
companies to appeal to the 
Monopolies and Mergers Com- 
mission rather than accept 
much tougher price limits. 


"The regulation of toe water 
and electricity Industries 
reflects toe personalities of 
their regulators,” says Mr 
Nigel Hawkins, utilities ana- 
lyst at HoareGovett 
“Mr Ian Byatt fOfwat regula- 
tor! is in favour of intensive 
regulation. He demands lots of 
tn fo rmatio n from toe water ) 
com p anies a nd has assembled « 
a massive database. Prof little, I 
child takes a free-market ’ 
approach [to the electricity 
industry] and believes in . 
profit He wants regulation to » 
be light-handed and therefore * 
q g i ra for relatively little infor- 
mation from toe companies.” 

There is also concern that 
regulators feel they must act 
tough. “Mr Byatt’s review of 
the price caps for water compa- 
nies will inevitably be judged 
by in-informed commentators 
an the number of cranpenfrs 
that squeal,” says Mr Robert 
fifiller-Bakewefl. water analyst 
at County NatWest “If none of 
than appeal to the MMC, he'll 
be seen as a wimp.” 

T hese differences in 
approach are an inevi- 
table consequence of 
toe way toe UK's reg- 
ulatory sys te m hands power to 
one individual, according to Mr 
Helm, “ff you give individuals 
great power, it will become 
intensely personalised. Just 
look at how different the - 
approach of Clare Spottis- 
woode is compared with her 
predecessor, Sir James McKin- 
non. Yet both were appointed 
under the same legislation. 

“A future Labour govern- 
ment could appoint someone 
rnmplately different who could 
overturn the system without 
further legislation." 

Such concerns have led to 
rimUar prescriptions from dif- 
ferent quarters. National Pow- 
er's Mr Baker, for example, has 
called for a common organisa- 
tion of regulators, to raise the 
quality of support staff and 
transfer experience between 
industries. Labour's Mr Hain 
makes a similar proposal 
Both also support the idea of 
defining more precisely the . 
role of fiie regulator ami the 


be more open to scrutiny. 

The only comfort for toe reg- 
ulators is that no one appears 
to want to return to the bad 
old days of Whitehall adminis- 
tration of the utilities. It is per- 
haps a compliment to their 
success that even the more 
radical voices in the Labour 
party would preserve the sys- 
tem of Independent regulation, 
albeit with greater accountabil- 


One cause of concern is regu- 
lators’ different .approaches. ity.toBarBaxuent 


down an price rises. 

In April, Mr John Baker, 


establishment of strategic 
plans for their industries. Both 
want the regulatory process to 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fex for finest resolution 


Integrated approach is the real 
innovation on competitiveness 


makes it dear that government 


le 

It 


Crimea's 
wishes must 
be heeded 

From Professor Lubomyr 
YLuduk 

Sir, Re “On the brink over 
Crimea" (May 24), Ukraine's 
borders are inviolable. But 
Ukraine does not necessarily 
covet Crimea. Russia does. 
Ukraine has said this territory 
belongs to its ori ginal inhabit- 
ants, the Crimean Tatars. 
Slaughtered and forcibly relo- 
cated during imperial Russian 
and. later, Soviet times, the 
Crimean Tatars have been wel- 
comed back to their ancestral 
homeland by the present-day 
Ukrainian government. They 
do no want Crimea to become 
part of Russia again. 

Why does your editorial fail 
to take into consideration the 
desires and aspirations of the 
native people of Crimea, while 
scolding Ukraine and, implic- 
itly, rationalising resurgent 
Russian imperialism? It is Rus- 
sia that is engaged in brink- 
manship and the west which 
appears intent on repeating the 
crimes of appeasement at 
Munich and betrayal at Yalta. 
That way lies war. 

Lubamyr Y Luciuk. 
professor of politics and 
economics, 

Royal Military College of 
Canada, 

Kingston, Ontario, 

Canada K7K 5LO 

Advanced 

banking 

From Mr Richard Barry. 

Sir, While it is encouraging 
to read of the progress in elec- 
tronic banking in Moscow 
(“Russian banking jumps the 
queue". May 24), I don’t think 
it is accurate to suggest that 
its system is ahead of the west 
We have had real-time banking 
in Ireland for about 10 years, 
allowing counter (card + PIN) 
and automated teller machine 
(ATM; transactions to be 
updated instantly. 

Irish ATMs are fluent in five 
languages (though not Rus- 
sian. yet) and many have col- 
our displays. The banking 
systems in several other EU 
member states are similarly 
advanced. 

Richard Barry. 

133 Merrion Village, 

BaUsbridge, 

IRL-Dubtin 4 


From Mr Dick Boons. 

Sir, Your editorial “A mani- 
festo for business” (May 25), 
commenting on the govern- 
ment’s white paper on competi- 
tiveness. welcomed some of the 
aspects of the white paper but 
in our view did not draw suffi- 
cient attention to the really 
important innovation con- 
tained in it This is that the 
white paper treats UK competi- 
tiveness as a systems issue and 
brings together in one stream 
of activity the things which the 


From Farhana Yamzn. 

Sir. Your leader, "The cost of 
saving energy” (May 25), foiled 
to spot the legally dubious rea- 
sons of Ms Clare Spottiswoode, 
Ofgas director-general, con- 
cerning the implications of 
price rises caused by energy 
efficiency expenditures. 

Your discussion about who 
should bear the "costs" of sav- 
ing energy makes the same 
illogical distinction between 
the treatment of expenditures 
on demand-side options (such 
as energy efficiency) and sup- 
ply-side options (like building 
transmission lines) that Ms 
Spottiswoode bas made. She 
has decided that the former 
should be seen as “taxes" or 
“levies" which she cannot pass 
through to consumers under 
her existing powers in toe Gas 
Act, while the latter are 
long-term investments prop- 
erty incurred for the benefit of 
all customers and thus to be 
paid for by all customers. 

This distinction ignores that 


From Mr Alexander Mum. 

Sir, Your report, “Lloyd's 
confident on solvency tests" 
(May 25) of the Lloyd's AGM 
referred to protests from the 
floor about Lloyd's alleged fail- 
ure in the early 1980s to dis- 
seminate information to 
Names about asbestos-related 
losses. 

It did not mention the 
repeated failure of chairman 
David Rowland to answer the 
most critical question arising 
from the allegations. There is 
documentary evidence which 
substantiates that it was 


whole of government and 
industry need to do. This con- 
trasts with the tradition that 
each department of state 
should pursue its own depart- 
mental view of what the UK 
economy needs. For instance, 
there is. for the first time, an 
integrated analysis of the 
impact of education and train- 
ing os competitiveness, as 
your editorial acknowledged. 

Moreover, the white paper 
does not just dwell on what 
companies should do - it 


supply-side expenditure may 
also benefit only a small num- 
ber of customers, or particular 
class of customers, such as big 
industrial users. Conversely, 
supplying loft insulation to 
prevent the need for transmis- 
sion lines in the first place 
may benefit all customers - 
whether or not afl receive loft 
insulation. Providing expendi- 
tures confer benefits an all gas 
customers, there is no justifica- 
tion for your suggestion that 
the costs of saving energy 
should be met by taxpayers 
rather than gas customers. 

By allowing a “pass 
through" element for energy 
efficiency expenditures, Sir 
James McKinnon, Ms Spottis- 
woode's predecessor, was act- 
ing within his powers to pro- 
tect the interests of consumers 
in respect of price. He also fid- 
filled his statutory duties to 
take into account the physical 
effects on toe environment. Ms 
Spottiswoode, possibly in viola- 
tion of her legal obligations, 


known to the then Committee 
of Lloyd's that enormous losses 
were in the pipeline. The ques- 
tion that was not answered 
was whether Parliament had 
been informed of these horren- 
dous impending losses before 
passing in July 1982 the 
Lloyd's Act, which conferred 
on Lloyd's the special privi- 
leges of self-regulation and 
immunity from being sued. 

It is clear that Parliament 
was not informed. The facts 
were concealed from MPs as 
well as from Names, and since 
It is inconceivable that the 1982 


and industry need to work 
together to improve our com- •' 
petttiveness Just as we see hap- 
pening in so many other coun- 
tries, ranging from the US to ' 
the newly industrialised coun- . 
tries. 

Dick Evans, 
chief executive, 

British Aerospace, 

Warwick Mouse, 

POBox'87, 

Famborough Aerospace Centre, 
Fambowugh, Bants GU14 6YU .-. 


appears to be unaware she 
even has such obligations. 

In cases of doubt, it is the 
rote of the judiciary, rather 
than Ms Spottiswoode, her prl- ; 
vate advisers or members of 
the House of Commons envi- 
ronment select committee, to 
define conclusively toe nature 
and extent of her regulatory 
powers. A judicial review 
would not only provide her 
-with the guidance she dearly 
needs, but also clarify for the 
benefit of present and future 
director-general of utilities 
watchdogs - Ofgas, Offer, Oftel 
and Ofwat - what their statu* 
tory duties are in respect of 
energy efficiency and toe envi- 
ronment 
Farhana Yamin, 
programme director, climate 
change and energy, 

Foundation for International 
Environmental Law and 
Development. 

SOAS, University of London, 

4647 Russell Square, 

London WCIB 4JP 


Uoyd's Act would ever have 
reached the statute book had 
Parliament been aware of the 
immense and un quantifiable 
losses faced by Lloyd's. _ it is 
difficult not to conclude that 
these unique privileges were 
acquired by. false pretences. 

Furthermore, Mr Rowland 
refused to make available the 
minutes of the Lloyd’s Audit 
Committee and the Asbestos 
Working - Party during the 
198082 period- - 
Alexander Mimn, 

The Cottage, 9 Crown Lane. 
Benson. Oxfordshire OXlQ 6LP 


Ofgas making illogical distinctions 


Critical question not answered by Lloyd’s 




, jnn a'Ai W J 



FINANCIAL TIMES 

Number One Southwark Bridge, London SEl 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Monday May 30 1994 


Bringing China 
into the Gatt 


By ending the link between 
China’s h uman rights behaviour 
and Its receipt of most-favoured 
nation trading status. President 
Clinton has opened the way for a 
more fruitful relationship between 
Washington and Belling, as well 
as between the west and Asia. 
With the MFN ritual now appar- 
ently abandoned, all sides must 
work to make China a full, open 
and fair player in world affairs. 
The framework for this participa- 
tion will be set by the terms of its 
entry into the General Agreement 
on Tariffs and Trade (Gatt). 

Mr Clinton's decision was cor- 
rect It is not that trade sanctions 
are necessarily inappropriate Cor 
human rights abuses. On the con- 
trary, It is reasonable to appraise 
the use to which countries are 
putting trade privileges, as well as 
considerable flows of foreign 
money In export proceeds, loans 
and investments. But each case is 
different 

For China, the influx of foreign 
capital and ideas is a force for 
good. Helping to support reforms 
which have brought greater pros- 
perity and economic choice to 
most Chinese, it is their best hope 
for obtaining wider freedom by 
orderly means. Isolation of China 
through MFN withdrawal would 
have been a severe blow to reform. 

Those are the principles. But of 
course pragmatism also played a 
large role in Mr Clinton's embar- 
rassing climbdown from the 
human rights conditions which he 
set a year ago for MFN renewal 
The threat was too blunt and too 
self-damaging a weapon to be 
effective, imposing as it did a 
timetable that was not likely to 
win the co-operation of those in 
Beijing who were supposed to 
meet It 

Economic dynamism 

Had MFN been withdrawn, 
American companies would have 
lost out to their international com- 
petitors in terms of investments, 
markets and broad strategies in 
the region. The resulting deterio- 
ration of Sino- American relations 
would also have weakened US 
efforts to forge -greater trans- ~ 
Pacific co-operation, since most of 
Asia would have sided with China. 

Rather than creating friction, 
the aim must be to build relation- 
ships which recognise the extraor- 
dinary economic dynamism of 
Asia, and to do whatever is possi- 


ble to ensure that it develops in 
partnership with, rather than in 
opposition to, the west 

The west needs China to play a 
full role in international affairs, as 
a permanent member of the UN 
Security Council with an Influen- 
tial rote among developing coun- 
tries. With its economy and trade 
growing so fast China must also 
be an open and fair trader. 

Fragile relationship 

So the initial foundation of Chi- 
na's enhanced rote In the world 
will be the protocol covering its 
accession Into Gatt or the succes- 
sor World Trade Organisation. 
Gatt entry will serve another 
important purpose, since China’s 
participation in the world econ- 
omy win be based on a contract 
with all trading partners. The 
excessive burden currently placed 
on an evidently fragile Sino- Amer- 
ican relationship will be reduced. 

It will be a tall order to agree 
China’s accession to Gatt this 
year, before the WTO takes over. 
Though Investigations have been 
under way for seven years, the 
Gatt working party is still con- 
cerned to understand exactly bow 
the Chinese economy works. 
Negotiators need to be sure that 
China’s trade policies are fair and 
uniform - difficult when there are 
so many special zones offering dif- 
ferent incentives - and that the 
operation of state-owned enter- 
prises is open, particularly the 
subsidies which they receive. 
These Issues will form the basis 
for other countries' ability to com- 
pete with China. China’s entry 
needs to be treated with urgency, 
but not rushed through. 

Gatt membership leaves coun- 
tries free to take action against 
objectionable practices such as the 
export of prison-produced goods. 
In this area in particular, govern- 
ments - hitherto excessively 
relaxed - should stiffen their 
efforts to curb China’s abuses. 
Pressure over human rights issues 
must form an important part of 
the full and broad engagement 
with Beijing which should follow 
Mr Clinton’s decision. It may be 
more effective than a threat which 
has achieved the release of a few 
dissidents before each deadline. If 
the opportunities afforded by the 
change of US policy are seized, it 
will be to the benefit of the west 
as well as of the Chinese people as 
a whole. 


The pursuit of 
the millennium 


The appointment of nine 
millennium co mmissio ners to help 
the UK celebrate the year 2000 has 
not exactly caught the nation’s 
attention. The man or woman on 
the Clapham omnibus would have 
great difficulty in saying what 
they were for, let alone naming 
any one of them. Yet these nine 
commissioners will be responsible 
for spending almost £2bn of public 
money over the next seven years. 
The manner of their cho osing and 
the way in which they propose to 
discharge their task reflect much 
that is tired about British public 
life. 

First, their choosing. They have, 
in the time-honoured way, been 
appointed by the crown on the 
recommendation of the prime min- 
ister. Like the membership of a 
royal commission, they have been 
selected to represent as many 
interests as possible. The Cabinet 
Office list of the great and the 
good has been raided once again. 

There is a Scot whose father is 
the largest landowner in Britain. 
Hr Simon Jenkins, the distin- 
guished journalist of Welsh 
extraction, will guard the Interests 
of Wales. From Northern Ireland, 
there is a businessman who was 
Olympic bobsleigh gold medallist 
in 1964. A property developer rep- 
resents the north of England. 
There are two women (one from 
an ethnic minority) and a bosi- 

nessman-cum-quangocrat nomi- 
nated by the leader of the opposi- 
tion. The team is completed by Mr 
Michael Heseltine, the trade and 
industry secretary, and Mr Peter 
Brooke, the national heritage sec- 
retary who chairs the commission. 

No visionaries 

These are not the visionaries 
who might bring original insights 
to the celebration of the millen- 
nium- Yet they will spend a fifth 
of the proceeds of the new 
national lottery, predicted to total 
about £Sbn over seven years. With 
more than £250m a year at their 
disposal, the commission will 
enter the FT Top 40 quangos at 
around 22nd place. like thousands 
of other government nominees on 
quangos who dispose of more than 
a fifth of public expenditure, the 
commissioners will be accountable 
only to Whitehall 

The procedures they are to 
adopt for deciding how to spend 
these considerable sums conveys 


an uncomfortable sense of ennui 
The commission will consult the 
wider world through a series of 
regional meetings with “opinion- 
formers”. The composition of 
those groups can only be guessed 
at. But it is unlikely that they will 
produce the surge of popular 
enthusiasm that would generate 
proposals capable of leaving a 
mark on history or inspiring 
national renewal 

Worthy projects 

Already there is a queue of wor- 
thy projects building up for a 
share of the funds. In London, the 
Royal Opera House, Covent Gar- 
den, the South Bank Centre and 
the Tate Gallery are all looking for 
substantial sums. A South Ken- 
sington consortium including the 
Royal Albert Hall, the museums 
and Imperial College, is competing 
for money to turn this well-heeled 
London district into an arts and 
education centre. Outside the capi- 
tal there are proposals for a Gal- 
lery of Scottish Art, a sports arena 
in Manchester and an opera house 
for Cardiff 

Such projects should be ruled 
out if only because they are 
already eligible for a share of the 
other four-fifths of the lottery pro- 
ceeds - to be divided between the 
arts, sport, charities and the 
national heritage. The millennium 
fond should be used for something 
more exciting, to make a marie on 
the national consciousness. The 
money could be used to create a 
scheme to give every young per- 
son an opportunity to live in 
another European country for a 
month. Or, following Keynes’s 
suggestion, part of it might be 
buried in the ground for people to 
find through herd work. 

But the decision should not be 
made by such a narrow group of 
individuals. The commissioners 
should conduct polls, surveys and 
other exercises to search out new 
ideas. If the nation will be riveted 
to Its sofas for the weekly national 
lottery draw on television, the 
occasion could be used to present 
and debate more ambitious ideas. 
Viewers in their tens of thousands 
already use their telephones to 
vote in TV talent contests and to 
decide which celebrity should be 
dipped in a gunge-tank on prime 
time variety shows. No less is 
needed in celebrating this unique 
opportunity. 


The IRA’s search 
for Irish- 
American 
support makes it 
more vulnerable 
to demands from 
the US that it 
end violence, says 
Jimmy Burns 

B ill Clinton knows how 
to hold a party. On 
March 17, St Patrick’s 
Day, the US president 
played host to a gather- 
ing at the White House which those 
attending will not easily forget The 
guest list led by Irish Prime Minis- 
ter Albert Reynolds, included US 
trade union leaders, presidential 
advisers, human rights lawyers, 
businessmen, congressmen and sen- 
ators. All were drawn by enthusi- 
asm for America's Irish heritage. 

The evening underlined Clinton’s 
own interest in Irish affairs. He was 
meeting the challenge laid down by 
Reynolds, that as “political leaders, 
we must show daring as never 
before ... in bringing about the goal 
of peace”. 

Among those attending was a 
leading Irish American business- 
man Don Keough, the former head 
of Coca-Cola. Commenting on the 
significance of the evening for Irish 
Americans. Keough said ’TPs like 
the end of a journey. We all had a 
feeling of finally arriving." 

There Irish razzamatazs 

in the White House before. John F 
Kennedy held some cultural soitees, 
and Ronald Reagan entertained Tip 
O'Neill the legendary speaker on 
Capitol HilL But never had the invi- 
tation list been so long, never had 
the evening been so political In its 
scope, drawing in many of those 
interested In that most touchy of 
Irish subjects, Northern Ireland. 

As Clinton himself later boasted, 
the last time the White House had 
hosted a comparable party was 
under “Old Hickory” Andrew Jack- 
son, the first Irish American to he 
voted in as president. 

So who has arrived and where? 
On the basis of blood alone, Clinton 
is not a natural player in Ameri can 
ethnic politics. Mudi as he might 
have proclaimed his Irish roots dur- 
ing his presidential campaign, these 
are not particularly deep or immedi- 
ate. One theory is that his maternal 
ancestors, the Cassidys, settled in 
South Carolina in the 17th century, 
Protestant emigrants from Ulster. 

This is hardly the stuff of Irish 
nationalism, but it was enough for 
the Clinton presidential campaig n 
to set up Irish liaison groups and to 
garner as many votes as Kennedy 

did among Irish- Americana . 

In return, Clinton promised the 
earth - or so It seemed to those 
Irish republicans who had long 
sought to draw the US into playing 
an active role in Northern Ireland. 
The “earth" was Clinton's promise 
to send a presidential envoy to sort 
out the mess in Belfast 
Since becoming president Clinton 
has put the envoy idea on the back- 
burner. But his decision in Febru- 
ary to grant a visa to Gerry Adams, 
the Sinn F§in president against the 
advice of state department officials 
and UK government objections, 
seemed to presage a new activism. 

To Irish-Americans such as Nlall 
O’Dowd, editor of New York's Irish 
Voice, a newspaper for Irish 
Americans, Clinton has shown not 
only that he has a grasp of Irish 
Issues, but that he can deliver on 
them. “Under Clinton, Irish- 
Americans have been allowed and 
encouraged unprecedented access to 
key White House officials.” 

Tbe visa decision brought to the 
surface British nervousness about 
Clinton's attitudes on Northern 
Ireland, particularly that the IRA 
was about to get a pat on the back. 

But the visa was never intended 
as an endorsement, nor did it turn 
out that way. So says Nancy Soder- 
berg, a senior member of the US 
National Security Council, who 
helped persuade Clinton to grant it 
Ms Soderberg is a self-assured, 
young political operator who, as a 
former foreign affairs adviser to 
Senator Ted Kennedy, spent years 



suburb where ?£ 

now outnumbered by L 

Americans, and 

pairing is more common than Iris 


Ballot blarney 
before bombs 


listening to tire debate over North- 
ern Ireland. She believes Clinton Is 
committed to conflict resolution, as 
a facilitator rather than intervener. 

"We wanted to expose Adams to 
American opinion that is opposed to 
violence and try to reach out in 
favour of moving the peace process 
forward," she says. 

Clinton's record in conflict resolu- 
tion elsewhere Is not sparkling. But 
his aides believe a helping hand 
from the White House - drawing on 
the support of most of the 44m 
Irish-Americans - could bolster the 
Irish peace process, widely viewed 
as irreversible. 

The man who invited Mr Adams 
to the US, Bill Fiyn, hardly fits the 
picture of the republican hard nut 
depicted by the British tabloid 
press. He is president of Mutual of 
America, one of the biggest insur- 
ance companies in the US, with offi- 
ces on New Yolk’s Fifth Avenue, a 
prime mid-town location. 

Until seven years ago, Fiyn, a 
third-generation Iris h-Ameri can 
with a sentimental attachment to 
things Irish, steered clear of politi- 
cal Involvement in Northern 
Ireland. Then one day. a group of 
IRA sympathisers from the North- 
ern Aid Committee (Noraid) - the 
group once described by British and 
Irish authorities as the main vehicle 
in the US for funds and arms to the 
IRA - came to his offices and asked 
him to give to the Irish republican 
cause. "I told them I couldn’t do it. 
So they said: "Now look here, Fiyn, 
if you believe in a united Ireland, 
what the hell are you doing about 
it? They made me feel like a draft 
dodger,” he recalls. 

So Fiyn became involved not in 
Noraid but in the Northern Ireland 
Peace Movement, which is opposed 
to IRA violence. He subsequently 
joined a number of business groups 
which work closely with the British 
and Irish governments to promote a 
stable Northern Ireland through 
informal mediation and Increased 
investment. His reaction to the 
Anglo-Irish joint declaration in 
December last year, which seeks to 
establish a basis for peace In the 
province, was enthusiastic. 

"It was a fine declaration and I 
took my hat off to John Major and 
Reynolds. It was a breakthrough," 
says Fiyn. 

It was in this spirit that Fiyn 


Invited Adams in February to speak 
at a conference on the future of 
Northern Ireland - which sparked 
off the visa row. “I wanted to help 
the process towards peace,” says 
Fiyn. He believed then, and still 
believes, that for from promoting 
the IRA's armed struggle, the 
Adams visit strengthened the hand 
of moderates in the republic move- 
ment and exposed republican hard 
liners to the moderation of most 
Irish-Americans. He has no regrets 
about the invitation. 

Drawing on his contacts in the 
Irish republican movement, Fiyn 
says: “I think the Adams visit 
achieved more in 48 hours than 20 
years of violence did. Hie realised 
that. If he was to make progress, it 
would have to be through dialogue 
and not through the bullet” 

The majority of senators and 

American- style Irish 
patriotism was once 
described as a 
‘windbag or a 
phantom, the 
laughing stock of 
sensible men 1 

congressmen who hacked the 
Adams visa also say they did so not 
as a sign of support for IRA vio- 
lence but to achieve peace. The 
group includes congressman Joseph 
Kennedy, nephew of former Presi- 
dent Kennedy, son of former attor- 
ney-general Robert Kennedy, and a 
rising political star on Capitol Hill 
Six years ago the young Kennedy's 
tour or Northern Ireland drew the 
wrath of the UK tabloid press when 
he got into an argument with a Brit- 
ish soldier and told him to get out 
of the six counties. 

Kennedy, who represents Boston, 
which has one of the largest Irish 
communities in the US, is now 
defensive about his reputation as a 
leading critic of Britain's military 
presence In Northern Ireland. 
“Whatever [sectors of the British 
media] may think, I am not pro- 
IRA,” he says. 

Despite his continuing sympathy 
with the republican ideal of a 
united Ireland, Kennedy says: ”1 
have never met with the TRA 


although I have urged them to lay 
down their arms. Given my family's 

hlStOiy of anawinatinn | hOW COUld 

I possibly condone the use of a gun 
to make a political point?” 

On the Ifill the one person who 
speaks out unflinchingly and often 
in defence of the IRA is Peter King, 
a Republican congressman for Nas- 
sau, New York state. 'Hie son of a 
New York policeman of Irish 
descent. King says he supports the 
IRA out of personal conviction, hav- 
ing been converted to the cause 
after Bloody Sunday in 1972, when 
British paratroopers shot dead 13 
civilians in Northern Ireland. - 

While King has few supporters 
among congressmen or in his con- 
stituency, he personifies a senti- 
mental loyalty to the Irish republi- 
can cause as well as the 
anglophobia which dates from the 
1840s, when the first flood of Irish 
Immigrants came to America after 
the Irish faminw 

This patriotism - American-styie 
- was once described by James 
Stephens, the Fenian leader, as a 
"windbag or a phantom, the 
laughing stock of sensible men and 
the El Dorado of fools ... speeches 
of bayonets, gala days and jolly 
nights, banners and sashes . . . bun- 
kum and fulsome filibustering”. 

It sprang from ethnic Insecurity 
and a sense of profound powerless- 
ness as poor Catholic immigrants 
tried to forge an identity in a coun- 
try settled by Puritan colonists. 
From tbe early 1970s, it became a 
source Of fimds and guns for the 
IRA as Irish-Americans, mindful of 
the civil liberties *roihrinfld in the 
US constitution, protested against 
what they considered human rights 
violations against ' Northern 
Ireland's Catholic minority. 

One of the Irish-Americans deeply 
embedded In republican folklore is 
Michael Flannery, founder in 3969 
of Noraid. Flannery fought in the 
IRA’s North Tipperary brigade 
before emigrating to the US after 
partition In 192L There, Flannery 
and a few friends set out to radical- 
ise some of the social clubs catering 
for Irish expatriates. 

Today, aged 92, poor, lonely and 
suffering from arthritis, Flannery 
personifies the romance and the 
limitations of Irish republicanism in . 
the US. Hie lives with Us memories 
in Jackson Heights, a New York 


epuoucan rBra t\ s 

. tannery chuckles as ^recalls 
how In 1982 he was acquitted 
.raising 916,800 for the 
supplying rifles to the IRA. ™ 

prosecution coUapsed a^^^^ 

lawyers uncovered 

embarrassing connections hetweai 

the arms dealers and the ua- 
-They never proved we were financ- 
ing the IRA,” Flannery wys- - 
Flannery left Noraid in the late 
1980s after the organisation split 
• over whether Sinn FSin and the IRA 
should continue abstaining uom 
politics in the south of Ireland. 
Those who remained In Noraid sup- 
ported political involvement in the 
south, alongside armed struggle to 
the north. Flannery rejected politi- 
cal involvement But he remains 
wwwmittAi! to the armed struggle as 
the mftans to achieve one state on 
tbe island of Ireland. 

Noraid’s current: chief, the much 
younger Martin Galvin, works from 
a lawyer's cramped office in New 
York’s Bronx area. Galvin insists 
Flannery jumped ship unnecessar- 
ily. "He thought we were going 
away from republican principles - 
that the armed struggle would be 
wound down. The last eight years 
have proved that these [fears] were 
not justified.” 

Y 'et Flannery is not alone 
in thinking 'that Noraid, 
for all its rhetoric, has 
gone "soft”. Tbe FBI and 
British intelligence 
believe Norzdd's fund-raising abili- 
ties have diminished - down to less 
than $200,000 a year from dose to 
flm in the early 1980s. Ttds is the 
result of splits in the movement, 
recession, FBI infiltration, and bet- 
ter information being made avail- 
able about Northern Ireland. 

There Is now evidence that 
Noraid no longer represents the 
hardest line among Irish- 
Americans. At a ticket-only banquet 
held by an offeboot of the organisa- 
tion, called Friends of Irish Free- 
dom, in South Boston this month, a 
keynote speech by Tommy McKear- 
ney, a former IRA member who 
served 15 years for shooting a Brit- 
ish soldier, rejected The joint decla- 
ration outright. He was warmly 
received by 200 peiqde from the Bos- 
ton unit of the organisation when 
he said Getry Adams shook! : insist 
British troops got- out .of Northern 
Ireland before further negotiation, 
or hand over the Shm Ffctn leader- 
ship to somebody else. 

Though the Friends represent 
. only a small .'minority', of Irish- 
Americans, they might be a source 
of support four a reconstituted armed 
struggle if some militant Irish 
republicans were to end violence 
in response to the joint decla- 
ration. 

Despite divisions among Irish 
republican supporters, US interest 
in Northern Ireland seems certain 
to increase in earning weeks. Bars 
in New York, Chicago and Boston 
are gearing up with sweatshirts, 
stickers, baseball caps and advance 
block bookings for matches, as they 
await the arrival of the Irish World 
Cup football team and Us support- 
ers. The turnout will represent the 
biggest single instance of Irish 
immigration, albeit temporary, 
since the fomine. And some bars 
will, no doubt, be collecting for the 
IRA. 

The earlier Irish migration sprang 
from suffering arid fostered - a 
romantic sense of Irish history 
which militant republicans have 
bear able to translate into money 
for guns. While those first Irish 
immigrants clambered on to Ameri- 
can shores as supplicant refugees, 
today’s festive Irish tens win find a 
community of Irish cousins who 
have themselves "arrived”- and are 
now finding their voice around a 
new US presidency. 

It is not the type of community in 
which the IRA can take for granted 
support for its campaign of vio- 
lence. Numbering about five times 
as many Irish men and . women as 
live in Ireland, north and south, the 
community’s politics is informed by 
moderation. As Bill Ftyn puts it: "I 
think the real power of 44m Irish 
Americans has been awakened. It’s 
available to anyone who wants to 
be a peacemaker.” 

Step, up, President Clinton. 


Observer 


Ms liberty 
gets a rival 

■ China is on a bit of a roll at the 
moment Last week the US 
abandoned attempts to Unh China’s 
trade status with human rights. 
Now Shanghai wants to erect a 
bigger and better version of New 
York's Statue of Liberty. 

It is only five years since some 
of China's "huddled masses 
yearning to breathe free” were 
massacred at Tiananmen Square, 
so it seems a bit rich to erect a 
monument celebrating liberty. 

However Shanghai, which has 
soaring ambitions as a financial 
and trade hub, wants to mark the 
turn of the century with an 
eye-catching sculpture. Whether 
it will be on Chongming Island at 
the mouth of Yangtze, or 
Wusongkou island, hasn’t been 
fixed yet 

What’s not in dispute Is that it 
will be 118m tall compared with 
Miss Liberty who is 92m tall if she 
stands on her pedestal 


Summer break 

■ Pack up your sunglasses and 
beach towels. Bill Foggitt the 
81-year-oM Thfrsk weather sap, 
says the spring bank holiday is 


going to herald a warm spell that 
should last all summer long. 

May was colder than usual with 
the odd ground frost, he said. The 
frogs felt confident enough this 
year to lay their eggs at the edge 
of his neighbour's pond. Dry springs 
are ensured when the spawn 
appears out in the middle. 

The swallows arrived early, 
always a good sign, and the oak 
was out before the ash, an essential 
for a fine s ummer . 


Early birds 


■ Hands up all those British 
company chairmen who leave their 
Rollers in the company car pool 
so that they can avoid being taxed 
on the personal benefit? 

Lucky they don’t have to live 
in the US. where a new law requires 
that taxes must now be paid on 
subsidised car parking. Sounds 
an excellent way of making sure 
that the top brass gets Into the 
office before tbe troops. 


Casing the joint 

■ The jockeying for power at 
Newspaper Publishing; owner of 
the Independent, continues apace. 
Sergio Cellini 38. who looks after 
corporate strategy for LTSspresso. 
the Indy’s Italian shareholder, has 



underpressure?' 

been appointed an executive 
director of Newspaper Publishing. 

Since virtually everybody else 
on the board is nonexecutive, 
Cellini will be In a powerful 
position In a company which 
doesn’t have a chief executive. He 
will be responsible for managing 
those activities not contracted out 
to the Mirror Group Newspapers, 
such as printing arid marketing. 

One school of thought suggests 
that he has been imported to keep 
an eye on Cornel Riklin, 38, the 
Swiss whiz kid put on the 


Newspaper Publishing board by 
MGN*s David Montgomery. Both 
went to US business schools and 
are ex-managemant consultants. 
However, a more likely suggestion 

is that C fllHnl has hn*m htvmgh* 

in to keep an eye on Andreas 
Whittam Smith, the founder, 
editor-in-chief and chairman of 
Newspaper Publishing. 


Heavy going 

■ Interest in the OECD 
secretary-general stakes is hotting 
up ahead of next week’s annual 
meeting of the Organisation for 
E conomic firmpp rafinn pnd 
Development 

It is unclear whether the winner 
will be announced at the meeting 
or whether the race will be 
extended. But students of racing 
form believe that Jean-Claude Pays, 
the current secretary-general lies 
well back in the field while Lord 
Lawson, the former British 

chanca ll n r nf the prrhpqiTOT- has . 

been catching up fest on Don 
Johnston, the North American . 
favourite. 

However, Johnston's trainer,- 

fVinnda '^.Frtr mgn Affair s . 

department, desperate to disprove 
gossip that Johnston Is finding Jt 
heavy going, has been circulating 
a 14-page collection of Johnston's 
thoughts. These include extrac ts 


from his memoirs. Up the HU], and 
gems from a recent speech to the 
Ontario Sewer and Watermain 
Contractors' Association. 


Nuts 

■ The polluter must pay. And so 

say an of us. Last week, Petrobris, 
Brazil’s state oil company and ona 
of the most inefficient in South 
America, was blamed for an oil 

spill which polluted 18 beaches 
along the SSo Paulo coast It was 
the second worst on record, 
according to the envittmmentallsts. 

- Cetesb, an environmental agency 
sprang into action and announced ' 
that Petrobrfis was to pay double 
the m a xim um fine, since It was 

by no means Us first offence. But 

- and such are the joys of inflation 

- what .was a daunting sum in 1991 

now amounts to Just *2. Less than 

the cost of a cup of coffee. 


ITV franchise holders 
by last week's review 

Independent TelevfeU 

Commission- r amfaHt 
of an old definition: 


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Hungary’s ex-communists 
poised to resume power 


By Nicholas Denton In Budapest 


Former communists are poised to 
regain power In Hungary after 
scoring an overwhelming victory 
in yesterday’s second and deci- 
sive round of parliamentary ejec- 
tions. 

The Hungarian Socialist party, 
having won 33 per amt of the 
vote on May 8. extended its 
strong first-round lead and was 
last night within grasp of an 
absolute majority of seats, which 
bad been feared by the business 


and diplomatic communities. 

An exit poll showed the Social- 
ists performing better than 
expected and projected the party 
as taking 208 of the 386 seats in 
the new parliament That would 
enable it to govern without the 
moderating influence of a coali- 
tion partner. 

The electorate has apparently 
forgiven a party discredited by 
its origins in the communist 
regime. 

Hungary joins Poland and 
other east European countries 


where economic hardship has 
pushed voters back into the 
embrace of revamped commu- 
nists. 

In yesterday’s vote, the Social- 
ists appear to have relegated the 
Hungarian Democratic Forum, at 
present the largest party in the 
parliament, to a h umili ating 
third place with an estimated 34 
seats, down from 165 In 1980. 

The Socialists have said they 
will invite the Alliance of Free 
Democrats, the liberal party 
placed second with a projected 75 


seats, to join a coalition govern- 
ment. 

However, the Free Democrats 
declared that an absolute Social- 
ist majority would all but pre- 
clude their participation in a 
coalition in which they would be 
dispensable allies. 

Western business people and 
diplomats have favoured Free 
Democrat involvement as a guar- 
antee that the Socialists would 
stick to their commitment to free 
markets and integration with the 
west 


Tapie to challenge 
bank on debt deal 


By Alice Rawsfftom in Paris 


Mr Bernard Tapie, the French 
politician and businessman, has 
promised to challenge Credit 
Lyonnais today by launching a 
legal action to overturn the 
bank’s decision to ter minat e his 
five-year debt repayment agree- 
ment. 

The court case is an attempt by 
Mr Tkpie. whose Energie Radi- 
cale movement is riding high in 
the polls on the eve of the Euro- 
pean elections, to prevent Crtklit 
Lyonnais from demanding the 
immediate repayment of a large 
portion of his FFrL2bn (8200m) 
loans. 

Credit Lyonnais sent a bailiff 
to Mr Tapie's Fads town house 10 
days ago to serve notice that it 
was revoking an agreement 
signed in March giving him five 
years to repay his debts. The 
bank stepped up the pressure last 
week by demanding that Mr 
Tapie repay FFr45Gm by next 
Thursday, and at the weekend, it 
took out a seizure order over 
FFrlOGm of cash held by one of 
his companies. 

Mr Tapie has suggested the 
Credit Lyonnais demands are 
part of an establishment plot 
against him. He said at the week- 
end his lawyers would take out a 
court order to force the banks to 
abide by the original five-year 
agreement 

Ciddit Lyonnais is trying to 
clean up its loan book as part of 
the FFr44.9bn government- 
backed rescue package orches- 


trated by Mr Jean Peyrelevade, 

its new r-hgfrmam The hank sayS 

the move against Mr Tapie 
reflects concern about his finan- 
cial state and the risk of claims 
from other creditors, notably the 
tax authorities, which are inves- 
tigating the purchase of the Pho- 
eda, his luxury yacht 

However, associates of Mr 
Tapie yesterday dismissed the 
bank’s position as “totally unjus- 
tified". 

The confrontation comes dur- 
ing Mr Tapie’s campaign for the 
European elections, but, so for. 
the legal and financial threats 
appear to have have boosted his 
popularity. 

His populist Energie Radicals 
movement still commands about 
10 per cent support for the elec- 
tions and he is now the leading 
left-wing contender for next 
spring’s French presidential vote. 

An opinion poll in yesterday's 
Journal du Dimanehe newspaper 
puts Mr Tapie in third place for 
the presidency with 10 per 
cent support, ahead of Mr Jac- 
ques Delors, president of the 
European Commission, and Mr 
Michel Rocard, the Socialist 
leader. 

The only contenders ahead of 
Mr Tapie are Mr Edouard BaDa- 
dur, centre-right prime minister, 
with 19 per cent, and Mr Jacques 
Chirac, conservative mayor of 
Paris, with 13 per cent But Mr 
Tapie shares first place with Mr 
Balladur among voters aged 18 to 
30, among whom both men have 
16 per cent support 




Gyula Horn of the Hungarian Socialist party votes in the second 
round of the parliamentary elections. Mr Horn is wearing a brace for 
his neck, which was injured in a car crash ne&wmoc*»dPi*M 


Ups and downs of world 4 s tallest coaster 


By Alison Maitland in London 


There were more red faces than 
white knuckles in Blackpool. 
Britain's leading resort, when the 
world’s “tallest, fastest and steep- 
est" roller-coaster came to a halt 
during Us public debut 

The stoppage, on Saturday, 
stranded 30 members of the roll- 
er-coaster's fan club two thirds of 
the way up the 235-ft-high ride, 
was apparently caused by an 
oversensitive computer control- 
ling the trains. 

“We don't know exactly why 


the computer stopped the ride," 
said Ms Helen O'Neill, public 
relations director for Blackpool 
Pleasure Beach, the amusement 
park that features the 85 mph 
roller-coaster. “It’s so good that 
it’s over-efficient.” 

The 30 stranded passengers - 
"most” of whom remained uncon- 
cerned - were brought down the 
ride’s 65-degree drop after 10 min- 
utes and given champagne. But 
thousands of people who bad 
been queueing for IK hours had 
to be turned away while engi- 
neers checked for faults. 


“We investigated for two hours 
to see if there was anything at all 
to make it stop," said Ms O'NeflL 

"We haven't discovered any- 
thing untoward." The roller- 
coaster, was operating normally 
yesterday. 

The roller-coaster, built with 
2,600 tonnes of galvanised steel, 
is named Pepsi Max Big One 
under a Elm sponsorship 

deal with Pepsl-Cola Internation- 
al’s sugar-free cola drink. 

The ride was designed by 
Arrow Dynamics of Clearfield. 
Utah. Its president, Mr Ron 


Toomer, suffers from motion 
sickness and sticks to designing 
roller-coasters by computer 
rather than riding on th em. 

The Thompson family, which 
owns the 42-acre amusement 
park in Blackpool and paid £12m 
for the Big One, will keep its fin- 
gers crossed that there will he no 
repeat of the stoppage when the 
holiday crowds arrive today . 

Tomorrow they will be calling 
on their Utah consultants to 
investigate more fully. “Well be 
asking them if there's any nay of 
toning the computer down." 


FT WEATHER GUIDE 


Europe today 


1010 %. lOOO 


v‘ 'i 6 1 6 3* i oao V . ; v ;' ; 


A ridge of high pressure will promote dry and 
cod conditions In most of western and 
northern Europe. Scotland and Norway will 
become cloudy later on. Southern parts of 
the British Isles, the Low Countries, Germany 
and Poland win see some sunny spells with 
afternoon temperatures between 1 5C-20C. 
The Alps will have a few showers while the 
Balkan states and eastern Europe will 
experience outbreaks of rain. Tropical heat 
from Africa will slowly expand over southern 
Europe. Inland areas of Spain will have 
t em per a tures above 3QC with thundery 
showers in the late afternoon and evening. H 
will continue to be sunny and quite warm In 
Italy and the southern parts of Greece. 






Five-day forecast 

Western Eurppe will become much warmer 
for a short time. The heat from Spain will 
spread to France on Tuesday and the Low 
Countries on Wednesday and Thursday. At 
the same time much cooler air from the 
Atlantic wfll spread Into the UK and western 
France causing an outbreak of thunder 
storms over Benelux and France. Eastern 
Europe wffl stowty become warmer, with high 
temperatures by the weekend. 




.4— yy } 


^ 80 fc 






Warm from Cold front ^ Wind apewd in KPN 


TODAY'S 7EMPCRATUH8S 


Situational 72 GMT. Temperatures maximum far day. Forecasts by Mateo Consult of the Netherlands 


Maximum Beijing 
Celsius Belfast 

Abu Dhabi sun 37 Belgrade 

Accra for 32 Berth 

Ajgtera (air 34 Bemuda 

A m ste r da m dandy 13 Bogota 

Athens sui 31 Bombay 

Atlanta shower 28 Bruaaeta 


Athens 

Atlanta 

S.AJrat 

Rham 

Bangkok 

Barcelona 


far 15 Budapest 

fair 18 Cjiagen 

thund 34 Cairo 

Mr 27 CapsTowm 


33 

Caracas 

cloudy 

30 

Edinbugh 

15 

Cardiff 

fair 

17 

Faro 

28 

Casablanca 

sun 

23 

Frankfurt 

16 

Chicago 

shower 

28 

Geneva 

28 

Cologne 

Cloudy 

18 

Gibraltar 

19 

Dakar 

fab- 

26 

Glasgow 

32 

Oates 

fair 

31 

Hamburg 

15 

DsM 

sun 

44 

Helsinki 

23 

Djakarta 

fair 

32 

Hong Kong 

18 

Dubai 

sun 

35 

Honolulu 

35 

Dublin 

fair 

16 

Istanbul 

18 

Dubrewr* 

fa fr 

30 

Jersey 


Lufthansa Express. 

The best connection in Germany 


<7 Lufthansa 

German Airlines 


Karachi 
Kuwait 
(_ Angelas 
Las Palmas 
Lima 
Lisbon 

London 

Lucboug 


cloudy 

17 

Madrid 

sun 

30 

Rangoon 

cloudy 

32 

sun 

25 

Majorca 

far 

32 

Reykjavik 

shower 

10 

cloudy 

18 

Malta 

sun 

32 

R» 

for 

25 

shower 

22 

Manchester 

for 

17 

Rome 

fair 

26 

sun 

28 

Manfla 

cloudy 

33 

S.Frsco 

for 

21 

cloudy 

17 

Melbourne 

fair 

20 

Seoul 

for 

25 

cloudy 

15 

Mexico City 

few- 

27 

Singapore 

for 

31 

feb 

14 

Miami 

fair 

31 

Stockholm 

fgjf 

13 

fair 

29 

MKan 

fair 

28 

Strasbourg 

cloudy 

19 

shower 

30 

Montreal 

shower 

20 

Sydney 

Mr 

22 

sun 

28 

Moscow 

shower 

19 

Tangier 

nm 

24 

fair 

15 

Munich 

cloudy 

J7 

Tel Aviv 

sun 

32 

sun 

35 

Nairobi 

shower 

25 

Tokyo 

doudy 

21 

sun 

44 

Naples 

for 

30 

Taranto 

shower 

26 

Mr 

22 

Nassau 

shower 

31 

Vancouver 

shower 

17 

fair 

24 

New York 

sun 

27 

Venice 

lair 

25 

for 

21 

Nice 

few 

2£ 

Vienna 

fab 

23 

Sun 

22 

Nicosia 

sun 

31 

Warsaw 

for 

16 

fob 

17 

Oslo 

for 

19 

Washington 

sun 

29 

dowdy 

16 

Parts 

fab- 

17 

Wellington 

for 

15 

shower 

23 

Perth 

shower 

16 

Winnipeg 

shower 

19 

fair 

21 

Prague 

far 

16 

Ziilcti 

doudy 

19 


THE LEX COLUMN 


Equity debate still opaque 


The debate over whether UK equity 
tr adin g should be made more trans- 
parent reaches a milestone tomorrow 
the last date for responses to the Secu- 
rities and Investments Board discus- 
sion document on the topic. But a con- 
sensus is yffll elusive. 

On the side of transparency are 
derivatives traders and some, but not 
all institutional investors. They would 
like access to the prices at which mar- 
ket makers offer to trade shares with 
each other through interdealer broker 
screens. The traders feed such prices 
are nearer to shares' “true" prices 
than the mid-points between bid and 
offer shown on Seaq, and so are better 
tor pricing options and futures. Simi- 
larly, some investors think a glimpse 
at the IDB screens would help them 
negotiate better deals. 

Market makers, by contrast, argue 
that secrecy is necessary for them to 
lay-off the risks they incur through 
quoting continuous two-way prices. 
Mare openness over ZDB prices would 
lead to a squeeze in their margins. 
Equally, if they could not hide the 
prices at which large blocks of shares 
traded, others would know if they 
were long or short and so take advan- 
tage of them. Transparency would 
force them into defensive trading 
strategies, and so reduce market 
liquidity. 

This debate cannot be resolved on 
theoretical grounds. The respective 
advantages of openness and liquidity 
have to be weighed. Since what is 
needed Is effectively a cost-benefit 
analysis, SIB should commission an 
economic study to inform the next 
stage of its deliberations. 


UK Water 


Wrier Seder dividend yield iririte to the 

FT-S&AAS-Shsra riytfend yield 

140 . 



110 


90 1 ■ — *- 

1901 

W ffl p y DBMbBMflV 


which thought it was simply confirm- 
ing something the market already 
knew - that this year's first half 
would not look good against the same 
period of 1S93 when the yen was 
lower. Ladbroke at least divulged 
something new about the weakness of 
its credit betting business. Bui in nei- 
ther case was the statement easy to 
evaluate. The provision of some extra 
information inevitably leads to a 
demand for more. 

Much though companies shy away 
from the effort involved, it looks 
increasingly as though quarterly state- 
ments may be the answer. Investors 
would have some numbers to go on, 
which would not need to be audited, 
instead of just the chairman's annual 
meeting text Moreover, a quarterly 
statement would be regarded as rou- 
tine. If disappointments emerged, it 
would not necessarily be dubbed with 
the title of profits warning. 


Corporate Disclosure 

Annual meetings have become more 
exciting in the wake of the stock 
exchange's guidelines on corporate 
disclosure. More companies are using 
the occasion to make significant state- 
marts on trading, just as the guide- 
lines require. The market, however, is 
not quite sure what to make of it afl. 
Both Ladbroke and Inchcape fell 
sharply on annual meeting statements 
that some saw as profit warnings. The 
new approach is bound to make share 
prices more volatile than one in which 
information is allowed to seep gradu- 
ally into the market But that is a 
price worth paying for a fuller disclo- 
sure policy. Betides, the market has 
yet to learn to expect such statements 
and get them in perspective. 

This seems to have been a particular 
problem in the case of Inchcape, 


UK water 


Water companies stand out among 
utilities for having operating costs 
which have risen since privatisation. 
The high level of capital investment 
since then is part of the explanation, 
since new plant also has to be ser- 
viced. But the suspicion remains that 
Ofwat will impose tough efficiency tar- 
gets when the results of its regulatory 
review are announced in July. That 
would be a way of keeping water bills 
down while holding out the promise of 
profits acceptable to the City. 

Judging which companies will face 
the toughest targets is tricky. While 
companies with large urban popula- 
tions such as Severn Trent and 
Thames tend to have the lowest unit 
costs, that is largely a matter of geog- 
raphy. Ofwat’s own comparisons 
between companies have produced, dif- 


If you want to know 


At Gardner Merchant, we be/ieve that motivation comes 


why we’re in the 


through ownership: which is why 1000 of our senior and 


company of 74 of 


middle managers have a stake in our Company. 


the FT-SE top 1 00 


No wonder top companies trust us to offer the best quality 


ask our top 




catering service. 


1000. 


¥ 


GARDNER. MERCHANT 

World Service. 


0 

l 

000 


ferihg results. Capital efficiency - a 
company’s ability to build facilities 
cheaply - should also be taken into 
account If Ofwat is concerned to hold 
water bills down, though, compa ni es 
which have asked for the highest price 
increases are likely to be told to 
achieve most by way of efficiency. 

Whatever the final outcome, the 
ability of companies to meet their tar- 
gets is what matters to shareholders. 
Companies which can beet their effi- 
ciency targets will be able to raise 
profits and dividends foster than their 
peers. On that logic, the difference 
between well-run and badly managed 
compani es will be dearer in the sec- 
ond half of the decade. Water company 
managers can expect investors to scru- 
tinise their performance mote closely. 


National Grid 

Goldman Sachs’ appointment as the 
National Grid Company's adviser is 
not only a mark of how US investment 
banks are invading British banks' 
home territory. It also moves the 
Grid's flotation one step nearer. The 
final decision will be taken by 
National Grid Holding, the parent 
company, and the 13 regional electric- 
ity companies which own it But the 
Grid itself is straining at the leash and 
Goldman, which masterminded Voda- 
fone's demerger from Racal, will pre- 
sumably furnish clever arguments for 
demerger this time too. 

The industrial case for demerger 
looks strong: the Grid would be able to 
develop its business better if it was 
free from the tutelage of 12 bickering 
shareholders. There is also something 
in the financial case: investors would 
be able to buy the Grid direct rather 
than via a Rec where it is submerged 
by other businesses. 

Still, most estimates of bow much 
shareholder indue would be boosted 
look optimistic. It is not possible, as 
some sales patter suggests, to add the 
(bid's value of say. £4bn to the Rees’ 
collective capitalisation of £13bn. Rec 
shareholders would quickly notice 
that the Grid's dividends, which 
account for nearly 10 per cent of Rec 
earnings, bad vanished. They would 
also appreciate that the (bid's divi- 
dends provide high quality income for 
Rees since they are almost three times 
covered by the Grid's earnings, 
finally, there could be a tax payment 
of up to £lbn. While ways of avoiding , 
tax can be dreamt up, the Treasury ! 
would not be pleased. And, given its 
golden share in the Grid, it has the 
power to demand a slice of the profit I 


3W\«; 


MfAnL, 


I* 

* vig. • y 


O - 

1.Q . 






15 


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FINANCIAL TIMES 


COMPANIES & MARKETS 


©THE FINANCIAL TIMES LIMITED 1 9W 


ffVh 

■Sz'k'Z: 


telia 


Your SwudUti Telecom POrtner 

UK Tel: 071 418 0308. UK Fax: 071 *18 0305. 


Monday May 30 1994 




MARKETS 


THIS WEEK 


MARTIN DICKSON: 

GLOBAL INVESTOR 
Election euphoria is waning in Italy 
and the Milan equities market, 
which has far outperformed other 
leading European bourses this year, 
has been falling steadily over the 
past two weeks. Those clever 
enough to have taken profits at the 
top will have locked in capital gains of almost 30 
per cent since January 1 in local currency terms 
and roughly 40 per cent in dollar terms. So should 
investors sit tight in the hope of a rally, or lighten 
their Italian exposure In expectation of a further 
decline? Page 19 

PETER NORMAN: 

ECONOMICS NOTEBOOK 
When politicians and opinion 
formers worry about an economic 
trend, it is often a sign that 
something is about to go right This 
could be the case with Britain's 
laggard investment performance, 
which has long been of concern to 
the government and groups such as the 
Confederation of British industry. Page 19 

BONDS: 

It has been the same pattern for months now: each 
time Europe's bond markets edge cautiously higher 
after a bout of weakness, they get battered by 
another wave of selling, pushing prices to new 
lows. Page 20 

EQUmES: 

Chartists are back in the limelight as stock market 
analysts struggle to find their footing. Page 21 

EMERGING MARKETS: 

Friday offered distinct contrasts hr sentiment on 
China's fledgling stock markets. Page 21 

CURRENCIES: 

The dollar wQI again be the focus of attention when 
traders return to their desks. Page 21 


COMMODITIES: 

Public holidays In the UK and the US give traders a 
chance for a breather today, and the investment 
funds whose money has been mainly responsible 
for the surge in commodity prices will have an 
Opportunity to consider where they go from here. 
Page 19 

UK COMPANIES: 

The board of JW Spear, which owns the rights to 
the board game Scrabble outside North America, 
has been split by the unsolicited offer for the UK 
company made by Hasbro, the biggest US toys 
and games group. Page 16 


INTERNATIONAL COMPANIES: 

Commerzbank's partial operating profits rose more 
than 1 1 per cent in the first four months of this 
year. Indicating a successful full 12 months, Mr 
Martin Kohlhaussen, chairman, told shareholders. 
Page 17 


Base tending rates 27 London recent issues 27 

Company meetings 10 London share service . 28-29 

Dividend payments IB Managed find service 23-26 

FT- A World indices 27 Money markets 27 

FT Guide to Currencies 17 New Int bond Issues -..20 

Foreign exchanges 27 World stock mkt Incfices .. 22 


Establishment in position to win large minority stake in Creditanstalt-Bankverein 

Austrians set to see 
off foreign bank bid 


By Ian Rodger in Zurich 

Austria's Conservative 
establishment looks set to pre- 
vent Creditanstalt-Bankverein 
from falling into foreign bands 
with its impressive Sch?.2bn 
($622m) bid for a large minority 
stake in the country's second 
largest bank. 

Hr Ferdinand lamina, the Aus- 
trian finance minister, hag prom- 
ised to decide “before summer" 
on completing the privatisation 
of the venerable bank, choosing 
between the consortium's bid and 
one tv CS Holding; the financial 
group built around Cr&dit Suisse. 

The government still holds 49 
per cent of Creditanstalt’s capi- 
tal, 70 per cent of the voting 
power. 

Mr Lacina, a Socialist, has 
made no secret of his preference 
for CS Holding, even after the 
consortium's bid, saying Credi- 
tanstalt needs a strong strategic 
partner. But he would put the 
Socialist-Conservative coalition 
that hpg inn g shared political and 
economic power in Austria under 
severe strain If he dismissed such 
a large awnihiy of leading Con- 
servatives. 

And at a time when the coun- 
try is facing a referendum on 
joining the European Union and 
a national election, neither side 
lias any interest in em pha«iging 


internal tensions. 

The consortium is led by EA 
Generali, an insurance company 
that is controlled in Italy but has 
its roots in the Austro-Hungarian 
empire, and by First Austrian, 
the large Vienna-based savings 
bank group. 

They are backed by 18 blue 
chip industrial companies, 
including crystal makers Swarov- 
ski, the motor group Porsche, the 
dominant brewery group Brau- 
Unian and the budding materials 
group Radex. 

Several prominent families, 
such as the Mayr-Melnhofs. own- 
ers of a large paper group, have 
put their personal prestige and 
money b ehind the offer. 

Moreover, by offering the going 
market price for half the govern- 
ment's shares .vnd undertaking to 
back a secondary offering in the 
markets for the rest, the consor- 
tium has shown that it is not 
trying to win the bank on the 
cheap by playing the nationalist 
card. 

The reasons for this strong ral- 
lying of all the Conservative 
forces are not just political. 

Three years ago, the Conserva- 
tives watched helplessly as the 
Socialists snatched the banking 
industry lead from Creditanstalt 
by having their large Vienna 
savings bank group, Zentralspar- 
kasse, take over the troubled 


lAnriwbank to create Rank Aus- 
tria. 

Then, two months ago. Bank 
Austria lost patience with the 
Conservatives' dithering over 
restructuring the ownership of 
GiroCredit, the savings banks' 
central clearing organisation, 
and snapped it up with a knock- 
out bid. 

The result is that Bank Austria 
controls directly or indirectly 
about 60 per cent of all banking 
business done in the country. 
Meanwhile, Creditanstalt has 
been paralysed because of Mr 
Ladna’s hesitation in completing 
its privatisation. 

Early thfo month , Mr Rainer 
Gut, chairman of CS. confirmed 
that his group was interested and 
Mr Lacina made clear that he 
would welcome a CS bid. 

But then Mr Gut gave a 
r emarkab ly candid outline of his 
group’s thinking to the leading 
Austrian news magazine, Wirt- 
schaftswoche. Initially, CS would 
take a 20 to 30 per cent stake, but 
it would insist on first refusal of 
the rest of the finanrie ministry's 
shares an d ul timately hoped to 
buy 100 per cent 

Creditanstalt would retain its 
identity, but would adhere to CS 
group strategies. More important, 
he said CS would "de-pollticise" 
it If that happened, the Conser- 
vatives would no longer have a 



Fe rdinand J jirma: wffl riinogft between the amsarthnn and CS Holding 


flagship commercial hank to 
share the spoils of government 
and government Influenced busi- 
ness. And that would further 
weaken the Austrian People's 
Party, already the minority part- 


ner in the governing coalition. 

Mr i -atri p" ""d other Socialists 
might not be disappointed if that 
happened, but they «>n hardly be 
surprised that the Conservatives 
are fighting bade so vigorously. 


Taking fright at a hint of bad news 


T he City of London is being 
accused of overreacting to 
companies' downbeat trad- 
ing statements in the current 
round of annual meetings. 

Following recent new guide- 
lines from the London Stock 
Exchange these statements are 
much more dolaileri than in thp 
past and some companies believe 
analysts are assuming they must 
contain bad news. 

Mr John Duncan, corporate 
affairs director at Inchcape, the 
UK motors marketing and ser- 
vices group, says: “When any- 
body puts out a full stat emen t 
the market inevitably thinks it is 
a profit warning.'’ 

For their part, some analysts 
and investors are unhappy that 
annual meetings are now being 
used to release more detailed 
trading information, even though 
the statements are released 
through the Stock Exchange at 


David Wighton looks at the effect of a recent 
London Stock Exchange rule on trading statements 


the samp timp. Says one analyst 
“If you need any clarification, of 
the statement on the screen, all 
the people who can help are at 
the agm. You either have to trek 
out to the meeting or wait in the 
queue for them to return calls." 
Inchcape saw its shares fall 4 per 
cent last Tuesday after it gave a 
detailed trading update at its 
annual meeting. 

Yet Mr Duncan insists that the 
statement was not a profit warn- 
ing and that most of the informa- 
tion was already in the market 

“When the new guidelines were 
introduced by the Stock 
Exchange we were assured that 
the market would soon get used 
to than. But how long is it going 
to take?" 

Last week also saw a very full 


agm statement from Ladbroke. 
after which the leisure group’s 
shares fell by 16.5p to 18Z5p. Lad- 
broke said the level of detail in 
the announcement, which, for 
example, included sales growth 
figures for Texas Homecare for 
the first four months of the year, 
reflected its new policy of open- 
ness as well as the new Stock 
Exchange guidelines. 

Yet in this case there was 
important new information - 
that group profits were running 
below last year because of a 
downturn in credit betting - and 
since the market was hoping for 
an optimistic statement the price 
reaction was only to be expected. 

Knowing that there would be 
considerable interest In the 
announcement Ladbroke put it 


out over the Stock Exchange 
news service at 9.30am, well 
before the statement was made to 
shareholders at the 11.00am meet 
ing. 

The company said this allowed 
analysts to telephone in with 
queries before the meeting and 
helped them decide whether it 
was worth their while going. 

One fund manager, who is 
against companies giving impor- 
tant new information to the 
annual meeting, believes Lad- 
broke's approach is at least some 
help. 

“It makes it more likely inves- 
tors and analysts can get quick 
answers to any queries or it may 
persuade them they are better off 
jumping In a cab." 

But Inchcape’s Mr Duncan 


argues that releasing the state- 
ment early Is unfair to those 
shareholders who are on their 
way to the meeting and he 
believes that the ivwnTniininntin ns 
problems are greatly exagger- 
ated. 

“Unless you are holding the 
agm in the Orkneys and the 
phone lines go down people are 
overreacting." 

One problem is that the 
response from companies to the 
new guidelines has been uneven 
with many giving no more details 
on current trading than before, 
particularly if the news is good. If 
group profits are “showing an 
improvement .. despite difficult 
trading conditions” many compa- 
nies will leave it at that 

For those gazing at their City 
screens the rule of thumb still 
holds: the longer the trading 
statement the worse the news. 
Lex, Page 14 


UK group 
abandons 

£400m US 

purchase 

By Steve Thompson In London 

The steep slide In share prices on 
the London stockmarket in 
recent weeks has forced FKI, the 
Halifax-based electrical engi- 
neering and electronic compo- 
nents gro u p, to Abandon a £4 00m 
(JQOOm) US acquisition. 

FK3 has bees involved in dis- 
cussions with its target, thought 
to have been a balk handling 
syste ms manufac ture r, since the 
start of the year and agreed a 
purchase price, only to see its 
ability to fund the deal whittled 
away by the slide in its shares. 

Ramaara ot a passible rights 
issue from FKI, to fund a big 
international acquisition, have 
been circulating in the London 
stockmarket since the torn of 
the year when Kleinwort Benson 
Securities was appointed as the 
company’s stockbroker, succeed- 
ing P anmnr e Gordon. FKI was 
demerged from FKI Babcock in 
1989. The company’s financial 
adviser is N.M. Rothschild. 

FKI sought to finance the deal 
via a rights issue but dropped its 
plan at the last minu te because 
of worries that shareholders 
might balk at an issue in current 
volatile market conditions. The 
rights issue would have had to 
have be en pri ced at a deep dis- 
count to FBI’s share price which 
has fallen 15 per cent to 180p 
since hitting an all-time high of 
212p on March 21. Over the same 
period the FT-SE Actuaries All- 
Share index has dropped 7.1 per 
cent and the FT-SE Actuaries 
Engineering sub-sector by 6.8 
per cart. 

The abandonment of t he PS 
is seen as a Mow to FKFs 
str a tegy but the company is 
thought to be still seeking fur- 
ther acquisitions, albeit of a 
Smaller sice. FKFs last purchase 
was in the IS in November last 
year when it acquired the T roth 
hardware business from SPX 
Corporation for £68m. 

The company is scheduled to 
announce preliminary results on 
June 18. Analysts* estimates of 
pre-tax profits for the year to 
end-Marrii range from £50m up 
to £53m. EeinwortBenson, tlte 
company’s broker, expects ft to 
achieve profits of £62£m. The 
dividend total is forecast to rise 
more than 20 per cent to a con- 
sensus figure of 3-7p- 

Mr Jeff WhaUey, FBI’s chair- 
man, was on holiday fax France 
yesterday and unavailab le fo r 
comment Mr Bob Beesfam, FKTs 
chief executive, was an holiday 
In Devon. 


This wee k; Com pany news 


NISSAN 

Car demand still 
falling in the land 
of the rising yen 

Nissan, Japan's second largest car 
maker. Is expected to paint a bleak 
picture of the state of the country’s 
auto industry when it releases its 
results on Tuesday. 

Domestic demand for vehicles fell 
for the third successive year during 
the 12 months to March. It was down 
by 7 per cent while overall production 
fell 12 per cent. 

Nissan has been one of the hardest 
hit among Japan’s battered carmakers, 
says Mr Koji Endo. industry analyst 
at Lehman Brothers. 

While the company has made good 
efforts in the domestic market with 
the launch of new models, overseas 
business has been hit by the yen’s 
appreciation against major currencies. 

In the first half of the fiscal year, 
Nissan posted its worst results since 
it became a public company - a pre-tax 
loss of YZS.Sbn ($275m) and a net loss 
ofY38.6bn. 

The company was forced to revise 
down its earnings estimate for the 
year and will sell assets, such as 
properties and securities, to shore up 
its results. 

Mr Endo believes such asset sales 
will help the parent company to break 
even before tax, but lead to a wider 
net loss on a consolidated basis due 
to the poor performance of overseas 
subsidiaries. 

He suggests that the company needs 
to reduce its models, rationalise 
aggressively and cut capacity further. 
The closure of another plant, in 
addition to the planned closure of Zama 
next year, cannot be ruled out, Mr 
Endo says. 

Nissan itself appears more optimistic 
3bout the outlook for the current year. 
It believes it can increase unit sales 
this year by 7 per cent on the strength 
of a recovery in domestic demand. 

However, the company is cautious 
about the outlook for exports where 
the yen's strength is still an obstacle. 


Boots 

Share price relative to the 
FT-SE -A AS-Share index 
140 


130 


120 - 



TTO -i 


100 


1991 92 

Source: O unc e c a m 

BOOTS 

Heart drug provision 
slows UK drugs group 

Boots, the UK retailing and 
pharmaceuticals group, is expected 
to complete the latest round of 
retailers' results on Thursday with 
an increase in pre-tax profits from 
£40&7m to about £460m ($690m) before 
£35m exceptional charges for 
withdrawal of the Manoplax heart drug. 

Boots’ shares have enjoyed an easier 
ride this year than in 1993, when they 
lost their premium to the retail sector 
ami d concerns over increasing price 
competition with rival Superdrug, and 
uncertainty over the future of both 
the pharmaceuticals business and Do 
It AIL the loss-making DIY joint 
venture with W.H. Smith. 

The price war with Superdrug has 
cooled, and uncertainty over Do It All 
ended this month when the venture 
partners said they had agreed to sen 
40 stores and planned to sell 60 more, 
cutting the chain to 140. They expected 
it to return to profit In the financial 
year 1995-96. 

Doubt remains, however, about the 
pharmaceuticals division. Boots has 
confirmed that Credit Suisse First 
Boston is valuing the business, but 
insisted it was keeping all options open. 
Analysts believe Boots would be 
unlikely to be able to sell it without 
diluting earnings. 

For the year to March. Goldman 
Sachs is forecasting increases in 
operating profits at Boots the Chemists 
from £285m to 5321m. 


OTHER COMPANIES 

Berlusconi sale marks 
distancing of empire 

Shareholders in Amoldo Mondadori 
Editore, the Italian publisher, meet 
in Milan today to approve proposals 
for the sale of up to 53 per cent of the 
j group, which is controlled by the 
j Fininvest media empire of Mr Silvio 
[ Berlusconi. Italy's new prime minister. 

< Mondadori would be merged with Silvio 
j Berlusconi Editore, his other publishing 
| interests, before the sale. A roadshow 
j to promote the sale will begin on 
J Wednesday. The flotation represents 
i the first step in attempts by Mr 
[ Berlusconi to distance himself from 
I his business empire. 

j ■ Horten: The stores group is holding 
j its annual press conference in 
j Dilsseldorf today. German department 
| stores sales dived in April after an 
j unexpectedly good first quarter. 

• Optimism about prospects for the rest 
I of the year has taken a knock now 
1 that the 1991 pay round, resulting in 
j real wage cuts. Is starting to tell on 
i spending power. Also today in 
j Ddsseldoxl the Monnesmann 
! engineering and mobile telecoms group 
| will hold a results press conference, 

1 ■ De La Rue: The UK bank note 
j printer, which ended bid talks with 
! Portals on Friday, is tomorrow expected 
j to report annual pre-tax profits of 
j around £121m ($180m). up from £10-i.7m. 

} The bank note division has benefited 
! from strong demand from the emerging 
! nations of eastern Europe. 


KLM 

Share price nefadre to trio C8S Aa Store 
160 



Source 


■ Volkswagen: Bullish noises are 
expected from VW at its annual 
meeting on Wednesday in Hamburg. 
The group Is bidding to break even 
this year ( again). Much depends on 
the state of play with the Spanish 
subsidiary Seat, blamed for last year's 
DM. 1 .8b n iSLOTbn) loss, and which is 
still restructuring. 

■ Granada: The UK leisure, television 
and computer services group reports 
first-half results on Wednesday. Last 
time, before the takeover of London 
Weekend Television. Granada had 
pre-tax profits of £68m. This time 
analysts are expecting £9Qm-£100m, 
which would be a considerable 
achievement given that little more 
than a month's profits will be included 
from LWT. 

■ KLM: The Dutch airline is expected 
to unveil a modest return to the black 
when it publishes results for 1993-94 
on Thursday. 


Co mpani e s In this haue 


; Braden* Essros 

16 

Gaz de France 

17 

National Bank 

17 

CSHcfefing 

15 

Haswo 

16 

Roche 

17 

( 




Ryan 

16 

| Commerzbank 

17 

Havas 

17 

16 

Scottish ft Newcastle 

j CreditarcaaJl-Bank 
j 

15 

Inchcasc 

15 

Slough Esttties 

16 

t EEG 

17 

fcetan 

17 

Spear (JW) 

16 





SunAOtenco 

16 

j no 

15 

Ladbroke 

15 

Syntax 

17 

j FNAG 

17 

MetaBgcseflscfun 

17 

VEW 

17 


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FINANCIAL TIMES MONDAY MAY 3» 


COMPANIES AND FINANCE 


JW Spear board 
split over £47m 
bid from Hasbro 


NA Life 
buys Sun 
Alliance 
offshoot 


The moment of truth for Crispian Hotson 

Michael Smith begins a series of profiles on potential bidders for British Coal 

C rispian Hotson was in a was crazy to get involved in son estimates that Ryan, in 
hurry when he arrived coal and in Wales. They told which he and other managers 
in the UK 10 years ago me to keep on taking the pills have a 25 per cent stake, will 


By Andrew Bofger 


The board of JW Spear, which 
owns the rights to the board 
game Scrabble outside North 
America, has been split by the 
unsolicited offer for the UK 
company made by Hasbro, the 
biggest US toys and games 
group. 

At a board meeting on Satur- 
day. all but one of the Spear 
directors rejected the £46. 9m 
cash offer, which was launched 
late on Friday. 

The exception was Mr Fran- 
cis Spear, the group's chair- 
man. who said he thought the 
terms - worth 900p per share - 
were fair and reasonable. 

In its offer. Hasbro said it 
intended to encourage Mr 
Spear to continue to manage 
Spear's Enfield. London, manu- 
facturing plant 

The rest of the Spear board, 
and the company’s financial 
adviser. Barings, said Hasbro 's 
offer was totally inadequate. 
The board instructed Barings 
to solicit higher offers. 

Hasbro is in a strong posi- 
tion, since it already owns a 
26.7 per cent stake in Spear 
and has received undertakings 
to accept its offer from 
some Spear family trusts 
which control a further 24.9 
per cent. 


The undertakings become 
irrevocable on Friday if a 
higher offer has not received. 

Barings is approaching other 
international toy companies 
which might be interested in 
Spear, but the tight timetable 
makes it doubtful that another 
buyer would have time to 
intervene. It seems most likely 
that the rest of the board will 
try to obtain a higher offer 
from Hasbro, in exchange for 
their recommendation. 

Spear is also probably of the 
greatest value to Hasbro, 
which since 1989 has owned 
Scrabble in Canada and the 
US, where the game was 
invented. 

Hasbro said the acquisition 
would be a logical extension of 
its strategy to develop and 
expand core operations around 
the world. 

It also seems unlikely that 
Spear could see off Hasbro by 
just selling the Scrabble busi- 
ness to the US group. 

Scrabble accounts for 40 per 
cent of the UK group’s sales 
and one source said "the rest 
of the games portfolio hangs 
on the back of it" 

Hasbro's offer of 900p a share 
is a premium of more than 21 
per cent to the last reported 
dealing price of 74Qp on May 
12 . 


By Alison Smith 


San Alliance, the life and 
general insurance group, has 
agreed to sell its Canadian 
subsidiary to North American 
Life Assurance Company for 
CS22m (£10.6m). 

The move follows the sale of 
its general insurance business 
in Canada, announced last 
October. 

Sun Alliance sold that opera- 
tion to Royal Insurance in 
Canada, at the same time as it 
bought Royal Insurance’s non- 
life business in New Zealand, 
as the two British groups 
rationalised their overseas 
businesses. 

Sun Alliance is no longer 
actively seeking any new busi- 
ness in Canada, though a 
small operation to look after 
the multi-national interests of 
existing clients remains. 

Sun Alliance set up its life 
company in Canada in 1962. It 
did “quite well”, but once tt 
became clear that with the dis- 
posal of the non-life business 
there was no scope for sharing 
costs or customers, the group 
decided it would be sensible to 
be “open to offers”. 

North American, a mutual 
life company which is based in 
Toronto, is the largest direct 
marketer of life Insurance In 

Canaria. 


C rispian Hotson was in a 
hurry when he arrived 
In the UK 10 years ago 
after a spell in the US. He 
thought the British coal indus- 
try was about to be privatised 
and saw it as a "wonderful 
opportunity”. His riming was 
way out. He will find out soon 
whether he was right about the 
opportunities. 

Mr Hotson's Ryan Group last 
week notified the government 
that it was interested in bid- 
ding for three of the five Brit- 
ish Coal regions which are 
being sold off in the return of 
the industry to the private sec- 
tor after 47 years of state con- 
trol. Ryan faces considerable 
competition but Mr Hotson 
does not intend to be thwarted. 

T have been waiting for this 
moment for 10 years," he says. 
“It was my whole raison d’etre 
for investing in coaL” 

A 42-year-old South African. 
Mr Hotson is a life-long oppo- 
nent of apartheid but says that 
was not his motivation for 
leaving the country. 

“My father told me the best 
business opportunities were 
outside South Africa.” he says. 

After taking a degree in nat- 
ural sciences at Cambridge, 
stints in the US copper and 
coal industries gave him the 
where wi than and money to 
return to the UK in 1983 to 
take over at Ryan, a coal recov- 
ery company capitalised at 
£4m. 

“My merchant bankers said I 


was crazy to get involved in 
coal and in Wales. They told 
me to keep on taking the pills 
and take lots of sleep. “But I 
saw the chance of taking the 
rigid structures out of a nation- 
alised industry and was con- 
vinced the UK government 
would privatise coal before 
electricity." 

Id spite of his miscalcula- 
tion, ytr Hotson can look back 
on some significant successes. 
Helped by the acquisition of 
the Derek Crouch contracting 
company in the north-east of 
England in 1SS7. Ryan is a sig- 


BRITISH COAL: 
THE BIDDERS 


4 

t 


nificant force in opencast coaL 

In Dalquhandy. Lanarkshire, 
and Stobswood, Northumber- 
land, it has two of the largest 
and longest lasting opencast 
mining contracts in the coun- 
try. The UK opencast 
operations produce more than 
3.5m tonnes of the company's 
5m tonnes a year of coal, most 
of the rest being mined in the 
US (lm tonnes) and Poland 
(150,000 tonnes). 

Operating profits have been 
generally healthy and Mr Hot- 


son estimates that Ryan, in 
which he and other managers 
have a 25 per cent stake, will 
make about £9m on turnover of 
mom this year. 

Mr Hotson is respected 
among his mining peers. “He is 
bright and sharp, 1 ' says one 
British potential rival bidder 
for British CoaL “He knows the 
industry inside out" But Mr 
Hotson’s 10-year period at 
Ryan has had some fraught 
mo ments , most of them emana- 
ting from an abortive attempt 
to merge with Carless, the UK 
oil independent in 1988. and a 
subsequent derision to mount 
a highly leveraged £70m man- 
agement buy-out at Ryan. 

With coal companies poorly 
rated at the time, the buy-out 
must have seemed a good idea 
for a company which had long 
term plans and thought the 
stock market concentrated too 
much on the short term. 

But the high debts incurred 
in stag in g the MBO was the 
main reason why Ryan made 
losses of £4m two years ago. In 
spite of a financial restructur- 
ing, which involved Eleetra, 
the venture capital group, tak- 
ing a 25 per cent stake in the 
company, debts remain high at 
E60m. The debts will also 
reduce pre-tax profits to about 
£4m this year from £9m at the 
operating leveL 

Rivals say the indebtedness 
puts Ryan at a disadvantage, 
especially as the company can- 
not tap the stock market for 



Crispian Hotson: I've been waiting for this moment for 10 years 


funds. Mr Hotson sees no dis- 
advantage, saying that a pri- 
vate company has as much 
access to equity capital and is 
confident of bring able to bid 
for all three regions, the 
north-east of England, Scot- 
land and south Wales, where 
he has pre-qualified. 

Ryan's negotiating power 
should be strengthened by Its 
decision to mount two of the 
potential bids with partners - 
Alcan, the Canadian alumin- 
ium company, in Scotland, and 
Miller, the construction group, 
in the north-east of England. 

And if they are successful 
Mr Hotson has no doubts about 
Ryan's ability to make a suc- 
cess of assets which British 
Coal has struggled to make 
profitable for years. 


“When the UK coal industry 
was producing 100m tonnes a 
year it was never going to be 
competitive. But it can cer- 
tainly make money at half that 
level” he says. 

Ryan would consider 
employing different mining 
techniques from British Coal 
and would try to involve 
employees more, not least 
through share ownership 
schemes. None of this is partic- 
ularly unusual. What marks 
Mr Hotson and Ryan out from 
the pack are their staying 
power. “He has hung on in 
there through thick and thin 
for a decade," says one coal 
executive. “No-one could call 
him an opportunist. He 
deserves at least something 
from the British Coal spoils.” 


la'-' 


S&N plans to 
sell more pubs 


Bredero dissidents seek to block bid 


BIDDER/INVESTOR 


Sandoz (Switzerland) 


CROSS BORDER M&A PEALS 

TARGET SECTOR 

Gerber Products (US) Food 


COMMENT 


Bid excites 
food sector 


Scottish & Newcastle is 
holding discussions to sell the 
remaining 270 Chef & Brewer 
pubs held by Morgan Grenfell, 
following Thursday’s comple- 
tion of the sale of 450 C&B 
pubs to Mr Michael Cannon. 

S&N, the brewing and lei- 
sure group, acquired Chef & 
Brewer last November and 
was obliged to sell down 748 
pubs in order to comply with 
the Government’s 1989 Beer 
order. 

These pubs were switched 
into holding companies con- 
trolled by Morgan Grenfell, 
and there are 270 pubs remain- 
ing. 

These must be sold within 
two and a half years from 
now. 


By Simon Davies 


A group of private shareholders 
accounting for more than 10 per cent of 
Bredero Estates are preparing to oppose 
Slough Estates’ bid for the troubled prop- 
Erty developer. 

They claim that the offer, pitched at a 50 
per cent discount to Bredero’s share price 
prior to the announcement, Is “unfair and 
opportunistic.” 

At present, their opposition would be 
sufficient to block Slough’s offer, 
which is conditional upon 90 per cent 
acceptances. 

However, Slough already owns 50 per 
cent of Bredero and it stands to gain sig- 
nificant tax benefits if it can push beyond 
75 per cent ownership. It is therefore likely 
to lower the minimum acceptance level if 
necessary. 

The dissident shareholders, so far a 


group of five holdings, are complaining 
about the valuations of the properties, 
which, they feel do not reflect their poten- 
tial performance in an improving property 
market 

Bredero’s only significant remaining 
assets are development sites in Hammer- 
smith and Glasgow. Its other assets, which 
at the peak of the market were valued at 
more than £100m, were sold to stave off its 
bankers. 

The company was negotiating the sale of 
its half interest in the Buchanan Centre, 
in Glasgow, to pension fund group AMP 
Asset Management, before the Slough 
offer came in, indicating that there is out- 
side interest. 

Bredero has built up substantial tax 
losses, which Mr Alex Henscher. one of 
the dissident shareholders, claims 
will offer substantial value 
to Slough, given more than £100m 


of losses in the past three years. 

In addition, he says the offer attaches no 
value to Bredero’s property management 
expertise. 

“We are not looking for a higher offer, 
but prefer to see Bredfero continue in busi- 
ness, and hopefully rise from the ashes “ 
he said. 

However. Morgan Grenfell, the adviser 
to Bredero's independent board members, 
has fully supported the offer. 

The bank points oat that Bredero's 
standstill agreement with its bankers will 
last only until September, and the com- 
pany would probably be forced to sell at 
least one, and possibly both, of its two 
significant assets. 

The valuations for these sites were made 
independently in December 1993, and 
unless these are exceeded, the company 
would ciystalise its current net asset 
value. 


TCI (USi/Sumftomo 
(Japan) 


Two cabta 
ventures 


HJ Heinz (US) 


Fariey (UK) 


Boots sails 
baby food arm 


HJ Heinz (US) 


(Saxo India (India) 


Glaxo focus on 

pharmaceuticals 


Samsung Electronics 
(South Korea) 


Lux (Japan) 


Audio equipment 


Taking 5T?5 
stake 


Coutts Consulting Group 
(UK) 


GBA (France) 


Business 

services 


Consolidating 

European 

position 


Sumfietd (UK) 


Advanced Particle 
Measurements (UK) 


Unitor (Norway) 


Unit of SNC-lavalln 
(Canada) 


Fire protection 


Ginge-Kerr sold 


Alcan AhimMum (US) 


LsichtmetaBwerk 

Nachterstedt 


Buy from 
Tree hand 


Great-West Life 
(Canadri/Axe (France) 


China move 
planned 


f Ot—ninaq tot tna 

KXricfly pocf*<g jnd 


NOTICE REGARDING 


FINANCING 


Acquisition of 


Management Buy-In 


EXPORT TO INDONESIA 




LARGE BUY-OUTS 


THORN Lighting 
Group Limited 


The Consumer Products Division of 


BP Nutrition 


Senior Debt Facilities 


Acquisition Finance & 
Working Capital Facilities 


FT Surveyor Indonesia (PTSI), headquartered in Jakarta, was 
established in July 1991 to progressively take over Indonesia's 
Presbipment Inspection Programme from Societe Generate de 
Surveillance SA (SGS) in line with Transfer of Technology 
principles. 


Arranger & Agency Services 
for Multinational Businesses 


Co- Arranger. Underwriter 
and Facility Agent 


Senior Debt Joint Underwriter 


ACQUISITION 
FINANCE / 


acquisition 

FINANCE / 


PTSI, a joint venture between the Indonesian Government and 
SGS. officially opened its United Kingdom office under (he name 
Surveyor Indonesia (UK) on 1st April 1994. Surveyor Indonesia is 
committed to providing the same high quality of standards and 
procedure as has been provided by SGS. 


Surveyor Indonesia (UK) is folly operational as of 1st Jnne. While 
physical inspection will continue to be performed by SGS United 
Kingdom Ltd, ail administrative activities relating to preshipment 
inspection of Indonesia’s imports are being processed by Surveyor 
Indonesia. 


FINANCING 


Expansion finance tor 


GROWTH 


SsLaSRjpk 


Expansion finance for 

A 


Term Loan Facilities 


Expansion Finance for 
Growing Companies 


Facilities for Refinancing 
and Pub Acquisitions 


Further announcements about the development of Surveyor 
Indonesia (UK) will be made in due course. In the meantime, if 
you have any questions, please contact the Indonesian Department 
at SGS United Kingdom Limited or Surveyor Indonesia (UK), 
3rd Floor, Compass House, 297-215 London Road, Camberley, 
Surrey. GU IS 3EY, Tel: 0276 21266 Fax: 0276 26051 


Co- Ana nee r 

L'JMiUlUftVtil 

ACQUISITION 

FINANCE 


ACQUISITION 
FINANCE ■/" 


FINANCING 


Management Buy-Out 


Management Buy-Out 


COMMERZBANK OVERSEAS FINANCE N.V. 
U.S.S 100,000,000 Floating Rate Notes 
of 1985/1995 

In accordance with the provisions of the Notes the following notice 
is hereby given: 

Interest Period: May 31, 1994 to November 30, 1994 (183 days) 
Interest Rate: 10% p.a. 

Coupon Amount: U.S.S 508.33 per U.S.S 10,000 Note 
U.S.S 2.541.67 per U.S.S 50.000 Note 
Payment Dale: November 30. 1994 


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QUALITY 


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DISTRIBUTION 


Frank! un/Main. May 199 4 

COMMERZBANK Sk. 


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FINANCIAL TIMES MONDAY MAY 30 1994 



PULI 


COMPANIES AND FINANCE 


vyvimuvi^UUUlV 7 ., 

of solid full-year results 


By Christopher Parkas 
in Frankfurt 

Coioinerzbank's partial 
operating profits rose more 
than u per cent in the first 
four TiwnthR of thin year, indic- 
ating a successful foil 12 
months. Mr Mfextin Kohlhaus- 
jum, told sharehold- 

ers yesterday. 

Interest earnings rose 6JI per 
cent, doe largely, to strong 
demand for building loans, and 
wTmmTodnn income from secu- 
rities trading was up 6 per 
cent, helped by a particularly 
strong month in January. 

Own-account trading made a 
satisfactory contribution, in 
spite of more difficult condi- 
tions on international financial 
markets. 

On full operating profits for 
the early part of the year - 
after allowing for loan 
provisions - Mr Kohlhaussan 
said the group result was 


higher than las t ftna. 

The need for farther provi- 
sions would decrease, be said, 
although economic volatility 
still apparent in Germany and 
elsewhere meant there had 
teen no easing in the credit 
risk situation. 

The hank expected no losses 
on its exposure of around 
DM2Q0m ($l2L9m) to the 
recently-collapsed Schneider 
property business. The braid- 
ings involved had been com- 
pleted, Ur Kohlhaussan 
said. 

Deutsche Bank, Schneider’s 
biggest- creditor, recently said 
it ted provided some DMSOQm 
against possible risks. 

Mr Kbhlbaussen said pre-tax 
earnings had shown 
double-digit growth. He attri- 
buted tMg to the ftrahwftm of 
extraordinary profits from the 
sale of stakes In the Karstadt 
retailing g ro u p and the DBV 
Holding insurance business. 


He agreed with a shareholder 
who suggested the DBV deal 
with SwitzeriaxuFs Winterthur 
was worth up to DM50Qm. 

However, the full effect 
would not show this year, 
because the sale was to take 
effect in several stages. 

Shareholders later approved 
a board proposal to increase 
the bank's a uthori sed r« pftai 
by up to DM40QUL They also 
authorised the issue of up to 
DM2bn worth of convertible 
bonds and other paper. 

Earlier this year, the bank 
raised DM945m through the 
issue of 3m new shares in a 
l-for -10 rights offering 
• Insurance group Aachen er 
and Mttnchner Verslcherung 
report ed a 7 per cent rise in 
ptwwinni income in the first 
four wifwittw* of this year. Com- 
bined With falHng riawnsj thfa 
led to a “very satisfactory” 
start to the year, the annual 
meeting was told. 


Havas considers US link 


By Alice Rawsthom in Paris 

Havas, the French media and 
leisure group, is considering 
plans to expand its interna- 
tional Interests through a part- 
nership with a US group in the 
multimedia field, according to 
Mr Pierre Dauzier, chairman. 

Mr Dauzier, speaking on 
French radio, said the group's 
plans were stUl in the early 
stages, but he hoped to start 
negotiations soon with a poten- 
tial US partner. 

"If we want to do something 
coherent and constructive 
we've got to find a partner in 
the States," he said. "We’re 
considering the matter at the 


moment Perhaps between now 
and the end of the year well be 
able to talk about an agree- 
ment with a US compa n y." 

Havas has already expanded 
aggressively in. the media 
sphere since its privatisation 
in the nrid-iflBOs. ft is already 
the largest force in French 
advertising; through its Euro- 
BSCG- subsidiary, with exten- 
sive interests in travel and 
posters. 

Mr Dauzier has made no 
secret of his ambitions of 
extending the group’s influ- 
ence in the multimedia ffelri 
He scored a coup earlier this 
year when he won control of 
Canal Plus, the dynamic 


French pay-TV group, after 
forging a controversial affiance 
with other shareholders which 
triggered the resignation of the 
founder and chairman, Mr 
Aodrfi Kousselet 
The Canal Plus coup fol- 
lowed an agreement which left 
Havas strengthening its links 
with France Telecom, the 
state-owned telecommunica- 
tions group that has become its 
partner of choice in multime- 
dia. Mr Dauzier has also been 
increasing Havas’s interna- 
tional interests with a number 
of deals in other European 
countries. He has long been 
committed to securing a foot- 
hold in the US. 


FNAC returns to. profits growth 


By ADce Rawsthom 

FNAC, the French music and 
books retailer, returned to 
profits growth in the first half 
of the financial year with a 20 
per cent increase in net profits, 
to FFr60. 6m ($10.8m) from 
FFr50.5m a year earlier. 

The group, which faces fierce 
competition from Mr Richard 
BranSon’s Virgin Megastores, 


said it was on course far recov- 
ery after a sharp foil in net 
profits, to FFrSlita. in the 
year to August 31 from 
FFrlS9fon the previous year. 

FNAC last year was destabil- 
ised by the financial pressures 
of the French recession, and by 
uncertainty over its future 
ownership. GMF, its old parent 
company, was forced to cede 
central to a consortium com- 


posed of subsidiaries of the 
Credit Lyonnais bank and 
Compagnie G6n£rale des Eaux, 
the industrial group. 

Although the economy is 
still under pressure, it has 
improved since last summer. 
FNAC, which also benefited in 
the first half from the opening 
of a store in Madrid, saw 
interim sales rise 5.5 par cent 
to FftS&hn from FFr&OShn. 


drug patent 
runs out 


By Richard Waters 
In New York 

Profits at Syntex, the US drugs 
company being bought by 
Roche of Switzerland, slid in 
the latest fiscal quarter, as 
sales In the US of its leading 
product, Naprosyn, slumped to 
just $36m, from $20Qm a year 


Operating income was 
$23.6m, compared with 
$1 58.8m (before a 9140m 
restructuring charge) a year 
before. Net Income of |2L4m, 
or 10 cents a share, compared 
with a post-restructuring 
940-Sm, 18 cents, in 1993. 

The period, to 30 April, was 
the first full quarter since the 
US patent on Naprosyn 
expired last December. To 
im ri n farf ii its market share, the 
company sold its own low- 
margin generic version of the 
drag and the compound to 
other manufacturers. 

In addition to the (36m in 
the US, sales of Naprosyn, the 
generic product and the com- 
pound reached $38m elsewhere 
in the world, compand with 
982m a year before. 

The foiling sales of the high- 
margin branded product led to 
a decline in Syntex’s gross 
margin to 71.5 per cent, 
from 77-8 per cent the year 
before. 

Total sales for the period 
dropped be nearly a third to 
9402m, from 9584m. 

Sales of Its other leading 
product, Toradol. fell to 981m, 
a decline of 15 per cent from 
the previous year’s 185m. Anar 
lysts had been predicting a 
gradual increase in sales of 
Toradol compared with last 
year. 

Canadian bank rises 

National Bank, Canada’s sixth 
biggest bank, reported seeond- 
quarter net profit of C$51-9m 
(US$37.6m), or 27 cents a 
share, up 27 per cent from 
C£40.1m, or 23 oasis, a year 
earlier, writes Robert Gfbbens 
in Montreal 

. First-half profit was 
Cgl02Jhn or 54 cents a share, 
an increase of 20 per cent from 
the previous year’s C985.1m or 
51 cents. 


By wntam Dawkins In Tokyo 

Japan's shipbuilders and heavy 
industrial companies, which 
reported their first drop in 
annual profits for three years, 
are in a double bind. 

Their worse-than-expected 
performance reflects the ero- 
sion of their proportionately 
high foreign earnings by the 
yen's rise, plus the continued 
decline in capital investment 
by customers in Japan. 

Pre-tax profits declines, rang- 
ing from 15 J3 per cent at Mitsu- 
bishi Heavy Industries to OB 
per cent at Hitachi Zoseu, 
underline how the shipbuilding 
divisions face another round of 
cost cuts if they are to become 
competitive with low-cost 
South Korean yards. 

In most cases, however, ship- 
building nuttfiM were last 
year close to the previous 
year’s. This was because Japa- 
nese yards were working 



Sales 

(Ybti) 

Change 

(%) 

Pre-tax 

profit 

(Ybfl) 

Chang* 

(*) 

Mitsubishi Heavy 

2 A3S 

-23 

119420 

-15.3 

KawasaM Hoavy 

054 

iQ2 

2040 

■9.9 

bftlawa Udrima 

863 

+7.1 

24.60 

-3.6 

Hitachi ZOSWT 

403 

+12.4 

22.06 

+28.3 

SwnBomo Hgavy 

288 

•AS 

2.26 

+16.3 

Srabo Heavy 

84 

+13^ 

6.19 

~4S 


towards the aid of the orders 
made up to two years ago, 
before the international plunge 
in ship prices and i&h- 

ikawa-Harlma Heavy, for 
example, reports that its order 
backlog has dwindled foam a 
peak of 2.44m deadweight 
tonnes in 1991, to L27m dwt 
last year. 

Recent orders, taken at 
prices op to 20 per cent below 
those two years ago, will Show 
through in earnings next year 
and the year after, indicating 
that “shipbuilding profits will 
be terrible”, forecast Mr Mat- 


thew Ruddock, transport 
machinery analyst at Janies 
Capri Pacific. 

Already, Sasebo, the smallest 
of the group, has admitted that 
costs are higher than the con- 
tract price for four of the nine 
vessels on its order books. This 
is likely to be true of other 
builders. Among these are 
MHL Mitsui EngLoeeriug and 
Shipbuilding and Kawasaki 
Heavy Industries, which are 
working on a joint contract for 
seven liquefied natural gas car. 
tiers for Qatar, at an estimated 
Y26bn (9248.9m) per vessel. 


well below break-even at cur- 
rent exchange rates. 

All this implies that the most 
diversified heavy industrial 
groups will do best In the com- 
ing years. Many of them 
increased their dependence on 
Shipbuilding in the late 1960s - 
to taka advantage of a rise in 
demand - but are now having 
to retrench because of Japa- 
nese yards failure to compete. 

MHI, for example, has 
reduced its dependence on 
shipbuilding and steel struc- 
tures to 18 per cent or sates, so 
that power systems now repre- 
sents its biggest sector, at 27.4 
per cent 

IH3 derived a mere 19 per 
cent or its Y862.9bn turnover 
from shipbuilding last year, 
even after a 27 per cent jump 
in shipbuilding and offshore 
sales to Yl65.4bn. Sasebo, by 
contrast, looks badly exposed, 
with 70 per cent of sales 
derived from shipbuilding. 


French win German gas deal Funds for 

o UK. arms of 

By Judy Dempsey hi Berfln "This purchase is part of our However, Gaz de France may 

programme of interna tkmalls- want to use EEC more as a , ; *a+q 1 m-Aim 
The privatisation of eastern mg the company," said Mr Bel- storage facility than as a pro- lUCldl gi UU1J 

me hue Kahm Iaa /Ia Dmwaa 1 a Ikn aa IKa imp mw\_ ^ 


By Judy Dempsey hi Berfln 

The privatisation of eastern 
Germany's gas sector has been 
completed with Gaz de France, 
the state-owned French monop- 
oly, buying the production and 
storage facilities of ErdM-Erd- 
gas Gammon from the Trea- 
hand privatisation agency. 

The sale also ends a long 
struggle between Vereinigte 
Elektrizitatswerke Westfalen 
(VEW), the Dortmund-based 
Utility rfimpnny which tried to 

acquire EEG, and Gaz de 
France. The French gr oup e ar- 
lter this year pipped VEW to 
the post by putting in a higher 
cash bid to the Treuhand. 

Mr Michel Befiec, head of 
Gaz de France in Germany, 
declined to disclose the precise 
size of the payment. 


“This purchase is part of our 
programme of internationalis- 
ing the company,” said Mr Bri- 
lec. Gaz de France is the 
world’s largest gas company, 
agT)tng an 36bn cubic 

metres of gas. Last year, it 
recorded DM350m (9213.4m) 
profits on turnover of more 
than DMRjbn. 

The purchase contract, 
which involves the French 
company investing over 
DM72Qm and guaranteeing 600 
jobs in the eastern state of 
Saxony-Ashalt, gives Gax de 
France a potential foothold in 
the region’s gas sector. Eastern 
Germany’s gas sector is run by 
Verbundnetz Gas (VNG). Ruhr- 
gas, which enjoys a 70 per cent 
market share in western Ger- 
many, holds the majority of 
shares in VNG. 


However, Gaz de France may 
want to use EEG more as a 
storage facility than as a pro- 
duction outlet, as the gas pro- 
duced in eastern Germany is 
low quality. Known as Altmark 
gas, it contains about 70 per 
cent nitrogen and needs special 
burners and changes at a gas 
turbine before it can be 
burned. 

EEG has contracts to supply 
gas to VNG until 2005. 
although experts say Gaz de 
France has inherited unfavour- 
able contracts because the 
delivery price is too low. VEW 
made the same point during Its 
negotiations to acquire EEG. 
Altmark gas delivery contracts 
cost about 95 pfennigs per 
kWh, and are priced at a 25 per 
cent discount from H-gas, the 
natural gas Germany imports. 


Reunion Mining issue raises $9m 


By Kenneth Goocflng 

Reunion Mining , which has 
copper and diamond explora- 
tion interests mainly in Zim- 
babwe, has raised US$9m 
through a placing with Euro- 
pean institutional investors, on 
terms that give the company a 
market value of SSOm. Its 
shares are expected to start 
trading on the Luxembourg 


stock exchange in mid-June. 

Most of the money raised 
wifi be used to taring into oper- 
ation the Sanyati mine, 190km 
west of Harare in northern 
Zimbabwe. This is predicted to 
produce 2£00 tonnes of copper 
annually for the first four 
years, and then 5,000 tonnes 
for another six years. Costs 
will be very low. at about 45 
US cents a lb. Reunion will 


own 75 per cent of the mine 
but carry all the costs. Hie rest 
wiU be owned by the Zim- 
babwe government 
Reunion is also one of the 
most active exploration compa- 
nies in Zimbabwe, concentrat- 
ing on diamonds. The company 
says it had completed regional 
exploration of 43.570 sq km, 
representing li per cent of the 
surface of Zimbabwe. 


By Kenneth Gooding, 

Mining Correspondent 

MetaUgesellschaft, the German 
metals group, has injected 
fresh funds into two UK sub- 
sidiaries as part of Us policy of 
strengthening core trading 
activities. The move comes in 
spite of deep financial troubles 
at the company. 

The paid-up capital of its 
London Metal Exchange trad- 
ing business. Metallgesells- 
chaft Ltd (MGL), has been 
increased from £33m to £47m 
(9705m). Mr Michael Hutchin- 
son, managing director of 
MGL, claims! this made his 
company the most heavily cap- 
italised ring-dealing member of 
the exchange. 

In the six months to March 
31, MGL - which is 86 per cent- 
owned by MetallgeseUscbaft, 9 
per cent by MIM of Australia, 
and 5 per cent by Nlssho Iwai 
of Japan - made record pre-tax 
profits of £22.3m, compared 
with £10.4m for the whole of 
the previous 12 months. 

MetaUgesellschaft has also 
injected a $30m long-term sub- 
ordinated loan into The Metal 
and Commodity Company, its 
physical non-ferrous metal 
trading arm in London. 


FIDELITY INTERNATIONAL FOND (in dissolution) 
Sod£t£ tf ramtissanait* capital variable 
Kansaffis House - BP 2174 L-KC1 Luxembourg 
R.C.B 24054 


We hereby inform those who were Shareholders of Fidelity 
International Fond, a sorirSti dlirvestissemem ft capital variable 
incorporated under the law of the Grand Duchy of Luxem- 
bourg, that the Fund has been dissolved as per foe decision of 
the Shareholders at an Adjourned Session of the Extraordinary 
General Meeting of May 20. 1994. 

Consequently, as from May 24, 1994, those who were then 
Shareholders have been issued with new shares in Fidelity 
Funds-Intemaiional Hind. The old bearer certificates are to be 
returned to the registrar Fidelity Investments {Luxembourg) S-A-. 
Place de 1'EtoIle, BP 2174. L-1021 Luxembourg, for cancella- 
tion and exchange. 



FT GUIDE TO WORLD CURRENCIES 


Thktabto Mow ptanfto WM reaiahta ram ot aacchanpB frwtflod} apatnot lour toy c a ianctaa on Friday, ifatj 2T, ISM . tn «oma carea the ram h nwriruri. Marinat rata* ire tho reread* of buying and Ming i 
Wren they am ahown to Da odienviaa. In arena cam marital iatw Iwa boon cakadaud Iron thorn of foreign aarendu to which thay are UML 


A 


INTERNATIONAL BANK 
FOR RECONSTRUCTION AND DEVELOPMENT 

US $ 250,000,000 FLOATING RATE NOTES DUE 2002 

In accordance with the provisions of the Notes, notice Is hereby given as 
foUows: 

* Interest period: May 27, 1994 to November 28, 1994 

* Interest payment date: November 28, 1 994 

* Interest rate-. 4.45% per annum , 

* Coupon amount: US$228.68 per ncte of US $ 10,000 • 

us $2^8081 per note of US $100,000 


AGENT BANK 


banque inter nations 

ALUXEMBOU 


WANTED 


(tenfiff Automobile 
Receivables 
Securitisation (UK) pic 
£328,000,000 

Floating Rate Notes Due1995 
Notice of Rnai Redemption 

Notion rahacabygiiim to thahoUresot 
ffw zxsvtwm Ftoafhg Rata Motes 
dua 1895 (trio ’Notes') of Canflfl 
AutomobSa RacgfcabM Saourtfcaalon 
(UK) pic (ha tsaueO that ki addtion 
to the mandatory redemption of Notes 
raqiSred by paragraph 5(fgandpur- 
auant to paragravti B((9 of 8» Tanna 
and Conations of Via Mota*. the iaauar 
has aieeted to awadu the option id 
inform to accotdarerewth fteproon- 
dunre of Etiadaer and CEDSL Niaufr- 
atandkig Notea at their principal 
amount (togothar wtti acauad HaP' 
a*t) on the Interest Payment Data 
lulling on 29tfa June 1884 (the 
‘Redemption Dale") aa from (iuid 
todutftig} wHch auch date Hare* on 
Sw Notre aril cease to accrue. 

West Merchant Bank Limited 
Agent Bank 


THERE'S A 
HANGING 
EVERY 
MONTH 

Great Art demands the 
greatest space; thafs 
why on the first 
Saturday of each 
month the FT 
publishes a full colour 
Art section devoted to 
art artf antique^. 
The weekend FTJs - 
read by an estimated 1 
million people bi 160 
. countries, reaching 

effluent tntematlotxal -* 

■*’ V|jpv» 1MIXIMW. . 

37% of Saturday ET ; 
readers have bought 
parntyngs or antlqi^es . 
In the last two years 

(FT ft— dar Stray WS? ?•; 


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Barbados 

ST" ^ 

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BiMb (BctManof 

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(kean—d 

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137379 

102357 

82314 

fll CnrtttopfMf 

lECarr*) 

43757 

2.7015 

1345 

26879 

SIHalare 

n 

130 

03028 

04091 

03340 

70J808 

430*38 

07.782 

a Luca 

JECBitJ) 
ffrerdi Ft) 

4JJ757 

2.7010 

1.049 

2-6679 

aiJnra 

lBJOTB 

300406 

Si Plana 

wn* 

5.8168 

34171 

Maaa 

2184.10 

1310.17 

207307 

dlVkKani 

(E Carr 5) 

4.0757 

2.7010 

13*3 

23679 


100134 

1072.49 

SBnM^kio 

RaAnUal 

290031 

158033 

067472 

132330 

0311 

a 1801 

02070 

SaoToma 


30228 

2*0.145 

1430*6 

290034 

ftlTB 

0.4108 

0347 

SaudMabk 

CRhreO 

5.0573 

9.75 

23800 

93021 

lorn 

13486 

23Q8S 

Samoa i 

Bav^aBa. 

(CFAFi) 

64766 

561395 

341.718 

538231 

198082 

807372 

15238S 

ffM>a* 

76834 

5303 

33873 

*3788 

3&018B 

104387 

08888 

203812 

893888 

042S 

313296 

100002 

Sana Leona 

aoxMJa 

Mon « 

<n 

(Koruna) 

08738 

23163 

483029 

575341 

133*7 

323798 

349380 

09931 

193289 

501.1*1 

14201 

303178 


Stoma 


aoasj 

133.19 

610005 

1*7383 




Sotomiar»t 

(S 

43010 

12*87 

13757 

9.1119 

13843 

03287 

130B8 

SomaBHap 

(Shrew 

905430 

202130 

108*33 

S1 12 

3-1512 

13043 

23007 

South Africa 

Pan* 

5.4068c 

90430 

23180 

34802 

805328 

dsaisi 

771380 



73039b 

4.7748 

2308 

*5738 

02882 

0.1813 

438.138 

02858 

880.101 

Brain _ 
BeanMiPmabi 

fared* 

20*446 

15862 

824118 

129613 

72043 

NAMca 


204440 

13632 

824178 

128316 




Sri Lanka 


743232 

493093 

200234 

47.132 




Sudan Rap 

£Dm«0 

533170 

392757 






Gwraam 

(Ouaderi 

23M5 

1.785 

10062 

1.7100 


08081 

09570 

E«re*and 


&4BB8 

98430 

23180 





Srmten 

(Kmna) 

11.0413 

7.7100 

43828 

73*17 

1^097 

08937 


SWonland 

« 

2.1177 

1.4097 

03557 

13446 

4.0023 


323234 

Syria 

R 

303448 

203T22 

124747 

183487 



Ttonan 

BS 

403260 

2730* 

104002 


7.0648 

4360 

73407 

iBnraMa 

|MW 

T7B30 

0(0307 

313JB7 

494371 

18HL0B 

J1TZB8 

175304 

ThaM 

fcSrs 

303165 

20.1001 



171-084 

104363 

103892 


04730 

581385 

341.710 

53*231 

48098 

23BBB 

4J0M 

ism 

8318 

2.4707 

Tonga la 
TA&dfTiibaoo 

(PaAno* 

23982 

86828 

138*9 

533*3 

03997 

3608 

13068 

56844 

113316 

08300 

107588 

ititisfa 

(Owl 

13382 

13190 

062 


501386 

941.718 

530231 


CLto! 

4092933 

320089 

180803 

31322.4 

D301G 

02321 

Ql3SS6 

TVataACafcoa 

was 

13008 

1 

08081 

09570 

64181 

34171 

03823 

Tuwhi Ifass0mt S) 

23582 

130*9 

06997 

13000 

vam 

74JBQ22 

1l7d*€2 

Uganda (Nan SbMntf 

141430 

037350 

970.165 

696689 

3J0M 

20130 

3.1705 

UAE pmlanfl 

S3403 

3.0724 

23934 

12006 
Ml 78 




LWrad Kmgdoni 

CP 

1.00 

□3820 

04091 

063*9 

400230 

2.7010 

243408 

1«8 

383288 

23870 

Uuguay fNaoUmguayof 

73513 

1 

43729 

03001 

93088 

03679 

43877 

0JM71 

Unr 


VSnusar 

<vaa* 

1733307 

114306 

00.7095 

100668 

saorj* 

3340J8 

627330 

W^ceai 

(Lira) 

230031 

168032 

007472 

1SS4S 

3JM30 

13043 

zxxm 

wan 

34802 

13068 

Vanamria 

pore-1 

252.1017 

107.148 

101304 

100:119 

Vietnam 

IfhglntoSrtMh 

vst 

106953 

13000 

109013 

1 

000037 

06061 

10600.1 

03670 




VkglntoUB 

(USD 

1-SOU 

1 

03001 

03070 

1J81 

1J0B82 

1-7158 

Waaren Samoa 

(Tata) 

3.01 20 

23035 

16772 

24049 

12011 

1X045 

13285 

Varner (Rap o0 

fill 

8830MB 

59391 





un 

Taman pap ol) 

tOrert 

06684(3) 

□4589 

02 m 

04371 

21JM53 

7.1832 

133000 

4382 

20904 

83284 

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w .g a 

xvnofll fwiorai 

37740 

10*8.10 

280.100 

000413 

182.141 

*22322 

890334 

09840 

02341 

03887 

amfaabwa 

n 

123800 

83197 

*3772 

73021 


’.OiimM ^pbwtogMgMr fcfcy W. lOMiMtad Hngdom EOUBT^ UMBd 


1291 Oman ffWOmf 05000 09840 02341 0J087 ZMalwa (S 

31.41740 Qtnaav DMZ3SB78 Jqran YT47JKK Bnpaan CUnaney Unit HHaa May E7, 1884 UnM Hhgdoar tSTTBSOO Unaad 1 


Bad Stataa 31.17198 Oannaqr DM1 50030 Japan Ym007 
MBda M Matar >a*r; M PufaBc amgaon nba HOMOW 

Okw rau nta. n Rramdan iraa l« Maach 3tiL n tmim 





18 


FINANCIAL TIMES MONDAY MAY 30 1994 


12 


* * ,, -itrf. ti; •»■»* 



*?; -r »r. v 


? v ‘^^. -v. - .- :' '■ ^ir 3? SS** - ■*• *7- ■•.'■.■ .■:'•• 

.;. ■ ! ' : : ••;.-■ ••• .i J \- ■'***:;;■ >$*r •*. ^ 'j?wV • v..v. • .- •• •• v *' : «•> 

: •■' >■ . -f HS '.o^- •'•'•• '••’*• : :■■'= . ,; ;J'- 

•/ ' r • •.; • -v.:; . - ;l ;/ . ; ." - . -\t v "■ • ••• *' *c ••' • 





: H: •%•••••: : -f v -.r5 -‘-V -•••• -v- • >• \ • . ;& 

mm i*" 1 * 

On Thursday, June 2 the Financial Times will publish an In-depth survey of 
Foreign Exchange. It will look at the principal causes of fluctuations between Dollar, 

Yen, D-Mark and Sterling. 

It will also discuss the explosion of investor Interest In emerging markets, which 
has prompted a growing awareness of 'exotic' currencies such as the Turkish Lira and 
the Malaysian Ringgit. 

Other areas covered Include the difficulties of Integrating former communist 
countries Into the International employment and monetary system. And ft win examine the 
need for greater stability and new 'rules of the game’ In the currency system. 

FT Foreign Exchan g e Surve y. 

FT. Because business is never black and while. 


THE WEEK AHEAD 


UK COMPANIES 


■ TOMORROW 
COMPANY MEETINGS: 
NawCitjrCSatnnwcGWiaKTvt.il 
Dnanshira Square. S M. 12M 
Ott ML fcxpac&on, 7tw Town Hal, 

ffawtek. NDtSn^MTWN™. 11.00 
Stagar&fttaSwMWQfp.SnNaw 

Saute. BfehOMPte EC* __ 
Wbrid of Lmhar, North Chafer Road. 

N.W„ 12- 00 

BOARD M6BWG& 


Ctwiwwt HUgpk 
Kwnbnv 
London A I 
Norttwm intend Etoctrtcitjr 

nw nao Oi B tn*w 

SortcNw 


Koran JW.M 
LDodonhw.Mariatakw.TM. 
MMKantHMgn- 
PonwV Dotayn 

Qw*merP> 

MTCtaMPwhwra 


AbwttoanTaL 


Union ML 


Do La Run 
Ptyno 

Roefcwood NRml 
U nited BnrMwtan 


tawntUCW) 
Stucgn 


Brand Smctanry, &W U 12X» 

OOC l utau w d o n n f , TTw Oonro o nwto 
Suln, Mantott Hotat Dyoo. Abonlaon, 
tzoo 

poctwwtrton Pottarta a Hd9<J. London 

UWrTMtetaio n . HWMocfc How. 
BattwL 1SLQ0 
BOARD MBETWOS: 
flnaiK 
Awn< 


Control Tndmiqaoo 



f * c PEP kw. T«t 


■ WEDNESDAY JUKE 1 

COMPANY MATINGS: 


KM. SbafloobacyPlaoK Battofcwa, E.C. 
1200 

Kk>gttaiwr. Tho Dradwotar Haul, Pvk 
L»». W, 11.00 

H a n rt a c . The HoyW NtfonW HoM. 
Bedkxd Way, W£. 11-00 
M ttar tt wte*, Tlw Howwd Hotel, 
Tnrapta PWco. Strand. WJS. 3J30 

BOARD MSTMQS: 


■ 1WJR8QAYJUW2 

COMPANY MEEHNQS: 

Baadta {J4. 71-78 Victoria Stnat. 
WOMftwnpton, 230 
QfynwM nL| iwopin noun, as new 
Coventry Rond, Sheidoa BfenUnatwra. 
1200 

Q u nctaBD. Hw OuUhou— . Sandtad 
Spring* QaKCUb. WftWrton. Hwn twM m . 
IOlOO 

M*w Food* lha Kovnd HoM. 
Temple Ptatw. W lO, lOuOO 


WywWwraPraan 


■ PfODAY JUNES 

COMPANY MEETWOS: 


> Arm 


AaMeyOrp. 


I Coap- 


< 12.00 
MEETINGS: 


Drnyten Bag. A ML TaK 


Ouchyard. EC, WJ» 

Danfa, The GuMheA. 

KlngaJorvtipocv'niwiwe. Suiwy, 11-00 
Broolw Secvfcw. Uoloont Hotel. BrieteL 

aoo 

Dnata Benton. Gtadenf HNL 0 Montague 
Ckwn, London Bridge. 3£. lUOO 
enote TnwL Co nteranoe Suttae AA 2 
Level 2 Battfcnn Centra. 9Bc Strata. 
BwMcnn. 20^230 
tNVESCO, The MocrttoWten Room. 

Queen Btatoth a Oontaenc n Centra. 



6 


Conywiy nieaWpa era annual gaonW 


Renan now: itaports and aooounta an 
not notnwly awW* iraH appraMMy 
abtvraake altar the Jaoard caeeMng to 
i dm prafcrhwry raeuRa. 


DIVIDEND & INTEREST PAYMENTS 


■ TODAY 

AB AatmABNnJBO 

Da BSKHjBO 

IMidklaeWCnVI 

CNA Data SM QnMB Qa PL RUB 

Coatnen Na SMI OaD. M. Cw. Pt BRJS 

Dodagcao 

UBxi SupplM OJp 


Naw (taanwy Seea tta. 'ta 


Adaonw nm ov. Rd. Cm. PL asrsp 
Mad Nth Bta Undwad PRK StaAM 
Afcd-Lyona SHW Cm PL UBSp 
Da nmcmPLzaap 

MM Pear (ImL) TMt QuL tt Y790JDQO 

at a T Octet tom *% aara a 

Da aw» taasne bus 

MQDMad Saoato «H Oa cm m. PL 3p 

JMa &npt n«» Bd* ■WB11TJ0 

P a ta nw taw. Tn. QMta 

Odl as» cm PL cus 

Sk. Scodaod Mi Nod-Qtv knd. PL *J023p 

DaVWM ttoo-Cm Wed. PL tJpBp 

Da Undwad tar. Raa Nbl VOUD 

B8A A7SK Cm RL Or. PL UTSp 

tad. A Bbighv BMo. 8oa RW -M C13US 

Brind (CSy oQ rfflrlfc M. HB ESJS 

BA Mean AheiMm 1MH Ob. *11 OL1873 

BTHNyteASUB 

Cap. A CaaBw VMt let Mp. Oh. "990000 
EWSH 

Caaar AM Oh km Fd. Pis- PL 29p 

Ch— Ikrfitai mw *87 tiom 

OwWal BMC RM «#* S8BJJB 

CaqUflw UK Sub. Ov. Un. La. 200001 WJB 

OotanMaatf Mol Sec. <NaJ>BHN ST Btl7M 

Da RoR Ctaw A2 Mg. Bwked HW3S 

BlOdSB 

Da Ctaa A3 MM- BWmt nW3a BV4S.12 
Da. (MO.KS intta Sea Bra. -M tSBTJBO 
CenmrzteBk (ten Rn. BW BB «K33 
Co-oparata 8k 02SN NaaCa kmd.PL 
40290 

Qnppw M BM Un. In B«B BLSI 
Dtatap Ptaxadn VK On K 2ip 
BnpoRrtnam 10MH Nm *98 CS10250 
Dd BM% NW.1SBB G»1K 
Baet A On. km 10KN Oh. 11 2d3» 

Benoar Dual kiv. TaL km 220p 
Fkaftny Am Ena. HUM 1W Mtg. Oh. 14 
ESSO 

AatSpaoMi kw.1ta.CnUn. In MT Up 
FknWa Oeamd km a Awats km T«t 


f^thOuabao 15M In 11 &J5D 

fenheandam kwaanoa 47Sp 

haws. Dav. BankllHH Bte. B6 EMUS 
BAtadl.lp 

tay A Sknn HS TaL Cv. Amily Up 
Jom km TaL taoama Up 
Kakud KSh1J29 

MMmmt Bomwi Mm Cm UoWWd BW 
•KUO 

Da Serlaa 2 S1BSJB0 

Koba Sand UOM Bda. VT YSBOiMO 

Da SOW DO YSJO.OOO 

Ltar.AM Oh Rd £2 

HwhamdSp 

tanamuna ION Cm PT. 9p 

MNMtwM Bk. Pita Soh In P® Carta. 2000 

01A2222 

MM OSX. Unaa FPN B7 YttMM 
NdL Waarnktar ac. Prim Can RM Sntaa 
C 10003 

Nan BmnaWdi mi -M CS1A42 
Nna Zaafcnd RM V? BBV.1B 
WtLfnSaca. DkL W. Mg. Badcad RW -91 
MM 

Pakaaon 2edh. 7JSM Cm PL SJSp 

Da ION Cm. PL 9p 

Red »N Ov. NenxrtB. Pt 2S29p 

PifcMdda 02Sp 

Ftwtv PUN 1907 S1029&M 

RJB MrkiQ 7p 

BMC CnH BWM 0*. Cap. *00 £43.78 
PMC 1440 

BmWBk.CnvFarEMtaPaafd.PtB.Rd. 
PL SUB 

Rofd Be. Can. Ra. R>W Dba *0S M&9B 
Boyd Bk. SeotteM 9MM On PL uaap 
Da 11M Cm Pt SAP 
NomI DuWi raretaan NA80 
tank) Up 

BL Mondan Prapa B5N Ckn. 2nd PL AJBp 
BatM Bn* 8Ua nw 2000 SU0a222 
Snqo Bactric FBN-OBYSWOe 


IBB m Santa! aw* Bam TO VMM 

TX Bnmoa 111H ou oa ia ISJHKBI 
C*M M QKL BW. MB MOO 


UbankHd 

J12J0dM 


. BMdmSdk.PfM'01 


USUPEKU1 

«m< FWooFIVt 2000 HOW 

pacSanktapiMSua Bte. BttiaOQ 


Amtdcaa tanda SLSQ 
Awwtoan O a n a al BB 
tenon 10,10 

BMW* Bk. N 0 *cm S Pt Batea ABLBBV 

Da Sariw BKLM30 

DaBariM Cl 1O4Z10 

Da Sariw C2M.M0B 

DaUBaBUOa 

Da 1 Danem Badw 01 KM3T3 

Da Sariw 02 KLIMT 

Da Bag. »ntw D Pt IMW Man 

BonWr72Sp 

BrtWhAamnaaoaBp 

BriL Baum 3*N Ww Lwe El JB 

Bratan W BnpriaWy AKU3 

Candon 72Sp On. Hd PL 3JK9P 

QdarAtatBMCm PL L7Sp 

Da 42M Bad Cm PL 21p 

Date 1030 

EfW.CNmCkMADR10.nin 

SsapkaOtMi 

BnateSmwASKi2.73 
Da Sariw B 8KA7S 
EvnwtPaediUp 
n«T*w cwnrtwJM kw. usp 

fad Omdi Bn FBN -BB E27JM 


V3M-1&3M PW-PLOJp 

BnnkwRJNaOv 


nuz 


Piknary Caa Und FRN 

.02SP 

OmUoton A uu apm n caOm.ffW'BVClVIMO 

OlnaowkiCQmaTaC OSp 

ODOdtaed 7M Ov. FkL PL ftSp 

HayalAdp 

Hawke USp 

Hfl Bacmnl tad Bond Pq. Hd Pt iftSp 
Da PW- RL PL *1202 
Hoaw BK R02} A MB- Batad PHN TO 
El 31 -06 

Da Daw B £17044 
HundaWh Tacb. 2A> 


Sadgwick 7MM Of. Bda TB £W23 
Samtetd-Haava 028p 
Shanraod Cotnpu Sarricw S1JS4 
BpaaMayw 10M Ov. Una. In. 2000 IS 
apbera kw. TaL km & Raddual Cap. 0.75p 
DaShawtakawaUnteOp 
Swifted Qml and RRN "SO CBSM 
Stea Baet Conaa Vkanrta T2HM (hd Nn. 
Ul AS122J0 
SWUteariJw 

swteaPutMtewBHCv.Cm.Rd9p 

staddnd Saten ML 4N Cm PL 2p 

Sun ABwoa72SN Ov. Sua Bda. tM C3&29 

SMlowteklSp 

(taadaft 8HH Bda. E437JJ0 

IWa A t«(a 7J8p Cw. Bd PL d029p 

awtow. WKtlSJO 

TTvoqmwtwi Tat 12*M Ok. 10 0.19028 

Da 7JSMCv.ua In. 2003 £1025 

TMC PJMAA RBh Fkv Nm. VU UfA* 

Da hana Nal 2030 emas 
Da Sawn* Ba A Nla. Na> 2091 £9043 
Da lania NoS Ctaw B *T1 E140J9 
TH Ckr of London Td. 1J9P 
TB Bind Cm tav. ItMM CB. IB E!UBI 
TaL IMonFbwma (91) HMM DdlM £43408 
TS8 VnMte Raw and Wa. WS EI43J8 


Fcft A Cotetel kMTMH BM4 E9JBB 
Da 4MM Paqv Da (2.1» 

Onv Com, km ikt *HH A Cm PL C14079 
GanBnmoa 1LA0M V7 EBT-48 

OKNIdap 

dooctnan FWriar ASOOS 

Gavnt extend kw 9M Cm Pt i jrap 
Onad Bsflteid BMa. OSM Cw Ua La 2008 
BATS 

Item ad (team 27Bp 

ttertaoakwTta.3HMCm.pt Cl 225 

IW a nn aw BJp 

Hanta PJ 7MM Cm PL 2JC5p 


Dam BCm.Pf.23p 

BkigwaHtMcaMCMn) 


7M Non. Cm PL 


kmn.10 

kwanoBtaid M.17S 

kidSB 7MM Mo. Da ttVSS G3.B28 

Jonw (A) tBM&a Pt 247Bp 

KMdaw Mat OoukA 11JM Rd H E&80 

KMnann Chaiw kw 1W. 4M Qa PL S3 

LadbokalJXp 

LanDatenkantakM Da E22S 

Lagd AQnwaMdOp 

Uwria H PadBM Wv Pt 1 JBp 

Da 7tkM On PL MSBp 

Utter BM Cm PL1.7Bp 

Lombard Nrttv Cnd BN Cm lat PL 2.1p 

Da BN On. 2nd PL 1.70p 

London 2HM Cam U4W 

Da 3M Can. pi Of after 1B20) £0.78 

Lon (Wm) 2L7p 


Mote kw Tta IIMOa 11 BUB 
Maana VMOM lit tMM 
0a3*Mau.Lit.iom«B.ro 
ItevM MM tat AIM cm Pt UBp 
ML Hmw lorn Saa TO MS SAM 
QoMlMp 

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DaSMBamvOanm 

Haed tod VMM CW?Bd PL TSTBp 

Da SUM Cm RdUK IJMSP 

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Da BM Cm PL Up 

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SOArSvteWW CM. Nsa-nm B 8WU0 

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m Boater Om. kw Tta'«HH Cm PL UHtp 

union Canada te-rara 

VMt7MQa PL State 

WMoa m ADR BtaP 

VMgbt 4)4MM On. PI 1JD9p 

■ TMMIMYJUHBI 

Anpte A Onwet w Ite Saa Dbe. IS £100 

BaeyVVkMtelAp 

BAX tada ttHMUd lA. QMS £8.118 
anpoiatetete U«M Nte.' M ASTU.78 
Cnaanatee 01 10MM Ua Uv 19 £0978 
rwf wwntetlOOO 
MM ADRIANS - - 

PortnWkn Pattetea B.73p 
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BAfdkdLUte ' 

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CMvteW ADR 10J464 
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Sprtw Men C«p> OTP 
Buntain Rv Rip MM tea 
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Swrttemo Hwvy lata A4M tea 
'MY8BJRN 


CONFERENCES & EXHIBITIONS 


PUBLIC NOTICES 


JUNE 2 . 

DEVELOPING NEW PRODUCTS 

FOR GLOBAL MARKETS: THE 

OPPORTUNITIES 

A national one-day conference oxgantacd by 

ibe Design Museum n coojunctioG wkh the 

DTI, which will tackle the (hatbunemal 

issues of new product development and in 

impact on pra&nHUty and competitiveoHa 

Conner Conference Secretarial. Northern 

Conference Bureau 

Tefc 0625 502600 Fax: 0625 502900 

BIRMINGHAM 


JUNE 7 

PROPERTY 2000 

I ceding bunkers, developers, investment 
managers and advisers assess the recovery 
in British commercial property and make 
comparisons with die outlook elsewhere. 
Sponsored by Clifford Chance 
and Etnst & Young 
Information tram: Gtyfonnn Ltd 
Tel: 0225 486744 Fax: 0225 442903 

LONDON 


JUNE 7/8 

PRACTICAL DEALING 
COURSE - MONEY MARKET 
Training in traditional Cash market 
dealing and sbort term derivatives 
t Futures and FRAs) - risk identification 
and evaluation, product pricing, position 
manage me of - with opportunities 10 test 
theories learnt in dealing simulation and 
other practical exercises. For Corporate 
treasury personnel, bank dealers, 
marketing and support staff. £480 + 
VAT. 

Lywood David International Ltd. 

Tel: 0959 565820 Fax: 0959 565821 

LONDON 


JUNE 8 

BRAZIL: GENERAL ELECTIONS 
Political and Economic Prospects 

The Brazilian Embassy is organising a 
seminar on ‘Brazil: General Elections. 
Political and Economic Prospects'. The 
seminar will take place kl the Waldorf 
Hotel on the 3th Jane (994. For further 
information i please contact the Press 
Office. Btxrilian Embassy. 

Tel: 071 499 0877 Ext 234 

LONDON 


JUNE 12-17 
ALPHATANIA - 

THE PRACTICAL ESSENTIALS 
OF NATURAL GAS 
Five-day seminar designed both far those 
who are newcomers to the gas business, 
and specialists who are unfam i liar with 
certain commetdal/tedmological aspects 
and need to broaden their knowledge. 
Pro gramm e coven whole spectrum of gas 
business from exploration through to end- 
users. 

Contact: Anita Gardiner, The Alphatania 
Group. London - 

TfcL- *44(71) 6130087 fiu +44(71) 613 0094 
CRICKLAPE, ENGLAND 


JUNE 13 & 14 
BUSINESS PROCESS 
TRANSFORMATION 
MAKING STRATEGY HAPPEN 

This conference win place great emphasis 
on proven tools and techniques and the 
practicalities of transforming yonr 
business processes. There is no one 
prescriptive set of rules. But there is 
enormous experience to be tapped. Heat 
bow leading edge practitioner have made 
their strategies batmen. 

Contact: Sarah Pearce 
Tel: +44(0)71 637 43S3 
Fax: +44(0) 71 631 3214 

LONDON 


JUNE 14 

MANAGEMENT BUY-OUTS 
Management buy-oats are established and 
well recognised transactions. The 
comprehensive programme of this 
conference, in association with Gresham 
Trust, will provide an in-depth 
examination of MBOa The emphasis <*riD 
be on practical advice with case studies 
from directors who have led successful 
management bay-outs. 

Director Conferences 071 730 0022 

LONDON 


JUNE 16 

ECONOMIC APPRAISAL 

Based on policy reviews and case studies 
this Gmfbttioe will offer the opportunity 
10 compare practice in the public and 
private sectors of the aerospace industry. 
Keynote Address - Sir Donald Spkra. 
Contact: Royal Aeronautical Society 
Tel: 071-4W 3515 Fax: 071 499 6230 

LONDON 


JUNE 8 

INVESTOR RELATIONS: 

Toots & Tips of The Trade 
One-day seminar, sponsored by Investor 
Relations Society, on all that's new and 
cutting edge in investor relation*. Venua Le 
Meridten. Piccadilly. Speakers. RotteRoycc, 
BET, Kleiflwort Benson, SG Warburg, 
Panfflcy. Unsafe CommunicatioBS. 

Contact Bass Associates Seminars 
Tel: 071 497 3225 Fas 071 497 9295 

LONDON 


JUNE 9-10 

BUSINESS PROCESS RE- 
ENGINEERING SEMINARS & 
WORKSHOPS 

Continuing a successful series of 
for executives and senior managers charged 
with designing and Implementing BPR 
initiatives. EstBblbhed blue chip client list. 

Presented by a <**ri i "g patshioiHC. our 
'guide is illustrated with case studies and 
workshops. Course book available. 
Repeated September 19-20. Contact: 
Richard Paros, Vertical Systems Intercede 
Ltd Tel: +44-455-230266 (24 honraj 
Far. +44-455-890821 

LONDON 


JUNE 16 

PROSPECTS FOR LOCAL 
MARKETS AFTER THE 
RECESSION 

Aims to highlight strategic influences 
affecting local markets and economies, 
helping to develop new ideas and more 
effective local marketing strategies for the 
fa rare. 

Cost £50 + VAT 
Contact: Tacqni Gotta 
Td: 071 353 9961 

LONDON 


JUNE 16 

THEGGVBtNMBNrS 

DEREGULATION PROC91AMHE - 
Second Phase: the Practical 
Implications for UK Companies 

Speakers include Michael ttaeUne MP, 
Stephen Darrel] MP, Michael Forsyth MP, 
Charles Wardle MP. Steven Norris MP, 
fan Sproat MP, Francis Mamie, Head of 
Deregulation Tub Force, Task Force 
tpembets and Peter Moigan. Scad of loD. 
Contact City A Financial Conferences 
Tot 0278 S56966 Fax: 0276 8S6566 

LONDON 


JUNE 17 

BUSINESS PROCESS 

RE-ENGINEERING 

BP RE can help you make dramatic 

improv em ena in operating per forman c e : 

reduced lead times, improved quality and 

reduced casts. Find out bow it this C3MA 

Masncourae. 

Contact: Evanna Morris, 

C3MA Masterco nn e s 
Td; 071 917 9244 Fax: 071 580 6991 
GLASGOW 


JUNE 17 

THE LONDON SCHOOL OF 
ECONOMICS 

is offering a one day coarse entitled Same 
Lessons From Japan designed to 
familiarise British manufacturers with 
methods of subcontracting used in Japan. 
The Course is based on a recently 
completed research programme carried 
out in Japan by Dr GLetzmatm of the LSE. 
Cosnact: LSE Short Courses Office on 
071 955 7227 

LONDON 


JUNE 21&22 

APPLYING GLOBAL BEST 
PRACTICE TO IMPROVE 
PERFORMANCE 

Benchmarking forces companies our of 
the complacency of self-defined progress 
amt improvement targets. Monitoring your 
p er fo r ma nce, processes onJ people against 
World's Best Practice not only shows us 
bow to Improve but will drive 
performance excel tenca. 

Contact Sarah Pearce 
Tel: +44{0)71 637 4383 
Fax: +44(01 71 631 3214 

LONDON 


JUNE 22 

THE GLOBAL MARKETING 
ENVIRONMENT 

New Opportunities in the New Worid Order 
The Henley Centre's one day conference 
considers the key drivers of change for 
International markets and marketing. 
Particular interest to those developing 
strategy for international organisations 
and brands. 

Cose £350 + VAT 

Contact: Anna Harman TaL 071 353 9961 

LONDON 

JUNE 22 & 23 

IMPLEMENTING PRACTICAL 
PERFORMANCE MEASURES 
ACROSS YOUR BUSINESS 
PROCESSES 

This conference is designed to take the 
delegate through a structures learning 
programme consisting of 13 practical 
studies illustrating bow to implement and 
operate performance measures in 
Crammer Service, Quality and Human 
Resources. 

Contact: Sarah Pearce . 

Tefc +44(0)71 6374.183 Fie +44(0) 71 631 3214 

LONDON 


JUNE 23 

TOTAL INNOVATION 
MANAGEMENT: IDEAS INTO 
ACTION FOR IMPROVED 
PERFORMANCE & PROFITABILITY 
Innovation matter*. Directors know this. 
Hie question is how to engineer your 
organisation for the appropriate levels of 
innovation. This conference, chaired by 
Robert Heller is organised by The 
Strategic Planning Society. 

Copt set: Jo Mainee, The Stra tegic 
Planning Society Tel: 071 636 7737 

. LONDON 


JUNE 24 

CHINA: OPEN FOR TRADE 
AND INVESTMENT 
Bumen intelligence for firms * 
opportunity in Chios. Speak 
Glaxo, Manchester Business School, 
Lancaster Univmi ly Msnsgsmt School 
etc. Session on cross-cultural business 
etiquette. Panel disci restart with 
from Chinese Embassy, Foreign ' 

CMns- Britain Ttedn Group. 

Contact Suo Eodea 0524 594013 

Fax 0524 381454 

LANCASTER 


JUNE 28/29 

INTRODUCTION TO RISK 
MANAGEMENT 

Training course covering treasury 
derivative markets. Currency Options, 
SAFES, FRAa, Futures. Interest me swaps 
and related products. For Corporate 
Treasures, bank dealers and marketing 
executives, fi nypcfa l controllets. syst e m* 
and support p er s o n n el. £480 + V-A.T. 
Lywoorf David International Ltd. 

Tel: 0959 565820 Fbk 0959 565821 

LONDON 


JUNE 29 

BENCHMARKING AND 
STRUCTURED MANAGMENT 
Understand how to achieve a coherent 
framework far managing improvement on 
the operation and how to internally 
benchmark key processes (Ref WCM9) 
Contact: Vicki Welham, 

World Class International Ltd 

Tel: 0705 268133 Fas 0705 268160 

HAMPSHIRE 


JUNE 29-30 

EUROPEAN CAR INDUSTRY: 
Fighting for Survival - Is Leasing 

the Answer? 

Key officials from ADT, Avis, A LP 
Le a s in g, BBV I Dial liaHa, Debts. 
Eurotax. Finance and Leasing 
Association. General Motors, Interieaoing 
Nederland, Lease Plan, PSA, Toyota, 
Volkswagen debate the above issue. 
Further dgfcnk fW.Pt Pbnb Hhy, Fm mon ey 
Tefc 071 779 8763 

LONDON 


JULY 11 

PRIVATE SECTOR 
INVOLVEMENT IN PUBLIC 
SECTOR SERVICES -THE WAY 
AHEAD 

This event examines the future of 
competing for quality in the public sector 
in the UK and overseas against the 
background of results to date. Organised 
by Quadrilect. Price £295 + VAT. 
For brochure telephone: 071 342 4141 
LONDON 


JULY 4 

US GOVERNMENT 
PROCUREMENT CONFERBWE 

Policies. Procedures, Legal Issues and 
DwOTification Opportunities 
A high level seminar with US speakers 
from the Washington-based British 
American Business Council; the American 
Bar Association, rbe first secretary 
(commercial) of the British Embassy “»d 
■ptakera from Coopers A Lybxaod and tbc 
University of the West of England. 
Contact; Richard Dennery, BDA 
Communjcaitons Strategy 
Tot +4* 27J 856700 Fax: 444 275 £58569 


JULY 4, 4-fi AND 7 & 8 
MANAGING HUMAN 
RESOURCES IN R&D 
3 b n f*n«tin«iai events for Directors and 
Managed of technology and human 
resources. Organized by the journal HAD 
Mana ge me nt 1 and by Man che st er Bnatncaa 
School 'Advanced Practices fee Managing 
T echnica l P t o fciaiuu a tf - aearinc- fiSOO. 
Workshops - £55: Research eo afaw n cr . - 
£325 residential. 

Teh +44(0)61-275 6338/6449 

Fax: +44(0)61-273 7732 

MANCHESTER 


JULY 4-8 

THE JIT/KAIZEN WORKSHOP 
As featured on FT Management Page on 
4di January: Fire daya 1 in t ensi ve hands-on 
expe rien ce fee senior managed in wodti- 
b earing productivity improvement 
techniques, fat a real factory. Free video 
and copy of FT stride also avjdlftbk. 
QraceStnbBHif, KrinlMteMfBnin 
Tefc 071 713 0407 Fsoc 071 713 0403 
SOUTH WALES 


JULY 5fB 

INTRODUCTION FOREIGN 
EXCHANGE AND MONEY 
MARKETS 

Highly participative training course 
covering traditional FX and money 
markets featuring WINDEAL a realistic 
PC based dealing simulation. For 
Corporate treasurers, bank dealers, 
marketing executives, financial 
con trolled, systems and support 
personnel. £480 + VAT 
Lywood David International Ltd. 

Tefc 0959 565820 Ftec 0959565821 

LONDON 


JULY 5 & 6 

NCC94 ‘EMPOWERING THE 
ORGANISATION' - 
The Business of IT 
This conference will (ocas on practical 
advice on how new and evolving IT 
sobtiom are being med to develop effective, 
reat-wodd, business strategic*. NCC94 is 
specifically tailored for senior IT 
profession* Is and senior ompome 


EXHIBITION 


Omarr Carol Wri gpr Nat. Computing Cetxn: 
Tefc 061-223-6333 or Far 061-236-8049 
LONDON 


JULY 6 

SECOND CITY OF LONDON 
DERIVATIVES CONFERENCE 
Bankers, regulators and users discuss 
supervi si on, capital adequacy, new prorhict 
development and problems in the uiart m . 
Sponsored by CSFL Tokai Bank Europe. 
Arthur Andersen. Frosbfields. Lombard 
Risk System* and Roife & Nolan. 

Details from: Otyfamm Ltd 
Tefc 0225 466744 Fax: 0225 442903 

LONDON 


JULY 7 

PRACTICAL ANALYSIS OF 
THE NEW INSIDER DEALING 
AND TIPPING OFF 
LEGISLATION 


Raanoe A EC Directive 1989. High level 
speakers from the Bar, New Scotland 
Yard. Media A City Law Firm. Alun 
Jones QC Chairman A Gilbert Gray QC 
inni+wwi address. 

INTERFORUM Teh +44 ip) 71 386 9322 
B RISTOL Fax: +44 10)71381 8914 
111 LONDON 


JUNE 7-9 

RoSPA SAFETY A HEALTH 
EXHIBITION & CONGRESS 
Europe's largest annual Safety A Health 
Exhibition, now in in 12th successful 
year. WTO provide vital Information on 
health and safety legi s lati on aa well as 
products and services which will enable 
companies to gprs w ir - in n safe and healthy 
environ ment 

Exhibition Enquiries: Hue I Kirby - 
Exhibition Manager, Centra ErkbUou 
Tefc 021 7(77 2665 

BIRMINGHAM 

JUNE 21-23 
OBJECT WORLD UK 
OLYMPIA 2, LONDON 
Sponsored by Hie Object Management 
Group, IBM and Andersen Consulting, 
lids event focuses on tbe com end tmatneaa 
b e nefits of Object Technology, adfenblc 
through faster software development, 
extensive re-use and more effective 
maintenance, A FREE exhibition and 
■cats at FREE Vendor Seminars are on 
offer. 

Tfefc (OBI) 541 4665 Fax:(081)9745188 

LONDON 


INTERNATIONAL 


JUNE 1-3 

CHNAELECTRJC POWER 
M3USTRY FORUM 

At this conference 20 Chinese power 
indmtry rep reaejXiiUwj wID ghx their view 
on the fast developments on power 
generation in China. Over 100 Ct m ua e 
utility repteseetatives will be present. On 
day 3 semi-private meetings will be 
arranged for sepptios farm outside China. 
Contact: PenaWefl C&E 
■ftt 31-30^509 63 Rac 31^6 58-015 

SHENZH EN, CHINA 

JUNE 16-17 

REALISING THE POTE NTIAL 
OF THE CENTRAL & EASTERN 

EUROPEAN LEASMGMDUSTHY 

HUton Hotel, Vienna 

Tbc confe ren ce provide* a complete guide 
to tho leasing industry in central and 
eastern Europe. 

Bar farther details please contact Bsnta 
Why , Kanxntmey Publications Pic 
Tefc 071 779 8763 

AUSTRIA 

JUNE 26-27 

A POWERRJL GLOBAL Al.l JANCE 
- infomercial Teleshopping W 

NIMA Infarnalional'i international 
conference featuring top direct response 
tateieM executives Grom North America 
and Europe. La -depth discussion on 
regulatory issues and current DRTV 
trends, fallowed by six wwlatiop«M»aBS. 
Cocmtx Vhrita Wallace 
TeL- 071-630 9977 Rnc 071-630 9606 

■taagtadvteAtatel^ Mw etektetedsB 

AMSTERDAM 

JUNE 28 & 28 
EUROSECURITY w 
IT Security, Industrial Espionage and 
Fraud Preventlo* Conference. The 
international meeting pi** for company 
c xcuuii TCS c on cerned with IT acqgiiy- AH 
aspects of IT protection win be covered 
for world-renowned experts in ddsfldd. 
SocKtd Cdafirafe de Deretoppemant&A. 
Telephone (+322 512 46 361 
Rut (+322512 46 53) 

BRUSSELS 


SCOTTISH EQUITABLE POLIC YHOLDERS 
TRUST LIMITED 

Notice is hereby gives Out tbc tint Annual General Mooting of Qualifying 
PoticyboMera of Scottish Equitable FgUqpiioMcas Dost Limited wjfl bn held ta 28 
St Andrew Square, Edinburgh on Thursday 16 June 1994 at 230 pro for tho 
following p ur pos es - 
L To ooositkr the Company's Repon. 

2 To approve tbe ■|g r TF >w ‘ ordinary remuneration id be made available to the 
Directors of foe Company. 

3- To reappoint tbe Directoa of the Company retiring by rotation at dm Meeting, 
namely. - 

(a) The 8l Hoc Lord Youngn of Prestwick KCVO TD DL 

(b) Barry BSodeyCBE BA 

(c) Charles F Sleigh GA ’ - 

Any Qualifying Policyholder who is entitled in attend and vote is emitted to 
appoint another person (who need not be a Qualifying Poticyholder) as Ms proxy 
to attend and vote instead of hhn. A proxy is entitkd to vote but h not entitled to 
speak e xc e pt to or join in demanding > poD. Proxy fe™#. which can be 

obtained bom the Company Secretary (at the following address), must be 
d e posi t ed at 28 St Andrew Square, Bdjnbmgh before Z30 pm on Tfoesdsy 14 Jane. 

Every Qualifying Policyholder whose policy, ns pi the canmsaceaH of tbe 
Meeting, has been at least one year fa force is entitled to attend and vote rt the 
Meeting, . ~ 

‘Qualifying Policyholders' for the purposes of this Meeting ocasprise any petaoo 
who was a member of Scottish Equitable Life Assurance Society (tbe Society) and 
whose policy, having been tr an s fer red from tbe Society io Scottiah Equitable pfc. is 
still in farce si the commencement of tire Meeting. 

Any queries fa respect of tbe qualification of priUcyholdeix » sttaid and vote at 
the Meeting should be addressed to tbe Com p a n y Sec r eta r y (at tire address 
specified below). 

. fly Order of the Boani 
PHOrece 
Managing Director 

28 St Andrew Square, E dinburgh BED 1YF 


CONFERENCES LEGAL NOTICES 


UNIVERSITY 
OF OXFORD 

THE MATHEMATICS OF 
FINANCIAL DERIVATIVES 
-AN APPLIED APPROACH 
with Wilmott, 

De wynne & Howison 

20-21 June or 
23-24 June 1994 

For farther detuls/to book 
Td: CPD Centre h£ Oxford 
University on 0865 270285 


-Naobcr 003001 cf 1594 

fa ta aBgh Grata MJn ^es 

fa tea Batter ar Own Granp fte aa* ta tea 

f-.-n rmrr 

NQnriCB IS HBRSfrf OTVBN that ■ Petition 
ran Mite 171k fay of May 1994 pcorortad to 
Her M^raty-s Bfeh Conn of Iratka far the 

cmratetfe. rftea . IT n— often 

xe s 1S moiv,, ^ u - 

Rtf** BacUey at fefapl Own of Jaatka, 
fatand. Lenta W2 on Ufetawtsy Ite 8ta day 
often® 1994. 

ANY Creditor « SharehoMw of the said 
CoMpray teriring ta vpptoa Ow raakfeg of an 
Order hr Ite caaodfatlnii of share premium 

arcMra dta« apprar m tfa timer krarfeg h> 

A copy of the add NUob wHbeOmiraoil m 

aay radkp rava a reqatrlq ^ fcytte 



\ V. 


MttdtaflfMiy 
MCHOLSON QRAUAM Jt J 
25-31 Up***, 




TO ADVERTISE IN THIS SECTION PLEASE CALL JANET KELLOCK ON 071-873 3503 


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Tei: 071 873 3223 Fax: 071 873 3064 ~ 









FINANCIAL TIMES MONDAY MAY 30 1994 


19 


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FINANCIAL TIMl'S 


MARKETS 


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THIS WEEK 



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vat-"** 


Election eupho- 
ria is waning in 
Italy and tie 
Milan equities 
market, which 
has fin outper- 
formed other 
leading 1 Euro- 
pean bourses 
this year, has been falling 
steadily over the past two 
weeks. 

Those clever enough to have 
taken p rofits at the top win 
have locked in capital gains of 
almost 30 per cent since Janu- 
ary 1 in local currency te rms 
and roughly 40 per cent in dol- 
lar terms. Even with the recent 
slide, the market stands some 
20 per cent higher in Lira 
terms than at the turn of the 
year. So should Investors sit 
tight in the hope of a rally, or 
lighten their Italian exposure 
In expectation of a farther 
decline? 

Trans-European jitteriness 
apart, the main reason far the 
slide appears to have been 
profittaking by foreign inves- 
tors, and a growing realisation 
among domestic shareholders 
that the right-wing Berlusconi 
coalition has a fragile majority 
and could face tffffimHjR* in 
producing a united policy 
front 

More technical factors also 
seem to have played a role. On 
a piice/earzrings basis the mar- 
ket looks highly valued, ynd it 
faces a series of heavy cash 


calls, both from sights issues 
and the government’s privati- 
sation programme, with the 
sale- of lha, the state-owned 
Insurer, set for June 27. 

Investors may have been 
selling shares to raise their 
cash levels in preparation for 
lha, and for tax payments 
which fall due around this 
time of year, suggests Mr John 
Stewart at InterEuropa in 
- Milan. The bull case tor the 
Italian market remains essen- 
tially intact For all the Berlus- 
coni administration’s po tential 
weaknesses, there is no serious 
political alternative. 

Its free-market platform, 
promising fiscal austerity, 
accelerated privatisation, a 
looser labour market and tax 
breaks for business, should 
give additional impetus to 
what is Shaping up as a strong 
cyclical upswing in corporate 
profitability from 1995. 

Equity prices Should also be 
underpinned by falling fixed 
Income yields, provided the 
government tts pledge to 
take firm action on the gargan- 
tuan budget deflate awd infla- 
tion falls, as expected, below 4 
per cent 

That said, the current correc- 
tion. may have same way to 
run. The market is likely to 
remain edgy, and the lira 
under pressure, until Berlus- 
coni gives greater insight into 
his fiscal pnhrfen. Tho fVrnilf 
index, which tested support 


Global Investor / Martin Dickson in New York 

The fat lady has not sung 


Maly 


FT-A Kafir rafcdto to th* !; IDyearbenohcricefc 

fT-fteunx* index .«■ ; -1 bond .* 

— 1 — - ~g \W ■ 



around 720 on Friday, could 
fail through TOO before finding 
solid ground, but could then 
present a good buying opportu- 
nity. .* 

■ Global telecoms 

A week today the Dutch Gov- 
ernment will announce the pre- 
cise share price for the flota- 
tion of KPN, the state-owned 
postal and teleqmiTnrmicatkms 



When politi- 
cians and 
opinion for- 
mers worry 
about an eco- 
nomic trend, it 
is often, a sign 
that some- 
thing is about 

to go right 

This could be the case with 
Britain’s laggard investment 
performance, which has long 
been of concern to the govern- 
ment and groups such as the 
Confederation of British 
industry. 

Investment has so far 
played only a small part in the 
UK’s two-year-old economic 
recovery. The picture of a con- 
sumer-led upturn was appar- 
ently confirmed by last week’s 
news that manufacturing 
industry’s, capital expenditure 
foil in real terms by 1 per cent 
in the first quarter, compared 
with the final quarter of last 
year and the first quarter of 
1993. 

Recent CBI polls of manu- 
facturers’ Investment intext 
Corn give little hint of strong 
growth to come. The April 
survey showed that the num- 
ber of companies planning to 
increase investment in plant 
and machinery exceeded those 
planning a decrease by only 4 
percentage points. The CBTs 
latest economic forecast cau- 
tiously predicts an increase in 
manufacturing investment of 
just 2.7 per cent this year and 
4 per emit next year. 

But the chart shows that a 
subdued level of investment 
intentions among manufactur- 
ers Is not unusual for this 
stage of the business cycle. 
Whan the UK was at exactly 
the same point of recovery 
from the recession of the early 
1980s, the balance of compa- 
nies planning to raise spend- 
ing on plant and machinery 
was also Just 4 per cent. 

It turned out that April 1983 
was the start of a two-phase 
investment boom. Central Sta- 
tistical Office figures show 
that the quarterly level of 
business investment grew by 
a strong Inflation-adjusted 32 
per cent between the second 
quarter of 1963 and the begin- 
ning of 1986. After a pause. 


Economic Notebook 

Investment 
hopes rise 


they were demanding ten hi gh 
a rate of return, Mr Garfflner 
thinks strong profits will 
mean that high “hurdle rates” 
may be less demanding than 
many observers fear. 

However, Britten would not 
be Britain, if there were not 
some fly in the ointment. 
James Capel's UK economics 



the economy picked up again, 
so that In 1989 business 
investment hit a record 
£71.25bn in 1990 prices and 
was 72 per cent higher in real 
terms than in 19 63. 

Capital expenditure by man- 
ufacturing industry - the type 
of investment surveyed by the 
CBI - only acco unts for about 
a fifth of total business invest- 
ment. It takes an even smaller 
share of overall UK gross 
fixed capital formation. This 
broadest measure of domestic 
investment, which Includes 
unmet non-business investment 
such es housing, was up by %2 
per emit in the first quarter of 
1994 compared with final quar- 
ter of 1993 and was 3.4 per 
cent higher than in the first 
quarter of last year. 

The Idea that the UK could 
be heading for a period of 
robust investment has sup- 
porters in the Ctty. Mr Leo 
Doyle, UK economist at Klein- 
wort Benson Securities, 
believes that investment in 
Britten is set to follow 
the US pattern of the past 
12 months of strong growth 


after a hesitant start. 

An extended period of low 
interest rates has enabled 
companies to repair balance 
sheets damaged by the reces- 
sion and build up liquidity, 
providing a good springboard 
for increased investment. 
With UK final demand moving 
into its third year of recovery, 
Mr Doyle thinks “everything 
is in place far a year of double 
digit business investment 
growth.” 

Mr Kevin Gardhter, Morgan 
Stanley’s UK economist, 
believes that capital spending 
win gather pace this year and 
next and give the recovery an 
extra boost Corporate profits, 
ha says, held up well in the 
recession and will continue to 
grow so that rates of return 
are hktey “to ret u rn to levels 
not seen since the 1960s.” 

Al t hough Mr Eddie George, 
the Governor of the Bank of 
England, last week told the 
Commons Treasury and Ctvfl 
Service Committee that he 
was still concerned that UK 
companies were holding back 
from investments because 


team subscribes to the view 
that investment and manufac- 
turing output win be increas- 
ingly important motors for the 
UK recovery over the next two 
years and believes that higher 
investment will eventually 
strengthen Britain's exports. 

But, argues Capel’s Mr 
Adrien Cooper: "Long term 
gain may imply some short 
term pain.” Because Britain’s 
investment goods industry is 
relatively weak, UK invest- 
roent Is very import ln t mu h w 
Imports accotmt for 'nearly 34 
per cent of UK spending on 
■ fixed investment, compared 
with only 2L5 per cent of con- 
sumer spending. Strong 
growth in domestic invest- 
ment could therefore lead to a 
short-term increase in 
Britain's current account bal- 
ance of payments defi cit 

Indeed , tt may be optimistic 
to think that a revival of 
investment will ease the UK’s 
current account problems in 
the longer term. In the jargon 
of economists, the UK can 
look forward to a deepening 
rather than a widening of its 
industrial base. 

The recession of the early 
1980s left Britain an insignifi- 
cant competitor in several 
m anuf ac turi ng sectors. While 
the UK has same world beat- 
ing companies and areas of 
earnellBnce - such as pharma- 
ceuticals, processed food and 
Jet an ginas - it reUes mainly 
on foreign suppliers far many 
products, Including machine 
tools, “white goods”, such as 
refrigerators, kitchen, furni- 
ture, and mens' suite. 

Even if business investment 
takes off over t ha rest of the 
1990s, it is unlikely to provide 
the industries that Britain no 
longer has, leaving It to 
depend heav ily on imported 
manufactured goods. 

Peter Norman 


FT-ACTUARIES WORLD INDICES 


JaHly oonuted by TT» nmvM TknM Ltd, Goldman. Sad» « Oa «* WrfWWt SkwWm Ltd. ta «nMwta tea 

NATIONAL AMI ; 

REGIONAL MARKETS — ; — FRIDAY MAY 271804 

nw-*.— *— i S! ^ m d%Z,t£l£ °ST 


Inadua of Aotuortaa ml tha foaMy af Aoturtaa 


THURSDAY NAY 30 1094 


US Pound 


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index 3l7rW93 


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Max Ww Max Uph Low 


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.171 32 
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Manta (18) «, 

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Nwoy<*3| 


■ mill/ ill 

— 183JS 

87.00 

.T0O84 
..-473.10 
-21 15471 
—19008 
71X07 


.199.82 


(44) 


South AMoa (69) 
fipj*i(CQ 


.ssi.n 

-261.28 

.14644 


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United Kingdom ( 206 ) 
U8A(51» 


227.67 

—159.71 

_ 18324 
-18M4 


&S 
-AM 
SM 
-3 M 
1.8 
21.3 
-&4 
- 1.1 
-208 
-in 
208 
204 
-200 
-11* 
-05 
02 
1U 

-43 

-22 

B£ 

1&B 

-0.9 

-108 

- 1.8 


172.66 

173.10 

10088 

12083 

247.42 

14082 

137.01 

13027 

38003 

18014 

8051 

15728 

48427 

207042 

184.88 

6088 

19038 

34067 

25078 

14042 


15099 

18008 

18033 


11538 

1B021 

15343 

-23 

344 

11638 

. 15037 

150.77 

-93 . 

1X8 

11339 

14633 

14343 

-1.1 

334 

8837 

11133 

13142 

09 

237 

138.14 

21532 

23031 

-33 

134 

9038 

127-71 

189.12 

123 

038 

112.14 

14538 

. 140.78 

-3.1 

331 

9130 

11833 

11833 

-64 

1.74 

265.79 

38133 

88444 

-203 

277 

12038 

16570 

17445 

-S3 

348 

STM 

7438 

10837 

173 

138 

10531 

13734 

10631 

183 

073 

31231 

40448 

47138 

-401 

142 

138427 

180831 

786738 

-53 

132 

130.72 

18936 

16739 

-63 

039 

4524 

5930 

6429 

-13 

078 

13136 

17032 

18830 

64 

1.71 

232.11 

30069 

248.78 

-07 

132 

17242 

22937 

272.00 

09 

229 

9837 

125.62 

18037 

ao 

335 

150.18 

18436 

86036 

73 

134 

10474 

13&68 

138.13 

-03 

1JB 

12082 

15335 

18003 

-124 

4.15 

123.10 

15847 

18834 

-13 

237 


17006 

174.74 

17038 

18121 

W tjQ Q 

14004 

172.78 

18020 

38720 

18870 

8021 

15080 

47447 

212444 

200.15 

8063 

20070 

34071 

28003 

147.71 

22040 

157.54 

18058 

10043 


171 as 

1TLS7 


11052 

11032 

11075 


12083 

24750 

14034- 

18068 

13870 


13035 


11008 

0171 


18088 

8061 

18073 


49083 

3037 

197.12 

34041 

25535 

14004 

22231 

15430 

18013 

18003 


12134 

8021 

10437 

313.14 

140204 

13209 

4636 

13249 

28014 

17108 

0748 

14942 

10337 

128.12 

12304 


14930 

m» 

14730 

112.13 

21041 

12737 

14738 

11010 

33107 

13038 

7038 

18054 

40043 

181832 

17105 

4801 

17138 

29001 

22234 

12023 

19048 

19438 

18343 

18832 


15837 

14018 

14838 

131.70 

22078 

18013 

18230 

11010 


18015 

19541 

17337 

14831 

27078 

18072 

18037 

14707 


17446 

1OSO0 

10437 

47238 


10400 

24031 

27012 

16133 


97.78 

16091 

32133 

384733 

20748 

7738 

20842 

87832 


19733 

183.18 

13048 


16&7B 

23135 

17839 

21435 


13019 

14230 

14132 

12148 

20738 

8054 

14330 

10738 

27142 

15083 

5738 

12434 

31231 

1481.17 

14432 

4057 

15031 

24248 

17533 

11038 

18838 

12M8 

17082 

17095 


1! 

143.18 

14015 

12073 

21098 

87.79 

15731 

11138 

30131 

18831 


18134 

34334 


13037 

4057 

15057 


18087 
12042 
16138 
12740 
18014 
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fa ro P au Wc (1471) . 
forth America (828 . 
fan** 6c. UK (BU) 


.16531 


.21083 

-18018 

.18730 

-183.09 


BUTOpB Be UK (SIS 151.13 * 

£**a Bl Japan (201) 25012 -11.7 

Jtodd Be. US (IDOq 18041 7.1 

&t UK t»M) -_-17244 

Ifald Ex, fio. At plfl 17230 

gpdd EX. Japan (1704) 182J® 


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123 21015 141.11 18280 21237 S3 

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332 

141 

134 

138 


13085 

21337 

18731 

14834 


18834 

20841 

18439 

16332 


10032 

140.76 

11042 

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14233 

15226 

14233 

14238 


18032 

21235 

11474 

13131 


17058 

22030 

18018 

170l7B 


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18532 

13479 

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147.13 

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12077 

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101.78 

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10017 

129.71 

13732 

15747 

12237 

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21834 


29031 

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16530 

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168.72 

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178.10 

18087 

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147.83 

15037 

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SGOrow Caro A Bonda - LaTOmn 
Tha FT-AaBMrtaa Wtadd indftaa 
Oekknan OaeteS Co, ad 




group. With the prospective 
price/earnings ratio expected 
to be around 12, pud the yield 
about 4J> per cant, the conser- 
vatively priced issue should 
fare reasonably, provided the 
European market recovers its 
nerve. 

But with a flood of other 
telecoms offerings in the pipe- 
line, in both Europe and Aria, 
the Dutch flotation raises the 
question of how investors can 


make comparative global valu- 
ations in the sector. AT&T, for 
example, is «nmng cm a pro- 
spective p/e of around 16 and a 
dividend yield of 2£, Hong 
Kong Telecom's p/e is 19 and 
its yield 3.4 and some Latin 
American and Asian carriers 
have p/es in the 20s. 

The most extreme disparities 
are drw» to VH gHor valua- 
tions the market places on 
companies which represent 


pure plays in fast growing, 
riskier arid more lightly regu- 
lated telecommunication sec- 
tors, notably cellular, and the 
more plodding performance to 
be expected from the estab- 
lished “wireline” operators. 

Among the latter, differing 
valuations are due in large 
measure to perceptions of 
national economic prospects, 
per capita wealth, teledensity 
(number of telephone lines rel- 


ative to population}, political 
and currency risk, and the 

qualify of management 

Two other, relatively new 
factors need increasingly to be 
entered Into the valuation 
equation: the dqpee of local 
competition faced by the wire- 
line operatin’ (high in the case 
of BT and AT&T, low for KPN) 
and the extent to which the 
company is involved in inter- 
active multi-media. Both are 
likely to dip valuations - in 
the case of multi-media 
because of high initial capital 
outlays and uncertain con- 
sumer demand. 

None of these factors are suf- 
ficient on their own to explain 
the wide spread of current val- 
uations. For example, a recent 
study by Baring Securities 
found a very weak correlation 
between p/e valuations around 
the world and teledensity. 

But in an attempt to create a 
more rational investment 
framework. Barings has come 
up with a complex formula, 
factoring In potential expan- 
sion In GDP per capita and 
teledentefy, which ranks the 
world's telecoms companies by 
growth opportunities over the 
next six years. 

Not surprisingly, its top five 
(both mobile and wireline) are 
all in Asia : Dai Ni Denden, the 
Japanese mobile company: 
Japan’s NTT; Hong Kong Tele- 
com (on the assumption its ter- 
ritory will also embrace the 


COMMODITY MARKET REPORT 


mainland China hinterland): 
Singapore Telecom and Korea 
Mobile. 

However, many hind manag- 
ers may be tempted to take the 
easy analytical course and use 
telecoms stocks as a rough and 
ready proxy for a particular 
national stock market 

■ Cable companies 

The US cable television 
Industry has been down in the 
dumps this past week. Its 
annual conference in New 
Orleans was dominated by 
complaints about the Federal 
Communications Commission, 
which insisted in February 
that the industry cut the price 
of its basic service by 17 per 
cent - a ruling blamed for 
scuppering at least two much- 
vaunted takeover deals 
between cable companies and 
telephone operators. 

But for shareholders there Is 
a silver lining: the sharp fall in 
US cable stock over the past 
three months means they are 
very cheap. Ms Jessica Relf of 
Oppenheimer reckons that the 
largest US operator, Tele-Com- 
munications Inc, is trading at 
around 6 times 1994 operating 
cash fiow, adjusted for debt 
and off-balance sheet assets. 

At prices like thfa, the tele- 
phone companies may come 

nailing again - though proba- 
bly on smaller players, rather 
than giants like TCL 


Richard Mooney 


Coffee takes a well-earned break 


There is an enforced break 
today from the heat and hyste- 
ria that has held sway in com- 
modity markets during the 
past few weeks. Public holi- 
days in tiie UK and the US will 
give traders a chance for a 
breather, and the investment 
funds whose money has been 
mainly responsible for the 
surge in commodify prices win 
be given an opportunity to con- 
sider where they go from here. 

Traders and analysts are 
split about the immediate pros- 
pects for the star perfonner, 
coffee, whose July futures 


price jumped on the London 
Commodities Exchange from 
$1,100 a tonne in February to a 
seven-year peak of $&348 last 
week, before falling back to 
dose at $2,004 cm Friday. While 
most agree that coffee's rise is 
underpinned by a S g}itnp« fa 
supplies. New York traders 
seem more confident than 
thnxe in I /mdnq that the price 
can find renewed strength this 

TtfArtlr 

wvun. 

One event likely to take 
s oma heat out of the metals 
market Is the Mpfa ] B ulletin 
copper co nf erence, starting on 


Wednesday in Vancouver, 
which usually attracts many of 
the world’s top traders. 

Copper has been leading 
other matals up or down on the 
London Metal Exchange but 
attention this week will also 
focus on nickel because the 
present labour contracts at 
Inco’s metals complex at Sud- 
bury, Ontario, end tomorrow. 

Inco is the world’s second- 
biggest nickel producer (after 
Norilsk in Russia) and Sud- 
bury produces about 110,000 
tonnes of the metal, mainly 
used in gtainlara and special 


steels production. Inco’s man- 
agement delivered its propos- 
als on Friday and unions a n d 
employees have been discuss- 
ing them over the weekend. 
Some weeks ago a ballot gave 
union leaders a mamfafa to w»H 
a strike. 

The market last week 
seemed to sense that there 
would be no industrial action 
as the three-month i.mf nickel 
price, which started with a rise 
of $28&50 a tonne on Monday, 
fed steadily to dose on Friday 
$45 down compared with the 
previous week at $6,427.50- 


Ministry of Transport, 
Communications and Water Management, 
Republic of Hungary 


Hill Samuel is advising the 
Hungarian Government on the 
tendering for the concession related 
to the M3/M30 Toll Motorway Project 


MEPINV 

Guaranteed by MEPC pic 


LuxFr 1 billion 


Public Issue and Currency Swap 
April 1594 



Doing what we do best. 



Hill Samuel 

Bank 


Hill Samuel Bank Limited ■ 100 Wood Street • London EC2P 2AJ 
A member of the Securities 6c Futures Authority - A member of the TSB Group 


r 






20 


NEW YORK Richard Waters 


Employment figures have 
developed a habit of spooking 
the Treasury market A month 
sgo, news of a 267,000 increase 
m non-farm payrolls for April 
wiped two points off the price 
of the 30-year bond. The bond 
had earlier tumbled one and 
a half points on news of a 
456,000 increase in March (later 
revised to 464,000). 

The memory of those routs 
will make the markets nervous 
ahead of the May figures, due 
out on Friday. Most economists 
are expecting an increase in 
non-farm payrolls of about 
300,000, with the 
unemployment rate unchanged 
from the previous month at 
6.4 per cent 

Anything higher would 
rattle the markets afresh. Last 
Friday, first-quarter GDP 
growth was revised up to 3 
per cent (most observers had 
been expecting a downwards 
revision, to 2.4 per cent). 

Faster -than-expected 
employment growth would 
imply a pick-up in consumer 
spending, in turn leading to 


US 


Benchmark yfstd curve (%>* 
27/5/9* — Month ago =, 



*M yields are market convantlan 
Source: Mona Lynch 


higher GDP growth in the 
current quarter. 

It may be less than two 
weeks since the Federal 
Reserve appeared to put the 
market out of its misery with 
a half-point interest rate rise, 
but the bond market is already 
getting another bout of the 
jitters. 

The National Association 

rtf Pn rehagirig Managwiwitf i! 

May Index, due on Wednesday, 
will set the tone ahead of the 
employment numbers. 


WORLD BOND MARKETS; This Week 


LONDON 


With the trading week 
shortened by the Whitson 
holiday, and few important 
economic statistics due, 
analysts expect little scope 
for a gilts revival this week. 

The main influence, again, 
is likely to be overseas bond 
markets. Last week, gilts were 
hit by German bund market 
weakness and the strong US 
GDP number; this week. US 
non-farm payrolls and the 
purchasing managers' index 
may prove to be pitfalls. 

Fallowing last week's 
cautious statements about 
further German interest rate 
cuts, the Bundesbank's repo 
reduction will also be closely 
watched. “Anything less than 
a six basis point cut will be 
bad for bonds," said Mr Saqjay 
Joshi, head of bond research 
at Daiwa Europe. 

Figures for UK M0 in May 
are expected to show a sharp 
jump in an n u el growth 
rate, to around 7.1 per cent 
In May from 6.2 per cent in 
April. While M0 is not a very 
important indicator for the 


Philip Coggan 


UK 

Benchmark ytoMcwwafKr 

27/5*4— Monthago <=> 

*0 — 



’AM yWcfe wa martcat camcnOon 
Sana: MsrB Lynch 


market, such strong growth 
will not help sentiment 
In any case, economic 
fundamentals do not seem to 
be the major influence. 
“Ten-year guts on a as per 
cent yield should be really 
attractive to institutions on 
fundamental grounds" said 
Mr Ian Shepherdson, UK 
economist at Midland Global 
Markets. “But recent losses 
limit their appetite for stock. 
Short-term sentiment Is shot 
to pieces.” 


FRANKFURT 


The focus of the German 
government bond market this 
week will be the figures on 
new manufacturing orders and 
industrial output Attention 
will also be directed towards 
the next government auction, 
expected to be of 10 -year 
bunds, which is scheduled for 
early June. 

After the Bundesbank was 
forced to call off its auction 
of four-year treasury bills last 
week due to lack of bids, 
analysts think this next sale 
will be a good test of the 
market’s health. Most analysts 
reckon there will be enough 
demand for the auction to go 
ahead successfully. 

Economic data will be 
scrutinised for signs of 
stronger economic growth. Mr 
Nigel Richardson, head of bond 
research at Yamaichi, thinks 
final figures for industrial 
output in March could show 
a marked upward revision in 
manufacturing output which 
would seta more cautionary 
tone for the week. 

Some analysts say there is 


Graham Bowley 


Omnaiqf 

BwdhntnkyWd curve (%)*. ■ 
£7/3/94 — Mcmffiapa t==S 



potential for further finis in 
German bonds amid 

rawHm^ In g fafl jy that 

short-term interest rates are 
not about to fall further. 

However, Mr Peter Kerger, 
bead of futures and options 
at NatWest Markets in 
Frankfurt, is more optimistic. 
HO was surprised bunds did 
not foil further than they did 
on tbs back of Friday's slide 
in US Treasuries, and says this 
bodes well for this week. 


TOKYO 


Japanese government band 
yields continued to ease last 
week, and are expected to fall 
further this week, ignoring 
the turbulence that has 
dominated US and European 
bond m ar ket s. 

Some observers are looking 
for Japanese 10-year bond 
yields to reach 3J> per cent 
during the summer, compared 
with toe current s. 73 per cent 
level, as domestic conditions 
remain favourable. 

Amid strong rumours in 
Japan that some short-term 
interest rates may soon be. cut, 
economists say there is 
increasingly strong pressure 
being put on the Bank of Japan 
to ease monetary policy. They 
point to the favourable 
inflation outlook, sluggish 
monetary growth and 
non-existent bank lending. 

DKB International, part of 
Dai-Ichl Kangyo Bank of 
Japan, said the authorities 
"may wish to lower rates in 
order to divert firnds from cadi 
into the equity market as a 
recovery In toe Nikkei could 



Japan 

Dw ch ma ifc yield cutvpW* 
27/5*«— UtonlhaBO es= 



provide an important boost 

to confidence**. 

Bonds should be helped by 
a stable currency in the near 
term following the decision 
of the US and Japan to resume 
bilateral trade talks. 
Underlying confidence in the 

dollar appears fragile. 

Official data released last 
week indicated continuing 
weak «vwi<umgr demand, with 
department store and 
supermarket sales down 3.5 
per emit year on year. 


Capital & Credit / Conner Middelmann 

Europe endures cycle of price pressures 


It has been the same pattern 
for months now: each time 
Europe's bond markets edge 
cautiously higher after a bout 
of weakness, they get battered 
by another wave of selling 
pushing prices to new lows. 

Last week, European govern- 
ment bond markets were sub- 
jected to their latest pummel- 
ing, with Germany l eading toe 
way. By Friday, the yield on 
the 10-year benchmark bund 
had vaulted to 6.87 per cent, 
from 6.47 per cent a week ear- 
lier. Europe's other markets 
have been dragged down by 
the German sell-off. and stock 
markets have followed. 

Early in the year, it was the 
US Fed's monetary tightening 
which prompted the sell-off in 
world bond markets. And 
while US Treasuries dragged 
European bands lower, Europe 
managed to outperform the US 
during that period. Now, 
Europe is racked by its own 
worries, and is underperform- 
ing toe US. 

This puzzles many observers, 
who feel European bond mar 
fcets are defying their bond- 
positive fundamentals of 
declining inflation and slow 


economic growth, accompanied 
by continued cuts in 
short-term interest rates. 

The latest wave of selling 
was triggered by comments 
from Bundesbank president Mr 
Hans Tietmeyer which were 
taken to mean that German, 
and by extension European, 
interest rates don't have much 
further to fall. The futures 
market began pricing in mone- 
tary tightening as early as 
December, with the three- 
month Euromark contract dis- 
counting German three-month 
Interest rates at 5.2 per cent by 
year-end, up from the current 
5.05 per cent 

The Bundesbank's cancella- 
tion of its scheduled auction of 
four-year treasury bills on 
Wednesday sent further shud- 
ders through the markets, rais- 
ing fears that Bonn was having 
problems finding takers for its 
massive debt programme. 
Moreover, some countries seem 
to be sta g in g stronger-than-ax- 
pected economic come-backs 
which, with rising commodity 
prices, have reinforced fears of 
a pick-up in inflation and 
higher interest rates. 

Battered by wave after wave 


of selling, shell-shocked inves- 
tors have fled to the sidelines, 
holding most of their funds in 
short-term instruments which 
are protected against price 
swings at the long end of the 
yield curve. 

“The psychology Is Incredi- 
bly weak - some people who 
used to be really confident 
players are now saying they're 
nervous, confused and unsure 
where to go,” said Mr John 
Hall, head of European interest 
rate research at Swiss Bank 
Corporation. Banks' propri- 
etary trading *»nH hedge 
funds have also scaled down 
operations, shying away from 
the volatility that has been pla- 
gueing markets for months. 

However, many analysts feel 
the gloom baa been overdone, 
and while few see a strong 
recovery, some expect a period 
of consolidation, interspersed 
with some trading rallies. 

Many still pin their hopes on 
the Bundesbank, which is 
expected to continue lowering 
its securities repurchase rate 
over the summer, even if It 
leaves its official rates 
unchanged. Indeed, Mr Tiet- 
meyer an Friday clarified that 


his recent comments referred 
only to official rates, not the 
repo rate. "Money market rates 
must be free to move within 
the bands [set by the Lombard 
and discount rates] and that 
naturally Includes the repo 
rate,” he said. The discount 
rate stands at 4 JS per cent and 
the repo rate Is at 5.20 per cent 

“Once people realise the 
Bundesbank is continuing to 
ease, that could bring some life 
back into the market,” says Mr 
Werner Krfimer, bond strate- 
gist at DB Research in Frank- 
furt. But he warns any recov- 
ery Is likely to be “gradual, 
with the danger of setbacks”. 

While Mr Klrit Shah, inter- 
national strategist at First Chi- 
cago, feels the bearish trend 
remains intact, he recommends 
buying 10-year bunds as their 
yield approaches 7 per cent 
“This offers good support, and 
there is a reasonable chgnrfl 
that yields will bead back to 
6% per cent” 

However, even if Europe 
returns to calmer waters as toe 
Bundesbank continues Its cau- 
tious easing policy, it will 
remain prone to transatlantic 
shocks - as last Friday 


showed. The upward revision 
of first-quarter US GDP sent 
Treasuries t umbling, dragging 
Europe sharply lower. 

"Europe is still very much 
tracking the US, where mone- 
tary policy is still not seen to 
be in neutral," says Ms Alison 
Cottrell, international econo- 
mist at Midland Global Mar- 
kets. 

With most European coun- 
tries having to fund hefty bud- 
get deficits, supply pressures 
also won't help markets. “The 
auctions schedules will remain 
burdensome in toe absence of 
stronger investor participation, 
and supply will exert further 
upward pressure on real yields 
in an environment of economic 
recovery and reductions in 
liquidity,” says Mr Kit Juckes, 
international economist at SG 
Warburg. 

In the currant environment, 
Mr Hall at SBC suggests buy- 
ing two- to three-year German 
debt which, he says, “still 
offers very, very good value" ■ 
after the recent sell-off at the 
short end. 

For medium-term Investors, 
he recommends buying bunds 
around current levels. 


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International / Peter John 


Big borrowers ride out turbulence 


For big borrowers la the 
eurobond market, hell Is some- 
thing other people go through. 

Investors and banks might 
be running scared, but the 
large companies and countries 
which raise funds in the mar- 
ket claim to have weathered 
the recent bond market storm 
and fulfilled their require- 
ments, at least for now. 

Merrill Lynch shows in Its 
most recent statistics far euro- 
bond Issuance that in Febru- 
ary, March and April this year, 
S75-5bn of debt was launched, a 
figure sharply below last year's 
Sl04.7bn but well up on previ- 
ous years. 

And floating-rate note (FRN) 
issuance, the attractive choice 
in a climate of rising Interest 
rates, is higher than at any 
time in the past six years. 

The world’s biggest borrow- 
ers all claim to be up to date in 
their funding programmes this 
year. 

Mr Velkko Kantola, Fin- 
land's director of finance. Bays: 
“We have already raised $4^bn 
of a proposed 36bn to $7bn.“ 

Officials at the Swedish 
national debt office say two- 
thirds of toe country's SlObn 
annual borrowing programme 
has been fulfilled. 

Abbey National, the UK 
bank, says it doesn't have 
annual quotas, but is “very 
comfortable” with its funding 
this year. 

Mr Jean-Claude Bresson, 
deputy manager of capital 


markets at the European 
Investment Bank, shrugs off 
any suggestion of a funding 
problem. 

Issuers may be sitting pretty, 
but for the syndicate managers 
who launch the deals, it is a 
different story. Privately, and 
in relation to offerings from 
rivals, they say deals are being 
priced too aggressively as 
banks fight for business. They 
add that large amounts of new 
eurobonds are returning to the 
underwriters. 

One way to track the perfor- 
mance of a eurobond issue is 
through the yield spread at 
which It Is priced over the rele- 
vant government bond. A ris- 
ing spread suggests more sup- 
ply than dimiflTtd , 

Among the first to take 
advantage of the seemingly 
more stable environment pro- 
vided by the Fed rate rise 
almost a fortnight ago was the 
Republic of Finland, which 
offered FFrebn of debt priced 
to yield 32 basis points above 
10-year French government 
bonds. The Issue has widened 
to yield 35 basis points over an 
Friday. 

A similar deal for the King- 
dom of Spain saw toe yield 
spread widen to 30 basis points 
from 24 basis points at the. 
launch a week ago. 

Mr Thomas Keller, assistant 
director to the treasury at Ger- 
many's L-Bank, which has 
completed about half of its 
funding, says syndicate manag- 


ers have found themselves at 
the mercy of a volatile market 
“Many bookrunners have so 
many bonds that they don’t 
have the flexibility to calm the 
markets. Every time the mar 
ket goes up they sell into 
strength to unwind their part- 
folio and it goes down again,” 
he says. 

The amount of debt on 
underwriters' books, fuelled by 
over-enthusiastic buying dur- 
ing last year’s bull market, is 
difficult to quantify. However, 
the costs of carrying these 
bands have Increased because 
of toe collapse in bond prices 
this year. In addition, the buy- 
ers’ strike among investors has 
made it virtually impossible to 
get rid of the bonds. 

Kidder Peabody, tbe US 
Investment bank, estimates 
that in early April some *8n of 
FRNs ware unsold. It says tbe 
figure might have fallen to 
between $3 bn and 54 bn, but 
that the overhang is still 
depressing prices. 

Mr Tim Sheet, at Kidder's 
capital markets desk, says 
those with big positions to 
unwind will suffer whatever 
happens in the markets. 
“Whether the market falls fur- 
ther or simply moves sideways, 
syndicates will have to start 
worrying about their costs and 
put greater emphasis on inven- 
tory turnover." 

Mr Jonathan Nichoils of 
Abbey National's treasury 
department agrees. “There is a 


lot of inventory out there. I 
would not be considering issu- 
ing a large transaction at this 
time," he says. 

- The exceptionally high vola- 
tility in bond maricets has left 
investors bruised and con- 
fused. With no dear Idea aft be 
direction, the markets are tak- 
ing, they prefer to be in a mare 
heavily-traded arena such as 
government bonds, which can 
be ntHowfed more quickly than 
the less liquid eurobonds. 

So who u buying? Eurobond 
salesmen pinpoint Swiss retail 
investors and wealthy individ- 
uals who have been attracted 
by the relatively high yield on 
short-dated dollar-denominated 
debt 

However, Insurance compa- 
nies and pension groups, 
which are traditionally drawn 
to longer-dated maturities, ere 
keeping a low profile. 

What buyers there are In the 
market are also being more 
selective, choosing to Invest 
rally in bonds Issued by highly- 
rated or well-known names. 
And as Mr Roger Gray, head of 
fixed income and currency at 
Rothschild Asset Management 
points out “The highest qual- 
ity Issuers tend to be able to 
issue in any circumstance.” 

However. If toe sticky condi- 
tions continue, tbe investors 
who are there will fell by the 
wayside and borrowers mi ght 
find that their funding pro- 
grammes and confidence fall 
off with them. 


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FINANCIAL TIMES MONDAY MAY30 1994 


21 


EQUITY MARKETS: This Week 




v 


"I 




^ A 






NEW YORK 


Data deluge 
will set tone 
for summer 

lathe US, the Memorial Day weekend 
traditionally marks the beginning 
of silly season. As Wall Street gets 
back to work tomorrow after the 
three-day holiday, investors will face 
an avalanche of economic reports 
which could set the tone for the 

g rmm^PT mt j nfVi a 

Tuesday will bring news of personal 
income, consumer spending arwi new 
homes sales during April The flow 
of data wLfl iniensify the next day, 
when the National Association of 
Purchasing Management win release 
Us monthly survey of business 
activity. It will culminate with the 
Commerce JJepartment's report on 
May employment, due out Friday. 

The optimistic scenario sees stocks 
holding up well, even if the bond 
market slips further. The leading 
indices could show modest 
improvement if the data confirm 
expectations that the economy slowed 
slightly in May. 

“I think we are in a phase in which 
most of the monthly numbers wiQ 
remain subdued, 1 " says Mr James 
Solloway, head of equity research 
at Argus in New York, whose 
estimates are generally below those 
of Ms colleagues. 

If there are surprises, however, 
share prices could suffer a setback 
in sympathy with bands. “We are 
faced with a bond marirpt which stm 
on the defensive,” Mr SoBcway says. 
“It will stay that way until it becomes 
clear that monetary policy is tight 
enough to slow the economy.” 

If the NAPM index comes in at 
60 or better, against a consensus 
forecast of S7, or if the gain in 
non-farm payrolls exceeds 300.000, 
against an expected rise of 285JQQ0, 
the season may prove to be more 
sombre than silly. The next move 
by the Federal Reserve to tighter 



Frank McGurcv 


Dow Jones Industrial Awns* 

a irro ■ — ~* i ~ 


■*7B0 - 


&7SQ 


.3,740 »- : — i , 

Z> May-mi . 27 


20 . May 1894 
Souks; FT 

money would, th^ loom larger. 

A fortnight ago, the Fed seemed 
to suggest tt would hold off further 
interest rate increases until autumn. 

However, them It Tiad not ntaflfr any 

gu ar an t ees, a point underscored an 
Friday by Alan Greenspan in 
testimony before Congress. The 
chairman did not spell out the Fed's 
intentions, but he stressed that 
“uncertainties regarding the economy 
remain". 

His remarks left the band market, 
already riding out a big bump caused 
by the Commerce Department's 
upward revision of its first-quarter 
Gross domestic product, an even 
shakier footing going into this week. 

However, Mr Joseph McAEnden, 
director of research at Dfflori Read 
in New York, behaves stocks will 


“The markets may enter a temporary 
period of calm," he writes in his May 
advisory. He argues that none of the 
reports this week will shed light on 
the impact of the Fed’s series of four 
policy tightening. He says the effect 
of tighter money on the economy 
will not show up until at least July. 

However, the analyst remains 
bearish. He characterises his lazy 
summertime scenario as the “eye 
of the hurricane", a period of c alm 
in the middle of a two-phase market 
correction. "We continue to believe 
that the second leg will kick in when 
the pnA flt HuMarwwar Inflation 
reports came In worst than expected.” 


LONDON 


Collapse puts 
chartists back 
in limelight 

The equity chartists are back in the 

limpTig ht as tTio enrnmwnif y nf 

market analysts struggles to w™* 
its footing again after last week's 
collapse swept away many of the 
signposts. The fell of the Footsie to 
W50 was significant; the threat of 
3,015 was very worrying. Are we 
beading for 24)10, and how seriously 
we take the char t is ts’ 
warnings that the next serious 
support levels are around 2350 or 
24*50? 

The downside argument, 
marshalled by Mr Nicholas Weig ht 
of Nomura Research - who has long 
seen the market at 2300 - is that 
the failure of last week’s bund auction 
pinpoints the probability rimt yields 
have further to rise, in the UK as 
well as in continental Europe. He 
says that rising interest rates are 
sinking investors’ perceptions of - 
equity valuation - “therefore, the 
market is not getting any cheaper". 

On the other b«nd, at Footsie *850, 
the equity yield would be around 
150 basis points above expected 
inflation, and the yield ratio at levels 
last seen before the economic 
recovery began. 

Mr Ian Harnett at Strauss Turnbull, 
far one, finds thin “ an unlikely 
scenario”. A more likely outcome, 
he believes, is a rising yield relative 
as economic growth continues, and 
a more stable valuation of UK 
equities. 

None of this gave the market any 
protection as the stock index future 
contract on the Footsie plunged below 
3,000. This happened several times 
last week - three times In one 
session, in fact - before the line was 
finally abandoned in a hurry an 
Friday afternoon. Given the 
importance of the future contract 
as a mechanism for portfolio 


Terrv B viand 



1300 


20 Miy tMM " 22 - 

souKaFTOfliaia 

rebalancing, the headlong retreat 
from the Footsie 34)00 mark is 
distinctly worrying. 

T h e s udden ^ "prW** 
TmriorUnpg the wisdom of fund 
managers chasing the utility stocks 
over the past fortnight Water stocks 
have outperformed by about 53 pear 
cent BZW believes the yield 
attraction will continue to score with 
investors as long as the overall eqvdty 
background remains so difficult, 

• although possible regulatory 
questions will resurface when the 
market concerns are resolved. 

Consumer stocks continue to lose 
supporters, as price competition and 
sluggish personal spending 
undermine i ij i tiii dgn}. The market 
reception for Marks and Spencer’s 
trading statement was cooL 

The engineering vehicle sector 
was identified early as an area primed 
to benefit from economic recovery, 
but has underperfbrmed by around 
4 per cent recently. Smith New Court 
comments that the European car 
market, after a promising opening 
to the reporting season, is now 
showing little sign of overall 
recovery. 

Lucas Industries, with a large 
exposure to the continental European 
car industry, may prove to be late 
In the recovery cycle, think* Smith, 
although its grip on around one third 
of both Europe’s foundation brake 
and diesel car systems markets augur 
well for 1995 and 1996. 



N A, 

• -Hf 




OTHER MARKETS 


ZURICH 

Sandoz holds an analysts meeting 
in London cm Thursday and. says 
NatWest Securities, is likely to 
present last week’s acquisition of 
Gerber as part of a strategic 
refocusing which emphasises food 
and pharmaceuticals as core 
businesses. NatWest expects the 
company to him at farther 
acquisitions in these sectors and 
divestments in non-core areas. 

It says that while this is Hkely to 
be well received by the market, it 
r gmnftia w mtiftnft friTIn yhig the 

Gerber acquisition, which brings 
with tt little apparent synergy 
with the existing nutrition, 
business. 

Roche, whose certificates came under 
pressure after its acquisition of 
Syntex, has its annual general 
meeting tam or rowJn the insurance 
sector, Winterthur holds its annual 
news conference on 
already-announced results tomorrow, 
and Zurich Insurance’s annual news 
conference takes place on Wednesday. 

AMSTERDAM 

First-quarter figures come from JNG 
and KLM cm Thursday. Hoare Govett 
forecasts net attributable profit from 
ING up U per cent to FI 400m 
($217.4x0), with profit I m prove m ents 

/fuming in Hgpg RftSuB n Will 

benefit from the absence of losses 
at Orion and NRG, which were still 
consolidated in the first quarter of 
1993. 

Hoare Govett expects elm’s growth 
in operating income to be much 
higher than growth in operating 
costs, and therefore estimates an 
operating loss of R 128m against one 
of FI 266m in the same period of last 
year. 

STOCKHOLM 

The privatisation of Pharmacfa, 
expected to raise SKrlSbn ($L7bn), 
begins on Wednesday with damwatio 
investors being offered 40m shares, 
with a further 32m earmarked far 
foreign investors. 

Four-month figures «wiy» from 
Petroleum on Monday. Unibank 
forecasts tu m ovnr down to SKrl88bn 
frn un SKrl Qghn amt n ftt nf 
SKr20Sm, alter SKr209m last 

time. 


TOKYO 

Last week's rally of large capital 
steels and heavy industry stocks 
suggests that liquidity in the stock 
market is increasing. However, many 
corporate and financial i nvestors 
are looking to sell beddings around 
the 20300 to 20,900 level So, while 
activity may increase, a sharp rise 
in prices is unlikely. 


RISK AND REWARD 

Fresh challenge 
for users of 
derivatives 



Just as the 
world's hank 
and financial 
regulators are 
making a 
heroic effort to 
adapt to the 
new challenges 
posed by inter- 
est rate, for- 
eign exchange and equity 
derivatives, the world’s bank- 
ers and broker-dealers are in 
the process of taking high-tech 
risk management to another 
level. 

Derivatives, particularly the 
plain-vanilla type of interest 
rate swaps and options that 
help mitigate market risk, 
have become standard tools of 
treasury management. Once 
viewed as exotic, they have 
achieved widespread accep- 
tance, a point underscored last 
week when Mr Alan Green- 
span, ffhafrmim of the US Fed- 
eral Reserve, asked Congress 
not to single out derivatives 
for regulatory reform. 

Now, financiers are taking 
the applications of options and 
derivrtives technology they’ve 
used to harness interest rate 
risk and applying them to to 
another broad area of institu- 
tional exposure: credit risk. 

Managing credit risk has 
long been the purview of bank- 
ers and provided the bread and 
butter of credit rating agen- 
cies. Transfering. or trading 
the credit risks of a particular 
instrument or portfolio has. 
untD recently, beat difficult or 
impossible. Managing credit 
risk required a banker to deal 
directly with the the cash 
instrument In question. 

Now, derivatives experts say 
transferring credit risk can be 
as easy as transferring interest 
rate risk, using tailored instru- 
ments written by the likes of 
Merrill Lynch, Bankers Trust 
and Credit Suisse First Boston. 
As with interest rate deriva- 
tives, these credit risk transfer 
instruments break down the 
various aspects of credit risk, 
repackage them, and make 
them available for an offsetting 
trade. 

If a banker has exposure to 
senior corporate loans with rel- 
atively high yield and high 


credit risk, Merrill Lynch 
might offer a choice of three 
derivatives strategies to man- 
age that risk, says Mr Joseph 
ArigUagos. head erf the firm's 
investor strategies and credit 
derivatives group. u We might 
write a put option on the price 
of the debt, or an option on the 
credit spread between the yield 
on the loans and a Treasury 
instrument It’s even possible 
we could write options on the 
defeult risk of the loans," he 
says. 

The options would insulate 
the banker if the credit risk of 
the loans rose, while still 
allowing him to keep the loans 
and collect the higher yield. 
Having written the specialised 
options, Merrill Lynch would 
reach into its global network of 
corporate credit dealings and 
perform trades that would off- 
set its exposure to the deaL 

These strategies and others 
are being used to manage 
credit risks for LDC loans, low- 
grade bank loans, and junk 
bond portfolios. As do other 
derivatives, credit derivatives 
increase leveraged exposure, in 
this case to high-yielding debt. 
The strategies assume that for 
every person or company that 
has a natural credit exposure 
to be managed, there is 
another party willing to 
assume that credit risk in 
return for higher yield. 

The year-old move into 
credit derivatives has hardly 
been a calvary charge, but the 
bankers who are enthusiasti- 
cally backing the new products 
predict that the credit-risk 
management business could 
boom into a $l,000bn market in 
a matter of years. Some of 
their early attempts at credit 
derivatives marketing back- 
fired when an early strategy - 
repackaging low-grade debt 
into trust securities that were 
reissued as top-rated but high- 
yielding bonds - ran afoul of 
Standard and Poor’s. The 
credit ratings agency insisted 
the rating of the credit deriva- 
tive be linked to the ratings of 
the component junk bonds, 
and not to the rating of the 
derivative issuer. 

Laurie Morse 


■ I'm 


EMERGING MARKETS: This Week 


u t turbulent! 


arc- 


T'-'- 
. .. 


. The Emerging Investor / Tony Walker in Beijing 

Locals bedevilled by outside distractions 


i >* 


• »• 


v 





Last Friday offered distinct 
contrasts in sentiment on Chi- 
na’s fledgling stock markets 
after President Clinton 
announced the renewal of Chi- 
na's privileged trade access to 
the US market 

In Shanghai, particularly, 
hut also in Shanzen, B shares 
dgnomtoatad in US and Hong 
Kang dollars for foreign owner- 
ship recovered strongly as the 
indices of A shares for local 
investors finished down in 
lacklustre trading. 

After bottoming in April, 
Shanghai Bs rallied this 
month, in line with perfor- 
mance elsewhere in the Pacific 
Basin, gyclg din g Japan. Most 
Favoured Nation renewal took 
tharn nhoari of the pack on Fri- 
day, with a gain of 4.7 per cent 
Shaman riding 2.6 per cent in 
thin trading. 

However, local observers are 
not impressed. They note that 
the latest rally, . which took 
Shanghai B shares up 125 per 
cent last week, was fuelled 
partly by the entry of Japanese 
investors into the market; but 
also that it follows a period of 
severe underperformance, with 
a preceding fall of 40 per cent 
this year. 

Their scepticism Is based on 
the poor performance of A 
sharpy in which the bulk of 
trading is conducted and 
which have lost more than two 
thirds of their value since their 
highs in early 1993. 

Investors, who had besieged 
the markets when trading 
began several years ago, have 


Tan best performing stocks 


Slack 

Bali! 

z»sm 

tdoaa 

WMk n waafc cfcaoga 

C % 

Negros 

Turkey 

14.0673 

33407 

3831 

Brisa 

Turkey 

00788 

0.0184 

3056 

Atarko Holding 

Turkey 

0.6116 

0.1276 

2037 

Compendia Vale do Rio Doce 

Brazil 

00344 

03170 

2232 

Semen Ctbfnong 

Indonesia 

3.6964 

03453 

21.15 

Cta Souza Cruz Industria 

BrazS 

5.2065 

0.7405 

1658 

C5a Patroteos de Chie 

Chile 

3.4609 

0.4706 

15.74 

CompanNa Suzano (pref) 

BrazB 

05791 

04619 

1432 

Grupo Industrial Bimbo 

Mexico 

8.9124 

1.0589 

13.48 

First Phfflpplne Hokflng 

Phfflpp. 

3J3703 

04648 

1338 


Sow* EMng Saarita 


been deserting stocks in droves 
for bonds, currencies and 
futures - although the latter 
form of investment has hit a 
rocky patch under the weight 
of tighter gove rn ment regula- 
tion. 

Market managers seeking an 
explanation for what is now a 
protracted downturn - the 
slide became a rout in the 
second half of last year - 
blame delays in the. promulga- 
tion of a national securities 
law 'for the collapse of 
confidence. 

But while It is true that slow 
progress towards formulating a 
National Securities law, now in 
its ninth draft, has harmed 
confidence, there would seem 
to be other more tailing fac- 
tors. 

Among these is the psycho- 
logy of the market Inexperi- 
enced investors, starved of 
investment oppor t unit ies for so 
many years, p lunged into equi- 
ties (Shanghai opened in 
December. 1990 and Sbenzen in 


July. 1991) without due regard 
for the quality of the stocks 
offered, or their earnings 
potential 

Because of the limited num- 
ber on offer, shares also 
enjoyed a scarcity value way 
out of proportion to likely 
returns. Inevitably, stock mar- 
ket fever cooled after the 
■ initial burst of enthusiasm, 
leaving a long trail of casual-, 
ties. 

Indeed, hard-luck stock trad- 
ing stories have become stan- 
dard fare In the Chinese press. 
Some read like soap-opera 
scenes, with a surfeit of unhap- 
prng ending s - including sui- 
cide. 

In one case, which captured 
particular attention, a wife 
sued successfully a securities 
company for her husband's sui- 
cide. The hapless stock trader 
had Jumped to his death after 

losing nrrilinns in margin 
trading. 

The authorities, sensing that 
crumbling confidence in equi- 


ties is harming a key dement 
of their market reforms, have 
sought recently to bolster the 
markets, but this is likely to be 
a slow and complex process. 

Measures announced earlier 
this month included an effec- 
tive freeze until next year on 
new stock listings and the 
requirement that companies 
seeking listings be obliged to 
undergo “six-month-long 
coaching -by relevant depart- 
ments." 

nijp g had planned to issue 
some Yuan5.5bn (US$634m) of 
A shares In 3994, a similar fig 
ure to last year. But this target 
clearly has been abandoned. 
The freeze on A share listings 
will not affect B shares. The 
authorities are committed to 
adding further listings to the 
42 traded on the Shang hai and 
Shenzen bourses. 

China’s official Business 
Weekly yesterday quoted an 
official of China Securities Reg- 
ulatory Commission in Beijing 
as saying that, in an effort to 
lift the market, largo: enter- 
prises. in energy, communica- 
tions, transportation and rail- 
ways would he considered for 
B share listings. 

The authorities are also seek- 
ing to crack down on stock 
market abuses such as wide- 
spread toaidwr trading and wil- 
ful peddling of misleading 

f nihr w miinn. BrawriuHnig flia 

problem is the fact that campa- 
.wta« and brokerage h ^m»»« are 

all state-owned. 

The China Securities News, a 

^Shanghai-based publication. 


CURRENCY MARKETS 


reported last week that securi- 
ties regulators and po&ce were 
joining forces to stamp out 
market manipulation and 
fraud by securities company 
officials, company directors 
and even by stock market reg- 
ulators themselves. 

Misuse of public funds in an 
evolving system where distinc- 
tions between public and pri- 
vate are often blurred is a con- 
siderable problem. In Shanghai 
in the first quarter erf this year, 
the authorities reported 49 
cases of stock-market specula- 
tion, involving public money of 
YuanSLllm. 

Another factor bedevilling 
China’s markets has almost 
certainly been the focus in the 
past year or so on listings 
abroad. Nine mainland compa- 
nies were cleared for listing in 
Hong Kong last year, and 
n ^yrf-hfff 22 are under consider- 
ation for primary listings 
abroad this year - both in 
Hong Kong and on other 
exchanges, such as New York 
and Londntn- 

Foreign investo r s, including 
proliferating China funds, have 
tended to favour these opportu- 
nities above those on the main- 
land, partly because of greater 
confidence in the regulatory 
regimes of offshore exchanges 
and the discipline required of 
Chinese companies seeking 

Hating * nhrfm d. 

All of this is proving an 
hnwinnap rihaTtang c for China’s 
hard-pressed stock-market reg- 
ulators, who are responsible 
for guiding what Is hugely an 


Gawitl 


China 




- 70 


Source DHa a frwn. 


experimental market to matu- 
rity. 

With limited staff and 
resources, officials of the 
China Securities Regulatory 
Commission are being obliged 
to oversee a highly complex 
process that is for from 
immune to political interfer- 
ence. Not least of their prob- 
lems is the artificial distinction, 
between A and B shares. 

Ideally, the distinction 
should be removed, but this 
does not seem possible until 
tiie yuan becomes freely con- 
vertible, and that process may 
taken op to five years. 

In the meantime, anntiiar 
option might be to allow local 
Chinese to purchase B shares 
in foreign currency, but the 
worry is that this would 
almost certainly farther devas- 
tate the A share market For 
China’s stock regulators there 
are no easy Choices. 


News round-up 


■ Thailand 

The Stock Exchange of 
Thailand has agreed to lower 
the entry fee for four new bro- 
kerage seats from Bt350m 
($i4m) to Bt305m, following 
vigorous complaints from the 
market watchdog, the Securi- 
ties and Exchange Commis- 
sion, and Thailand’s 37 sub- 
brokers, writes William Barnes. 

The revised fees are still 
much higher than the Bt200m 
suggested by the Commission, 
which has the power to Insist 
that the charge be cut again. 

The $i2m entry foe is one of 
the most expensive in the 
world; Tokyo, for example, 
charges $93m, while Hong 
Kong and New York extract 
only a 10th of what Thailand’s 
40 full members expect to 
squeeze from newcomers. 

“This is only a cosmetic 
reduction - the fee is still for 
too much It makes the mem- 
bers of the exchange look very 
cynical,” said Mr Korn Ghati- 
kavanij, managing director of 
Jardine Fleming Thanakom 
Securities, one of the sub-bro- 
kers hoping for a seat 

Stock exchange say 

the foes are needed to develop 
the market and are based on 
the expected growth in the vol- 
ume of trading over the next 


US data and Buba hold key to dollar 



The dollar will again be the focus of 
attention when traders retain to their 
desks tomorrow, with, central bank 
activity and US labour data likely to be 
foremost in their thoughts. 

dollar took a foimMa last week 
« erarnnsintg from senior Bundes- 
; 'official* left the impression that 
; of German interest rate rsdne- 
l was likely to dow. 

1 Bang Tietmeyer, president of the 
' ^ank has urinwa said that he was 
jto official rates, so r*P° 
jywwuu on Wednesday is likely to be 
Sfcsefr watched. 

■’Tha main focus, however, will be the 
Jdaase irf T&ttanimric data - partfcn- 
lariy file labour market statistics cm 


Whether shifting Interest 
rates will be sufficient to 
support the dollar must 
be doubtful 

Friday - but also the purchasing man- 
agers’ index on Wednesday. 

Mr Paul Chertkow, head of global cur- 
mnev research at UBS in London, said 
ffithedate supports the bdteftbai 
growth in t he current quarteris gob* 

She above 4 par cent, torn the maris^ 

will start speculating about another 


monetary tightening. 

Whether shifting interest rates will 
be sufficient to support the dollar must 
be doubtful The currency has foiled 
recently to benefit from interest rate 
fHffimmHafa moving substantially in its 
fevour. 

In the short tee m the dollar Is more 
likely to be led by developments in 
Japan. The announcement last , week 


should have been dollar positive, but its 
effect was* evident for less than 24 


A possible wild-card would be a low- 
ering of sfrtjrt tern, interest rates by the 
Bank of Japan. Consumer. Mtaticn fig- 
ures, released last Friday, showed infla- 


tion -was Btill very low, at only 08 per 
cent in the year to AprIL 

Sceptics are still predicting a softer 
dollar. Swiss Bank Corporation, in its 

latest currency commentary, recom- 
mends clients to “sell US dollars for a 
renewed test of the historic lows.” SBC 
sayB a rally to Y106-7 will not arrest the 
downward trend that will take the dol- 
lar to TO84& 

Infeti-ope attention will revert to the 
drachma and the escudo, both of which 
have been under selling pressure 
recently. Traders ; are predicting that 
the. escudo win be in the firing line 
again, wfaflsths Bank of Greece’s inten- 
tion to lower interest rates could put 
file drachma under renewed pressure. 


Baring Securities emerging markets indices 




Weaken week mwament 

Month on month movement 

Index 

27/5/94 

Actual 

Pwcanr 

Actual 

Percent 

Worid (264) 

tattn America 

-15730 

263 

1.70 

8.05 

3.98 

Argentina (19) 

118.76 

-134 

-135 

1236 

1132 

BrazS (21) 

14830 

637 

431 

432 

333 

Chie (12) 

18337 

9-44 

542 

1534 

9.45 

Mexico (24) 

14531 

3.64 

257 

732 

537 

Latin America (76) . 
Europe 

-14638 

336 

270 

837 

630 

Greece (14) 

79.74 

-335 

-430 

-1221 

-1228 

Portugal (14) 

11231 

-430 

-4.19 

• -1136 

-9.65 

Turkey (22) 

6134 

132 

2.73 

271 

4.84 

Europe (50) 

Asia 

— 9022 

-333 

*3.46 

-9.13 

-9.19 

Indonesia (20) 

15538 

4.76 

215 

1538 

1134 

Korea (23) 

13034 

-031 

■331 

830 

6.72 

Malaysia (22) 

21137 

-0.04 

-0.02 

-131 

-0.78 

Pakistan (10) 

10330 

021 

020 

-837 

-7.63 

PNSppjnesfll) 

28935 

1278 

4.61 

1939 

7.13 

Thaland (22) 

23241 

10.44 

4.70 

2249 

10.71 

Taiwan (30) 

14358 

-431 

-2.85 

-531 

-333 

Aofe* fl-W) 

—19838 

135 

039 

SiO ‘ 

230 





five years; critics argue the 
members are trying to protect 
their higher commissions. 

The SET has also signally 
foiled to address the request of 
Mr Tairin Nlmmanahaeminda. 
the finance minister, that it 
comes up with a sensible and 
explicit policy on admitting 
new members. The exchange 
says it will admit only four 
new members in two months 
time and merely review the sit- 
uation every two years. 

Three sub-brokers are strongly 
tipped for full memberships: JF 
Thanakom Securities, Eka- 
chart Finance & Securities, 
and Nithipat Capital 

■ Taiwan 

Mr Samuel Shieh, the central 
bank governor, denied a televi- 
sion report that the central 
bank had bowed to political 
pressure and agreed to raise 
the ceiling for foreign invest- 
ment in the island's stock mar- 
ket from J7.5bn to $20bn. 

Taiwan raised the ceiling 
from $5bn In March. Foreign 
institutions have been allowed 
to invest directly in Taiwan 
since early 1991. 

• Emerging markets coverage 
appears daily on the World 
Stock Markets page. 


War to data movinMnt 
Actual 


i ta S Mm; Januay n& laCMDO. Sottcs tettg Shl 


-10.51 

1.38 

7.15 

30.03 

-1R25 

-2L3C 

-338 

-0.11 

-100.87 

-22JK 

-15.18 

20£* 

-4.TJ8 

'7-88 

-32L53 

-91-14 

-10.15 

? mi4 


- -024 

1.19 

5L12 

24.42 

-10.08 

-1-58 

*4.04 

- 0.10 

-82^5 

-19.62 

-088 

18.72 

*1059 

-7.06 

-10.08 

-11.82 

*080 

-1045 


-W 



V- 





FINANCIAL TIMES MONDAY MAY 30 1994 


WORLD STOCK MARKETS 


rage low ym wt 


♦ /- Mpi law IM WE 


+/- m imw m 


EUROPE 

“^Wa/S/SdD 



“SaJH/UBaBOURG (May 27/ Firs.) 


«6n» 2.735 

Ackmna 4 J50 
Amain 

Aited 4,90a 
B8L 421 Q 

££)•* 17 -3oa 
BerLPt 2&aoo 
BngftB 40.175 
Behfl 25.725 

SSSF *s 

gg*yi 7 jm 
dviu ijsa 
IS® UM 

OnRC 3.740 
OBJ. 4.500 

OTiA ?405 

S& us 

gas s*» 


KntmH 6.900 
KbnhAF 7m0 
Momr 6.250 
[toW 1.500 
PanLin irjso 
Ptflna if .'XKwi 
Pwrtn 3.250 

ftna 512 

j» gg 

SacSnS 2,*56*i 
SGnAFV 2.460 
StflW 15.425 
SotaK 1,656 

» !§^ 

UC8 25.150 

UnMbi 2.720 


— 109S £550 ZB 
*401550 1705 17 
-40 1690 7.600 3.0 

-120 1300 -1.000 _. 
-10 4570 4.120 4.6 
-®Q 19330 17.150 16 

-60 25550 22.746 ZJ 
^325 42575 40025 fiJS 
-1100 26500 20391 15 
-7513575 11525 ZB 
_ 1700 1200 14 
_ 6700 5510 19 
_ 202 154 6.7 

-10 6500 6.100 14 
-6 1530 1.330 25 
+70 6520 3.710 75 
...3500 3.210 35 
4.390 3.970 45 
-10 4470 3.0HJ 41 
—15 1560 1.430 25 
+60 9.160 6500 — 
-20 10500 6540 1.7 
—40 6.550 4.1G0 Z2 
_ 3563 3.070 45 
-nZO 8100 6.750 1 5 
_ 75S0 6.770 16 
+40 5590 6.000 — 

— 15301.535 S.D 
-SO 17 300 16000 0.1 
-25 11300 9670 16 

— 1660 3D25 <5 
-4 360 420 — 

-190 6500 5500 4.1 
-30 3560 5.000 3.7 
+5 2536 2541 4.7 
— 1536 1309 45 
-225 15.700 14 425 4.1 
... 1575 1.462 65 
-225 17390 11230 45 
-75 11J10D 9510 45 
-50 26.100 22500 13 

— 2530 1440 4.4 


Ljartr 131.70 
[Awl 1.172 
Ugntd 6.130 
Learta 266 
LrfaOm 509 
«H wai 
Mourn 141.90 
Hartbrt 1J192 
NnEU 153 
Oran 21160 
P&UM 399 

pgnamww 

Pocfiny 170.90 
Pn«c 331« 
ftwl 631 
Plnw 032m 
Prora'O 944 
Radldi 46850 
ftartf 920n 
Rhorf'A 141 

HUctaf 022«J 
SIX 650 
2585 

679 

atom 1535 
Scfindr 390 
SobSA 538 
SalWO 47050 
5*nco 540 
SdsR 1590 
5«Sen 619 
SonairA 1.930 

SprsBt 377 
SiHua 306-80 
TaWn 2.650 
ThmCSF I7SJ0O 
ToMB 312 
UAP 15150 
UFBLDC 427 
uma 47i 
unlmfr S85 
Valeo 1.275 
VWre 302 
UtanoCI 260 


-1501677013150 
-24 1595 1.150 
-200 6.7W 5.460 

— 298 21050 
-15 824 945 

-4.B0 274 207.10 
*140 157 unco 
-7 1.348 1468 
-216050 148 

-20 260 ISO 
-8.70 529 388 
-5.10 335 308 
*1.10 234 15610 
—4 44120 373 
—I 938 753 
*7 985 810 
-78 1.130 900 
-35.70 604 953.10 
-5 1.125 836 
-1.50 157.40 12830 
-1 752 SI 

-7 945 810 
*1 1290 1710 
+3 734 576 
-36 1.799 1.527 
-233046660 388 

— 600 518 
-50 B10 471 

-5 700 510 
-0 2^701.878 
-12 792 507 
-40 16001.930 
-1130 529 377 

-050 377 3 02 .50 
*10 1120 UB1 
-4.70 214 19L20 
-838450 29310 
-1224a 162 

— 494 420 

-n ran 480 

-6 BOO 5B1 
-3 1.536 1,241 
-8 335 240 
3552719) 


... NETHERLANDS (May 27 / RS.) 


” EB9MAHY (May 27 / Dm.) 


DBMMft (May 27 / Kt) 


800 

225 

CwiA 278.41 

Codan 6.050 

D/51 2A 12X500 

OOUCO 980 

DanDsk 319 

EMU 179 

RSB 500 

ewom 920 

BS8 . 225 

Jyakefl 349 

LrtmB 1,230 

NCTA/S 275 

NfflnlS 641 

fladoB 540 

SaplMA 870 

Sums 562 

Suortl 495 

TaOan 32123 

TopOan 850 

UMdnA 214 


+15 730 565 2.5 
+ 1 281 US 22 
+ 141 333 Z70 1.1 

-50 7.600 5.900 14 
+2500 136001 I3UK0 OA 
+8 1.140 -920 11 
-4 427 

mw 

__ 615 
+5 543 
*4 276 

-8 425 

-20 1.850 1.140 0 2 


312 18 
182 5.0 
397 14 
445 13 
215 — 
349 19 


_ 355 
*6 78301 
-10 737 
♦9 916 
+5 675 
*5 585 
+123 33146 


252 3.8 
596 04 

538 0.9 

539 0.7 
473 0.7 
385 10 
300 ... 


-15 IJ72 33132 1 J 
-6 287 207.96 4.7 


FINLAND (May 27/ Mka) 


Amor A 

137 

+i 

154 102.93 IS 


CuRdt 

143 

,, 

176 

130 1.7 


EfflnA 

80 

-l 

105 

80 __ 


EnaoR 

*0.50 

— 3D 46 SO 3340 14 


Hunt l 

216 

-4 

233 

191 14 


KOP 

1340 

+.10 17.40 

1OJ0 _ 

_ 

Kartn 

50 

+1 

56 

45 2J 

„„ 

Kan* B 

6M 

-3 

70S 

551 l.« 

■mmm 

Kymata 

114 

-3 

132 

100 ._ 

1H 

sfctraA 

193 

+2 

247 

IBO 14 

____ 

MstraS 

182 

+1 

250 

172 14 


HetsSA 

237 

-3 

2S8 

200 _ 

■tet 

MaMSB 

Z3S 

-1 

250 

190 04 

... 

NatdaP 

410 

+3 

405 

2B7 0.7 


onanpA 

92 


102 

69 ... 

_ 

PdXA 

85 


104 

80 TJ 

40. 

PahjB 

76 


(02 

71 IJ 

--- 

Repda 

93.40 

-1.10 

130 OLIO 0.7 


SUanB 

210 

•3 

225 

180 24 

- 

Tmoas 

2140 

-JO 

31 

20 ... 

— - 

UitUas 

15.30 

+.40 2X80 

14 __ 

- 

FIANCE 

I 

fw. 

CM 

I 





AEG 161.10a] 
AQndV 6» 
AaMnflg 1.180 
Aftn 1397s- 
Aiana 62om 
Ash) 970 
AaMPI 040 
BASF 315 

Bdnwnc 494 
Bnhpm 374 
Barer 387.10 
Boyortt 432 
BMWBr 663 
BayetV 442 
B'OTa 966 
BariKr 262 
B+F Bk 40 Isj 
BUBg 759a' 
COKlH 1440 
COIKnP BOS 
Gnmztrt 354 JO 
Comm 277.50 
DLW 500 
Data* 875m 
Burma 513 
Dfa* 244 
DjciiBh 739. 60id 
DkfWrk 173 
Duugts 580 
Digwk 286 
DradBfc 377m 
GEHE 573 
Grnnm 28020 
OOBCti 600 
UnnOB 222 
Hauzm 1485 
Hr*utP 831 
HUB 400 
HoCtlH 1448 
ff-Ctat 344 
Mxmnn aao 

Iff" *3 

mdWk 39Q 
Kali&S 14740 
Kratitt 512 
K'lhor 525.50 
AMD 145 

UockW 1S850 
Ladmjr 600 
U*tt 755 
Unde 90id 
UwH 366 
Lullhn 18540 
LuflPf 185.10 
MAH 42140 
MAH Pf 328 
Mnmsm 43150 
MannW am 
MMo 228. W 
uuema 3jooa 
PWA 231 JO 
PUKcbmi 521 

traraen aoo 

Prwag 470 
RWE 454 
RWEPT 364 
«MnE 1.422 
MmntfB 318 
RhnmPf 242 
" 289 


837 

787 04 
276 15 

435 1.6 
348 14 
33B 10 


—140 19030 163 04 

__ 835 544 2.0 
_. 1448 1.120 1.2 
*71811 12*7 04 
-8 670 575 2.0 
*21.191 
-81.025 
+140 343. DO 
*3 510 
+7 455 
+500 404 00 

+2 531. SO 42S50 3.4 
+7 962 BB2 1.4 
-4 S75 442 19 
-17 990 815 15 
-34034450 238 15 
*40 528 400 34 

... 051 755 14 
+25 1430 1.140 0.7 
-6 1430 840 1.1 
*640 398334 SO 14 
+240 299 239 \A 
.. 60046550 14 
+50 914 77140 1.0 
*3 S6G 443 1.4 
+729850 235 _ 
+4 887.50 734 2.2 
+3 188 132 23 

-3 607 531 14 
-740 310 380 1.7 

*240*11050 37450 3 6 

-1 618 485 1 2 
-140 307 273 1.8 
*20 US 690 11 
-3 245 198 19 

+12 1490 1.180 04 
*1140 681 602 14 

_ 440 385 15 
-9 1482 1.040 14 
+140 3E7M2M31 10 
+10 1.099 830 14 
*140 253 222 15 

-10 324 285 15 
-740 433 383 10 
+140 16914150 .... 

-S 049 515 11 
+440 558 461 24 
+8.50 181 50 11510 .... 
+40 17910170 12 
-17 an 873 1.8 
+20 950 
*11 960 

-3 410 
—1 22040 
-40 216 
-440 470 


AGF 


44440 
ACOW 645 

AAJo 787 

AcM 604 

Aw 1-290 

BJC 1.250 


BHP 

Bncjtr 


- 10.10 

-14 

-fl 

-at 


Carat* 

CaoGem 


67948820 _ 
760 545 34 
896 778 17 
913 602 3.4 
-22 1.649 1JB0 17 
+10 1.4.35 1423 14 
ttxl -121.002 830 15 
2S5 -9.4028950 240 
540 -12 883 537 18 

♦20 1750 1045 19 
-4 767 048 15 
-48 1.480 1,111 4.1 
-17 1.155 913 4.1 
-32284015840 8.0 


S 1 

^-8 

VMa Sll.^M 

zW 

_ VWPf 385.50 
_ Wat laP 948 
„ ZnFpap 230 


GSS 


+1 


+4.70 552 
♦1.50 397 
... 415 
+140 SI 140 

-5 978 
-5 270 


1165a: 
050 
1,182 
913 
174 


_ ITALY (May 27 /Lire) 


CnMmK 18440 -2.40 21320 18B 10 — — 


Criour 

Casino 

cnrgr* 

OuDUd 

CCF 

CrfonF 

CrLrCI 

CrtucF 

Crust 

Damart 

OocteF 

(Win 

OF 

EuoEn 

Ecco 

BfAou 

EHACt 

BlSon 

ErBSoy 

Erects 

Esslr 

Elea 

Eualr 

SflSCG 

EuOU 

Flroffl 

FancLr 

Frnea 

GTMF.nl 

EWI-.I 

Camm 

G-man 

Mura 

metal 

linn Fr 

Immonq 

imPtmx 

Tnttol 

wu 

LVMH 

UlCno 


1489 -54 2,1951.890 13 

155 JO -4.10 205 152 44 

1.440 +1 1.570 1421 19 

418 -.50 455 348 2J 

23140 -530 300402340 13 
1.103 -87 1.365 1.064 6.1 

580 -2 858 500 16 

390-1440 498 38520 -. 
539 -3 737 532 114 

5410 +10 8,1601220 0 7 

744 -6 830 090 _ 

42430 -1.10 430 381 14 


855 

-as 900 

760 34 


£401 

-82 2494 1403 16 


775 

+ 5 940 

638 14 


411 

-840 435 365.50 4.7 



M2 

328 ... 


919 

-8 1.127 

901 XO 

-ul 

017 

-IS >.080 

850 ... 


7BO 

-10 905 

740 


705 

-11 830 

aao i4 


3.48701 

.... 3,497 2.750 2.7 



-35 2409 1.960 34 


690 

.... 702 

58* 2.3 





15250 

-.60 >83 

135 6.1 



-l SM 

900 1 4 


4.925 

-125 8,020 4.005 1.0 


443 

-7 576 

435 25 

„ . 

1300 

• 41 1754 2492 07 


769 

-1 1.020 

70S 0 8 


010 

-19 d*5 

5W 2-0 




420 2.9 

... 



541 2.4 



-1 718*99 90 ... 


M3 

-5 1,078 

851 74 


BO.TO 

-1 119 

79 17 


503 

♦ 1 570 

-*09 &8 


600 

-5 709 



090 

-8 054 

727 34 


li; 

—7.10 491.90 

415 3J 

— 


6 Oomm 5,065 
9tal*a 4,790 
BBoma 2.136 
‘ 175 

21S00 
11.100 
1575 
1410 
1290 
1.680 
Crlta 2435M 
Dntai 11,380 
FaiHn 1380JT 
Flat 8.855 
FWPT 4335 
FWb 6.178 
FonSpa 14.800 
Gamma 1.664 
GanAaa 44.400 
Glflim 4320 


CMFUl 


IHPr 
IM 
nmco 
uarnn 
H 


21100 
11100 
10300 
16380 
Unas 5,180 
LWAdr 16.350 
ModUnc 15390 
MontoJ 1322 
osvm 1700 
nwl 5200 
PirSpn 2375 
HAS 27400 

RMaac 18,600m 

S**s 8.780 
9P 4.280 
SMI 925 

STET 5.420 
SfllMA 5.650 
Saipem 3.983 
SiMola 10.030 
SM 11.720 
SiwBP 132S 
rorafla 30.0S0 
ToalFi 10.900 
untccm 11420 


-15 6.405 4.410 19 
-80 53751510 ... 
-70 1450 1.778 14 
-5 211 78 _ 

-8502845025300 1.5 
+1911450 8,110 
-105 1100 1,584 1 3 
-90 3400 1.550 ... 
-40 2385 1.392 _ 
-100 2310 1.098 — 
-85 2.8201140 33 

-160 13300 iasio 

-30 2464 1468 
-40 7330 4.071 1.5 
-86 43201119 24 
-120 7350 3478 3.9 
-30 17.880 11.200 4.1 
-54 1385 1.338 3.6 
-650 49200 37420 ... 

-25 4485 1075 ... 
-650 29.100 11200 1 4 
—200 14.500 12.000 ... 
-300 12.100 8.100 _ 
+43017300 10070 04 
-70 8.440 4471 2.1 
-400 1 AMO 13,180 
-470 19.700 11410 1.3 
-11 1449 870 __ 
-16 3.1*0 1.915 „ 
-50 6.100 3410 .. 

-65 1385 I 970 _ 
■1300 3*650 23300 1.1 
*60 12.100 8.288 ... 
_ 1 0500 7.M0 23 
-TO 5.195 J.363 2.0 
— 13 1488 490 .._ 
-65 8350 4465 1.0 
-100 7300 4.145 .... 

-S 1410 1375 .... 
*5011.700 0.600 3.6 
-180 13900 3+301 4 4 
-05 2.730 1392 .... 
... J8J0Q 3.700 - 
■1.100 2*002 18,407 .... 
-180 IB. rod I0J60 ... 


MJY 

27 


May May 

26 25 




GenerJ Ca»l2/77J 2097227 2109162 


(0 2547040 IB/2 


M Oflftsmasfl 71/801 
ft Mntag(17i/80) 


CnsKAWenCHWi'a*! 
TTadsd Mafmm 
GaWum 

Ba20 (1/lflll 

Brad 

Bneaa (23712/83) 


IMUS Msm^1B7E0 
Cnmoostef (1975) 
Port**® (4/1/83) 


21012 20969 2105.9 234080 312 

1039.4 1045.4 1049.7 113B.T0 3(2 

414 25 411.14 4UG6 48088 2/2 

1061+0 105134 1060-73 122Z2S 1/2 

149138 150*56 1509 3 154285 3? 

23495.0 23421 0 230110 2349&00 

378165 381163 37 S3 34 387959 1073 

432808 433070 429147 480990 23/3 

202190 2031.00 199924 2102JB 1/2 


1988.10 5/5 
90480 S/5 


411.14 aw 
105144 36/5 


14B2JG 30/3 
380090 3/1 


»4 
4105.90 20/4 
101337 19/4 


ABNArrr 0030 
AEBON 97.7M 
AInM 48 

AKZON 210.70 

» 7340 
40.10 
0MMJR 4430 
CSM 85.70 
DSM 135 
DactPl 19I80B) 
Baev 188 
FMtDpH 10.50 
Gamma 101.50 
OBrCpR 49.10 
Haomyr 13440 
Hanoi 227.30 
Hone 315m 
HgvOpfl 71 
HimOgi 73.5CM) 
mcca 3840 


WODoR 

maa 

KLM 

KWBT 

KPKOM 

Nadya 

nrenc 


78 
asm 
51 80 

48.10 
5020 

71.10 
8340 
82.40 

. 78L80 

map 51.30 
PWyGr 78.10 
naDOCO 119.70 
Rodmco 6030 
Holme 121.70 
Honsnt gun 
HOuKSiI94.WIb 3 
StvHN 49 
Unitifi 190.40 
VNU 17190 
MaOOpR 54 
WHOpR >1440 


-1 73.70 60.10 *8 
-120 1 1040 90.B0 3.8 

-1 53.40 46 

+.90 228107.80 11 
+.1OB&40094O 44 
.._ 4740 38.90 ._ 
-140 52 42 10 

- 30 77.30 0*60 — 
+1 14810549 ! I 
-140 20817370 IE 
-340 195-70 16270 14 
-20 24 1390 44 

.... 108.50 98 19 

-JO 50.80 48.10 24 
— 1 JO 15750 123 — 
-.70 24420 710.70 14 
....338.59 284 11 
-.70 78 4840 8 2 

-40 9340 73 JO 10 
+4J 45 37.20 3.0 

*40 9*70 74 JO 02 
-40 90 80 81 17 

56.70 40.90 14 
-40 52 44 04 

-JO 5720 48.90 3.0 
-1.40 85 JO 5180 44 
-40 100+0 8120 14 
+40 85 50 05.75 ... 
-JO 8040 05.50 24 
-1 57.60 ■» 1.0 

-140 0*40 7160 1.0 
+.10 131 11820 19 
-.10 68 59 5 2 

+.10135*011820 24 
.... 10040 9140 44 
—140 215*0 18820 ** 
_ 50.30 «O-30 1.6 
+.60 236 IBS 11 
-1.1020040 IBB 2.1 
+40 5040*510 1.9 
-l.lfl 13340 »0*2B >4 


ftcnBr 1.17B 
ROmBt 12.750 
ROHCfl 6.610 

— 3GS8I 1173 

— SMH Or 840 

— SMH Rg 17940 

— 3«u8r 718 

— SnutfC 1475m 

690 

1 .8+0 
worn 

402 

— Swnflg 

— Svfleflr 
_ 5wflcRg 5?4 
_ ffaw 796 

— UnBkEr 1.170 
_ Wlhrflg 647 
„ Zurme 1438 


= PACIRC 

- JAPAN (May 27 1 Ten) 


830 


-t- Mlp LOW YU 

-11 I.540 1.180 

WE 


-201104911.500 0.4 


Kmasu 

+G3 7.270 8. <50 0 7 


wirnca 

+15 2.300 1400 XI 

.... 

xwS 

+31455 

77S IJ 


KuaoU 

~ 227 

180 I 1 


KntGuml 

-12 888 

707 ... 



Kuraha 

— 4 JSO 3.555 14 

. _ 

Kuran 

-1 870 

863 .... 


Kurefta 

-IQ 1450 1.460 ZJ 


Kurta 

-0 1.100 

8*5 1.9 


Tucra 

+5 531 

358 CO 

. _ 

k'CdSh 

+2J0 259 

180 ... 

__ 

K.ytarj 

+10 615 

810 .... 


KycvraH 

♦ 7 770 

558 - 


K'flPl* 

+JS 885 

735 _ 



LcnCo 

*10 1403 1455 24 

_ ^ 

LoTmCr 

+4 832 

eiQ . . 


bueoi 

• 18 1415 1J20 I 5 


MaMMJ 




Matutl 

AMXifli 

M'daiF 

AUrelu 


>7- Waft 


+ 1- MgB_ 


UW IM PIE 


♦ /- 


♦ /- mu Law, 


■ ay ua 


NORWAY (May 27 7 Krone} 


AkvA 

BiganA 

Claakl 

aanFr 
HsMW 
Karri 
LaO H 
NAHyd 

ffbwA 


9040 

18740 

1340 

162 

103 


-40 112 85 34 

+.60 180 130 OS 

-JO 19.90 13.35 — 
+1 109 I2S 1 2 

+2 114 8540 — 


11BM +3.40 14911240 17 

3S3 -3 396 338 1.8 

105 +1 11540 

240JT -8 285 

175 -3 200 

254 _ 305 

14240 —16*50 


— SagaM 

82 


91 

7* 2.4 

= K 

81.00 

85 

+40 

91 

87 

72 24 
72 ._ 

— 3M8 

118 


122 8540 IJ 

— Unitor 

13710 

-1 

151 

f 22 14 

— VMA 

42 

-1 84.50 

31 — 

— VIMA 

85 

+1 

99 

57 L8 


~ SPAM (May 27 / Pts.) 


i.B 

1.8 

358 2-2 
165 ._ 
158 1.* 
378 10 


387 302 18 
+1 40050 387 1.1 

— 822 755 — 
+940 28617550 15 

— 3417 Z440 0.4 
+40 2S2 210 _ 

53010450 17 
-8 888 698 03 
+150 498 427 11 
+4052950 4W 16 
+5 42* 335 3-3 

-13 14201240 04 

— 372 313 12 

-240 287 22E 34 

.... 313 252 14 
+2 1.185 070 14 
*10 438 360 12 
+5.70 7B84D 80140 1.9 


BCnlH 

BExter 

8Pm* 

B5-IM 

Bnasaa 

CEPSA 

CarOM 

Cubra 

OrgAn 

EbrnAg 

Bvm 

EndsSr 

Focsa 

GrfXaF 

HMCai 

bank 

Koipa 

Map/ru 

Mtmva 

Port/ 

Rapaol 

SMACE 

Santo 

SnB 

TabacA 

Tatefn 

Tudor 

UnFon 

UnFenl 

Urdu 

vutim 

Vtecfli 


5.840 

5480 

1250 

1010 

*.320 

15,850 

6.070 

1.000 

1346 

*650 

11.900 

2435m 

1.585 

1820 

6.590 

999 

702 

4,280 

1420 

7.000 

8.060 

5.530 

11180 

*335 

250 

638 

710 

4.170 

1.860 

1.306 

683 

1.520 

1.620 

1760 

1316 


-100 8.280 5200 11 
•-50 0.700 4403 
-151535 2400 52 
+50 1400 1850 7 0 
_ *330 3.975 4.1 
+15017.7001*100 15 
+10 7.480 5450 44 
+10 1.435 700 WO 

-5 1390 1410 J.O 
-150 4 470 1400 24 
— 11490 9.920 1 8 
*5 1715 2480 3.9 
-6 1.775 1490 1.6 
-fO 1200 1453 2.8 
-40 8.100 6.140 2.2 
-B 1.100 855 
-28 745 418 128 
-20 5.144 1800 22 
+S1J10 921 
-100 7.490 *600 10 
+10 7430 5.400 16 
-60 8.490 4.510 14 
*10011500 9.710 1.5 
-90 4.900 3.980 1 7 
-8 272 102 ._ 

*3 657 351 7.8 

-8 815 610 6.1 
*36 4.450 3400 4.9 
-10 1185 1495 3 3 
-10 1.435 960 1.5 
-5 739 578 64 
+ 10 2^00 1.415120 
-35 1.710 1.1 SO 4.8 
+20 3.1201315 14 
-BO 3,410 1290 04 


= as 

~ AINA 
- ApsB 


— AnooCn 
~ Amu 

— AoU 

— Aoyanw 

— ArtnOt 

— AaMfc 

— Aaaner 

— Asmc 

— Auana 
~ Asuoa 

— Asaa 
Atsvvr 
BnyuPn 
Bigstn 
Bratkr 
CSK 

— cuiw 

— Cafanc 

— Canon 

— CanonS 

— CauoC 

— ConFin 

— CenOa 

— OnoB 
~ Cnyoda 
•“ Q»yfM 

— QuauE 
cnuPUn 

— Quote 

— CliWcti 

— C*mOJ 

— D-cefC 

— DatooS 

— Daks 
Dnfuk 
DaUKfi 
D-taOP 
Damn 

OaUiyp 

— Dm 

— DHotnk 

— Dawm 

— Diwr 

— BMpTor 

— nstiwop 
~ DTohFM 

— DUMB 

— DaknaH 

— DuwaS 


+20 1.420 1J00 ... 

+18 010 *88 
+20 1J00 991 04 
+30 1 460 975 _. 

*10 1400 891 _ 

... f.TSO 1.370 _ 

_.. 744 563 1.4 

+20 1/410 940 _ 

+11 534 402 1.7 

..-0400 4.150 
+f 10 5J10 *070 04 
♦ 10 1.200 1430 _ 

+ 101.250 1.109 -- 
+15 790 590 1.1 

+>0 1,2*0 1.040 — 

+19 675 *10 04 

-4 496 380 T.1 
*14 679 550 — 

-5 996 855 — — 
*20 14101460 04 — 
+5 730 415 __ _ 

-50 34701*10 _ — 

-ID 1420 8*2 IS ... 
-3 838 438 — — 
+10 1.730 1.530 — -.. 


NbnJ 

M5IMI 

MaBS 

t^tfsua 

MataKO 

— Maun 

— IUBUM 

— Mo>J4 

— MBjlS 
Mrcoui 

— UNCC 

— Mnesea 

— Mincn 

— mobwH 

— M09ann 

— MhCorp 

— MCB4S 

— MOES1 

— MbGsCh 

— r/oiNy 

— MtKa 

— MUiK 


2430 

5£9 

7C5 

£51 

705 

502 

*55 

1.1EQ 

353 

1450 

8.480 

4S0 

817 

990 

2.590 

743 

1410 

7.130 

772 

1110 

552 

572 

iC9 

1.770 

1.050 

1.820 

1.IW 

3470 

9ld 

57* 

610 

6*9 

772 

1.750 

reo 

5£6 

1.C0C 

2.310 

1.1M 

657 

1450 

512 

749 

524 

542 


-M1*M1!M ■ 
■8 995 732 - 

-15 7:3 «C5 

„ 674 6*6 
•9 713 551 _ 
*13 520 *25 1 6 
-5 470 318 
„ 1.170 :.oio — 
-9 011 *00 

*10 1739 2220 .. 
-30 7.033 5 393 ... 
+ 10 SOS 37S 1.0 
-9 869 7S9 -- 
-7 1.C5D 9CS - 
..1860 2479 - 
*S te2 6M -. 
-50 1420 733 — 

+?0 rj*0 9S6 03 
775 512 — 
_ 2. ICO 1.880 
+3 553 *23 — 
-5 271 7E3 1.6 

+10 400 321 — 
-401.860 :.i3J 14 
— *0 1 .950 1.700 
**0 14eCT.IM .. 
-TS 1.220 990 1.0 
-40 3490 2.720 
•3 950 711 

- 60S 137 - 

.1* 382 625 — 

*3 673 557 

•24 790 582 0 6 

- •-340 1.663 0.7 

*13 708 *30 — ■ 

-2 579 136 _ 

*2) 1430 790 0.6 

-20 3 .010 2.800 ... 
-10 1410 142D — 
• 19 683 520 — 
+ 30 I.SCO SCS — 
•5 S12 335 ._ 

-11 7S0 6C3 — 

*e 533 *25 _ 

-J 547 39* - 


— Mrt&rS 

— MCFu a 

— MOIr 

— MOMrS 
••• SttOMi 

MUPM 

— UrtSO. 

— MIToa 

— MlTifl 
- Mdah 

— Mama 

— Wyir 
•••• NLSpfl 

— MDchm 



— Straw (May 27 /Kranar} 


610 ... 
480 1.1 
30823850 11 
380 307 10 
458 25 
317 14> 
380 24 
441 1.8 
418 Oxt 
338 04 
780 1/4 
220 1.7 


AGA A 

ABA B 

Aina 

AanB 

AatroA 

AVrnfi 

AdWA 

ASaaB 

B-lxO 

EncaB 

EsfleA 

EVUB 

EmbroB 

HAM B 

HMaA 

mcniA 

WMB 

kwUA 

hwtB 

ModDB 

PharmA 

PnarmB 

SCAA 

SCAB 

SKFA 

SXFB 

SnOTHA 

SmMiB 

SE Bnk 

StoaJh 

Sknsks 

SJoraA 

StoraB 

SnHano 


Tire® 

VWvoA 

VohraB 


382 

378 

827 

828 
171 
IBS 
489 
487 
415 
389 

i2sm 

i2sm 

369m 

410 

64 

S7BTT 

275IT 

IMH 

loom 

318 

127 

127 

119m 

I20*d 

135 

138 

120 

120 

5240 

122 

185 

432 

434 

110 

102 

9850 

110 

740 

740 


485 

479 

660 

685 


+3 700 
*4 194 

+3 543 
♦I 542 
+2 438 
*4 397 
♦3 134 
+2 134 
+11 440 
-1 430 
+1 69 1 

-2 311 
-5 312 
+1 218 
+1 215 
.... 360 
.... 155 
... 155 

-3 166 


— GuiBC 

— oil nza 
Hanfcyu 
HnSfel 

saa? 

Haama 

— HataflE 

- Hmotm 

- HbMa 

- mtuiBk 


158 

184 

168 


-1 143 

_ 142 

+1 73 - 

-1 19650 
+3 233 
__ 475 
-5 480 
_ 144 1 

+1 110 
+1 122 
_ 126 
-17 775 
-18 780 



*10 1490 1.020 1.0 
+17 600 315 — 

+5 422 337 1J 

-10 997 0*1 

-50 1.440 1.040 a* 

+7 099 571 1 0 
*10 1970 2.620 _ 

+20 1.330 1.130 — 

+10 2,780 2410 __ 

+10 1.480 1.210 ~ 

+5 960 BO* 09 
*12 085 788 . - 
+9 60S 410 _ 

+10 51B 397 _ 

+101.970 1,420 
+10 1430 1.050 03 
*501060 1.720 — 

-10 1.510 1.400 _ 

+13 897 660 ._ 

+40 1.1*0 000 — 

-5 DID 5S1 — 

*8 540 415 _ 

+20 1.270 993 - 
— 1.9*0 1.560 _ 

♦5 450 J4S _ 

-101480 979 - 
+8 018 697 03 
+10 1.070 961 _ „ 

+10 1.710 1.420 _ 693 rafUv 
+30 7.820 1430 0 5 — rSaio 
.. *.050 3.950 0 8 — fKfirra 
+13 705 545 0.9 — Sols* 

+2 000 *6fl — — JSm 

+10 1.080 1.250 — 

+20 1,980 1,720 

•20 1.150 993 — 

4470 +110 *5*0 3.600 -- 
6*9 +7 69B 321 04 

.440 +70 2.4*0 1.920 ... 

528 +3 535 445 _ 

JOO +80 2.660 2.000 _ 

709 +14 713 595 14 

428 +9 425 275 — 

576 +1 685 360 ... 

333 +21 1.0*0 719 — 

.150 *20 1.270 990 ... 

400 +502.500 1.980.... 

.090 +401.110 841 -- 

700 +22 740 514 .... 

842 — 933 757 .... 

430 +101 J90 1.150 _ 

sea +10 80S 428 0.9 
470 +10 1 JSO 

608 +10 639 

691 -. 728 

620 -3 840 

509 +4 525 

730 *13 780 

000 +4 1.120 

497 +5 550 

889 919 

+33 950 
+90 64605,700 
+ 1 878 568 
+401060 812 
+8 889 712 
+50 20401090 
+301JH0 820 



931 


9*8 

736 

/ tm 

373 

•9 I JJiO 

£43 

MBPKT 

093 

+ 13 

734 

437 

MDPn 

P50 

-8 

735 

560 

MOPW 

515 

-22 

527 

40.- 

UMtayn 

4£8 

-1 

*33 

318 

saffia 

624 

-22 

040 

295 

UbTffl 

1420 

• 301.633 1.1*0 

Me.VWo 

1.740 

+20 I.S10 1.450 

M&een 

508 


649 

455 

M.T+lH 

ECO 

+8 

ecs 

672 


590 

1480 

1010 

1 . 1*0 



— NpRre 

— Npftau 

— NpHado 

— NptCtai 


372 
tjeo 
663 
441 
422 
309 
899 
*09 
1.260 
f»J 
1430 
715 
1470 
2.170 
505 
2. *50 
4. *go 
1.190 
1470 
14*0 
543 
283 
7BO 
732 
era 
443 
0*0 
937 
585 
1.830 
14)0 
751 
755 
477 
708 
*91 
1450 
1420 
9290 
3460 
449 
1470 
1400 
1460 
771 
57* 
1.940 
90S 


-I 37* 301 ... 
•20 I .*20 MOO 07 
+15 eSO 755 09 


375 - 
337 

573 — 
770 0 J 


845 - 
790 -- 


4*8 
*30 
•23 ESS 
+9 540 
• 8 *15 
_ 1200 
-28 1.030 .. 

*30 2.230 1400 OJ 
-2 792 610 _. 

*311.050 859 __ 
•50 24*9 1.683 0-3 
+5 62* 435 OS 
_ 1*501000 — 
..*440 3420 „ 
-20 1 JOO 859 — 
*10 1.170 965 _ 
+10 I.37C 1420 _ 
,5 SC3 295 


— SPtKa 

— *39 

.... SltuS* 

_ suw 

. SMcC 
... ShnNu 
.. SRwOen 
... SmOW 
... SnwSan 

— SmS6 
.... sayof 

SryyflrM 

— Scny 
. SemH 

SumflW 
.... Sur';. 1 '.!. 

. SumCcm 
.. Srnncm 
. StffiCD 
SumSa 
. . Sjirttry 
.. SufflLlM 

... Sfc m Mjr 
_ SunMU 
_ ScaiUJM 
. . SumJW 
_ EumHtr 
— SumTrt 
. 6uaOTU 

— SusJa 
_ TDK 

. . raise 1 
_ 7V*Ph 
.. r*kSo 
-_ r«ra& 
-. rirjw 
r-cjcn 

— TxiSa 
._ TekJi 

. lauds 

— 7«kcn 
.. T titan 

— r t pi n 
. Teoufci 

__ TaaCp 

— 7m 

— ran 
T')Hk£P 

_. ncusk 

— TVaiCn 

- Tdoeo 
rctccM 

. . rayama 

z. m 

_ . TUJcma 
Z TkaPw 
.. rvsen 

- Tiffin 

— r«Rcce 

— Tiffin 

— TVSM 

— 1 VuCj: 


310 — 77.0 TkljCrp 


•3 
+22 
• 5 
*23 


231 . 

£65 — 
526 1.1 
493 

315 — 
711 

781 04 
5CO - 


TkuLnd 

7enon 

Ipcoft- 

ToryA 

rsmea 

TOICEC 

TsMJl/la 

isftku 

T«cn 

Tom 

royoQi 

TdoAuL 

Toyotn 

TcvoUi 

ToyoSk 

lyoBM 

ToyplH 

ToyoTB 

Town 

TlChUn 

Tl 


sjao 



UuW 

mew 

w/Kcal 

YrrahaC 

rmonaM 

YvnSK 

Ymncm 

YmiHon 

Yanutoo 

YmTian 

YmzBan 

Yaonon 

■fOSfcB 

YmRt 

YasTrB 

YkgwEi 

YMunBk 

YhnmHD 

YcmLixl 

vosnfM 
>Lasa 
Zbk 1 


SVimstLAND (May 27 / Fra.) 


AdMBr 
AfeiLBr 
AfcjLRu 
Gal T 


ftBuHs 

CSBr 

Qluflg 

BekBr 

B+H 

FbcftB 

FiM8r 

tfiOUffi 


J«lm( 

JdmRg 

UmGRg 

MICotB 


272 

670 

678 

1470 

1.299 

2C5 

612 

895 

000 

353 

1.710 

1400 

1780 

«0 

*2sm 

035 

ISO 

890 

1.750 

1.1*5 

152 

1.850 

5.020 

205 


+3 292 
-2 690 
_ 899 
+110 3495 
-2 1J49 
-10 250 
*0 766 
+10 970 
-1 942 

+2 422 
+10 2400 
+30 1400 
-- 1932 
♦23 1400 
_ 450 
-5 971 
-a 172 
_ 991 

•30 1400 
*22 1.437 
•2 175 

... 1.740 
-30 5.840 
+2 283 


191 .. 
588 1.9 
507 15 
1300 1.4 
1.015 M 
190 1 6 
658 2.9 
910 1.7 
77S 1.7 
351 — 
1.075 3 5 
1400 27 
2435 24 
976 14 
375 24 
782 1.7 
1*340 1 a 
875 1 3 
1.400 13 
1495 22 
13040 
1/430 4.1 
4.470 _ 
'TO 6.9 


■" ROD 


" HoYgk 
hnsiiE 

1460 
759 
1.580 
J95 
715 
439 
635 

1.960 
382 
845 
625 
1.280 
2,300 
11000 
naoome i,«oo 

— kaftnn 930 

— tuftptl 1.450 

— Knonkq 2.1KJ 

Mnaco 409 

— Kanaka 090 
Krwnbu 55* 

— KsaJH 2460 

•“ KWPr 519 

— Kao IJ30 

— KwHvy 443 

— KawKsn 388 

— KawSU 409 

— KBoC* QSO 

— K8UT 588 

— Klkknai 809 

— Kkxkn 1.750 

— KlnMN 910 

— Mfki I JOO 
_ KoboSt 302 

K0U0M 903 
_ KolfiB 2480 


♦37 734 502 _ 
-5 509 497 

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-_50 2050 17 1J 

+50 0050 77 70 

-5 135 87 1.8 

+J8 1023 1350 LI 
....10450 79 1 6 

-3 5250 2050 1.1 

— 104 102 2-2 

-1 30 4350 1.4 

-4750 2L50 1.5 

:\4& »g“ 
-50 215 151 35 
+1 80 4450 42 


Me, NWMYtr IMdm 


NOTES • &*•* « Hi pac* m « emm an M 
tadMMI MtBaom M in nmiHIMM 
pkMNMMHh IBB*. mnt Tends 6 
„ KM itM I Dartaji nnm m E» 
d79 wand ib amp earn no turns, a Et m. 

|IL 

Si* FT WEE AMMUAL REPORTS BBRVICE 


sum Da Rem M m m n am mnug dm 
iMemewmaHWFrwmiiNin 
pmtta 


m TOKYO - MOST ACTIVE STOCFCSC RKtey. May 27. IPS* 


IJ 


+.02 057 
-52 152 I JS 
+.01 1.40 084 
-.10 146 752 1.7 

- 3J1 2J0 — _ 

— 1.47 1.14 55 — 

♦ 250 2.33 85 12.4 

-s* 100 760 as 

-vOI 1.76 1.12 2J 2.4 
-52 1.78 1J8 7.9 _ 

— 256 2J0 49 75 

-.02 252 1.13 ZO — 
-.07 2.62 155 _ 

-JO 1150 075 75 415 
-52 4.45 163 55 — 

-56 IBS* 1652 48 31 J 

3.40 258 47 ._ 
-.02 3 JB 256 IS _ 
+ JO 1054 7.70 14 2SS 

_ 4 J1 170 18 ._ 
+J2 1358 11.12 42 718 
-.11 750 5J3 IS 
*55 10 80 L74 03 LB 
-56 828 456 19 
-57 2.79 158 2.7 ._ 
♦S3 4.15 355 17 235 
+.07 652 452 49 — 

-.04 2.15 1J8 — — 
-.05 2-43 1-02 _ 

+56 142 250 45 TZ7 

— 350 2.49 1.1 _ 

— 026 0.50 — 

— 4J0 255 11 

-.02 8-90 KM 41 .... 

+52 1.74 1.19 7.1 — 

_ 125 450 05 _ 
--02 7,13 550 0.0 75 
-SS 452 108 7.0 OD 
+59 7.10 BSO 43 ._ 
-.10 950 0.10 8J 
+.« 350 253 

+ 170 3 75 21.6 

-S3 252 151 ... 

480 142 43 _ 


Stocks 

Closing 

Change 


Stocks 

dosing 

Change 

Traded 

Prices 

on day 


Traded 

Prices 

on day 

13.8m 

748 

+11 

OdElacHnd 

8.9m 

853 

+22 

11.6m 

821 

+24 

Wbfahl Bad ..._ 

8.7m 

857 

+19 

10.8m 

408 

+5 

NKK _... . 

8.7m 

283 

+3 

10.1m 

1,090 

+40 

Nippon Steel 

asm 

372 

+2 

io.om 

1.050 

+40 

Sumitomo Coal 

7.5m 

884 

•11 


US INDICES 


May 

27 


May 

SS 


Wgti 


Med® 

PC Wcv 197(9 

NoOtoteid 

■ras mRenJertEnd 03) 
CBS AH Shr fid 03) 
New Zealand 
Cap. 40 (1/7/881 

Norway 

Ode SEftdKYI/83 


(id 246646 2472.16 2881.17 6/2 


4269 

Z7U 


42L6 

2710 


*295 

2726 


45490 31/1 
29430 31/1 


Mania Comp <2/1/851 

Portugal 

BTA 11977) 

5/ngapora 

SES AI-S'pUB2/4/75) 
South AMa 


21*859 21J9.fi 2155.18 2*3084 3C 
1129J4 112651 112251 1211.10 303 


2907 SQ 291700 297921 330037 4fi 


28910 28775 2891.3 322L60 18C 


1967-33 20/4 


417.40 V« 
26800 31/3 


201252 5<6 


2507 J3 a n 


57138 50950 


W 64151 4/1 


1 

! 

M«» 

27 

MR 

26 

MR 

25 

1994 

Hgb Uw 

ShnranpBilon 

Mpi lav 


3757.14 

375348 

37SSJ0 

307X38 

01/11 

359335 

(4/0 

397836 

01/LOfl 

41 JZ 
07/X9 

Homo Butts 

97.73 

9740 

97.63 

10541 

cini 

96-43 

inra 

109.77 

(1B/10IB3) 

5449 
(VI 0/81) 

Transport 

16Z2.B3 

1800 35 

150141 

1BB2J9 

12/2) 

(54642 

(20/0 

18EZJ9 

P rrn 

1232 

arm® 

Unites 

138.73 

187.58 

185.14 

22748 

(3/1) 

177.76 

nra 

25X48 

01/BM31 

1050 

0/4/32) 

DJ tnd. Day’ll high 3772.10 (3785J17 ) Low 372X68 (3722.78) ITtywreWte*) 
Day's Mtft 3757 75 1377X10 1 Lmu 3739.3* (374X71 ) (Actual 

Standard and Poors 


Campesta t 

*57 J3 

45746 

45634 

48240 

era 

43642 

(4/4) 

48200 

eras*) 

4.40 

n«02) 

WwWatsf 

533.41 

53134 

53X52 

56050 

tm 

510.05 

01/4) 

SOLES 

<2/2*4 

3.6? 

0*W) 

HaancM 

*5.51 

45.41 

4542 

4056 

01/1) 

4139 

m 

4X40 

(28/3/339 

&04 

n/IO/74) 


CMa 






JSE Odd <3B/X7B1 

1 6854V 

187X0 

10*84 

233140 4/1 

174000 14ft 

NYSE Comp. 

252.73 

25241 

25246 

267.71 

24X14 

287.71 

4.48 

PGA Gen 01/12/80) 

44(44 

44360 

438X8 

486740 V3 

3801.20 4/4 

JS£ hffi. (28/9/78) 

6571 OR 

65974 

665X0 

B71040 13ft 

844800 19/1 




era 

t«4) 

enm 

(2S/V*2) 

Denmak 






findtr Korea 






Amn Mkt YJ 

44094 

439.62 

43925 

48749 

427 60 

48749 

2931 

CupenhagenSEan/SS) 

38764 

365.08 

36X14 

41X73 2/2 

36X08 26ft 

KcreaCmpE»V1/80r 

953.88 

960716 

9*302 

97*20 2/2 

05537 2/4 





tm 

GSM) 

mm 

(9/12/72) 

Hifead 






feh 






NASDAQ Cmp 

73114 

731 iri 

73207 

ai)w 

705J1 

amai 

5447 

HEX Gareatca/12«» 

18124 

181X5 

162X1 

197240 VI 

1601.10 3/1 

Madrid SE 00/1 2ft^ 

03090 

rm.ta 

33045 

38X31 31/1 

30X73 2014 





tiara 

(20/4) 

(18094) 

(31/10/73 


Rmu 

SBF 260 01/1 mo) 

CAC 40(31/12/87) 

Senary 

WZ/Wta«l/ia5a 
CoonnoTtwiqi/lZSB 
OAX P0/12/8r)t 

Greece 

AOna 3831/12*0) 
Hoag King 
Nang SHBP1/7A4) 

MV 

BSE SenadBTg) 


IJ7853 139/57 139586 «*«i j/2 

305067 3091.89 238S41 2355,93 2/2 

81608 81350 824.00 893Z7 IB/5 

232420 23211 234410 3*6650 2/5 

214099 213025 2158.77 2271.11 16/5 

855.43 83431 80657 118406 1B/1 

9470.13 94B1.fi 9521 3? 1220159 VI 

37815 37380 H 42fe50 28C 


Jakarta QmpjlOfflBa 50497 50260 


M 61259 an 


EEQ 0wravn/88J I77L67 177651 1787.54 2D82.1S 20/1 

Baty 

Ban Conn *8 11373 73089 


137BS3 37/S 
205UB7 27/5 

77633 2 fl 
2221 JO 2/3 
enan tl 2/3 

BOOST 25/5 
836044 4/5 
348450 5/1 

48432 2BM 
177857 +7/5 


AOarwaiMui (1/2/37) 

aaSartand 
SufeaBkhd (31/1358) 
SBC Cerate (1W1 
TMean 

Yrt(BWH*T43O/6/0Br 

TtaBand 

esrajtessErpawffs 

Turkey 

bontd Odd (bn 1889 
WORLD 

MS CapM kn (i/i/TOfi 


1516.10 15166 15055 190190 31/1 


■ RATIOS 


178440 127630 
96177 95458 


128755 142134 Jin 
05002 109129 31/1 


560877 505738 5775.18 648452 VI 

138157 135652 134180 173173 4/1 

15825.1 1642454 1641X4 2888180 73/1 

&1Lfi 6173 617S 041 SO 1/2 


1 1815 


74(105 

11975 


759.79 817.17 1V5 
12275 131850 10/5 


M Geran* (4/1/94) 

*9* 

NEW 223 (I6/S/49) 

WM 300 (1/10/83 

Teptr(4n«8| 

2ndStEUan(4niGS 

Mdayda 

KLSE 0x00(4/4/86) 

“ a* May SI- Tetwwi WelghMd PHm 9631.18; Mona Como Er 9*0-13- Bam varum of * mm m 100 mcopc AmMa Al Ontnary 
end MWng - 501 Audita Traded. BEUO. HEX Gen. HfB OerL. SBFZSO. CA&ffi. Euro Tcp-iOft ISEO OwvnU. Toronto GompJMeMb 4 
Mkierata am DAX - el tSTO J3E Goal - SSS.7; JSC 28 Induauwle - 2643; NYSE AO Common - W end StandaM and Peer'a - ia %9 
Mentred. 4 Toronto, fe) CknM. (u) UtimMiV. I Bt&DAX .MrSeura rtst May 27 - 211190 -J3J0 


20777.16 20*9550 200618320777.18 27/S 

306.75 30155 30327 SOUS 27/5 

1670.76 165056 18SDB WI0J8 27/5 

232920 2320.01 2314.40 233056 16ft 


1 00911 90/55 


fd 181458 VI 


ion 

94450 ion 

1738974 4/1 
28822 4fl 
144557 4/1 
187133 4/1 

80933 4/4 


Eurotta* lDO(2V10ftQ IW.1B 1411S8 141151 154L1B 31/1 

EUD TOO-100 (26/V90I 1217.40 122*51 1224.70 131151 2/2 

JCaodOipa (31/I2ffl5 (4 (ut 322.05 305.19 W 

Bartigs Enwo47/lfl2) 15790 15773 15018 18272 14/2 

■ CAC-4Q GTOCK IICTX PUYURgS (MATTF) 


123378 9/9 
91753 Bfi 

SW4D3 19/3 

119L9B 4/4 

1296070 Wi 

59150 4/4 

138a60 2/3 
120248 V3 
29028 21/3 
14153 21/4 


May 20 

May 13 

May 6 

Year ago 

2.69 

2.70 

2.77 

2.04 

May 25 

May 18 

May 11 

Year ago 

2.48 

2.48 

244 

242 

23.41 

24.06 

2342 

26.25 


Dow Jonas ind. Ohr. Yield 

3 A P Jnd. CNv. yield 
5 & P SrxL P/E rarto 

9 8TANMRD AND POORS 600 INDEX RmJTOS 8800 Nmes Index 


Open Se« price Ctraiqo 
Jun 457.30 456.50 -O.BO 

Sep 457.80 458.90 075 

Dec 460.00 481.66 -0.70 

Open Merest tigunra are tar prevtoue day. 

■ MEW YORK ACTIVE STOCKS 


High 

457.40 

458.70 

462.S6 


Low 

45426 

458.70 

459.50 


EaLval Open Im. 
66479 19X031 

3,233 25.916 

87 7,347 


StxVi 

Band 


so 



Open 

Sett Price Cftange 

High 

Low 

EsL wL Open Int 

May 

2103.0 

2048.0 

<40.0 

2103.0 

2037.0 

43.935 

19.431 

Jun 

2084.0 

203a0 

-40.0 

2085.0 

2017.0 

10,141 

40,148 

Jd 

2082.5 

2028.0 

-40.0 

20825 

201 6.0 

705 

1,406 


4.023,000 
2^31,400 31K 

X42D.7DO 


Cto» Change 
pnoe m day 

■H 


■lta 

+W 


■ TRADIMO ACTIVITY 

• vMuou amun 

Mar 27 May 28 May 25 
New York SE 16X406 284.380 264.420 
Amax 1X773 21783 15.356 

MSm M.gW. M .gi W 


Open attarast Bgwes tor pravtous day. 


Friday 

PIN Ip Motes 
Up John 
Otteorp 

kluL 

itarcK 
Gian 
Maureta 
Gan bk 
C omp Aesoc 

TOtfonos 
Gen Mom 

T Corracttn * CMcuUnd al 1550 GMT. m Eududtag bonds, i indusuiaL pAit unites. RrmcttH and Trmponaikn 
• The W iidL into dteoratrcai day’s Hghs end Iowa ore me nneraeux ol Ota Hghat and )mm prices racMd dumg die day by such 
Mock; wiierom die actuei dey-e Mgtw end Iowa duadtod by Tekikura} rapraeent te Htghra and tomrai »akiea that the index has reached 
dumg 8* day. (Tin Dgurae it tracked an pre+nxn day’s). V Siited to eMdal mraWaiaten. 


1419.700 

m 

•J4 

HTSE 



1.764400 

18 

44 

issues Traded 

2.784 

2404 

1,747,700 

<7 

■15 

RMS 

1,137 

1.173 

1.728400 

49 

+R 

FM 

917 

899 

1446500 

42M 

■6 

iMunged 

730 

732 

1.45840 

82 

♦V 

NswHgta 

38 

42 

1390.900 

54« 

— 

Neva Law 

28 

28 


1 JOOB 
668 


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Baring InvoyliQQit Bdngnt Ltd 

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M & G Securities LU 

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F 141 I 44 32a 1 088146917 

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l* Snua Cd T Mdf 57 . 700 B 73X5 265 46026 

FoMinmnsi t Un 34 . 1 1:1 4 12121 8.71 I 40320 

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Morgan Stanley International 

UhEumpHAll I C1B89 76 t -1 44575 

Ovefwa £mnd1 3Av _ 1 11664^1 I - I 

Murray Johnstone (IT Mngmt 
Mvnr Eraan hmai 

'3m steal £in*(Jt 

zxzss?*- 

Jjuii Ejamoi „ , 

Uoramd 
SEtoah*w\ 

SnCn&sil 
u» tqrrU Mav 

ffbmvsst tnestmeat fHaaaoaamA 

r nnw CoaMay 19 I 


Srafl Co*d Uvr 17 

DoAccun 

jnEwntwae— . . — 


Co -warn — - 

BnolAta - 
nfesn. 

Asa nor. Am 24 „ 

DoAccnn 

USA int» MU 24 _. 

OoAaun 

(nnBIAMaimy 

DO JC44«T» _ . 1 

r*dt «. M Isds 74- 

Do Acsjro _ —. 

Uwx« bmpl its M 

DO .6411111 

Amman Era« i 

□0 ACCLB71 

bsqxn Lam !98i SS. 

DoAxud 

J3oan Eionvi Un 3 - 

Dokan 

Fide Bra CtfflpltoTX 
DoAccwn . — .--- 
Oomd Bond E. May 26 . 

DnAsir _i 

Kn-iiiiUEi mat *6. 

Do ACoar 

■0c«EHjmdE«im34 
Do Accum 

Awnv.fiiTEiMirCJ, 

Os Aram. 

17« Roco W £■ Mfy 2X. 

I tlnAnataJ 

j. immscnBa i . 

me Eraw wcum 1 231 4 

Stewart hi 

SvfttPPPUaai IA35J 458 1 

OonaigreMKs 
Thornton Unit Managers Ltd 


4US0 

43891 

4JM2 



























































































































































FINANCIAL TIMES MONDAY MAY 30 1994 


27 





CURRENCIES AND MONEY 


MONEY MARKET FUNDS 


v/vARD AGAINST Tnt ROUND 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


™8> 27 

Ctoalnfl 

nrid-pobri 

Change 

Bktfoffre 

Day's Mid 

Onn month 
Rate %PA 

Ttnear motrthn 
Rare %PA 

***** 

Areata 

Baktan 

Danmaik 

Rrrianor 

tehee 

Qarmary 

Greece 

(8cfr) 

17.4679 

+OJ5329 

812 - 945 

17.5076 17.4371 

17.4841 

03 

17^4765 

02 

WH1 

61X837 

-0.0481 

469 - 804 

51.2380 51 .0210 

51.0787 

-0.4 

51.0887 

-02 

(UKrl 

9.7151 

-00076 

119- 182 

9.7419 9.7005 

9.7228 

-OX 

8.7309 

-0.7 

(PM) 

8.1376 

-0.0282 

282 - 469 

8.1930 8.1240 

- 

re 

- 

re 

O+ri 

6*706 

-0.0075 

738 - 705 

8.5111 84663 

8.4813 

-07 

04866 

-OX 

(DM) 

2,4806 

-0.0015 

796 - 615 

2.4946 2.4766 

2*811 

-02 

ZA93S 

ox 

(Dr) 

373JJ34 

-0.096 

645 - 402 

374.632 371.100 

re 

_ 

_ 

re 

hriy 

Luxembourg 

m 

T.01S1 

+0-0014 

164 - 198 

1.0206 1,0178 

1.0194 

-04 

1.02 

-0.4 

(H 

2399.92 

-682 

895 - 088 

2412^9 239&S0 

2405.12 

-2A 

2415X7 

-2X 


51J3037 

-0.0481 

469 - B04 

51^390 61.0210 

51X787 

-0.4 

51X887 

-02 


Orta year Bank of 
Rais MPA Eng. Index 


0.1 


11X9 

115.4 

115L5 

81J 

10X5 

1240 


Nonway 


P) 2.7B81 +0.0048 872 > 890 

(NKi) 10.7482 -a004 429 « 484 


2.7924 2.7782 27878 0.1 27885 -0.1 

10.7745 10.7080 127405 0.8 127531 -0.3 


1.0213 -02 
245127 -21 
503207 03 

27713 06 

10.7442 ao 


Portugal 

Spain 

ffs) 

358.173 

-0165 

769 * 457 

259.009 257.712 

250.O8S 

-4-5 

281X33 

-4.5 

. 

(Pto) 

204.447 

-0099 

375 . 518 

205,198 204X74 

204.912 

-2.7 

205.762 

-2.6 

208.397 -1.9 

®Wdon 

(SKr) 

11.6413 

-00483 

337 - 488 

11.7175 11.6174 

11.6628 

-ax 

11.6933 

-IX 

11.7823 -IX 

Snteariand 

(8f=r) 

2.1177 

-00015 

166 - 188 

2.1258 2.1114 

2.1163 

ox 

2.1129 

OX 

2X867 IX 

UK 





re 

re 


_ 


- 

Sou 


12881 

-0X002 

886 • 896 

1X931 1X875 

1X909 

-1.7 

1X81 

£5 

1X856 03 

SORt 

- 

1939796 

_ 

_ 

_ 

„ 

_ 

re 

_ 

- 

Amartcan 

Argentina 

Peso) 

1X050 

-0X022 

047 - 053 

1-5065 1.5020 






Brad 

(Ct) 

2781X5 

+43X3 

137 • 232 

2785X0 2735.00 

- 

- 

- 

- 

- 


1043 
77 JB 
115.4 
1192 
B5.7 

BS.I 

708 

117.7 

708 


(OR 20819 -00012 911 - 928 

“Woo [New Paso) 4.9933 -0.0047 848 - 017 

USA (S) 1.5086 -00014 083 - 088 

PMflcflttfcfla East/ Africa 

AuetnBa (ASJ 20582 -0.0CC5 571 - 582 

Hong Kang (l*s) 112551 -0.0101 5Z4 - 877 


(Ha) 472251 
(Y) 157.483 


indta 
Japan 

MatayaJa (MS) 

Now Zealand (nzjj 
PMO ppmes (Paso) 40.8555 -02642 224 . 885 

SraaS Arabia (SR) S-G573 -0.0053 561 - 585 

Singapore (S$) 2.3153 -O001 145 - 160 

S Africa (Com.) (R) 5.4968 -0.0198 947 - 9S8 

S Africa (Fte) (R) 72033 -00521 670-196 

South Korea (Won) 1215X2 
Taiwan 
Thailand 

fSOB rad tor May aa BUM* spread* » ths Ronl Sent MW 
but an knoM by currant htarat maw. Staring Hu 
lha Ortar tatias diFfoad tan THE WWMffiUTH 


-0042 116 - 386 
-0154 391 - 584 
3.9053 +0.0020 042 - 063 
25683 -0.001 643 - 682 


-2X3 554 - 609 
CIS) 40.8289 -0.0455 995 - 583 
(Bt) 36.0155 -00202 941 - 368 


2X33S 

-OX 

2.0973 

-1.0 

2.1136 

-IX 

86X 

1X078 

ox 

1X062 

OX 

1X033 

04 

65.3 

2.0575 

04 

2.0559 

04 

2X549 

EX 

mm 

11.647 

OX 

11.6431 

04 

11.6701 

-0.1 

- 

157.103 

3X 

166X78 

3.1 

152.166 

3.4 

184X 

ZX9S6 

03 

2X682 

-0/4 

2X757 

—04 

“ 

- 

' 

- 

- 

- 

■ 

- 


5.0050 4.9839 


2X540 20528 
11.6640 11.6315 
47X590 472350 
158X90 157200 
3-9076 3.8897 
2X685 25603 
40X010 404220 
5.6618 5.8461 
2X206 2X120 
5.5203 5.4660 
7X451 7.1800 
1217.72 1213.43 
408800 407700 
38.0440 37.9540 
aln* crty ft* last thrss ttodnre rascre. for— a nrea»na dbecsfr quccst) 
by Bn Bank of Engtonl Bare avreapa 1 BBS - 10004 Qfhr and Whan 


May 27 

Caoetog 

rrad-poW 

Chongs 
on day 

Bldfoffer 

spraad 

Day’s mid 
nigh low 

One month 
Rata MM 

Three months 
Rate MPA 

One year JX Mogan 
Ran MPA Index 

Europe 

IBCh) 

11X925 

*0 0325 

900 - 950 

11X175 11X815 

11.6 

-OX 

11X015 

-OX 

11X163 

07 

103X 


©Pi) 

33X495 

-0.0005 

44© - 560 

33.9940 33X350 

33X796 

-1.1 

83X195 

-OX 

33X845 

-Ol 

1044 


(OKI) 

6.4400 

+0.0009 

390 - 410 

8*636 6.4381 

64495 

-IX 

64625 

-14 

6466 

-04 

103.7 

r**-i — .j 

«™l 

5X943 

-0X137 

890 - 996 

54291 5X883 

5X888 

-as 

6XS88 

-OX 

64118 

-OX 

76X 


(FB) 

5.6190 

+0.0002 

180 - 200 

5X410 5X1 BO 

5X254 

-14 

6.6344 

-1.1 

5X063 

02 

104X 


(D) 

1X444 

+0.0006 

440 - 447 

1X515 1.8433 

1.6457 

-as 

1X47 

-06 

1.8405 

02 

104.7 



246.610 

+0.165 

400 - 820 

248.160 248X00 

247X8 

-6.6 

246X1 

-3X 

251.11 

-1.6 

604 


ro 

1/1803 

-0.0004 

79S - 810 

14833 1.4773 

1.47B8 

1.1 

14787 

IX 

14733 

OX 

— 

Italy 

(U 

1590X8 

-4X8 

050 - 125 

1599X0 1590X0 

159SX8 

-3X 

160343 

-02 

163066 

~2.b 

78X 

Lusambouig 

(LFr) 

33.8495 

-0X005 

440 - 550 

33X940 33X350 

33X795 

-1.1 

33X195 

-OX 

33.8646 

-0.1 

104.4 


(FB 

1X462 

*0.0046 

479-485 

1XS23 1X470 

1.B484 

-08 

1X508 

-06 

1.6436 

02 

104X 

Norway 

(NKr) 

7.1235 

+0.0039 

225 - 245 

7.1490 7.100B 

7.126S 

-ax 

7.126 

-OX 

7.1035 

OX 

65X 


lfe> 

171 .100 

+0.05 

900 -300 

171.700 170.600 

172X65 

-OB 

173X65 

-AO 

178X6 

-4.1 

02X 

Spain 

(pta) 

13SX25 

+0X6 

500 - 550 

136X50 13S440 

136X15 

-3.6 

136X1 

-02 

138X6 

-2X 

79X 


(SKr) 

7.7168 

-0X248 

131 - 206 

7.7644 7.7088 

7.7354 

-2X 

7.7614 

-ax 

7X219 

-14 

82X 


(Sft) 

1*038 

+0.0003 

033 -043 

14065 1.4030 

14037 

0.1 

1.4028 

ox 

1X883 

1.1 

104X 

UK 

ft 

1X068 

-0.0014 

083 -068 

1X098 1X055 

1.5078 

OX 

1X062 

ox 

1X033 

04 

86.7 



1.T7D3 

-0.0009 

TOO- 705 

1.1710 T.1654 

M87B 

2J 

1.1647 

T.6 

1.1778 

-06 

- 

sent 

- 

1X1740 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Americas 

Argentina 

Paso) 

0X977 

-0X005 

976-977 

0X979 08978 




_ 





(Ol 

1844.05 

+30.4 

404 - 406 

1844X6 1B44X0 

re 

- 

- 

re 

re 

• 

— 


(CS) 

1X887 

+0.0006 

884 - 869 

1X870 1X845 

1X688 

-IX 

1X619 

-1.6 

1.404 

-IX 

83X 

Mexico (New Peso) 

3X100 

- 

050 - ISO 

3X180 3X050 

3X11 

-04 

3X128 

-03 

3X202 

-03 

- 

USA 

(5) 

. 

- 

- 

- 

- 

- 

- 

- 

- 

- 

99.9 

PacUc/Mddta EaaVAfrica 

Australia IAS 1.3644 

-00004 

639 - 648 

1.3872 1X824 

1.3687 

-AX 

1X666 

-IX 

1X668 

-02 

684 

Hang Kong 

(HKSI 

7.7260 

♦0 0003 

2S5 - 265 

7.7266 7.7245 

7.7256 

0.1 

7.728 

-0.1 

7.7422 

-02 

- 

India 

(Rs) 

31X713 

+0.0013 

675 - 750 

31X750 31X875 

31.4513 

-3.1 

31X963 

-2X 

- 

- 

- 

Japan 

<Y) 

104.400 

-0.005 

350 - 4S0 

104.770 104X00 

104.195 

24 

103.785 

24 

101X4 

2X 

147X 

Malaysia 

IMS) 

Z58B8 

♦0.0043 

685 - 680 

2X905 2X700 

2X613 

34 

2X778 

1.7 

2X0B8 

-OX 

- 

New ZbnJancf 

(NZ» 

1.7011 

+0.0008 

001 - 021 

1.7025 1.6060 

1.7028 

-IX 

f.7075 

-IX 

1.7202 

-1.7 

-re 

Ptfippinaa 

(Peso) 

26X500 

-0.15 

000 - 000 

27XSOO 26.8000 

- 

- 

- 

re 

- 

- 

— 



3.7502 

re 

600 - 503 

3.7505 3.7500 

3.7608 

-OX 

3,7626 

-OX 

07656 

-0.4 

re. 

Gtngapom 

CSS) 

1X348 

+0.0008 

345 - 350 

1X382 1.8340 

1X34 

06 

1X337 

OX 

1X358 

-0.1 

>- 

S Africa (ComJ (R) 

3X438 

-0.0097 

430- 445 

3.6563 3X420 

3.6583 

-Ol 

3.6870 

-4 X 

3.7643 

-3X 

- 

S Africa (Fin.) 

(« 

4.7750 

-0 03 

850 - 850 

4X00 0 4.7850 

4X087 

-8.5 

4X875 

-7.7 

- 

- 

- 

South Koran 

(Won) 

805X50 

-OX 

900 -000 

806.700 605X00 

808X5 

-4X 

81245 

-3X 

830X5 

-3.1 

- 

Taiwan 

rrai 

27.0650 

-0.005 

800 - 800 

27.1000 27.0200 

27X85 

-09 

27.125 

-09 

- 

- 

- 

Thtotand 

(BO 

2X2000 

*0X1 

BOO -100 

25X200 25.1600 

25X726 

-3X 

254 

-02 

28X6 

-2.7 

“ 


wv,wrumts CLOSWQ SPOT RATES. Soma < 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

May 27 BFr DKr FFr DM 


1 n randM by Bn FT. 


NKr 


jaw nu fcf mr aa bumv 
B ut an anpftad by eunwa mm 


Pta 


SKr 


nm 

UK. 


Ecu 


r Root labia 
4 ECU am 


■how crtytoabai torn deetntoftaaa. Ftrmrd ram a* net tBacay qm*ed w B» mrekre 
quoted In U8 cuarecy. 4P. Mayan nornbire atdtasa May 2ft. Bam avenge IBWVloa 


FIXED INTEREST RATES 


MONEY RATES 


May Z7 


Over One Threo 


One lamb. DM. Rapa 


Belgium 


FTanca 

Oennraiy 


Italy 


Norway 

Portugal 

Spate 


UK 

Canada 

US 


Ecu 

Y«i par 1.000; 


(BFr) 100 
(DKr) 62X6 
(FFr) 6023 
(DM) 2058 
(E) 5011 
(U 2.128 
(FI) 16.31 
(NKr) 47.50 
(Ea) 19.78 
(Pta) 24.98 
(SKr) 43.87 
(SFr) 24.11 
(Q 51.06 
(CS) 24.41 
IS) 33X4 
(7) 3242 
30.81 

Kremv, Ranch 


19.03 

10 

11.46 
3.916 
9X34 
0.405 
3.4 65 
8X37 
3.764 
4.753 
6X46 
4X87 
0715 

4.844 

(L438 

81.68 

7X37 

Franc. 


16.60 

8.726 

10 

1417 

6X19 

0353 

3.041 

7X66 

3264 

4.147 

7283 

4X02 

0477 

4X52 

S.B1B 

S3X2 

6X78 


4.858 

2.554 

2.927 

1 

2435 

0103 

0680 

2X09 

0961 

1214 

2131 

1.171 

2481 

1.186 

1.644 

16.75 

1.825 


1.996 

1.049 

1202 

0411 

1 

0042 

0365 

0946 

0X95 

0480 
0.875 

0481 
1.010 
0-487 

0.675 

0470 

0791 


4700 

2470 

2831 

967.4 

2355 

IDO 

6803 

2233 

B29X 

1174 

2082 

1133 

2400 

1147 

1690 

16236 

1682 


Noratagian Kumar, and Banditti Krona par ilk M own Franc. Escudo. Ura mxl Peseta 


5.460 

2X70 

3289 

1.124 

2.738 

0116 

T 

2X93 
1.080 
1X64 
SX9B 
1X18 
2.7B8 
1X33 
1X48 
17.70 
2183 
10; I 


21.05 

11.07 

12.68 

4X33 

1055 

0448 

10 

4.16S 

5259 

9235 

5X78 

1076 

5.139 

7.124 

6&2S 

8X40 


GOSX 

265.7 

304.6 

104.0 
293X 
10.75 
SEX 9 

240.1 
100 
120.3 

221.7 
121.9 

256.1 
1234 
171X 
1639 
2002 


4003 

2104 

241.1 

82X9 

2006 

8X17 

73.31 

1901 

79.19 

100 . 

175.6 

9051 

204.4 

97.71 

1305 

1298 

156X 


22X0 

11.96 

13.73 

4X32 

11.42 

0.465 

4.775 

1083 

4X10 

5X95 

10 

5496 
11.64 
5X64 
7.714 
7320 
9X30 
1 par 100. 


2.180 

1X29 

2.1S3 

1.553 

162.1 

1X27 

Belgium 

6ft 

5M 

5ft 

aft 

6ft 

7.40 

4.60 

2.499 

1.160 

2466 

'1.780 

165.8 

1X21 

week ago 


5ft 

6ft 

6ft 

6ft 

7j40 

4X0 

0X54 

0.403 

0843 

0606 

6348 

0X20 

France 

5ft 

5ft 

6ft 

6M 

Eft 

6.40 

- 

2.079 

0661 

2X53 

1.481 

154X 

1X65 

week ego 

69 

5ft 

aft 

6ft 

6ft 

6X0 

- 

0088 

0X42 

0067 

0063 

6.563 

0054 

Germany 

5.00 

6X5 

5.06 

6X8 

6.13 

8X0 

4X0 

0.760 

0X59 

0760 

0.541 

58.40 

0.462 

weak ago 

6X6 

5X5 

6X4 

4.88 

4.86 

&Q0 

4X0 

1X73 

0X30 

1X46 

1.404 

14BX 

1.169 

Inland 

H 

*rS 

6ft 

5ft 

6ft 

- 

- 

OB21 

0.387 

0811 

0X85 

61.02 

0499 

week ago 

5« 

»ft 

6 

6ft 

Bft 

- 

- 

1X38 

0469 

1.023 

0736 

77.06 

0X31 

ttoriy 

7ft 

7ft 

7U 

7ft 

6 

-a 

7X0 

1X20 

0X58 

1.767 

1X96 

136X 

1.107 

weak ago 

7% 

7ft 

7ft 

7ft 

71 

- 

7X0 

1 

0.472 

0966 

0712 

74X8 

0609 

NetherfeMa 

5.16 

6.17 

6.18 

6.18 

6X2 

re 


2.118 

1 

2.082 

1.509 

157X 

1X89 

woak ago 

5.16 

6.17 

6.06 

6X7 

6.07 

re 

6X5 

1.012 

0478 

1 

0.721 

76X6 

0X16 

Otalttadanu 

4% 

4ft 

4ft 

4ft 

4ft 

6X26 

3X0 

1.404 

0683 

1.388 

1 

1044 

0X54 

week age 

4ft 

*4 

4ft 

4ft 

4ft 

6X25 

3X0 

13.46 

6X48 

13X8 

9X61 

1000 

&1B4 

US 

4ft 

4ft 

4ft 

4ft 

6ft 

re 

3X0 

1X43 

0776 

1.623 

1.171 

122X 

1 

week « 

4ft 

4ft 

4ft 

4ft 

6ft 

re 

3X0 







Japrei 

2 

2ft 

7ft 

24 

2ft 

- 

1.76 







weak ago 

2 

2ft 

3ft 

2ft 

2ft 

- 

1.78 


075 

075 

620 

pan 

026 

025 

7X6 

7.06 


■ D-MARK yUTUHU (EMM) DM 125X00 pra DM 



Open 

Sett price 

Change 

High 

Low 

EaLvd 

Open tot 

Jun 

0.0066 

aaoeo 

+0.0016 

0.6088 

0X052 

39.174 

121X18 

Sep 

0.8063 

0X074 

*0.0016 

0X078 

0X046 

2,517 

11X33 

Dec 

* 

0.6060 

+0X018 

0.0075 

“ 

30 

298 

■ awns nunc fumma qmm) sft 125.00a par SFr 



Jun 

0.7107 

0.7125 

+0.0014 

0.7136 

0.7093 

18X04 

42.130 

Sap 

0.7116 

0.7135 

+aooi5 

0.7145 

ano4 

1.162 

4,073 

Dec 

* 

0.7180 

+0X015 

an eo 

0.7130 

6 

340 

■ MMimvn 

FUTUms (MM) Yen 12X par Yen 100 




Open 

Sett price 

Change 

Ugh 

Low 

Estvol 

Open tnt 

Jun 

0.9660 

0.9696 

+0X034 

0X600 

0X663 

17X79 

62.167 

Sap 

o.ao+3 

0X803 

+0.0034 

0X083 

0X820 

1.003 

7X05 

Doc 

* 

0X739 

+0X036 

0X736 

0.6733 

216 

1,180 

■ STntUNQ FUTUMB (1MM) £62X00 par £ 




Jun 

1X064 

1X093 

+0.0012 

1X106 

1X044 

' 7,486 

42X11 

Sep 

1X060 

1X080 

+0X014 

1X090 

1X020 

1,056 

2,618 

Dec 

1.5060 

1X072 

+0X014 

1X070 

1X030 

12 

77 


UK INTEREST RATES 


LONDON MONEY RATES 

May 27 Ovar- 7 days 

fright notice 


■ S IXBOR FT London 


One 


Threo 


Sta 


One 

jw 


totarttark Starting 

6% -3 

Jb 

ta 

S- 

6-4U 

SA - sb 

Sri - BA 

5(1 -6H 

Starring CDs 


. 

6-411 

6A-5A 

5J1-5A 

6H-6% 

Treasury SAi 

• 

N 

4% -4% 

4%-4« 

re 

- 

Bank BUa 

- 

- 

40-4# 

W.-4U 

4(1 - 4% 

SA-BA 

- 

Local authority daps. 

411-41! 

«a-4H 

5%-S 

S4-5A 

5% -6% 

Otacmart Martiat daps 

5% -3% 

4% -4% 

- 

- 

- 

- 

UK clearing bank bam lending rata B% par cant town February A 1994 

Up to 1 1-3 34 64 

month nwith 1 norms months 

9-12 

momha 


lalaalitalL rere — e — 

tmmamm round 

4ft 

4ft 

6 

Sft 

- 

- 

- 

weak ago 

4ft 

4ft 

4ft 

6ft 

- 

- 

- 

U8 DoBar CDs 

- 4.18 

4.42 

4.79 

5.36 

_ 

- 

- 

weak ago 

- 4.16 

4X2 

4X2 

6.16 

- 

- 

- 

SDR Ltekad Da 

3ft 

3ft 

3ft 

4 

- 

- 

- 

weak ago 

Sft 

4 

4ft 

4ft 

- 

- 

- 


■CU Lkfere) Da arid ntare 1 mte 8ft; 3 nrtm: B%1;0 must OH; 1 
mtaa no Mod rate, tar SiQm quotad to Bra marine by taur 


dq. Tha banka mtt Banhara TruaL Bank of Tokyo, Badqi and 
IriU ram are shown tor BN donNMfa Moray Ma USB C 


Oft. 6 UBOR btatank Bring 
banka at 11am each aorthg 


UB I COs Ml 90R IMaad Dspoatla IM. 


EURO CURRENCY INTEREST RATES 

May 27 Short 7 days One Threo 


Sbc 


nodes 


month months months 


One 

year 


3% 


3*2 


Carta of Tax dap. El 00X00) t% * 3% 

Cana ct ha dan. infer Cro&OOO to l%pc. PaBcaterean d aen torcmfi tux. 

AM. tandarrata of dWcourt 4.7991 pa, ECQD toad ram 9ba. Export Finance. Maka up day May 31. 
1994. /tread rata ta- parted Jun 28. IBM » J* » iss«. Sehanm H 6 SI M7pa Rafannca tala tor 
ytgfn 1B94 to May 31. 1994. Bdwmae Ilf 6 V 5J22pc. Ftoanca Horae Bma Ftota ft%pc Han 

BANK OP ENGLAND TREASURY BILL TENDER 


■ PWLAPUtBAW C/9 OFnOW8E3125Q (canto par pound) 


Strike 

Plica 

Jun 

- CALLS - 
Jiri 

Aug 

Jun 

- PUTS - 

JuJ 

f 

Aug 

1*25 

6X8 

6X0 

8X6 

. 

. 

013 

1.460 

6X4 

6X6 

0.10 

- 

an 

0.40 

1*76 

3X8 

3.74 

4.15 

- 

045 

0.93 

1X00 

1X7 

2X8 

2X7 

0X2 

1X0 

1.62 

1X26 

aiB 

0.93 

1X8 

1.73 

2X5 

3.11 

1X80 

- 

0X3 

a 76 

3X8 

4X9 

4X6 



May Z7 

May 20 


Mr 27 

My 20 

Mb at aftiar 

£6009) 

£S00Ri 

Tup accaptad nto 

4X332% 

4.7430ft 

Total Of BDDHcaBom 

£173501 

»7Htoi 

Am. nto of datount 

4.7981ft 

47430ft 

Tobri KtacKari 

ESOOn 

£50091 

Awraga yMd 

4XS72ft 

48010ft 

Mh. aonDtad DU 

E9B.79S 

£88X15 

dltbr at n« tantor 

ESMn 

Eaoom 

Mtamantft Ml tanrol 

8ft 

100« 

Ml rapt M 182 dqa 

* 

• 


Bdolan Franc 
Danish Krona 

n-uortt 

□uteftGuMar 
Ranch Franc 
Portuguese Esc. 
Spanish Peseta 
Surlno 
Swiss Franc 
Gan. Deta- 
ils Daflar 

Ibritan Urn 
Van 

Asian Sang 

Short toon rataa 


5%-S% 
8%-S% 
6%-6% 
6*1-8% 
5% - 6.*. 
8% -9% 
7*. - 7,’, 
fi-4% 

4%-«S| 
6ft -W 
4A-4A 
0 - 7% 
2*1 -ZA 
3%-3% 


5%-8% 5 % 
6%-5% BU 
8*4-6% 5% 
6%. 6% 8% 
5%-8A Oft 
13 - 11% 12% 
7« - 7& T\ 
9A-4H 
4ft -4A 
6H-BA 
4%-4% 

7%- 7% 
2%-ZA 
3% -3% 



4A 

4A 

7% 

2% 

«• 


m can tor BN US (Mar and Van. 


-5% 6%-S% 

- B& S» - I 
■6% 5A-I 

M «%-!„ 

BA 5% -5% 8% 

• 11 % 12 % - 11 % 11 % 
■7% 7% - 7% 7% 

-6 6A-6% SA- 

- 4A 4A - 4A 4A 
■8% BA • BA 6% 

■4A 4%. 4% 4». 

■ 7% 7 H- 7 A m 

■Zb 2A - 2% 2% 
■4A 4%. 4% 5A- 
oBwnr two daya- iroOoa. 


BA 8% - 5% 
&A BU-EA 
fifi. 6% - B% 
BA B% -6A 
5% 6%-E% 

10% 11% - 10% 


7% 

BA 

4A 

6 % 

4H 

7A 

2A 

EA 


7% -7% 
6-8% 
4A-4A 
7A-8H 

8 1-6% 
y-7H 

za-*A 

Efl-Stt 


■ THfMI MOUTH ■WKMDOJUAR (1MM) $1n> poteti at KWH 


FT GUIDE to WORLD CURRENCIES 

The FT Quids to World Currenctes 
tshla can ba found on the Compwitoa 
6 Flnsnca pages In todays adlttarv 


Piw*M day-a ML. Calto aaoBa Pun 34X40 . Pro*. day-B epm toL, Ctea 612X88 Pua fflLMl 


■ Pound In Mere York 

May 2/ 

— Eton — 

-Prtv. don 

Saint 

1X105 

1X085 

1 rtti 

1X097 

1X088 

3 rah 

1.5083 

1X073 

1* 

1X052 

1X040 


UK GILTS PRICES 



Open 

Sett price 

Change 

High 

Low 

Eat «d 

Open tot 

Jun 

96X7 

96X7 

- 

96X9 

88X4 

82X02 

307,921 

Sep 

9466 

04X6 

-0.03 

94.71 

94X9 

79.056 

389X11 

Deo 

9411 

9408 

-006 

9415 

9400 

126,879 

387X62 

■ US TMUMMJKY MU. KUTMBOMRft Sim P* 100M 



Jun 

95.66 

96.86 

-0.02 

96.70 

B5X4 

2.732 

14909 

Sep 

96.16 

06.10 

-0.03 

68.15 

96.06 

1.447 

16,613 

Dec 

9460 

94.80 

-0.06 

94.68 

94.M 

1X77 

7X82 


Whit Anri Mrat IM Cky 

Wesl +/- tm dw ad Ikn 


YkH MM 
Ikta PrteaE +f- En 


dm 


UK By 
w H 


HTk« AOM 
New Msl *t- an 


UK a> 
nf Dm 


rBJhmastonwTdsM 

TraanOceUr. T894tt— 1QM — 1X0D JKIOM 

EkH12>2BC1SBI 101(1 -2 12*0 FS22U22 

TrtBBtcISMt* 10l}| -.1 1200 Ufl7 MM7 

13*1965 1041, -2 2X50 J«25Jy28 

Brt *e ta 90-95 _ Btt 61 214 H^lthl 

rOVpe1B95 105 -.1 2X00 JM1 Jttl 

Tmi2Vpe10S5» 109% -X 940 MyiSHrlS 

I4ac IM 111U -X 770 KOJH2 

iftpcimtt 115% -X 1,150 MJ3IM 

EMI13%PC1S9W — T11U -X S00 IfylSMnS 
Crmratoa lOoe 1998 H»H -X L40B HyiSWns 
Cow 7K 19974* 99% — 20000 AuBFtS 


3X1234 
17.1 1233 
71.41345 
20.121294 
25X1271 
1512 1254 
341293 
1112 ISM 
26X1300 
141233 
141240 


1taail3%K item — 

So* Iflfjpc 1W7 

TfB08t.Dc tasm 

114% -X 

mm -x 

103% -15 

1290 JaZ2Jy22 
3.700 FMIAjZI 
5550 tel Sal 

10.12 1302 
17.1 1253 
2411341 

eraiisocw 

12111 -13 
10« -14 

K=li 

118)1 -IX 

830 A0Z7OC27 
3X50 JatBJyiB 
7X50 MOOStfU 
1x00 atyiMri 
070 My22Wr22 

21X1288 

Tram 7 %dc iW&ti 

Tton 6%JK fS95-S87J. 

14pCM-» 

21-2 - 
263 7331 
15.41306 

tablteeiSN^ 

TrBHB%«c18M» 

114ft -IX 
105% -1.7 

MM My20te20 
1X00 jaisjyis 

13*1258 

ri.121347 


1 0pe 2003 

TnwIlliK 2001-4 

FMng3%pc TM— . 
Cbnvnlgn2%pc2004„. 

TnM 6%pc 200*** 

CDrry9%BeZ005.__^. 
Tins I2%pc 2003-5 — 

71(1*2008** 

Bne2tBK-a** 

Trawl 1 Vpc 2003-7 — 

Tnw 3%M 2007** 

12%pcT>4-« 

T«W Doc 2008** 


100H -18 
113% -10 
73% -11 
106% -16 
aa& -*a 
TOM -17 

122% -14 
94% -42 
95% -19 

lieu -ox 

99U -43 
129A -14 
itnii -4X 


2X01 »fl Sae 
1X20 Mn 95,19 
643 J414jyi4 
3X12 4P2SOC25 
12»t%28Mr26 
4X42 Mil 0618 
2X00 Ht21 tttl 
31800 teased 
2X00 M30eS 
1130 J422JJ22 
1497 JH6Jyl6 
1X50 MrSBSaSB 
6X21 M130C13 


31.1 12B1 
10X1290 
1121274 
21X1240 
194 - 

14X1247 
1441295 
31.1 - 

1X1334 
IMS 1291 
11121339 
17X1X01 
7X1343 


2PC96 079 19BA -3 1X00 1*166110 

*%e«8 — (131® 10BA -8 300 M27 0C27 


7X1313 

21 X - 
1U 1316 


2%fctn (78 j) im; -rx ixooMMsiei 

2%p6ia (Till 162, v -IX 1X50 My20K*2D 1141317 

*%pc , 04*t — (1318) ’OH/. -2.1 1XQ0M210OT Z2.4 - 

2PC0B MX) 168% -10 1X50 JtlOJylQ 11121314 

2%pc-oa (HO) 132 -14 1X5OMf2ONrZ0 134 1313 

?%PCT1 (740 U7)2-£4 IJSO M33MO 17.11319 

2%pcH 8»2) 123% -2X 2X00 FH6M16 1111320 

2%pc'l6 (BIX) 137U -IX 1550 Ja26J?28 20.121321 

2%acm (B3.D) 132-11 2.*00 to’ftOcIfl 103 1322 

2%acT4*i (87.71 109A -L5 2X00 Jai7Jyl7 11121323 

4%9C *30*1 — *135.1) 106% -16 1X00 JalBX® 1112 - 

(b) Figure* to poanteaea* show API bam lor moawng (m 0 
monMN prior to toaua) and hare bean ataatad lo redact m tewtop 
of AP1 10 100 to Jammy 1967. Conwralon toetor 3945. API tor 
Saptarroar 1093; l*iXand«crAprt 1904: 1«2-5. 


At Opart totaraat Spa are tor prattoua day 


BANK RETURN 


RaaHRBaanVaan 

Bcfti2%pc'»a— 

TVew itPjpc 1999 
Trraa6pc1999** _ 
Oananlon 10%K l 
TrawFRgPKi'M 
BPC 

Treaj 13pc20QD 
1QK2001 
70C '01 t* 



(torentiauUMrs 

T«S» BBC 2009 

86 % 

-40 

3.100 Mr2SSa25 

1421338 

Tima Oirtpc 2010. 

Bi%to 

-3.1 

2.750 

14* - 

CanvSpcLnZOll it 

IMH 

-5.0 

<xn Jaizjyiz 

6121245 

IranBwanm . — _ 

104% 

-40 

4150 FaSAuO 

31.12 1701 

Tnea5%K 2008-12**.. 

74% 

-61 

1X00 Uri0£«iO 

IX USD 

liras Bpc anm 

«% 

-63 

4950 MrZ7SaZ7 

142 - 

T %oc 2012-1544 

94% 

-O 

BOO JaZOJyte 

20121332 

Tost Sir DC 2017*4- 

USA 

-5.4 

4050 H25AU25 

10 1 1002 

bail^K'M-'IT 

131 

-40 

1 X00 Jal20aiz 

65 1260 

IMH 

coraob 4pc_— ..... 

4SU 

-44 

3» Arttal 

2 B <21238 

War Lore 3%fx4± 


-67 

una Jai Dai 

254 1352 

Ccn*3%fic , 8i Att 

574 

-4J 

110 apioei 

2321243 

Trial 3cc 'OB KL 

354 

-U 

SB ASSDC5 

1X1324 

CooKtoZijpc— — 

30 

-42 

275 4MP.Y0C 

IX 1233 

Dva* Z%jic 

2 on 

-24 

475 Apt Oct 

21X1115 


Oth«r Ffcwd Interest 

U9 -15 50 J#4Jy4 M2 - 

112% -3X 100 »«4 3*2« 3«J - 

113% -19 45 MyiSMMS 4 331837 

101% -ZB 3(0 Ml Del -1*65 

102 -.1 72S J«33Jr30 - - 

111% -X 315 AalOcl 31 142a 

143H -36 40 HOT Nr39 2710 - 

129% -3J 43 ASIOel 393J148 

37 -ax J ijujjeot 16 - 

32% -44 26 iJeJaSaO* 1 6 - 

114% -36 6 U280CB 3-933275 

67% -15 25 tel Sal 1X3361 

133% -IX 30 JaJOJflO 1-03 3465 

127% -2J 50 - 37 - 

140% -11 53 HU*: 270 - 


MteaftDtv 1 !% 2010 — 

MW3Dn10%x2009— 

rh*n1l%3cZrj 

wand cap 8%pe 10 — 

BxCWlBOa. 

1 toe 17-2 

HyflBOaaHacl5KZ011- 

taasi13%pc20IM 

Uarpogl 3%te bnrt — 
ICS 3cc 73 «t. 


BANKING DEPARTMENT 

Wednesday 
May 20th 

toaraasa or 
dec ream far weak 

1 lahnttlaa 

E 

E 

Capita) 

14,863X00 


Public depostta 

914,980X62 

-131.046X92 

Bonk ora PapoaHa 

1X28X44X33 

+24X87X93 

Reserve and other accounts 

2.823.723X06 

-49X83.103 

Aeeate 

6X70X91.380 

-166X32X02 

Oownnent tacmfUae 

1X03X02X29 

-181X06.000 

Advance and other accowrie 

2, 02a 460X90 

+80X10,147 

Premiss, aqutpnrant and other saca 

2X47,076,898 

-46X20X27 

NcJoe 

7X68X77 

-108X37 

Coin 

174786 

-10X88 

ISSUE DEPARTMENT 

6X76X91X80 

-166X32X02 

IMHto 

Node to cboriatton 

17X82X11,023 

+340,108X37 

Notes to Banking Dapartmant 

7,488.977 

-100X37 

Assets 

17X70X00X00 

+340.000000 

Government debt 

11,016.100 

1&X3490O323 


Other Government aacutWea 

+13X40194 

Other BecuHea 

2X34X78X77 

+328.883X06 


11%M2007. 

Hem spcY- 

ITkOMBW3%K3021 

4%cc3>2324 

(Bl Ha Etta 16%pc 2391 


17,970X00X00 


LONDON RECENT ISSUES: EQUITIES 


+340X00X00 


■ 'Das' arociL TT Tasc4re W nonreatoanta on NXWc a ttan E duetton barn, ad Ex dMdano. Owtog rxe-ptxm are ahtrert at oojrnJi WwUy p ar e a m sa ehangaa are ealeUbsad en a FHdw to Wday Haw 


STOCK INDICES 


Mg 27 Up 20 Mg 25 May 2* Mil 13 


— 1894— Store camp. 
HQl IW Hfl In 


FT-SE 100 2958.4 3019.7 3020.7 3060.1 3106.4 3520J 2968.4 36213 9819 

FT-SE Md 250 35713 36114 36204 3691.4 37013 41B2X 3S72X 4182X 13794 

F7-SE IM 2S0 n 111 35811 36264 3638.3 37017 3719.4 41007 35611 41617 13783 

FT-SE-A 350 15059 1531 X 13318 15813 1574X 177*3 18059 17783 684.5 

FT-SE SmsICw r 1883X2 7883(71 1BBZ2D 1615X8 1922X0 20MM 1874.73 2DMX8 138176 

FT-SE SKaBCm a* ITs 1882X4 1876.79 I87B93 1891X9 1898X2 2000L72 1825X0818172 136179 
FT-SE-A Ad-Snare 1S00XB 1524X4 152102 1557X2 1568X8 116111 1S0Q88 176111 61X2 


-WM- 

HW 27 Uty 28 llty 25 Itey 24 May 23 Hgb |nr 


Ha low 


FT-SE BntaK 100 14Q4.19 140145 1411X7 141143 141178 184111 139100 1540.19 90045 

FT-SE Euranek 200 1414X3 142<ig 1428.12 142S.04 1*2131 1KT7.10 141133 1007.13 933.02 

FT Ontoary ZM7.1 23918 23084 2445X 24«9X ZhU 2347.1 ZHU 49.4 

FT Gnrt SacwBaa 9106 Bin 9179 9170 9454 107X4 93X6 127X0 48.1B 

FT Read Mreat 117.15 111J3 71174 1UX9 114X0 HUP 11092 13U7 50X3 

FT Gold Mfeaa 1928X3 191649 1941 01 1964 75 1S79X7 TMtA 17E102ZWxe 92116 

PndacanarOeHHtem 2094 211.4 ziio 21 72 2117 277X 185 0 7317 435 


BASE LENDING RATES 


Adrnn A Can pay ...... SXS 

Mad Trurt Bank -529 

AS Bank — - SXS 

Storey Ambachar SXS 

BanketBacd a 5X5 

Banes at»Ytes)4L_ 12s 

Barkol^prua 5XS 

Bank of Ireland -523 

Barfed toda SXS 

Baric otScadanl .5X5 

Bantaw O to* - 525 

an Bk ol Mid East — 5X5 
•Bream Shlpiay 1 Co Ud£XS 
CL Baric htodaitond.... SXS 

CBbankNA - SXS 

OydaadaleBtorii ....... 5X9 

The Cweparatore Barrie. BXS 

OouttslCB — SXS 

OnKLyomalB 5X5 

Cyprus Peptriar Bar* ^5X5 


% 

DmeanLawtla 126 

Etoatar Bank Lbnftad ... 6XS 
Financial 1 Gan Bank _ 6 
•Hoben Ranting & Co . SXS 

Gtabenk - SXS 

•QUmam Mahan 5X8 

HMtib Bark AG Zufch . 8X5 

•MwnbraeBar* SXS 

Hartabto 1 Qan biv Bk. 9XS 

•HiamcMl. SXS 

C Hoars 4 Co — 5X5 

Itenglaang 4 S ha n gha i BXS 
JUtan Hodge Baric.... 525 
•Leopold Josephs Sons 0X5 

UoydaBank — 52S 

MagfnrBankUd 5X5 

MriendBarfe - 525 

* Mount Barring B 

NHWaatorinatar EXS 

■RaaBradrare... — SXS 


"RmbugheGuattilM 
Corporwton UmBsd to no 
longer authorised m 
a barMng tosafton. 8 
Royal Bk ol Soodand ^ 585 
•Smthl MhanShcs. 5X5 

TS8 - 5X6 

4NJrdtodSkofKtewA__S20 
Urti^r Treat Bank Pk; ... 6X5 

Weatom Trust .... 6X5 

WlAuanay Lakltora 6X5 

Y briaftireBarfe 6X9 

• Mernbara Of Brlllah 
Merchant Banking & 
Sacurtilo* Houaa* 


’ irJSrrir M S in 


FIXED INTEREST STOCKS 

Issue Amount Lasaat 

pries paid Ranun. TOW* 

E up cate Wtfi Low Btook 


Cioaing 

prioa 

E 


P.P. 

FP. 

F.P. 

FP. 

p Frees. 

96 M Creator! Land 8pe Cv. In. 

IDS 102 Ftoca) Pmpa. 7%pc La 2020 
• 117%a 99%D MAI 6Xp Cv. PL 

- 103 100 Puemigan 3%pc Cv. Bda. 

64 -1 

102 

0O%p -1 

100 

[ft gold 

MINES INDEX 



ft ten ft at 

•ter tones MAT toWCap Oakf total tor 
ZT WOM 28 Me ataea ytoM ft 

■Z reaak 

Wbb Lee 


Isau# Amt 
price paid 

0 up 

ML 

cap 

(Cm.) 1 

1094 

tah Law Stock 

Ctoaa 

Price 

P 

+f- 

Nat 

dtv. 

Dto. Qrs 
COV. ytd 

WE 

net 

- 

F.P. 

10.9 

112 

110 CLS 

110 


_ 

_ 

_ 


- 

FP. 

133 

148 

126 Cratitol 

148 


LKL3 

IX 

2.8 

24 J 

KSO 

FP. 

178.4 

249 

239 DOC 

239 

-1 

L034H 

3X 

2X 

12.1 

HO 

FP. 

41.7 

120 

110 DRS Draa & Has 

117 

-a 

LN2X 

1.1 

3.0 

37X 

- 

F.P. 

77.3 

93 

90 Ranting todton 

92 

♦1 

- 

m 

- 


- 

FP. 

440 

60 

42 Do Wanants 

60 


- 

- 

- 


ieo 

FP. 

668 

171 

180 QKT Bui 

164 

-2 

RN3X 

43 

2-0 

12.7 

120 

FP. 

*0.7 

128 

122 QeAhaad 

122 


MMX 

IX 

4.1 

18X 

- 

F.P. 

— 

37% 

38 GovaB Gbi 61 Wt 

38 


- 


- 


185 

FP. 

42X 

198 

180 Hantiays 

186 


W47 

2-2 

3X 

17X 

105 

F.P. 

S3X 

105 

07 Haallhcall 

97 

-1 

WN4X 

IX 

62 

13X 

- 

F.P. 

- 

96 

92 tori Btotach 

82 






- 

FP. 

- 

SO 

30 Da Wanants 

46 

-2 

_ 

_ 



S 

FP. 

440 

5% 

6% Keys Foots 

8% 


_ 


_ 


130 

F.P. 

87X 

138 

120 KMar 

120 

-6 WNQ47 

SJ3 

as 

>3.9 

160 

FP. 

641 

183 

ISO Lombard bra. 

163 


WN7.7 

2 2 

8X 

94 

- 

FP. 

33X 

18 

13% My Ktoda Town 

14Y 

+% 

- 



_ 

105 

FP. 

482 

113 

105 Mgi aft regia 

107 

-4 

R3X8 

£0 

3X 

141 

120 

FP. 

347 

129 128% NoRter 

129 

*2 

W4X6 

2X 

4* 

11X 

- 

F.P. 

271* 

131 

118 Redraw 

123 

*8 

WN2.7 

U 

2.7 

15X 

- 

FP. 

29L2 

133 

120 SuseWty Shape 

132 

-1 

L2.4 


2X 


- 

FP. 

504 

100 

99 TR Ban Qwth C 

89 


- 

m 


a, 

100 

FP. 

644 

100 

92% TR Prap to* C 

92% 

-1 

• 

_ 

_ 

_ 

100 

FP. 

43* 

08% 

9i Tren piston ua Am 

94% 

-% 

_ 

_ 

- 


- 

FP. 

3*7 

80 

41 Do wrn 

43 


- 

_ 

_ 

_ 

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104115 -114 1824X9 25.43 5565 


470 344Q.B0 190123 

19G 301149189116 

088 n39ES 136300 


BUSINESSES FOR SALE 

Appear in the Financial Times on TuonPayc. Fr.nayn an-.! Saturdays. 

For further information or to advertise in this section please enutac; Mofanto Miles on 071 373 330c 

or Karl Lcynton on 07 > ■ 673 3 730 


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Ttt 071-815 0400 or Fax 071-3293919 


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Objemv. unclylh for profa,ii ono j »nv*j j ori 

0962 879764 

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30 


FINANCIAL TIMES MONDAY MAY 30 1V>94 


4 pm dose May 27 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


M H a am 

»» * I KM Bga la* toft 

a« 13483 135 14% 14% 14% 

ai8 1.3 32 23 14 13% 1 
1-63 2.6 22 1QS1 65% £4% 64 
28 1698 54% 54 . 

14 14 4% 4% 4% 

2X a 28 451 43% 42% 42% 
0.78 2 * 18 82471130% 30% 30% 
050 4.1 8 3 12% 12% 12% 


12 

11 % 

9% 

15% 


9% 



82 10% 10% 

299 *9% ft 
5 28% 28% 28% 
332 9 8% B 


1984 

wgb (nwOock 
17% 14% AAR 
16'j 13% fiLLaisA 
66 57% AMP 
72% 52% AMR 
,5 3%ARX 
58% 38% ASA f 
30% 25% Attn. 

13% 1I%AUU1* 

13% 11%Acmtctt1 
31 24% AGE Ltd 

12% 10% ACM Oath 1.09100 
10% 7% ACMGkObd 080 9.1 
10% 8% ACM Oat Sp 09811.1 

S ACUGnSe 1.09100 
ACM Man 109 114 
B ACM Ujnagfl 072 83 
B% AoneQu 0.44 4.1 13 

5%Aoih9M 6 

ZiAortb 060 01 14 

. 5% Aetna 038 4.0 3 

15%11%AOB« 115 446 15% 15 15 

18% 16% AffiusEWf 048 18 0 225 17% 17% 17% 

64 46% AOMknir 100 S* 149 55% 54% 54% 

100 11.4 11 2596 26% 2B% 26% 
Olfl 10 8 34 5% 5% 5% 

110 08114 IX 17% 17 17% 

195 05 11 58 53% 52% 53^ 

176 51 81006 54% 53% 53% 

046 14 14 1028 33% 33% 33% 

068 4.7 12 560 18% 18% 16% 

1 49 2% 2% 2% 

032 11 23 2045 43% 41% 42% 

030 08 22 2380 38% 37% 37% 

42 IIS 24% 23% 24% 

134 117 12 44 15% 15% 15% 

5300 24% 23% 24% 
016 73 3 104 104 104 

120 U 9 152 15% 15% 15% 

035 13 31 99 18% 18 18 

020 13 14S4 15% 15% 15% 

028 1.4 14 24 

0.28 1.6 13 24 

044 13 23 2570 

030 13 41 1230 23% 

1.00 1.7M1712 58 

060 23 4 46 
1.00 6 4 28 11X 


Wk* 



31 % 16% Aartnc 
6% SAflaBdCnJ 
20 i6%Aduahc 
57% 49% Aeon ADR 
65% 49% Aeon. 
33% 25% Aflac i 
20% 16% Ahmnsn 
4 1% Aleenbc 
49% 38% AhPiC 
39% 31% AJrtmeFti 
X 19% AUffKlnc 
16% 14% AMsaae 
24% 31% AlrTdi 
11*1; IOIAWnO.16 
18% 13% AIuSqAb 
21% 17% Atony hlx 
15% 13% Abort 
25% 19% fiaae 
21 5 17% AKUar A 
30% 25%AUsi 
25% 19% AknNx 
58% 49% Alcoa a 
30% 23% Afesflrewn 
2% 14 AJnAI 


17ABeshLudx 048 17 16 660 18% 


28% 20% AHegP 
18% 13% Allan Con 
25% XAloganx 
4% 1 % ATm 
27% 17% Aina Can 
10% 9 Aina Q 

Z7% 21% AM Iran 
40% 33% Aiaag x 
29% 24ABrtDpx 
5% 4% Atonfla 
27% 21% Aumax 
82 64% Alcoa 
30% 20% Atia CPA 
11% 8% Am&ntoc 
8% 6%AnPnd3 
8% 8% AnaxGd 
25% 20% Amcad bid 
51% 44 Altttt 

9% 8% Am Ad) R 
31 20' 

35% 



1*4 76 II I6X 21% 21% 21% 
016 09 14 380 18 17% 17% 


040 1* 15 302 24% 


7 35 2 2 


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1.84 01 21 132 20% 2D% 20% 

0.18 1* 61 9% 9% B% 

1-24 IS 13 4 22% 22% 22% 

067 (* 7 3450 35 34% 34% 

008 14 18 454 26% 25% 28% 

23 2568 u6 5% 6 

8 590 25% 25% Z5% 

1*0 13 95 837 70% 70 70% 

45 340 24% 24% 24% 

248 9% 9 9% 


096104 

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0*0 12 21 646 

024 17 1S9 

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Am&nd 100 6.1 9 4107 33 

6 171 



19% 17%MlBu0jH 052 19 12 
25% 20% Am Bus Fids 0*0 17 13 
8 6% Am Cap he 065 04 
20% 17% Am Cap Bd 
23% 19% Am Cap CV 
52% 4?% AntCran * 

37% 27% AlflGPw 
33% 26% AoCxpr 
29% 24% Am&ri 
9% 6% Am GaM In 
27% 24% Am ffth Pr 

a 16% Am Hertfl* 

55% Amteme 
2% 2% Am Hotels 
95% 81% Anhllx 
11% 8% Aai Opptnc 
28% 23%AnPiem 
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7 21% 21% 213 
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154 8* 31 

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1.85 15 X 21441 

140 82 15 2300 __ 

1.00 14 12 6124 29% 29% 

1 16 45 23 2008 27% 26% 

0.77 104 284 7% 7% 7% 

IX 08 9 72 26% 2B% 28% 
066 18 11 10 18% 18 18% 
132 55 12 2455 58% 57% 58% 
0.7530 0 8 11 2% 2% 

0.40 04 15 5880 33% 32% 


8% 

27% 

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1 .X 10 * 
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a 27 An war 

43% 36% Amncn 
43% 35% Anson he 
14% ii% Ametok 
59% 50% Anjoca 
9% 7 AraocoPdt 

4% 3% Aim he 
32% 29% AmjuuBi 
4% 3%Aoaamp 
58% 42% Amnio 
31% 23% Analog 
29% 24% AngeOca 
55% 47% Anted 
28% 25% ANRPpaPf 
34 XAftfm 


269 9% 

IX 28% 

B 729 22 ?1 

5 45 7% 7% 

7 1150 25% 25% 25% 

2 20% X 20% 

108 19 12 70 27% 27% 27% 

1.92 4* 14 1588 39% 38% 39% 

1-28 15 5 31 36% X 36% 

024 1J1X 634 14% 13% 13% 
120 17 16 5306 58 58% 59 

OID 1J 6 3 17, 7% 7% 

012 13 60 21 3% 3% 3% 

1.40 4.4 10 186 31% 31% 31% 

12 321 3% m% 3% 

0J0 05 78 2382 55% 54% ' ■ 
27 613 27% 27% 

094 15 24 33 27 2B% 26 

1.44 16 25 1960 o55% 54% 54' _ 

167 106 3 25% (05% 25% 

18 384 28% — 



18% 14% Afttany h x 044 10 15 5 IS 

X SOAonCp 192 5* 7 166 33% 33% 33% 

29 22% Apache Op OX 1.0 38 W9 27% 26% 27 

10% 9% ApexMunF 073 7.5 114 9% 9% 9% 

18% 14% AW X X 17% 17% 17% 

7% SAfljMMag 1 550 5% 5% 5% 

22% 1&%AppfPwA 0.12 0* 31 157 19% 19% 

27% 22% ArOOn 010 0.4 17 3745 24% 23% 

50% 43% Am Chart 250 13 21 104 47% 46% 


19% 

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2 5111 

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29 23%*mco£1Pi 
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078 

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624 

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100 

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37% 37% 

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027 

1.3 

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20% 

20% 

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64 3 

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0.12 

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242% 242% 


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088 

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24% 17% Aiqx 

0.40 

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20% 

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060 

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61 % 48% Amrth 

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£1 17 2839 

59% 

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10 

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77 S S" 3 Aztar 


23 

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- B - 


J8% 34% BCE 268 

9% 7 BET 4011 015 

4% 3 Banco ox 

17% 16% Baker Fert 040 
22% 17 Baled! 0 46 

27% 21 >4 SJkJorBc 0.40 
30% 24% BeaCn . 0*0 

15% 11% BOOM 005 
7 6% 8*1 

25% 20% BellCE 1 52 
19% 13% Ml Bnlep OX 
JS% 30% Button 1.24 
29% 19% BancFkita 
25% 20% BancoBAV 1*1 
11% 9% BwcaCerrtH 072 
32% 27 BcrpHml > 1 04 

t% 1% BaicTaas 
83% 49% Bombs 070 
19% 38% RrtiAm x i.BD 
96 BS Bank Boa 5.56 
28% 22% BkBsW 0.88 
49% 4*14 Bk BOSOI P 104 
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50% 47%Ba*AmA IX 
95 81 BanfcAm B 600 

84% 64% BnHTa 300 
38% 30 Bettis 1.20 

M% 22% Bart 1C 13 056 

X% 29% Banes Qrp » 140 
48% 39% Barnet 1 64 
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22% 19% Bd TV 1838 1.72 
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lOC'l l luUMVl 


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KELSWKI 

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IBM 

MR L9* Sic* 

40% 34% BeefiD 
7% 5 BedP: 

39% 49MM 
19% 14% Bel h 
S3% 53 BeEth 

55 45% Wo Ax 
25 20%Beata« 

68 57% Banal i*P 

40% 34% Bands 
36% 2s%8enethnA 
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19% I4%tatfr 
1695015100 BerkH 

10 SBoiyFW 

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16 24 22 £1* 21* 

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IF 060 15 919 27% 26* 27% 

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Buytarta 1X0 14 IBM 63* 6B% Bft 
BBSTFhx 1X8 B 272 29* 29% 29% 

BE Amp 212*23 9% 8* 9 

030 » 23 1ft 13 13 ft 
BinUHiy IS 297 16 15 ift ft 
Badda/m 044 14 519 38% 37* 37* 
BHA&p 012 13 25 9* 66% 8* 

97 IM 5% 4% 4% 

016 IS 796*11* 10* 10% 

0X9 14 214 12% 12 12% 

651832 34% 33* 33* 
171739 0% 9* 9* 

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Boatmen Sxl 24 11 1028 34* 34* 34* 

Bob Emm 0X718 309 20* 20* 20* 

Booh SB 15 29 29% 29 29% ft 

16 5022 10 ft 9* ft 
Boek* BkxOTS 5 3J4 30* 29* 30% 

Boston Tc 46 6SS 10* 9* 10% 
BmdyWA 068 W 2 47* 47* 47* 

Bnm O20 2S 271 11* 11 11 ft 

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1X0 121652 38% 35% 35% 

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PblrtBaac 030 32 232 33% 33* 33* 
FhWA 38 391 3H 3* 3* 

Ft* Ho 1X4 11 327 28* 28 28* 

FttEMl 1.12536 268 2SH 25* 28} j ft 

fttFM 040 8 251 16* 15 15* ft 

Fit Kami X 1.18 10 61 d28 27* 27% 

Hrterte 0X8 M 109 37* 37* 37% ft 

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11 207 4 

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mount A 050 « 139037% 37 

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Bonmar 30 20 

Bona 030 10 SB 21 

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Cm Marc x 028 22 2 12* 

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Cabot Had 9 363 8* 7% 8 
CadScbapa 1x1 16 18 28* 26* a* 
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Crtgene 225 7 2754 13* 12* 12% 

19 259 20* 19* 20* 

1 953 1* 41 1 

2 3 3* 3% 3% 

0 213 2* 2% 2% 

060114 45n82% 81% 82% +1% 

0 89 2* 42* 2* ft 
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OrtonCm 0X3 23 224 Z7*Z7X1 27* 

060 18 72 21 19* 

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5 285 7 6* 7ft 

6 334 19* 18% 19% 

19 248 12% 11* 12% 

77 9 10% 10% 10% 

84008 13 12% 1238 +£ 

1.12 121744 u34 33% 33* ft 

24 7 12% 12% 12* ft 

8 17 4* 4* 4* ft 

060 8 1358 22* 22% 22ft ft 
009133750 9% 9% 9* ft 
42 47 08* 8ft B* 

17 4 12 12 12 +1* 

1 290 % 4% % 

12 8 3* 3* 3* 

64488 4% 4 4* ft 

61 2357 63* 82% 93% 

U8 12 91 62* 61* 52 

017 31 377 32* 31* 32% ft 

353756 33* 32* 33* ft 
137 1» 2* 2* 2* ft 
1327986 25* 24* 26* ft 
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GtaonaxOXOII 107 16* 1816% ft 
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BtaartA 0X0 16 37 HV* 16 18* 
EtahBtam 11 19 5% 5% 5% 
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Gotddsftnp 080 19 544 22* 21* £1* -% 
OnrtcoSyi 31 30 1% 1% 1% 

020 10 6 21% 20* 21% 
GmaaAPx 024 10 920 174 174 174 


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9 309 6% 9* 6% 
HBXnH 38 72150* 49 50*+% 

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IfcOM* 048 17 852 21* 20* 20% 
UcCkwC 461680 51% 81% SI* 

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MhoMB 069 10 239 K>a 19% 19,* ft 
ItatuyG 070 6 BOB 30* 8% 29* 
Meridian 1 JB 11 1087 30* 30* 30* 

17 081 17% 17* 17* 

006 15 IS 15* 15 15 

MttartF 020 16 327 11* 11* 11* 

Utah NOB 2603404522 77% 73* 75 

8 109 3% 1OI2 3* 

19 416 26% 25% 25* 

9 512 5% ft 5* 

16 608 6* 6% B* 

3 489 8% 6* 6* 
1521637 52* 51% 52* 

43 1885 46* 48% 49% 

040 12 681 30* 30% 30* ft 
MdwMl 0X0 20 17 32* 32% 32% -* 
■Mar HX 052 18 570 25* 24* 24% 

' 569 23% 23 23 

Mtatoch 14 a 10% 10* 10* 
MOhWTel 444000 17% 17 17* 
MidemCD 020 19 50 7* 7% 7* +% 
ModtaaMTaOXC 19 107 27 »% 28% -* 
004 2892 35* 35 35% ft 

Mote he CUM a 1461 38 36% 37% +% 

Moeoont 004 17 892 9* 9% ft ft 
HntaaaF 036 22 11 29% 2ft a* 
MrColha 18 B84 14* 14* 14JJ ft 
HTSSya 056112100 27 27 27 -A 
Utmed 121129 29* 28* 28* -* 
Mycogan 4 168 10* 10% 10* 


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5 277 5* 3% ft ft 

3 200 ft ft ft ft 

24 27 11% 17* 15% 

® 247 32* 32 32% 

18 74 17* 17% 17* ft 

2 208 4% 3% 4% ft 

5 47 ft £36 336 +.11 

IS S3 5* 6* 8* 

£24 143754 42% 41 42% 

1 437 ft 5* 6% 

0X0 10 3 35* 35* »* 

140 a 732 71% 70* 71 

01213 81 ft 8% 0% 

058 4 336 16* 16% 16* 


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020 10 674 13* 13% 1333 * 08 
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mine 0X2 » 1816 18% 17% 16% ft 

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- s - 

196 B 408 55* 55% 45% 
Santoreon 030 13 62 17* 17% t.*% 
ScMnbgrA 030 10 463 25% 24* 25% 
saueriL 63504 so a* 2ft 

SCtSynm 121414 15% 14% 14% 

soot 7 330 6% 48* 6% 

Seta CPU 0X2 72758 16% ift 1ft 


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120 44 23 38* 37* X* 

10 4737 23* 23 23% 

012 23 1995 19 17* 17* 

0X0 1 270 1% 111 1* 

1.12 16 10 23% 3% 28% 

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17 13U1I% 10% 10% 

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3 46 7 0% 

27 449 17 10* 

10 103 11% 10* 

18 937 2% 21* 

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631 322 13d12* 12* ft 
7 330 10* 10 10* 

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020 13 874 15 14* 14ft ft 

016 23 2095 27* 26* Z7* +* 

18 6530 ZD% 19% 20% ft 

008 20 4Z7 12* 12 12* +% 

10 445 8% 5* 8* ft 
131B91 Iff* 7% 7* ft 
016 20 501 15* 15% 15* ft 
175 11% 10* 11% 

8 160 14 13* 15* 

072 163732 24* 23* 24% 
ItapnSP 018 28 165 9* 9* 9* 
Nriotfc 44 42 «% 9% 9% 

Horn* Barf xOBO 9 4 21* 20* 21* 

Home Ofca 072 25 251 p21 20 20* 

Han MX 0X4 21 40 20* 28* 29* 
Hamback 17 677 K* 15% 16 

HereaMta 044850 2 3* 3* 3* 

HurtJB 02D 18 728 18* IS* IB* 
Huntfaga OBO 11 726 28* 28% 26* 
three On 006 0 50 2* 2% 2* 

56 556 34* 33* 33* 

19 17 5 4* 5 


- N- 

HACRa 016 12 315 29% 28* 28% 

NBrtiRxbx072 11 163 17* 16* 16% 

NriPha 12 73 ft MS* 

NatCompt 038 77 564 12* 12* 12* 

Mm S® 020 20 13 13* 12* 13* 

11 14 19 17 17* 

046 96 30 57% 57% 57% 

17 221 27* 27% 27% 

23 613 16* 16* 18* 

95 454 6* 6* 6ft 

25 3 7* 

027 20 91 19* 

HMEBUI 0X0 21 140 19* 

Nawknaga 8 830 9% 

MMOtfat 33 3333 46 * 44* 

NawprtCp 004 13 98 6% 5% 


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GET YOUR FT DELIVERED TO YOUR HOME OR 
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A subscription hand delivery is available in the whole of the Grand Duchy of Luxembourg 
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ft 

ft 

ft 

ft 

ft 

ft 

ft 

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ft 

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ft 


115 231 5% 6* 5* 

SS 94 9% 9* 9% 

30 62 19* 19* 19* 

97 131 10* 10* 10* 

19 336 13* 12* 13% 

>1 1069 22* 22% 22* 

GdUteX 128 13 18 20* 20 a 

CBM Op 0X0 8 30 23* 23* 23* 

Qaaak- 024 ia 444 18% 19* 1B% 

DuHr 00018 2949 19% 17* M +£ 

CMcWASpxQOB 379689 17% 17% 17* *ii 
CDneMhrtLW 11 296 32 31* 81* +A 

COmnO 0» 94 42 19 17* 11 ft 

OoraprtjM «2 238 12* 12% 12* ft 

OanMure • .01 103 i3* 13 IS* ft 

Cfiratoctfl *95 224 9% 3A 5& ft 

Qatap 128 27 222 40 99* 39* ft 

OMtaun 10 249 7 8* 6* 

cmm M4 laaami* is* it 

31 171 16* IS* U* +% 

ffi S24tni& 10* 11 ft 

OeereAa 0X0 18 TSBoSO* 19% 20 ft 

OopyMa - 87 231 10* 10* 10* 

Orta CP 213042 50* 48* 49 -1* 

O*P0fA 42 992 15* 15 15* ft 

erectors OiS a 1025 24* 23* 24 

CmyCtmp 0 573 l£ 1* ifl ft 

OuwlhB 41 5B0. 5% 5* 5% ft 

QAtan 411573 0* 6* 8% ft 


OB Comma 
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57 22 09* 
423932 14* 
7 95 9 

32 39 5* 
4 632 6 

0X0 33 


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tad hi 024221 50 15* 15* 15* 

taffea 17 955 14* 13* 14 

162886 18 15% 15* 

x 066 15 343 11}J 11* 11* 
321640 27% 26* 27 

28 9 11* 11* 11* 

10 106 3* 3* 3* 
024 1121821 61* SB* 81* 
9 226 2* 42* 2* 
032 362097 21* 2D* £1* 
23 126 10* 10* 10* 
0» 18 734 14 ISA 14 

32794 9* 9* 9% 
9 338 B* 8* 6* 
238 228 71% 11* 11* 
19 939 10* 10* 10* 
14 113 16% 17% 17* 
0X9 20 2Q 3% 3% 3% 
481 679 9% 9* 9* 
061 IB 1388 Z7* 27% 27% 
1 365 £* 2* 2* 
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ttmadO 1X0 38 16 207204% 207 


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ft 

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ft 

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ft 

+% 

ft 

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ft 

ft 


ft 

ft 

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ft 

ft 


DSC Cm 
DariGroHc 013 IB 2100 
0 31 


1440212 23*421% 22& -ft 
78 dTB 76 
2* 2% 2% ft 
32 12 7% 7% 7% ft 
16 968U1B* IE 16* ft 


- J- 

JUStack IS 322 13 12* 13 ft 

Joan toe 026 17 37 11* 11 11* ft 
JL6M OK 28 816u3Z% 30* 32 

jarnonw as 1523*23*23* ft 

Jama let 10 KB 13% 13% 13% ft 
tonal had OIO 18 356 10% to* 10% +A 
JortjnCpx 130 n 33 25* 24* 24* ft 
48Al 064 W 307 24* 34% 24* +% 
JuvLtg 028 19 32 18* 16* 18* +* 
016 0 370 12* 11* 12 ft 


| WtdaDri 22 3664 7% 7 7* 

Nontax 056 25 24 58* 55* 55% 

I Ndunax 0X0 251058 44* 43* 43* 

II 12 51 16% 15* 15* -* 

I H Star Un 4 4 4% 4% 4% 

Nonrena on 13 bib 41 40* 4i +% 

RWAk 15 778 14* 14* 1-4* ft 

19734006 10* 17* 17* ft 
28 2690 31 28* 31 +1* 

NSC Ct»p 10 73 4 4 4 


- o- 

OCMthya Z? 98 18 17% 17% ft 

Octal Ow 15 080 20 T9* 10* ft 

OBktnrtg 15 339 14* 14*14X8 -.18 
OOtayNxOXC 6 3 S 25 26 

ObloCex 1X8 5 288 27*428* a* -1 

OK tort 1.16 11 4094 35* 34% 34% ft 

DUMB 0X2 15 17 36* 036 86* 

omwnxp 1x0 7 a a* a soil ft 

OnaMct 14 23 18* 18* 18* 

OMCriR a 41 a% a 21% ft 

OtoW 5010617 34* 33* 34% +% 

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DUXtoOi 099 24 M 8* 8* 8* ft 

CMrtSqip 9 64 14 13% 13% ft 

OngmUrt 031 10 87 5* 5% 5* 

7 29 2* 2% 2»g ft 
QrtdlSAx 0X1 41 in 13 12* 13 ft 

OrtUahT 05011 13 11% 10% 10% ft 

atom 172 13 288 31 X 31 


- P- Q - 

1X0 13 38 50% 40* a +% 
feetkntop 062 13 a 13% 13* 13* +% 
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a 211 58* 55* 58% ft 
3310680 28* » 28% +1% 
(■total 02440 674 33%832* 32% 
PtouAn 73 5 9% 48* 9% +% 

050 42 a 9% 49% 9* 
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Paon tog x 1X0 24 10 a* 33 33*+1% 
m ts 329 34% 34% 34* ft 
I W 969 9% 6% 6% ft 
PemwSLxOZO 21 a 19% 1B19%+1% 
H 024 13 429 13* 13* 13* 

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PbOWBffi* 23 750 5% 5 5& +A 

048 < 42 11*411% 11% 4x9 

Wore* 27 604 12% 12% 12* +* 

43 SB 17% 17 17 

PkltaGpxQXO 27 a to)* 40 40* +% 

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OH 13 211 24* 23* 23* -1 
Poore Fed 3 9 9* 8* a* 

1« 71 7% 0* B* 
PraBLM 009 3 340 6% R% 8% ft 
Pretak »ai a a% a 

1 M&* 2048a 13% 13* 13f| 

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Prod Op* OM a 177 24*434% 24* +% 


OS 19 2340 42% 41* 43% 

1 288 0% 7* 8% 

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StonVQp » 620 TO* 10* 10* ft 

SBtaD* 050 24 500 I9>2 IB Ift «* 

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SnwxdeBr S3 631 5 24* 73% 24% 

SoRnaraP 1 £19 5% 4% 5-% 

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SariHa 061 11 3045 u21* a* 21* +% 
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SlJiidrttoJ 040 11 2245 27* 27% 2.*% 
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OH 17 844 40* 40* 40* -* 
II 663 16* 16% 18% ft 
Sid RtgliX 088 14 235 21* 21 21% ft 

SMTBC 00616 63 16*816* 16* ** 
SkddyUM 020 K 658 0% 9* 9* ft 
saw 148 31 20* a% a* 
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StaOy » 276 10* 9% 10% 
Sbykar OM 21 021 27% 29* 26* ft 

Sritaffl a TO 15% 14* IS +% 
StantomoB 060 70 47 aji K% K% +* 
Swank BcriUM 14 27DiC2* 22 22* 


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Spawn 24743 9* 8* 9* 
State 60 816014* 14% 14A 

StaPfca 181951 20* 20% a* 

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Syataneco 311613 18% 19 19 

9 » tan d a 669 116% a* 8% 


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TEA CUM 0*4 TO 906 23* 22% 23* +* 

TacbDria n 740 17* » 7 17 ft 

Tbcunurti 000 13 24 51% 50* 51% +% 

TtfdtoC 2 5 9>4 9% 9% ft 

TtaSys 8 325 U15* 14* 14* ft 

TatoCorereA 29BHS17 21% 20* 21 +% 
THU 73814 5% 4il 5A ft 

TriMtt 28 27B8 3B>4 34l 2 35 +% 

TefeonCg 001 93 474 17 16* 15* ft 

lamTac 732189 09% 8* 6* ft 
TevaPW0F«027 » 1106 2ft a* 24% +* 
RtaCdto 3316002 50* 47* 48% ft 
TJW 022 33 149 22*21* 22 ■% 

Totes Med 2 86 ft 3* ft +% 

Tokyo Uto 032 38 14 84* 84% Bft ft 

Ten Brawn 79lM2bi5% U* 15% +* 
Tapp* Co 028325 928 6% 8% 6* ft 

TPi Enter 420T3 7* 7 7* ft 

Tkwwdd 10 30 19* 10* 10% 

Tiwwttk 1X0 11 11 41* 41% 41* 

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T|tWt 006172210 21% SI* £1% 


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63 332 33 a* 32ft ft 

10 487 17* 17 17* +% 

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J 


I 




32 


FINANCIAL TIMES MONDAY MAY 30 1994 




FT GUIDE TO THE WEEK 


MONDAY 

Franco-German summit 

A two-day Franco-German s ummi t 
begins in Mulhouse, France, between 
President Francois Mitterrand and 
Chancellor Helmut KohL They are 
expected to commit themselves to a 
common European Union programme 
for their consecutive presidencies over 
the next 12 months, beginning with 
the German term in July. Job creation, 
opening the market to eastern Europe, 
and making the Maastricht treaty work 
are key themes. They must also agree 
on a favoured candidate for the future 
presidency of the European Commis- 
sion. to be finalis ed at the EU s ummit 
in Corfu. 

Mad cow fever: European Union 
agriculture ministers meet in Brussels 
today and tomorrow to discuss farm 
prices and how to respond to German 
pressure to ban all imports of British 
beef because of the risk of BSE, or 
mad cow disease. 

Crimea: An ultimatum from 
Ukrainian president Leonid Kravchuk 
(below) for the Crimean parliament 
to reverse its virtual declaration of 
independence runs out today. 

On May 20. 
the parliament 
decided to adopt 
a separate con- 
stitution for 
the peninsula, 
whose popula- 
tion is more 
than two-thirds 
Russian and 
which was 
part of Russia 
until 1954. The 
move was regarded as a prelude to 
secession. 

Ukraine has moved in national 
guardsmen and armoured personnel 
carriers, but has also opened a dialogue 
with Crimea's parliamentarians and 
sworn to eschew violence. 

East Timor is the subject of a 
conference being held in Manila, capi- 
tal of the Philippines (to June 4). The 
meeting, organised by private groups, 
is to debate Indonesia's 1976 annexation 
of the former Portuguese colony and 
alleged human-rights abuses on the 
island. 

Telecoms ministers from the 
European Union meet in Brussels to 
discuss among other things trans-Euro- 
pean data highways, and a discussion 
paper on mobile telephones. 

Croatian currency: Croatia is from 
today, Croatian Statehood Day, reviv- 
ing the kuna, the currency used by 
the Nazi puppet Ustashe regime of 
the second world war. The kuna, which 
is replacing the Croatian dinar intro- 
duced at independence in 1991, will 
be pegged to the D-Mark at the rate 
of 4 kunas to 1 D-Mark. 

Holidays: UK i Spring Bank Holiday), 
US (Memorial Day): Congress is in 
recess all week. 




TUESDAY 

Bank of Italy annual report 

Antonio Fazio (below), the governor 
of the Bank of Italy, presents his 
annual report on the economic and 
financial state of the country. 

Mr Fazio's 
statement, 
his second in 
office, is keenly 
awaited as 
the key indica- 
tor of how the 
bank assesses 
the policy 
options of the 
Berlusconi 
government 
The report 
will also be read for any hint that the 
bank might fear political interference 
from a government which does not 
necessarily see eye to eye with Mr 
Fazio and his team. 

Algeria meets its chief western 
creditors in Paris to discuss the terms 
under which it will reschedule that 
part of its $14.5bn foreign debt owed 
to foreign governments. 

Germany's leading industry 
association, the Bundesverband der 
Deutschen Industrie, will consider 
the outlook for German industry at 
its annual assembly in Bonn. Chancel- 
lor Helmut Kohl and other leading 
politicians will address the gathering. 

Guatemala talks: Representatives 
of the Guatemalan government and 
guerrillas meet in Oslo for peace talks 
(to June 4). 

UK economy: The release of May's 
narrow money supply figures is likely 
to fuel debate about Inflationary pres- 
sures in the UK economy. The market 
predicts that MO, which largely mea- 
sures notes and coins in circulation, 
grew by 7.1 per cent in May, measured 
year on year, compared to 6.2 per cent 
in April. 

Government officials point out this 
rise partly reflects strong retail sales 
and low interest rates. But with MO 
growth r unning well above the govern- 
ment’s target range of 04 per cent, 
a large monthly jump will intensify 
speculation about future monetary 
tightening. 

Non-Aligned Movement: Foreign 
ministers of the Non-Aligned Move- 
ment gather in Egypt for a meeting 
expected to focus on the fighting in 
Bosnia and Rwanda and to set out 
plans to tackle the economic problems 
of developing nations. The ministers 
are likely to decide on whether to grant 
official guest status to Russia. Belgrade 
has been excluded from the meeting. 

Llstfit up at your peril: Today is 
World No Tobacco Day. 

FT Surveys: German Banking and 
Finance and The Computer Industry: 
The Battle for the Desktop. 

Holidays: South Africa (Republic 
Day). 


WEDNESDAY 

UN names pleasantest land 

The United Nations Development 
Progr amm e publishes its fifth annual 
Human Development Report, which 
aims to measure quality of life rather 
than simply economic growth. Its core 
is the Human Development Index, 
ranking 173 countries by a measure 
that combines life expectancy, educa- 
tional standards and basic purchasing 
power. Canada is expected to be ranked 
first. 

Its appearance is timed to coincide 
with the start of the United Nations 
Conference on Trade and Development 
at the World Bank headquarters in 
Washington, DC. 

German economy: With the 
markets increasingly pessimistic about 
the chance of a further interest rate 
cut from the Bundesbank, April’s out- 
put figures are likely to be watched 
for signs of the recession bottoming 
out The markets expect to see indus- 
trial production up 0.4 per cent in 
April, after falling 0.8 per cent in 
March. Although a recent survey 
showed German business confidence 
had also risen in April, many analysts 
remain doubtful about the strength 
of any pick-up. 

George Walker, former chairman 
and chief executive of Brent Walker, 
the heavily indebted leisure and prop- 
erty group, and Wilfred Aquilina, for- 
mer group finance director, go on trial 
at Southwark Crown Court, south-east 
London, charged with conspiracy, theft 
of £12 ,5m from the company and false 
accounting. 

Euro poll: 





Europ eans 
have become 
increasingly 
ambivalent 

- not to say 
Eurosceptical 

- about the 
goal of political 
and monetary 
union 

enshrined in 
the Maastricht 
treaty. Just 
over a week before the elections for 
the European parliament on June 9 
and 12, an FT opinion poll across all 
12 EU countries provides a wide-rang- 
ing survey of Europeans’ feelings and 
forecasts about the future of the conti- 
nent. The poll carried out In associa- 
tion with seven other European news- 
papers, throws light on divergences 
in European attitudes on the widening 
and deepening of the EU. 

D-Day anniversary: US President 
Bill Clinton leaves Washington for 
his second European trip of the year, 
pegged to the D-Day commemorations 
but with room for political business 
on the side. His first stop will be Italy. 

Racing: The Derby is run at Epsom, 
south of London. 

Holidays: Kenya (Madaraka Day). 



THURSDAY 

Bosnia factions at UN talks 

Serb, Croat and Moslem leaders meet 
in Geneva for talks on a comprehensive 
ceasefire in Bosnia (to June 3). It is 
understood that the warring factions 
could be prepared to sign a four-month, 
Bosnia- wide ceasefire. This would be 
likely to entail interposing UN troops 
between the combatants, the creation 
of a buffer zone and withdrawal of 
heavy weapons. Last week. Bosnian 
Serb forces agreed to allow UN observ- 
ers to patrol freely in the heavy weap- 
ons exclusion zone around the Moslem 
town of Gorazde in eastern Bosnia. 

Chambers of Commerce: About 
500 executives gather in Birmingham 
for the British Chambers of Commerce 
annual conference (to June 3). 

The main con- 
cern is the 
impact on prof- 
itability of 
outside factors 
such as the 
environment, 
finance and, 
of course, gov- 
ernment, Euro- 
pean and eco- 
nomic policy. 
Speakers 

include foreign secretary Douglas Hurd 
and secretary of state for trade and 
industry Michael Heseltine (above). 

Education: John Patten, UK 
education secretary, risks h umilia tion 
when he addresses the annual confer- 
ence of the National Association of 
Head Teachers at Eastbourne today. 
Last year, he was booed, hissed and 
heckled at the conference, which coin- 
cided with the height of the contro- 
versy over national curriculum tests. 

A year later, there are signs of increas- 
ing anger among heads over new 
requirements for teaching religious 
education, while the indications are 
that only marginally more tests were 
taken in secondary schools this year. 

Children's rights: Romanian 
government hosts a conference in Buc- 
harest with UN and Save the Children. 

India: bank staff plan two-day strike. 

FT Surveys: Belgium and Foreign 
Exchange. 

Belgium’s politi- 
cal and busi- 
ness leaders 
are regaining 
their confidence 
after a year 
in which the 
prime objective 
was to ride 
ouithecoun- • 
try's worst 
recession for 
60 years. 

Cricket: England plays New Zealand 
in the first Test at Trent Bridge (to 
June 6). 

Holidays: Austria, Brazil, Chile, parts 
of Germany, Portugal (Corpus Christ!). 




June 4 is the fifth anniversary of the Tiananmen massacre 


FRIDAY 

FDP annual conference 

Germany’s ailing Free Democratic 
Party gathers in Rostock, on the Baltic 
coast, where Klaus Kinkel. party leader 
and foreign minister, will try to revive 
his troops. The party is in danger of 
failing to win any seats in the Euro- 
pean elections on June 12, and ending 
up too weak in October’s general elec- 
tion to perform its traditional role 
of king-maker in the ruling coalition. 

World Environment Day sees the 
UK hosting a conference on the United 
Nations environment programme at 
the Queen Elizabeth n Conference 
Centre in London. The Global 500 envi- 
ronmental awards will be presented. 

Uoyd Bentsen, US Treasury 
secretary will deliver “a major policy 
speech” at a lunch hosted by the Con- 
federation of British Industry in Lon- 
don. It will touch on world trade, for- 
eign investment in the US and current 
US economic policy. 

D-Day anniversary: US president 
Bill Clinton in Italy to meet the Berlus- 
coni government and Pope John Paul, 
and attend commemorations of the 
Anzio and Nettuno allied landings 
during the second world war. 


WEEKEND 


OAS general assembly 

The 34 members of the Organisation 
of American States gather on Sunday 
in the northern Brazilian city of Belton 
(to June 10). On the agenda are democ- 
racy and human rights, environmental 
issues, drugs and the region's economy. 

Inhuman rites: A protest March 
leaves Oxford on Saturday for nearby 
Campsfield detention centre, where 
would-be immigrants can be held indef- 
initely while it is decided whether 
they have a right to enter the UK. 

Motor racing: isle of Man Tourist 
Trophy races start (to June 10). 

Rugby: England play South Africa 
in the first test in Pretoria on Saturday. 

The Royal Ac a de my of Art's 

summer exhibition opens (to Aug 14). 

Bill Clinton visits the UK. On 
Saturday, he visits a US military ceme- 
tery in Cambridge, then lunches at 
Chequers with John Major, before a 
state banquet hosted by the Queen. 

On Sunday, the US president reviews 
the D-Day flotilla from the Royal Yacht. 


Compiled, by Patrick Stiles and Ian 
Holdsworth. Fax: (+44) (0)71 873 3194. 




Other economic news 


Tuesday: With the dollar still 
weak, attention will focus on 
this week's spate of US indus- 
trial and monetary data. Fig- 
ures published today are expec- 
ted to show a slight drop in 
personal consumption in April, 
but little change in consumer 
confidence in May. 

Wednesday: In the UK. the 
purchasing managers’ index is 
likely to provide further evi- 
dence of recovery. Last month, 
it rose to its highest level ever. 
Another strong Figure would 
suggest the pick-up in manu- 
facturing continued into May. 

Thursday: Speculation about 
French interest rates will be 
raised when the Bank of 
France holds its council meet- 
ing. Although the Bundes- 
bank's failure to cut rates last 
week suggests that the French 
authorities will also sit tight, 
some analysts believe a small 
monetary easing, of around 10 
basis points, is possible. 

Friday: A flood of US data 
mil shed further light on the 
strength of the US recovery. 
The May non-farm payroll is 
expected to show a small rise, 
with a larger rise in the manu- 
facturing pay roll But home 
completion and car sales fig- 
ures are expected to remain 
□at. 


Statistics to be released this week 


Day 

Maasad 

Country 

Economic 

Statistic 

Merton 

rann-osi 

Pratfaufi 

Actual 

Day 

Released Country 

Economic 

Statistic 

Morton 

Forecast 

Pravtom 

Actual 

Mon 

Japan 

Apr Industrial productlonf 

-2.5% 

4.6% 

US 

State benefits, w/e May 21 

- 

2.808.000 

May 30 

Japan 

Apr shipments’! 

- 

4.8% 

US 

Apr leading nefleators 

0.7% 

0.7% 

Tub 

Japan 

Apr unemployment rate 

2.9% 

2.9% 

US 

Apr factory orders 

- 

1.1% 

May 31 

Japan 

Apr Job offers to seekers ratio 

0.65 

0.66 

US 

Apr factory Inventories 

- 

-0.1% 


Japan 

Mar cotncktem index 

90.0% 

40.0% 

US 

Ml - w/e May 23 

$2.3bn 

Sl.Obn 


Japan 

Mar leading dHTuaion index 

90.9% 

45.0% 

US 

M2 - w/e May 23 

St.Kxi 

$2£bn 


Japan 

Apr construction orders** 

- 

-15.0% 

US 

M3 - w/e May 23 

$2_3bn 

-$0.1 Cn 


Japan 

Apr housing starts’* 

6.2% 

-0.7% 

US 

01 industrial cap utiBsatlon 

- 

79.7% 


Japan 

Apr construction starts'* 

- 

-4.1% 

Friday UK 

Apr fbiaf money data 

- 

n/a 


UK 

May MO* 

03% 

1.9% 

June 3 US 

May hourly earnings 

0.3% ’ 

0.3% 


UK 

May MO" 

7.1% 

6.2% 

US 

May average workweek 

- 

34.7 


UK 

May CIPM (purr* mgrs) survey 

- 

58.0% 

US 

May nonfarm payroll 

275.000 

267.000 


US 

Apr personal income 

0.5% 

0.6% 

US 

May manufacturing payrolls 

15.000 

3.000 


US 

Apr personal consump expenditure 0.4% 

0.4% 

US 

May unemployment rate 

6.4% 

8.4% 


US 

Apr new home sales 

739,000 

739,000 

US 

Apr home completions 

- 

1.25m 


US 

May consumer confidence 

91.7 

91.7 

US 

May domestic auto sales 

7.3m 

7.4m 


US 

May Chicago NAFMt 

- 

07.6% 

US 

May domestic Bght truck sales 

5.7m 

5.7m 


US 

Johnson Redbook - w/e May 26 

- 

-2.7% 

During the week... 





US 

May agriculture prices 

- 

-1.4% 

• Germany 

Apr ICON construction eftmate 

o/a 

82 

Wed 

Japan 

May auto sales" 

- 

-6.6% 

Germany 

Apr impart prices* 

0.3% 

-0.4% 

June 1 

Japan 

May foreign exchange reserves' 

- 

2.8% 

Germany 

Apr import prices** 

0.3% 

0.6% 


US 

May NAPM index 

57.5% 

57.7% 

Germany 

Apr industrial production* 

0.4% 

-0.8% 


US 

Apr construction spending 

0.8% 

0.8% 

Germany 

Apr manufacturing output* 

0.5% 

-1.6% 

Thursday UK 

May official reserves 

S25m 

S19m 

Germany 

Apr manufacturing orders* 

0.7% 

29% 


June 2 US 


Initial claims, w/e May 26 


366,000 


•month on month “year on year tseasonalty adj tfnot sa 


Statistics, MUS International. 


ACROSS 

1 Nurse has bad luck in Kent 
( 6 ) 

4 Caustic point might make the 
accountant object (8) 

10 Understand to have run off 
after consumption led to indi- 
gestion (s) 

U Speak badly of transport in a 
European context (5) 

12 Read about bow expensive it 
is (4) 

13 Knot made in merino's skein 
( 10 ) 

15 Unsteady dog (7) 

16 Leading Tory managed the 
church like a dream (6) 

19 In part, the way ahead for 
Mercury, perhaps (6) 

21 In extreme generosity Law- 
rence left dozens on dozens 
( 7 ) 

23 Or had so few opted for took 
at the future? (10) 

25 Show disapproval or British 
mistake (4) 

27 Picture of a Middle Eastern 
shell company (5) 

28 Exotic spice in new diet is 
frilling the termites (9) 

29 Note the communist is pre- 
vented from leaving (8> 

30 Unexcitable way or telephon- 
ing about oil spill t6) 


DOWN 

1 He'd get into cryptic clues 
programme isi 

2 Larch scattered outside a 
standard ares of brushwood 

m 

3 Not in time to meet the 
French at the Centre <4» 

5 Argue about price - it con- 
tains a wrong figure 17» 

6 He always has the Iasi word 
in foreign exchange HO) 

7 Alumni return having lost a 
thousand on the plant <§> 

S People to fear at present time? 
( 6 ) 

9 Drink up to the woman drug 
dealer (6) 

14 Lorelei is such a Jewel! (10) 

17 Cappers to call for imprison- 
ment (9) 

18 Staple food Is dearer by 
default (3-5) 

20 A priest disposed to trudge 
along f7) 

21 Bird's complaint t„6) 

22 Two follows caught out out- 
side a little wood (6) 

24 Send the right item off (S’l 

26 Fog on two roads (4) 



MONDAY PRIZE CROSSWORD 

No.8.466 Set by ADAMANT 

A prize of a Pelikan New Classic 39Q fountain pen for the first correct 
solution Opened and five runner-up prizes of £35 Pelikan vouchers will be 
awarded. Solutions by Thursday June 9, marked Monday Crossword 8,466 
on the envelope, to the Financial Times, l Southwark Bridge. London SEl 
9HL. Solution on Monday June 13. 

Name 


Address.. 


Winners 8,454 

Lncy James, Bournville, Bir- H 

min gharri M 

Mrs M. Broadbent, Fontaine- 
bleau. France 
DA. Herbert, Leicester 
R.D. Kinh. Borgue. Kirkcud- 
bright 

T.L. Richardson, London SWl 
M. Thomas. Bath. Avon 


Solution 8.454 


QQEflUQQOIClQDQD 


□0013H0D DQQBI3EQ 



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JOTTER PAD