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UKregEriatton 

^ Grey areas of : 
skulduggery •;; 


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Social summit 

Hapless agenda for 
Copenhagen *95 

Edrard HiNttiwr, nga 12 



Mace tor plastic 

Cutting the cost 
of recycling 

En wtronmut, Pag* 10 



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FINANCIAL TIMES 


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Senators criticise 
CIA for handling 
of Ames spy case 

US senators demanded 
fundamental changes in 
the culture of the Central 
Intelligence Agency and 
castigated director James 
Woolsey (left) for his 
response to the discovery 
of Russian spy Aldrich 
Ames wi thin the agen- 
cy's counterintelligence 
division. The Senate 
intelligence committee 
said in a report that 

“gross negligence” had allowed Mr Ames, who was 
arrested in February and Jailed for life after admit- 

- ting to spying for the Soviet Union and then Russia, 
to re main undiscovered for almost nine years. 

Page 14 

Hong Kong Telecom, which is 57.5 per cent 
owned by Cable & Wireless of the UK, met market 
expectations with a 15 per cent rise in interim net 
profits toHK$4.19bn (U5$542m), helped by increased 
equipment sales and rentals. Page 18; Lex, Page 14 

- TWA cuts losses: Trans World Airlines, the US 
airtine struggling to avert a financial crisis, 
reported that cost-cutting had enabled it to reduce 
net fosses m its thud quarter to $8m from $ 61 . 7m. 
Page 17 

BP reports demand ahead of forecast: 

Demand for petroleum products was exceeding 
expectations because of economic recoveries in the 
US, Europe and south-east Asia, British Petroleum 
said as it reported third quarter replacement cost 
profits up 23 per cent at £415m ($855m). Page 15; 

Lex, Page 14 

Russia suspends oil exports to Cuba: 

Russia has suspended oil shipments to Cuba 
because the Caribbean state has not met its prom- 
ised level of sugar exports to Russia, Russian trade 
minister Oleg Davydov said. Page 4 

UK bank buys homes loans group: UK 

banking group Abbey National has bought House- 
hold Mortgage Corporation, the UK’s largest cen- 
tralised mortgage-leader, with an agreed cash offer 
of £66.3in. Page 8 - 

Kidnapped Britons freed: Indian police freed 
three Britons held hostage by alleged Kashmiri mil- 
itants and arrested five men in connection with the 
kidnapping. ' 

Australian. trade deficit worsens: Australia 
reported ah; A?1.809bn (US$02bnJ current account 
deficit in September* the second successive month 
in which it has produced worse than expected trade 
data: Page’ 5. ; V v ; 'i'/‘ : : • • ' J - -r : '; . •.' • • • 

.39 GonzAtaoe Jn Seeffle property row: Spanish 
' prime minister Felipe Gonzalez was at the centre of 
a row over newspaper reports that allegedly link his 
brother in-Iaw to a speculative property deed in 
Seville,", the Spanish Socialist leader’s home town. 
Page. 2- 

Aga ahead by 23%: Shares in Aga jumped 8 per 
cent after the Swedish industrial gas group 
annouhoed a stronger than expected 23 per cent 
increase in profits to SKrLX8bn ($163. 9m) in the 
a^hihe months: Page 16 

LahBavr seeks waste subsidiary: Laidlaw, 
Ontario-based waste services and transportation 
group* wifi become North America's biggest hazard- 
ous waste operator if ft-succeeds Jh acquiring 
United States Pollution Control, a subsidiary of rail- 
way conglomerate Union Pacific. Page 17 

US iMbpares for biggest auction: The US 

Federal (fonrammicatio^ Commission has" received 
74 applications to bid in its auction of broadband 
wireless teleccanmunications frequencies, which it 
expects to he the largest auction of public sector 
asseti : Page4 . 

Yorkshire Electricity drops Smmflsh deal: 

Yorkshire. Electridty of the UK abandoned plans bo 
buy a !7^per cent stake in Stockholm Energi, Swe- 
den's third-largest energy producer, after an effec- 
tive veto from- Stockholm city council 

rugeis;. /• # 

ECQD adrnits export credit overpayments: 

Britos Export Credits Guarantee Department 
^ a dmi tted that mistakes which. caused it to make 
overpayments of £83m to British exporters * 

since 1975 may have beau going on for more than 70 
years, -a Bouse of Commons report says. Page 3 

Thames Water raises dhridend: Water shares 
forged-ahead In London as the market upgraded 
dividend expectations on the back of a surprise 11 
per cent^hcrease in the interim, payout at Thames 
Water. Page IS; Lex, Page 14 


■ STOCK MARKET INDICES 


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WEDNESDAYS 


1994 






WHO pours cold water on spirit of safe drinking 


By Frances Williams In Geneva 
and Clive Cookson, Science 
Editor, in London 

There is no such thing as safe 
drinking, the World Health 
Organisation declared yesterday. 
It launched a strong attack on M a 
campaign which for some time 
has been trying to give the 
impression that moderate alco- 
hol consumption could be good 
for health". 

According to Mr Hans Emblad, 
the Swedish director of WHO’s 


substance abuse programme, 
there is “no minimum threshold 
below which alcohol can be con* 

sumed with oat any risk”. Alco- 
hol is so dangerous, he said, that 
the message should be “the less 
you drink, the better". 

The warning provoked a furi- 
ous counterattack from alcohol 
researchers. “WHO's statement 
is out of date and has not taken 
account of many recent find- 
ings,” said Sir Rtcbard Doll, hon- 
orary consultant at the Imperial 
Cancer Research Fund unit in 


Oxford. He was principal author 
of a study published last month 
showing that a couple of drinks 
a day do more good than harm 
for middle-aged and elderly men. 

“This is the usual set of knee- 
jerk opinions from the WHO - 
and scientifically they are 
wrong,” said Mr John Duffy, 
director of statistics at Edin- 
burgh University's Alcohol 
Research Unit 

The WHO listed a catalogue of 
woes associated with alcohol - 
cancers and chronic liver dis- 


eases, dependence, accidents, 
risky sex, suicides, family prob- 
lems, violence and crime. 

The redaction la risk of heart 
disease, WHO said, relates only 
to very low consumption levels - 
of the order of one drink every 
other day - and applies only to 
men over 35 and post- meno- 
pausal women. For other groups 
there was no protective effect, 
and above two drinks a day the 
risk of heart disease “certainly 
increases". 

Mr Daffy, on the other hand. 


said yesterday that men drinking 
20-30 units (a glass of wiue 
equals one unit) a week had the 
lowest mortality rates in Britain. 
He maintained there was no evi- 
dence that moderate drinking 
did more harm than good to 
yonng people. 

Mr Emblad, a Swede who 
admits to the occasional glass of 
wine himself, said studies show- 
ing that low alcohol consump- 
tion helped prevent heart disease 
were being misused for “com- 
mercial purposes" to promote 


the idea that drinking in moder- 
ation Is good for health. 

The WHO, Mr Emblad said, 
was not advocating prohibition; 
“We live in the real world.” 

But Mr Duffy said that in the 
real world there were also politi- 
cal interests keen to promote the 
idea that all drinking is bad - 
notably the state alcohol monop- 
olies in Nordic countries wanting 
to use the health argument to 
protect their markets against 
cheap imports when they enter 
the EU. 


14-point declaration paves way for common market from Atlantic to the Gulf 


Mideast pledge on trade zone 


By JtAan Ozaime and Mark 
Mchalson in Casablanca 

Political and business leaders 
yesterday took the first steps 
towards creating a Middle East 
economic common market from 
the Atlantic to the Gulf, based on 
the free movement of goods, ser- 
vices and labour. 

The three-day Middle East and 
North Africa economic summit in 
Casablanca was itself a sign of 
the progress made in peace nego- 
tiations in the region, and 
showed the wiUmgness of past 
adversaries to discuss business. 

A closing declaration pledged 
governments to “building the 
foundations” of An economic 
community, establishing a 
regional tourist board, and study- 
ing the creation of a Middle East 
development bank. 

The 14-paint declaration also 
said governments would encour- 
age the establishment of a pri- 
vate sector regional chamber of 
commerce and business council 
to facilitate intra-regianal trade. 
It also hopes to. develop a part- 
nership between the public and 
private sectors and produce fur- 
ther free market reforms. 

The declaration looked forward 
to “rapid movement” towards a 
regional peace which would 
include Syria and Lebanon, 
though both countries boycotted 
tiie event. 

It said peace must be “power- 
fully reinforced by solid eco- 
nomic growth and palpable 
improvement in (he life and secu- 
rity of the peoples of this region". 
A follow-up conference is to be 
held in the Jordanian capital 
Amman before June next year. 

Mr Shimon Peres, Israeli for- 
eign minister, said the revolu- 
tionary declaration was “not a 
piece of paper, but a birth” of a 
new Middle East which would 
allow Jews, Moslems and Chris- 
tians to move freely across bor- 
ders without fear. 

Mr Klaus Schwab, president of 
the summit's co-sponsors - the 
World Economic Forum - wel- 
comed the talks and called on 



, 


I,. : • • 

■ -■ 







Building new bridges: Yasgir Arafat and Shimon Peres at the summit where each looked to a just solution of Palestinian problems 


Page 6 

■ Tricky task to lay Mideast 
bank’s foundations 

■ Joint venture group aims 
to be investment catalyst 


participants to "turn contacts 
into contracts". 

The companies attending the 
conference, which brought 
together 1.200 international busi- 
nessmen, included consumer 
product groups such as Unilever 
and Coca-Cola, as well as some 
leading engineering companies 
seeking a share of any 


planned infrastructure projects. 

The event ended on a note of 
conciliation when Crown Prince 
Hassan of Jordan said yesterday 
his country would hand over 
administration of Islamic sites to 
Palestinians when Israel and the 
Palestine Liberation Organisa- 
tion reach a final settlement on 
the status of the holy city. 

The statement was aimed at 
defusing tensions between Jor- 
dan and the PLO after Israel 
recognised the special custodial 
role of King Hussein of Jordan 
over the sites in last month's 
Israel-Jordan peace treaty. 

The declaration sought to calm 
PLO fears tliat it was being mar- 
ginalised at the summit by 


urging attention from interna- 
tional aid donors and private 
companies towards the plight of 
Palestinians aud by implicitly 
criticising Israel for closing the 
borders with the Palestinian ter- 
ritories two weeks ago. 

Mr Peres, addressing PLO 
chairman Mr Yassir Arafat, said: 
“We consider the Palestinian peo- 


ple the heart of the problem and 
we want to solve it together 
rightly and justly." 

Mr Arafat said Palestinians 
were expecting the dawning of "a 
new era and new region" and 
said negotiations over the future 
of Jerusalem should mark a “new 
vocabulary of dialogue" among 
Islam, Christianity and Judaism. 


Astra joins 
Merck in 
US drugs 
marketing 
venture 

By Richard Waters In New York 

Astra, the Swedish pharmaceu- 
ticals group, yesterday paid 
$820m to Merck, the US's biggest 
drugs company, for 50 per cent of 
a joint marketing venture. 

The new company will take 
over marketing one of the biggest 
prescription medications in the 
US. the anti-ulcer drug Prilosec, 
which had sales of $684m in the 
first nine months of this year. 

Until now. the drug, developed 
by Astra, has been sold in the US 
by Merck, under a royalty agree- 
ment with the Swedish company. 

The new joint venture, named 
Astra Merck, will also develop 
and market new drugs from 
Astra and other companies. New 
gastrointestinal and cardiovascu- 
lar drugs are likely to be the first 
considered by the joint venture, 
which could put it in direct com- 
petition with Merck. The US 
group’s Vasotec and Mevacor are 
among the country’s leading car- 
diovascular drugs. 

Yesterday's deal follows a 1991 
agreement between the Swedish 
and US groups, which have co-op- 
erated in the US since 1982. The 
1991 agreement provided for 
Astra to buy a 50 per cent stake 
in a new US joint-venture com- 
pany, provided sales by Merck of 
Astra products reached a certain 
level. 

The trigger point was reached 
in the middle of 1993, said Dr 
Hakan Mogren, president and 


Continued on Page 14 


Moscow in IMF talks over 
plan to peg rouble to dollar 


By John Lloyd hi Moscow 

The Russian rouble could be 
stabilised early next year if 
Moscow and the International 
Monetary Fund can agree a plan 
to peg the currency to the dollar, 
cut inflation and reform the 
country’s fiscal system. 

The plan, being discussed by 
the fund, would be the boldest 
step since Russia’s first attempts 
in 1992 to promote a market econ- 
omy. However, the proposals 
cany the risk of a for more costly 
currency collapse than occurred 
last month, when the rouble fell 
nearly 25 per cent against the 
dollar in one day. and the central 
hank was forced to pump in for- 
eign exchange to support it 

Under the plan, Russia would 
be able to use IMF funds to sup- 
port the rouble against specula- 
tive movements in the currency 
markets. 

. .Mr Konstantin Kagalovsky, the 
retiring Russian executive direc- 
tor of the IMF, said the plan 
depends on -agreement by the 
fund to provide between $l4bn 


and $16bn to support market 
reforms in Russia next year. This 
would be by far the largest 
amount paid out to Russia or any 
other country over such a limited 
period. 

The funds would be in the form 
of a standby loan of $8bn; an 
additional 52 bn tranche of a 
reconstruction loan - Russia has 
already received its limit of S3bn 
from the original loan - an issue 
of special drawing rights worth 
about $2bm and a stabilisation 
fund of S6bn. 

Such funds, especially the 
reconstruction facility aud the 
SDRs, are controversial and will 
require delicate negotiation by 
Mr Michel Camdessus, the IMF 
mana ging director. 

His proposal to extend the 
reconstruction facility and an 
issue of special drawing rights to 
developing countries and econo- 
mies was rejected at the IMF 
Madrid summit last month by a 
majority of the fund’s members. 

Mr K^alovsky added that the 
stabilisation fund would need to 
be paid to Russia to be used. 


Ewqptan New 2 

Infentaional News-, 5£ 

American Nma 4 

Wold Trade News 3 

UK News 

Peopte — ... Q 


waste. 

Lex - — 


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.....30 

Leader Rags 

13 

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3* 

TiaJuu) Ocoons 

a 


under j greed conditions, as Rus- 
sia .n£Uv fit to support the rouble 
once it had been “pegged” to an 
exchange rate against the dollar. 
This would mark a departure 
from tlie LMF’s normal approach 
- evidenced in its Slbn fund to 
back the Polish zloty when it was 
pegged in January 1990 - which 
is to promise support for the cur- 
rency but not to pay it to the 
country in question. 

Bankers believe the rouble 
would be pegged at a lower rate 
than its present level of around 
Rbs&isn to the dollar, at perhaps 
Rb.<t,5yu-3.700 to the dollar. 

Stabilisation would go hand in 
hand with a tough monetary and 
credit policy, a refusal to use 
credits from the Russian central 
bank and a determined effort to 
improve tax collection - running 
in the current year at about half 
of the forecast income. Much of 
this has already been promised in 
the draft 1995 budget. 

Talks on an IMF deal will 
resume in November. 

Currencies, Page 30 


London SE . . _ „ .25 

Wall Strel . 31-IM 

31 


BOurSrti 


Surveys 

Uirsan«4 Boc*£ . Sep Sect 


© THE FINANCIAL TIMES LIMITED 1994 No 32,513 Week No 44 LONDON ■ PARIS - FRANKFURT ■ NEW YORK - TOKYO 


"O.K. The little spark / 
ignites the fuel, 
which makes a bang, 
which pushes a piston, 
which drives a cam, 

. which turns a wheel. 
But all at twenty-five 
times a second? 

On your bike Mr Benz/ 


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


HCINVen 


When your business needs a push 


CrNVen LBsa member cJ IMHO 






!->,C — 










FINANCIAL TIMES WEDNESDAY NOVEMBER 2 1994 


NEWS: EUROPE 


Russian PM calls off visit to Poland 


By John Uoyd in Moscow 


The Russian prime minister, 
Ur Victor Chernomyrdin, last 
night called off a two-day visit 
to Poland due to start tomor- 
row because of an increasingly 
bitter dispute over alleged Pol- 
ish polios brutality towards 
Russians in Poland. 

The move, announced on the 
main Ostankino channel televi- 


sion news, comes in spite of 
the planned signing of a multi- 
billion dollar deal to construct 
a gas pipeline which would 
allow Russia to escape from its 
dependence on Ukraine for the 
transport of one of its most 


valuable exports to the west 

The row, which has wors- 
ened in the past two days, con- 
cerns an incident in Warsaw's 
eastern railway station on 
October 23. According to the 
Russian side, several Russian 
passengers were beaten by Pol- 
ish police and jailed. 

Mr Chernomyrdin had ear- 
lier yesterday cancelled a 
scheduled news conference 
with a group of Polish journal- 
ists because, according to Mr 
Valentin Sergeyev, his press 
secretary, “Russia has not yet 
received a satisfactory reply 
from the Polish authorities to 
its protest about the incident". 


Mr Artur Michalski, a senior 
diplomat at Warsaw's embassy 
in Moscow, said last night that 
the Polish note, sent yesterday 
to the Russian foreign minis- 
try. had expressed “regret" at 
the incident However, it had 
underlined that the Polish gov- 
ernment could not comment 
further while an investigation 
was proceeding. 

Mr Mi chals ki stressed that 
the Russian consul in Warsaw 
had been informed immedi- 
ately about the incident on the 
day it happened. Because it 
had not been a working day. 
however, a representative of 
the Russian consulate had not 


contacted the police or the 
Russians detained by them 
until the next day. 

The incident has become a 
cause celebre in the Russian 
press and in political circles, 
with a range of public figures 
calling on Mr Chernomyrdin to 
cancel his trip. 

The hope expressed by Mr 
Sergei Krylov, a deputy Rus- 
sian foreign minister, that the 
incident and the visit should 
be viewed separately, now 
seems to have been dashed. 

Mr Chernomyrdin had been 
due to sign an agreement on 
the inauguration of parallel 
gas pipelines from Poland 


through Belarus to the Yamal 
peninsula in northern Siberia, 
where there is a huge natural 
gas field. The project is said to 
be worth $40bn (S2.5bn of it in 
Poland j and to be capable of 
Handlin g 67bn cubic metres of 
gas worth $5.5bn a year. 

The line will allow Russia to 
bypass Ukraine, through which 
the only pipeline carrying Rus- 
sian gas to the markets of cen- 
tral and western Europe now 
passes - and which, in the 
past, has proved vulnerable to 
Ukrainian pressure when 
Moscow has tried to cut sup- 
plies to Ukraine because of its 
failure to repay debts. 


vm. wan. Ui 1UJ uiuol iui nuuuv UiC muw>ui - wmuuamm uuu vui a. v iw i i u 

Finance company chief hopes poll victory will ensure immunity from prosecution 

M M M 1 ~ 


According to today's issue of 
the Sevodnya daily newspaper, 
the Russian company Gasprom 
and the Polish company Euro- 
pol have already reached 
agreement on the construction 
of 665km of parallel pipes in 
Poland. A separate accord has 
been reached with Belarus to 
build 575km of pipelines. 

The incident illustrates 
the vulnerability of the Rus- 
sian government to growing 
nationalist pressure - and to 
the increasing number of inci- 
dents involving Russians and 
Poles, especially in the street 
markets in Warsaw and other 
cities. 


MMM shares 


‘suspended’ 
by Mavrodi 


By John Uoyd 


Mr Sergei Mavrodi, head of the 
MMM finance company and 
newly-elected deputy to the 
Russian state duma flower 
house) yesterday moved 
quickly to escape his obliga- 
tions to thousands of share- 
holders who had bought shares 
in his pyramid selling opera- 
tion earlier this year - appar- 
ently banking on the immunity 
from prosecution which a dep- 
uty’s status confers. 

An ann ouncement from 

MMM said that the shares 
issued earlier this year were 
“temporarily suspended" from 
November 1 until January L 
This was interpeted by the 
crowd of some 3,000 massed 
outside the company’s offices 
as a declaration of their worth- 
lessness. The announcement 
said the decision had been 
taken “because of the concen- 
tration of the shares in the 
hands of middlemen and specu- 
lators". 

The MMM chief won his 
duma seat in a by-election on 


Sunday for the Moscow suburb 
of Mytishchi. He did so in part 
by promising to spend $10m of 
his own money on improve- 
ments to the town, in part by 
presenting himself as a victim 
of government repression at a 
time when the public view of 
the authorities Is very low. 

He has also begun to issue 
new shares with a face value of 
Rbs 1,000, promising that they 
will reach the level of 
Rbsl25,000 held by the old 
shar es before they crashed in 
the summer. Hie collapse fol- 
lowed government s tatemen ts 
tha t mmm was shaky and the 
arrest of Mr Mavrodi on 
charges of tax evasion. 

Though Mr Mavrodi and his 
entourage have trumpeted his 
immunity swim the results of 
the election became known on 
Monday, the authorities are 
refusing to drop the case which 
concerns alleged tax evasion 
by his Invest-Consulting com- 
pany. Mr Alexander Borisov, a 
spokesman for the Moscow tax 
police, said last night that the 
case concerned an alleged non- 



An MMM shareholder in Moscow yesterday shows what value he places on his investment in 
Mavrodi's company n 


payment of Rbs70bn in taxes 
and that it would be continued. 

Mr Mavrodi had been sup- 
ported in the campaign by the 
ultra-nationalist Liberal Demo- 
cratic party led by Mr Vladimir 
Zhirinovsky, who personally 
toured the voting stations on 
Sunday to ensure that the elec- 
tion was fair. In an interview 


yesterday, Mr Konstantin 
Borovoi, leader of the Eco- 
nomic Freedom party who 
came third in the race, said the 
result showed that “a new and 
dangerous factor has appeared 
in politics - the LDP plus 
money”. 

The victory of Mr Mavrodi 
“is a sign that some business- 


men have begun to help the 
LDP with their money". This, 
he said, was because they had 
ceased to trust the government 
and were now looking for an 
alternative source of power. 

Mr Borovoi said that he 
would protest against the 
result of the by-election on a 
range of irregularities. 


Frankfurt 


bank shut 
because of 
bad loans 


By Christopher Parkas 
in Frankfurt 


Bossi threatens budget debate fight 


Robert Graham reports from Rome on the Northern League leader’s war of nerves 


The unity of Italy’s fractious 
right-wing coalition laces a 
vital test later this week when 
discussion of the 1995 budget 
begins In the chamber of 
deputies. 

Mr Umberto Bossi, leader of 
the popnUst Northern League, 
has been waging a war of 
nerves with his coalition part- 
ners during a month of hagg- 
ling over budget details at the 
commission stage. Now Mr 
Bossi has pledged to raise the 
stakes by threatening to 
embarrass the government In 
the chamber. 

The League has the largest 
number of deputies in the 
coalition, and in commission 
negotiations sided on several 
occasions with the opposition 
against the government. How- 
ever, the League's much publi- 
cised threat to reduce the 


scope of pension cuts - a cen- 
tral element of the planned 
saving in public spending - 
was never carried out. 

The budget commission 
approved the final form of the 
1995 budget, pins a special 
accompanying law, on 
Monday. 

This respects the govern- 
ment’s original broad objec- 
tive of finding L50,000bn 
(£20bn) in fresh revenues and, 
through spending cuts, to hold 
the 1995 public sector deficit 
down to 8 per cent of GDP. 

Mr Bossi has nevertheless 
hinted that the skirmishes in 
the commission were merely a 
foretaste of what would occur 
in open parliamentary debate. 

He Is still furious that his 
candidates for one of the two 
Italian canmrissianera to the 
EU were overlooked last week- 



Bossi: angry with Berlusconi 


end. Mr Silvio Berlusconi, the 
prime minister, snubbed the 
League and chose Ms Emma 
Bonino, pushed by the small 


Radical grouping of Mr Marco 
Panella. 

The League leader’s behav- 
iour is conditioned by a grow- 
ing fear that he is being out- 
manoeuvred and marginalised 
within the coalition by Mr 
Berlusconi's Forza Italia 
movement and the neo-fascist 
MSI/National Alliance of Mr 
Gianfranco FlnL 

Forza Italia and the MSI/Na- 
tional Alliance are moving 
increasingly dose together. As 
a result the League risks los- 
ing its federalist identity 
within the coalition, while 
being dragged too much to the 
right. 

The fight to retain the 
League’s identity becomes 
increasingly important as lim- 
ited local elections are sched- 
uled for the end of the month. 

Within the League, Mr Bos- 


ses intemperate behaviour and 
constant fights with his coali- 
tion allies have begun to canse 
serious strains. 

Three deputies have already 
left the League parliamentary 
group to sit as independents 
and more are threatening to 
desert 

Mr Roberto Maroni, the inte- 
rior minister and senior 
League figure in the govern- 
ment shows signs of growing 
impatience with Mr Bossi. 

Mr Manmi’s skilful diplo- 
macy has been largely respon- 
sible for not only mediating 
between Mr Boss! and Mr Ber- 
lusconi, but also for keeping 
the League MPs together. But 
this week he openly criticised 
Mr Bossi for making life so 
difficult for the League minis- 
ters by his sniping at the gov- 
ernment from outside. 


Gonzalez in row over corruption claims 


By Tom Buns in Madrid 


Prime minister Felipe Gonz&lez 
was yesterday at the centre of 
a row over reports in the Mad- 
rid newspaper El Mundo that 
allegedly link his broth- 
er-in-law to a speculative prop- 
erty deal in Seville, home town 
of the Spanish Socialist leader. 

Mr Gonzalez was also seek- 
ing to distance his government 
from Swiss-born Italian busi- 
nessman Mr Ferdinando Mach 
di Palmestein who was 
arrested in Paris at the week- 


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end on warrants issued by 
Milan's anti-corruption magis- 
trates. Mr Mach di Pahnestein 
is reported to have acted as a 
middleman between the Rome 
and Madrid governments in 
Italian takeovers of Spanish 
companies. 

Speaking at a news confer- 
ence in flasahianrei on Monday, 
where he was attending the 
Middle East and North Africa 
economic summit, Mr Gonzdlez 
fiercely denied allegations that 
his brother-in-law, Mr Fran- 
cisco Palomino, a Seville busi- 
nessman, had made Pta346m 


(£1.7m) last year when he sold 
an industrial estate that he 
had acquired in 1989 from an 
agency of the public works 
ministry. 

Mr Go n zal e z said the allega- 
tions were a “calumny”. He 
said the report on Mr Palomi- 
no's property deal was “false 
and was published in the 
knowledge it was false". 

The prime minister also said 
that press reports about Mr 
Mach di Palmestein's dealings 
with the Spanish government 
and the ruling Socialist party 
were part of the same “cam- 


paign of lies and defamation'’ 
as well as an attempt to “copy 
certain models from abroad”. 

Yesterday Mr Palomino said 
he had not been connected to 
the property company at the 
time when it had bought and 
later sold the industrial estate 
in Seville. 

But El Mundo printed docu- 
ments purportedly signed by 
Mr Palomino that apparently 
link him to both the acquisi- 
tion of the property from a real 
estate agency called Sepes, 
which is controlled by the pub- 
lic works ministry, and to its 


subsequent disposal at a high 
price to a subsidiary of the big 
domestic construction com- 
pany, Dragados y Const ruc- 
cions. 


The new twist to the allega- 
tions provided by El Mundo's 
publication of documents could 
prove highly embarrassing for 
the prime minister. 


Mr Palomino was involved In 
considerable controversy dur- 
ing the 1980s when he 
attempted to develop coastal 
land close to a large wild life 
resort south of Seville. 


German finance market 
watchdogs yesterday shut 
down a Frankfurt bank which 
had been crippled by bad loans 
to clients allegedly introduced 
to it by Mr Tevfik Ozal, son of 
Turkey’s late president, Mr 
Turgut OzaL 

The Deutsch-Schweizerische 
B ank, which recently passed 
into the control of Mr Sergio 
Cuoghi, an Italian investor, 
had its licence withdrawn and 
about DMiOOm (£41m) in cus- 
tomer deposits frozen. 

The action was taken, said 
the banking supervisory office, 
because “considerable addi- 
tional valuation adjustments 
and write-offs" were needed in 
its credit business. 

According to the latest avail- 
able figures, DSB, a small, 
unprofitable operation, had a 
balance sheet total of 
DM233 An at the end of 1992, 
down from DM400m two years 
earlier. 

A statement from the bank 
yesterday said it had been left 
with no basis for continuing in 
business after Mr Cuoghi failed 

- despite “several reminders" 

- to inject new capital and 
credit guarantees due in mid- 
September. 

Mr Cuoghi, who was 
described in the statement as 
the “extremely rich" head of 
the EhroFin financial group 
with offices in Geneva, London 
and New York, recently bought 
75 per cent of DSB from Mr 
Ozal and the Alem Bank of 
Kazakhstan for an undisclosed 
sum. The remaining 25 per 
cent is held by the Zug-based 
Swiss Cantobank. 

Mr Ozal resigned his man- 
agement board seat two weeks 
ago after Mr Cuoghi took con- 
trol, according to Mr Volkmar 
von Alten, a DSB director. 

Mr von Alten, a member of 
the bank's management board 
since last February, said bad 
loans to three Turkish h anks 
which were the cause of DSB's 
problems had been on the 
books when he arrived. The 
banks, introduced by Mr Ozal, 
had since been ordered to close 
by the Ankara government 
“1 am not responsible. It is 
very difficult to judge what has 
happened," he said, adding 
that he would offer to resign 
once the affair was cleared up. 
The scale of the bad loans was 
“not outrageous, but enough". 

Mr von Alten, formerly a 
senior manager at Dresdner 
Bank, said he was certain Mr 
Cuoghi would meet his com- 
mitments, including the injec- 
tion of additional capital, possi- 
bly by as early as this week. 

As for the future of DSB, he 
said that Mr Cuoghi, rather 
than applying for a new licence 
to operate the business as a 
bank, intended to run it in 
future as a “finance and invest- 
ment house”. “I t hink Mr 
Cuoghi is a good businessman 
and is determined to stick to 
his commitments,” he said. 

Mr Cuoghi was at his offices 
in Chelsea, London, yesterday, 
but could not be contacted for 
comment 


EUROPEAN NEWS DIGEST 


Clashes worsen 


across Bosnia 


The war in Bosnia was in danger of esc alatin g yesteiday amid 
reports that rebel Serb forces in Croatia have mobffised to aid 
th5r ethnic allies across the frontier and Bosnian Goats have 
joined a Moslem offensive inthe north-west 

Some 2,000 Serb fighters from Krajina. the seff-styted Serb 
state in Croatia, are ready to cross into neighbouring Bosnia, 
say local Serb leaders. Bosnian government troops last week 
launched an offensive from Bihac, the north-western Moslem 
enclave which is also a UN-designated safe area, ga in i n g so me 
250 sq km of territory from their Serb foes. 

The threat of Serb retaliation yesterday In creased with 
reports that Bosnian Croats have joined Moslem troops fa th e 
region. “They have taken up Serb positions mi the west bank 
of the Una river, south of Bihac town,” said Mr Paul Kstey , 
UN spokesman fa Zagreb. HVO troops, Bosnian Croat forces, 
had even engaged Krajina fighters fa Croatia ttselL along the 
western flank of the Bihac pocket, said Mr Risley. Th e HV O 
had aian moved troops to the confrontation line near Kupre s, 
in central Bosnia, where Moslem forces had also gained 
ground against the Serbs. The stepped-up Involvement of the 
HVO will make it more for international mediators 

who have been trying to broker a deal between Zagreb and 
Krajina Serbs and may also put Serbia’s President Slobodan 
Milosevic under pressure to intervene. Laura SUber, Belgrade 


Canal-Plus leads digital race 


Canal-Phis, the French media group, is expected to be the first 
European broadcaster to launch a digital television service 
when it starts digital transmissions late next year. Sod£fe 
EuropCene des Satellites (SES), the Luxembourg-based com- 
pany that operates the Astra satellites, said yesterday that it 
had si gned a contract with Canal-Plus for the French company 
to relay a digital service from the Astra. IE and Astra IF 
satellites, which will be launched in 1995 and 1996 respectively. 
Digital television, which enables broadcasters to relay h igh e r 
quality screen imag es and to transmit up to 10-times the usual 
number of channels from each satellite, is already on stream 
in the US, where Direct TV began digital transmissions this 
s ummer . Almost all the main European broadcasters have 
expressed interest in launching digital services over the next 
decade, but Canal-Plus is the only European broadcaster to 
have commi tted itself to booking satellite space for its forth- 
coming service. The French company, according to SES, could 
start digital transmissions from late next year when des- 
crambling devices will be available. Alice Rawsthom, London 
See Editorial Comment 


Yeltsin sacks general in probe 


General Matvei Burlakov, deputy R ussian defence minister 
and the centre of press and political allegations of massive 
corruption in the Western Group of the armed forces which he 
had commanded until September of this year, was sacked by 
President Boris Yeltsin last night. Hie presidential decree said 
that Gen Burlakov. 59, had been fired “to preserve the honour 
of the Russian armed forces and its leaders . . .in connection 
with investigations which are currently in progress”. The 
sacking comes two weeks after the murder of a young journal- 
ist, Dmitry Kholodov, who had been Investigating the allega- 
tions of corruption and bad already published details of It The 
move puts fa doubt the future of Gen Pavel Grachev, the 
Russian defence minister, who had strongly defended Gen 
Burlakov and refuted the allegations of corruption. John 
Uoyd, Moscow 


Danish tax minis ter resigns 



S and .1 a 
vtend dea 


Mr Ole Stavad, the Danish Social Democrat minister of taxa- 
tion. resigned yesterday when he accepted responsibility for a 
controversial rescue action for a Jutland hank in 1993. He was 
replaced by another Social Democrat, Mr Carsten Koch. an fc 
economist with a career in the labour movement Mr Stavad y 
has been under pressure to resign since his officials agreed, 
and he approved, a tax write-off which was demanded by a 
Jutland savings bank, Sparekassen Nordjylland, as the price 
for taking over most of the assets of Hinimflrlands h anken , 
which serves the town of Hobro, in Mr Stavad’s constituency. 

A recent report from a judicial inquiry confirmed that officials 
involved had acted illegally. Hilary Barnes, Copenhagen 


glass ta 




ECONOMIC WATCH 


Finnish unemployment rises 


Finland 


l/nemptoymeat rate, % 
Nut seasonally adjusted 

21 


20 


19 


18 - 


17 



16 1 


1993 
Soutck Datastream 


94 


Finnish unemployment rose 
to 17.7 per cent in September 
from 17.1 per cent in August 
breaking a downward trend 
which has seen Joblessness 
fall from a peak of more than 
20 per cent at the start of the 
year. The figures confirm the 
recovery in the economy after 
three years of recession, but 
emphasise the gulf between 
the booming export sector 
and the still sluggish domes- 
tic economy. Industrial 
employment is rising, but the 
situation has yet to improve 
in the retail, construction and 
service sectors. Finland has 
experienced one of Europe's 


worst unemployment crises because of the loss of vital trade 
with the former Soviet Union, the bursting oT a h» gp issOs 
credit boom and international recession. However, the situa- 
tion has helped to keep the lid on inflation. The Bank of 
Finland said yesterday there were no signs that core inflation 
would be above the target level of 2 per cent, but uncertain- 
ties, including autumn pay talks, meant no easing of monetary 
policy was possible. Christopher Brown-Hwnes, Stockholm 

■ Denmark’s current account surplus for July fell very 
slightly to DKr2.60bn (2271m) compared with a surplus of 
DKr2.56bn a year earlier. In August, the current account 
surplus also declined slightly to DKrf.lbn from DKR43bn for 
the same month last year. 

■ Romanian industrial output in September rose 2J3 per cent 
after felling 1.4 per cent in August It rose 6.0 per cent 
year-on-year. 





•i 


^L- •; ■ 

■<e' 




Brussels lowers its sights over EU employment rules 


W hen Mr Padraig 
Flynn, the European 
Union's pragmatic 
social affairs commissioner, 
unveils new plans for Europe- 
wide employment legislation 
early next year, the UK govern- 
ment will almost certainly lay 
about them with relish. 

But the predictably noisy 
response will not disguise a 
marked retreat by Brussels 
from rule-making in employ- 
ment The scheme Mr Flynn is 
working on will be a mere echo 
of the aggressive “social action 
programme" published by the 
European Commission in 1989. 

Already, the new emphasis 
on job creation of last Decem- 
ber’s white paper cm employ- 
ment by the outgoing Commis- 
sion president, Mr Jacques 
Defers, and Mr Flynn's own, 
more recent, one on European 


David Goodhart, Labour Editor, chronicles a marked retreat by the Commission 


social policy has led to a more 
cautious attitude towards fur- 
ther Europe- wide legislation. 

Insiders now talk about turn- 
ing DG5 - the Commission's 
social and employment affairs 
directorate-general - into 
Europe's employment “t hink - 
tank", spreading the latest 
ideas about job creation, rather 
than Europe's “labour minis- 
try" imposing new regulations. 

This would suit Mr Flynn. 
Ireland's only commissioner, 
he held on to the social affairs 
job last weekend when Mr Jac- 
ques Santer, the incoming 
Commission president, redis- 
tributed portfolios. He does not 
have strong convictions on 
most employment issues. He is 
happy to move with the less 


regulatory times In Europe, 
but he is also aware that the 
European parliament and 
Europe's trade unions have to 
be kept sweet 

He will thus certainly make 
some proposals for further leg- 
islation when he unveils his 
own social action programme 
in March. These are likely to 
Include measures requiring 
employers to train, and further 
measures on sex equality and 
working time. 

But that will constitute a 
tame list compared with the 
one drawn up fa 1989 by Ms 
Vasso Papandreou, the more 
activist Greek social affairs 
commissioner. 

It was that long list - includ- 
ing directives on controlling 


working time, European works 
councils, and young workers - 
which led to constant battles 
between Britain and Brussels, 
and then to Britain's right to 
"opt-out" from some employ- 
ment legislation agreed in tbe 
Maastricht treaty in 1991. 

Over the next few months 
Mr Flynn still needs to clear up 
the loose ends of that 1989 pro- 
gramme, in particular the 
“posted workers" directive and 
a directive on part-time work. 

Both of these, which are still 
in draft form until voted into 
EU law by ministers, have 
aroused controversy fa several 
member states (which is why 
they have not been tackled ear- 
lier) but they also have strong 
support, especially from 


France and Germany. 

Under the posted workers 
directive, companies sending 
employees to work in otber EU 
states would have to observe 
the terms and conditions oper- 
ating in those states. Countries 
such as Portugal, Greece. 
Ireland and Britain, which 
have large numbers of their 
citizens working abroad, have 
resisted the directive. There is 
also disagreement between 
member states about whether 
it should be subject to majority 
or unanimous voting when it is 
discussed by employment min- 
isters on December 6. 

However, France is backing 
the draft directive strongly 
partly because it has just 
passed domestic legislation 


requiring foreign employers to 
pay French wage rates and 
wants to avoid legal proceed- 
ings against it on competition 
grounds. 

The Bonn government, 
which currently holds the EU 
presidency, also backs the 
directive, although it is ready 
to restrict it to the construc- 
tion sector which is where Ger- 
many has been most affected 
because of its unification- 
driven construction boom. 

On the part-timers draft 
directive, which requires part- 
timer workers to receive the 
same hourly pay and condi- 
tions as full-timers, Bonn is 
keen to press the issue because 
it fits with its domestic agenda 
of promoting part-time work. 


The British government has 
the power to block this particu- 
lar directive because it is sub- 
ject to unanimous voting, and 
barring a big surprise it will 
use that power. That means 
the issue is likely to become 
the second Issue to trigger the 
British "opt-out". It will proba- 
bly be passed in all other mem- 
ber states next year. 

The part-timers directive will 
be only the second directive to 
exclude Britain - following thg- 
directive on European work? ^ 
councils earlier this year - and 
will thus cement a “multi- 
speed Europe” at least In the 
employment field. Although 
Brussels is in theory opposed 
to this approach In the employ- 
ment field, and wants to draw 
Britain back into the fold, it 
may become a model for other 
parts of the EU as it expands. 


■ii . 




v. 





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FINANCIAL TIMES WEDNESDAY NOVEMBER 2 1994 * 



MPs expose 
70-year trail 
of export 
credit errors 


By Quy de Jonquiferas, 
Business Editor 

Britain's Export Credits 
Guarantee Department has 
said administrative mistakes 
which, caused it to make over- 
payments of £83m to 

British exporters since 1975 
may have been going on for 
more than 70 years. 

The admission Is contained 
in a report yesterday from the 
House of Commons Public 
Accounts Committee. It 
severely criticises the ECGD 
for sloppy administration, poor 
internal controls and slowness 
in deciding- whether to disci- 
pline staff responsible for the 
mistakes. 

The Department of Trade 
and ■ Industry has already 
decided not to try to recover 
the overpayments, most of 
which arose from insurance of 
export orders from Nigeria. 

The committee said the over- 
payments, first disclosed by a 
National Audit Office report in 
February, had occurred 
because ECGD officials had 
misinterpreted pedicles govern- 
ing recoveries on supplier 
credit insurance to exporters. 

After the department took 
legal advice. Its London office 
had applied the correct 
approach since 1990, However, 
its older Cardiff office - which 
now belongs to NCM,- the 
Dutch export credit insurer - 
continued to misinterpret the 
rules until 1992. 

The ECGD told the commit- 
tee that though o v e r pa ym ents 
had been traced back to 1975, it 

was unsure W hen thri mteiTitor . 


pretatians began and “believed 
it possible** that they had 
taken place since 1919. 

The committee also said the 
ECGD had given “conflicting 
evidence at different times'* 
about bow far its inability to 
provide a more accurate figure 
for overpayments was due to 
its destruction of case files. 

The committee expressed 
concern that internal audit 
procedures had not discovered 
the two offices’ different meth- 
ods, which had been detected 
only in 1992 by independent 
consultants brought in to com- 
puterise the department 

The committee expressed 
surprise that the ECGD had 
not sought proper legal advice 
on how to interpret a new form 
of credit guarantee introduced 
in 1975. It said this had pro- 
duced a "sloppy system", made 
worse by lack of coordination 
between the London and Car- 
diff offices. 

The report said the overpay- 
ments bad prompted the ECGD 
to review its operations and 
strengthen links between Us 
administrative staff and law- 
yers. 

However, the committee 
expressed concern that almost 
two years after the differences 
in the ECGD's methods had 
been discovered, the depart- 
ment had still not decided 
whether to take disciplinary 
action against its staff. 

Export Credits Guarantee 
Department Appropriations 
Accounts 1992-33: Irregular Pay- 
ments to Exporters* House of 
Commons Committee of Public 
Accounts. £10 l HMSO. 



US and Japan 
extend deadline 
on glass talks 

By Wctuyo Naka moto In Tokyo 
and Nancy Duma in .. . 

Washington 

Japanese and OS trade officials 
yesterday said, that few out- 
standing issues remained over 
measures to improve foreign 
access to Japan’s market for 
flat glass, despite the failure of 
talks to secure an accord. 

Japanese officials were confi- 
dent that an accord could be 
reached after further negotia- 
tions, since the two sides have 
already agreed the basic princi- 
ples for opening Japan's flat 
glass market to imports'.. 

“The calendar has just been 
extended,” said Mr Ryutaro 
Hashimoto, Japan’s minister 
for international trade and 
industry, who said the negotia- 
tions would continue later. 

“We made some progress 
but . . . some technical and 
practical problems remain,” 
the trade mi-nteter added. 

Mr Mickey Kantor. the US 
Trade Representative, also put 
a positive spin on the failure to 
reach agreement within the 30- 
day deadline which expired on 
Monday. 

Discussions, be said, would 
continue ‘Tor a limited period 
of time." Progress had been 
made, only a few technical 
and substantive issues 
remained outstanding. 

. Japan has agreed to promote 
the use of foreign-made glass 
in some government-funded 
facilities which would serve as 
model prefects. 

There is also broad agree- 
ment on. the use of objective 
criteria to measure progress in 
import penetration. Differences 
remain, however, over whether 
the objective criteria should be 
forward-looking, as the US 
hopes, or ahrmld only measure 
past developments, as the Jap-, 
ahese insist 

jfl pftnggp officials a re con- 
cerned that forward-looking 
measures could turn into 
restrictive targets aimed at - 
■ensuring & specific market 
share for foreign products, in. 
tha dom estic glass market 

Mr Stevie Farrar of Guardian 
Glass raid the US glass indus- 
try was “disappointed” in the 
failure to reach agreement in 
the month ‘hut urged continu- 
ing talks over the .next, few 


. ff. agreement is not reached, 
soon,- however, Mr Farrar 
urged the bringing of a Section 
301 'case, which provides for 
sanctions at the aid of a year 
- -o£ investigation and negotia- 
. .Hon,'.'' . 

US o fficiate have been con- 
cerned about the slow pace of 
negotiations since agreement 
was reached in principle on 
October 1. in announcing the 
agreement^ Mr Kantor said he 
espected * 1 hreefluarters of the 


Hashimoto: Difficult to know 
what to believe 

100 largest Japanese wholesal- 
ers and glaziers would obtain 
30 to 40 per cent of their flat 
glass from non-traditional 
sources, a mixture of both for- 
eign and domestic'’. 

Mr Hashimoto subsequently 
wrote to Mr ‘Kantor challeng- 
ing this. “I hope this is some 
sort of misinterpretation of 
your remarks,” he wrote. "But 
I would like to urge you to 
refrain from making such 
remarks which could be inter- 
preted in effect as requesting 
numerical targets. Such a com- 
ment clearly makes our future 
talks more difficult” 

While the latest round of 
talks did not produce results, 
Japanese officiails remained 
optimistic that agreement 
could be reached. Trade in 
glass products is not an emo- 
tive issue and - it is unlikely 
that. US trade officials would 
risk aggravating tensions with 
Japan over a sector in which it 
usually has a bilateral trade 
-surplus, a trade official said, 
last year Japan bought Y3.4bn 
(334m) more flat glass from the 
US than it exported there, 
according to Japanese govern- 
ment trade statistics. 

The situation was less prom- 
ising in the parallel talks on 
vehicles and vehicle parts. 

. Negotiations have not- been 
resumed since the OS cited 
Japan's vehicle parts after- 
sales market as being charac- 
terised by "unfair and discrimi- 
natory trade practices” and 
uniiaterally began an investi- 
gation under Section 301 of its 
trade act .... 

Mr Hashimoto yesterday reit- 
- ended that the nse of Section 
301 remained a major obstacle 
to resuming negotiations on 
these markets. 

“Section 301 is stffl in effect. 
It is difficult to know what to 
believe when an the one hand 
they are saying “we are going 
to hit you” and on the other 
they expect friendly talks,” he 
said. " 


Japan to press Apec on trade liberalisation 


By WBfiam Dawkfos in Tokyo 

Japan will signal its clear 
support for a degree of regional 
trade liberalisation at the Asia- 
Pacific Economic Cooperation 
Forum summit in Bogor. 
Indonesia, in two weeks' time. 

It will press for a middle way 
between the free trade zone 
advocated by the US, Canada 
and Australia and the loose 
regional alliance preferred by 
east Asian members of the 17- 
nation forum, said Mr Tetsuya 
Endo. Japanese ambassador for 


Asia-Pacific cooperation. 

Until recently, Tokyo has 
taken a mildly negative back 
seat at Apec, reflecting a split 
between the foreign ministry, 
slow to accept the forum's 
value, and the ministry of 
international trade and indus- 
try, eager to push Apec as a 
trade and investment opportu- 
nity. Support from Indonesia, 
this year's holder of Apec's 
rotating chairmanship, is one 
factor in tipping the govern- 
ment in favour of Apec. 

The summit is expected to 


make a commitment to liberal- 
ise trade between Apec mem- 
bers by a target date, possibly 
2020. Japan is eager to see 
Apec, representing half the 
world's trade, make this mod- 
est step forward from the 
vague accord of the first lead- 
ers' summit in Seattle last 
year, Mr Endo argued. 

But for agreement on a liber- 
alisation deadline, details of 
what free trade entails must be 
left for later summits, said Mr 
Endo. That would leave it up 
to Japan, which takes the Apec 


chairmanship in 1995, to pro- 
duce practical free trade steps 
in time for next year’s summit 
in Osaka. “Whether we like it 
or not. the burden will fall on 
Japan,” said Mr Endo. 

Japan “is not adamant at all 
on the creation of a free trade 
area” but does support a first 
small step in that direction, 
the unconditio nal granting of 
Most Favoured Nation trading 
status between Apec countries, 
he said. 

Tokyo shares some of the US 
preference for encouraging 


Apec to develop into a trade 
negotiating forum, but only for 
settling trade disputes that 
cannot be resolved bilaterally 
or by the new World Trade 
Organisation. A three-layered 
world trade system, of the 
WTO, regional bodies like Apec 
and bilateral relations, was 
"best for Apec and Japan,” said 
Mr Endo. 

Japan accepts that moves to 
free trade in Apec need to be 
accompanied by government 
and private sector efforts to 
help poorer members to mod- 


ernise, likely to be an impor- 
tant point of the Bogor talks, 
said Mr Endo. Tokyo and other 
rich members will push for the 
Apec summit to agree on more 
concrete steps, such as a code 
on cross-border investment 
rules. This is likely to be 
agreed by trade and foreign 
ministers before the leaders’ 
summit They are also expec- 
ted to set up a committee to 
work for common Apec-wide 
standards for manufactured 
goods and food and joint cus- 
toms procedures. 


Uruguay deal will boost US output 


By Guy do Jonqu&res, 
Business Bfltor 

US economic output will be 
boosted by about S65bn a year 
by 2004 as a result of higher 
efficiency generated by trade 
liberalisation agreed in the 
Uruguay Round, according to a 
study by the Washington-based 
Institute for International Eco- 
nomics. 

The institute says tariff 
reductions planned in the 
round will increase US net 
exports by $19.lbn and create 
265,000 jobs by 2000. 

The authors reject as 
groundless objections by some 
members of Congress that us 
sovereignty will be undercut 


by the new World Trade 
Organisation, which is due to 
succeed the General Agree- 
ment on Tariffs and Trade on 
January 1. 

Published barely a month 
before Congress reconvenes for 
what promises to be a close 
vote on ratification of the Uru- 
guay Round, the study will 
provide ammunition for the 
Clinton a dminis tration in its 
efforts to secure approval of 
the deal. 

The study says that if tariff 
cuts agreed in the round are 
phased in over five years from 
next year, they will lead to 
increases of g4l.9bn in US 
exports and $22.7 bn in imports 
by 2000. 


US consumers would gain 
$11.7bn a year in the same 
period from lower prices from 
reduced tariffs on imports, 
while US exporters would gain 
about $10.9bn from improved 
opportunities on foreign mar- 
kets. US tariff revenue, mean- 
while. would fall by $lL4bn. 

By 2004, tariff cuts, the bene- 
fits of planned liberalisation of 
textile trade and dynamic eco- 
nomic gains generated by the 
round should add S65bn to US 
output, or roughly 1 per cent of 
gross domestic product 

The authors say the fore- 
casts are conservative, because 
they exclude the effects of 
planned liberalisation in world 
agricultural trade and public 


procurement, and of possible 
agreements in the WTO to free 
international competition in 
services. 

They say that though the 
Uruguay Round promises to 
produce a modest increase in 
US employment, its most 
important result will be to 
stimulate the creation of more 
productive and better paid 
jobs. 

Fears that the WTO will 
reduce US sovereignty are mis- 
placed. they say. because the 
organisation must act by con- 
sensus and cannot im pos e deci- 
sions on the US which conflict 
with its national laws. 

Furthermore, the controver- 
sial Section 301 provision of US 


Average tariff cute achieved in the Uruguay Round far 
industrial goods 

Trade weighted 
average tariff 06) 

Pre- Post- Average 

Uruguay Uruguay tariff 

Round Round cut (%) 


Country or group 


Developed countries 

6-3 

3.9 

38 

Canada 

9.0 

4.8 

47 

European Union 

5.7 

3.6 

37 

Japan 

3.9 

1.7 

56 

United States 

4.6 

3.0 

34 

Developing countries 

15-3 

12J 

20 

Economies In transition 

8.6 

6.0 

30 


trade law, which allows Wash- 
ington to retaliate against 
other countries’ trade practices 
when they fall outside Gatt 
obligations, is fully consistent 
with the WTO. The study 
warns, however, that once the 
WTO is set up, its members 
must act swiftly to guard 


against the risk of backsliding 
into protectionism. 

The Uruguay Round: An 
Assessment,' Jeffrey Schott and 
Johanna Buurman : Institute for 
International Economics. 11 
Dupont Circle N.W.. Washing- 
ton DC 20036. Tel (202) 323 
9000. 


0!\r» v 







y .. . 

ps“ f ru. •- tt H- .v . _ - 


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F.NANC.AL TIMES WEDNESDAY NOVEMBER 2 1994 


NEWS: THE AMERICAS 


Washington expects bonanza with auction of airwaves 


By George Graham 
In Washington 

The US Federal Comm- 
unications Commission has 
received applications from 74 com- 
panies, consortia and individuals to 
bid next month in its auction of 
broadband wireless telecommunica- 
tions frequencies, which it expects 
to be the largest ever auction of 
public sector assets. 

The licences are to run the per- 


AM ERIC AN NEWS DIGEST 


sonal communications services 
expected to compete with today's 
cellular telephone technology. 

Applicants, who need not neces- 
sarily bid and must stiQ make an 
up-front payment by November 18 if 
they want to take part in the auc- 
tion, include all the regional BeH 
telephone companies, long distance 
telephone companies such as AT&T 
and Sprint, and cable television 
groups such as Cox, TCI and Com- 
cast 


But other companies such as 
EDS, the computer services subsid- 
iary of General Motors, and Excel- 
sior Parking have also applied to 
take part in the auction. HIS sub- 
mitted applications mostly in small 
and medium-sized markets, avoid- 
ing large metropolitan areas. 

So has Mr Craig McCaw, the 
founder of McCaw Communications, 
the leading cellular telephone com- 
pany which he sold to AT&T. In 
general. Mr McCaw chose to bid. 


through his company ALAACR 
Communications, for markets in 
which he knew he would not be 
competing with AT&T, but both are 
listed as applying for the Buffalo 
market 

Some 23 bidders submitted incom- 
plete applications and have a week 
to amend their filings. 

The FCC conducted its first auc- 
tion of spectrum frequencies In 
July, raising £61?m in bids for nar- 
row band frequencies for advanced 


paging services - although several 
of the largest bidders later 
defaulted. 

Another auction for regional 
advanced paging licences is now in 
its 25th round of bidding, with high 
bids totalling $394m_ 

The broadband auction, due to 
start on December 5, is expected to 
be much bigger than tbese and 
could take more thgn a month to 
complete. The FCC's innovative 
auction rules allow applicants to 


bid by computer on all the available 
licences at the same time, so they 
can change their bidding strategy to 
target a different region if 
they see their first choice as too 
expensive. , 

The 51 regional markets attracted 
an average of 265 applicants each, 
with 20 companies submitting appli- 
cations for Los Angeles and 22 for 
New York. Applicants for the large 
New York market will have to pay 
an upfront fee of $15-8m by Novem- 


ber is, while the 34 bidders for the 
tiny American Samoa market will 
have to pay only S282Q0.A company 
bidding for nationwide licences 
would have to pay $15Gm upfront 
In the past, the US has granted 
frequencies either on the basis of 
public hearings or by lottery. The 
auction Is expected not only to raise 
money for the government, but to 
bring down prices for the consumer 
by awarding competing licences in 
each area. 




to > 


Russia cuts 
off Cuba’s 
oil supplies 

Russia has suspended shipments of oil to Cuba because the 
Caribbean state has not met its promised level of sugar 
exports to Russia, Mr Oleg Davydov, the Russian trade minis- 
ter, said yesterday. The cut in supplies to a country which 
once enjoyed the closest links with the former Soviet Union is 
expected to further damage the recession-hit Cuban economy. 
The decision is in line with Russia's attitude to other countries 
which once enjoyed oil imports for barter, or at prices far 
below the world market level - including former Soviet states 
which are now independent countries. 

Mr Davydov said Russia had exported l -5m tonnes of oil to 
Cuba, but had received only 500,000 tonnes of sugar - 550,000 
tonnes short of the amount agreed. He said Russia would sell 
the remaining lm tonnes of oil it had agreed to ship to Cuba 
on the world market, “adding around $120m to the national 
budget”. “If after our own sugar harvest the need arises to 
import more sugar cane, then we are prepared to open negotia- 
tions ag ain with Cuba on this issue in 1995,” Mr Davydov said. 
He added, however, that the barter of sugar for oil was 
unprofitable. 

An official of the Cuban sugar organisation, Cubazucar, said 
the deal, agreed last December, was still active - although , 
only partly fulfilled- “It doesn't mean the accord has stopped.” 
However, Cuba would not be able to deliver sugar until 
December or January, after this year’s harvest Cuba has 
suffered two consecutive poor harvests - 4.2m tonnes in 
1992-93 and around 4m tonnes in 1993-94. The official said he 
hoped Cuba could matnh the 4m tonnes figure in the coming 
harvest but external forecasts suggest output as low as 35m 
tonnes, the lowest for more than 40 years. John Lloyd. Moscow 
and Pascal Fletcher. Havana 

Latin American outlook better 

Latin America's economic outlook appears slightly more 
favourable than in recent years, according to a report pub- 
lished today by the In ter American Development Bank. A 
promising world outlook, private investment inflows, likely 
higher prices for raw material exports and the expected ratifi- 
cation of the Uruguay Round world trade agreement all added 
to the optimism. Growth for the region this year was expected 
to be s imilar to 35 per cent in 1993, the third consecutive year 
of per capita growth. 

The report. Economic and Social Progress in Latin America, 
said regional economic integration was "creating favourable 
opportunities for Latin American trade and Investment”. Last 
year it noted capital inflows exceeded outflows by $89bn. 
About 76 per cent of inflows into the region's non-monetary 
sector - about $47bn - were in the form of direct investment 
and portfolio investment Stephen Fuller, London 

US schools grow more violent 

American schools are becoming more violent, not only in big 
cities but in smaller towns and surburbs, according to a 
700-city survey to be published today by the National League 
of Cities. Only 11 per cent of the communities surveyed said 
violence was not a problem. The survey listed 44 per cent of 
suburban cities and towns, nearly two-thirds with populations 
under 50,000. One out of four reported incidents involving 
serious injuries or deaths in the past year and 40 per cent said 
gangs were a significant problem. 

Among other findings, 70 per cent said police were being 
assigned to patrol schools and 19 per cent said metal detectors 
were used to find weapons. Over the past five years, 38 per 
cent of the cities said the problem has risen noticeably, and 90 
per cent of the cities send police to school athletic events. The 
study quoted Atlanta councilwoman Ms Carolyn Long as say- 
ing “school is getting rougher in a dangerous way. The aca- 
demic challenges are being made more diffic ult by the disturb- 
ing presence and growing fear of crime and violence in our 
schools." Reuter. Washington 

Caymans plea on refugees 

The administration of the Cayman Islands is again seeking US 
assistance in ridding the British colony in the north-western 
Caribbean of 1500 Cuban refugees, most of whom have arrived 
in the islands since August. A delegation from the Cayman 
Islands has gone to Washington to ask the US government 
either to give the refugees visas to enter the US, or to trans- 
port them to refugee centres in Panama or at Guantanamo 
Bay, the US naval base in southern Cuba. 

The Caymanian administration says it has exhausted this 
year's budget for taking care of the refugees, most of whom 
are living in tents. It had earlier said it would repatriate the 
Cubans, but few among the 1,174 refugees appear either will- 
ing to go home or to be transferred to Panama or to Guantan- 
amo Bay. The US government had earlier rejected Caymanian 
requests to take the refugees out of the colony, but this week's 
visit to Washington follows what Caymanian officials said was 
a recent “promising” reaction from Washington. The colony, 
which has a population of 30,000, is an offshore financial 
services centre and a holiday resort. Canute James, Kingston. 

Peruvian guerrillas surrender 

Hundreds of peasants who say they were forced into the 
service of Peru's leftist rebels sought last-minute pardons 
before the deadline for accepting a government amnesty 
expired, government officials said yesterday. Elsewhere scores 
of repentant Maoist s hining path guerrillas turned themselves 
in before the deadline expired at midnight on Monday. Reuter, 

Lima 



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Salinas rejects | 
notion of one 
complex plot 


US President Bill Clinton campaigning in Philadelphia on behalf of Senator Harris Wofford (centre) 

From roguery and villainy to 
an ideological battleground 


ELECTIONS 

Novembers 


Maryland has 

f two important 
state-wide elec- 
tions this year. 
While the one 
featuring two 
nationally 
known names 
- for the US 
Senate - has 
been some- 
thing of a 

US MID-TERM ^Tfor^TO- 

BLECT,0NS nor, between 
Novembers candidates 
whose recent careers have 
been spent In the relative 
obscurity of local government, 
has turned into an ideological 
fireworks display. 

The second race pits Mr Par- 
ris Glendening, 52-year-old 
chief executive of Prince 
George's County in the Wash- 
ington suburbs, against Mrs 
Ellen Sauerbrey, 57, once a 
biology teacher and for most of 
the last 20 years a Republican 
state legislator. He is a conven- 
tional progressive Democrat, 
she is the new pin-up candi- 
date of the Republican right. 

The contrast with the Senate 
race could hardly be more 
marked. In the Democratic cor- 
ner stands Senator Paul Sar- 
banes, seeking a fourth term, 
and in the Republican Mr Bill 
Brock, once a senator from 
Tennessee and previously US 
trade representative and chair- 
man of the national Republi- 
can party. 

Both are running as the 
souls of relative moderation, in 
Mr Brock's case to the point of 
half-renouncing a staunchly 


conservative political past 

Maryland's political history 
may be littered with rogues 
and v illains - two former gov- 
ernors, Mr Marvin MandeL a 
Democrat, and Mr Spiro 
Agnew. the Republican who 
became vice president, both 
faced criminal charges - but it 
has never been known as a bat- 
tleground for political ideology. 

Its first settlers from Britain 
in the 1630s were Roman Cath- 
olics sent by Lord Baltimore to 


even expected to be on the bal- 
lot next week, but in the Sep- 
tember Republican primary 
upset Congresswoman Helen 
Delich Bentley, no mean con- 
servative herself, for the right 
to oppose Mr Glendening, who 
enjoyed a much easier passage. 

She did so primarily on the 
back of her proposal to cut 
state income taxes by 24 per 
cent over the next four years 
and to freeze spending on vir- 
tually everything. As the cam- 


Jurek Martin on two Maryland 
races, one on unfamiliar ground 


escape Puritan repression and 
it was the first colony to estab- 
lish in law the principle of reli- 
gious tolerance. Today, the 
mayor of Baltimore, Mr Kurt 
Schmoke. is black, the outgo- 
ing Democratic governor, Mr 
Donald Schaefer, endorsed 
President George Bush in 1992, 
and the state has tough laws 
against guns and protecting 
the right to abortion. 

Its suburbs form part of the 
Washington metropolitan area 
and Annapolis, its picturesque 
capital and home of the US 
Naval Academy, perches on 
the Chesapeake Bay, but its 
heart and soul remains the 
revived industrial port city of 
Baltimore. Its economy Is 
diverse and, some pockets of 
inner-city and rural poverty 
excepted, prosperous. 

Mrs Sauerbrey is in many 
respects an unlikely candidate 
for Maryland. She was not 


paign unfolded she also prom- 
ised to roll back environmental 
regulations and to divert tax 
revenues to private schools. 

With the apparently success- 
ful tax-cutting example of Gov- 
ernor Christie Whitman of 
New Jersey fresh in the 
national min d, she became the 
instant darling of the conserva- 
tive movement. 

This being 1994, the year of 
the uncivil elections, Mrs 
Sauerbrey and Mr Glendening, 
who has Mrs Kathleen Kenn- 
edy Townsend, eldest daughter 
of Robert F Kennedy, as a run- 
ning mate, were soon mincing 
no words, in commercials and 
in debates. She slammed him 
as as yet another “tax and 
spend” Democrat, while he 
hammered her as outside the 
Maryland mainstream. 

The polling evidence is that 
Mrs Sauerbrey’s assault is not 
working. A Washington Post 


poll two weeks ago gave Mr 
Glendening a 53-37 per cent 
lead, with 10 per cent unde- 
cided. Another Post survey 
published yesterday found him 
ahead by nearly nine-to-one 
among black voters, nearly 25 
per cent of the electorate. 

This is for in excess of the 
usual Democratic marg in and 
was attributed to his success- 
ful 12-year management of 
Prince George's County, the 
most racially diverse in the 
state. Mrs Sauerbrey held a 
46-44 lead among whites but 
had not shown signs of break- 
ing out of her base in the Balti- 
more suburbs and in conserva- 
tive rural areas. 

On the Senate side, Mr Sar- 
banes held a 57-32 point edge 
over Mr Brock in a Baltimore 
Sun poll two weeks ago and is 
generally reckoned comfort- 
ably ahead. A Sarbanes cam- 
paign is normally low-keyed 
but in common with the times 
he has accused his opponent of 
being a carpetbagger, of a poor 
attendance record while in the 
Senate and of taking on Japa- 
nese companies as clients as 
soon as he finished his stint as 
trade representative in the 
Reagan administration. 

Mr Brock, who ran a legen- 
darily dirty campaign in Ten- 
nessee to oust Senator Albert 
Gore, father of the vice presi- 
dent, in 1970. has seemed pas- 
sive in response, excepting 
conventional attacks on the 
Sarbanes record as a big 
spender. His hopes of being the 
first senator to represent two 
different states this century 
hang by a thread. 


By Damian Frasar and Lasfle 
Crawford In Mexico City 

President Carlos Salinas of 
Mexico delivered his final 
state-o f- the union address yes- 
terday, offering a robust 
defence of his six years in 
office one month before he 
hands over to his successor, Mr 
Ernesto Zedillo. 

Mr Salmas sought to answer 
critics that his government 
had put economic reform 
before political change, argu- 
ing that “democracy cannot 
flourish. . . when financial 
disorder, deficits and inflation 
are exacerbated.” He asserted 
that “experience shows that 
abrupt political changes pro- 
moted from above without the 
consensus of parties and the 
support of society merely lead 
to a break with the old without 

consolidating the new.” 

Nevertheless. Mr Salinas 
said significant democratic 
progress had been made during 
his administration, and “plu- 
ralism is now the norm in our 
public affairs." The high turn- 
out and generally trouble-free 
August presidential elections 
“mark our passage towards a 
better democracy.” 

The outgoing president 
sought to explain the shocks 
Mexico has suffered this year - ' 
namely the peasant revolt in 
the southern state of Chiapas, 
the assassinations of presiden- 
tial candidate Luis Donaldo 
Colosio, and Mr Josd Francisco 
Ruiz Massieu, secretary- 
general of the ruling party - as 


a reaction against his adminis- 
tration’s economic and social 
reforms. 

“I do not resort to the facile 
solution erf an overriding {dot 
as a general explanation for 
these acts of vio- 
lence. . . These grave events 
reflect the action of isolated 
individuals or groups, but they 
may also be spurred by a feel- 
ing of rejection for changes 
that have been made.” 

The president announced 
that foreign currency reserves 
were |17.24bn at the end of 
October, a fraction more than 
the level two weeks ago. He 
said the economy would grow 
by almost 3 per cent this year, 
implying growth of about 4 per 
cent in the second half of the 
year. He said that for the third 
year in a row there would be 
no fiscal deficit 

Mr Salinas accepted some 
responsibility for the u prising 
in Chiapas, referring to “exces- 
sive caution" in not taking pre- 
ventative security measures 
and Sailings of local govern- 
ment He reiterated his call for 
a peaceful solution. 

In a tacit admission of the 
problems his administration 
had not tackled, Mr Salinas 
said Mexico still faced “a major 
challenge of justice. Our econ- 
omy is healthier, but must still 
provide many new jobs. . . our 
freedoms are greater. . . but 
many constraints and inequi- 
ties remain which must be cor- 
rected before we can become 
the democratic, modem nation 
we aspire to be.” 




Canada tightens 
immigrant curbs 


By Bernard Simon in Toronto 

Canada plans to dilute Its 
traditional hospitality towards 
immigrants under a new 
long-term policy unveiled 
yesterday. 

Besides cutting the 1995 
immigration quota by about 12 
per cent. Mr Sergio Marchi, 
immigration minister, 
announced tighter curbs on 
family members seeking to join 
relatives already in Canada. 

The government will in 
future place a greater 
emphasis on attracting 
entrepreneurs and other 
independent immigrants with 
skills or wealth to contribute 
to the economy. 

The refugee quota will rise 


by as much as three-quarters 
to 24,000-32,000 a year. 

Studies indicate that new 
settlers in the family 
reunification category, 
especially parents and 
grandparents, place a 
relatively heavy burden on 
health and social services. 

Mr Marchi said the 
authorities may require bonds 
to be posted by immigrants 
sponsoring their families. 

The immigration clampdown 
coincides with pressure on the 
government to review 
Canada's multi-culturalism 
policy, under which ethnic 
communities are encouraged - 
often with support from public 
funds - to retain their distinct 
identity. 


Kirn;-- v. 


Patrick McCurry in Sao Paulo explains why Brazil’s decision to send in troops may not work 

Troops pack an uncertain punch in Rio 


T he decision to send in the mili- 
tary to control Rio de Janeiro's 
largely discredited police forces 
follows mounting media pressure for 
action against violence in the city. 
But there is little expectation that the 
move will do much to solve the city’s 
problems of violence, corruption and 
drug trafficking. 

Rio state Governor. Mr Nilo Batista, 
agreed on Monday to allow the mili- 
tary to direct the united operations of 
the state-controlled military and civil 
police forces in city. There had been 
speculation if he refused President 
Itamar Franco would seek a “state of 
defence” decree, allowing federal 
troops to be sent to the city. 

The move brings unwelcome 

reminders of Brazil's two decades of 


military rule, which ended in the mid- 
1980s, although most observers 
believe that military leaders have not 
sought a role in combating heavily 
armed drug traffickers in the city's 
warren-like hillside shanty towns. 

It is hard to know if violence is on 
the rise because of the lack of reliable 
statistics, but media pressure for 
action has increased following a num- 
ber of violent incidents in the last two 
weeks. 

These include a revenge attack by 
120 police that left 13 shanty town 
residents dead, the death of a 15-year- 
old girl from stray police bullets and 
the killing of a multinational execu- 
tive by car thieves. 

Another incident that has put pres- 
sure on the government is the wide- 


spread fraud uncovered during con- 
gressional elections in Rio de Janeiro 
on October 3. 

Drug traffickers and illegal gam- 
bling racketeers - widely believed to 
have a large portion of the state-con- 
trolled police in their pay - are 
thought to be involved. 

According to Mr Paulo Caiman, a 
political scientist, action is being 
taken now because the presidential 
election, held on October 3, is out of 
the way. 

“There seems to be a consensus 
that now Is the time for action, 
so that there is no major crisis await- 
ing [president elect] Fernando Hen- 
rique Cardoso when he takes office 
next January.” Mr Cardoso has said 
he supports sending in troops “if nec- 


essary" and that Rio is suffering “an 
undeclared civil war.” 

Some analysts believe Mr Cardoso's 
candidate for the second-ballot elec- 
tion of the state governorship, to be 
held on November 15, has been bene- 
fiting from the controversy. “The gov- 
ernment could easily wait until after 
the second ballot. There is no civil 
war," says Mr Emir Sader, a Rio-based 
academic specialising in research into 
violence. 

He accepts, nevertheless, that there 
has been a deterioration in the situa- 
tion in recent months. 

It not clear whether troops will be 
sent into the shanty towns, although 
they would probably be welcomed by 
many residents there as protectors. 
There is always the risk they would 


r!lr ira.ir-- 


be corrupted in the same way as their 
police colleagues if they stayed for a 
prolonged period. 

The problems of crime and violence 
are widely viewed as the result of Rio 
de Janeiro's economic decline starting 
with its replacement in I960 as capital 
by the city of Brasilia. The decision of 
former governor Leonel Brizola to 
restrict police activity in the shant y 
towns in the 1980s - after complaints 
from residents about police behaviour 
- allowed drug dealers to grow into a 
parallel authority. 

"Nothing has been done in the last 
15 years to tackle Rio's social and 
economic problems and now they are 
trying to correct the situation in a few 
weeks.” says Mr Sader. 




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FINANCIAL TIMES WEDNESDAY NOVEMBER 2 1994 ★ 


>53' (>;’ 


INTERNATIONAL NEWS DIGEST 


JAL to start 


Vietnam flights 


Japan Airlines (JAL) mil start regular flight* to Vietnam later 
this month with the laimrh of services to the country's busi- 
ness capital. Ho Chi Minh City. The Japanese Transport Minis- 
try said yesterday it intended to grant approval this week to 
the -company’s plan to operate twice-weekly round-trip flights 
from Kansai International Airport near Osaka from November 
IB. In the last year, leading European and Asian airlines, 
including Lufthansa, Air France and Cathay Pacific, have 
begun regular services to Vietnam as the country's economy 
has expanded rapidly in the wake of an accelerating economic 
r eform p rogramme and the lifting of US sanctions. Japanese 
corporations have been among the most active in pursuing 
opportunities in the growing Vietnamese marke t and JAL 
expects to cany more 19,000 passengers a year. The 
airline wifi use DC-lQ aircraft with Z1B seats on the new route. 
Gerard Baker. Tokyo 


Cambodian killings condemned 


Britain yesterday condemned the hilling of three western 
hostages, executed by their Khmer Rouge captors, as a bar- 
baric outrage and said it would press Cambodia to bring those 
responsible to justice. The British Embassy issued a toughly 
worded travel advisory requesting that their nationals avoid 
Cambodia after Mr Hun Sen, Cambodia's second prime minis- 
ter, confirmed that the hostages’ remains had been exhumed 
near Vine Mountain, about 150km south of Phnom Penh. 

Briton Mark Slater, 28, Jean-Michel Braquet, 27, from France 
and David Wilson, 29, an Australian, were taken hostage by 
the Khmer Rouge on July 26 after a train amhunh in southern 
Kamp ot pr ovince in which 13 people were killed- Along with 
three ethnic Vietnamese and an unknown number of Cambo- 
dians, the three foreigners were marched at gunpoint to a 
Khmer Rouge base near Vine Mountain. Reuter. Phnom Penh 


India PC industry growth soars 


India's personal compute* (PC) industry grew at an average of 
50 per cent in the first half of the current 1994-95 financial year 
over the same period of 1993-94, a senior industry official said 
yesterday. The growth rate ranged between 30 and 70 per cent 
In various sections, Mr K R Paita, president of the Manufac- 
turers' Association Of Information Technology, told a seminar 
on the industry. 

India's PC industry had a turnover of Bs43bn (£844m) in 
199394, Mr Paita said. "If we sustain this (50 per cent) growth 
rate, doubling this figure would not be difficult" The industry 
was fthafriwg an annual aalaa target of lm PCs, he BUM “It baa 
to hit the target to survive." Mr Richard Watts, a senior 
executive of Hewetett-Packard, said. Indian PC-makers must 
try to tap opportunities emerging from the linkage of digital 
wumpiitfng with communication and consumer electronics. 
Beiiter, New Delhi 


British tourists are set free 




Three British tourists - Paid. Ridout (left), Christopher Crosr 
ton and Rhys Partridge - held hostage by Kashmiri militants 
were freed by Indian, police yesterday, less than 24 hours after 
the authorities discovered they had been kidnapped. Two 
policemen and one kidnapper were killed in a 20-mimrte pre- 
dawn shootout after Uttar Pradesh state police stormed a 
militant hideout in Saharanpur, near New Delhi, to rescue the 
Britons. Police believe three more militants were involved in 
the kidnapping and have launched a massive hunt to trace 
them. The three were handed over to the British. High Com- 
mission yesterday. A1 Badeed, a hitherto unknown mi li t ant 
group, had left a note at the BBC office in New Delhi on 
Monday afternoon, demanding the release of sight Kashmiri 
mffltonts or threatening to kill the three British hostages. 

Phhce said they were able to locate the Britans so swiftly 
because of. a tip-off from Mr Bela Joseph Nuss, an American 
tourist whom they rescued by coincidence in Ghambad on the 
outskirts of Delhi on Monday. Shiraz Suffma, New Delhi 


US jets bomb Kuwait desert 


B-l and Bfl2 bombers flying non-stop from bases in the US 
bombed the Kuwaiti desert yesterday to r emin d Iraq of the 
global reach of US military power following a flare-up on the 
Gulf War border. Two B-ls and two B-52s dropped 110 bombs 
on the desert floor 13 hours after takeoff from bases at 
Elsworth, South Dakota and Minot, North Dakota. The B-l 
Lancers and B-52 Stratofortresses were part of exercises by 100 
British and US warplanes' staged over Kuwait and also in part 
over a western-imposed nofly zone in southern Iraq. Reuter, 
Kuwait 


Fair trade sought in tea 


Hr Fairtrade Foundation, an organisation supporte d by lead - 
ing development agencies and consumer groups, yesterday 
launched a fair trade label for tea. The foundation said its 
label would ensure better conditions and social benefits for 
workers on tea estates in developing countries. “The arrival of 
these teas marks a watershed,” said Mr Phil Wells, the fotmda- 
tian's standards manager. Tt is the first time that independent 
. inspection of tea estates, an behalf of consumers, has been 
allowed to take place." 

The first teas come from two estates in Sri Lank a, and the 
tHgbi mountains of southern India. They are produced by 
dipper Thas and win be sold by Sainsbmy, the biggest UK 
supemoarkef groop, as well as smalte food shops. Mr WeDs 
said the ftumdatian hoped initia]ly..t6 capture about 3 per cent 
of the British market -wbodi consumes -TOha cops of tea a 

y ear.AJ^m!hktitUtnd,Lcnukm .. 


N Korea ‘halts N-plant work’ 


NortlrKbrea said yesterday ft had halted construction erf two 
w w hi ww wal 'g Biphfte .^wvfer afati ISSCton following a la nd- 
mark part with the US in which Pyongyang agreed to freeze 
and its nuclear energy programme. The agreement 

was signed in Geneva last month. “We haye already begun 
taking practical steps to put It (the pact) into effect," a North 
Ko rea n Foreign Ministry spokesroan was quoted as saying by 
Korean Central News-Agency monitored in Tokyo.. Under the 
October 21 accord the US said tt would assemble an mtern* 
tional consortium to finance the <£2L5ta) ccmstructumof 
either one 2 JXJ 0 MW or two L0MMW fight-water reactors that 
do hot produce weapans^ade plutonium. Beuter, Tokyo 


Angolan oil town captured 


Angolan sovamment teces have recaptured an important oil 

, i v stotaTMitia Kmnrtod 


yesterday less Qian 34 hours after -the two sides initialled a 
nas ttfli accord. Government troops had also been advancing op 
fl» Unto stronghold ofHuambo^a government offici a l said. 
Under the accord reached in the Zambian capital, Lusaka,the 
govramaent and Unite are to declare a ceasefire on November 
VI. Reuter. Ituutda 


NEWS: INTERNATIONAL 


Hong Kong stamps on Japan’s postal pride 


By EmKco Terazono In Tokyo 


An increasing number of 
Japanese subscribers of mail 
order catalogues from compa- 
nies in Japan are finding their 
brochures mailed from Hong 
Kong. The detour, prompted by 
Japan's expensive postal rates, 
means companies save 20 to 30 
per cent on postage costs by 
sending bulk mail to other 
countries where the items are 
rem ailed back to Japan. 

Such schemes have hit the 


country's Posts and Telecom- 
munications Ministry, which 
has a monopoly on postal 
delivery. It has suffered losses 
of YlOObn (£630m> from its 
postal operations in the past 
three years, with the figure set 
to grow following a 24 per cent 
postal rate rise earlier this 
year. 

The remailing business has 
ballooned, and mail sent from 
Hong Kong to Japan currently 
equals five times that sent 
from Japan to Hong Kong. 


Mailing a postcard within 
Japan costs YSQ (31 pence), 
while it costs only Y27 (17 
pence) to send a postcard from 
Hong Kong to Japan. Other 
countries with low postage 
rates, including Singapore, 
Denmark and the Netherlands, 
have also become favourite 
re mailing centres, 

“Rem ailing is fairly wide- 
spread with heavy mailers 
including Japanese compa- 
nies," says Mr Marc Fuoti, an 
official at Japan Marketing 


Data Systems, a marketing 
research company. Domestic 
and foreign newspapers, maga- 
zines and direct mailing com- 
panies are among the many 
which use remailing. The posts 
ministry estimates that more 
than lm items were remailed 
in the year to March. 

The posts ministry has tried 
to clamp down on remailed 
letters by refusing to deliver 
them, charging sender compa- 
nies domestic postage rates, or 
by returning the letters to the 


sending post office. In the lat- 
est year ministry officials 
charged domestic postage rates 
on more than 130,000 cards and 
letters which had been 
remailed. 

In another attempt to 
counter remailing, the Univer- 
sal Postal Union, an interna- 
tional regulator; body of 
postal trade, stipulated in Sep- 
tember that when a country 
judges a letter or card to have 
been remailed, it can claim 
delivery costs from the postal 


administration of the country 
where the mail was posted. But 
this week, taking a different 
tack, Mr Toyotaro Kato, chief 
of the postal bureau, said the 
ministry planned to increase 
the discount rate for bulk mail. 
Next spring it will ease restric- 
tions which limit the discount 
on postage to 30 per cent he 
said. The postal bureau also 
plans to reduce costs by cut- 
ting personnel and capital 
spending and hopes to elimi- 
nate losses by the end of 1996. 



September current account shortfall of A$1.8bn exceeds forecast 


Australian trade deficit worsens 


By Nikki Tart in Sydney 



a willingness by business to invest 


Australia clocked up a 
A$1.809bn (£830m) current 
account deficit in September, 
the second successive month in 
which it has produced worse- 
than-expected trade data, 
although the latest figure did 
represent some improvement 
on the A$2.11bn August deficit 
which so badly unnerved 
fmnnriai markets. 

The latest deficit, calculated 
on a seasonally adjusted basis, 
compared with market fore- 
casts of around A$1.7bn. It 
means that, over the first 
quarter of the current 1994-95 


finan cial year. Australia's cur- 
rent account deficit has 
reached A$8.96bn, an increase 
of 35 per cent over the previous 
year. 

As analysts at Bankers Trust 
pointed out yesterday, extrapo- 
lating this growth for the 
entire financial year would 
give a deficit of A$22-2bn. in its 
May budget the government of 
Prime Minister Paul Keating 
estimated a current account 
deficit for 1994-95 of A$18bn, or 
4 per cent of gross domestic 
product 

On the export front, the 
unadjusted figure was 
unchanged from August at 


A$5.29bn, with falls in gold 
exports and mineral fuels 
being offset by higher sales of 
metal ores and minerals and 
wool Imports eased back from 
the abnormally high figure of 
A$6.69bn in August, to 
A$6LQ6bn. 

The Australian bond and 
share markets weakened on 
the balance of payments news 
- in spite of the distraction of 
yesterday’s Melbourne Cup 
horse race - with sentiment 
also discouraged by strongsr- 
than-expected building approv- 
als figures. 

Pessimists believe that if 
Australia fails to improve its 


trade balance soon, it could be 
beaded for further interest rate 
rises and a repeat of the “boom 
and bust" episodes which have 
plagued it in the past 
Yesterday, however, Mr 
Ralph Willis, treasurer, said 
that growth in imports during 
the first quarter overall 
reflected the economy’s move 
out of recession, and the 
increasingly willingness by 
business to invest 
“While imports foil in Sep- 
tember. strong import growth 
in the September quarter is 
consistent with ongoing 
strength in domestic economic 
activity.'' he commented. 



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IT. OJA NCI AI, TIMES 


WEDNESDAY NOVEMBER 2 1994 


NEWS: INTERNATIONAL 



Islamists spurn poll offer as Algerian impasse deepens 


By Francis Ghate 

The pledge by Algerian President Damm e 
Zeroual to hold presidential elections 
before the end of next year was yesterday 
dismissed as meaningless by Islamic fun- 
damentalists who pledged that their battle 
to overthrow the regime would continue. 

General Zeroual 's statement on Monday 
night came amid worsening violence and 
just 48 hours after he had publicly 
acknowledged that the attempts to con- 
duct a dialogue with the principal opposi- 
tion group, the outlawed Islamic Salvation 
Front (FIS), had come to nothing. 

The admission that the talks had failed 


was made only six weeks after Mr Abassi 
Mpdai ni Mr Ali Benhadi. the two para- 
mount FIS leaders, were freed from prison 
and put under house arrest in an attempt 
to improve the atmosphere for negotia- 
tions. However, it seems that protagonists 
on both sides had done all in their power 
to sabotage any hint of progress. 

General Mohammed Lamari, described 
locally as a hardline “eradicator", was last 
weekend promoted to the rank, of general 
de corps d’armee. Gen Lamari had warned 
in the latest issue of the army’s monthly 
magazine that the fight against the 
“obscurantist and retrograde forces, trai- 
tors to their nation and Islam” would con- 


tinue "to the very end, whatever the price 
and sacrifices that would have to be paid”. 

Gen Zeroual meanwhile said that the 
FIS’s Mr Madani had refused to endorse a 
call to end all violence. He also claimed 
that Mr Benhadj had sent two letters to 
his supporters since he was put under 
bouse arrest, urging them to “intensify 
their terrorist acts”. In response Mr Rabah 
Khabir, spokesman of the FIS abroad, 
denounced the “threats and appeals to ter- 
ror” made by the "criminal General 
Lamari” and advised the head of state to 
resign. 

The stage thus appears to be set for a 
further twist to the spiral of violence 


which, according to western and Algerian 
observers has, since the elections the now 
banned FIS was expected to win in Janu- 
ary 1992, cost an estimated 30,000 lives. 

Underscoring the violence, bombs 
exploded in two of the nation's cemeteries 
yesterday which on November 1 attract 
thousands o£ Algerians who go to honour 
those who died in the eight-year-long 
struggle against the French army. One 
blast killed five children and wounded 17 
people in the western town of Mostaga- 
nem, the official news agency APS said. 

In a report last week, the human rights 
organisation Amnesty International 
accused the Algerian security forces and 


aimed Islamic groups of behaving with 
"total disregard of international ana 
humanitarian law." ,. 

Torture, which had been virtually eradi- 
cated between 1989 and 1991, “has become 
widespread in police, and gendarme rie s ta- 
tions and military and security centres, 
said the report Trials had been unfair at 
every stage of the proceedings and vio- 
lated the most fundamental requirements 
of international law. 

Many observers have doubted all along 
that a clear Hnp. could be drawn at this 
stage of the confrontation between “mod- 
erates" and “radicals". Even while agree- 
ing on the principle of free elections, FIS 


leaders have always insisted that Islamic 
law must prevail, something which most 
Algerians would probably find unaccept- 

Algeria increasingly presents to the out- 
side world the tragic face it did in the fate 
1950s - one of blood, torture and anarchy, 
which no rational force within the country 
t jppms capable of ending. 

Neighbouring Morocco and Tunisia are 
watching the mounting violence with Ill- 
concealed anxiety as are Spain, Italy and 
France. However, whatever their political 
persuasion, those outride Algeria appear 
to have no better idea than Algerians 
themselves for a solution to the turmoil 


Israel reopens 
to workers 


By Eric Silver h Jerusalem 

Israel yesterday distributed the 
fost batch of 8,000 entry per- 
mits for Palestinian building 
labourers from the Gaza Strip 
and the West Bank. The 
labourers will cross the old 
green-line border into Israel 
today for the first time since 
the Hamas suicide bombing 
which killed 22 bus passengers 
and wounded 47 in Tel Aviv 
two weeks ago. 

The number of permits will 
be gradually increased. The 
first group are married men 
aged 40 or over. Before the clo- 
sure about 65,000 workers trav- 
elled daily to jobs in Israeli 
construction, farming and ser- 
vices. 

The reopening eases fears 
that keeping the workers from 
their livelihood fuelled support 
for the Islamic fundamental- 
ists. In Gaza alone, unemploy- 
ment was running at up to 60 
per cent even before the clo- 
sure. The Palestinian Workers 
Union estimated that the clo- 
sure cost West Rank workers 
$4m (£2.5m) a day. 

At the Erez terminal 
between Gaza and Israel, the 
Israelis are investing S30m in 
sophisticated computer equip- 
ment to combat a racket in 
forged permits. Once it is 
installed, every Palestinian 
worker will be checked on 
screen against his or her pho- . 
tograph and personal data. 

Ministers admitted that none 
of the recent attacks inside 
Israel was committed by per- 



Yossi Beilin: closure necessary 

mit holders. Mr Yossi Beilin, 
deputy foreign minister, said 
yesterday the closure bad been 
necessary to restore 

The Palestinian flag was 
raised yesterday alongside the 
Israeli flag at two border cross- 
ings .from Egypt and Jordan. 
From now on entry through 
Rafah and the Allenby Bridge 
will be controlled jointly by 
Israeli and Palestinian poboe. 

In a complex arrangement 
agreed in Cairo six months 
ago, Israel retains overall 
responsibility for security at 
the crossings. Residents of the 
Gaza and Jericho enclaves, 
now ruled by Mr Yassir Ara- 
fat’s Palestinian National 
Authority, will be checked 
only by Palestinians. Residents 
of the still-occupied West Rank 
will pass through Palestinian 
and Israeli counters. Israeli cit- 
izens will be checked only by 
Israelis. 


Tricky task to lay Mideast bank’s foundations 


By Marie radnotson 
in Casablanca 

Many Arab and Israeli political 
and business leaders were hail- 
ing the prospective Middle 
East and North African Devel- 
opment Bank as the most “con- 
crete” achievement of the 
Casablanca regional economic 
summit which closed yester- 
day. But if so, not only is the 
concrete neither set nor 
moulded, there will be much 
tricky negotiating before even 
the mix is agreed upon. 

This, according to yester- 
day's "Casablanca declara- 
tion", will be the task of a 
"group of experts”, so far 
imehosen, who will "examine 
different options for funding 
Tnarhaniamg including the cre- 
ation of a Middle East and 


North Africa Development 
Bank". The experts are expec- 
ted to meet in Washington 
before year’s grid and ma kp 
an initial report in six months. 

It will not be easy. Although 
the bank has general political 
support from the US, the EU. 
Egypt Jordan, Israel and the 
Palestinians, speakers over the 
past three days in Casablanca 
have canvassed a wide and 
sometimes contradictory vari- 
ety of possible structures, uses, 
lending criteria and locations 
for the institution. Its creation 
is seen by many as 
addressing political rather 
than economic needs, and 
some question the need for it - 
institutions such as the 
Kuwait-based Arab Fund for 
Economic and Social Develop- 
ment and the Islamic Develop- 


ment Bank already exist 

Mr Omar Mobanna, head of 
corporate finance at the Cairo- 
based Misr Iran Development 
Bank, said flatly: "It would 
take a lot of time and then be a 
white elephant." He said a 
more practical option would be 
that suggested yesterday by Mr 
M ahm oud Abdel Aziz. chair- 
man of National Bank of 
Egypt, for a wholly private- 
sector regional h ank, capital- 
ised at $500m f£316.4m) with 
joint and equal Arab and 
Israeli participation. 

But to its proponents, such 
as Mr Michel Marto, deputy 
governor of Jordan's central 
bank, there is a clear need for 
a government- backed institu- 
tion. “Every area of the world 
has a development bank, but 
we have been deprived of one 


for so long. For major projects 
there is no institution which 
can do what a development 
bank will And there will be 
others, not in themselves eco- 
nomically viable, but which 
must be financed for their 
external economic effects.” 

The bank is likely to be capi- 
talised at SlObn, with 60 per 
cent held by Organisation for 
Economic Co-operation and 
Development countries. There 
appears agreement that it 
should concentrate on financ- 
ing big regional infrastructural 
projects. But even among its 
political backers, almost ever; 
other aspect of the bank is 
likely to attract considerable 
debate. 

Egypt, for instance, is 
uneasy about attempts to cre- 
ate regional institutions of any 


kind while critical regional 
players such as Lebanon and 
Syria, which have not reached 
peace with Israel, remain out- 
side what haa now become the 
Casablanca process. 

Within the Israeli govern- 
ment there are differences, 
with Mr Jacob Frankel, the 
central bank governor, arguing 
strongly that potential share- 
holders in the bank should 
concentrate on making direct, 
immediate investments in the 
region, rather than engaging in 
"academic debate" over its 
structure. 

The Palestinians are also 
uneasy. They say the bank's 
apparent role in financing big 
development projects would be 
inappropriate to their present 
small economic enclave s in 
Gaza and the West Bank. "WBl 


a bank like this realty attend 
to our needs? From what we 
hear from the Americans this 
bank will not be offering, any 
concessionary finance. But we 
would like to see some benefit 
from it.” said Mr Nabil Shaath, 
Palestinian minister for eco- 
nomic planning. 

Some Gulf states have been 
positive - Qatar yesterday 
pledged its support. Others, in 
particular Saudi Arabia, are 
reluctant to commit money to 
the hank Britain is also under- 
stood to be suspicious of creat- 
ing another regional bank 
given the unhappy experiences 
of organisations such as the 
European Bank for Reconstruc- 
tion and Development, the Mid. 
die East Bank’s most oft- 
quoted model, and the African 
Development Bank. 


Joint venture group aims to be investment catalyst 


By Julian Ozarme In Casablanca 

How to get hard-headed businessmen 
to find and invest in profitable pri- 
vate sector projects in the Middle 
East has beat one of the greatest 
challenges at the Casablanca Sum- 
mit 

One small non-profit organisation 
is showing the way with big results. 
The US-backed Builders for Peace 
seeks to match American with Pales- 
tinian companies to invest in private 
businesses underwr it ten by the US 
government in Palestinian controlled 
areas. 

Since it was established by US Vice 
President A1 Gore last year the 
group, composed of American busi- 
ness leaders of Arab and Jewish ori- 


gin, has facilitated the development 
of nine joint venture businesses 
worth more than SlOOm (£6 3. 2m) of 
capital investment The projects, in 
hotel construction, housing, food pro- 
cessing, light manufacturing, crude 
oil processing and bottled water pro- 
duction, are expected to generate 
$168m in annual operating revenues 
and create 5JXH) jobs. 

Eight more projects are in the 
design phase following a mission to 
five US cities by Palestinian business- 
men sponsored by Builders for Peace. 

Mr Mel Levine, a lawyer and for- 
mer US congressman, said Builders 
for Peace recognises the Importance 
of private enterprise as the basis of 
economic growth in the Gaza Strip 
and West Bank. The group wants to 


provide a "jump start” for the econ- 
omy and help alleviate unemploy- 
ment “We are not interested in poli- 
tics. We are interested In business 
opportunities which are designed to 
make a profit undertaken by people 
who are determined to take a risk," 
he said. 

Braiders for Peace works closely 
with two US agencies - the Overseas 
Private Investment Corporation and 
the Trade Development Agency. The 
US government has allocated $i25m 
over five years to Opic to grant politi- 
cal risk insurance, loan guarantees 
and small loans to US companies 
doing business in Palestinian 
self-role areas. Five of the nine pro- 
jects developed by Builders for Peace 
have received Opic assistance, giving 


what Mr Levine said was "significant 
and tangible risk reduction”. The 
TDA helps joint ventur e s with the 
preparation and evaluation of feasi- 
bility studies. 

One of the nine projects under way 
is the construction of Gaza's first 
fully serviced business hotel. The 
870m hotel is being build by GRdG, a 
US company, and will be managed by 
Marriott which may also take an 
equity share in the project 

Mr Riad Karam, a director of 
GRdG, said Builders for Peace had 
been critical to getting tbe project off 
the ground. "They gave us a big 
boost helping with access to the US 
government and to Opic,” he said. 
"Tins hotel is going to serve as a 
measuring stick for successful Invest- 


ment as major US companies start to 
get Involved for the first time in the 
Palestinian economy . " 

Builders for Peace, backed by offi- 
cial risk insurance from Opic, pro- 
vides a role model for wider private 
sector investment in the Middle East 
and answers a lot of questions raised 

by businessmen at ranahlaiina. 

Many businessmen have voiced 
scepticism about the creation of new 
regional financial institutions such 
as a Middle East development bank. 
Instead the private sector has 
demanded financing mechanisms 
such os risk insurance, project 
finance, export credits and the devel- 
opment of better business links 
between western and Middle Eastern 
businessmen. 


I 



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FINANCIAL TIMES WEDNESDAY NOVEMBER 2 1994 


7 





J-V; ' ■'. • 


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pmM& t^Yipenrrrg line^ef AX/Vs internarioiiai advertlsln 


Bids take 
shape for 

fifth TV 
channel 


Virgin, the leisure group, and a 
number of other media consor- 
tia are starting to prepare for- 
mal bids for the licence to run 
Channel 5, the planned com- 
mercial television channel, 
Alice Eawsthom writes. 

The Independent Television; 
Co mmiss ion, the body that reg- 
ulates commercial television, 
yesterday advertised the 10- 
year licence for Channel 5. It is 
scheduled to come on stream 
by early 1997 and will reach up 
to 70 per cent of the OK 

Mr Robert Devereux, chair- 
man of Virgin Communica- 
tions, confirmed that his com- 
pany was likely to mount a 
bid. as to whether to do so. 

Virgin could face fierce com- 
petition from other bidders. Mr 
Ward Thomas, c hairman of 
Yorkshire-Tyne Tees Televi- 
sion, confirmed that his com- 
pany is to mount a bid. 

Mr Thomas said he had 
already identified a number of 
prospective Investors inter- 
ested in forming a consortium, 
including several US concerns. 
“Our problem isn’t attracting 
enough investment, it’s decid- 
ing which investors to choose," 
he added. 

Editorial Comment, Page 13 


Hard battle to privatise the Post Office 

Andrew Adonis on obstacles which may prevent Britain from emulating the Netherlands 


The postal industry is one of 
the few In which mainland 
Europe has a privatisation lead 
on the UK. Whereas the 
Netherlands privatised its Post 
Office earlier this year, and 
Germany Is committed to fol- 
lowing suit, the UK govern- 
ment continues to dither about 
transferring the Rival Mail to 
the private sector. 

Mr Mtrfinpi Heseltine, trade 
and industry secretary, has 
still to convince his cabinet 
colleagues that he can carry 
Tory MPs in support of privati- 
sation. If he falls, a year of 
preparatory work may have 
been in vain. 

If the status quo continues it 

will be partly as a result of the 
fears raised by opponents of 
pnvansatxflSL 

But it will also be a conse- 
quence of the government’s 
failure to give serious consider- 
ation to the "middle way” 
option of granting the Post 
Office full commercial freedom 
in the public sector. 

The government Is looking 
at such an option, but has 
spent the past four months 
deriding It as Impractical. 

The government tried to 
meet many of the concerns 
raised by opponents of privati- 
sation In its consultation paper 
published In July. 

A Labour party leaflet deliv- 
ered across north London at 
the weekend says that the gov- 


Mr Michael Heseltine, trade and Industry 
secretary, last night tabled a complicated new 
plan for partial privatisation of the Post Office, 
our Political Editor writes. His last-ditch 
attempt to rescue the government’s privatisa- 
tion would involve a 40 per cent seU-ofT of the 
Royal Mail division and the transfer of a far- 
ther 20 per cent of the shares to an independent 
trust 

The remaining 40 per cent would be held in 

the public sector for a minimum of two parlia- 
ments and would include a “golden share". 


guaranteeing the government the final say in 
controversial strategic derisions. The indepen- 
dent, trust would comprise representatives of 
employees at all levels oF the Royal Mall and, 
crucially, would include members of the Feder- 
ation of Sob-Postmasters, which represents the 
owners of ratal post offices. 

With ministers preparing- for a critical meet- 
ing later today on whether to soap the sell-off, 

Mr Heseltine told Conser vativ e opponents of 
privatisation amt the new scheme would guar- 
antee the future of rural post offices.' 


Post ■ Office' mltestojnes 

1969c Po8t Office Is changed from a government depatmeht.to.a 
public corporation ' - 

1978: Post Office moves Into profit (and has. beenjewntJnupusty so. 
since then) : - • 

1981: Postal services and tatecommunications functions are spiff 
Into separate enterprises . - 

1984: British.Tdea»nrniirdcahpn& Is privatised - 

1990: National Gli^^ ■ . 

1992: Government review of the Paid Office set up 

1994 July: Government consuttatntkm paper recommends ■ 
prfvatteattan 


eminent's plans “will lead to 
local post offices facing clo- 
sure, an increase in the trice 
of stamps and cuts in postal 
deliveries”. 

In fact, under government 
plans the Post Office’s Count- 
ers division - which is respon- 
sible for high street and village 
post offices - will remain in 
the public sector. As for the 


price of stamps, the latest 
increase - Ip on first and 
second-class letters almost a 
year ago - followed a sharp 
increase to the Treasury’s levy 
on the nationalised industry’s 
profits.. 

Last year the Post Office had 
to pay the Treasury £L82m. 
This year it will be 2228m. a 
sum higher than the Post 


Office's post-tax profit for 
1993-94 and nearly twice as 
much as a reasonable dividend 
payment if the industry were 
to the private sector. 

The g o vernment is also pro- 
posing to establish a postal 
regulator to ensure that price 
increases are justified by costs. 
Oftol, the regulator of the pri- 
vatised telecoms Industry, Is 
imposing sharp price cuts <m 
B ritish Telecommunications - 
whose charges are substan- 
tially Less, in real terms, tha n 
they were at the time of priva- 
tisation a decade ago. BT used 
to be part of the Post Office. 

The government could offer 
further assurances about 
prices and service levels after 
privatisation. But as one Con- 
servative MP puts it: “Such 
adjustments don't really mat- 
ter. The fears our opponents 
are deploying so successfully 
would not be reduced." He 
added: "The experience of 


water privatisation, which 
remains hUteriy unpopular aod 
probably should not have gone 

ahead, has not helped." 

The government could still, 
however, call the Labour par- 
ty’s bluff and propose to give 
the Post Office full commercial 
freedom to the public sector. 

Mr Bill Robinson, a former 
adviser to Mr Norman Lament 
when chancellor of the exche- 
quer, has set out such a course 
to a paper for the consultancy 
London Economics. He says 
that privatisation of the Post 
Office will not necessarily 
make it more efficient 

Having examined previous 
privatisations, London Eco- 
nomics concludes: “Privatisa- 
tion itself is not a fundamental 
driver of efficiency improve- 
ment Competition, effective 
regulation and a determination 
to restructure the business 
when necessary matter more.” 

The Treasury has until now 
been resolutely opposed to 
granting the Post Office toll 
commercial freedom in the 
public sector - however cat- 
egoric the statutory safe- 
guards. 

However, Mr Robinson cited 
the cases of New Zealand and 
Sweden, where state-owned 
postal services have been 
granted full commercial free- 
dom and are flourishing. 


~ " ' a iiifie'krtown company, to give the world. Few companies in our field of 

.Hr 

dare prinhsuch a .staien)ent. So how can we, AXA, do h ? 
h ■ { es t msuraocesgroup in the world, based on funds under management 
ar# fl 2! h -by premium .income. We are 50 000 strong with offices in 16 countries., 

*V' W : ' 

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v - i+.ir .*>«• ■ 


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we reagfi such a position f 

J- a economy, :t lake- nmter w-ww to go-; am : cep) c-wnA. The 

re is ^‘service we .'promised. No hiding behind me -mA; m m: v cm m. w ha: voa 

VjgC 1 - ;. '• ; -Ah . r - . 

ipfiovattve and thorough, consmntiv being f escaped \o i-{ an ever chancing v-. -•.-•ricA 

bvxomniUted men and women. 


^ e ‘ ter ser ^ !Ce and better people \o gro.\ like thj.\ 
strategy combining many elements. Consistent p*of:tao i| :A. ilv.r.O wa. uon w 
And international expertise gained through differem vimA p soeA.o* • • -e:v 2 

ita38feto^vell re -spected local companies. 

just such partnerships with The i quwwle m «h* L’SA and vd'h A r- . w or . - nc 


'experience and their image, thev profit from ours. Cross ferhimaiion F 

. 0 we cccr c.i x • r.;". 


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deal with : H Co ahead. You can relv on usd 


a\‘. not on!v to our c cents 


NEWS: UK 


A '» 


Editor faces 
investigation 
by angry MPs 


By David Owen 

Mr Peter Preston, editor of The 
Guardian, faces an investiga- 
tion by MPs into the newspa- 
per’s use of a doctored House 
of Commons letterhead during 
its inquiries into the payment 
of a minister’s hotel bill. 

Miss Betty Boothroyd, the 
Speaker of the House, yester- 
day cleared the way for an 
emergency debate today which 
is expected to lead to a vote on 
whether the newspaper should 
be the subject of a privileges 
committee probe. 

Her decision came after 
prime minister's questions, 
when former Tory ministers 
led a sustained assault on Mr 
Preston and the activities of 
investigative Journalists. 

Mr John Major, the prime 
minister, launched made a 
stinging attacked on the role of 
the press in the recent wave of 
so-called "sleaze” allegations 
against MPs which have led to 
two ministerial resignations. 
“If it is commonly accepted in 
journalism that the end Justi- 
fies any means, then 1 believe 
journalism will regret stooping 
to that particular standard.” 

Meanwhile, Labour MPs on 
the powerful privileges com- 
mittee of the House of Com- 
mons rejoined the body for a 
private session to try to break 
the procedural deadlock over 
its "cash-for-questions” 
inquiry. The seven had boycot- 
ted the hearings over the gov- 
ernment’s insistence that they 
be held in private. 

The committee broke up 
without resolving whether its 
inquiry would be conducted 
entirely in private. 

Sir Paul Beresford. the hous- 
ing minister who is the latest 
target of press allegations, 
strongly denied any wrong- 
doing over combining govern- 
ment duties with part-time 
work as a dentist 

Yesterday’s developments at 
Westminster came as solicitors 


acting for Mr Mohamed Fayed, 
owner of Harrods, wrote to Mrs 
Barbara Mills, director of pub- 
lic prosecutions, to call for an 
urgent decision on whether he 
would face criminal charges 
for his alleged attempts to 
“blackmail" the government 

Mr Major told MPS last week 
that an unnamed intermediary 
had made allegations against 
several ministers and 
requested a meeting between 
the prime minister and Mr 
Fayed to discuss the 
DTI report into his takeover of 
House of Fraser, Harrods' par- 
ent company. 

Today's debate is expected to 
be on a motion calling for The 
Guardian’s actions to be inves- 
tigated by the privileges com- 
mittee. 

Announcing the debate to 
MPs yesterday. Miss Boothroyd 
said the “essential" issue to be 
covered was: “The alleged 
action of The Guardian news- 
paper to representing that a 
letter sent by it to the Rltz 
hotel in Paris was sent in the 
name of a member of this 
house." 

The newspaper has admitted 
using a doctored Commons let- 
terhead to seek details of a 
minister’s bill incurred at the 
hotel, which is owned by Mr 
Fayed. 

Miss Boothroyd’s decision 
followed an investigation by 
Sir Alan Urwick, Serjeant at 
Arms, ordered by her on Mon- 
day. 

Mr Major said MPs had a 
right to expect the highest 
standards from the press just 
as it demanded the highest 
standards from parliament 

“Over many years The 
Guardian newspaper and the 
present editor has from time to 
time thundered against general 
standards to public life,” he 
said. "That is the right of the 
press to do that 1 simply invite 
them to observe their own 
standards themselves.” 


Supermarkets push up prices 

Minister defends 
changes for milk 


By ABaon Maitland 

Mr William Waldegrave, the 
agriculture minister, yesterday 
defended deregulation of the 
milk market as more super- 
market groups marked up the 
price of a pint by at least 2p 
(3c). 

Mr Waldegrave said the 
move to a free market inevita- 
bly meant “winners and los- 
ers”. but the new arrange- 
ments were already “releasing 
the creative energies of the 
industry.” He added: " l believe 
that to a comparatively short 
time the change which has 
taken place will be seen in a 
more positive light" 

The statutory Milk Market- 
ing Board, sole buyer of milk 
from farmers for 61 years, was 
replaced yesterday by a power- 
ful producers’ co-operative. 
Milk Marque, which has won 
control of two-thirds of sup- 
plies in England and Wales. 

Retailers yesterday blamed 
their higher prices on the 
increased cost of milk supplied 
by Milk Marque to dairy manu- 
facturers. Safasbury, the big- 
gest supermarket group, joined 
Tesco in raising milk prices to 
28p a pint, and said butter and 
cheese prices would also go up. 

Safeway put its price up to 


23p a pint, but will lower it to 
28p today “to remain competi- 
tive". Asda, the superstore 
chain, said its four-pint cartons 
were rising by 9p, or 2^5p a 
pint, to 92p because the new 
system had increased prices by 
10 per cent. 

Mrs Gillian Shephard, former 
agriculture minister, said 
when she approved the new 
arrangements to June that con- 
sumers should not expect to 
pay more for milk. 

The agriculture ministry 
now says the increased prices 
charged to dairy companies by 
Milk Marque should add no 
more than O^p to a pint But 
Mr Waldegrave denied yester- 
day there bad been a shift In 
the government’s view of the 
benefits of deregulation. 

“It’s never comfortable in the 
short term as you move into a 
new era of competition,” he 
said. “But Tm a firm believer 
that competition is the best 
way to the long term of bene- 
fiting consumer interests." 

His comments failed to pla- 
cate the newly named Dairy 
Industry Federation, which 
represents milk processors. 


People, Page 9 
Commodities, Page 24 


Lottery adverts 
anger charities 


By Diane Summers,' 

Marketing Correspondent 

Charity fundraisers yesterday 
lodged a complaint with the 
Advertising Standards 
Authority, the advertising 
watchdog, about 

advertisements promoting the 
National Lottery to last 
Sunday's newspapers. The 
advertisements, headlined 
“Every time you play the 
National Lottery, someone else 
gets a better chance”, also said: 
“For every pound that you 
spend playing the National 
Lottery, at least a quarter will 
go to hundreds of worthy 
causes throughout the UK." 

The Institute of Charity 
Fundraising Managers, the 
fundraisers' professional body, 
said it was concerned that the 
advertisements might 
encourage people to stop 
donating to ebarities and 
switch to buying lottery 
tickets. These go on sale later 
this month. Mr Stephen Lee. 


institute director, said charity 
fundraisers had long supported 
the lottery, but this support 
“has always been based on the 
principle that income from Che 
National Lottery will be truly 
additional to existing levels of 
support to our sector". 

Research commissioned by 
the National Council far 
Voluntary Organisations has 
estimated that the lottery 
could result in an annual loss 
of charitable income or 
between E190m and £270m, said 
Mr Lee. 

He added: “We were led to 
believe that the lottery will be 
promoted primarily as a fun 
activity, not as a means of 
supporting charities and 

voluntary organisations.” 
Nowhere in this initial 
advertisement can I see any 
reference to lottery games, the 
level of prizes, or the chance of 
winning a prize connected with 
the Lottery." 

Lottery tickets are due to go 
on sale later this month. 








NEWS: UK 


Bank acquires 
home loans 


group for £ 56 m 


By Alison Smith 


Abbey National, the banking 
group, has bought Household 
Mortgage Corporation, the 
UK's largest centralised mort- 
gage lender, in an agreed cash 
offer Of £56-3m ($89m). 

The move gives Abbey a new 
method of distributing mort- 
gages to set alongside the sales 
it makes through its branch 
network while its credit rating 
should give HMC access to 
funds more cheaply. 

HMC has outstanding mort- 
gages of about £L6bn, which 
gives it at around 0.4 per cent 
of the total outstanding UK 
mortgage market. 

This puts the deal on a par 
with the acquisition by Halifax 
Building Society, the UK's larg- 
est mortgage lender, of the UK 
residential mortgage business 
of Banque Nationale de Paris, 
which has outstanding mort- 
gages of El-Stm. 

Like other centralised lend- 
ers, HMC has no branches, and 
business is passed to it 
through independent profes- 
sional advisers such as lawyers 
and accountants. It has 28.000 
customers and has developed 
same complex and sophisti- 
cated home loans. 

It will continue to operate in 
this way as part of the Abbey 
National group, and will main- 
tain a separate brand name as 
a continuing business. 

This makes yesterday's 
agreement different from other 
recent deals in which main- 
stream mortgage lenders have 
bought loan books from lend- 
ers who entered the UK hous- 


ing market in the 1980s and no 
longer see it as central to their 
business. 

Abbey’s purchase in Febru- 
ary of the £900m mortgage 
book of Canadian Imperial 
Bank of Co mm erce is among 
the most conspicuous recent 
examples of that trend. 

HMC announced in July that 
it was seeking a sale, and a 
number of mortgage lenders, 
including some large building 
societies, expressed an interest. 

Mr Maxwell Packe, HMC 
managing director, insisted 
that Abbey’s bid was “the best 
offer, taking all factors into 
account". All the shareholders 
had approved its acceptance, 
he said. HMC made profits of 
£4m in the four months to 
July, but like other centralised 
lenders has suffered in the UK 
housing recession. Last year it 
reported a profit of £700.000. 

Holders of HMCs 3.1m for- 
mer preference shares will 
receive 535p in cash for each 
share - more than the 398p 
price for each of the 10 . 8 m ordi- | 
nary shares, to reflect the , 
value of preference dividends 1 
which were not paid. 

• Ministerial decisions about 
changing the rules gnvp ming 
the way building societies 
operate are likely to be delayed 
beyond the original deadline 
for the far-reaching govern- 
ment review. That may mean 
the changes will not become 
law before the next general 
election to the House of Com- 
mons in 1996 or 1997. 

The two-stage review of soci- 
eties' powers and duties was 
launched in January. 







Ford to halt output from 
Escort factory for 12 days 


By John Griffiths 


Production at Ford's Escort car 
and van plant at Halewood in 
north-west England is being 
halted for 12 days this month 
to cut stocks, taking more than 
9,500 vehicles out of produc- 
tion. There are 500 workers at 
the factory. 

The cuts mean that, by the 
end of this month. Ford will 
have taken 20,000 Escorts out 
of production since short-time 
working began last month. 
Employees will be paid their 
basic wage on the “down days” 
but will lose bonus and over- 
time payments. 

Ford blames a weaker-than- 
expected UK market for the 
cuts, although none of its main 


Workers at Yarrow Ship- 
builders in southern Scotland, 
an offshoot of GEC, the UK 
defence and electronics com- 
pany, bave voted for industrial 
action after rejecting a pay 
offer worth 2 per cent linked 
to the introduction of perfor- 
mance-related pay. All trade 
unions at Yarrow, the UK's 
largest warsbip yard, will 
meet tomorrow. 


rivals is bikin g simil ar action. 
Halewood-built Escort cars are 
sold only in the UK, although 
some Escort van output is 
exported. 

Ford's Dagenham plant in 
east London, which makes 
Fiesta cars and vans, will work 





fk 







“Want a Nobel laureate to manage vour 

... 

. is portfolio management an art or a science r ' 


asks Alain List, Private Banking, UBS. i; \Velk actual!'.' it’s a bit of 
both. We systematically aim at reducing risk and increasing vic’d. 




Computers eliminate large areas of ignorance. We even have a Nobel 
laureate on our advisers’ board. But at the end of the dav, it’s 
our portfolio managers’ experience and intuition that’s earned us 
top marks.” 






Beyond the usual. 


. Union Bank 
■ of Switzerland 


NEW YORK. LONDON. TAR1S, LUXEMBOURG. FRANK PURT. ZURICH. GENEVA. SINGAPORE, HONC KONG. TOKYO 


ib*i» ( > 


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FINANCIAL TIMES WEDNESDAY NOVEMBER 21994 




Big union 
faces 
strike 
by its 
own staff 


UK NEWS DIGEST 


/ .uuh yu- - 




Investigator into 

Heathrow tunnel 


voic 


will report soon 

- i tliA /vtTlanaa /vf a hmul 1/ V 


By Robert Taylor, 
Labour Correspondent 


Prince Charles and Princess Diana face in opposite directions in a London shopwindow display. 
Jonathan Dimbleby and Andrew Morton, whose names appear next to the royal couple, are authors 
of rival books about them. Dirableby’s “authorised biography” of Prince Charles, in which be 
admits adnltery with the wife of a senior army officer, was published in the UK yesterday. “Her 
New Life”, Morton’s second book about Princess Diana will appear later this month 


Staff at the Transport and 
General Workers' Union, once 
the largest in the UK, will go 
on strike for a day tomorrow in 
pursuit of an 8 per cent pay 
claim. The union’s executive 
has offered them a deal worth 
between 3 per cent and 3£ per 
cent. 


Preliminary findings of an inquiry into the collapse of a ttmnel 
SStaEt London’s Heati^anyrtareexpe^d 
S^stweeE onr Construction Correspondent writes. The 
SS* mold have financial implications for other large tarns- 
SfpSSs ^JtoN^Aurtrlai Tending MUM 
taroted in the collapse at one of two Statons being built fir a 


« London to the airport- 


normally this month after los- 
ing two days’ production - rep- 
resenting 2,000 vehicles - in 
October. Dagenham has not 
been so badly hit because it 
exports about a third of its out- 
put to continental Europe, 
where demand is once again 
rising after one of the steepest 
vehicle market recessions on 
record. 

The cuts at Halewood come 
even though the Escort was 
the UK's top-selling car in 
August followed by the Fiesta. 
Ford has a UK market share of 
about 22 per cent. 

Stock levels will be reviewed 
again at the end of this month. 
Short-time working at Hale- 
wood is expected to last into 
next month. 


Further disruption leading to 
the closure of union offices is 
planned unless the union 
agrees to increase its offer to 
its 900 staff, who themselves 
belong to the union that 
employs them. 

“We regret the fact that for 
the first time ever the 
TandG's staff will be taking 
strike action." said Mr Danny 
Bryan, the staff's negotiator. 
"It reflects the anger among 
staff that the union has 
not properly recognised the 
contribution made by them 
daring the last few difficult 
years". 

The union has gone through 
sweeping rationalisation with 
the closure of regional offices, 
a cut of 15 per cent in staff and 
the introduction of computer- 
ised technology. “There is a 
lack of security in the union; 
staff are frustrated and con- 
cerned", added Mr Bryan. 

Mr Bill Morris, the union's 
general secretary (chief offi- 
cial), said yesterday that the 
pay offer to the staff was 
higher than the infla tion rate 
and better than recent pay 
rises negotiated by the union 
for its members in industry. 
“Pay and conditions in the 
union are comparable and in 
many cases better than those 
found in s imil ar organisa- 
tions", he added. 


Construction has also stopped at two stations icju the Unte- 
ground system in central London where the Austrian mettod 
was being used. Meanwhile the existing Underground station 
S ■Sraiiial 4 is likely to remain dosed &r l 0 

days for safety The technique allows t un n el s to be 

excavated by conventional diggers, rather than by expensive 
tunnel boring machines. 

Two inquiries have been launched mto the tunnel collapse. 
The first led by Mr David Williams, BAA technical director, is. 
due to announce its preliminary finding next week. Asecond 
inquiry by the government's Health and Safety Commission 
will also investigate “broader implications for the use” of the 
Austrian method. 

The commiss ion is expected to examine whether the tech - 1 
nique, developed for rocky ground, is s u itab l e for soft London 
clay where it is being used for the first time on alarge scale, i 
Questions were raised previously about the suitability of the 
Austrian method for different ground conditions following the 
collapse of a tunnel in Munich in September. 


Cardinal pleads for poor 


Cardinal Thomas Winning has portrayed successive govern- 
ments as “robbing the poor to help the rich”. 71m former, 
ar chbish op of Glasgow in Scotland was one of 30 cardinals 
created by the Pope at the weekend and only the third Scot- 
tish cardinal in 400 years. He wrote in the Daily Mirror that 
“part of the blame for the plight of the dispossessed has to lie 
with successive governments”. 

He found it hard to defend the support of UK governments 
for flat-rate taxes and described as “the biggest political mis- 
take ever” the poll tax introduced by the Thatcher govern- 
ment in the 1980s and abolished after a tide of protest In 1990. 
Cardinal W innin g 1 , who is 69, said the pressures encouraging 
selfishness were stronger than ever. "Money can make people 
like animals ," he wrote. “When they get the taste for it, it is 
hard to get rid of it.” 


Sports car output to double 


For as 


The discontent is symptom- 
atic of deeper internal troubles 
that are worrying Mr Morris 
and his executive. Membership 
has declined by more t han half 
since the Conservative govern- 
ment came to power in 1979. 

The potentially most serious 
problem stems from alleged 
charges of fraud and corrup- 
tion being investigated by Mr 
Albert Blyghton. legal officer 
for the union's Merseyside divi- 
sional office in north-west 
England. 

Mr Morris has been taking a 
tough stand over the matter, 
warning union officials that 
the union is involved In a 
"struggle for democracy and 
decency" which is "as serious 
as any external challenge" the 
union has faced over the past 
fifteen years. 

Officials have been dismissed 
amidst allegations that about 
£500,000 ($790,000) of members’ 
money has been diverted for 
political purposes on Mersey- 
side over recent years. 


TVR, an independent maker of sports cars, is doubling the size 
of its manufacturing plant in Blackpool, north-west England, 
and starting its first night shift in order to build a third range 
of cars and expand production. The company said it had taken 
orders worth £10m for the Cerbera, a new 2+2 coupe model 
exhibited at last week's UK motor show which will enter 
commercial production before the end of the year. 

The £33,000 car will be the first to use an engine of TVR’s 
own design and manufacture, a 350 horsepower V8. TVR said 
the Cerbera would help lift the company’s output to more than 
1,000 cars this year for the first tinm in its 40-year history. The 
company said: “The £10m covers the supply of 276 cars and 
means that production next year could well rise to 1,350-1,400." 
TVR produced 827 cars last year, and just over 500 in the first 
seven months of this year. 


isrr* *■-' 

;£n T. ■ 




Police start cut-price patrols 


Police in the dty of York yesterday stopped making routine 
patrols by car because of a shortage of funds for fueL Officers 
now patrol on foot or on bicycles and use cars only for 
emergency calls and special investigations. The shortfall has 
been caused by a big increase in police pensions, which arc 
financed from the same budget as fuel 


leil David so 


Last hangman dies 


Mr Syd Deraley, the last surviving hangman in Britain, died 
yesterday at the age of 73 - 41 years after his five-year career 
ended. His widow recalled yesterday at tbeir home in Mans- 
field, central England, that his proudest boast was that he was 
the fastest executioner in the profession. He helped end the 
lives of 25 criminals. “He was a craftsman, like a carpenter, if 
you like," his widow said. “He took a pride in his job, but he 
wasn't a callous man. Nobody suffered; he was very quick.” 




Connection blown up by IRA will cost £lm to restore 


. J-P • 

■SCJ 


Ireland power link to reopen 


By John Murray Brown 
In Dublin 


Officials from Northern Ireland 
Electricity, the privatised 
power utility, are assessing 
what needs to be done to 
restore the power link with the 
Irish Republic. 

The Interconnector between 
the two parts of the island was 
blown up by the Irish Republi- 
can Army several times in the 
1970s. The power link has 
become a symbol of the drive 
towards cross-border co-opera- 
tion in the wake of the IRA 
and loyalist ceasefires. 

Northern Ireland Electricity 
has been in “active discus- 


sions” with the republic's Elec- 
tricity Supply Board about 
terms. 

All-island co-operation in 
areas such as energy, telecom- 
munications and tourism are 
likely to increase if there is a 
lasting political settlement. In 
the past week, the Northern 
Ireland board and the repub- 
lic's supply board have com- 
missioned two cross-border 
emergency connections in the 
north-west of the Northern 
Ireland, traditionally an “ener- 
gy-poor" area. 

That project attracted sup- 
port under the European Com- 
mission's "Vaioren” scheme, 
and the north-south intercon- 


nector is likely to win EU sup- 
port. NEE, Northern Ireland’s 
largest company, said yester- 
day that the interconnector 
with the republic could be 
working again in five months. 
Substations will bave to be re- 
equipped to account for the w 
disparity in voltages used in 
Northern Ireland and the 
republic. The total cost of W 
restoring the interconnector is 
estimated at Elm. 

NIE has 4 power stations 
with installed capacity of 
2,300 MW, which is 40 per cent 
higher than peak needs. The 
Interconnector will enable NIE 
to meet the republic's proj- 
ected increased demand. 


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FEVANOAL TIMES WEDNESDAY NOVEMBER 2 J 994 

Tim Dickson on a training resource 
for large employers that also helps 
unemployed youn^ people 

A voice for 
volunteers 


MANAGEMENT 



O ne passage is last week's 
400-page report of the 
Labour party's Social 
Justice Commission was 
studied with particular care by Eliz- 
abeth Crowther-HunL 
It described the eye-catching if 
ambitious proposal for Citizens' Ser- 
vice, a potentially “big" political 
idea for famMing unemployment 
through the mobilisation of young 
people in nationwide community 
project teams. 

Crowther-Hunt's interest stems 
from the fact that the Prince’s Trust 
Volunteers, a royal charity backed 
by 100 large UK employers of which 
she is fun-time director, already 
adopts a strikingly similar 
approach. Indeed, she and her 
patron will no doubt have been 
pleased that in several places the 
Commission cites the PTV as a pos- 
sible model for its own scheme. 

Labour’s implicit endorsement of 
PTV - party leader Tony Blair gave 
Citizens' Service a wa rm welcome 
even though it is not official party 
policy - comes with the Prince’s 
charity poised for a substantial 
expansion over the next few 
years. 

Current capacity is likely to be 
doubled to about 4,000 planes per 
annum by next March, but prime 
minister John Major has pledged 


- the government's support to 
achieve a target of 25,000 volunteers 
a year by the end of the century - 
"a figure which would certainly 
make a difference," suggests PTV 
chairman Mike Woodhouse of 
Bowater. 

Under the Volunteers programme, 
a mixture of young people in jobs 
and the. young unemployed join 15- 
strong teams, which undertake an 
intensive 60-day programme (nor- 
mally full-time, although it can be 
sjaead over 6 mouths). Of the 60 
days, 20 are spent on classic “team 
building” activities and 40 on com- 
munity projects and placements (for 
example, working with the old and 
disabled, in schools, hospitals or on 
environmental projects). 

Government and royal patronage 
aside, PTV’s growth plans will 
depend ou the organisation’s ability 
to persuade large employers that 
the scheme is a valuable and 
cost-effective staff training 
resource, and that they should 
therefore release more of their 
young employees to participate in 
programmes. 

The magic ingredient, according 
to enthusiasts, comes from tho ww 
of employed and jobless. "Like most 
companies we are trying to break 
down hierarchies and introduce 
team working ” says Mike Riley, 



Prince's Trust Votistfeers: poised for n&stantia! expansion over the next few years 


chief executive of LLaneDi Radia- 
tors in Wales, part of £he Japanese 
Calsonic Corporation. ,r We find that 
sending people on PTV programmes 
offers young graduates or those 
who have come to us from less aca- 
demic backgrounds the chance to 
work with others, often under pres- 
sure, and to develop their leader- 
ship skills . I'm a big supporter.” 

KPMG. J. Sainsbury, Marks and 
Spencer and National Westminster 
Bank - and the Benefits Agency, 
Royal Mail and the Inland Revenue 
in the public sector - are among 
organisations that support Volun- 
teering. Employers pay £1.200 per 
place as well as their second ees’ 
wages; the unemployed continue to 
receive social security benefit. 


PTV claims that the results since 
it started in 1990 have been positive 
for everyone. U quotes a recent sur- 
vey in which 70 per cent of employ- 
ers saw a significant change in their 
participants in at least one skill 
area; 50 per cent in two or more 
areas, and almost 30 per cent in 
three or more areas. Improvements 
in team working, communication 
and problem-solving were also 
noted. 

Routine surveys of unemployed 
Volunteers taken three months 
after programmes bad ended show 
that 70 per cent have either found a 
job or are in further education or 
training, while around half con- 
tinue to volunteer in a significant 
way after leaving the course. 


For aspiring board directors 


P sstl Fancy a seat on the board 
of a company chaired by ICTs 
Sir Denys Henderson, and 
where Andrew Teare of English 
China Clays is chief executive? 

Jost such an opportunity was 
made available this week by 
head h unters Spencer Stuart, the 
Wharton Business School of 
Pe n ns yl vania and the international 
accounting and consulting firm 
KPMG. 

Before would-be dir ect o rs rash to 
sign up. though, they should bear 
in mfari that the company hi 


question - MegaMicro - is 
fictitious, the board posts are on 
offer for just the two days of a 
training programme next March, 
and they come with a price tag of 
£4,000 plus VAT. 

Known as the Director’s Institute 
in the US where it was launched 
last year this so-called Directors’ 
Fonzm has been devised by the 
three joint venture partners to fill 
what they perceive to be a gap in 
the UK market for directors’ 
training. The programme - aimed 
at execs and non-execs alike - is 


essentially a board simulation 
exercise based on the imaginary 
bat true-to-life MegaMicro during 
which participants address issues 
feeing the company in the coarse of 
audit and remuneration committee 
meetings and a foil board meeting. 

Strategy, succession, 
remuneration, product liability, 
and new financial instruments are 
among corporate governance 
subjects that will be raised. 

An important feature is the panel 
of advisers - an impressive list of 
the great and the good who have 


indicated their willingness to offer 
advice, lead tbe discussion, or even 
play a role in MegaMicro (hence the 
close involvement of Henderson 
and Teare in the first programme). 
Panel participation is one way the 
Forum hopes to distinguish itself 
from rival programmes such as 
that run by the Institute of 
Directors. 

Details available from Anne 
Ferguson or Allan Steieart of 
Spencer Stuart on 071-193 1238. 

Tim Dickson 


Talent defects to 
the private sector 

David Goodhart continues a series with a look at the 
task of overseeing a group of job centres 


Margaret Walker 
runs 12 job centres 
in south-east Lon- 
don. serving areas 
@ © (§ with some of the 
A—A highest and most 
Jl a JL JL J! intractable unem- 
ployment in 
Britain. As a dis- 
trict manager for 




management 


the Employment Service, she is 
responsible for about 600 job cen- 
tre staff and an annual budget of 
£l3.lm, £9m or which is spent on 
manpower. Those 600 are in turn 
in charge of paying out benefit to 
more than 50,000 people, policing 
the rules which claimants must 
abide by. and trying to return 
them to the labour market as 
quickly as possible. 

Bustling between her different 
job centres. Walker, 34, seems the 
very picture of the efficient, com- 
passionate, public-sector manager. 
She has certainly got results. Her 
district of the Employment Service 
(the government agency which 
runs the job centres) was last 
month awarded one of the govern- 
ment's Chartermark awards for 
good service. 

She has also benefited, winning 
significant performance bonuses. 
But such bonuses have only raised 
her salary to a little over £30,000 
per year, not a large amount by 
private-sector standards for some- 
one with her responsibilities. 

And not enough to keep Walker 
in tbe public sector. Later this 
month she takes up a post with the 
recruitment company NB Selec- 
tion. “Private-sector experience 
will be useful. I envisage returning 
eventually to the public sector, 
perhaps to run a big hospital.” 

But Walker clearly feels there is 
a glass ceiling preventing people 
like her rising much further in the 
civil service. She believes this is 
more to do with her personality 
than her sex. 

She certainly displays an un -civil 
service directness about tbe frus- 
trations of the job. “There are still 
irritations like the animality rules 
on money, which force you to hand 
back part of anything you save at 
the end of a year,” she says. 

Walker also believes promotion 
opportunities are shrinking as lay- 
ers of management are cut out. 



Uxfa ran eta User 

Margaret Walken promising young manager lured elsewhere 


“When you have a large number of 
people who entered the depart- 
ment in the 1970s, flat manage- 
ment makes it difficult for the peo- 
ple that came in later,” she adds. 

The exit of a promising young 
manager such as Walker illus- 
trates the problem faced by organi- 
sations - especially in the public 
sector - moving from a "promo- 
tion culture” to a performance pay 
culture. 

"In theory the point of such a 
shift is to make it more attractive 
to people like Margaret to stay 
doing something they are good at, 
such as running job centres, rather 

than moving thpm OQ to things 

they may he less good at,” says 
Jeremy Cowper. head of corporate 
development at the Employment 
Service. In practice it may be caus- 
ing promising young managers to 
flee. 

Another problem for the public 
sector is gaining the right balance 
between local managerial discre- 
tion and national rules. An organi- 
sation which h ands out billions of 
pounds of public money cannot 
afford to give local managers too 
much discretion, but with no dis- 
cretion at all it becomes Impossible 
to attract talent. 

Walker has had some freedom - 
she has. for example, introduced a 
non -statutory childcare system for 
single mothers - but most of her 


job has been about applying 
national rules. 

“We are trying to combine 
humanity with the spirit of the 
law,” she says. 

Walker was recruited from the 
ranks of the unemployed. After 
going from a Midlands grammar 
school to Oxford she failed her bar 
finals and found herself jobless for 
a year in 1982. 

“Having experienced the system 
with all its petty humiliations 1 
know how harrowing it can be,” 
she says. But she insists things 
have improved since then. There is 
better integration of job search 
and benefit receipt under one roof, 
and a new language of clients 
rather than c laimant s. 

Given a free hand to make one 
change to the system Walker says 
she would introduce a third cate- 
gory between formal employment 
and claimant status. 

“I come across a lot of people 
who are basically unemployable 
but who still have quite a lot to 
offer, we need some mechanism for 
allowing them to receive benefit 
unconditionally while doing vari- 
ous kinds of unpaid work." 

It is not an idea which will find 
favour with a government trying 
to toughen the conditions for 
receiving benefit. But the govern- 
ment is about to become her ex- 
employer. so Walker does not care. 


PEOPLE 


LEGAL NOTICES 


!» 


Neil Davidson to make his mark in milk 


DM THE HIGH COURT OF JUSTICE (IN ENGLAND) 
I? CHANCERY DIVISION 


No. 006010 of 1994 


Neil Davidson, a director of 
Northern Foods, one of the 
UK's biggest food manufactur- 
ers, was yesterday elected pres- 
ident of the Dairy Industry 
Federation, the new body rep- 
resenting milk processing com- 
panies. 

His election coincided with 
the deregulation of the milk 
market, under which the statu- 
tory Mfik Marketing Board was 
abolished and Milk Marque, a 
voluntary farmers’ co-opera- 
tive, launched as its successor. 

Davidson, 43, is responsible 
for all Northern Foods' milk 
activities, representing 50 per 
cent of turnover. He joined tbe 
group in 1977 and for the past 
two years has been responsible 
for milk buying. 

Under deregulation, the fed- 


eration. formerly known as the 
Dairy Trade. Federation, loses 
its statutory right to negotiate 
milk prices mi behalf of the 
dairy trade. As an industry 
lobby, however, it will now 
grant automatic seats on its 
council to all major dairy com- 
panies. 

Davidson signalled that he 
wanted a more constructive 
relationship with other parts of 
the industry following the acri- 
mony that marked the past 
18 months of preparation for 
deregulation. 

“My aim is to lead an organi- 
sation which represents the 
interest of both large and small 
buyers of milk, is clearly 
focused an what it is trying to 
achieve, and is positive and 
constructive in its outlook,” he 


said. 

Under its retiring president, 
Jim Mclfichael-Phillips, the 
federation was accused by the 
House of Commons agriculture 
committee earlier this year of 
“intransigence" in its opposi- 
tion to the new arrangements. 

Davidson says he looks for- 
ward to a healthy dialogue 
with William Waldegrave. the 
agriculture minister, and farm- 
ers’ leaders. But he noticeably 
did not refer to Jfilk Marque, 
with which the dairy trade is 
engaged in a fierce row over 
prices. 

He also nfeintaingH the dairy 
trade’s assault on the new 
system, saying it had “dis- 
torted the market and led to 
artificial raw milk price 
increases". 




Sr Brian Shaw - Krright of 
the Road. Sr Brian (above), 
cfinhuum of the Port of Lon- 
don Authority, is to he the 
wirf rihnirwian of The Automo- 
bile Association, which repre- 
sents one in three of all UK 


motorists and solved 4.5m 
breakdowns last year. 

Sir Brian, 61, will take over 
as chairman at tin end of next 
year when the current incum- 
bent, Sir Ralph Carr-KUison, 
turns 70. Sir Ralph, a land- 
owner in the north east who 
has been chairman since 1988, 
has presided over a period of 
rapid change. Tbe AA*s mem- 
bership has increased from 6m 
to 8m and the voluntary 
organisation has invested 
heavily In information tech- 
nology to handle over 6.5m 
calls a year Cram motorists. 

Sir Brian, a former chair- 
man of the Furness Withy 
shipping group, will inherit a 
major private business. Last 
year the AA rep or ted pre-tax 


profits of £39.7m on income of 
£576m and net assets of 
£178m. Although half the AA’s 
income still comes from sub- 
scriptions, 28 per cent comes 
from insurance and financial 
services and provides the bulk 
of the organisation’s profits. 
Other AA ventures include 
Britain's second biggest driv- 
ing school and the introduc- 
tion of an em ergency service 
for homeowners (AA Home- 
line). . 

■ Leslie Goodwin, ceo of the 
Jardine Members' Agency, has 
appointed rfifaf executive 
of METHUEN (Lloyd's 
Underwriting Agents); John 
Cox, the md, is to take early 
retirement next ApriL 


■ Roger Letby has been 
appointed md of Heath UK 
Holdings, the retail operation 
OFC.E. HEATH. 

■ Bill Haynes has been 
promoted to md of SUN LIFE 
Unit Services. 

■ Michael Cameron, Robert 
Elphick, Stephen Emmott, 
Graeme Murray and Jonathan 
Lee have been appointed 
directors of H. CLARKSON and 
Co. 

■ Jock Mawson has been 
appointed md of LONHAM 
GROUP. 

■ John Hastings-Bass, md of 
JIB'S personal and commercial 
insurance division, has been 
appointed chairman of 
JARDINE Financial 
Consultants. 


Expanded role for Sach at RBS 



Derek Sach, 46, who joined The 
Royal Rank of . Scotland two 
years ago from the Si Group, 
has underlined his steady rise - 
tip the Scottish bank’s manage- 
ment team by being appointed 
to the newly created post of 

director aT group risk. 

Although not a main board 
director, Sach takes over many 
of the responsibilities of John 
Barclay, MS’s deputy chief 
executive who retired last sunt 
mar. Sadi win be responsible 
for the co-ordination of the 
management and control of 
ri^ jhronghout the Royal 
Bask Group. He will report to 
Boh " Spiers, 58, a former 
finance director of Brito3> who 
took over as Royal Bank’s 
fmawtw director in July 1993, 

Spiers is expected to retire 
when he turns ®, which sug- 



gests that Sach may be being 
groomed to replace him an the 
Royal Bank board eventually. 

Sach, who used to run Si’s 
UK business, set up the Royal 
Bank's specialised lending ser- 
vices. the division, which has 
a staff of 300 and teams in 
Edinburgh, Manchester and 


London, has pioneered a num- 
ber of techniques to rescue and 
assist customers in difficulty. 
One indication of the success 
of Sach's approach to a prob- 
lem which dogs every bank is 
that the number of receivers 
appointed by the Royal Bank 
has fallen from 420 in 1992 to 
150 last year and he expects 
this year's figure to be around 
MOl 

While Sach admits that the 
decline in the number of 
receivers is partly to do with 
the recovery in the economy, 
he also believes that it has 
something to do with the Royal 
Bank's "completely new 
approach to customers with 
problems”. Sach will continue 
to be responsible for the speci- 
alised lending services division 
in his new role. 


■ Jouni Kokko, international 
economist at SG Warburg, is 
leaving in mid-November to 
return to his native Finland to 
be head of market advisory at 
Enskilda Corporate, the 
investment banking arm ot the 
Swedish bank SE BANKEN in 
Helsinki. 

■ John Thomson, formerly 
general manager - finance and 
administration, has been 
appointed deputy chief 
executive of COVENTRY 
BUILDING SOCIETY. 

■ Keith Jones, formerly a 
director of hazard Brothers, 
has been appointed head of 
investments at NP1. 

■ Dino Fuschillo has been 
appointed a director of 
LAZARD Investors. 

■ Philip Her, formerly an md 
of Merrill Lynch International 
Bank, has been appointed head 
of NOMURA’s international 
prime brokerage unit. 


IN THE MATTER OF 

ENGLISH & AMERICAN INSURANCE COMPANY LIMITED 1 

and 

IN THE MATTER OF 
THE COMPANIES ACT 1985 

NOTICE IS HEREBY GIVEN that, by an order dated 23 September 1994 made in the High Court of Justice in the matter of 
English & American Insurance Company Limited ("the Company"), separate meetings were ordered to be summoned of 
Scheme Creditors (as defined in the scheme of arrangement hereinafter mentioned) of tbe Company for the purpose of 
considering and. if thought fit. agreeing to a scheme of arrangement proposed to be made between the Company and its 
Scheme Creditors pursuant to section 425 of the Companies Act 1985 ("the Scheme"), namely: 

i. Scheme Creditors whu are Protected Policyholders (as defined in the Scheme). 

ii. Scheme Creditors who are 3 July 1980 - 6 October 19S3 ILU Policyholders (as defined in the Scheme); and 

iii. General Scheme Creditors (being Scheme Creditors other than Protected Policyholders and 3 July 1980 - 6 October 1983 
ILU Pol icy holders )(as defined in the Scheme). 

The meetings will be held on 15 December 1994 at the King George III Room. The Brewery. Chiswell Street, London EC1Y 
4SD. United Kingdom at the limes mentioned below, namely: 

i. in the case of Scheme Creditors who are Protected Policyholders, at 11.00 am : ; 

ii. in the case nl Scheme Creditors who are 3 July 1980 - 6 October 1983 ILU Policyholders, at 11.10 am s ; and 

iii. in the case of General Scheme Creditors, at 11.20 am’. 

The chairman of the meetings will address Scheme Creditors generally on the Scheme and on issues relevant to voting at the 
commencement of the first meeting. 

Scheme Creditors may attend and vote at such of the meetings for which they are eligible either in person or by proxy and 
arc. in any oxent. requested to complete the appropriate form of proxy and return it to the Provisional Liquidators of the 
Company at English & American House. Bruton Way, Gloucester GLI IDA. United Kingdom by 11.00 am on 15 December 
1994. a I ihi. ugh if no so returned, it may be handed in between 9.30 am and 11.00 am on the day of the meetings at the place 
fixed lor them. 

Each Scheme Creditor or his proxy will be required to register his attendance at such meetings as he is entitled to attend prior 
to its commencement. Registration will commence at 10.00 am. 

Tlte Scheme is proposed between the Company and its Scheme Creditors, (being creditors in respect of any claim arising out 
ot a liability to which the Company is subject at the date of the Scheme, or to which it may become subject thereafter by 
reason of an obligation incurred before that date, except any claim which would have been preferential in a liquidation of the 
Company or a claim in respect of the costs or expenses of the Scheme both of which will be payable in full) save that, in the 
event that Protected Policyholders and/or 3 July 1980 - 6 October 1983 ILU Policyholders, at the relevant meeting convened 
fur the purpose tor at any adjournment thereof) fail to approve the Scheme by the majorities required under section 425 of the 
Companies Act I ox?. the expression "Scheme Creditors" shall thereafter be construed so as to exclude Protected 
Policy holders and 'or 3 July I VXD - <> October 1983 ILU Policyholders (as appropriate). 

Any creditor of the Company who is or believes that he may be entitled to attend at any of the meetings may obtain a copy of 
the' document containing the Scheme and the explanatory statement pursuant to section 426 of the Companies Act 1985 and 
forms of proxy for use at the meetings from the Provisional Liquidators of Ihc Company at KPMG Peat Marwick, 20 
Farringdun Street, ijondun EC4A 4PP. United Kingdom or at the office of their solicitors mentioned below at their given 
address. 

Bv jhe order, the High (.'our! of Justice has appointed Anthony James McMahon or, failing him, Roger Smith to act as 
chairman of the meetings and has directed the chairman to report the results of the meetings to the courL 

DATED October 1^4 

Clifford Chance 
2tH'l Alueogatc Street 
London EC I A 4JJ 
Solicitors to 

Anthony Janies McMahun jnd Roger Smith 
Provisional Liquidators of the Company 


rhe cosr.-l inM>r.i>H\ hiiMiics .s til Prindcm.'e Capitol I ife AjMinmx Company limited (formerly Staler Walker Life AanratM Company Limited. Slater Walker Insurance 
I'.imr.iiv. I muii'd and Amn* I ji« AsMirjinc Citiijvnv I imiitdi was ininsferrcd id taigtish Amencui Insurance Company Limited in accordance with section SI of ibe 
Inxui'iiic * '••fiip.iiiuN Act 1 ,,K - with Ult.il li*«n M.irch I'Wt 
All umi i.ilid i.i ii-'.- ntrficv jk I -niif.in linn 

ih .i ■ ---'I ilu'iditii .i.ilK prciMQt mil ling - lull li.ivc ■.■im lulled or tern adjourned. 


'■ rS, .. ? - 
'S' ~l '..Tv ' 


lu- *■, ,v" p' , .• .■ , - m 








* FINANCIAL TIMES WEDNESDAY NOVEMBER 2 1994 

BUSINESS AND THE ENVIRONMENT — — 


j.-visi- 




A mid the mass of pipes 
and chimneys at Brit- 
ish Petroleum’s giant 
refinery at Grange- 
mouth near Edinburgh, the 
small assembly of silvery tubes 
standing by the roadside looks 
hMrfgniflngTrt But the 2(tft-high 
mini-plant could have impor- 
tant repercussions for the pet- 
rochemicals industry. 

The plant is an experiment 
by several leading European 
petrochemical companies to 
address one of the meet diffi- 
cult issues facing their busi- 
ness: plastic recycling. 

With public and legal pres- 
sure building up to re-use more 
of the piacHrc that seems to go 
needlessly to waste, the indus- 
try is anxious to be seen to be 
seeking solutions. But it is not 
an easy task because, as Mich- 
ael Buzzacott, chief executive 
of BPs polymers and olefins 
division, says: “Plastic recycl- 
ing is fundamentally uneco- 
nomic.” 

Waste plastic can be used in 
several ways. It can be burnt 
as a fuel for power generation, 
it can be melted down to make 
new plastic products (a process 
known as mechanical recycl- 
ing), or it can be taken a stage 
further and reduced to petro- 
chemical feedstock - the raw 
material for plastic-making. 
But most of it currently ends 
up being incinerated or buried 
in lan dfill 

According to APME, the 


A European consortium 
hopes to overcome the 
high costs of recycling, 
writes David Lascelles 


Disposal options 


me c hani c al 


Eneryy recovery 


Place for 



plastics 


Incineration without energy recovery 


association of European plas- 
tics makers, only a quarter of 
plastic is recoverable because 
the rest is too dirty, too small 
or, rikn plastic flhn, too flimsy 
to be handled. 

Even this figure creates a 
false impression because two- 
thirds of recovered plastics are 
burnt for power generation - a 
fate widely considered to be 
unacceptable - and only one- 
third. (or 7 per cent of total 
plastic) is recycled into new 
products. In the UK, the figure 
Is even lower: 5 per cent, 
according to a new survey by 
Minte l, the market research 
organisation. 

Part of the problem is techni- 


cal: mechanical recycling is dif- 
ficult because plastics have to 
be sorted into their different 
types, and the plastic that 
emerges is second rate. The dif- 
ficulty of collecting, rclpflmng 
and sorting plastics also adds 
vastly to tiie costs. 

In Germany, where tough 
packaging laws have poshed 
the process furthest in Europe, 
the cost of recycling plastic is 
put at DM3,000 (£1,250) a tonne, 
or twice the cost of virgin plas- 
tic. “If we have to pay such a 
high fee for plastics, then the 
comp eti t i veness of this product 
is in danger,” says Johannes 
Brandrup of VKE, the German 

plastics trade group- 


2000 and alter 


Beyond 2000. most plastic waste will be burnt to produce energy and a shrinking portion w9! go Into landffl. 
Mechanical recycing Is expected to remain retathrety stable. whHe petrochem i cal feedstock wi take a growing share. 


A proposed EU directive 
would require the industry to 
recycle 15 per cent of plastic, 
or twice the current amount 
APME estimates that rnprhani . 
cal recycling will only be able 
to contribute half of this, so 
other means, notably feedstock 
recycling, will have to be 
developed to handle the rest 
The Germans are currently 
leaders in this technology. 
Both VEBA and BASF have 
substantial plants capable of 
recycling 55,000 tonnes a year. 
But chemical companies in 


other countries are concerned 
about German dominance, and 
five of them linked up to spon- 
sor the Grangemouth feedstock 
recycling experiment in order 
to promote an alternative. 
They are BP, DSM of the 
Netherlands, Elf Atochem of 
France, Enichem of Italy and 
Fina of Belgium. 

Their £4m project was 
launched last year and is due 
to bear fruit at the end of this 
year with the completion of the 
750-tonne a year pilot project 

The plant accepts mixed 


plastics ground into pieces a 
maximum of 2cm across and 
passes them over hot sand 
which converts them into a 
g ?a This is distilled back into 
plastic feedstock and comes 
out in two forms, one looking 
like wax and the other like 
olive oO. This can be fed back 
into the petrochemical plant to 
make fresh plastic. 

One difference between the 
Grangemouth plant and the 
German process is that it could 
be replicated at many small 
plants rather than a few big 


ones. These plants, with capac- 
ity of 25,000 tonnes a year, 
mUlta located at 
works or even teate mumm- 
pal waste tips, w^ch dwuM 

reduce the costs °f»necto 
compared with the centralised 
German system. They would 
also man ufacture them own 
energy and be self-sustaining. 

But although engmeeis at 
Grangemouth are pleased with 
the technical performance of 
their plant, the economics of 
plastics recycling remain a for- 
midable obstacle, mainly 
because of the collection and 
sorting costs which account for 
two-thirds of the total 

According to Christian 
Troussier, chairman of the con- 
sortium, the most economic 
way of using waste plastic is to 
bum it as a fuel hut this is 
widely viewed as wasteful The 
Taaflfr economic way is mechani- 
cal recycling, although that 
t»nds to be the most popular 
with the public 

Feedstock recycling, he says, 
fits somewhere in the middle. 
It is not as expensive as 
mechanical recycling, and it 
has public acceptability. To 
make it work, he believes that 
up to two-thirds of the cost 
would have to be covered by a 
"service fee" - in other winds 
people would have to pay to 
have their plastic recycled, 
either voluntarily or through a 
levy. 

Buzzacott says: “The Unfit on 


how far we go wili.d^jsd on 
the green: conscience of 
Europe. But at .the end, the 
consumer or the taxpaya wifi 
have to pay* . ; 

This view is disputed; how- 
ever, by the environmental 
ltibby which accuses the ..plas- 
tics industry of deliberately 


recycling in order to obstruct 
regulatory moves. :The indus- 
try coaid do much more, it 
argues, to reduce collection 
costs. ■ . - ; - ■ 

Some environmentalists say 
that manufacturers of pl«d^ 
containers should go further 
and design thea'-prodocts to 
that they are more readily re- 
usable, doing awaywith recycl- 
ing altogether. Vv - . 

The plastics industry feels, 
tbough, that the debate about 
recycling ignores some, hey 
aspects- For. example , only 4 
per cent of crude oil Is turned, 
into plastics. The rest is burnt 
as tod. So if people are con- 
cerned about wasting amw 
newable resource, they would 
do better to cuzb tbe : use of 
petroL 

Moreover, greater use of 
plastics can itself save energy. 
Dieter Buckle of EK Atochem 
says that 100kg of plastic can 
replace 200300kg of metal in a 
car. This weight reduction 
should save 750 litres of petrol 
over the lifetime of the car, 
which is a significant contribu- 
tion to conserving resources: 


pric 

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F ifteen catastrophic hurri- 
canes, floods and storms 
cost worldwide insurers 
more »«n $80bn (£50bn) since 
a period of weather extremes 
set in five years ago, according 
to an article in the latest World 
Watch Institute’s Journal. 

In 1992, Hurricane Andrew 
struck Florida and set a new 
record for damages at $25bn. 
The Mississippi floods in 1993 
cost $12bn. Europe was hit by 
four severe windstorms in 1990 
which accumulated damages of 
flObn. Japan was struck in 
1991 by Typhoon Mfrellle with 
nearly $5hn In damages. 


Insurers in a storm 


As the damages mount, 
insurers have begun to take 
seriously the global warming 
theory advanced by many sci- 
entists. The fear is that the 
warming, spurred by “green- 
house gases”, produced by fos- 
sil taels, could seriously dis- 
rupt the worid’s atmospheric 
and oceanic systems. 

The larck of agreement in the 
scientific community bas 
the insurers wary. But their 


interest is being applauded by 
environmentalists who see the 
insurers as a potential counter- 
weight to the power of the ofl. 
and coal interests in the global 
warming debate. 

Christopher Flavin, author of 
the World Watch article, is 
urging the insurers to enter 
the struggle over climate 
police. “Few industries are 
capable of doing battle with 
the likes of the fossil tael 


lobby. But the insurance indus- 
try is," he says. “On a world- 
wide basis the two are of 
roughly comparable size and 
potential political clout” 

The insurance industry 
could, for example, push gov- 
ernment to tighten energy effi- 
ciency rules for new buildings. 
It could actively lobby for a 
stronger global climate pact 
It could also use its invest- 
ment capacity. “If they (compa- 


nies] were to dump some of 
their stocks in oil and coal 
companies or actively invest 
some of their fnmfa in new, 
less carbon-intensive energy 
technologies [forming a sort of 
climate venture fond], insur- 
ance companies could spur the 
development of a less threaten- 
ing energy system," says Fla- 
vin. 

Unless the industry begins to 
use its clout in the struggle 
over climate policy, its future 
“is likely to be stormy indeed.” 
said Flavin. 


Planting business 
skills in Ethiopia 


..IS.- * , _ 

- 




sS?-: 




* . • 


Nancy D unn e 


Global Business Options. 



Choice and Value. 



T he Borena tribe. 

nomadic pastondists in 
southern Ethiopia, 
measure wealth by the number 
Of a nimals they own. 

This can pose problems in 
the harsh environment of the 
Borena region, just north of 
the border with Kenya. 
Although drought regularly 
depletes sources of food and 
water for cattle, camels and 
sheep, there is resistance to 
sacrificing some anfmals to 
improve the others’ chances. 

Tradition exposes further 
clashes between economics and 
environment The Borena sell 
animals when prices are high - 
but wait to buy grain until 
they need it months later. By 
then they have less rash and 
grain prices have risen - often 
because of drought 
Ethiopia seems synonymous 
with drought Yet four decades 
ago about 60 per cent of the 
country was forested, 
compared with less than 3 per 
cent today. 

Hence an experiment to 
bring business skills to the 
Borena. The community is 
learning to run grain 
cooperatives, to operate credit 
Schemes and to plan ahead, in 
a project launched by Care 

International. the aid agency. 

Care's immediate aim is to 
act before a famine strikes. 
Grain which might in a crisis 
have been donated free is 
being sold at a below-market 
price to the Borena. They can 
then sell through cooperatives 
at an agreed profit 
About 300 tonnes of grain 


have been donated, by the 
World Food Programme for the 
project By selling the grain to 
the Borena, Care ensures an 
affordable local market price 
for grain, diversifies business 
chiiig in the community and 
even malms amp money after 
costs. This allow it to fond 
other local projects, such as 
credit schemes for small 

h rwmftgeag and teaching th e 

community to construct sealed 
storage pits for grain, which . 
allow purchases when prices 
are low. 

Ethiopia’s problems are 

lar g e ly Hwlrad to land imp and 
a fast-growing population. 
Deforestation for farming, fuel, 
fencing, tods and bousing 
have left the land vulnerable to 
son erosion and desertification. 

Intensive subsistence 
agriculture has so depleted soil 
that Ethiopia can no longer 
feed its 55m people - even i 
when harvests are good. While 
the weather is an important 
determinant of food 
production, aid and 
environmental experts alike 
believe some answers lie in 
small-scale, self-help p r ojects: 
such as reforestation, 
agricultural terracing to 
contain erosion, irrigation to 
control flooding and soil and 
water conservation. 

“Famine is not about 
drought, it is about 
vulnerability to drought There 
is drought in Europe but no 
famine," says Fiona Meehan of 
Rest the Relief Society of 
Tigre. 

Tarcklfng that v ulnerability 


is often an uphffl struggle, as 
evidenced by various 
r eforestation projects. Farmers 
are not always committed to. 

- their suc cess bec ause they fear 
losing reforested land to the 
government saplings are 
sacrificed for fuel or forage 

material In Hrnw of need; and 

seedling losses have also been 

hi g h , havtn g li ppn badly 
planted fir an inap prop riate 

species. 

. The country has 25m goats, 
whose hidesare exported. 

"They are worth about $2m 
(£L25m) a year for gloves, but 
they eat an the young shoots," 
says Girma Woldegforgis, 
vice-president of LEM 
Ethiopia, an environmental 
group. "It’s not worth it to 
sacrifice so modi for so little.” 

Ideals of conservation may 
seem outlandish in a .country 
where thousands have died 
from hunger this year, but . . 
economic diversification is 

imp or tant for the future. The 
transitional gn wmwpnt of 
Ethiopia - which replaced the 
Mengistu regime three years 4 
ago — has allocated $37m this 
fiscal year to the preservation, 
and development of natural 
resources. 

it is also c onsideri ng 
preservation of 85 per cent of 
the nation's land for forests, 
parks and wildlife reserves. 
Ethiopia has more unique 
species than any other African 
country and earned 323m last 
year from its immature but 
growing tourism industry. 




•* i( , r - - 


Jir; "• 




A ‘Gise 












’Jc: .. 


Hilary de Boerr 


The FT can help you reach 
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Nd Mtek iteawte<ftr«teBA 









FINANCIAL TIMES WEDNESDAY NOVEMBER 2 1994 


11 


Television/Christopher Dunkley 

Fabricated 

thoughts 


W hen Garry Bushell, 
television critic of 
The Sun. vent on 
Channel 4's culture 
series Without 
Walls to attack the “middle 
culturati” who dominate television 
for suppressing the working-class 
hero Alf Garnett, it was not Jo hnny 
Speight, creator of TOl Death Us Do 
Part and therefore of Garnett who 

was so striking. Nor was it the black 
TV presenter D arcus Howe, who 
bravely and sanely argued for the 

true freedom of speech which the 

Garnett series represented. The most 
memorable moment came when 
BnshfiH showed us his local Watting 
Ural’s Club on St George’s night 
with a crowd of Londoners roaring 
out "We are red. We are white. We 
are English dynamite”. Why was 
this such an astounding and unfor- 
gettable scene? Because (this was 
Bushed’s point) while the TV man- 
darins provide us with countless pro- 
grammes about West Indian work- 
ing-class culture, Scottish 
waiting-class culture, and even Chi- 
nese working-class culture, they sys- 
tematically suppress any reference 
to English working-class culture 
unless it is generations out of date, 
very left wing, or very sentimental. 
^ Gosh, Vanessa, “We are red. We are 
white, We are English dynamite”? 
that's fascist isn't it? Oh yah, Bmtng, 
let’s show that nice dip of the battle 
of Gable Street again. 

Those who say “Come, on, don't 
pretend it’s Orwellian, it's all per- 
fectly harmless", might reflect on 
the fact that, in the most recent 
screening of The Dam Busters on 
television, the name of Guy Gibson’s 
black labrador bad somehow been, 
changed from Nigger to Trigger. 
Thus do the Thought Police become 
a reality. Someone in television is 
already doing Winston Smith’s job. 

* ■ 

The idea of re-making old television 
dramas which were originally broad- 
cast five, or recorded and then wiped 


for reasons of economy, is a good 
one. But what possessed BBC2 to 
choose Dennis Potter's Message For 
Posterity as the re-make to open a 
new series of “Performance”? After 
its first production in 1267, my pre- 
decessor, T.C. Worsley, gave a 
detailed explanation on this page of 
why it was an inferior example of 
Potter's work. After describing the 
play, about an old politician having 
his portrait painted, Worsley wrote 
"So what has it all amounted to? 
Alas, nothing at ah. Every issue has 
been burked. A non-confrontation 
has taken place, and a purely arbi- 
trary denouement has been tacked 
on - much too arbitrary, this attack 
of madness, to make the flip com- 
ment ‘We always win in the end* 
have any resonance. I am severe 
towards Ur Potter's work only 
because I am so sure that his real 
gifts win one day flower into some- 
thing r emar kable” Ten out Of ten to 
Worsley and “Must try harder" to 
the BBC, which magnified the silli- 
ness of choosing a poor apprentice 
piece by having it directed as ineptly 
as any major drama undertaking 
from ifa™ in the last 10 years. 

★ 

In BBC2 s Walking The Wall and 
Fall Of The Wall we have seen tele- 
vision doing one of the things it does 
best: synthesising recent history. 
The first programme was concerned 
with the physical entity of the wall, 
from the moment it was built until 
the moment it was sold off in large 
and small pieces, with fake lumps on 
sale in street markets. The second 
told the fascinating story of how the 
wall, said hence all the contingent 
domino es, Ml By oombinlng news- 
reel dips with the key protagonists 
speaking to camera — from Otto von 
Rabsburg who led ibe trans-wall pic- 
nic, to Hungarian prime minister 
Miklos Nemeth who described 
looking into Gorbachev's eyes at the 
Warsaw Pact meeting and knowing 
he conld breach the iron curtain 
with equanimity - it provided an 


★ 


ARTS 




Topical myth: In Drop the Dead Donkey’, an excellent series, most of the newsy bits are inserted in voiceovers rather than visual scenes 


engrossing first-hand account of one 
of the most heartening key events of 
the 20th century. 

* 

Have you seen the appalling new 
chat show in which six embittered 
men sit around slagging off women? 
One of them will say “The only 
things I need a woman for are sex 
and washing my socks”, and the rest 
all agree and try to say something 
even more contemptuous about 
women. Unthinkable on such a polit- 
ically correct channel as BBC2? Well 
yes, of course. The programme, 
called The Last Word, actually fea- 
tures six women slagging off men, 
saying “All I need a man for is sex 
arid DIY” and so on. Totally differ- 
ent Germaine Greer (who else) is in 


the chair, and the only mystery is 
what the usually sensible Ann Leslie 
is doing among such a cheerless, 
self-pitying bunch. How the world 
has done them down! How men have 
done them down! How their parents 
have done them down! How ghastly 
it is to have to have children! How 
terrible it is not to have children! 
Incapable or terrified of simple 
human affection so long as the oppo- 
site sex is involved, they accompany 
everything they say with a constant 
drone of anti-male sentiment, like 
that awful background keening you 
get from a hurdy-gurdy. Saddest 45 
minutes of the week. 

★ 

The opening episode of Ellen, a 
newly imported American comedy 


series on Channel 4 on Friday, 
caused considerable laughter in our 
household. True. It is yet another 
programme about a bunch of oddly 
assorted 30-somethings, but it has 
that fast-fire wise-cracking quality 
which is missin g from so much Brit- 
ish comedy. Off for a major “inter- 
gender ordeal”, Ellen opens her coat 
to reveal a little black number and 
asks “Okay you guys, does this say 
desperate?” Tbe following pro- 
gramme. Paris; a comedy in which 
Alexei Sayle plays an artist in 1920s 
France, has reached its mid point 
(three out of six episodes) without 
raising more than a snigger and a 
couple of groans on the old green 
sofa. Sayle, one of the truly original 
talents of his generation, is not 


suited to this sort of sitcom. 

★ 

People are always inexplicably keen 
to parrot myths. On Monday yet 
another commentator writing about 
Drop The Dead Donkey repeated the 
assertion that “Topical quips are cut 
seamlessly into script at the last pos- 
sible moment before transmission”. 
Actually 98 per cent of the comedy 
in this - still excellent - series, set 
in a television newsroom, arises 
from well established character 
traits (Sally's superciliousness, Dam- 
ien's cowardice). The few topical 
quips delivered in vision are so obvi- 
ously tacked on that they are 
scarcely worth the trouble. Most of 
the topicality is, anyway, inserted 
voiceover above the end roller. 


A ‘Giselle’ of intelligence 


A certain amount of fuss has been 
generated around Derek Deane's 
new production of Giselle for 
English National Ballet The 
transfer of the action to the Austrian 
Tyrol in ihe 1920s --sbodc. horrcr - has 
been died asa means of making the ballet 
more interesting for audiences, and a note 
in. the programme opens with the quesr 
• ttoir “How do you make an old ballet 
# came alive ora new audience?" 

The short answer to that is "By dancing 
it well”. But fashions being what they are 
In opera and classic drama, the idea is 
common that the -old repertory is made 
more appetising today by giving ft a sharp 
tick in tarns of historical period cor t hane. 
The sadness is that such galvanic activity 
usually serves to mask the inability of 
dancers and companies to discover the 
qualities of a work by more reputable 
means. DIrectoral caprice becomes a sub- 
stitute for technical probity, stylistic 
respect, even rational understanding. 
Hence such fatuities as Mats Eks’ relocat- 
ing of Giselle in a loony-bin, or the con- 
tinuing open^season for Nutcracker abuse, 
where any foolery is better than attention 
to score or choreography. . . 

And so we now have Deane’s Giselle 
given its first performances at the Palace 
Theatre during ENB’s current Manchester 
season. It has to be said that his Innova- 
tions are largely cosmetic. This is not a . . 
radical re-thinking of a Romantic master- 
piece. The text is traditional, the staging 
intellig ent hi reminding ns of .the dramatic 
tensions in the second act, where the wihs . 
are shown as vengeful spirits rather than-, 
the usual, horde of po-faced misses trying 
to look meMngly graceful while hopping 
* across the stage in arabesque. Were it not . 


far the ludicrous outfits of the Courland 
hunting party, and a few egregious 
touches in the first act, this Giselle would 
be run of the mfTl, and no less welcome for 
that 

- visually, the production is undistin- 
guished. nharl ea Cuskik-Sniith provides a 
skewed and unlovely front-cloth of a Tyro- 
lean resort, which rises to reveal a set for 
White Horse fan. Giselle inhabits the oblig- 
ingly identified “Stag Lodge” which faces 
a hostelry where her mama is house- 
keeper. (Cue bell-boys and maids far the 

Clement Crisp reviews 
Derek Deanes new 
production for English 
National Ballet 


pas de six). Albrecht arrives in a 
Rolls-Royce, whose luggage-boot will serve 
as hiding {dace for sword and cloak. 

So far, so dubious and, thank heavens, 
half-hearted. The peasants are peasants 
stifi, in timeless balletic peasant gear (the 
boys have Bisto-Kid caps, which are a mis- 
take). There is little shock for the tradi- 
tionalist even with the arrival of the Cour- 
land bunting party. All Courland hunts 
look like refugees from the wonderful 
World of soft furnishings. This gaggle are 
merely more ludicrous than most, in stu- 
pefying hats mid maniac suiting (Bathflde 
wears a frenzy of ocelot and a pair of 
curtains), with Charlie Drake as the 
Emperor Franz Joseph in a guest appear- 
ance from MayerHng. A winning touch are 
the skis borne by the servants - so usual 


at grape-harvest time. 

The production is knocked hysterically 
for six, and on Monday night it took the 
sincerity of Agnes Oaks' mad-scene and 
the intensity of Thomas Edur’s Albecht to 
remind me that we were watching a trag- 
edy. The second act is, happily, timeless 
and true. The setting is of a rocky wilder- 
ness - rather too contrived in its menace 

- and the action well-staged, well-danced. 
Agnes Oaks may not be one of nature’s 
Giselles, and her teak-dyed hair seems an 
affront to her blonde beauty, but every- 
thing that care and intelligence can do 
make the role credible, and her mad-scene 
is excellently thought-out 

Edur, that aristocrat among danseurs, is 
a heaven-sent, haunted, elegant Albrecht, 
his reading in the great tradition, his 
dancing of purest distinction. Susan Jaffa 
is a fine and menacing Myrtha, and Deane 

- who has restored a powerful sense of 
terror to this act - makes us feel a frisson 
of Romantic horror amid the hirelings of 
vampiric, vengeful wilis. (When Fanny 
Blaster first danced Giselle in London 150 
years ago, the programme note declared 
that Albrecht had fallen among “the wilis’ 
fangs”. Deane admirably evokes this long- 
lost ferocity). 

ENB’s dancers were in excellent shape 
on Monday night: the peasant dancers 
were buoyant; the wilis (Theda Bara to a 
woman) moved with implacable grace. Let 
the mmpany persuade the Courland mob 
into mufti, and ENB will have a sound and 
useful Giselle. 


Clement Crisp 


ENB tours Giselle and Swan Lake to Leeds 
and Liverpool during November. 


Theatre/Alastair Macaulay 

Shakespeare's Language 


I f you love masterpieces in 
their original form, yon 
may often feel alarmed at 
the way they are adapted, 
translated or deconstructed. I 
confess to a certain alarm at 
the current Everybody's Shake- 
speare season at the Barbican. 
Sure, it will be interesting to 
see what Germans, Japanese, 
Israelis, Georgians and others 
are doing with Shakespeare; 
sure, 1 wish I could see all the 
Shakespeare films. But we can 
bet that all this Bardomania 
will contain a fair share of Bar- 
doclasm. I try to remind myself 
that I can love Carmen Jones 
as well as Carmen. But the fact 
remains that the prospect of a 
Peter Sellars Merchant of 
Venice makes me nervous. 

It is good news, then, that 
the Royal Shakespeare Compa- 
ny’s own contribution to the 
season leads us right back to 
the heart of the Bard - his 
language - in a week-long 
series of public workshops led 
by the company's brilliant vet- 
eran director, John Barton. 
Barton hurls no thunderbolts 
at us or at his actors and he 
reveals no special mysteries. 
He is the same source of rare 
good sense as in his 1984 TV 
series Playing Shakespeare. 
and as in many of his wonder- 
ful RSC stagings. He starts 
from the simplest premise: 


trust the text And he asks the 
most basic questions: do the 
actors make the audience lis- 
ten? What kind of character 
would say these words? 

Working from these sound 
be ginnings , he helps his actors 
to reveal marvels. During the 
week, he will work with Judi 
Dench, Peter Hail, Jane Lapo- 
taire, Fiona Shaw and others. 
On Monday, he tackled scenes 
from Henry V with Penny 
Downie, Harriet Walter and 
Tony Church. The fatter gave 
us a hilariously characterful 
account of the Archbishop of 
Canterbury’s fustian speech on 
the Salic law, but when Barton 
asked him to point up the 
speech's many proper names, 
we reached another level of 
meaning at once. And that 
level was to become yet more 
pronounced in later speeches, 
when we heard names, names, 
coming back with deepening 
nuances. As Church himself 
remarked, after Walter had 
given a vivid account of Henry 
V’s reading the lists of the 
dead, Shakespeare personalises 
the names of the dead more 
than he bad when they were 
alive - so heightening the 
play’s considerable pathos. 

Barton threw Downie and 
Walter without any prepara- 
tion into the delectable scene 
when Princess Katherine 


learns En glish from her maid, 
Alyse. Their account of this 
was a gem of spontaneity. 
Which was Barton’s point in 
Shakespeare’s day, actors 
would have had no formal 
direction and little preparation 
for each new role. Today, we 
have to work to regain that 
natural entry into Shakespear- 
ian speech. But “you won't 
bring Shakespeare alive with- 
out that Elizabethan sense of 
the language." 

The antitheses of the Pro- 
logue; the broken sense of dis- 
covery in Mistress Quiekly’s 
account of FalstafFs death; the 
heightened effect of having the 
French king pronounce French 
names & I'anglaise ; the drama 
to be mined from the Herald 
Mountjoy's speech if spoken 
with barbed suavity; the bril- 
liantly deflationary conclusion 
given to the play by the Epi- 
logue sonnet ... all these 
emerged with new clarity. 

And as the veteran Church 
kept learning from Barton's 
points and his colleagues’ per- 
formances, l remembered the 
exciting lesson I once learnt 
from seeing Ninette de Valois 
rehearse Robert Helpmann in a 
role she had created for him 41 
years before: one is never too 
old to learn. 

At the Pit, Barbican Centre 







!fc.i .‘W ; ■■ i* £ 


■ BONN 

Beetbovenhafla In tomorrow^ 

concert, Dennis RuaseH. Davies 
conducts the BeefaovenhaSe 
Orchestra in Symphonies by Mahler - 
and Shostakovich. On Sal, Giuseppe 
Sinopolr and the Dresden 
StaatskapeBe {day works by Richard 
Strauss and Schumann. Hornero 
Francesch pteys piano musk: by . 
Ravel on Sim (0228-773666) 
OperTWs month’s repertory 
consists of Veres's La traviata - - - 

starring Marisa VitaR/Hasmik Papjan, 
PuccsTt’a La fanckfla del West with 
Barban Daniete/Kathfean McCaila 
and Gfoseppe Gfeeotrfni/Alaxay 
^Stebftanko, George Whyte’s new 
dance drama Dreyfus with music by 
Schnittke, and.fl guarany, an opera ... 
by 19th century Brazffiai «miposer 
Antonfo Catos Gomes. Yowi 
Vamos’-new productionof Sleeping 
Beauty opens on Nov 27 
(0228-773667) ' • • ■ 

■ COLOGNE 

Opemhaus Tonight Lothar 


Michael- Hampe’s new production of 
Lulu, with cast headed by Patricia 
Wise, Hanna Schwarz and Wolfgang 
Schdne (repeated Nov 6, 9, 12, 15, 
18, 23). Tomorrow,- Sat Der 
Wfkfschfitz. Frt TanzForum 
production of Peer Gynt. 
choreographed by Jochen Ulrich 
(0221-221 8400) 

PhBharmonle Sat Frans Bruggen 
conducts Orchestra of the 18th 
Century In symphonies by Schubert 
and Mendelssohn. Sun morning, 

Mon arid Tues evening: Lothar 
Zagrosek conducts GOrzenich 
Orchestra in works by Mozart mid 
Allan Pettersson, with piano soloist 
Tzknon Barto. Sim everting: Vienna 
Musitcvereln Quartet plays string 
quartets -by Haydn, Krenek and 
Dvorak (0221-2801) 

SchauspteJhaus This month’s 

repertory includes- Rddler on the 
Roof, Camus’ Caligula, Joyce’s 
Molly Bloom and Brecht’s The Good 
Person ofSechuan. GQnter Kifimer’s 
production of Shakespeare's King 
Lear can be seen at HaBe Kalk 
(0221-221 8400) 

■ COPENHAGEN 

Royal Theatre Tonight, next Tues; 
Fidelia Tomorrow, Sab II bartitere di 
Sivigfla. Mon: Haris Brenaa's 
production of Coppefla (tel 3314 
1002 fax 3312 3692) 

■ DRESDEN 

Semperoper Tonight, Frt La 
Cenerentola. Sat Harry Ku pier’s . 
production of HandeT& Belshazzar, 
starring Jochen Kowalski. Sun: Die 
Zauberflflte (0351-484 2323) 
Kutturpatast Sat evening. Sun 
morning: Mchel Ptesson conducts 


Dresden Philharmonic Orchestra in a 
new work by Udo Zimmermann. plus 
Poulenc's Concerto for Two Pianos 
and Saint-Saens’ Organ Symphony. 
Sun evening (Schioss 
/Ubrechtsberg): Dresden 
Philharmonic Chamber Orchestra 
plays works by Haydn, Dvorak and 
others (0351-486 6666) 

■ FRANKFURT 

Oper Tonight, Sat Cornelius' comic 
opera Der Barbter von Bagdad. Sun: 
fast night of new production of a 
double-bill consisting of 
Schoenberg's Pierrot Lunaire and 
Janacek’s Diary of a Yoisig Man 
who Disappeared (069-236061) 

Alto Oper Tonight Laipzkjer 
PfaffermOhle in an evening of 
musical satire - part of a series of 
cabaret shows at the Afte Oper over 
the next week. Tomorrow: George 
Benson and Buddy Guy. Fri: Howard 
Carpendale. Sun: Frans Bruggen 
conducts Orchestra of the 18th 
Century in symphonies by Schubert 
and Mendelssohn (069-134 0400) 
JahThunderthalle Hoechst 
Tomorrow: Mikhail Pletnev conducts 
Russian National Orchestra in works 
by Weber, Mozart and 
Rakhmarrinov. Sun, Mon: Stuttgart 
Ballet in choreographies by Hans 
van Manen (063-360 1240) 

■ HAMBURG 

Staatsoper Tonight, Sat Hamburg 
Baftet in John Neumeier*s ballet Die 
KameUendame, music by Chopin. 
Tomorrow: Ke Walkflre with Sabine 
Hass, Linda Plech, Mariana 
Lipovsek, Pout Eming and Simon 
Estes. Fri, next Tues: Roberto 
Abbado conducts Andreas Homoki's 


new production of Rigoletto, with 
cast headed by Franz Grundheber 
and Heilen Kwon. Sun: Lortzing’s 
Der Wildschutz (040-351721) 
MusikhaHe Sun morning. Mon 
evening: Gerd Albrecht conducts 
Hamburg State Philharmonic 
Orchestra in world premiere of new 
symphonic prelude by Schnittke, 
plus works by Haydn and Mozart 
Next Tues: Mikhail Pletnev conducts 
Russian National Orchestra 
(040-354414) 

■ HELSINKI 

Finnish National Opera Tomorrow: 
La boheme. Fri: Nureyev's 
production of The Nutcracker. Sat, 
next Wed: Oteilo (04030 2211) 

■ LYON 

Opera Tonight, Sat. next tues: Kent 
Nagano conducts Louis Erio's 
production of La Damnation de 
Faust, with cast headed by Susan 
Graham, Thomas Moser and Jos6 
van Dam. Tomorrow, Fri: Fabio 
Biondi conducts Euro pa Gal ante in 
orchestral works by Handel and 
Vivaldi. Sun and next Wed: concerts 
with soprano Cheryl Studer (tel 7200 
4545 fax 7200 4546) 

■ MARSEILLE 

Opdra Tonight Fri, Sun: Tiziana 
Severini conducts Jean -Claude 
Amy's new production of Lucia di 
Lammermoor, with cast headed by 
Kathleen Cassello. Jean-Luc Viala 
and Luigi Roni (9155 0070) 

■ MUNICH 

Staatsoper Tomorrow, Sat (also 


Nov 9, 11. 13): Colin Davis conducts 
Nicholas Hytner’s new production of 
Don Giovanni, with cast headed by 
William Shimell, Lucio Gallo, Matti 
SaJminen, Shari Greenawald and 
Alison Hagley. Fri: Der fliegende 
Hollander with Ekkehard Wlaschiha 
and Julia Varady. Sac Bavarian 
State Ballet in the Ashton production 
of La fille mal gard6e. Mon, Tues: 
Colin Davis conducts Bavarian State 
Orchestra in Ritual Dances from 
Tippett's The Midsummer Marriage, 
plus symphonies by Mozart and 
Brahms (089-221316) 

Gasteig Tonight Bach's B minor 
Mass with soloists including 
Christiana Oelze and Hans- Peter 
Blochwitz. Fri: Sandor Vegh 

conducts Salzburg Camera ta 
Academica in works by Mozart and 
Schubert, with piano soloist Rudolf 
Buchbincfer. Sun: Mikhail Pletnev 
conducts Russian National 
Orchestra in Beethoven and 

Rakhmaninov (089-4809 8614) 

■ OSLO 

Konserthus Tomorrow, Fri: Leif 
Segerstam conducts Oslo 
Philharmonic Orchestra in works by 
Hovland and Mahler, with piano 
soloist Havard Gimse (2283 3200) 

■ SAINT-ETIENNE 

Saint-Etienne stages its third 
Massenet festival from Nov 4 to IS. 
This biennial event honouring the 
city's most famous son, focuses on 
some of the composer's 
lesser-known works. This year's 
highlight is a production of Panurge, 
a Rabelais-inspired operatic comedy 
first performed in 1913, a year after 
Massenet died. There will also be 


concert performances of Le Cid, a 
song recital by French baritone 
Didier Henry and a concert featuring 
young French vocal soloists. The 
artistic director is Patrick Foumitlier 
(7741 7619) 

■ STOCKHOLM 

Royal Opera Tonight, Fri, next Tues, 
Wed, Fri: Yevgeny Polyakov’s new 
staging of the Nureyev production of 
Minkus’ ballet Don Quixote. Sat 
afternoon: Aida. Mon: gala 
performance for centenary of 
Swedish Theatre Union (tickets 
08-248240 information 08-203515) 
Konserthuset Tonight, tomorrow: 
Sakari Oramo conducts Royal 
Stockholm Philharmonic Orchestra 
in works by Sibelius, Mozart and 
Strauss (tickets 08-102110 
information 08-212520) 

■ STRASBOURG 

Thd&tre Municipal Tonight 
tomorrow; Opdra du Rhin In a 
staged production of Monteverdi 
madrigals. Next Wed: first night of 
new production of Madama Butterfly 
(8875 4823) 

■ STUTTGART 

Staatstheater Tonight Stuttgart 
Ballet in John Cranto’s Onegin. 
Tomorrow, Mon: Rolf Riehm's new 
opera Das Schweigen der Siren on. 
Fri: BAjartis choreographic version of 
Die Zauberfldta. Sat Lady Macbeth 
of Mtsensk with Kathryn Harries as 
Katerina. Sun: Cosi fan tutte 
(0711-221795) 


Munich Opera 

Hytner’s 

Don 

Giovanni 

T he Bavarian State 
Opera’s new produc- 
tion of Don Giovanni 
is Nicholas Hytner’s 
latest excursion into opera - 
an art form he is threatening 
to give op in favour of spoken 
theatre and film. The staging 
Is simple, abstract and clear, 
does not overwhelm the music, 
and gives Peter Jonas his first 
solid success as intendant in 
Munich. 

Why, then, does Don Gio- 
vanni not come across as pow- 
erfully as it should? The pol- 
ished singing cannot be 
blamed, nor can Colin Davis's 
inspired conducting. The 

answer lies in Hytner's own 
ambivalence. He sees Don Gio- 
vanni not as a morality play, 
but as an opera which ques- 
tions social norms - offering 
no judgments, providing no 
solutions. Like Mozart’s 
music, Hytner refuses to give 
indicators of good and bad. 
They co-exist, and we must 
draw our own conclusions. 

Bob Crowley's decor is 
painted blood-red from start to 
finish. Two featureless portals 
frame a succession of drop- 
cloths in the intimate scenes, a 
curved tunnel in the ensem- 
bles - and provide a dramatic 
showcase for the arrival of the 
Stone Guest accompanied by 
the Great Reaper astride a real 
white stallion. 

The all-red setting empha- 
sises some pointed symbols - 
the band of the almighty, the 
crucifixes of a patriarchal soci- 
ety. It also throws into relief 
Hytner’s intelligent direction 
of the principals, dressed In 
black 18th century costumes. 
The cast works with concen- 
trated poise - but the result is 
curiously bloodless. 

One reason may be the 
shortage of humour. At Mon- 
day’s opening performance, 
the only laughs came when 
Giovanni tempted Zeriina with 
visions of bedded bliss - illus- 
trated by a pop-up neo- 
classical villa. But the main 
reason seems to be that Hytner 
is too keen on maintaining 
equilibrium. William ShimeU’s 
Giovanni is neither a seduc- 
tive anti-hero nor a villainous 
thug - he is a charmer who 
fails to achieve a single con- 
quest. an aristocrat who 
indulges in bun-fights with his 
servant. 

Despite a flawless Cham- 
pagne aria, Shimell Is con- 
stantly in danger of being 
upstaged by Lucio Gallo’s 
Leporello - whose leery grin, 
crisp bass and artless diction 
make him more naturally 
hot-blooded. Angela-Maria Bla- 
sts Donna Elvira is no scatter- 
brain, but an Ann Trulove 
who loves her Rake. She is vir- 
tually indistinguishable from 
Sheri Greenawald’s Donna 
Anna. Peter Seiffert’s Ottavio 
makes do with one aria, but he 
sings flawlessly. 

Most personable of all are 
Ren6 Pape and Alison Hagley. 
Pape’s Masetto is no pushover, 
and he has a rounded bass 
which should suit him for the 
title role. Hagley’s Zeriina is 
gentle seduction personified: 
“Batti, batti” was outstanding. 
And so was the conducting. 
There was more life, humanity 
and fear of death in the over- 
ture than anything in this 
summer's Salzburg production 
and Sir Colin realises the full 
symphonic weight of the pen- 
ultimate scene. 

Andrew Clark 


ARTS GUIDE 

Monday: Berlin, New York and 
Paris. 

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

Thwsday: Italy, Spain, Athens, 
London, Prague. 

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 
(Central European Time) 
MONDAY TO FRIDAY 
NBC/Super Channel: FT Busi- 
ness Today 1330; FT Business 
Tonight 1730. 2230 

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

Euronevrs: FT Reports 0745, 
1315, 1545, IBIS, 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 





Edward Mortimer 


H 


From the peo- 
ple who gave 
you Rio 92 (the 
“Earth Sum- 
mit"), stand by 
for Copenhagen 
95: the Social 
Summit. You 
remember Rio, 
I expect Behind all the razzma- 
tazz there was a fairly simple 
north-south dialogue. The 
north was alarmed about the 
fate of the planet, and had 
noticed that some of the 
world's remaining stocks of 
non-renewable resources, such 
as rain forest, were concen- 
trated in the south. The south 
noticed that, for once, it 
seemed to possess something 
of interest to the north, and 
sought to turn that to advan- 
tage. 

Southern leaders suggested, 
politely or otherwise according 
to temperament, that if the 
planet were to be saved its 
resources should also be more 
equitably shared. Some also 
pointed out that the north, 
by its sheer volume of con- 
sumption and production, was 
doing far more damage to the 
global environment t han the 
south. 

It was a frustrating dialogue 
for both sides. Ecologists and 
development economists alike 
felt that the urgency of their 
concerns had not really been 
recognised. The sums of money 
pledged seemed pitifully small 
in relation to the ambitious 
targets set, and there was 
every sign that even those 
pledges would not be fulfilled. 

The leaders of northern 
democracies were not ready to 
ask their electorates to accept 
the radical change of life-style 
that Agenda 21, the action pro- 
gramme endorsed by the Rio 
summit, implied. Indeed, the 
powerful and comfortable 
elites of north and south alike 
were clearly not about to make 
such changes in their own life- 
style. 

Yet many believe that on 
balance the exercise was 
worthwhile. There is now a 
wider recognition in the north 
that the threat to the global 
environment cannot be dealt 
with unless the conditions of 
squalor and hopelessness in 
which more than a quarter of 
the globe’s inhabitants live, 
without access to clean drink- 
ing water or sanitation, are 
also addressed 

There is a corresponding 
awareness among southern 
elites that, whoever’s fault it 
is, their peoples will be the 
first victims of continuing 


We all 
need to 


change 


Next year’s 
summit in 
Copenhagen 
should define 
social progress 


environmental degradation. 
Policy changes so for may be 
inadequate, but at least they 
are mostly in the right direc- 
tion. 

So perhaps the “world sum- 
mit for social development", to 
be held next March, is the logi- 
cal next step. This time it Is 
the south which Is bringing its 
agenda to a northern capital 
Interestingly, the moving spirit 
behind the Copenhagen sum- 
mit is the UN representative of 
a star pupil in the class of 
southern governments apply- 
ing current northern economic 


This time it is the 
south which is 
bringing its 
agenda to a 
northern capital 


orthodoxy: Ambassador Juan 
Soma via of Chile. 

Even the Chilean govern- 
ment, it seems, has decided 
that Chicago School economics 
are not enough. Chile has put 
itself at the head of a move- 
ment of southern states seek- 
ing to remind the north that 
the UN was never meant to be 
only a world police force. It 
also aimed, in the words of the 
preamble to its charter, “to 
promote social progress and 
better standards of life in 
larger freedom'’, and “to 
employ international machin- 
ery for the promotion of the 
economic and social advance- 
ment of ail peoples". 

A “new world order” con- 
fined to Issues of peacekeeping 
and peace enforcement would 
mean little to the billion-plus 
people who live in poverty, 
“without jobs, without basic 
necessities, without hope”*. It 
would also be unsustainable in 
the long run, even if the 


world's leading military pow- 
ers were willing to devote their 
forces to It, which they are not. 
A world where the top 20 per 
cent of the population receives 
83 per cent of the income, 
while the bottom 20 gets only 
1.5 per cent, and the gap 
appears to be still widening, is 
hanlly likely to be a peaceful 
world. 

Yet no one imagines the 
social summit will be the occa- 
sion for a crude redistribution 
of global income. No doubt 
industrialised countries will 
yet once more pledge their best 
efforts to reach the target of 
spending 0.7 per cent of gross 
domestic product on develop- 
ment aid. But no one will 
believe them, at a time when 
even Sweden is slashing its aid 
budget; and few people any 
longer believe that If the target 
were reached it would make a 
great difference to so-called 
“developing countries”. 

Some of these countries 
really are developing, which 
means they are generating 
resources and providing oppor- 
tunities for investment Many 
are not, including at the 
moment almost all African 
countries. The degree of suc- 
cess does not correlate with 
the amount of concessionary 
finance a country receives. If 
anything, it correlates 
inversely. 

So what will the summit dis- 
cuss? All the nostra of the age, 
from debt relief to labour mar- 
ket flexibility. The latest draft 
of its declaration contains no 
less that 84 "commitments” in 
eight pages, with no hierarchy 
of priorities among them, and 
therefore zero credibility. 

What should it discuss? The 
issue which Rio opened up, but 
certainly did not resolve: what 
does “social development" 
actually mean? 

It cannot be equated with 
economic progress, if that 
means helping the south to 
“develop" in the way the north 
has developed. Apart from the 
fact that that would destroy 
many traditional cultures, 
reducing the richness and 
diversity of our species, it 
would clearly be ecologically 
unsustainable. 

This planet will not support 
12bn or even 8bn people living 
the way we in the north do 
now. All of us are going to 
have to change our way of life, 
our aspirations and above all 
our appetites. 


'From the leaflet Why a Social 
Summit?, ON Department of 
Public Information 


Quite simply the Royal Oak, 


M 

Audemars Pioiet 


The master watchmaker. 


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Aiuiciiijr-i ltKiH.1 & CurS.A.. l.tiH Lc IIrimiv Su.Tr/vrtirKj 
id. 1 1 -l Kii-i9J1 hit i! -il HIS It 


FINANCIAL TIMES WEDNESDAY NOVEMBER .2 1994 


J apan's consumer electron- 
ics manufacturers have 
achieved a position of 
enviable dominance in 
their industry, after two 
decades of spectacular growth. 

Their ability to continue that 
growth, however, is now in 
doubt for the first time since 
Japanese TV sets and stereos 
began finding their way into 
homes throughout the world in 
the 1970s. 

Companies such as Matsush- 
ita and Sony are finding that 
manufacturing electronics 
equipment is no longer as prof- 
itable as it used to be, and are 
moving into entertainment 
information services, which 
appear to offer better pros- 
pects. But the Japanese con- 
sumer electronics manufactur- 
ers have yet to prove that they 
can build more profitable busi- 
nesses in these new markets. 

Japanese manufacturers' 
profits on consumer electronics 
have been squeezed from three 
directions: sluggish demand, 
particularly in the home mar- 
ket; falling prices; and the 
yen’s sharp appreciation. 

Nearly every Japanese 
household now owns a colour 
TV set, and 73 per cent a video 
cassette recorder. Demand is 
therefore weak for traditional 
money-spinners such as these. 
New products such as wide- 
screen TV are not attracting 
the kind of consumer interest 
needed to compensate. 

“There are many new, excit- 
ing products, but they are not 
contributing to profits much 
because the scale of them is so 
small,” says Mr Nobuyukl Idei, 
managing director of Sony. 

Japan's consumer electronics 
market 1ms also suffered from 
fierce competition and from 
the growing availability of 
cheap products made in low- 
cost countries, primarily in 
south-east Asia. “Audio prod- 
ucts the world over have 
become really cheap," laments 
Mr Yoichi Morishita. president 
of Matsushita. 

Price-cutting has become rife 
as retailers struggle for busi- 
ness. and cheap TVs and VCRs 
flood in from Taiwan and 
Korea. “It is no longer an 
industry in which it Is easy to 
justify high prices,” asserts Mr 
Koichiro Chiwata. industry 
analyst at Salomon Brothers, 
the US investment bank. 

To add to the woes of the 
Japanese manufacturers, the 
yen’s sharp appreciation has 
eaten into their overseas prof- 
its. The strength of the 
yen reduced Sony's revenues 
by more than YSOObn (£3^bn) 
last year, according to the 
company. The yen’s contin- 
uing appreciation this year 
will further depress manu- 








3 f- ^0rr:vv:i 






Japan's consumer electronics groups are being 
forced to adapt, says Michiyo Nakamoto 

Spark goes out of 

the world-beaters 


Pill 






facturers’ revenues. 

These pressures have had 
devastating results on the 
financial performance of the 
consumer electronics makers. 
Sony’s operating profits dwin- 
dled to Y99.7bn for the year to 
March 1994, less than one-third 
the Y302.2bn it made in 1991. 
Its operating profit to sales 
ratio was 2.7 per cent last year 
against 10 per cent in 1990. 

Matsushita's operating prof- 
its shrank to Y173.6bn last 
year, from Y472.6bn in 1991. Its 
operating profits were 2.6 per 
cent of revenues, down from 
7.5 per cent in 1990. 

The company expects a 33 
per cent rise in ordinary profits 
for the current year to Y85bn, 
helped by rationalisation mea- 
sures. But the result will still 
be less than a third of Matsus- 
hita’s 1990 profits Of Y277bn. 

Despite the deterioration in 
the consumer electronics busi- 
ness environment, the compa- 
nies are obliged to continue 
pumping large sums into 
research and development. 
Both Sony and Matsushita 
spent about as much on R&D 
in the last fiscal year as they 
did in 1991. when operating 
profits were between 2 and 
three times higher. 

R&D costs are likely to rise 
further. With manufacturing 
costs that are among the high- 
est in the world, Japan can no 
longer rely on "people-depen- 
dent assembly" but must shift 
to a “technology- and know- 
ledge-intensive production sys- 
tem". according to Mr Haruo 
Tsuji, president of consumer 
electronics group Sharp. "For 
that. R&D is crucial.” he says. 

Such efforts have given Japa- 
nese companies technological 
superiority in making parts of 
the new generation of multime- 
dia electronics equipment, 
which will deliver a wide range 
of entertainment and informa- 
tion services to business and 


Japanese consumer electronic#! squeezed 


Production 




*40W 


these networks. Control over 
software, the argument goes, 
will ensure support for new 
hardware systems and the dis- 
tribution systems.. - 

Sony. fo r example,, says that 
it would have been hard to seQ 
its new flUnUWsc - portable 

audio products without being 
able, through its ownership of 
CBS records, to ensure that 
recordings were available to 
play on them. 

It was this view that 
prompted the larger Japanese 
electronics companies to 
march into Hollywood "dining 
the 1930s and acquire famous 
US film studios and their valu- 
able stock of films and televi- 
sion programmes. Sony bought 
Columbia Pictures as well as 
CBS Records, while Matsushita 
bought MCA, the entertain- 
ment group. 

The move has yet to pay off: 
most Japanese investments in 
Hollywood have brought more 
headaches than profits. 


1984 86 88 90 92 9* 


M atsushita -.has 
recently been 
publicly embar- 
rassed by de- 
mands from MCA executives to 
cede management control of its 
entertainment subsidiary, 
which it believes is crucial for 
its future in multimedia. 

Sony is believed to have suf- 
fered a substantial loss last 
year from Columbia Pictures. 
The studio has remained in the 
doldrums this year, with few 
hit pictures - prompting toe 
departure of its head. And Pio- 
neer has had to make succes- 
sive capital injections into 
Carolco Pictures, its US film 
subsidiary. . 

For the Japanese equipment 
makers, steeped in a culture of 
co nsensus -b uilding and long- 
term riprigtoTumfl >rfn gr manage- 
ment of the spiralling costs, 
big egos and short-term think- 
ing that characterises- Holly- 
wood studios has proved more 
difficult than they imagined. 

Despite these setbacks, most 
Japanese consumer electronics 
companies see little choice but 
to hold on to their entertain- 
ment assets. “As software 
becomes more important, we 
cannot remain hardware mak- 
ers alone,” emphasises Mr 
Tsuzo Murase, executive 
vice-president of Matsushita. 

The advent of multimedia 
and the stagnation in tradi- 
tional manufacturing activities 
appear to leave Japan's con- 
sumer electronics with little 
choice but to move deeper into 
the unfamiliar world of enter- 
tainment media. As they do so. 
their best hope will be that the 
rewards they reap finally live 
up to the greater challenges 
they now face. 


4.000 


Exports 


Imports 


■ 

20Q 


3.500 -#1 - 


{£•! 160 


ft 100 


2,500 V 


2,000 - 


1,500 I ■ I .1 ..I ..I....! -J— J— l-L -J 
1984 « 88 W 92 93 

Sources: Mm-CPS, Ministry of Wianee-JTS 


■ . i t > i ' o 

T984 » 89 90 92.99 


consumers. 

Sharp dominates the market 
for Liquid crystal display pan- 
els used in portable products, 
such as personal organisers. 
JVC is a leader in the digital 
compression technology that 
squeezes information - from 
sound and data to video - 


down the telephone line or on 
to digital discs, such as CDs. 

Japanese electronics makers, 
such as Sony, also dominate 
the market for recording media 
such as CD-Roms, the portable 
discs that are used to store 
computer data, and the drives 
that run the discs. 

But as more and more infor- 
mation becomes available to 
consumers at home, equipment 
such as CD-Roms which 
receive the information is 
expected to become less impor- 
tant - and less profitable - 
than the services that feed into 
it This can already be seen 
with products such as personal 
computers and cellular tele- 
phones, where the most profit- 
able businesses are in provid- 
ing the software or telephone 
networks, rather than making 
the hardware. 

“It is the owners of the net- 
works who will be the main 
beneficiaries of the multimedia 
age, followed by those who pro- 
vide the services,” says Sony's 


Mr Idei. He believes that the 
consumer electronics compa- 
nies will gradually become 
such service providers over the 
next 20 years. 

The recognition that provid- 
ing multimedia services such 
as video-on-d emand and inter- 
active games offers a more 
attractive source of profits 
than makin g the hardware has 
led both Sony and Matsushita 
to invest recently in cable TV 
and satellite broadcasting. 

Sony has Invested in a Japa- 
nese satellite broadcasting 
company and Y600m in 
Tokyo's sixth TV station. It 
has also taken a 25 per cent 
stake in a Latin American 
cable TV operator. Matsushita 
has interests in 30 cable TV 
companies and has buQt up a 
computer data and network 
service in Japan. 

The consumer electronics 
companies have also been 
acquiring businesses that will 
supply the programmes and 
entertainment services for 


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 fax for finest resolution 


Guilty of 
dated 


Not so blameless on pensions 


thinking 


From Miss S M McLaughlan. 

Sir, Re Matthew Batstone’s 
article, “Men on the supermar- 
ket shelf” (Management*. Mar- 
keting and Advertising. Octo- 
ber 27), it is not only marketers 
and advertising executives 
who are guilty of 1950s think- 
ing. I note that Batstone 
describes an advertisement as 
“showing a man cleaning the 
kitchen floor for bis wife". Is 
he not cleaning the Door 
because it is ctirtf/? Unless he is 
a guest in his wife's bouse, it is 
presumably, his floor also, 
unless she is about to pop over 
to his kitchen and help out 
with a few chores there? 

S M McLaughlan, 

30 Lion Road, 

Nyetimber. Sussex 


From Mr M A Bentley. 

Sir, Mr R S Parkin (Letters, 
October 27) is perhaps a touch 
too quick in pointing the acc- 
using finger for the personal 
pensions scandal solely at the 
life insurance industry, while 
placing the occupational pen- 
sion plans on a blameless ped- 
estal. 

While correct in recalling the 
predictions made at that time 
by pension fond managers and 
consultants, he should also 
remember that this same 
group took no initiative to pro- 
vide the customers (the 
employees) with what they 
really wanted. This was a sim- 


ple, dear, easy to understand 
“pension account” - ie, such as 
provided by money purchase/ 
defined contribution plans, 
where what is paid in by and 
on behalf of an individual 
remains identifiable and quan- 
tifiable and is not diverted to 
supplement early retirement 
pensions and executive top-up 
pensions of other colleagues. 

If the occupational pension 
fraternity had taken steps in 
the mid-1980s to accommodate 
the market rfemand “in house” 
by providing alternative or 
supplementary defined contri- 
bution plans, most employees 
would never have spared a 


moment to consider personal 
pension plans. 

However, by insisting on a 
“one size fits all /father knows 
best” policy of final pay plan 
the experts only hastened the 
stampede of misinformed but 
frustrated individuals who 
were thus encouraged to taste 
the forbidden and therefore 
exotic fruits of personal pen- 
sions. 

Michael A Bentley, 

director human resources, 

Europe, 

Amgen [Europe) AG, 

Atpenquai 30, P 0 Box 2065, 
CH-G002 Lucerne, 

Switzerland 


Government failing to shape opinion 


Real genius 


From Mr Hector Eduardo Luisi 

Sir, In his review of Romto et 
Juliette (“A night off for the 
intellect", October 31), Richard 
Fairman states quite correctly 
that turning Shakespeare into 
opera is work for a genius, as 
the two Indisputable successes 
(both of them by Verdi) show. 

Surely he means three, all of 
them by Verdi: Falstaff, Mac- 
betto and Otello. 

Hector Eduardo Luisi. 

7415 Beverly Road, 

Bethesda, 

Maryland 20814, 

US 


From Sir Jeffery Bowman. 

Sir I was delighted to hear 
reports that Lord Howe is 
forming a group to argue the 
case for Europe ("Howe warns 
on Tory EU rebels”. October 
17). I find nothing more 
depressing today than the way 
in which almost all the UK's 
difficulties are attributed to 
Brussels or to Brussels bureau- 
cracy. 

To me, the issue is simple. 
The UK is a small country 
which is not particularly well 
endowed with natural 
resources. So far as the future 
is concerned, we shall not be 
successful economically or 
influential politically unless 
we play a leading role in a 
strong Europe. 

Similarly, Europe will not be 
strong unless Its members act 


together and cede certain or 
their powers to the Union, 
something we have already 
committed ourselves to do. 

Working with our fellow 
members of the European 
Union to create a strong and 
powerful Europe is clearly not 
a simple task. To me, however, 
contrary to what seems to be 
the accepted view in this coun- 
try. it is not only very impor- 
tant but also a very stimulat- 
ing, exciting and challenging 
prospect 

I recognise, of course, that 
there are many aspects of toe 
European Union which are 
unsatisfactory and in substan- 
tial need of improvement. It 
must, for instance, become 
much more democratically 
accountable. 

The UK should be striving to 


make changes as a committed 
member, not acting as if It 
were a country reluctantly 
involved in a Union of which it 
would really prefer not to be 
part. 

The greatest failure of the 
present government in the UK 
is, in my view, its failure to 
appreciate and to communicate 
to all of us bow important 
Europe is. It is not a good 
excuse to say that public opin- 
ion is against Europe at the 
moment The job of political 
leaders is to shape public opin- 
ion. especially on an issue of 
such vital importance to our 
future. 

Sir Jeffery Bowman, 

The Old Rectory. 

Bonham, 

Nr. Chelmsford, 

Essex CMS 3EP 


Charging for road use is way to improve quality of urban life 


From Mr Richard Bird 

Sir, The report or the Royal 
Commission on Environmental 
Pollution is clearly one of the 
most important documents on 
the subject of toe car and the 
environment this decade (“UK 
traffic growth curb urged by 
commission", October 27). Sur- 
prisingly , it appears to attach 
very little weight to charging 
for road use - the one political 
step which could have a signif- 
icant effect on the quality of 
urban life. 

Additional fuel taxation will 
not of Itself make much impact 
on traffic density in the places 
where pollution problems are 
most acute - the UK’s towns 
and cities. It is a blunt Instru- 
ment which will penalise the 


rural driver who has little 
alternative to the car and will 
add to national freight costs. 

The commission has dealt 
fully and forcefully with the 
costs to the nation of pollution- 
related diseases such as 
asthma and cancer, road-re- 
lated deaths and noise. To be 
added to this burden are the 
loss of millions of hours of pro- 
ductive time due to congestion, 
the inability to plan journeys 
properly and the rapid deterio- 
ration of public transport 
systems. 

Road pricing is the only way 
to break the spiral in a free 
market economy. It is the only 
means to force an efficient and 
responsive economic link 
between the supply of and 


demand for limited road space 
and release significant revenue 
for investment in public trans- 
port networks. 

While the tolling of motor- 
ways by 1998 is already a com- 
mitment of this government, 
road pricing could start much 
earlier in the cities, and work 
outwards through the road net- 
work, eventually forming a 
unified road use charging sys- 
tem with the potential to 
charge for use of all types of 
road. The necessary technol- 
ogy exists; it Is simple, low 
cost and easy to install. 

There are, though, two 
important hurdles to overcome 
- both within the control of 
Parliament. The first is the 
passing of tho necessary legis- 


lation to enable local authori- 
ties to charge for the use of 
road space. The second is the 
issue of hypothecation; the 
Treasury must allow the larger 
part (if not all) of the revenue 
derived from road use charging 
to be directed to improving all 
areas of the nation's public 
transport services and, where 
appropriate, for those decisions * *■ 
to be made locally. 

The government will not be 
serving the aims of the com- 
mission and the majority of UK 
people unless It tackles these 
issues squarely and swiftly. 

Richard Bird, 
director of research and 
development. UNIPASS, 

10 Kensington Park Road, 

London WU 3BU 


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FINANCIAL TIMES WEDNESDAY NOVEMBER 2 1994 


FINANCIAL TIMES 

Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Wednesday November 2 1994 

The Bank's 
view of prices 


As Mr Eddie George pointed out 
last weds, practitioners of mone- 
tary policy have no crystal hall to 
tell them when to act. What the 

governor of the Bank of ffa glanrt 

has instead is a medium- term tar- 
get for inflation, a wide range of 
economic forecasts, and a judg- 
ment on how to reconcile the two. 

To gauge by the Bazik’s latest 
inflation report, his institution's 
current opinion is that Septem- 
ber’s interest rate rise has reduced 
the gap between, target and fore- 
cast If interest rates were to 
r emain unchanged, the report 
says that the single most likely 
outcome for inflation in the first 
half of 1996 Is 2% per c ant. This is 
at the top of the government's 
1-2J4 target range, and somewhat 
lower than the 2 per cent forecast 
in May. But there is a better than 
even chance of its being exceeded , 
at -least without further increases 
in interest rates. 

As tiie Bank is keen to stress, 
the scope for error is wide. Its own 
forecasting record shows that 
already- It has been caught out, 
opce ag ain , by the slow pace of 
inflation in the three months since 
its hat report. Instead of rising 
slightly in the third quarter, as 
predicted, the government’s target 
measure fell further in September, 
to a new low erf 2 per cent 

The Bank lists five risks to the 
government's target for the end of 
(he parliament One, the growth 
rate of narrow money, has picked 
np since the last report. It grew at 
an annual rate of 7.3 per cent in 
September, compared to &S per 
cent in August and Is still well 
above its 04 per cent monitoring 


Spy scapegoats 


The ' Senate intelligence 
committee's denunciation yester- 
day of Mr James Wool&ey, head of 
the Centra! Intelligence Agency, 
was predictable - and, predicta- 
bly, a little unfair. He stands 
accused of insufficient punish- 
ment of those responsible for Aid- 
rich Ames, the Soviet mote, whose 
eight years' spying for Moscow 
wreaked havoc in the CIA’s net- 
work of foreign agents. The Ames 
case did not happm on Mr Wool- 
i sey*s watch, and it is the sort of 
nightmar e experience which has 
visited all intelligence agencies, 
including the British, over the 
years. But thasp days scapegoats 
are expected and demanded. 

What the report does correctly 
h i ghli g ht is a mindset in the CIA 
inherited from the past, which is 
much toss relevant to the post-cold 
war Twadd, It also raises reason- 
able questions about the role of 
intelligence agencies these days. A 
wholesale revolution in attitudes 
may be asking too much, but 
change there most bee in account- 
ability, in methods, in targets, and 
in psychology. 

Throughout the cold war, west- 
ern intelligence agencies were 
focused above all on the threat 
from their east bloc rivals, the 
KGB, and its even more efficient 
offspring such as the East German 
spy network. Spying on each other 
was a mutually self-justifying 
operation which almost certainly 
led both sides to exaggerate the 
threat from the other. Ihe track 
record of .the CIA and the rest of 
the western agencies in fafifag to 
predict the collapse of the Soviet 


Union indicates just how much 
they suffered from self-delusion. 

It must be said that whereas the 
failur es of the intpUijpwire commu- 
nity' are depressingly obvious - 
the CIA's track record in Haiti is 
only the latest exam p i« - its suc- 
cesses can by definition not be 
trumpeted from the rooftops. Just 
to cite one example, the Lancaster 
House ftMutifaitiiMMl conference 
which brought peace and indepen- 
dence to Zimbabwe would almost 
certainly have been much less suc- 
cessful without the p.ffrrkmt eaves- 
dropping of British spies. 

Today's threats are far less pre- 
dictable than they were in the 
cosy cold war years. Proliferation 
of nuclear, chemical and biological 
weapons is perhaps the greatest 
single threat; forecasting of highly 
• deal atflislug border wars and rivfl 
ware is another big task for the 
intelligence fraternity. The pur- 
suit of intern atio n al terrorists and 
drug traffickers is a rate which 
could wen be shared with more 
conventional police agendes- 

These are an tas ks w hich car- j 
tainly require a continuing inteffi- j 
gence capacity. But the relatively 
dispersed nature of the threats 
means that agencies fike the GLA 
can -and should become much 
more awnmifahte in their work. 
Much of it is after aU based on j 
thorough and tnteiHgpnt analysis ! 
nf a vaflahte information, not brib- 
ing and . bugging. And the more 
such agencies team a psychology 
of openness and accountability, 
the less opportunity there wffl be 
for the likes of Aldrich Ames to 
betray them. 


Digital doubts 


So much is talked about digital 
television , that the creation of a 
new channel is practic ally w ar- 
ranted- just to cany the verbiage. 
Yet there are reasons to be scepti- 
cal. Pofltkdaiis have been particu- 
larly .guilty of talking tq) the. pros- 
pects. But in' their desire to 
predict the fixture of one of the 
world's ' fastest-c h an g ing indus- 
tries -from a gfa gia piece of tech- 
nology, they are overlooking, not 
to the first time, that the technol- 
ogy Is still in search of a market. 

' The debate Is heating np 
because the technology to . com- 
press a television signal digitally 
has only foist begun to work. In 
increasing greatly the amount of 
information which can be deliv- 
ered, it gnabiwi television opera- 
tors either to send out io times as 
many rharmrig or to improve the 
quality of the picture, through 
high-definition or widescreen pie- 


nura, wi tswwtnc. 

But there are snags; mart nnpor- 
tantiy, the need to expensive new 
equipment at some points along 
the., line between the studio and 
the viewer's home. Such afldi-. 

thmal costs are likely to be high- 
est tor digital terrestrial televi- 
sion, which would need new 
equipment at almost every stags 1 
along that line: stu d i o s, transmit- 
ters and, most problematically, 
farther Mack boxes antop of vfew> 

sets. One sltee.oftfa oseoosts - 

! the need for new transmitters- 
would be removed If the signal 
1 were distributed by satefflte direct 
to : viewers' homes. The costa 
would bd lowest if the signa l were 


systems to onward distribution: 
cable operators would need new 
reception equipment, but not 
viewers. 

Of those three options, the two 
which depend on satellite distribu- 
tion are worth taking seriously at 
present Yester da y Canal Plus, the 
French pay-TV channel, said it 
planned to be the first in Europe 
to deliver digital satellite services 
to homes. It remains to be seen, 
however, whether demand for 
enhanced services wfll emerge - 
either for dozens more channels or 
for better quality pictures - and 
how much viewers will be pre- 
pared to jay for them. 

The option which is least wrath 
falcmg seriously is the one the UK 
government has most enthusiasti- 
cally embraced: digital t errestr i al 
television. This summer, the gov- 
. eminent said that it would reserve 
for future digital services one of 
the two frequencies it had previ- 
ously set aside for a fifth terres- 
trial television channel. The result 
is.to reduce the proportion of the 
country which Channel 5 will 
cover tons about 70 per cent to 
jtist overs per cent, although the 
range may yet be boosted if other 
frequencies become avaflahte. 

Yesterday the Ind ependent Tele- j 
vision Commission advertised the 
Channel & licence tor a second j 
tana, although its coverage and 
commercial viability remain 
uncertain. What is dear, however, 
is that the full potential of a new 
service which ’ could be immedi- 
ately available to viewers has 
been Jeopardised for a technology 
which may remain unwanted. 


W hen it emerged last 
week that former 
boxer George 
Walker had been 
cleared of master- 
minding a £19m fraud at Brent 
Walker, the news was greeted by 
financial commentators much as 
cricket correspondents treat 
another defeat for En gland in an 
off-season. There was a ritual groan 
to the effect that the UK's Serious 
Fraud Office (SFO) had done it 
again: another foiled prosecution at 
a cost of millions to the taxpayer. 

The response Is understandable, 
whatever (he merits of the verdict 
in the Brent Walker case, if only 
because of the cumulative evidence 
that justice in white-collar crime 
trials is so arbitrary. 

At one extreme, financial services 
salesman Roger Levitt inflicted seri- 
ous losses on scores of investors, for 
which he was required to do a mere 
180 hours of community service 
after pleading guiliy to fraud in a 
complex idea bargain. At the other, 
Ernest (Saunders made plenty of 
money for investors and no fortune 
for himself in the Guinness take- 
over of Distillers, yet went to jaiL 
There is nonetheless a risk that 
the SFO, for all its blunders, is pick- 
ing up an undue proportion of the 
flak. To judge a prosecuting author- 
ity by the number of people sent 
down is a crude yardstick. Police- 
men are not rewarded on the basis 
of successful convictions, or the 
effectiveness of a regiment judged 
by the number of people it kills. 

Moreover, the high burden of 
proof required in criminal cases, the 
capricious judgments of some juries 
and the loopy behaviour of certain 
judges are features of the criminal 
justice Systran as a whole, not of 
fraud trials in particular. 

The complexity of fraud raises 
questions about relying on finan- 
cially unqualified jurors to reach 
verdicts. But the frequent failure of 
juries to convict in fraud trials 
might also reflect a lack of consen- 
sus about the use of c riminal penal- 
ties where there are either no obvi- 
ous victims, or where the losses are 
hard to identify. 

There is, in fact, a growing tide of 
opinion among financial regulators 
that the line between criminal and 
civil penalties has been wrongly 
drawn; and that a beefed-up regula- 
tory apparatus, applying a less 
ripm andfng standard of proof could 
more effectively tackle some of the 
work now done by the coarts. What 
criteria should determine the divi- 
sion of labour? 

Some financial fraud constitutes 
obvious robbery. In tbe Barlow 
Clowes case, for example, Mr Peter 
Clowes took money from investors 
and used it to finance personal 
expenditure, jnclnrling the purchase 
of a yacht He was rightly con- 
victed. In a country where more 
than 40 per cent of people found 


range. This is cause for concern, 
but the slow pace of the broader 
credit measures presents little evi- 
dence for a take-off in consumer 
spending. 

Of greater interest are the other 
potential inflation risks dted by 
the Bank. As the report rightly 
notes, rising demand - especially 
overseas - appears to be putting 
upward pressure on producer 
prices. Thus for, lower unit labour 
costs have helped companies 
absorb muc h of the Fur- 

thermore, tough competition at 
the retail level has largely spared 
consumers a rise in final prices. 

This mgflTH; that the growth rate 
in producer prices, which has 
picked up in recent months, con- 
tinues to exceed that of retail 
prices. But neither of the factors 
currently restraining the latter 
will necessarily last indefinitely. 
The same caution applies to the 
likely course of events in the 
labour market, the last - and most 
important - of the Bank’s poten- 
tial risks for future inflation. 

Underlying nominal wage 
growth has been moderate and 
rather stable in the recovery thus 
for. As with the increased compe- 
tition among retailers, this could 
represent a positive structural 
change in the economy But simi- 
lar “miracles” have been declared 
in the past 

The Chancellor may be con- 
vinced thaf IMnp have **hang pH 
Bat the Bank would rather not 
take any chances. These is a dan- 
ger that it will turn out to be 
crying wolf. Given past experi- 
ence, that must be more sensible 
than assuming the wolf is slam. 




Arbitrary justice 
in the City 

Recent fraud prosecution failures have advanced the case for 
more powers for financial regulators, says John Plender 



guilty of thefts of under £200 go to 
prison, reducing the sanction in 
such cases would be an unaccept- 
able instance of double standards. 

In contrast, nobody in the Brent 
Walker case was accused of having 
a hand directly in the till. The 
nature of the alleged crime was that 
the company inflated its profits by 
incestuously lending money to third 
parties to enable them to buy the 
products of its film division. 

Between 1984 and 1987, the manip- 
ulation of the figures caused Brent 
Walker's shares to rise ar tificially 
high. This allowed the company 
vastly to enlarge its capital by issu- 
ing fresh equity and to make acqui- 
sitions on the back of misleading 
information. Investors paid too 
much for the shares, while bankers 
were deceived on the creditworthi- 
ness of the company and its direc- 
tor-shareholders. 

Yet by the time Brent Walker ran 
into trouble in 1990, it was a larger, 
very different group from what it 
had been in 1987, the last year mis- 
information was propagated. The 
finan cial crisis at the company was 
due less to falsification of the film 
division’s profits than to excessive 
borrowing on subsequent deals. 

As a result it is impossible to 
attribute specific losses to tbe origi- 
nal act of falsification. Yet there 
was substantial damage, in that 
many shareholders and creditors 
would have lost less if the lower 
level of real profitability in the mid- 
1980s had been disclosed. Bankers 
and investors would not have 
advanced money on the same scale; 
so Brent Walker would have gone 
into its finan cial crisis with a 
smaller share capital, owing less. 

There are a number of misde- 
meanours here, as so often in fraud 
trials. Banks and tbe investors who 
stayed in the shares were deceit- 
fully coaxed - in the jury's view, 
not by Mr Walker - into a loss-mak- 
ing course of action. 

While nobody had a hand in the 
till, that does not mean that direc- 
tors reaped no personal benefit. 
Directors' pay packages and pen- 
sions usually bear some relation to 
corporate size. If manipulation facil- 
itates growth by acquisition, the 
directors may be substantial finan- 
cial beneficiaries. 

At the same time profits manipu- 



T.C. Coombs, who were acquitted: “I 
cannot help thinking that this sort 
of enquiry in a case where there has 
been no financial loss to any indi- 
vidual would be for better left to the 
regulatory jurisdiction of the appro- 
priate bodies rather than a 
full-blown criminal trial.” 

Yet in practice so many cases of 
corporate and financial skulduggery 
involve grey areas that comprehen- 
sive generalisation is impossible. 

Hence the merit of a pragmatic 
approach proposed by the chairman 
of the Securities and Investments 
Board (SIB), Mr Andrew Large- Mr 
Large believes that In cases with a 
potentially criminal dimension, reg- 
ulators and prosecutors should 
co-operate at an early stage to 
establish how the public interest 
would be best served. If the high 
burden of proof required by the 
courts is likely result in failure to 
secure a conviction, then regulatory 
sanctions might be appropriate. 


O ne precedent is the US 
approach on insider 
dealing. There, it is 
both a criminal 
offence and an admin- 
istrative offence, for which the 
Securities and Exchange Commis- 
sion (SEC) may secure penalties of 
three times the profit made. While 
the most serious cases are dealt 
with by c riminal prosecutors, there 
are many cases where the SEC con- 
fiscates the profits and imposes 
Such finanrial penalties. 

“The knowledge that the criminal 
route is available is a deterrent,” 
says Mr Large of the US approach, 
“while the availability of civil set- 
tlement provides a quick - and pub- 
lic - disposal in cases where prose- 
cution is not essential.” 

The SIB has already explored the 
opportunities for greater co-opera- 
tion with the prosecutors. It has 
reached agreement in principle with 
the SFO about the sorts of cases 
that mi gh t he better handled by the 
civil regulators. But it lacks powers 
under tbe Financial Services Act to 
investigate insider dealing and mar- 
ket manipulation. And, like the 
Stock Exchange, it lacks a statutory 
power to fine. 

In the light of the SFO's unhappy 
experience in fraud trials and the 
perceived failure to pursue insider 
dealers, there are dear attractions 
In an enlarged role for the regula- 
tors. The risk is that finan cially 
expert British watchdogs may not 
be as tough on financial misde- 
meanours as those in the SEC. 

The trade-off is between financial 
expertise and the independence of 
the jury. It follows that if the gov- 
ernment does decide to tilt the bal- 
ance in .the system towards regula- 
tory sanctions, a much greater 
degree of transparency will be 
required if public concern about 
potential cosiness between regula- 
tors and their peers is to be avoided. 


lation led to market rigging, an 
activity which can damage the 
City's international reputation and 
drive business to other financial 
centres. Such issues about the 
integrity of markets might be 
thought to be a matter for the regu- 
lators rather than the courts. Note, 
though, that in the Blue Arrow 
case, where merchant bankers 
foiled to reveal a rights issue had 
flopped, convictions were readied, 
before being quashed on appeal. 

Finally there is a public policy 
issue on the economic consequences 
of takeover activity, which arose 
with the Guinness takeover of Dis- 


tillers as well as at Brent Walker. If 
large companies change hands on 
the basis of false information, a mis- 
allocation of economic resources 
could result. Most people would 
agree that this is anti-social behav- 
iour. They might not all agree that 
it merits a jail sentence. 

It is tempting to generalise about 
criteria for criminal as against regu- 
latory sanctions on the basis of a 
combination of incurred losses and 
an intent to deceive. There was 
much sympathy with Mr Justice 
Clark last year, for example, when 
he said in an SFO case against two 
former stockbrokers at 


Can the debate on minimum labour standards be moved beyond caricature, asks David Goodhart 


M alaysia is “a country of 
cheap and docile 
labour which has ban- 
ished free trade 
unions", Mr I-wiw Kirkland, one of 
the most powerful trade unionists 
in the western world, recently told 
the UK Trades Union Congress. 

The views of Mr Kirkland, head of 
the US union umbrella, the AFL- 
<30, are typical of western union 
leaders. The reason for such attacks 
is not hard to find. Dr Mahathir 
Mohamad, the Malaysian prime 
minis ter, is one of the most outspo- 
ken critics of the idea of worldwide 
minimum labour standards. Sup- 
porters of minimum standards — 
especially among the unions - 
therefore assume that Malaysia is 
teeming with sweat shops and child 
labour. 

There are poor working condi- 
tions in some sectors erf tbe Malay- 
sian economy, particularly among 
immigrant plantation workers. 
There are also some restrictions on 
trade unions. But in most other 
respects, Mr Kirkland’s views are 
being left behind by events, as Mal- 
aysia races to catch up with Asian 
tigers such as Korea and Taiwan. 

“When workers come here for an 
interview, it is not us interviewing 


Brotherly 

affectation 

■ It must be getting close loan 
election - president Carlos Menem 
has started tatkfag about the 
Falkland Islands a gain If Argentina 
were to gain sovereignty from the 
UK, be might offer cash to any of 
the 2,100 Falklanders who didn't 
want to stay. 

“It’s one of many issues under 
consideration . . . don’t forget that 
Alaska was bought from Russia,” 
says Menem. It was indeed, in 1867, 
for $7-2m. (Sven there's strong 
evidence of black gold reserves 
round the islands, what price has 
he in mind? 

Meanwhile, his brother Eduardo, 
president of the Argentine senate, 
has popped across to the UK. Today 
he watches the Duke of Edinburgh 
unveal a monument to Argentine 
general Jose de San Martin, 
Kberator of Argentina, Chile and 
Frau from the Spanish yoke, who 
also lived in London. 

Eduardo - the most senior 
Argentine official to visit the UK 
ranee the resumption of diploma tic 
relations in 1990 - Is also getting 
7nncb from Douglas Hurd. His 
schedule indudes meetings with 
nthw UK government ministers - 
those who are left, anyway - but 
oddly enough, not John Major. 

Maybe some deal could be done 
whereby the islanders are 
temporarily housed in the Ritz in 
Paris, in exchange for which the 


For love of labour 


them, it is them interviewing us 
about holidays and fringe benefits,” 
says Mr Neoh Soon Bin of the Soon 
Soon flour mill in Penang, north 
western Malaysia. 

With unemployment running at 
less than 3 per cent and annual 
growth in gross domestic product at 
more than 8 per cent, workers can 
afford to be choosy, even if. in sec- 
tors such as electronics, they are 
not allowed to join independent 
unions. The result is that annual 
labour turnover is soaring - up to 
45 per cent in some areas - and 
average wages are rising at nearly 7 
per cent a year. 

According to Mr Thian Hoo Tan. 
who runs the advanced disc-drive 
plant of US electronics company 
Komag in Penang, his real wage 
costs are rising at more than 10 per 
cent a year and will converge with 
US wage rates in about 10 years. 

These wage increases are not won 
at the expense of decent employ- 
ment standards. Malaysian workers 
have some job security and the gov- 
eminent regularly encourages 
employers to adopt high 


Menems negotiate a truce between 
The Guardian newspaper and the 
Tories? 

After all. Buenos Aires also has 
its Harrods. . . 


standards of health and safety. 

And even trade unionism is 
“semi-free", according to Mr G. Ra- 
jasekaran, secretary general of the 
Malaysian Trades Union Congress. 
Throughout much of tbe manufac- 
turing sector they operate with 
greater freedom than in most other 
countries in the region. 

Malasia's high wages are already 
causing many assembly operations 
to relocate to China or Th ai land, 
says Mr Tan. Tbe government 
wants to emulate neighbouring 
Singapore in shifting to high val- 
ue-added production. With its GDP 
per capita nearly US$8,000 fusing 
purchasing power parity), just 
above Greece, tbe poorest European 
Union country, it can no longer 
compete with the new low- wage 
Asian competition. 

Thus, Malaysia is now too 
advanced to be affected by most of 
the minimum labour standards that 
union leaders such as Mr Kirkland 
would like to impose in return for 
access to western markets. 

“Malaysia would scarcely be 
affected by what is proposed. If the 


Observer 


y, O O O © 

oty c ' io 


plan really was for a global mini- 
mum wage - as Mahathir claims - 
we would be the first to oppose it," 
says Mr Abdul Razak Hamid, head 
of the Malaysian textile union in 
Penang. 

So why does Dr Mahathir persist 
in his attacks on the west and on 
Malaysia’s own trade union leaders? 

Accusations of western hypocrisy 
on labour issues have helped to 
raise his standing in the developing 
world. He is also worried that the 
west will try to impose what he 
believes to be an inappropriate form 
of trade unionism on countries such 
as Malaysia through minimum 
labour standards. 

Yet beneath the rhetoric, some 
flexibility is apparent Mr Anthony 
Yeo, tbe senior official at the Minis- 
try of Human Resources who repre- 
sents Malaysia at International 
Labour Organisation meetings, 
opposes any link between trade and 
labour standards. But he adds that 
the 1LO should be given more 
authority to stamp out real abuses, 
such as child and slave labour. He 
also says that while restricted com- 


pany unions are currently the most 
appropriate for the Malaysian elec- 
tronics sector, “we might at some 
future stage adopt a different 
approach”. 

If Malaysia is to make the transi- 
tion to a high value-added economy, 
it will have to relax the paternalism 
that pervades the country. Modern 
production methods require an edu- 
cated workforce capable of making 
independent derisions. 

“That also means trusting citi- 
zens to form free trade unions," 
says Mr Steve Pursey of the Interna- 
tional Confederation of Free Trade 
Unions based in Brussels 

Mr Pursey - reflecting a more 
sophisticated trade union view than 
Mr Kirkland's - believes that devel- 
oping countries such as Malaysia, 
which have advanced beyond tbe 
first stage of industrialisation, have 
most to gain from minimum stan- 
dards legislation. It will protect 
them, he argues, from being under- 
cut by the cheapest labour econo- 
mies before they are ready to switch 
to higher value-added production. 

From their different perspectives. 
Mr Pursey and Mr Yeo suggest that 
the debate about minimum stan- 
dards is at last moving beyond the 
realm of caricature. 


Flying high 


y < 


■ Dutch racing pigeons may be 
tested for drugs to foil cheats who 
artificially boost their birds' aerial 
prowess, according to a report in a 
Dutch newspaper. 

Drugs can slow the rate at which 
young pigeons lose their feathers 
during moulting and so increase 
flying speed. The sport's ruling 
body, the Netherlands' Pigeon Post 
Organisation, is so concerned it is 
sending its chairman to a Belgian 
research Laboratory - to investigate 
methods of dope testing winning 
birds, rather than to be tested 
hims elf. 


Numerology 

■ Peter Wood, the insurance 
entrepreneur who pioneered direct 
telephone selling of motor policies 
in the UK, is not the sort of person 
you’d think had trouble 
remembering figures. 

And yet he says he can’t 
remember Direct Line's telephone 
numbers. Moreover, at yesterday's 
launch of Privilege Insurance - a 
Joint venture with the Royal Bank 
of Scotland for higher risk 
motorists - he said he hadn't 
"ac tuall y thought about” what his 


HI 

i resign ... No. I don’t . . . Yes. I do 
. , . That’s settled then, I'm staying’ 

salary might be as its non-executive 
chairman. 

Forgetfulness is perhaps 
understandable ill his case. After 
all as chief executive of Direct Line 
he received £24m last November to 
abandon a pay bonus scheme that 
had earned him £18,2m over the 
year. 


Up front 


■ So BT. Britain's biggest 
company, is promising a series of 
classical concerts, galas and a 
special issue of new phone cards to 
mark its 10th anniversary as a 
public company. 


BT chairman Sir lain Vallance 
says that the “unwieldy telephonic 
dinosaur that came b linking into 
the light 10 years ago has evolved 
into a streamlined world class 
player . . .we’ve got a lot to 
celebrate. 

“For most people the biggest 
change is summed up in our prices 
- in real terms they have halved 
over the decade,” says Sir Iain. 

But a few cynics will be more 
interested in what has happened to 
the chair man's salary. 

It has risen nearly eightfold to 
£663,000. 


Tooth decay 

■ The chairman of Amstrad is not 
known for honeyed language. But 
Alan Sugar’s statement to the stock 
exchange yesterday, announcing 
the sacking of Ossie Ardiles, 
Tottenham Hotspur's manager - 
Sugar is also chairman of the 
football club - laid it on with a 
trowel. 

The sacking was "one of the most 
difficult derisions I have ever had to 
make in my life", said Sugar. 
Praising Ardiles rather than 
burying him. Sugar added: “The 
difficulty has been compounded by 
the fact that he is such a delightful 
person and a good man ... he will 
always be loved and welcome at our 
club.” 

Gan we stand this Mr Nice Guy 
act? Those with memories will 
recall Sugar's rather different view 
of Ardiles last year. 


Then the Argentine said that 
Terry Venables - the former Spurs 
chief executive and manager who 
was contesting an unfair dismissal 
claim against Sugar - was welcome 
at the club. Sugar was a little less 
effusive: “Ossie is in cloud-cuckoo 
land at the moment Maybe he is 
getting carried away with the 
results." 

Now he's just getting carted off. 


Envious shade 

■ One Mikhail Gorbachev was star 
speaker at a luxurious Parisian 
hotel last night, speaking on 
successful environmental policies 
by national governments, in his 
capacity as president of Green 
Cross International, which aims to 
“resolve environment problems”. 

Can it have been the same 
Gorbachev, ex-president of the 
former Soviet Union, currently in 
the spotlight for creating 
environmental problems? 

The very same . . . 


Mechanical 

■ The sight of George Carman, 
arguably Britain’s most famous 
barrister, being trotted out to advise 
Harrods’ boss Mohamed Fayed, has 
prompted the following joke: if 
"karman” is Russian for pocket, 
then George Carman must be 
English for deep pocket 
For some reason this makes 
lawyers laugh. 


’ 'i 7 V.' 





14 


\ A FINANCIAL TIME 
( for change 



| NeWfTffit | 


FINANCIAL TIMES 

Wednesday November 2 1994 




BRITISH VITA PLC 


yZtic^' ' ,'Mrts 



Agency chief faulted over disciplinaiy action 


Senators criticise CIA 
for handling of spy case 


By George Graham 
In Washington 


US senators demanded funda- 
mental changes in the culture of 
the Central Intelligence Agency 
yesterday. 

They castigated its director for 
his response to the discovery of a 
Russian spy within the agency’s 
counterintelligence division this 
year. 

The Senate intelligence com- 
mittee said it found "a bureau- 
cracy which was excessively tol- 
erant of serious personal and 
professional misconduct among 
its employees, where security 
was lax and ineffective”. 

The committee also criticised 
the disciplinar y action fai™ by 
Mr James Woolsey, the CIA direc- 
tor, after the immasMng as a spy 
of Mr Aldrich Ames. 

In a detailed report, the com- 
mittee said "gross negligence” 
had allowed Mr Ames to remain 
undiscovered for almost nine 


years. He was arrested In Febru- 
ary and jailed for life after admit- 
ting spying for the Soviet Union 
and then Russia. 

The findings come at a difficult 
time for the CIA, as the justifica- 
tion for maintaining a $27bn 
annnai intelligence budget after 
the end of the cold war comes 
under increasing pressure. 

Although most of the money 
goes on the electronic surveil- 


Editorial Comment Page 13 


fan rw conducted by the National 
Security Agency, it is the CIA 
that has been the target of most 
political attacks. 

Apart from its handling of the 
Ames case, the agency has been 
chaiienged on questionable judg- 
ments in countries such as Haiti, 
where it repeatedly undermined 
President Jean-Bertrand Aristide 
and kept supporters of the mili- 
tary junta an its payroIL 


The committee said it had 
found “a system and a culture 
unwilling anf i unable - particu- 
larly in the early years of Ames’s 
betrayal - to face, assess and 
investigate the catastrophic blow 
Ames had dealt to the core of its 
operations' 1 . 

As a result, more than 100 
Intelligence operations were com- 
promised and 10 Soviet sources of 
the CIA and the Federal Bureau 
of Investigation were executed. 

In dealing with the case, the 
report says, Mr Woolsey had only 
issued letters of reprimand to 
seven retired and four current 
CIA employees. None of the 
employees was fired, demoted, 
suspended or even reassigned. 

The committee sharply critic- 
ised fchip disciplinary action as 
falling “far short of the level of 
accountability expected by the 
committee”. One committee 
member, Senator Howard Metz- 
enbaum, urged President Bill 
Clinton to dismiss Mr Woolsey. 


Bank of England points to 
need for interest rate rise 


By PhKp Coggan and 
Motoko Rich in London 


UK interest rates will probably 
need to rise over the coming 
months to keep inflation on tar- 
get, the Rank of Rn gfanri rm pHori 
in its quarterly inflation report 
yesterday. 

The UK's central bank said the 
inflation outlook had improved 
since its last report Its forecast 
of underlying inflation (which 
excludes mortgage interest pay- 
ments) in mid-1996 has been 
reduced to 2.5 per cent, from 
around 3 per cent in its last fore- 
cast 

The report wifi, set the agenda 
for today's monthly monetary 
meeting between Mr Eddie 
George, the governor of the Bank 
of England, and Mr Kenneth 
Clarke, the chancellor of the 
exchequer, which will discuss 
interest rate policy. The twoa- 
greed to an increase in base rates 
from 5.25 to 5.75 per cent after 
their September 7 meeting. 


Financial markets appeared to 
he buoyed yesterday by the view 
that ty* rqport tti artft an immi- 
nent rise in rates less likely. The 
Institute of Directors, a leading 
employers’ organisation, said it 
saw no evidence of overheating 
in the economy to justify a fur- 
ther increase in rates. 

The gnwa mrrwwit has g target 
range for inflation of 1-4 per cent, 
but the former chancellor, Mr 
Norman Imnont, added the aim 
of reaching the lower half of the 
government’s target range by the 
end of this parliament. The Rank 
now regards the lower half of the 
band as its effective target 

While the Bank's forecast puts 
inflat ion jost within the lower 
half of the range, it warned that 
its central projection “is only the 
single most likely outcome. The 
risk of inflation being higher 
than the central projection is 
greater than the probability of it 
being lower.” 

The Rank is particularly con- 
cerned about the recent pick-up 


in producer {Tice inflat ion, which 
has been fuelled by increases in 
raw materials prices. “It is not 
dear how for price pressures wifi 
he passed down the production 
and retail chain,” the report said 
Higher producer prices could 
eventually feed through into 
higher retail prices. 

The Rank alcn eaiii that 

rapid growth of MO, the narrow 
measure of the money supply, 
was "cause for concern” and said 
that wage rises might increase 
foster than currently expected. 

Given the balance of the risks, 
and the lags involved between 
changes in interest rates and 
their effects on the economy, it is 
likely that an increase in rates 
will be needed daring the next 
few months to keep inflation 
between l and 2L5 per emit 

Gilts rose sharply after the 
report was issued, to end the day 
around half a point higher 


Editorial Comment, Page 13 
See Lex 


Astra and Merck in joint venture 


Continued from Page 1 


chief executive of Astra. The pur- 
chase price equals US sales of 
Astra drugs in the year since the 
level was reached, he added. 

The new company, based in 
Wayne, Pennsylvania, has 900 
employees and 95 per cent of 
sales come from Prilosec. 

Mr Wayne Yetter. Astra 
Merck's president and chief exec- 
utive, said the company aimed to 
develop new drugs before the Pri- 
losec's patent runs out in 2001. 


He added that Prilosec sales had 
not been fait by the US patent 
expiry of another ulcer drug, 
Tagamet, In April, which was fol- 
lowed by the launch of a cheaper 
form of the drug. 

Prilosec acts by stopping the 
creation of the add which causes 
ulcers, unlike Tagamet or 
another rival, Zantac, which sup- 
press the secretion of the acid, 
Astra Merck said. Prilosec is used 
in acute ulcer cases, and pre- 
scription volumes have remained 
constant, the company added. 


Dr Mogren said the goodwill 
associated with the deal would be 
written off in Astra’s accounts 
over a period of 20 years, and 
that over the next two years the 
Swedish company’s share of prof- 
its from the joint venture would 
roughly equal the royalties it 
received from Merck. He said the 
profits would grow as the joint 
venture developed. 

Astra wifi continue to operate 
through its US subsidiary, which 
handles a number of anti-allergy 
and hospital products. 


US factory 
activity 
fuels 
fears of 
inflation 


By George Graham 
&i Washington 


US manufacturing activity 
accelerated again in October, 
according to a survey of industry 
pur chasing managers, arousing 
new fears In financial markets 

that infla tion m ight be b uilding 

up steam. 

The National Association of 
Purchasing Managers said its 
monthly index rose to 59.7 per 
cent in October from 58.2 per 
cent in September, signalling a 
pick-up in business activity after 
a slower third quarter. 

Mr Ralph Kanfftwan . ch airman 
Of the NAPM*s survey c ommi ttee, 
said that if the index stayed at its 
October level it would probably 
indicate a growth rate of around 

5.4 per cent, for in excess of the 

3.4 per cent annnai rate reported 
last week for the third quarter. 

Bond and stock markets both 
fen in response to the survey, as 
analysts suggested the evidence 
of renewed strength in the manu- 
facturing sector might prompt 
the Federal Reserve to raise 
interest rates at its November 15 
meeting by more thaw the half 
percentage point anticipated. 

The yields on the 30-year US 


US P u rc has ing 
Manama's 1 Index 



I. I .. I . XXI . 


• '■ - 1903 


94 


Treasury bond pushed above 8f) 
per cent again, and by noon the 
Dow Jones Industrial Average 
had fallen 31.63 to 3,876.49. 

With the gap between the Fed- 
eral funds rate and the yield on 
two-year Treasury notes now 
more than 2 full percentage 
points, the markets appear to 
have built in a Fed increase of at 
least % percentage point 

Adding to the finanr.iai mar- 
kets’ concerns were signs that 
manufacturers might he feeling 
pressure to raise prices. 

The association’s index of 
prices paid for materials rose to 
79.9 in October, a six-year high, 
firom 77.1 in September, with 
more than 70 per cent of purchas- 
ing executives saying they had 
paid more for raw materials. 

Mr Kaufftnan said, however, 
that competitive pressures were 
still preventing many manufac- 
turers from passing on price 
increases to their own cust- 
omers. 


International bonds, Page 19 
Wall Street, second section 


FT WEATHER GUIDE 


Europe today 


Extensive high pressure will keep most of 
central Europe and southern Scandinavia dry 
and settled. Most areas will have sunny 
periods but ft will stay rather ood in 
Scandinavia, Germany and the Benelux. An 
Inactive cold front wifl produce only doud 
across tits Alps and the northern Balkans. A 
frontal zone, associa t ed with a complex low 
pressure system over the Atlantic wifl bring 
ctoud and rain to western parts of the UK, 
Franco and Portugal. These arses wffl also 
become rather windy. Thunder showers wiH 
occur later today in the western 
Mediterranean. Elsewhere in southern 
Europe, it w3 remain dry and rather sunny 
with afternoon temperatures between 20C- 
25a 


Five-day forecast 

Cool and unstable air will be drawn towatis 
south-west Europe producing frequent 
showers or rain across Spain, Portugal, 
France and the western Mediterranean. 
Southern France may have some flooding. 
Most of central, northern and south-east 
Europe will remain dry with sunny periods, 
and rising temperatures. 



.' ■ ••• -29' 

Wtmiaparttnt IPH^ 


TODAY'S TGMPSUTURBS 


Situation or 12 QMT. Temperatures matmurn fordny. forecasts by Mateo Consult of the Nathertands 



Maximum 

Basing 

Mr 

16 

Caracas 

Mr 

31 

Faro 

Mr 

21 

Madrid 

Mr 

18 


GeWus 

Belfast 

rain 

11 

CbkBT 

rain 

12 

FranJdurt 

sun 

12 

Maforca 

thund 

22 

Abu Dhabi 

sun 

33 

Beriai 

Mr 

16 

Casablanca 

mm 

21 

Geneva 

fair 

15 

Malta 

shower 

23 

Accra 

doudjr 

30 


•11 

Chicago 

doudy 

18 

Gibraltar 

Mr 

21 

Manchester 

doudy 

10 

Algiers ^ 

for 

24 

Bermuda 

shower 

28 

Cologne 

Mr 

12 

Gtaagow 

rain 

10 

Madia 

doudy 

31 

Amsterdam 

fair 

11 

Bogota 

shower 

21 

Dakar 

sun 

29 

Hambug 

tat 

11 

Melbourne 

rain 

17 

Athens 

sun 

24 

Bombay 

doudy 

34 

Dallas 

Hand 

26 

Helsinki 

sled 

2 

Mexico City 

fair 

23 

Atlanta 

sun 

22 

Brussels 

Mr 

11 

OeM 

sun 

30 

Hang Kong 

Mr 

28 

Miami 

sin 

28 

a Aires 

sun 

24 

Budapest 

Mr 

13 

Dubai 

sun 

32 

Honolulu 

fair 

31 

MBsn 

doudy 

14 

BJwn 

rain 

10 

CJiagen 

Mr 

10 

Dublin 

rah 

12 

tabmbd 

Mr 

21 

Montreal 

rain 

9 

Bangkok 

Ur 

33 

Cabo 

stwww 

27 

Dubrovnik 

fair 

21 

Jakarta 

Ur 

33 

Moscow 

rain 

6 

Barcelona 

shower 

10 

Capa Town 

SU1 

30 

Ecfinbutf 

doudy 

9 

Karachi 

doudy 

sun 

12 

38 

Munich 

Nairobi 

Mr 

Mr 

12 

28 


tat 34 
snow 1 
25 


SLFrsoo 


fair 21 


Our service starts long before take-off. 


Lufthansa 


Kuwait 
L Angeles 
Las Palmas 
Lima 
Lisbon 
London 
LucJbourg 
Lyon 
Madeira 


son 


fair 

doudy 

s h ower 

fair 

Mr 

Ur 

shower 


33 Naples 
20 Nassau 
25 New York 
22 Nice 
IS Nteasta 
IS Oslo 
10 Paris 
10 Perth 
S3 Prague 


fair 

sun 

shower 

fair 

fair 

Mr 

Ur 

Ur 

Mr 


21 Toronto 
30 Vancouver 
IS Venice 
19 Vienna 
28 Wares* 

8 Washing to n 
12 Wefington 
23 Winripag 
10 Zurich 


sun 
doudy 
thund 
cloudy 
hazy 
shower 
Ur 21 
Quid 23 
Ur 20 

ft* 12 
doudy 8 
fair 15 
doudy 13 
shower 10 
sun 19 
Ur 16 
doudy 6 
doudy 12 


THE LEX COLUMN 


Banking on low prices 


UK base rates will rise. Nothing in 
yesterday's inflation report from the 
Bank of England trill change that But 
the reduction in the Bank's medium- 
term inflation forecast to 2J5 per cent 
means that a rise in rates is not press- 
ing. Nor may the eventual increase 
need to be as great as the markets 
fear. 

The report could still provide Mr 
Eddie George, the Bank governor, 
with an excuse to push for an immedi- 
ate rate increase in his meeting today 
with Mr Kenneth Clarke, the chancel- 
lor. It plausibly argues that the proba- 
bility of overshooting the 5L5 per cent 
forecast is greater than that of under- 
shooting. The main risk is that pro- 
ducer price infla tion will feed through 
to retail prices. Moreover, the Bank 
clearly feels uncomfortable with a pro- 
jection right at the top of its 1 per cent 
to 2L5 per cent target range. Even so, 
the betting must be that Bank will 
wait for further evidence before 
urging action. 

Central to the Bank's analysis is the 
assumption that September's increase 
in base rates will cut infla tion by 
nearly half a percentage point. The 
reasoning is that consumers are still 
so heavily weighed down by debt that 
interest rate rises will have a bigger 
effect on demand than in previous 
cycles. If the Bank is correct inflation 
could foil to the middle of its target 
range without any need for base rates 
at the peak to rise beyond 7 per cent 

All thin is encouraging for markets. 
Though US bonds may continue to be 
knocked by fears over US inflation, 
the better inflation outlook in the UK 
should lead to a further narrowing in 
yield gap between gilts and Trea- 
suries. Equities would then be carried 
higher too. 


FT-SE Index: 3096.3 {-1.1} 


BP/SheQ Transport 


1,400 

stut 


. fAr-, 





600 = 



400 -* s * 


197678 80 82 84 88 86 » B4: 


could miss opportunities through 
under-investment. With BP’S return 
on capital at 12 per cent - better than 
all but a couple of its US rivals - the 
company can afford to increase capital 
spending. But BP’S exploration effort 
is proving hi ghly productive, so it may 
not need to invest a great deal more to 
increase its global market share. 

The stock still has ground to recover 
after its collapse in 1991 and 1992. As 
the group’s rehabilitation continues, it 
should continue to outperform its oil 
peers. BP remains at a discount of up 
to 15 per cent against US groups on 
both a cash flow and price earnings 
basis. True, the yield is still low. But if 
the company can deliver on the mar- 
ket’s expectations of 20 per cent divi- 
dend growth, that will no longer 
appear so great a drawback. 


recent years. The imaxpected ^ slow- 
down is unlikely to be temporary.; ft 
highlight s the risk and volatility asso- 
ciated with China, rather than just the 
opportunities. That Chinese growth 
rates have slipped does not obschre 
the enormous potential of the Chinese 
market, which Hongkong Telecom is 
well placed to exploit But yesterday's 
figures will rightly, serve, to 
puncture the somewhat, unreflecting 
euphoria which followed- .last 
month's announcement of a planned 
$300m direct investment . La the 
country. 

H o ngkon g Telecom is under pres- 
sure in other areas of its interaational 
business and wifi shortly face intensi- 
fied competition in its domestic mar- 
ket as welL The company may be well- 
placed and well-managed, but the 
shares look expensive. 


British Petroleum 


BP's debt mountain, which previ- 
ously threatened to engulf the group, 
is firmly under control. Disposals and 
strong cash flow have reduced debt by 
$6bn since 1992, helping to cut the 
interest burden. On the trading front, 
the outlook appears promising with 
profits growth driven by a recovery in 
petrochemicals prices and continued 
cost cutting. 

BP is now in the happier position of 
deciding itow much of its cash flow 
should be invested and how much dis- 
tributed to shareholders. After its pre- 
vious traumas, the management is 
right to be cautious. But earning s can 
be advanced only so for by reducing 
costs and there is a danger the group 


Hongkong Telecom 

The 15 per cent growth in Hongkong 
Telecom’s half-year earning s was in 
line with expectations. But the figures 
were a disappointment nonetheless. 
The reason was the pedestrian 11 per 
cent increase in turnover - pedestrian, 
that is, for a company valued at a 
substantial premium to the Hong 
Kong market But for a reduced tax 
rate and a lower management fee paid 
to Cable & Wireless, Hongkong Tele- 
com’s parent earnings growth would 
have been more modest 

Worryingly, the main culprit behind 
the sluggish sales picture was China. 
The country generates about a third of 
the group's international revenues, 
and enormous excitement among 
investors. In the first half; growth in 
call traffic with C hina slowed to 21 per 
cent compared with the 30 per cent of 


Thames Water 

The City's immediate response to 
Thames Water’s higher than expected 
interim dividend was to mark up the 
whole sector. This was based on the 
arenwiptiriw that, unless. Thames’ li 
per cent increase, attracted .too much 
political flax the rest bf the herd 
would follow 'its lead. One snag with 

thin arg umen t is that Thames is partly 

catching up after last year’s unusually 
low rise to reflect the poor perfor- 
mance of its non-core businesses. The 
Increase ova- two years was only 18 
per cent ....... 

More importantly, the Thames 
increase is entirely backward-looking. 
The company stressed that it should 
be seen in the context of the very 
profitable final year of the old regula- 
tory regime and not as a painter to 
prospects in the much tougher five 
years to come. 

The new price caps will mean very 
modest revenue'growth.after inflation. 
Though Thames can .cut operating 
costs further, a steadily rising tax rate 
means it will be hard to raise earnings 

much fa ctor than 

real dividend increases wm therefore 
have to come from reducing earnings 
cover. Thames could increase its pay- 
out by nearly half and still cover it 
twice. But the company is unlikely to 
go that fa r. Annnai real growth of 4 
per cent over the next five years is 
about as much as can be expected^ 
Given the better dividend prospects 
elsewhere and the political risks to 
water companies if Labour wins the 
next election, a 30 per cent yield pre- 
mium to the market is not over-gener- 
ous. 





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Now we’re restructured and refinanced, we can focus on 
what we do best • condoms and surgical gloves. 

With 22% of the world's branded condom market, we're 
No.l. Our Regent Biogel surgical gloves are recognised as 
amongst the finest there are and global markets for these 
products are growing. 


Our technical expertise combined with over 70 years 
experience will help us stay ahead of the competition. 

Our new management team is committed to maintaining 
this quality leadership and to realising the value of these 
core brands. We are confident that the progress being made 
will provide long term growth for the group. 



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Innovators in Thin Film Barrier Technology 

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IN BRIEF 


HK Telecom rise 
meets expectations 

Hong Kong Telecom, which is 57.5 per cent owned 
by Cable & Wireless of the UK, met market expecta- 
tions with a 15 per cent rise in net profits. The 
deceteratian In international traffic growth was 
largely ; brought about by a slowdown in china traf- 
fic, which up until this year had been growing at a 
rate of more than 30 per cent annually 
Page 18 

TWA cuts net loss to $8m in term 

Trans World Airlines, the US airline stru gg lin g to 
avert a fi nancial crisis, yesterday reported that cost- 
cutting had enabled it to reduce net losses in Its 
third quarter to $8m from 361.7m. However, Mr Rob- 
ert Pefcer, chief financial officer, said it was still 
“crucial" that the company should win approval for 
the sweeping financial restructuring plan that it 
put to creditors last month. Page 17 

Cars drive aluminium demand 

Growth in demand for aluminium to the year 2000 
wifi be substantially fester than in the past seven 
years, driven, particularly by consumption in Asia 
and by the automotive industry, according Alcan, 
the aluminium producer. Page 24 

Sumitomo Bank moves into securities 

Sumitomo Bank, the world’s largest lender, will 
join the country’s other leading hawirft later this 
week in establishi n g a securities brokerage. Page 24 

Lakttaw In talks about Union Pacific unit 

Laidlaw, the Ontario-based waste services and 
transportation group, expects to become North 
America's biggest hazardous waste operator with a 
proposed deal to acquire a subsidiary of Union 
Pacific, the US railroad conglomerate. Page 17 

Aga pleases market 

Shares in Aga jumped 8 per cent yesterday after the 
Swedish industrial gas group announced a stronger- 
than-expected 23 per cent increase in profits in the 
first nine months. Page 16 

Sales growth helps tunraund at DSM 

Strong demand fuelled by European economic 
recovery enabled DSM, the Dutch chemicals group, 
to stage a tumround to a net profit of FI 114m 
($67.4m) in the third quarter. Page 16 

VSEJ joins Devonport bidding 

VSEL, the UK submarine maker being fought over 
by GEC and BAe, has joined the DML consortium 
bidding for Devonport dockyard, which is due to be 
privatised next year. The enlarged consortium’s ini- 
tial bid for Deronport was submitted to the Minis- 
try of Defence at noon on Monday. 

Page 20 

Powerscroen rises 12% 

Powerscreen Internationa^ fiie UK manufacturer of 
screening and stone crushing equipment, reported a 
12 per cent rise in pre-tax profits. Page 22 

ScotfatmshH^eaqmctatloRS 

Scotia Holdings yesterday became the latest UK bio- 
technology company tohail the potential of a new 
treatment developed using funds from its recent flo- 
tation. Page 22 

Aided Domecqto ffft stake .. 

Allied Damecq, the UK drinks grmq>, yesterday 
announced it would lift its stake in Spain Alecq, tirn 
owner of the Domecq group.froin 73 to almost 100 
per cent. Page 22 .* 


Companies In 'this Issue 


Aga 
Aflied Domecq 


10 Jaryte 
20 Jaya Tlaaa Plywood 



Arfiax ’ 

. 18 KBn.fAQ 

22 


Anglo American 

17 LakSaw 

17 


BAs 

- 20 MFC 

22 


BP:-.: 

. -is Uppon Off 

18 


Banters That • 

. 17 Pfc»r 

- 17 

pA" .-^r‘ — i 

Bajaya Tastes 

• - 17 Powerscreen 

22 

km 

Beverley . 

21 Pruureag 

17 


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Khubsn 

Btogan: 

Boreefe . . 

Brttteh T otoco m 
CJL 

Qetab International 
Ogna 

Oydeport 

Cosmo OB' 

OSM 
Oottal ■ 

Diffl " 


First Leisure 
*ord ' V • 
French Connection 
©EC - 
General Motor* 
GSn&aia ides Eaux 
Hatriund Nycomed 
Hong Kong Telecom 
Huntingdon 
Intel 


16 Quabacor 17 

17 RJGBantscti IS 

16 Hsonm 20 

on Rlmbunan Hflau Ply 17 

17 Royal Bank Scotland 9 

‘ SHL Systemhousa 17 

Safaland 22 

Scotia Holdings 22 

Shoprtte 21 

Siemens IS 

Softbank 16 

” Stockholm Energi 15 

Storm (Peter) 21 

Sumitomo Bank 18 

20 Sumitomo Metal Wnfl 18 

8 TWA- - 17 

20 Thamee Water IB 

20 union Pacific . 17 

17 VSO~ 20 

19 VtaalnU 17 

18 Waetbury ' 1 21 

18 YdrloMre Beet / 16 

22 Zifl Communications 18 

17 deMkxfcan : . 21 


22 

17 
21 

18 
'16 


Market Statistics 








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Bendmotr Gout, bonds ; 19 
Sondltd u raa ant apttooa ■ 18 
Qond prices and yfekfe 19 
COnwiaMe a T i te s - - 24 

Outdares announced, IK 20 
EHS conancy rates 30 

Eurobond prices 10 

Rod Mara* laden U 

FT-A Waritf teScos Back Page 
FT Odd Maes Mai , 20 

FT/6WM toad SB _ . 19 
FT-SE Actuates Mess' -'25 


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London trad optons 
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Short-term tit rates 
US Interest rates 
WMSortUototts ■- 


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19 

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32-33 


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31 


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Higher international sales volumes beats expectations, reports Robert Corzine 

BP spurred by petroleum demand 


British Petroleum yesterday said 
demand for petroleum products 
was growing fester than expected 
because of economic recoveries 
in key regions, including the US, 
Europe and south-east Asia. 

BP executives in London said 
higher sales volumes were one of 
the factors behind the com- 
pany's strong third quarter quar- 
ter performance. Replacement 
cost profits of £415m (8655m) 
were 23 per cent up on the previ- 
ous quarter and the same period 
last year. 

Mr David Simon, chief execu- 
tive, said oil production in the 
first ning months of the year was 
up 4 per cent, while natural gas 
volumes showed a 20 per cent 
increase Chemical volumes were 
up 10 per cent. “The growth in 
volumes was better than pre- 
dicted.” he said. “There Is a buoy- 
ancy on the demand side that is 
most encouraging.'* 

Japan was the only major 
country where increased demand 
failed to appear, according to Mr 
Simon. 

BP predicted that the firmer 
demand could "...support crude 


BP: on a rising tide 

Brent oR price (S per barrel) 

25- 


Share prtca (parted) 
- 450 - 

400 - 


Debt(Sbn) 
17 


ProfiT (Em) 


20 - 


ic£ - 350.- 



1092 

S&ucs: oriuiimiivBP 


oil prices" over the next few 
months. Mr Simon warned, how- 
ever, that rising demand for 
petroleum products might not 
translate into wider margins for 
BP and other oil companies. 

He said the volatility evident in 
oil markets this year was likely 
to continue. Price swings of as 
much as $3 around a $17-520 
range for the benchmark brent 
blend could be expected, even in 
the face of firming demand. 



Improved efficiency has 
recently allowed it to increase its 
margin per barrel to around 54, 
towards the top of the industry 
range, from around $3.50 a barrel. 

Its cost of finding, developing 
and producing a barrel of oil has 
also fallen to $8-$9, about S4-55 
below its peak several years ago. 

The average third quarter 
brent oil price was $16.62 a bar- 
rel, close to the average price 
many analysts expect for the 


year. But market volatility 
means that BP will continue to 
use a benchmark of $14 a barrel 
to test the economics of proposed 
projects. 

Mr Simon said it was uncertain 
whether the sharp rise in 
demand for chemicals would 
result in big margins recorded 
during previous economic recov- 
eries. 

In the first nine months of the 
year BP made a replacement cost 


operating profit of £l33m on 
chemicals, compared with a £53m 
loss last year. 

Mr Simon said price rises of 
between 20 per cent to 30 per cent 
helped to return BP’s chemical 
divisions to profit 

“The price rises are running at 
about half the rate of those last 
time," he said. Increased competi- 
tion was one reason for price 
moderation. 

Lex, Page 14; Details, Page 22 


Thames Water 

Share price (pence) 


Consumer group attacks utility’s interim increase 

UK water stocks 
rise as Thames 
lifts payout 11% 


By Peggy HofHnger In London 

A surprise increase in the 
interim payout at Thames Water 
poshed most stocks in the sector 
higher in London yesterday as 
the market upgraded dividend 
expectations. 

Thames kicked off the sector's 
interim season with an 11 per 
cent increase in the interim divi- 
dend to &2p, against expectations 
of an 8 par cent rise. Water 
shares rose 2 per cent in a falling 
market. Thames, however closed 
%p down at 53iy*p. 

Analysts said Thames's “sur- 
prisingly generous'* action could 
prompt cither water companies to 
follow suit, assuming it did not 
spark an adverse political reac- 
tion. “We are expecting compa- 
nies to show earnings improve- 
ment of 10 per cent overall," said 
one. “If the others follow 
Thames’ 5 line they could deliver 
10 per cent dividend growth quite 
easily." 

However, the water sector’s 
critics lined up to attack the 
increase. “It just confirms cus- 


tomers’ views that the original 
price controls allowed companies 
and shareholders to benefit more 
than consumers," said the 
National Consumer Council 

Thames justified the rise, say- 
ing it had achieved 11 per cent 
underlying earnings growth to 
36.8p and enjoyed an exception- 
ally good first half. Pre-tax prof- 
its rose ll per cent to £lSlm 
(S239m), excluding last year’s 
£25m exceptional charge for 
rationalisation and losses on con- 
tracts. Turnover was 6 per cent 
ahead at £572m_ 

Sir Robert Clarke, chairman, 
was confident of a good outcome 
for the rest of the year, although 
he would not be drawn on the 
dividend outlook. 

He warned investors not to 
expect such a generous dividend 
under the new pricing regime. 
“Life is going to be tougher,'’ he 
said. “To expect increases of 11 
per cent would not, perhaps, be 
sensible.” 

Thames's non-core interna- 
tional businesses - which had 
been responsible for the unex- 



200 ' 1 1 

1990 91 
Source: Datastraam 


92 93 94 


pec ted £25m charge last year, 
increased losses from £2.6m to 
£8.6zn in the first half, excluding 
fast year's charges. 

Sir Robert stressed that 
Thames was taking a long-term 
view on international operations. 
They were expected to be contri- 
buting profits of about £20tn by 
the turn of the century. 

The utility business lifted prof- 
its II per cent to £176m on turn- 
over up by 5 per cent to £455m. 

Thames also announced the 
appointment of two new non-ex- 
ecutive directors to the board. 
They are Mr Roger Carr, chief 
executive of Williams Holdings 
and Mr Tony Hobson, finance 
director of Legal & General. 

Lex, Page 14; Buoying up sector, 
Page 20 


Barry Riley 

Stock markets face 
younger rivals 



Sullen indiffer- 
ence from the 
stock markets has 
greeted a largely 
unpredicted recov- 
ery in the econo- 
mies of continen- 
tal Europe this 
year. 

At the beginning of 1994 the 
German economy, for instance, 
was widely expected to grow by 
less than 1 per cent - by OB per 
cent according to the OECD fast 
December - hut recently the 
main economic institutes have 
raised their consensus GDP 
growth forecast to 2 per cent and 
the out-turn is likely to be higher 
stllL But the German stock mar- 
ket has fallen 11 per cent in 1994 
so far, dominated by sharply ris- 
ing bond yields and the feu that 
3hort-term interest rates will bot- 
tom rat sooner than expected. 
There are similar patterns in 
Erance, where the index fa down 
15 per cent, and election uncer- 
tainties still lie ahead. 

In the UK, which fa perhaps 18 
wirmths afrp«H in the economic 
cycle, and where the GDP growth 
rate has accelerated closer to 4 
per cent, the caution in the 
equity market has been rather 
more predictable. Short-term 
interest rates, after all, have 
passed the cyclical trough. 

These cyclical influences on 
European share prices are the 
subject of an intriguing analysis 
by Merrill Lynch's European 
strategy director Mike Young. 
The headline warning is that 
.price-earnings ratios will col- 
lapse, to 10 or less. Given that 
average earnings per share in 
Germany and Prance may well 
double in 1394 and 1995, taken 
together, and may not peak until 
1998, this will not be the disaster 


it might sound like. But it 
implies a long, sideways- to-do wn- 
wards struggle against cyclically 
adverse pressures. 

According to Merrill Lynch, p/e 
ratios in the main European mar- 
kets will fall from a present 
range of 13 to 28 to a range of 6 to 
12. The long trend towards rising 
p/es that lasted from about i960 
to 1993 is to be reversed. But the 
forecasts focus on the long-term 
trend and do not, says Mike 
Young, looking on the bright 
side, rule out the possibility that 

The risk premium 
has dropped to an 
unusually, perhaps 
unsustainably low 
level in European 
markets 

volatility could send share prices 
to new highs in passing. 

The arguments are set out in 
terms of the theoretical relation- 
ships between the debt and 
equity markets. The expected 
risk-adjusted return on equities 
is equal to the expected fixed 
income return. But heroic judg- 
ments must be made about vari- 
ables such as the real bond yield 
and dividend growth and the 
question of the equity risk pre- 
mium. 

This study manages to be bear- 
ish on all three counts. It cites 
evidence that the equity risk pre- 
mium fa sensitive to rising infla- 
tion, which is probably passing 
through a cyclical trough. Cer- 
tainly the risk premium has 
recently dropped, in historical 
terms, to an unusually and per- 


haps unsustainably low level in 
European markets; and in the UK 
in particular it is likely to widen 
if pension fends raise their fixed 
income exposures to match the 
forthcoming minim um solvency 
standard. 

Real bond yields have already 
risen sharply this year, and have 
certainly damaged share prices. 
Increasing demands for capital 
from developing countries will 
help keep real yields high (the 
figure is now 4.9 per cent in Ger- 
many. for instance) and maybe 
push them up a further 50 basis 
points, says the study. As for div- 
idend growth, it is assumed that 
as the cycle matures, expecta- 
tions here will decline during the 
next three to four years. 

Merrill’s analysis fits into a 
broad global framework; the drift 
of capital from sluggish Europe 
to more dynamic regions, a con- 
sequent rise in real interest rates 
(especially if European govern- 
ments continue to borrow 
heavily! and a rising equity risk 
premium as risk capital, in par- 
ticular, is drawn away by high 
returns in emerging economies. 

But are the conclusions too 
gloomy? There are some more 
positive possibilities, including 
the growth of institutions in con- 
tinental Europe such as mutual 
funds and pension funds that 
might increase the domestic 
demand for equities and hold the 
risk premium down. Moreover, 
the routine contrarianism of 
global investors (buy in a reces- 
sion. is their rule of thumb, and 
sell on a recovery) may leave 
some mid-cycle opportunities 
unexploited. 

Economic growth, investors 
may rediscover, can actually be a 
good thing, especially when it is 
unexpected. 


DnB signals end of 
banking crisis with 
dividend forecast 


By Karen Fossfi in Oslo 

Den norske Bank, Norway's 
largest commercial bank, yester- 
day consigned the country's 
four-year banking crisis to his- 
tory. The bank said It expected 
to pay Its first dividend since its 
formation from a merger In 1990. 

Nine-month pre-tax profits 
almost trebled to nearly NKr2bn 
($307m) from NKr720m last year. 
The bank benefited from a sharp 
improvement in non-performing 
loans and a reversal in loan 
losses, with a marked domestic 
improvement. 

The volume of non-performing 
loans fell by NKr3bn to 
NKr7.2bn from the start of the 
year with one-third of the 
decline occurring in the third 
quarter. 

“In light of this performance, 
the bank expects to be in a posi- 
tion to declare a dividend for 
1994,’’ said Mr Finn Hvistendahl, 
group managing director. 

The bank's continued improve- 
ment was curbed however by a 
reduction in gains on shares, 
bonds and foreign currency fol- 
lowing rising domestic interest 
rates. Last year the bank bene- 


fited greatly from declining 
rates. 

Net interest Income declined 
by NKr368m to NKr3.6bn bat the 
redaction of non-performing and 
doubtful loans ent interest 
expenses by NKr 268 m. 

Other operating income - from 
securities, bonds, foreign 
exchange and other financial 
instruments - fell by NKr987m 
to NKrl.7bn. Nevertheless, the 
bank’s result was helped by a 
gain of NKrl47m with lower 
than expected loan losses. This 
compared with loan losses of 
NKr2.5bn in the same period fast 
year. 

The hank said the volume of 
doubtful loans had been cot by 
NKrlbn since the end of 1993. “ft 
is gratifying that oar efforts in 
following np problem commit- 
ments have produced results," 
Mr Hvistendahl said. 

DnB said a NKr37m rise to 
NKr3.4bn in operating expenses 
partly reflected an increase in 
statutory guarantee fund contri- 
butions hat that personnel 
expenses were cut by NKrJfim to 
NKri.G5bn. The bank’s ratio of 
deposits to lending rose to 68.8 
per emit from 68.1 per cent 


Stockholm 
halts sale 
of energy 
stake 


By Christopher Brown -Humes in 
Stockholm and Richard Wojffe 
In London 

The newly-elected Stockholm city 
council yesterday effectively 
vetoed plans to sell a 17.3 per 
cent stake In Stockholm Energi, 
Sweden's third-largest energy 
producer, to Yorkshire Electric- 
ity, the UK utility. 

The SKrl.8bn ($248m) deal 
appears to have fallen victim to 
horsetrading on the council, 
which owns Stockholm Energi. 
The swing to the left in the 
Stockholm elections reflected a 
broader national trend which car- 
ried the Social Democrats back to 
power last September with a 
more critical policy on privatisa- 
tion. The municipal elections left 
the Social Democrats needing 
support from two parties opposed 
to the agreement When the deal 
was agreed in June, a centre- 
right coalition was in control. 

It is understood that Yorkshire 
will receive around SKr200m in 
compensation. 

“This is purely a political deci- 
sion,” said Mr Inge Telander, a 
spokesman for Stockholm Energi. 
He said the group, which pro- 
duces around 13 terawatt hours 
(twh) of electricity a year, had 
needed a partner to bolster its 
balance sheet after its SKr2bn 
purchase of hydropower generat- 
ing facilities in June 1993. A deal 
with Yorkshire would have 
strengthened its equity-to-assets 
ratio from 11 per cent to more 
than 25 per cent 

The company was also seeking 
expertise from Yorkshire ahead 
of a planned deregulation of the 
Swedish electricity market How- 
ever. this deregulation was last 
week postponed by the new 
Social Democratic government A 
proposal to list Stockholm Energi 
has also been abandoned. 

“We will have to discuss with 
our owner other sources of 
finance," said Mr Telander. 

Stockholm Energi reported a 
SKr2i7m profit last year on sales 
of SKrfbn. Half its output is gen- 
erated by nuclear power and 35 
per cent by hydro-electric power. 

Election changes have also cast 
uncertainty over Electricity de 
Prance's plans to buy a 9 per cent 
voting stake in Sydkraft, Swe- 
den’s second-largest energy 
group, from three municipalities 
for SKrl.lbn. 

Mr Malcolm Chatwin, York- 
shire's chief executive, said: “We 
are obviously disappointed that 
the new political regime in Stock- 
holm does not wish to go ahead 
with the agreement that was 
made with the former regime." 


77ii- .(i/ti/Trist-mcnr appuif* .is a nuner <j{ a-OKti only 


Octo/xrr I 09 i 


Group Development Capital Trust PLC 


£30.8 Million Asset Value 


Following ii placing, an open offer and an offer for subscription, 
the company's reorganised share capital comprises 
55-** million ordinary' shares and 8.3 million warrants. 

At a formula asset value of 55-51 pence per share, and 
including £9 million of debt facilities which have been arranged, 
the company's investment capacity is now £39-8 million. 


Banker 

Bank of Scotland 


Manager 

Legal & General Ventures limited 


General 


Legal & General Ventures limited 

A member of IMBO 





- . -i-i ---• ’. i 


f 7 .v: :• ; ' ; • 






FINANCIAL TIMES WEDNESDAY NOVBMBER 21994 


INTERNATIONAL COMPANIES AND FINANCE 


Borealis advances in third 
quarter with DKr340m 


By Hilary Bame3 

Borealis, the petrochemicals 
joint venture formal this year 
between Norway’s SiatoQ and 
Finland’s Neste, forged ahead 
in the third quarter, reporting 
operating profits of DKi340m 
($S7.6m) and a profit after net 
financial Items of DKr256m in 
the third quarter 

This took operating profit for 
nine months to DKi330m and 
pre-tax profit to DKr8m on 
sates up about 12 per cent to 
DKrUUbn. 

Mr Juba Rantanen, chief 
executive, said the third quar- 
ter brought one of the sharpest 
improvements in profitability 
in the industry since 1988. 


By Richard Tomkins 
In Now York 

Hershey Foods, the biggest US 
confectionery maker, yesterday 
said it planned to carry out a 
restructuring over the next 
12-16 months that would mean 
tiie loss of about 400 jobs and 
result in a charge of $97m- 
|l05m to net profits In this 
year's fourth quarter. 

In last year’s fourth quarter, 
Hershey made net profits of 

mton. 


By Amfrew Jack 
hi Paris 

Mr Jean-Marie Messier, a 
37-year-old partner at Lazard 
Frfires, the merchant hank, is 
likely to become the next head 
of Gdndrale des Eaux, the 
French utilities and communi- 
cations group. His appointment 
is expected to be announced 
within the next few 
weeks. 

The appointment comes at 
the recommendation of Mr Guy 
Dejouany, the 73-year-old 
chairman who is due to retire 
shortly from his post 

However, the move will 
require ratification at a forth- 
coming meeting of the hoard of 


He attributed the improve- 
ment to strong demand in 
Europe, Asia and the US, with 
an Increase in both sales 
volume and in prices for 
the group's main products, 
polyethylene and polypropy- 
lene. 

Third-quarter polypropylene 
and polyethylene prices in 
Europe increased by 10 per 
cent and 20 per cent respec- 
tively from the second quarter 
while sales volume advanced 7 
percent 

The strength of demand was 
attributed to consumer 
demand and to Inventory 
building by customers. 

Mr Rantanen said Borealis 
had secured long- and short- 


Mr Kenneth Wolfe, chairman 
and chief executive, said part 
of the reason for the restruct- 
uring was the s i gning of the 
North American Free Trade 
Agreement 

In response, Hershey was 
combining its confectionery 
operations in the US, Canada 
and Mexico into a consolidated 
unit to be called Hershey Choc- 
olate North America. 

“In doing so, we hope to 
capitalise on Hershey 
Chocolate USA's strengths to 


directors. The change partly 
reflects a desire by the group 
for a more youthful manage- 
ment 

Mr Messier is a member of 
the Ihspecteurs des Finances, 
the dlite French administrative 
corps, and advised the govern- 
ment on its privatisation pro- 
gramme before joining the pri- 
vate sector. 

Shares in the group rose 
slightly at the end of last week 
following speculation In the 
French press of Mr Messier’s 
appointment 

The group last month 
reported net profits of 
FEVL26bn ($244.2m). up 5.4 per 
cent in the first half of the 
year. 


time financing facilities from 
its core banks. He said, "We 
have become fully Independent 
for financing.” 

Borealis said its forecast for 
Its first full year of operations 
was positive, with a final quar- 
ter which should show an 
Improvement on the third- 
quarter figures. 

However, Mr Rantanen said, 
however, there was still some 
uncertainty about the durabil- 
ity of the present recovery and 
continued concern about the 
fundamental problems of the 
European petrochemical Indus- 
try, such as slower long-term 
demand growth and competi- 
tiveness compared to other 
regions. 


Improve our competitive 
positions in the Canadian and 
Mexican markets and enhance 
our overall returns,” Mr Wolfe 
said. 

r.iirp other manufacturers of 
branded goods, Hershey is fac- 
ing a growing competitive 
threat from cheaper own-label 
products. 

Mr Wolfe said that another 
reason for the restructuring 
was to make sure that the com- 
pany was making the most pro- 
ductive use of all its assets. 


Roche to shed 
R&D staff 

Roche, the Swiss pharma- 
ceuticals group, said it would 
cut 1,930 jobs in its global 
research and development sec- 
tor, of which 350 would be lost 
in Basle, agencies report 

The group's head of R&D, Mr 
Jflrgen Drews, added that the 
number of research projects at 
Roche and Syntax, the US 
group acquired by Roche ear- 
lier this year, would be cut to 
70 from the more than 90 cur- 
rently in plac& 

It said the restructuring of 
the R&D operations will be 
largely completed in early 
December. 

Roche has already 
announced that It was plan- 
ning to cut 5,000 jobs world- 
wide following its acquisition 
of Syntax. 


Danish 
bank chief 
takes early 
retirement 

By tEary Barnes 
in Copenhagen 

Mr Barge Monk Ebbesen, chief 
executive at Blknben, 
Denmark's third-Iargest bank, 
is resigning next year, 18 
months ahead of his normal 
retirement date. 

He will be replaced by Mr 
Henrik Thufason, -currently 
managing director of the 
savings bank’s data centre. 

Mr Ebbesen’s resignation 
statement coincided with the 
publication of a three-year 
development plan for BUcuben, 
the country's premier savings 
bank. 

He said: ”1 have decided to 
leave Bikuben so that the 
future management can be 
there throughout the life of 
the plan.” 

The bank aims to increase 
its core earnings (operating 
earnings exrfiultrig unrealised 
gams and losses on securities) 
to DKr750m ($127. 1 m) in 1997. 
This compares with a 
DKrlJgbn loss in 1993. when 
the bank carried loss 
provisions of DKr2.69bn, 
about 4.7 per cent of 
outstanding loans and 
guarantees. 

In the first half of this year, 
a cut in provisions to 
DKr532m from DKrl.68bn in 
1993 enabled the bank to 
report core banking prof i t s of 
DKr229m, but heavy 
unrealised losses on the bond 
and share portfolio meant it 
reported a first-half net loss of 
DKr472m. 

The development plan, 
worked oat with the 
assistance of McKlnsey & Co, 
management consultants, 
outlines a reduction in costs 
by cutting staff by 600 people 
to 4^100 and the number of 
branches by 40 to 260 by 
1997. 

The gr ou p will try to reduce 
its exposure to risk In 
securities and currency 
trading and to improve the 
quality of its assets, cutting 
bad loss provisions to a 
maximum of 1.25 per cent of 
loans and guarantees by 1997. 

The bank’s capital adequacy 
ratio at file end of June was 
9.97 per cent, well above the 
Danish minimum legal level of 
9 per cent 


Hershey shake-up cuts 400 jobs 


Generate des Eaux 
poised to name head 


By Christopher Brown-Humes 
hi Stockholm 

Shares in Aga jumped 8 per 
cent yesterday after the Swed- 
ish industrial gas group 
announced a stronger-th un- 
expected 23 per cent increase 
in profits in the first nine 
months. 

Profits after financial items 
amounted to SKrl.lSbn 
(S163.9m), compared with 
SKr964m in the same 1993 
period, after sales increased 10 
per cent to SKr92Ibn. 

The company upgraded its 
ftill-year forecast, saying it 
expected profits to be 20 per 


cent higher than last year's 
SKrl.36bn. The group’s A 
shares rose SKr5.5 to close at 
Siam. 

The figures have been 
adjusted to exclude Frigoscan- 
dia, the world’s leading cold 
storage chain which Aga 
demerged earlier this year to 
concentrate on its core busi- 
nesses. 

At the operating level, 
income rose 15 per cent to 
SKrl.2bn due to economic 
improvement, rising demand 
for industrial gases, and ration- 
alisation. Aga benefited from 
economic stabilisation in Bra- 
zil, which brought good third- 


thene. 

The company saw a reduc- _ 
tion in net financial costs to 
SKrl62m from SKrl95m while 
its 34 per cent share of Income 
from Gullspangs, the power 
company, rose to SKrl32m 
from SKrll3m- 

The group's third-quarter 
performance was much stron- . 
ger than a year ago, with 
income after financial items 
climbing 56 per cent to 
SKr398m even though sales 
were only 7 per cent higher at 
SKi3J3bn. 

Investments in new plant 
and equipment jumped to 



£Krl.2bn in -the first nine 
months from SKr98Qm in the 
same 1993 period. The . biggest 
projects were air gas plants in 
Finland; Norway, Germany, 
Chile and Mexico. 


Aga pleases market with 
solid nine-month result 

quarter earnings for its unit 


Sales growth helps turnround at DSM 


By Ronald van de Krai 
In Amsterdam 

Strong demand fuelled by 
European economic recovery 
enabled DSM, the Dutch chem- 
icals group, to stage a turn- 
round to a net profit of FI II 4m 
($67. 4m) in the third quarter, 
from a net loss of FI 52m in the 
same period of 1993. 

The sharp improvement was 
caused mainly by a 13 per cent 
rise in sales volumes, particu- 
larly for polymers and capro- 
lactam, a raw material used to 
make nylon. 


Turnover rose 13 per cent, to 
FI 2.15bn from FI lilObn. 

Selling prices rose by an 
average 2 per cent, but this 
was offset by the negative 
effects of divestments and by 
lower exchange rates, particu- 
larly for the dollar. 

The buoyant demand for 
polymers and other DSM prod- 
ucts kept the group's plants 
operating at high utilisation 
rates, the company said. 

The unusually good results 
in the third quarter, which is 
traditionally a weak period 
because of the s umm er holi- 


days end slacker production at 
DSM*s industrial customers, 
took net profit for the first 
nine months of the year to 
FI 295m. 

This compares with a net 
loss of FI 42m a year. earlier. 
Nine-month turnover was up 
8.7 per cent at F16.63bn from 
nearly F16.lbn in the first 
quarters of 1993. 

The result was in line with 
forecasts by analysts, who had 
predicted a net result above 
FI 100m for the quarter. 

DSM forecast that sales vol- 
umes would remain strong In 


the final quarter, while selling 
prices and margins should also 
be higher, on average than in 
the third quarter. 

This is expected to lead to a 
further increase in faurfh-qpa^. 
ter net profit, before extraordi- 
nary items, compared with the 
third quarter, in spite of the 
prospect of significant mainte- 
nance shutdowns. 

Mr Simon de Bree, chairman, 
said the lower dollar tr&uTw& 
a cause for concern, but added 
this was not expected to have 
any significant negative effect 
in the short term. 


Profits setback for 
Hafslund Nycomed 


Siemens plans $3.5bn 


By Karen Fossil in Oslo 

Hafslund Nycomed, the 
Norwegian group best known 
for its radiology products, saw 
nine-month pre-tax profits slip 
to NKrl.Olbn ($155 .3m) from 
NKrl.l8bn. The decline was 
due to reversals in the securi- 
ties portfolio and higher inter- 
est expenses. 

Group sales, including royal- 
ties. rose to NKr5.3bn from 
NKr4.7bn while operating 
profit was unchanged at 
NKrUbn. 

Net financial items during 
the period were a charge of 
NKrl32m, against income of 
NKr35m last year. 

Interest expenses shot up to 


NKrl05m from NKr63m but 
foreign currency losses were 
cut to NKr34m from NKr50m. 
The group suffered losses on 
securities of NKr8m, compared 
with gains of NKrl53m last 
year. 

Nycomed Imaging's sales 
slipped to NKrl.89bn from 
NKrI.92bn with operating 
profit declining to NKrL15bn 
from NKrl.2bn due to 
increased competition and 
pressure on prices. 

Nycomed Pharma improved 
sales to NKr2.5bn from 
NKr2_3bn. Its operating profit 
rose to NKr467m from 
NKi369m on the back of posi- 
tive developments in the Nor- 
dic and Benelux markets. 


investment 

Siemens, the German 
industrial group, plans to 
invest more than f3.5bn in 
infrastructure projects in the 
Asia-Pacific region by 2000, 
Reuter reports from Singa- 
pore. 

“There is an enormous need 
for infrastructure goods in the 
[Asia-Pacific] region,” Mr Hein- 
rich von Pierer, president and 
chief executive, said after the 
company's first corporate exec- 
utive committee meeting out- 
side Germany. 

He said more than Slbn of 
the planned investment would 
be spent in China, and between 
$500m and $lbn invested in 
India. 

The proposed projects 


in Asia 

Include power generation, tele- 
communications, transport 
systems, industrial automation 
ftTiri mjjflU en g ineerin g . 

Mr von Pierer said prelimi- 
nary figures for the fiscal year 
to end-September 1994 showed 
the Asia-Pacific region contrib- 
uted almost $7bn in new orders 
a n d $5bn in sales. “This marks 
a 10 per cent increase over the 
previous year. 

“White continuing to expand 
in our home market of Europe 
and in the Americas, we will 
consequently develop the Asia- 
Pacific region as our third 
regional pillar,” he said. 

He said the group aimed to 
more than double business vol- 
ume in the area by 2000. 



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FINANCIAL TIMES WEDNESDAY NOVEMBER 2 1994 



INTERNATIONAL COMPANIES AND FINANCE 





; * ' j: .r 3a 


~ . ■*<> .« 


>S S3.5I, 
1 Asia 


Cigna sells 
* reinsurance 
business to 
cut losses 

By Richard Waters 
in New York 

Cign a, th e V$ insurer, is 
withdrawing from the rebenr* 
UK business as part of an 
attempt to torn round its loss- 
making property /casualty 
insurance operations. 

With premiums of $5Q7m 
last year, Cigna was among 
the top 30 reinsurers world- 
wide. 

1 he company is selling its 
international reinsurance 
business, which generated pre- 
miums of $270m in 1993; trans- 
fering its US agricultural 
insurance operations, with 
glOOm of premiums, to its 
domestic property/casualty 
Insurer; and closing the rest of 
the US reinsurance operations, 
which had premiums of J150m. 

fts departure from the busi- 
ness echoes moves by other US 
insurers to reduce their expo- , 
sore to property/casualty 
losses in the wake of big catas- ! 
trophe and pollution claims. 
Prudential Insurance 
announced plans last year to 
sell its own reinsurance com- 
pany, Prudential Be. 

Cigna, which does not pab- 
p lisb separate results for its 
loss-making reinsurance busi- 
ness, said its overall property/ 
casualty insurance operations, 
which include reinsurance, 
lint g69m in the third quarter 
and g216m in the nfat* months 
to September. 

The company closed down 
its UK reinsurance business 
two years ago, but continued 
to take nm-off losses on this 
business of glQm last year. 

•- Cigna is selling its reinsur- 
ance business in Europe, 
south-east Asia and Latin 
America to St Paid, and its 
business in Japan and Korea 
to Employers Be. 

The company reported over- 
all third-quarter net income of 
1123m, or $L70 a share, com- 
pared with a loss of 19401, or 
31.31 a share, a year ago. The 
latest figures reflect a $9m 
charge and 326m of additional 
reserves to reflect , the with- 
drawal from reinsurance. 


TWA cuts net loss to $8m in term f NEWS DIGEST 


8y Richard TomJdns 
in Hew York 

Trans World Airlines, the US 
airline struggling to avert a 
financial crisis, yesterday 
reported that cost-cutting had 
enabled it to reduce net losses 
in its third quarter to 38m from 
S6L7m. 

However. Mr Robert Peiser, 
chief ftnanrial officer, said it 
was still “crucial" that the 
company should win approval 
for the sweeping financial 
restructuring plan that it put 
to creditors last month. 


TWA, once one of the world’s 
best-known airlines, went into 
Chapter 11 bankruptcy protec- 
tion in 1992. It emerged in 
November 1993. hut has not 
reported a net profit since. 

At its annual meeting yester- 
day in St Louis. Missouri, TWA 
told shareholders that it had 
turned the comparable period's 
operating losses of 334.5m into 
operating profits of 333 An this 
time - the first operating profit 
recorded by the company since 
the third quarter of 1990. 

Mr Jeffrey Erickson, chief 
executive, said cost-cutting and 


productivity improvements 
were behind the tumromd. 

Unit costs, expressed in 
cents per available seat mile, 
bad fallen to 8.66 cents from 
9JS cents in the comparable 
period. 

However, Mr Erickson said 
the company was still being 
dragged down by the cost of 
servicing its debts. Interest 
expense was $49m in the last 
quarter alone, and had totalled 
3146 An so far this year. 

Last month TWA announced 
a rescue plan under which 
creditors were asked to swap 


Laidlaw in talks to purchase 
Union Pacific waste subsidiary 


By Bernard Simon hi Toronto 

Laidlaw, the Ontario-based 
waste services and transporta- 
tion group, expects to become 
North America's biggest haz- 
ardous waste operator with a 
proposed deal to acquire a sub- 
sidiary of Union Pacific, the US 
railroad conglomerate. 

Laidlaw has signed an exclu- 
sive agreement with Union 
Pacific to negotiate the pur- 
chase of United States Pollu- 
tion Control, which operates 
several landfills, service cen- 
tres and other hazardous waste 
facilities in the western US. 

The purchase price is expec- 


ted to be about US$225m, plus 
unspecified financial and envi- 
ronmental obligations. Laid- 
law's board is due to approve 
the deal in mid-November, and 
regulatory approvals should be 
completed by early next year. 

According to Laidlaw, the 
addition of US Pollution will 
boost its hazardous-waste reve- 
nues to more than 3800m a 
year. 

The hazardous waste busi- 
ness has been marked in 
recent years by fierce compe- 
tition «nd ti ghtening environ- 
mental rules. However, Mr Jim 
Bullock, chief executive, said 
that “these assets will maim us 


an even stronger competitor to 
a rapidly consolidating market* 
place". 

Mr Bullock said that US Pol- 
lution will expand Laidlaw's 
geographic coverage and pro- 
vide facilities for incineration 
of solid hazardous waste. 

Laidlaw is in the throes of a 
wide-ranging reorganisation 
designed to sharpen its focus 
on selected waste-management 
businesses and passenger 
transport services. It recently 
agreed to sell its 35 per cent 
stake to Attwoods, the UK- 
based waste services group, to 
Browning-Ferris Industries of 
Houston for $208m. 


US regulators probe swap sale 


By Richard Waters 

Two US regulators are 
investigating allegations that 
Bankers Trust misled Procter 
& Gamble over the sale of a 
complex derivative In st r um ent, 
to a case which could mark the 
first extension of the watch- 
dogs' jurisdiction over deriva- 
tive markets. 

The Securities and Exchange 
Commission, which overseas 
US securities markets, and the 
Commodity Futures Trading 
Commission, which regulates 
futures trading, are both 
understood to be investigating 
the matter, although neither 


agency would confirm their 
interest 

The investigations follow 
P&G’s move last week to sue 
Bankers Trust for more than 
S130m over an interest rate 
swap contract it entered into 
last year. The bank also faces a 
lawsuit from Gibson Greetings, 
which alleges it was misled by 
the bank over a swap it 
bought. 

Swaps, under which two par- 
ties agree to exchange pay- 
ments in the future based on 
the movements in some under - 
lying instruments or markets, 
are not classified as securities 
and so do not fall under 


the SECs ju risdi ction. 

Also, the CBTC to January 
last year explicitly extended an 
exemption for swaps from its 
regulations, although the 
inntmmwitg still fall under the 
broad anti-fraud provisions of 
the legislation under which the 
CFTC operates. 

Mr Simon Lome, the SEC’s 
general counsel, indicated yes- 
terday that so me swaps may 
fall within the agency's juris- 
diction, adding- “As some of 
them have become more 
exotic, with more different ele- 
ments embedded in them, 
thpse questions become more 
diffi cult to answer." 


3800m of the company’s 31Abn 
worth of debt for new equity. 

If the rescue plan succeeds, 
TWA believes it wOl be able to 
survive the lean winter months 
and return to profitability next 
year. 

However, many creditors 
believe they would get a poor 
deal under the restructuring 
plan and are threatening to 
oppose it. 

If the plan fails, TWA will 
quickly run out of cash and 
will almost certainly have to 
file for some form of bank- 
ruptcy protection again. 

GM to change 
AGM rules to 
quell hecklers 

By Richard Tomkins 

General Motors of the US, the 
world's biggest industrial com- 
1 pany, is to make drastic 
changes in the way it conducts 
annual meetings to an. attempt 
to quell the disruption caused 
by dissident shareholders and 
hecklers. 

It plans to limi t the amount 
of speaking time allotted to 
each shareholder and focus the 
annual meeting on formal 
business such as the election of 
directors and votes on 
company and stockholder 
proposals. 

GM. which has recently held 
its ann ual meetings in cities 
where it has plants, will also 
eliminate ancillary events such 
as shareholder lunches, plant 
tours and test drives of new 
GM cars and trucks. 

Mr John Smale, GM chair- 
man. said the de-emphasis of 
the annual meeting would be 
accompanied by the creation of 
new regional forums that 
would be held in 13 cities 
between now and March next 
year. These forums would coin- 
cide with local motor shows 
and would be attended by GM 
executives who would be on 
hand to answer shareholders' 
questions. 

Mr Smale said surveys 
showed that GM shareholders 
felt the company's annual 
meetings were not an effective 
method of communicating with 
them. 


Sharp advance 
at Quebecor in 
third quarter 


Mar 93 1894 

Seirae FT GnpHta 


QnBb6car Quebecor, an 

expanding Canadian- 
Shao riceicst based international 

„ ____ commercial printing, 

publishing and forest 
JL products group, posted 

20 | /-V^- a sharp gain in third- 

: I U 1 A quarter gaming s end is 
1/ 1 t\ raising its dividend by 

ie -UL —|f"V 18 P 61- cent, writes 
U \ Robert Gibbens in 
V \ Montreal. Third-quar- 

ia 1 — 1 * ter net profit was 

Mar 93 1994 C£27.2m (US$20.1m), OT 

sauwsFTGwpwiB 39 cents a share, up 

almost 56 per cent from 
C317*5m, or 27 cents, a year earlier on reve- 
nues of C$1.07bn, iqt 35 per cent. 

Nine-months net profit ms C$70. 3m, or 
C$1.04, before special items, against C$52.6m. 
or 77 cents, on revenues of C$2£bn. up 28-5 per 
cent. 

Quebecor. controlled by the Peladeau family 
of Montreal, is North America’s second-biggest 
commercial printer and is expanding in 
Europe and Asia. It also owns a Canadian 
dally paper, plus weeklies and magazines, its 
newsprint affiliate is one of North America’s 
lowest-cost producers. 

SHL Systemhouse 
returns to the black 

SHL Systemhouse. a fast-growing Canadian- 
based computer systems and outsourcing 
group, posted a profit last year but acknowl- 
edges it must improve margins and raise effi- 
ciency, writes Robert Gibbens. 

Net profit for the year ended August 31 was 
C$l7.5m (US$12.93m), or 29 cents a share, 
against a loss of C$145m, or C$3.09, including a 
C$135m restructuring charge a year earlier. 

Gross revenues rose 27 per cent to C$L2bn. 
with strong growth in service contracts. 

Fourth-quarter profit was C$1 .5m, or 2 cents 
a share, against a loss of C$149m, or C$252, 
including the special charge. Revenues were 
C$296tn, up 32 per cent 
The company’s order backlog at August 31 
was C$2. 1 bn, up from C$L5bn a year earlier. 

Visa Int’l joins China 
‘Golden Card’ venture 

Visa International yesterday signed a consul- 
tancy agreement with Jitong H nTnmnninatinwQ 
to help extend China’s “Golden Card” national 
payments and credit-clearing system, writes 
Tony Walker in Beijing. 

Mr Lindsay Pyne, president of Visa Interna- 


tional Asia Pacific, said that the two sides 
would collaborate in speeding the establish- 
ment of a national payments infrastructure. 

Visa would use its relationship with seven of 
China's specialised banks to assist Jitong, a 
wholly-owned subsidiary of the ministry of 
electronics industry, to promote its Golden 
Card. 

Officials said Visa would not take an equity 
stake in the project at this stage, but It would 
“assist in introducing advanced technology 
and software for Identifying counterfeit activi- 
ties and for solving problems in Unking 
regional and international networks’’. 

Jitong launched its Golden Card pilot project 
last year. Other participants Include IBM and 
the China Great Wall Computer Group. 

Terms for Malaysian 
timber sale accepted 

The vendors of two large timber companies to 
be acquired by Malaysia’s Berjaya Textiles 
have accepted the revised terms imposed by 
the Securities Commission on the proposed 
sale, a Berjaya Textiles statement said. Reuter 
reports from Kuala Lumpur. 

Berjaya Textiles is buying Sarawak-based 
Jaya Tiasa Plywood and Rim hi man Hfiau Ply- 
wood with shares, which would result in a 
reverse takeover of Berjaya Textiles by Malay- : 
sian timber tycoon Mr 'Hong Hiew King and 
his associates. The commission, to approving 
the deal earlier, had slashed the price tag of 
both companies. 

It cut the proposed price of M$1.04bn 
(US$406m) for the acquisition of Jaya Tiasa to 
M$730m. while the price for Rimbunan Jffjan 
was reduced to M$l(J7m from M$143.G9m. 

Preussag profits 
‘clearly higher’ 


488 . — 


Pramuum Group profit at Preus- 

■ ■ sag, the German indus- 
Sfc are price {DM} trial group, was 

cm _ “clearly higher” to the 

a ; fiscal year ended Sep- 
tember 30 than in the 
previous fiscal year, 
Mr Michael Frenzel, 
chairman, said yester- 
: day. AP-DJ reports 
from Berlin. He said 
group order inflows 
400 l — L_— — — — i had risen by “around 4 
. Morse -wo* ■ per cent", and that 
sauce: nr Qraprttto ' - order backlogs as of 

September 30 were 12 
per cent higher than those of a year earlier. He 
attributed the gain in orders to growth at 
Preussag’s shipbuilding and plant-engineering 
operations. 

Hie added that restructuring at the group's 
troubled Hagenuk telecommunications unit 
should be completed by the end of fiscal 
199495. 


420 — .- 

400 L- 1 ~ 

. Nor9e ' 1994 
Sauce: FT Graphite 








W -jfe'Jf 


A-Tig 

. > ■ 


Biogen halts work 
on blood-clot drug 

By Frank McGurty 
In New Yodt ■ ■ 

« Biogen. “ the US. genetlc- 
esgtoeertog concern, said It 
was stopping development of 
(me of Its two most promising 
drugs. ■ 

The decision represents a 
blow to ihe company's efforts 
to become a fully in te grate d 

niw f 

The.: company said it had 
decided it wonld no longer 
pursue efforts. to market an 
anticoagulant known as Hzru- 
log, which is made from a 
chemical produced by leeches. 

Biogen, which is based in 
Cambridge, Massachusetts, 
said it would take a $25m pre- 
tax charge in the third quarter 
to cover expenses related to 
the move. 


Study reveals larger PC market 


By Louf9e.Kehoe 
ki San Francisco 

The world personal computer 
market is significantly larger 
than previously estimated, 
according to a new market 
study. The latest PC product 
announcements also point to 
rapid expansion in the con- 
sumer segment of the business. 

Computer Intelligence Info- 
Carp, a leading PC market 
research firm, now estimates 
that 43 Am PCs were stopped in 
1993, an Increase of 69m units 
over its previous estimates. 
OTs forecast for 1994 sales is 
48.&n units, a rise of 7.5m. 

Small manufacturers, who 
typically build PCs to order, 
have been largely overlooked 
to prior estimates, CU said. 

“The so-called done-shops 


are the forgotten, many and 
represent an important role in 
the distribution of PC systems. 
Our data show that the major- 
ity (59 per cent] of computer 
dealers and retail computer 
stores carry non-branded PCs,” 
said Mr Dan Ness, director of 
microsystems research at CQ. 

Intel, the leading supplier of 
microprocessors to the PC 
industry, said the new CII 
numbers were a mare accurate 
reflection of the overall size erf 
the PC market 

Another important PC mar- 
ket trend is the growth of con- 
sumer sales. About one-third of 
all PC sales in the US last year 
were to consumers or busi- 
nesses with five or fewer 
employees, according to mar- 
ket researchers. This year, the 
consumer segment is expected 


to be closer to 50 per cent of all 
US PC sales. 

Digital Equipment yesterday 
became the latest PC manufac- 
turer to focus on this high- 
growth. segment, with the 
introduction of new models 
aimed at the US retail market. 

Taking an approach similar 
to that of market leaders Com- 
paq, Packard Bell and IBM. 
Digital has developed PCs pre- 
loaded with software that 
enables buyers to set up the 
computer in 15 minutes or less. 

In a separate PC industry 
development that promises 
broader availability of software 
applications, IBM and Hughes 
Network Systems yesterday 
announced a partnership to 
deliver software to retailers 
and corporate customers via 
satellite transmission. 


Pfizer to buy cardiology 
equipment manufacturer 


By Richard Waters 

Pfizer, the US pharmaceuticals 
group, has announced that it is 
buying a specialist manufac- 
turer of hospital cardiology 
equipment in an all-stock deal 
valued at 3158m. 

The purchase will give Pfizer 
a dominant position to the 
market for such equipment, 
and reflects the consolidation 
under way to the US health- 
care sector. 

Faced with pressure from 
hospitals and other buyers for 
lower prices, most healthcare 
companies have come to focus 
on market share as their pri- 
mary short-term goal. 

Namic USA, based in Glen 
Falls, New York, reported 
after-tax profits of S5m on sales 


of 357m to its last fiscal year, 
which ended on May 31. 

The company claims to hold 
around two-thirds of the US 
market for equipment used in 
Quid administration, waste 
containment and pressure 
monitoring during angio- 
plasty. 

Namic said it also accounts 
for about 20 per cent of the 
European market for this 
equipment and that the acqui- 
sition by Pfizer would increase 
its ability to expand in Euro- 
pean markets. 

Pfizer’s own subsidiary 
which makes cardiology equip- 
ment. Schneider, accounted for 
just under 15 per cent of the 
$lbn sales generated by its hos- 
pital supplies operations to 
1993. 




Si. 


Oppenheimers like to keep business in the family 

The question of management succession is occupying minds at Anglo American, writes Kenneth Gooding 




I . DeBoers 
ConsoMated 








Anamkit V-~ 

MS* -..s RSJShn. Sinbtl l ir s - « . 



M r Harry Oppen- , - ... 

heimer, .doyen of C 

South African todus- 
trialists, celebrated his 86th 
birthday last week. He is 
becoming a Httle more hard of 

hearing, a Ettle more frail, but ’ fcti 

he still, prefers to pour the 
champagne himself for ton- 

cheon -guests at. his home, • 

Brenthnrsfc to Johannesburg. ;< 

Hd complains, very gently, Anamkit ■ 

about the vindictiveness of the 

National Party government v 

which did -not Eke his vocal bn lA" ^ 

disapproval of apartheid. The ggsgfr ij i 1 ' V: y' - : ; 5 

government saw to tt that a -wAg* Amcoid g&sfaift-'- 
mam highway was built, at the Ri Jbn. S345m ■ .** 

bottom of his. garden and also a 

large .hospital was put up on V* Jjr? laMMlfca 

the hill ovBriooktog his front 

door.: "R fe very noisy,” Mr 

Oppenheianer complains. “I Rieim. $37m 

dent think Nicky (his son, iff ±*3? ' ^ 

Nicholas], will want to live > r - s>: 

here.” • • 

There is a more important • Ogflvie Thompson, chairman 
Question about Mr Nicholas, of all three companies, has 


abridged structure 


r fof ttf Angto American Corporation | 


y ww Wtw * 


South Africa 
R51«0bn, Sll.Tbn 


f * [cwsv : | i 


Anamkit ' ••• 

Rsabn, . frhabn l <:/r -- 1 ■ " y ■ * 

AmaoW * fe'wwiV-'. 11 - • • 

*J3®s A"*: - r*:43fAte -:. • •* 

FQ ^bn, 4 801m 

Amaprop gSBttfe'Vjs !V 






Anglo African. 
Holdings* 


*lMstad 

r tnckstes ArnookTs 
■ hotting ctf 2.7% 

Solbck Company 




\y- 




Oppsnhetoter. Some observers 
wonder if he has the ambition 
or the ability to step into , has 
father^ shoes when the time 
comes. ' 

The OppfinhefaMars in effect 
control Anglo American Corpo- . 
ration r South Africa's biggest 
group and the world’s leading 
gold . producer “ as well as its 
ctosdy-bound sister companies 
De Boas, the wnldfs largest 
diamond company, and 
Minorco, winch, is responsible 
for many of the group’s non-di- 
amond interests outride South 
Africa. Between them these 
three represent a stock market 
value of about $27bn. 

The question of management 
succession at Anglo is increas- 
ingly relevant now Mr Julian 


reached the age of 6L (Even 
his tremendous executive bur- 
den, analysts are asking when 
will Mr Ogflvie Thompson 
retire and who will replace 
him? . 

Some suggest jokingly he is 
the only person apart from Mr 
Harry - Oppenheimer who 
understands the group’s 
immensely complex structure. 
Not that “JOT", as he is known 
at Anglo's Main Street head- 
quarters, beheves it is particu- 
larly complex. At a recent pre- 
sentation he pointed to the 
chart (see above - values have 
risen since) and said, without 
the slightest hint of irony, 
“Many people believe we have 
a rather complicated structure. 
We do not believe this is so." 


Yet there is no sense that 
Anglo Is self-satisfied or rest- 
ing on its laurels. Mr Ogflvie 
Thompson is leading the group 
through one of its most 
dynamic phases. 

Its financial strength is 

anaKHng An glo tO expand in 
several directions at once: 
there is a RL7bn ($485m) Moab 
extension to the deep level 
Vaal Reefs gold mine; a RL4bn 
project to develop one of the 
world's biggest mineral sands 
operations at Namakwa Sands 
in the North West Cape; a 50 
par cent stake in the R3£tm 
Columbus stainless steel proj- 
ect, which will become the 
world’s third-largest producer, 
and a RUbn investment to 
expand coal production. 

Thera is also an unspecified 
sum to be spent to double the 


size of the newest acquisition. 
Del Monte Foods International, 
which cost R726m. Through 
Minorco the group is investing 
£300m (3490m) in a plant at 
Aylesford in the UK to produce 
newsprint from recycled waste 
paper, while De Beers is 
expanding its jointly-owned 
diamond operations in Bot- 
swana as well as those off the 
coast of Namibia. 


A t Mr Ogflvie Thomp- 
son’s instigation, 
Anglo has also been 
tidying up its structure. How- 
ever, under his chairmanship, 
Anglo has eschewed fashion- 
able “u nbundling ”. Small coun- 
tries such as South Africa, 
Sweden and the Netherlands 
need large companies to carry 
the flag internationally, he 


insists, and, obviously, such 
companies will dominate the 
domestic economy. 

Neither will he consider 
splitting up his three chair- 
manships. Having separate 
chairmen for each company 
when the companies are so 
closely tied would produce 
enormous problems, not the 
least of which would be person- 
ality, be insists. 

As for when Mr Ogflvie 
Thompson will retire, the 
Oppenheimers let it be known 
inside the group recently that 
they hoped he would continue 
his tripartite role “well beyond 
the year 2000". 

Nobody at Anglo's headquar- 
ters questions that decision. 
Mr Harry Oppenheimer retired 
as chairman as long ago as 
1982, but the men he left in 
control were all hand-picked 
by him and all regularly con- 
sult him on company policy. 

When he is in Johannesburg 
or London, he still shows up 
every day at the Anglo offices. 
“Although I retired some time 
ago. they still sometimes ask 
for my advice." he says disarm- 
ingly- But it is clear to any 
visitor to Main Street that no 
big decision is taken without 
his nod of approval. 

To this extent Anglo still 
feels very much like a family 
business, even though the 
Oppenheimers own only about 
8 per cent of it. 

Mr Harry Oppenheimer sees 
nothing wrong with family 
companies. He points out that 
nearly all his family’s wealth is 
tied up in Anglo and Minorco. 
‘Tf you are in that position, 
people in your organisation 
know that you are likely to be 


very careful about the interests 
of shareholders and not only 
about the interests of manag- 
ers.” 

It would seem a foregone 
conclusion that Mr Nicky 
Oppenheimer. now 49, would 
eventually follow JOT into the 
three chairmanships - except 
for his apparent shyness and 
reluctance to move into the 
limelight. 

He obviously enjoys the dia- 
mond business, particularly 
meeting the traders, who also 
usually represent family com- 
panies. 

But he shows little obvious 
enthusiasm for some other 
parts of the empire, even 
though he diligently does all 
the paper work reejuired. 


H owever, those close to 
Mr Nicky Oppen- 
heimer say that, when 
the time comes, he will take 
over. Mr Leslie Boyd, the 
Anglo director responsible for 
the industrial operations, 
points out that similar doubts 
were expressed about Mr Harry 
Oppenheimer when Sir Ernest, 
Harry’s father who founded the 
group in 1917, died in 1957. 

Mr Harry then seemed more 
interested in his political work 
- he was MP for Kimberley - 
than in his career at Anglo. 
Yet he immediately resigned 
his parliamentary seat and 
gave his full attention to the 
family company. 

Mr Boyd suggests: “Nicky 
will do as his father did - take 
his place and then make sure 
he has a team of highly effec- 
tive, professional managers 
around him to run the busi- 


NOTTCE OF PARTIAL REDEMPTION 
TO HOLDERS OF 

DOMUS MORTGAGE FINANCE NO.l PLC 

£100,000,000 

MORTGAGE BACKED FLOATING RATE NOTES DUE 2014 

Notice is hereby given that in accordance with Conditions 5fb) 
and 18 of tiie Notes, the Issuer hereby gives notice to redeem 
£800,000.00 principal amount of Notes, selected randomly as 
detailed below. The date set for the mandatory redemption is 
the next coupon payment date being, 8 December 1994, and the 
Notes will be redeemed at their juindpai amount pins accrued 
interest Payment win be made against surrender of the Notes, 
together with an appurtenant Coupons maturing after the date 
set for redemption at the offices of the Paying Agents, named 
on the Notes. On and after 8 December 1994, the redeemed 
Notes will cease to accrue interest. 

The amount of any missing unmatured Coupons will be 
deducted from the sum doe for payment. Any amount of 
principal so deducted will be paid against surrender of the 
relative missing Coupons within five years from the date of 
payment. The redeemed Notes will become void unless 
presented for payment within ten years of the redemption date. 

The nominal amount that will be outstanding after the Notes i 
listed below have been redeemed is S23, 000, 000.00. I 

Hie Serial Numbers drawn for mandatory redemption are as 
follows:- 

146 230 387 484 
582 616 795 867 


%% Chemical 


Principal Paying Agent prat a November um 


Mortgage Securities 
(No.1) Pic 
£15,800,000 
Class A 

Mortgage Backed Floating 
Rate Notes due 2023 

In accordance with foe 
provisions of the notes, notice 
is hereby given that far the 
mleresi period 31st October, 
1994 to 3lst January, 1995 foe 
notes will cany an Interest rate 
ot 6.3625% per annum. 
Interest payable on foe 
relevant interest payment date 
31st January, 1995 totB amount 
to £1,603.70 per £100.000 note. 

Agent Bank: 

Bank of Scotland 


Mortgage Securities 
(No.1) Pic 

£ 20 , 000,000 

Class B 

Mortgage Backed Floating 
Rate Notes due 2023 

In accordance with foe 
provisions of foe notes, notice 
Is hereby given that for the 
Int arest period 31st October, 
1994 to 31st January, 1995 the 
notes will cany an Interest rale 
of 6.5625% per annum. 
Interest payable on foe 
relevant interest payment date 
3lst January. 1X5 wSI amount 
to £1,654.11 per £100000 note. 

Agent Bank: 

Bank ot Scotland 


imiimmiimmiimmimmiimmmmiim 

Residential Property 
Securities No. 2 PLC 

£200,000,000 

Mortgage Backed Floating Rate Notes 2018 

The rate of interest for the three month period 31st October, 1994 to 
31st January, 1995 has been fixed at 63875 per cent, per annum. 
Coupon No, 26 will therefore be payable on 31st January, 1995 at 
£1,610.00 per coupon. 

Aggregate interest charging balances of Mortgage* redeemed during ebe 
previons Interest Period: £3,052,171.03 
Aggregate interest charging balances of Mortgagee redeemed as at 
31st October, 1994: £212,193^11.96 
The aggregate principal amount of Notes outstanding as at 
31st October, 1994: £76.300,000. 

S-G. Warburg & Co. Ltd 

Agent Bank 

Miimmimimmiiiiimmimiimiimiimiii 





18 


FINANCIAL TIMES WEDNESDAY NOVEMBER 2 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Profits at HK Telecom 
advance 15% at halfway 



By Louse Lucas in Hong Kong HongKongTeiecom 

Hong Kong Telecom, winch is 
57.5 per cent owned by Cable & 

Wireless of the UK, yesterday 
met market expectations with 
a 15 per cent rise in net profits 
to HK$4J3bn (US$542m) for the 
six months to September 30. 

This compares with HKJ3.65bn 
at the halfway stage last year. 

RamiTig a were struck on an 
operating profit of HK$4.75bn, 
up 14 per cent from HK$4J.7bn 
the previous year. Turnover 
rose 11 per cent to HK$LL29bn, 
from HESlLMm* with the big- 
gest increases registered by 
equipment sales and rentals. 

International telephone ser* 
vices, which account for 62 per 
cent of turnover, improved 9 
per cent to HK$8.24bn 

The deceleration in interna- 
tional traffic growth was 
largely brought about by a 
slowdown in China traffic, 
which up u n til this year had 
been growing at a rate of more 
th a n 30 per cent annuall y This 
has slowed to 21 per cent, 
which the company attributes 
to the macFoeconomic control 
measures and low telephone 
line penetration, which now 
stands at one telephone for 
every 30 people. 

However, analysts ques- 
tioned how much of a role the 


austerity measures, which 
were in place during the previ- 
ous financial year, could have 
played in slowing telephone 
calls. China accounts for 
almost half of international 
traffic, and about one-third of 
international revenues. 

flaming* per share grew 15 
per cent to 37.6 cents from 32£ 
cents; the dividend rose to 26J) 
cents from 23.4 cents. 

Hongkong Telecom also bore 
the brunt of reduced interna- 
tional call charges, which saw 
the price of calls on the most 
important routes to the US, 
Australia, Canada and the UK 
fall by 10 per cent. These 
reductions, twinned with an 


earlier round of cost- trimming, 
cost Hongkong Telecom about 
HK$300m over the last six 
months, a figure which is 
expected to reach Hgfwn m for 
the full year. 

Mr Linus Cheung, chief exec- 
utive, said strong growth in 
mobile operations - in which 
Hongkong Telecom has a 34 
per cent market share - and 
tight cost controls fuelled the 
growth In interim profits. 

This raises question marks 
over future growth, as earn- 
ings driven by cost control 
may prove more difficult to 
sustain. Analysts believe sala- 
ries. the second largest compo- 
nent of costs and up 8 per cent 
this interim, may be harder to 
contain once competition 
starts on domestic fixed lines 
next July. 

The biggest percentage sav- 
ing was made on the manage- 
ment fees payable to Cable & 
Wireless. These fell 38 per emit 
to HKSloam following a revised 
basis for payment Hongkong 

Telecom now pays according to 
work done on its behalf by 
Cable & Wireless, rather than a 
revenue-related fee. 

Hongkong Telecom expects 
returns on its China joint ven- 
tures, unveiled last month, by 
late 1995 to early 1996. 

See Lex 


Amcor acquires RIG Rentsch 


By Nikki Tait in Sydney , 

Amcor, the Australian 
packaging and paper group, is 
hoping to almost double its 
European sales with the 
A3 134m (US$99m) purchase of 
RIG Rentsch. a publicly-listed 
folding carton packaging busi- 
ness based In Switzerland. 

It announced an agreed bid 
for the Swiss company yester- 
day, offering SFr2,550 
(US$2,024) per bearer share, 
and SFr510 per registered 
share. Rentsch's principal 
shareholders, with about 72J3 
per cent of the voting capital, 
have accepted the terms, and 
public shareholders, who hold 
the remaining 27.5 per cent, 
will be presented with an iden- 
tical offer. 


Bfflitsnh has annual sales of 
around A$300m, of which 
about 60 per cent come from 
tobacco packag ing- By coinci- 
dence, Amcor's directors faced 
questioning over the ethics of 
packaging for the cigarette 
industry at last week’s annual 
general meeting in Sydney. 

Mr Athol Lapthome, chair- 
man, said Amcor had consid- 
ered the matter — the Rentsch 
deal had clearly not yet been 
disclosed - but decided that it 
was in shareholders’ inter e sts 
that the company should 
remain in this business. Hia 
remarks were applauded by 
the several hundred sharehold- 
ers at the mewtlng - 

The Swiss company operates 
nine manufacturing facilities, 
all but one of which produce 


folding cartons. Its plants are 
spread across Europe and 
include sites in the UK, 
France. Germany, Spain, Por- 
tugal, Poland and Switzerland. 

Mr Chris Nixon, manag in g 
director of Amcor’s containers 
packaging division, said the 
company expected Rentsch to 
post earnings before interest 
and tax of about A$20m in the 
first year. 

Amcor ha« hwnn purs uing an 
aggressive expansion strategy 
recently, building up interests 
in North America, Europe and 
the Asia-Pacific region. How- 
ever, this is the first time it 
has moved into container pack- 
aging In Europe. Amcor’s 
European sales were A$367m 
in the year to end -June, out of 
a group figure of A$5-5hn. 


Sumitomo 
Bank to set 
up securities 
brokerage 

By Gerard Baker 
hi Tokyo 

Sumitomo Bank, the world's 
largest lender, will join the 
country’s other leading: banks 
later this week in establishing 
a securities brokerage. 

The bank announced yester- 
day that it had received 
approval from Japan's minis- 
try of finance for the wholly- 
owned subsidiary to begin 
trading on November 24. 

Last month, the MoF sanc- 
tioned plans for the other 
banks to establish their brok- 
ing units, bnt withheld 
approval from Sumitomo 
because of a disagreement 
with the bank over the pro- 
posed name of its subsidiary. 

Sumitomo had wanted to 
call it Sundgin, an abbrevia- 
tion of the bank’s Japanese 
name. 

But the ministry objected to 
the use of the Chinese charac- 
ter "gin” in the title - a char- 
acter that forms part of the 
word for “bank”. 

The authorities intend to 
maintain distinctions between 
the hanks and their brokerage 
operations, and objected to the 
transparent similarity 
between the name of the bank 
and Its subsidiary- Sumitomo 
has now agreed to call the 
company Sumitomo Capital 
Securities. 

The banks* long-awaited 
arrival in the brokerage busi- 
ness is likely to cause signif- 
icant upheaval in Japan's 
financial sector. 

In order to protect the exist- 
ing brokers, the activities of 
the banks' subsidiaries will, 
for the time being, be tightly 
circumscribed. They will not 
Immediately be allowed to 
trade equities - the principal 
market - but will be confined 
to the growing business of cor- 
porate bond issuance. 

Nevertheless, companies like 
Sumitomo Capital Securities, 
backed with substantial capi- 
tal from their parents, are 
likely to make large inroads 
into the market share of the 
brokers, who are already hard- 
pressed by the chronic weak- 
ness in Japan's equity market 


Setbacks at Japanese oil distributors 


By Emlko Tetazono 
in Tokyo 




Ofl 


Japan's leading 
oil distributors 
saw declines in 
sales and oper- 
ating profits 
for the first 
half to September, due to the 
the time lag In transferring 
crude oil procurement costs to 
wholesale prices. 

Nippon Oil, the industry 
leader, saw non-consolidated 
interim recurring profits - 
before extraordinary items and 


tax - decline 31.4 per cent to 
Yi3Jbn ($l37m) on a 0.7 per 
cent fell in sales to Y868J9bn. 

Operating profits plunged 
42.9 per cent to Y5.9ba and 
after-tax profits declined 24.7 
per cent to Y&8bn. 

The company said procure- 
ment costs rose before they 
could be factored into its 
wholesale prices. 

It also foiled to benefit from 
the 40.8 per cent rise in fuel oil 
sales triggered by demand 
from an increase in electric 
power generation due to the 
hot summer. 


For the full year to next 
March, the company expects 
the rise In crude oil prims to 
A o n titine to afreet its profitabil- 
ity, in spite of an expected rise 
in sales volume. 

Unconsolidated recurring 
profits are forecast to fall 2L9 
per cent to Y33bn on a L3 per 
cent increase in sales to 
YL830bn. 

Cosmo Oil said sales fell L8 
per cent to Y678Abn and oper- 
ating profits declined 12.4 per 
cent to YlL5bn. Current earn- 
ings, however, rose 12 per cent 
to Yl2.9tm due to rationalisa- 


tion efforts and an Improved $ 
hnianpfl on its financial items. 
After-tax profits rose 1J9 per 
cent to Y5-3bn. 

The company said procure- 
ment costs rose by Y&ftm. In 
spite of a rise in other costs, 
the company refrained from 
increasing wholesale prices in 
fear of farther dampening 
demand. 

For the fall year to next 
March, Cosmo expects a 
0.6 per cent rise in recurring 
profits to Y39bn on a 0J. per 
cent increase in sales to 
Yl,440bn. 


Engen declines 13% to R418m 


By Mark Suzman 
in Johannesburg 

Difficult trading conditions 
through most of the year 
increased pressure on margins 
at Engen, the South African oil 
group, resulting in a 13.1 per 
cent fall in after-tax income to 
R418m ($104m) for the year to 
August, down from R481m pre- 
viously. 

Although turnover increased 
by 9.5 per cent to R8.45bn from 
R7.72bn, operating income 
after exceptional items and 
inventory effects dropped 
5.4 per cent to R547m from 
R57Sm. 

Net financing expenses rose 
to R49m, compared with R16m 
to interest income a year ago. 

Mr Rob Angel, managing 
director, said that the results 
represented a satisfactory 
performance given a generally 
disap pointin g pick-up in sales 
volumes to the South African 


market, which grew only L6 
per cent by volume on the 
year, and a $1 a barrel 
reduction to refining margins 
during the second half of the 
year. 

As anticipated, net borrow- 
ings rose sharply to R787m 
from R335m, largely to fund 
capital expenditure on the sec- 
ond phase of expansion to a 
Durban refinery which will 
enable the company to process 
cheaper crude. 

The upgraded plant Is expec- 
ted to come on stream during 
December slightly below its 
R800m budget 

Mr Angel, who is an outspo- 
ken supporter of full deregu- 
lation of the South African ofi 
industry, which has histori- 
cally been tightly controlled by 
the state, also attacked the 
government's “piecemeal 
tampering with the regulatory 
system", which he said had 
cost Engen RIOOm in lost 


income over the past year. 

Nevertheless, the company 
reported that in July and 
August, petrol sales rose 5 per 
cent in the first real indication 
of economic recovery. 

Mr Angel said he was opti- 
mistic that sales would pick up 
substantially in the next finan- 
cial year. 

Meanwhile, Engen’s export 
performance, primarily to 
other African countries, 
continued to expand rapidly, 
growing 17.5 per cent to 6.7m 
barrels, up from 5.7m barrels 
previously and representing 
strong growth considering the 
company only began seeking 
out foreign markets five years 
ago. 

Mr Angel also said that the 
company was actively seeking 
new upstream investments, 
particularly in Africa, to 
complement its existing 
ventures in the North Sea and 
Oman. 


Sumitomo Metal Mining tumbles 


Sumitomo Metal Mining, one of 
Japan's leading gold and nickel 
minin g companies and ranking 
third in copper, yesterday 
reported a big fell in pre-tax 
profits for the first six months 
to September 30, AP-DJ reports 
from Tokyo. 

However, the 49 per cent 
decline to Y355m ($3.6m) from 
Y6S2m a year ago was broadly 
in line with expectations. 

The net profit of Yl58m was 
29 per cent lower than last 
year's Y122m, and was scored 
on sales of Y182.43bn, down 5.1 


per cent from Y19133hn tost 
time. 

The company maintained its 
forecast of a slight recovery in 
pre-tax profit in the full year 
ending March 30 1995. 

Sumitomo said that although 
the market for copper and 
nickel recovered somewhat 
during the six-month period, 
contract-currency prices of 
both gold and nickel were 
lower than a year before 
because of the yen's strength. 

A comp any o fficial said Sumi- 
tomo saw an average rate of 


Y10L00 to the dollar during the 
period. 

The company said volume 
sales of gold and copper 
declined from a year before. 
Copper sales, for instance, fell 
8.2 per cent to 94£41 tonnes, 
while gold sales were down 4 
per cent to 10,828kg. 

As a result, overall sales in 
the company's metals division 
dropped 10 per cent to 
Y145J>8bn from Y182^2bn. 

On the Tokyo Stock 
Exchange the company's 
shares closed Y7 down at Y963. 


CHUGAI PHARMACEUTICAL CO., LTD. 

Notice of a Meeting of the hoiden of the oatstawfiog 
U&SateOOSbOOQ 
11/S per cant. Baade 1997 
wttb Wunute 

to snbncxlbe for (hares of common stock of Ckngai Fbermacetitical Gk, Ltd. 
Nader ia barb, grata ■ Meeting at die baUcn at Ike above Banda (the *BoadhaMott*) 
mnurnwl h, flwgpl Wniiiim«iitoal f> IjJ. (ifae Tmlve ha hntd ufaa nffiM nf IJbMmu 

A Paimn, Barrington Hoot, 59-67 Greabam Street London EC2V 7AJ on Thnndej 24th 
N o w aubw, 1994 at 1UO mo. (Loodoo tkec) fat the porpoac at mmkhirin g and. if thought fit, 
paaaing the foil awing nsaohuioa whkb will be pr opo n e d at an ExtraortEnary Rcaolotioe in 
aeoori a nBB with the pravfaiooa of thr That Deed daed 3rd Jane, 1993 (the “Tnot Deed*) made 
between the tomerta AnU Bank Thai Company of New Ymk (the Tiara*). 

EXTRAORDINARY RESOLUTION 

*Tbn dm Meeting of the faoMen of the aatttamfiag UXS 22HOOCLOOO 1 U8 percent. Benda 1997 
(the "Benda*) wttb waoami m oabaafeo tor abaca common nock of Chagai Ptaenonwniort Ce» 
Lid. (Ur *baam*) wmlln a nl by a Tram Deed dated 3rd Arne, 1993 (da "Tract Deed*) made 
between tbe ka v e t and AaoM Bank Una Qntynaycf New Ymfc(foe *HctMqg Dome*) HEBEBY 
RESOLVES THA3V 

0 tbo afpoietmeta of AxaU Bank (Nederland) N.V, (the "New Traasee*) la jdne* of Ibc Retiring 
i by the teener pareuant to ■ Dead of Appointment and Retirement of Traasoa. 
t of Cocodfcra and Amendment cf Una Deed (tbe Haetr) to be dated oa or abcot 

. the New Tibroo and 


ia teapeet of ike rigtito 
og n die Bonda agatant dm lamer 
I). D) and iH) rf dda leantation be 



Apacy Ajpcemcm 
A P tinea and 

Mtraal Vanda Want A Maeda may be Imported *b and voting eU C e m a m ay be obtained Cram, 
tbe apedfied office cf my of the Paying Apart give* bdew. 

YOUNG AND QUORUM 

I. A Bondholder wUring to attend and vote at fee Meeting in peem oma pnxfact tf fee Meeting 
otter bta Boodta), or a valid voting cc n ifictW or ccitWcrim based by a Paying Ago a relating to 
be Boad(i). b raped of which be wMes to vote. 

Z A bolder of Bond* net wtdringn attend mil awe at the Meeting in penon nay titter define* Ida 
Booddi at votiqg cotificaleata) to the penon whom be wbba to at t end oa Us behalf or give ■ 
toting iu ai t u ctian (on a toting faatra ta nn bon oMahabk bom the epedfied office of any of the 
P a ying Agm pm bdov) hia tn ati ng a Paying Agent to appoint ■ proxy to wend and tote at the 
Meeting ia accenlmce whh brt bntmalena. 

3. Btafr) nay be depoated with any P Oyfcn Agent o » (to tbe mtbfaet taa of anc h Payl 
System or any other pcaon ap p r oved by it, for the pwipc a e of 

Ueg dm Meeting (or if 

t of the 
if 

,ir 

dm mnenderof iheieodpt(i)iamed in raped of the 

4. Tbe camram moafaed at Ur Meeting b two or i 



Boon mwjB age eitificaiE m b a pnnry ahafl tave oneree. On e poll ct ^petao n wbojaao 
or rqveacMcd by tin voting ecnificace ao produced or to reaped of wkkh be b i proxy, inthccaac 
oddMou 10 tfae'w ^vmOtlorjviuebbBmMf have m a B^^kkr’w'aSThtiSd^ ^ting 
6. H> be pmta, Ac Emrmnttnan Reaaladao reqnin 


rcbiiq} to fee Bonda. 



Amhi Bank Tiki 

Ok Wold Undo 
Sate 6071, 

New Yoifc, N.Y. 10048447*. 



4TA. 

rwMgA**** 

AaaM Bmk (Baltina) SA, 

27 Arcane da Ant, T iwnumhg! 12. 

B-1040 Branch. 6000 Ffcntflm L 

Tbe Lnag-TwmCrafit BankaT Japan, UmBtd, Tha36bm Tract and BnaUngCympray, 
123 London Wti, 6Bmfe*e. 

London BC2X.5AH. LmfcmBCZMStB. 

Gnaranty TVm C a mpmy afNew Ymk, Salonm Bant (Inacmlntiu) SLA. 

A5 Avcsoe ties Ada. 33 Btademithi Prince Kemi, 

B-UMOBomcfc. L-172A Lnxembonrg. 

SadMGfnMk SwfaaBaMtCoqpnmlan, 

29 Bmkviiri Kmam toc hc a wmdi L 

7S009Ptak CH 4002 Bank. 

2nd Notcnta, 1994 rfy** V tun na nMM lr al f>i I H 


LINTEC CORPORATION 

Notice of a Meeting of tltelmUm of tbe oBtstaDtUng 

US. STIjOWIjOM 

7/8 PER CENT. NOTES DUE 1997 WITH WARRANTS TO SUBSCRIBE 
FOfi SHARKS OF COMMON STOCK OF UNTEC CORPORATION 
Notice ia hereby given that a Moating of the hoMsn of the above Natoa (tbe "NMefaoUml 
convened by 1 birr Corpatatkn (the "Issuer*) wiD be heid at the offices of LinUaen and PUnea, 
Daui n g lo a Htnac. SWT Oreatnan Street London BCZV 7AJ on Hamby 24ih November. 1994 at 
11-00 am. (Loodon time) tor da pnipom of COnSl d cTlti g nd. if th oug ht fit, pW«| the fbBowing 
wmlat i on wticb w3l be proponol n m Bxtmoetgmiy Bcaohaioo In a imwlaanr wkh the p rov i sions 
□f tha Tram Iked dated 7ih Ocaibcr, 1993 Bbe*TtaM Deed*) made between tbe bmer and Aaabi 
Bank Tnm Company of New York (tho "Timra*). 

EXlUAOfUMNABX RESOLUTION 

*ThnttMa Meeting of the bnldcaaaflheannaadbgUSuS7Iunoyan7npercm. Notea doe 1997 
(die "Nona*) wttb wanana to nbeettoefor afaarcs of common slock of Lhsoc Corporation (*tta! 
bmer*) muatltu tc d by a Han Deed dated 7H Ooobar.1993 (the Trntf Deed*) mnda between the 
leaner and AaaU Bank Tract Company of Now York (tbe * Retiring Tnuise*) HEREBY 
RESOLVES THATY- 

0 the appo int m e nt a f tbo Amiri Bank (Nnfcstand) N.V. (the "New TVnatoe *} in place of the 
Retiring Trustee by the beer pnrnant to a Deed of AppoUmenr and R r l hrmrm of Trance, 
Appukmnrw of Costodba and Amm d m e nl of lYan Deed fdan *Deod) to be dated an or abow 
25th November, 1994, and entered ano^ tbo bmer, the Retiring Trasme, the New Trance and 
The AaaU Bank. Ltd. acting through ill Lomtan bcaneh be appmvedi 

H) Hr amriahncnt of Ike Tran Peed pwnum lo Qnuae 4 of tbe Deed be approved; 

IS) iba bmer be Rnfaerbedm oner bon tbe Deed; and 

tv) evgy abmgarion. mot flfi eatlnn. variation, enmpaomba ct aniai g riarra n reapeet of the ngWa 
of tbe Nd MhnM am and the boMett of the Coopona rel ating to the Noma agrinR the baaer 
Inwrivnd b or tanking from the tenne a f p atnp ap ha I). 5) and lift of tbb rec oin trim be 


Tbt atasotioe of Nomboldeia b pmticnbrfy drawn to rile qnosam teqabedfor tbe Meeting and tor 
any R friMrd Meeting wfajek baet gw bpmapapb 4 nf *Votbg md Qmram* below. Becmsa ebe 
mnner nf lemp tM on nf n mat oam Utinrrl under EBgiMi bw hm oat bca mariVyed by thr Dmrii 
mmta or by Dmcfa j e gbl ation . than ta aome uncertainty m to whether the Dvfct coma wanM 
mengnbe meh a not and, m pstkabr, wbedas tram property would be protected agetan dahna ol 
bird paada b the eve* of an bcotee a cy of tie New TYnRcc ( a wbrilyrawaed arimtfiary of The 
Aauhi Boh. Ltd.). NtaaboidmY memton b drawn to Ibc yia li Ocati on (vn) mntcinrd ia Ae icgsi 
ophtion of Dc Bocw B h chiUnr Watbraek tcfened » beiow. 

AVAILABtLtry OF DOCCMENT5 

Copba of tie iW Deed, a ikaft Deed nf AppMnuncai and RetiraneM ofTraatoo, Appondana of 
QaRodbn and A mrmt a nii of TW Deed, ibc Paying and Wcnam Agency Agreement dned 71b 
October, 1993. ■ draft Supple men tal Agreement ra amend tbe Paying and Warrant Agency 
Agreement and draft legal opinions of each of Dc Brow Bhdotone Wesbrodt, lint hurra rod 
Prince cad MRtni Yaxoda Wen A Maeda may be Inspected at. and voting eertiEcaica nmy be 
obtalaed front, dm specified office of of the Paying Agcm (md Sr Hm potpose of Aia Notier, a 
reference m a Paying Agent hdndn a icfercace to tbo Ma buiacnirn t Agent) ghren bdow. 

VOTOC AND QUORUM 

I. A NoBehaUm wtshlng to mend md vote at die meeting in penon tnm produce at the Meeting 
either ha Nok^a), or ■ vafid votfag c e w lB c as e or c otllic a trt imaed by a Paying Agent relating to the 
Nose (a), bi reaped of which he wishes to vote. 

1 A bolder of Noma 001 wbbrig to atanal md tele a ibc Mating in person nay either ddber Itia 



M kanban 2 per cent. 

On a *ow of banda evwy petaoe wbo ia ; 

: or b a proxy ahaO lavs one note. <bi a poB every penon who a 1 
1 ahaU bam one veto b respect of cadi US. SKUM0 prindpd immmt of 1 

^to tbs vote or totes (K any) which be may baan as a Noteholder m^aa a bolteafa nah^ 



Anaht Bank Trust Cbsapaay Of New Ymk, 
One World Ttade Center, 

Sofa 6017 , 

New Ymk. N.Y. 100480476. 


Ynfsda Bmk and Tnast Company (U&A)l 
666 Hllb Avobc, Sake 802, 

New Y«t, PLY, 10103. 

PqtqApnh 

Fl$iBank(Imsarimmg)£LA, The MbntHd Hank, limbed, 

Otane Founder 29. 6Braa%aie. 

Avcnede b Porte-Neirvc, l/wfa. EC2M 2SX. 

L-2377 LaDEnfemng, 

Morgan Guaranty Tract Company of New York. Whim ITanli 

^Bonl evard Ro yal. 


L-2449 Lsxesobamg. 


2nd Ntwember 1994 


Lmtee Onpetil l on 


TAMURA CORPORATION 

Notion of a meeting of Ibc baUcn of tkc aatsfnw&Bg 
US.S70yMMM 

3 7/8 per cenL Guaranteed Bonds 1995 

wkhWanwb 

to subscribe ftsr shares of common stock of Tnnu&ra Corporation. 

Notice b boeby given that a Meeting of the holdma of the Shove Banda (tbe *BooAaldem*) convened 
by Taaaam Cotpoaaiua (fee "baaer*) and The Smnbosno Bant United tthe *Gmmnlllr*) wfll he held 
d tbo offices of Lkhbsaa and Mnea, B aniu g hm Hume, 5947 Oreabasa Street London BCZV TAJ on 
Thmaday 24 (b Noacmher. 1994 at ILLS ua. (Londen time) for ibc purpose of enuiiiafeg and, if 
thanks St. p essta g dc fodatrfag reni l iaiiai whidt vfl be propos e d m as Eanordnsfy Rcsohaton b 
aocor da ooe with tbe prorimmatd the Trml Deed dated 19lb nmrmhrr. 1991 (tin *Ttmt Deed*) mnda 
between tbe lamer, the Guarantor and Arahl Bank That Company of New Ymk ( formerly Eyowa 
SriCmno Beak Traal Comply of Now York) (dcTraateo*). 

EXTRAORDINARY RESOLUTION 

"That rids Meeting of tbe balden of the atmtaadtag US. STOJOOOfiOO 3 7/8 per ccaL dnaiaatead 
Bondi 1995 ( tire "Bonda*) with waaama to mhwiflni tor sbarea nf coRmcn stock of Tmtna 
Corpreatioo (the *tna*) nwari oned by a Traw Deed dated 19 December. 1991 (tbo TmR Deed*) 
made between ifco Isaac, Tie Smalnmo Bank. Umferi (Ibe *Gnaimfen*) and Aarid Bank Thw 
Company of New York { formerly Kyown Satnona Bank Treat Company of New York) (tbe 
"Retiring Trsatce*) HEREBY RESOLVES THAT:- 
n tbo rppDrinmatl of Amhi Bank (Ncderbnrf) N.V. (dr *Ncw 1>uaiec'l io place of Ibr Retiring 
Trance by tbe leaner pnreoau In a Deed of Appointment and Retirement of Trance, 
Appoimmeot of Oatotim and Amendment trf Treat Deed (tbe'Drar) to be dated oa or sboal 
25tb November, 1 994. lad exfered amoag the bmer, fbi Retimg Trastcc, the New Trance, the 
Gomaatoc and The AmM Bmk. Ltd. er ring t hre wgli In London branch be spprote d: 
ri) i&e wnovlnm ofthe Tran Deed puiatn a t ta Cbaac 4 of Che Dctdbc Ranrevcd; 

HI) the bmer and ihc GnuaDlor bn SEdkEned k> esuer Into die DcotfS ml 
hr) every abrogation, m u d ifi a nim i. vmtadaa, eq m pwm im at aiiuugjnuu ta respect of the righto 
of the BomUmUea rod dc toriden of the Coopona irfattog to ike Bonda agamatdie Imror in 
the OnaraMor involved In or retailing from the tesnu of paragraphs I), H) and ifi) of dda 


The a anaam of the BondbaUem la pNtieuhily drawn m the quorum required for fee Meeting and 
tor toy adjourned Meetiag which Iimm ta paragraph 4 of "Voting and Quorum' below. 
Hecmiaa the matter of rcco gnfcl oB of a tran cowalnned nadcr EngUfe taw has not hecn oomldeied 
by fee Dutch cowls oi by Dukh taghMan. there k aania tmeeradnty m 10 whnba the Dock oamti 
woadd reoo^be neb a treat and, la poitioilir. whafecr treat property noald be protected against 
data of dfed punka in the event of an tamivcncy of Ac New Tkanecf 1 wfauBy-owncd ndatdiary 
ofTbcAaahl Bank; Ltd.), no n tim ld cc a 1 attention hi drawn m are qaaUflcarion (vti) contoined In ite 
legal ophrion of Ik Braow Btact aame Wea dtrae h relemed 10 below. 

AVADLAB1UIT OP DOCUMENTS 

Copies of the Tran Iked, a draft Deed of Apptrimmcm ta to h cuRn t of Twnce. App oin t m ent of 
Otadim ta AoRndmctit of Tran Iked, the Faying ta Wnom Agency Agreement dated 19th 
December. 1091. a draft Suppl emen tal Agreement la amend the Plying ta Winatu Agency 
Agreement ta drift legal opinions of each of Do Brenw Blartawmr Wcsthroek. UnUatom rod 
Pain ta Mnsal Yanuri Wctri A Maeda nay be InspeeSrd at, ta voting oenlfkaces may be 
oHotned bom. the apect&cd ofGoc of aay of the Pay tog Agents g i ven below. 

VOTING AND QUORUM 

L A Boadbohkr wjritiqg h> attond and wore at the Meeting hi person mm produce at the Meetiag 
other Us BoadCs). or ■ valid voting cmdtkaie or ccrtiEearea baaed by 1 Paying Agent relating la 
the Botsftst, in tapco of wtddi he wktRa » vole. 

Z A I 
Boodfl) 
voting 
raytog 


*^ i ^ roattta ta v oki^l he Mtaag ta^pco o n nay^ dlher d dBtw hia 
givea bclow)taamah«g » Paying A^m to appataui’praa? loaatata vmetofee 


1 Bo^ts) may be dcproncdwiA any Paying Agent or ( 
brid to ia aider or aader is control by CedcL Mriftd m 
Sracm or any other penon approved by h. for fee | 


> of aaakPUykg Agent) 




b.detita^ .tawo fba^am.le- a pot Hsferiy 

u bo lag prosy or praiks and being or 
or hekfca of not ta than 2 per earn, principal aamn nf 
tog oannaadmg. Oa a show of baak every penon wbo k present la 
d or voting certificate or is a |BDsy ifadl hove one tore. OaapoBevety 
ahaB have one veer ia respect trf ad US. SSdUD principal amount of 

at ^j!j Hk ^^ L ur tM ^ Juw be ha 





(btracrly The Ktowi Satan 1 
30 (Wm Sheri, 


■ Ltd.) 


The femk alTblcra, LhL. 

1Z-I5 Ftaetany Cbcm. 

London ECZM7BT. 

Tbr Laduatrinl Bonk uT Japan, LWtad, 
Bracken Hawse. 

Ore: Ptriby Shea. 
La>JoaECtM 9 jA. 

Morgan Guaranty Tina CMipaare of 
New York. 

Awrioc des Arts 35. 

B-1040 Bremeta. 


2nd Noveadtet 1994 


llh Dauknrd Royal, 

L-&WJ Laatmbomfr 

Tire MKarifeU Baak Liaritori. 
b Braadgate. 

London BC2M2SX. 

Tbe SnmturaoTrarindBaakfei Company, 

1531 


3XU. 


Tamara 

Tbe rtmtootm 


TENDER NOTICE 

UK GOVERNMENT 
ECU TREASURY BILLS 

R>r tender on 8 November 1894 
1. The Bank of England announces the Issue by Her 
Majesty's Treasury of ECU 1,000 mfflfon nominal of UK 
Government ECU Treasury Bills, for tender on a 
bid-yield basis on Tuesday, a November 1894. An 
additional ECU 50 mSBon nominal of safe wffl be allotted 
directly to the Bank of England for the account of the 
Exchange Equafization Account 

2- The ECU 1 ,000 million of Bills to be issued by tender 
wfll be dated 10 November 1994 and wfll be in the 
following maturities: 

ECU 200 million for maturity on 15 December 1994 
ECU 500 mBUon for matwlty on 16 February 1995 
ECU 300 million for maturity on 11 May 1995 
3. AU tenders must be made on the printed 


forms available on request from the Bank of 
Completed application forms must be toe 
atl the Bank of England, Securities Office, 

Street London not later than 10.30 am., London time, 
on Tuesday, 8 November 1994. Payment tor Bids 
s«otted will be due on Thursday, 10 November 1994. 

4. Each tender at each 
made on 

ECU 500. — 

must be m multiples of ECU 100,000 nominal 

5. Tenders must be made on a yield basis (calculated 
on the basis of the actual number of days to maturity 
and a year of 360 days) rounded to two decimal places. 

Fflrn firviRraKfin mi i «4 AfniA Maria. « «■ ^ 

bkl and the 




Eutodear or CEdlEL, Biila will be credited In the relevant 

systems against payment For applicants who have 
1 definitive Bills, Bills wifi be available for 

_ at the Securities Office of the Bank of England 

s™ 3 ^ 1 - 3 ^ P-m. on Thursday, 10 November 1994 
proykted cleared funds have been credited to the Bank 
ofEngtaiKTs ECU Treasury Bills Account No. 59005516 
with Uoyds Bank Pic, International Banking Division, PO 
Lfl 2® House ' 1 ^ys Lane. London SE1 
Sifi - < PS5D rtS 3J2,.? llls w ® 1,6 available in amounts of 
ISH 1°£SPaF ° U 50 ’ 000 - ECU 100.000, ECU 500,000, 
ECU 1,000,000, ECU 5,000,000 and ECU 10,000,000 
nominal. 

7. Her Majesty's Treasury reserve the right to reject any 
or part of any tender. 1 

S^The arrangements for the tender are set out in more 
detail in the Information Memorandum on the UK 
Bill programme issued by 
£? ^£*1? bBh 5 lf o* HerMajesty's Treasury 

19B ?J 81x1 m supptenients to the 
inrarmation Memorandum. AU tenders will be subject to 
of that Information Memorandum (as 

°L Bills to 56 aHotted directly to 
foe Bank of England tor the account of the Exchange 
SS? H 5? on ^ tor maturity on 11 Mot 

1995. These Bills may be made available forouoh 

the / market makere listed 
inromation Memorandum (as supplemented) In 
order to faci&tate settlement ‘ 

10. Copies of foe Information Memorandum (and 

* to Bank ol 

UK Govemnwnt ECU Treasure Bffls are issued 
* ^BteuiyBflls Act 1877, the National Loans 
AcM9©j and the Treasury Bills Regulations 1968 as 
amended. 

Bank of England 
1 November 1994 




\* *:• 
'■ si-‘ . 




to 


Softbank to 
pay $202m 
for Ziff unit 


By McMyo Nakamoto 
in Tokyo 

Softbank, a Japanese computer 
software company, has agreed 
to acquire the trade-show bast 

Of f y > m m TTrri e at lODg, 

the US publishing group, for 
more ffian 

The agreement came after 
Softbank foiled to acquire the 
publishing business of Ziff- 
Davis, which was sold to Forst- 
mann Little, a New York 
investment group, for $1.4bn. 

Tfee trade-show business of 
Ziff runs arhihifiona of infor “ 
matlon network-related soft- 
ware and equipment, and had 
sales o£ about flSbm this year, 
the Japanese company said. 
JSff operates the world's larg- 
est trade show on network 
computing. 

The addition of Ziffs trade 
show operations will lift Soft- 
bank’s involvement in the 
trade show business, and add 
value to its network-related 
operations which have been 
growing strongly in recent 
years, the company said. It will 
also help it to expand 
operations in the US. 

The acquisition, which Soft- 
bank intanriw to firumw* with 
Us own funds, is not expected 
to affect the Japanese compa- 
ny’s results In the year to next 
March, the ««np«n y said. 

Softbank is a fast-growing 
company Involved In the distri- 
bution of computer software, 
hardware atm! peripherals, and 
publication cf magazines. 


ffii’in? 

lira 

toda 




text* 

$£ARK * 


ISITK5T 


FUTURES 





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1 o 5 


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~+S*» 

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.£? ''•'if: j 


7’£ 1v 


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— '*=■> £8^.rs 


FINANCIAL TIMES WEDNESDAY NOVEMBER 2 1 994 


INTERNATIONAL CAPITAL MARKETS 


US Treasuries fall on renewed rate rise fears 



■f 


By Patrick Katverson 
In New York and 

Conner Middelmann In London 

US Treasury prices foil across 
the maturity range yesterday 
m orning following a stronger 
than expected purchasing man- 
agers' report, which raised 
fears that the Federal Reserve 
would raise Interest rates 
sooner, rather than later. 

. By midday, the benchmark 
30-year government band was 
down % at 9313, yielding 8.043 
per cent At the short end of 
the market, the two-year note 
was down % at 99§, to yield 
&90Bpar cent 

Prices weakened from the 
start after the National Associ- 
ation of Purchasing Manage- 
ment reported that its of 
business activity rose to 59.7 
per cent in October, from 5BJ2 
per cent in September. 

Analysts bad been expecting 


the NAPM index to rise to 59.0 
percent 

The market was particularly 
disturbed by the lump in the 
NAPM’s prices index, from 77.1 
per cent to 7&9 per cent an 
indication that inflationary 
pressures may be building up 
in the manufacturing sector. 

Inflation-sensitive investors 
were not reassured by the com- 
ments of Mr Ralph Kauffman. 
chairman of the NAPM, who 
said tbat companies were 
reporting difficulties in p as™g 
on higher materials prices to 
consumers. 

The data sparked immediate 
selling of bonds as analysts 
judged tbat the NAPM figures 
only increased the likelihood 
that the Fed would put up 
interest rates at the next avail- 
able opportunity. 

Most analysts still believe 
that the Fed will wait until its 
next open market committee 


meeting on November 15 
before tightening monetary 
policy, but the NAPM numbers 
heightened speculation over 
how large any rate increase 
might be. 

Although a few analysts said 
the Fed, in the wake of the 
NAPM report, might raise 

GOVERNMENT 

BONDS 

rates by as much as 100 basis 
points (bringing the target on 
the FOd funds rate to 5% per 
cent), the consensus on Wall 
Street remained tbat any 
increase would more likely be 
of 50 basis points. 

Later in the morning, prices 
weakened further amid reports 
of fbtures-related selling, and 
some selling by dealers hedg- 
ing against a fall in prices of 
mortgage-backed securities. 


■ With several countries 
closed for All Saints' holiday, 
activity in most European gov- 
ernment bond markets was 
subdued, with prices range- 
trading in thin volume. 

■ UK gilts proved the main 
exception, rallying sharply 
after the Bank of England's 
quarterly inflation report 
calmed fears of a near-term 
monetary tightening. 

In recent days, market par- 
ticipants had grown increas- 
ingly nervous about the possi- 
bility that Mr Eddie George, 
tbe governor of the Bank of 
England, and Mr Kenneth 
Clarke, chancellor of the 
exchequer, might decide on 
another base rate increase at 
their meeting today. However, 
after the report some dealers 
said they now expect the next 
rate rise in early 1995. 

The December long gilt 


futures contract rose as high 
as lOlVi before closing around 
101, up g on the day. At the 
short end of the yield curve, 
the December short sterling 
future rose 0.07 to 93.57. 

The gains were partly attri- 
buted to a scramble by trading 
accounts to cover short posi- 
tions. Although traders 
reported some investor buying, 
they said most of the activity 
took place in the futures 
market. 

■ German government bonds 
followed the US bond market 
lower, then tracked gilts 
higher and rallied into the 
close. 

The December bund futures 
contract on Liffe briefly 
breached technical support at 
89.00 to fall to 88.95. but that 
triggered heavy buying which 
carried the contract to 89.39. It 
slipped back in after-hours 


trading to around 89.11, 
unchanged on the day. 

Bunds are likely to make lit- 
tle headway this week, with 
fresh 10-year government sup- 
ply looming early next week. 

■ Swedish bonds weakened 
amid jitters ahead of today's 
budget statement by Mr Goran 
Persson, the finance minister. 
The yield on the government 
bond due 2005 rose 21 basis 
points to 11.09 per cent 

Mr Persson is widely expec- 
ted to detail the SHWlbn in 
budget cuts which the Social 
Democrats announced during 
the election campaign. 

However, some dealers were 
hoping he would announce 
additional measures to tackle 
Sweden's budget deficit after 
Moody’s, the rating agency, 
last week placed its Aa2 debt 
rating under review for possi- 
ble downgrading. 


Pricing on 
Kemlra offer 
due today 

By Martin Brice 

Final pricing is due this 
evening on the International 
offering of 25 per cent of Kern- 
ira, the state-owned Finnish 
chemicals group. A total of 
30m shares are for sale with 
pricing likely to be between 
FM37 and FM44. 

Merrill Lynch is global coor- 
dinator on the d e al, Finland’s 
biggBst frritial public offering. 

FostipankM is handling the 
domestic and Nordic side, with 
the US tranche being handled 
by Merrill Lynch with Gold- 
man Sachs, UBS and S.G. War- 
burg. 

The rest of the world tranche 
iS being handled by Merrill 
with Indosuez, UBS, Posti- 
pankki . S.G. Warburg, ABN 
Amro, Dresdner, Daiwa, James 
Capel and Klemwort Benson. 


Hellenic Republic launches Y120bn samurai issue 


By Graham Bowriey 

New eurobond issues were rare 
yesterday, with many Euro- 
pean markets closed for holi- 
days. However, activity is 
likely to increase dramatically 
over the coming days, with a 
number of borrowers tipped to 
be coming to the marke t 


INTERNATIONAL 

BONDS 


Spain's Comuni dad Auton- 
oma de Andaluda is expected 
to launch its debut eurodollar 
offering imminently. 

The Ibctip, tepd manag ari by 

Goldman Sachs and Deutsche 
Bank, Is expected to be a $250m 
offering of 5%-year bonds, 
priced to yield around 40 basis 
paints over US Treasuries, a 
market source said. 

Andalucia tapped the 
D-Mark and French franc sec- 


tors last year with five and 
10-year offerings respectively. 

The Hellenic Republic yes- 
terday launched a Yl20bn 
offering of samurai bonds, tar- 
geted at Japanese investors. 

The offering, lead managed 
by Nomura, was divided into 
three tranches: Y60bn of four- 
year bonds offering a coupon 
of 5.05 per cent, Y40bn of 
seven-year bonds with a cou- 
pon of 6.1 per cent, and Y20bn 
of 15-year bonds offering a cou- 
pon of 7.1 per cent. 

Salomon Brothers and CS 
First Boston have been man- 
dated to lead-manage the 
launch of the republic’s first 
global eurodollar offering, 
which is expected to be 
launched after a series of road- 
shows next week. 

The offering is likely to be in 
the five-year area, market 
sources said. 

In the sterling sector, Irish 
Permanent, the former build- 


NEW INTERNATIONAL BOND ISSUES 


Borrower 
US DOLLARS 
Banco Vbtorantkn 


Amourt 


50 


Coupon 


Plica 


Maturity 


Fees 

% 


Spread 

*>P 


Book runner 


10.8758 98. 52 FI Nov. 1997 1.00R +435(6v‘!%-071 ING Bank 


STERLING 
Met) P ermanent? 


100 


la) 


99.833 Dec. 1997 O.OBR 


NatWast Capital Markets 


Final terms and non-caflabie unless stated. The yield spread (over relevant government bond) el tautch la suppBed by the lead 
manager. ^Boating rate note. R: ftned re-otter price: tees, are shown at tine re-offer level a) 3-mtti Libor +I0bp. 


ing society which was recently 
floated as a bank, launched a 
£100m offering of three-year 
floating-rate bonds offering a 
coupon of 10 basis points over 
three-month Libor. 

The closure of most Euro- 
pean markets had little effect 
on the success of the offering, 
since it was supported primar- 
ily by UK institutional interest 
with further demand from Ger- 
man investors, lead manager 
NatWest Markets said. 

Irish Permanent tapped the 
floating-rate sterling sector last 
year, and the proceeds from 


yesterday's offering will be 
used partly to repay a US dol- 
lar syndicated loan also 
launched last year, the lead 
manager said. 

There is currently firm 
demand for dollar issues, espe- 
cially in the three-year area, a 
syndicate official at NatWest 
markets said. Other building 
societies in particular are keen 
buyers of the three-year sector, 
he said. 

The proceeds from the offer- 
ing were believed to have been 
swapped into Irish punts. 

Beijing Expressways, a spe- 


cial purpose vehicle created by 
the infrastructure financing 
arm of the Beijing municipal 
government, is expected to 
launch a three-tranche $4B0m 
offering later this week, lead- 
managed by Tubman Brothers. 
The offering will involve five- 
year, 10-year and 12-year 
bonds. 

Also in the dollar sector. 
Banco Votorantim launched a 
$50m offering of three-year 
bonds, priced to yield 435 basis 
points over US government 
bonds, lead-managed by ING 
Bank. 


Swedish bonds 
top league table 


By Conner Mkfdebnann 

All European government bond 
markets posted positive total 
returns in October with tbe 
exception of France, where 
bonds were plagued by pre- 
election jitters, J.P. Morgan's 
monthly government bond 
index monitor shows. 

Sweden was the best per- 
forming market, with a 
monthly return of 2.26 per cent 
in local currency terms. It was 
buoyed by hopes that the new 
government will take addi- 
tional measures to cut the 
country's large budget deficit 
and signs - including a 20 
basis point interest rate 
increase - that in the absence 
of fiscal tightening, the Riks- 
bank will do its bit to slow the 
level of economic activity. 

In Belgium, lower than 
expected inflation data and a 
steepening yield curve 
increased tbe market's attrac- 
tiveness, the survey states. In 
Ireland, lower money market 


rates also provided the bond 
market with an Improvement 
in funding costs. 

“In both markets, funded 
spread trades over Germany 
became more attractive in 
October, thus leading to signif- 
icant foreign inflows," the 
report states. 

The Japanese market weak- 
ened on continuing economic 
recovery and the edging-up of 
short rates allowed by the 
Bank of Japan. The market 
posted local currency returns 
of minus 0 JJ 8 per cent 

In the US, continued signs of 
economic growth and a delay 
in further Fed tightening 
pushed yields higher, resulting 
In a minus 0.06 per cent total 
return. 

Meanwhile, Kemper Invest- 
ment Management's monthly 
bond survey, which includes 
some of tbe gmnngr markets, 
found that Finnish bonds, with 
a return of 3.68 per cent, posted 
the strongest gains, followed 
by Sweden and Norway. 


Growth in rating agencies 
serving emerging markets 


By Richard tapper 

The number of credit rating 
agencies in emerging markets 
has grown rapidly in recent 
months, according to a new 
Financial Times quarterly 
directory published tlris week*. 

'Hie publication lists for the 
first time in one publication 
more than 3,000 ratings 
assigned to emerging market 
debt issues by 10 international 
and 20 local rating agencies, 
many of which have been 
formed In the last year. Several 
other local agencies are begin- 
ning operations and the direc- 
tory plans to expand its cover- 
age in future issues. 

“Regulators of emerging 


markets view credit ratings as 
an effective way of tackling 
problems of transparency in 
their jurisdictions," said Mr 
Peter Elstob. editor. “Investors 
have already taken on board 
political or country risks bid 
this fo the first time they have 
had access to local perceptions 
of the borrowers' credit risk." 

Ag encies iwrhiHing standard 
& Poor's. Duff & Phelps and 
IBGA are active in providing 
technical support to the newer 
agencies. 

Financial Times Credit Ratings 
m emerging markets cumula- 
tively updated every three 
months. FT Newsletter Market- 
ing. Southwark Bridge. London. 
Price £550 per year. 




• . | ■ j • . % t. 




*MENT 
3Y BILLS 

rerrjc: i 


s. ^ 5— — 

:>r rrs 

„*S-I '.i ■ 

n ’ - Sece-bw’35* 

t. is ?e;r-£.*v IS* 

'5«: 

3j"* C ='?- C 


— r* 

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■*:- ii'i ■ * 

^ 'V?: 

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tr-L/i* —~ 

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rj W- . 

• T.fw'i- ; 


« r 

*- -e. 


‘.-..‘fjsii 


r . 






- ‘ .c 

■ *? a 


-"v-Q 


WORLD BOND PRICE'S 


BENCHMARK GOVERNMENT BONDS 






Rad 

Cohort Dots 


Prim 


D*/* 

chnnga 


Week Month 
Yield ago ago 


Italy 

■ NOnONAL ITALIAN GOVT. BOND (BTP) FUTURES 
(LFFET Uni 200m lOOtha of 100% 


f 


Austreb 

9JJOO 

09AM 

90.7300 

_ 

1053 

10.25 

1050 


Open Sett price Change 

wgh 

Low 

Esl vol 

Open Int. 

Belgium 

7.750 

1004 

- 

- 

- 

658 

858 

Dbg 

99.85 10049 +059 

100.59 

99.75 

23441 

57411 

Omda- 

8500 

0004 

83.2500 

-0350 

a.17 

9.12 

a 03 

Ma 

9955 «059 



0 

5216 

Oenrnork 

7X00 " 

12AM 

87.1200 

*0420 

8.99 

856 

948 





France BTAN 

8X00 

05/98 

- 

- 

- 

753 

755 







CVtT 

5X00 

04AM 

- 

- 

- ‘ 

854 

851 

■ ITALIAN GOVT. BOND IBTPJ FUTURES OPTIONS (LJFFB Lira200m lOOths o( 100% 

Germaiy Trau 

7500 ’ 

08/04 

902800 

40240 

750 

7.70 

7.72 

State 





. ryiTQ _ 


holy 

8500 

08AM 

_ 

_ 

_ 

1152 

1152 

Dec Mar 


Dec 

■ PUI5I — 

Ur 

Japan No 119 

4500 

CKV9B 

1025070 

40480 

AOS 

4.12 

357 

Price 



Japan No 164 

4.100 

12/03 

954820 

40430 

A73 

ATS 

459 

iooqo 

1.14 252 


145 


2.87 

Natheiteids 

7550 

KMM 

975000 

40000 . 

750 

758 

7.85 

10080 

0.89 Z01 


150 


3.16 

Spetn . . 

0000 

OSAM 

. - 

- 

- 

1150 

1151 

10100 

057 151 


158 


3.46 

UK Oita 

6500 

08708 

80-04 

+12/32 

855 

8.72 

8.72 

Eel vc t total. Cas 820 Puts M81. Prautoa day's open mt. Cats sens Puts 30A40 



6.760 

11AM 

87-14 

+16/32 

854 

854 

858 








9400 ; 

1QOS 

103-05 

+iao2 

851 

850 

853 







UBTraaotay* 

7580 

- 08AM 

95-21 

-12/32 

750 

755 

758 







7500 

11/84 

93-26 

—18/32 

8X6 

844 

758 







ECU punch Govt) 

8400 

04AM 

' “ 

- 

- 

8.72 

852 

Spain 







+ Qraw fsaairg WWwWno tn at llfi par C«m poystito by 
POomt US. UK h 3Znd^ atom* h dactnaf 

US INTEREST RATES 


Souac MUS MairwOonal 


Umdttue 


rteUndiNMBinBlfaL. 


TiWBuy Ms and Bond yiaMB 


Open 

8747 

86.00 


Sett price Change 

aas4 -a si 

85sa -ass 


Wgh 

87.42 

86.00 


Low 

88S6 

86.00 


Esl voL Open int 
33.882 73.495 

107 107 





591 










s.ns 

10-yem 

SHOW 

758 

(tea war 

_ 522 

503 


B0ND FUTURES AND OPTIONS 
France 

■ NOTIONAL FRENCH BOND H7TWBS (MA7ffJ Oeaaber SB 


Dec 

Mar 


UK 

■ MOTIONAL UK fflLT FUTURES flJFFg* ESOCOO 32nds ol 100% 

Open Sat prim Change High Low Est vol Open Int 
Dec 100-18 1C1-07 +0-20 101-08 100-08 43682 108398 

Mar 99-23 100-11 *0-21 99-23 99-23 5 47 


LONG G*.T FUTURES OPTIONS (UFFE) CSOCOO 64the of 100% 


Dec 

Mr 

Jun 


Open 

10952 

10020 

108,43 


SeQprlce Change. 
109.94 +026 

109 14 • +020 

10032 +024 


rtgh 

11028 

10924 

10050 


Low 

IOOjBS 

10096 

10042 


Eat woL open Irn. 
128214 134,148 
12t» 11&0 

172 1251 


State 

Price 

Dk 

■ CALLS 

Mar 

Dec 

101 

1-10 

2-04 

0-60 

102 

0-43 

1-40 

1-29 

103 

0-23 

1-18 

2-09 


PUTS 


Mar 

2- 48 

3- 18 
3-58 


■ LONG TERM fflENCH BOND OPTIONS (MAT1F) October 2B 


— 

- CALLS — 

— 

— 

Dec 

Mar 

Jun 

Nov 

090 

151 

- 

094 

047 

1.10 - 

154 ■ 

- 

053 

077 

- 

256 

010 

052 

- 

- 

0.04 

- 

- 

- 


PUTS 


Ok 


Mar 


ao7 


SUre 
Price 
110 
111 
112 

113 . 

114 

EaL wL Mat cm 49,748 Puts 31290 . PrnKui de/a open Int, Cali 2SOK6 PKs SBABM. 

Germany . 

■ NCmOWAL GBHMAW BUMP- FUTURES DM350200 IQOthB of 100% 

Sott price Change High Low E at vd Open int 


Ehl ml tore). Cab 4568 Puts 2066. Pnwtoui day's opan riu Cafa 80421 Pus 43487 


Ecu 

■ ECU BOND FUTURES (MATTf) October 28 


Dec 


US 


Opan Sett price Change 
80.04 8014 +028 


Hl*1 

8024 


Low 

79.82 


EsL voL Open nt. 
1231 8,515 


US TREASURY BOND FUTURES (CB7) SI 00.000 32nds ol 100% 


Dk 


Opan 

8917 

8824 


8864 


+021 

4021 


8820 

88.40 


8895 

8820 


88106 

1342 


174294 


Dec 


Jun 


Opan 

98-11 

97-20 


Latest 

97-29 

97-08 

97-03 


Change 

-0-14 

-0-15 


High 

98-11 

97-20 


Low 

97-35 

97-04 


Est vol. Open inL 
223,905 398.612 

2.457 38.475 

88 11260 


■ BWJ FUTURES OPTIONS (LffFE) DM250,000 poWa of 100%' 


CALLS 


PUTS 


Price 

Doc 

Jan 

Fob 

Mar 

Dec 

Jan 

Feb 

Mar 

8000 

094 

.05* 

1.11 

154 

050 

150 

157 

1.70 

8950 : 

057 

084 

059 

142 

083 

150 

158 

158 

9000 

- 045 

047 

071 

082 

1.11 

143 

2.17 

P.Wt 


Eat voL Ml CUb 5212 Pina 8311. Rental dtqr* open tat, cm 884903 Rita 822501 


UK GILTS PRICES 


Japan 

■ NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 

tUFFQ YlOOm 100am ol 100% 

Open Ctaae Change Hfcjh Low Esl vol Open InL 
DK 10a00 108.17 107.97 1980 0 

Mar 10724 107.35 10723 188 0 

* LITE comae* traded on APT. Al Open knees fltjs- are bf prawoue day 


Mbs ttt Hod Piter g +■ nr- 


1994 _ 

HP Low 


— Yield _ _ 1994 — 

nr fled MoeC-for- Hgl In 


_ Yield — 

{» CJ Pda E 


_ i«e 

► or- Hgn Lew 


tbcevtaRwYtonS 

TmnSpc 1994CT 898 

13B188S VLW 

Bail 3pe Os 19WF46 — 8M 
Wftrt*t»95_ HUB 

Tmimicvim 

14|*199B— * ’1* 

1HtfCl09S» 1175 

EaAl»tfw19«^^ -ilM 


t10pc1898— 953 
TnaBCW7pc18B7t{__ 7.18 
naat73bpcWS7tt— TZ02 
Left 1101 

nmtOftcmm—r MB 

BahU eeW9 1203 

MrtCHWL 9« 

TlWTJrtClBBW— 7S1 
Tm»«a>e1BB5-a8tt_ 7.11 
MpcMBW-— 1M5 
’bmlShfX'Sm— IMS . 

BdUfelSBB — HU* 

TmnBJyrcraMt*. — 922 

EtthTTVflClflBfc 10n 

ItwIUtfclM. M3 

HwfcetOHtt— m 



479 




fdBdbB3>2PC 1990-4—- 
1004 Qmwrin9>z|c2004— . 

\mh H«6?tf&2D0*» 7J3 

•JH 8 ^ 2005 1 ms 

‘“5 OW 9 type 2005 924 

’2? Tta» IParc 2003-6 1033 

^ 7Vpc2008tt aa 

apeama-ett; am 

mi iteaBTUmczDoa-T — mi* 

98% Trmsiscwv#— 

11^4 1038 

10Pa HeeaSoefflOGtt. 873 

100A Tree* Bpc 3306 843 

lUffl •< 

M8 " 

98% 

830 

1,5ii - — - 
122 DWfWKBWlU 
n«A nmeiMteson — l. 

itnS cowgpcLngm tt 

111B Tiau^c 2912ft 

106A Tma 5*2*6 2008-1 2ft_ 

«U THatapsawaft 

TWB8%pe2m7» — 

Brt 12pC 2913*17 


7.41 73% 

874 UMH 
884 87&d 

aB2 90B 

872 105% 
QJHlTDJJd 

882 930 
aea 943 

9M 115* 
86 0611 
805 127ft 
880 WSft 
850 9fR 


*& 88ft 
+& 136ft 
*H 105% 

+*2 100ft 
+% 125% 
*fi 1<3ft 
+% 11211 
+B HT%i 
+Ji 138ft 
*il 119ft 
+ft 1514 
4% 124ft 
♦% 115ft 


£8% 

101Q 

B4E 

97 

102 % 

118% 

»% 

BIU 

112 % 

933 

124ii 

99S 

91B 


2pc-9B 1&7-9) 

Vtpcim H35J) 

ZhSKtn (7B-31 

{•ncVl (7881 

4%pe-04tt 0388 

2pcV6 (6851 


2.79 

2-88 

143 

153 

as7 

160 

864 

3J7 

la 

3.71 

174 

3.72 
3.76 


4.17 109% 
168 107ft 

185 165ft 
1871ff1%El 
3-89 108ft 
3.85 1B7I2 
186t62'4B 
386 157ft 

186 129% 

388 137U 

389 132% 

386 110 

180 109 


7.71 

5*4 

BOB* 

*8 

S8& 

773 

087 

0SS 

KS3S 

+ft 

12f5jJ 

10% 

06S 

1ST ' 

IMA 


127% 

in% 

743 

029 

7<y, 

441 

fflft 

71% 

059 

047 

B5J1 

4ji 

1170 

9? 

036 

047 

m 

+S 

114ft 

893 

852 

045 

ineft 

■t^i 

128% 

99i 

851 

089 

130a 

+a 

199% 

1S8A 


Other Fixed Interest 


nabs 


YWd 

toe fled Pricer *cr- 


^ 19*4 - 
ffgft Ion 


'L r 

. - V - . 


'8jB8106ftB 



HC%pe1BSfl_ 8.66 

■ 034 

dm 9 k 2000(4 -M7- 

TnaDKam 1<UB 

MgcanK. m 

»c2S03tt MB 

trip; MM 93S 

tints 11%PCZ»M 1037 

• iy .itwft- ft TV*— fa M H fttm an tPB8adlof>i fi AucUan be*. «1 tWdend. Ctatog inhHiiuag we atiawt In pacta. 


Aston De* 10%pe3H9_ 

BTtaBn%K3>12 

HbadC808%pe 10 — 

9pc Cep 1996 

13bC97-2 

H)tta Qubec I5pc 201 1 - 
Uedsi3%j>eaw 


031 

1080 

079 

098 

1185 

1161 

1080 


098 110,% 
9.72 115 

- 96ft 

- 100 % 

- 100ft 
987 1<1% 

- 125 


571 

- OB 

+A 

soft 

JJ® LCCSpc *2Q ASL 

038 


32 re- 

048 

- 41 %l) 


5«J 

3«» Uandiesarn 12*2007. 

1029 

568 

111ft - 

506 

- STB 

-it 

71 

S5% UeLMr.^cY 

4.44 

801 

67ft 

081 

- Mir 

-A 

<4% 

338 tfote flagfa 3%*20Z1. 

- 

457 

I3l% 

860 

- SB 


38ft 

28,% 4%pciafiK 

- 

455 

IS — 

071 

- 288 

-& 

37% 

27}! IMUaStes 16ft* 2008 

1018 

- 

135% 


FT-ACTUARIES FIXED INTEREST INDICES 

Price Indus Tue Day's Mian Acaued 

UK Gifts Navi change % Oct 31 Interest 


xd *4. 
yw 


■ yield Mgh coupon yield — 

Vr »» Uni -t ftrt at V. — 


1 

Up to 5 years (24) 

119.03 

+0.07 

11094 

1-39 

9.83 

6 yre 

8.63 

089 019 

065 

071 

041 084 

089 

054 

2 

5-15 years (23) 

138.89 

+041 

138.32 

1.73 

11.00 

15 yra 

052 

857 758 

8.68 

072 

750 089 

094 

758 

3 

Over 15 years (8) 

158.05 

+060 

155.12 

2.42 

1057 

20 yra 

8 A7 

852 7.T4 

068 

072 

724 079 

852 

7.40 

4 

Irredeemables (8j 

17456 

+008 

174.83 

006 

13.47 

lirod-t 

855 

056 7J23 






5 

Al stocks (61) 

13520 

+033 

135.76 

1.72 

1068 



-- ““ kUMUOn 07W 1 




— Inflation 10% 




Index-linked 







Nov 1 Oct 31 Yr. ago 

Nov 1 Oct 31 Yr. ago 


G 

Up lo 5 years R1 

165.82 

+007 

185.69 

041 

007 

Up to 5 yra 


4.01 4.03 

253 


255 257 

152 


7 

Ovar 5 years (11) 

173.10 

+027 

172.63 

0.85 

4 36 

Over 5 yra 


087 089 

3.13 


3.68 070 

095 


e 

Al stocks (13| 

17354 

*02 S 

173.10 

081 

4.41 



5 yea- yield 

— 

15 yaar < 

rtetd 

25 year yh 

rid 


Debentures and Loans 


9 Debs 1 Loans (77) 125.83 -0-20 127.09 Z 41 029 0.76 9.73 7 Ml 9.71 9.63 8.13 

Averago gresa reoempoon v**te *■» *nov>n afwva. Coupon Bonds; Low. 0M-7|tH; Msdkjnc 8%-ilJ!t%; Hgh: 11% and ever, t Flat yield, ytd Year to dam. 


8-55 


9-S3 


8-26 


GILT EDGED ACTTVTTY INDICES 

Oct 31 Oct 23 Oct 27 


Oct 26 Oct 25 


FT FIXED INTEREST INDICES 

Nov 1 Oct 31 Oct 25 Oct 27 Oct 25 Vr ago High- Low* 

GovL Sacs. (UK) 91.08 91.04 9121 9058 90.08 102.88 107.04 8954 GDI Edged bargains 80.2 72.7 81.1 909 87.8 

Read Interest 107 64 107.74 107.31 106.84 107.08 124.13 133-87 106.60 5-day average 82.6 79.8 83.4 84-4 84.1 

- to 1«M. fiewarenent 5*orttas hgh atom compdanore 1Z7 40 (BflflSL too 4aH (371775*. Ftawd Wend Ngh stow u anpdi Uun. 13157 (21/WS4) . kw 5053 (J7177U . Bools 100: QDVsmmant SetwMso 157107 
26 end Fbiod tnreiwl 1928. SE actmttv tofces relnsad 1874. 


rCTlSMAINIERNATIONAU BOND * SERVICE 


Lstad are the latast NemaMonal bonds ter aNch trioe e an «fc mna» secondaiy nariaat L a >» »t prices at Tirffl pm on Noverebw 1 

Issued BJd CMhr Chg. VMd bud Bid Otter dig. YMd 


OS. DOLLAR STRAIGHTS 
Abbey Nad Treaaiy 6% 03 — 

AbmPaMvx 7% 98 

Austria 8% 00 

Ba* Med Gemeerten 7 ftt _ 

Ba* Ol Tofcyj 8% 96 

Beigun ^2 03 

BFCE 7ft 97 

BnttttGas02l 

Caeca 9 96 

Chang Kong fin 5% 99 

0«|6%W 

OoundEuepee * 

Os* Fencer 0% 99 

DasnaftSft 98 


_ irjOO 

- ion 
.. 400 

- 1003 
100 

.. 1000 
_ 150 
>. 1500 
_ 1000 

- 500 
_ 1000 
_ 100 
-WI 


Jfcjxlffi 

atjpc 1 !! p4« 

2%pc'13 1892) 

;?^CT8 181.01 

2%pc ■20 1830) 

SiapeW — 197.7) 

4%SC 1 30tt 035. 1) 

ProspecINa teal redemption rats on oroiected Marion 01 (1) 10% 
and (2) 5%- (b) Fillies m perwmeses show FVi base for 
IndBitteg (hr 8 months prior to issue) and have oeen adjusted to 
reflect rabaams d API to 100 *1 Fcbtuary 1987. Conversion 
fetta 1945. RPI for February 1994: 142.1 and lor September 
1884: 14&0. 


+% 203% 197i! 

+1* 113ft 108,’. 
+ft 176% 163'2 
rft 173% 159ft 
■*■% na% ur% 

-% 1841! 165ft 
+A 168,'. 149*8 
*% 175% 154% 
4% 146% 126% 
y,'. 157ft 1M% 
*& ISSil 128% 
*h 123/v 

-ft 128,'i 105% 


East Japan Ralray 6% os 

ECSCSft 36 

EEC 8ft * 

BB 7ft 96 

H3 9*4 97 

Bk de, Frares 9 SB 

&fDhna 9ft 98 

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_ 1000 
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- 201 
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- 1900 
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- 700 
. 1000 
_ 200 

- 1500 
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44ft 33ft 
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Denrerk 6% 98 2000 

Oepta Hrence 6ft 03 1500 

DoJCte Bk fin rft CO 2000 

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101ft 

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98ft 

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103% 

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too 

100ft 

77ft 

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94ft 
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94 ft 
101ft 
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101ft 
98 ft 
101ft 
88ft 
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37ft 

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890 

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830 

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708 

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A 


FINANCIAL TIMES WEDNESDAY NOVEMBER 2 1994 


COMPANY NEWS: UK 


VSEL joins consortium 
bidding for Devonport 


Bernard Gray, 

Defence Correspondent 


VSEL, the Barrow-based 
submarine make r being fought 
over by GEC and BAe, has 
joined the DML consortium 
bidding for Devonport dock- 
yard, which is due to be priva- 
tised next year. 

The enlarged consortium’s 
initial bid for Devonport was 
submitted to the Ministry of 
Defence at noon on Monday, 
just before bidding closed. 
DML currently operates Devon- 
port on a management con- 
tract 

DML confirmed that VSEL 
had joined the group. DML has 
three shareholders - Weir, the 
pump-maker, BICC, the cable 
maker and Brown and Root, 
the US engineering company. 

It is understood that the four 
members of the new consor- 
tium will each have a 26 per 
cent stake in Devonport if the 
bid is successful. Both GEC 
and BAe are thought likely to 
maintain VSEL’s place in the 
consortium. 

The tie-up between Devon- 


port and VSEL comes because 
Devonport will refit all the 
Royal Navy’s nuclear subma- 
rines from 1997. A full refit 
involves replacing most of the 
internal parts and has much in 
common with their initial con- 
struction. 

A link between the two 
yards allows them to shift key 
personnel and manufacturing 
between refits and new subma- 
rine construction, depending 
on the workload. 

Devonport has an annual 
turnover of about £260m with 
operating profits of about 
£12m. However, bids for the 
yard will take into account 
environmental liabilities at the 
site and the potential costs of 
further reductions in the work- 
force. 

These liabilities are thought 
to be larger than the value 
of the company’s potential 
earnings. As a result, negotia- 
tions will have to continue 
with the MoD to determine 
what liabilities come with the 
dockyard. 

The amount of money raised 
for the government in the sale 


is likely to be very small The 
DML bid is thought to be the 
only firm offer to have been 
made. 

• GEC yesterday posted its 
offer document to VSEL's 
shareholders, recommending 
its £14 a share cash offer with 
a loan note alternative. GEC 
has also submitted evidence to 
the Office of Fair Trading argu- 
ing that its bid does not pres- 
ent competition difficulties. 

The OFT would normally 
rule on such a submission 
within 21 days. If the OFT 
clears GECs bid. City observ- 
ers think the electronics giant 
could have control of VSEL 
before the end of November. 

GEC's document says that 
the offer is at a 218 per cent 
premium to BAe's cash offer 
and a 14.4 per cent premium to 
its share offer. 

VSEL's board has voted to 
hold an extraordinary meeting 
to change its articles of associ- 
ation to allow the GEC bid on 
the November 24. A similar 
meeting to authorise the BAe 
bid will be held on November 
9. 


Allied 
Domecq to 
lift Spain 
Alecq stake 


Thames Water buoys up sector 

Shareholders can expect generous pay-outs, writes Peggy Hollinger 


jeport 


By Richard Wolffs 


BT international venture 
set for US telephone growth 


By Andrew Adonis 


Concert, the fibn joint venture 
between British Telecommuni- 
cations and MCI, the second 
largest US long distance car- 
rier, is set to gain permission 
from US regulators to engage 
in a new form of transatlantic 
telecoms competition. 

The US Federal Communica- 
tions Commission approval 
would allow Concert to offer 
multinational customers a 
leased line telecoms service 
called “international simple 
resale*. 

This would open the way for 
Concert to provide multina- 
tional companies with cut- 
price transatlantic corporate 


telephone networks, which is a 
principal aim of the joint ven- 
ture in its bid to develop inter- 
national telecoms business for 
BT and MCL 

Until now the main focus of 
Concert has been international 
data services. It is starting to 
move into the higher-volume 
voice telephony market 

Concert is the cornerstone of 
the $5.3bn (£3.35bn) alliance 
between BT and MCI forged in 
mid-1983. It is in strong compe- 
tition with two other interna- 
tional alliances - Woridsource, 
led by AT&T, the largest US 
operator and Atlas, a venture 
between Sprint, the third-larg- 
est US long-distance operator, 
and the state-owned telecoms 


companies of France and Ger- 
many. 

Concert has gained more 
than 30 corporate customers 
for advanced international ser- 
vices since its launch. Analysts 
regard the joint venture as 
ahead of its rivals in terms of 
service availability. 

AT&T is set to gain a licence 
in the UK to offer similar ser- 
vices to those planned by Con- 
cert. Its Woridsource partner- 
ship includes leading national 
carriers in Europe and the 
Asia-Pacific region. 

The agreements by Deutsche 
Telekom and France Telecom 
to take stakes in Sprint have 
yet to secure regulatory 
approval in the US and EU. 


Allied Domecq, the drinks 
group, said it would lift its 
stake in Spain Alecq, owner of 
the Domecq group, from 73 to 
almost 100 per cent. 

The share deal is the result 
of a put option granted to the 
Domecq family when Allied 
paid £739m for control of 
Pedro Domecq, the Spanish 
drinks producer, hi March. 

Mr Ramon Mora-Figueroa, 
part of the Domecq family, 
said the £280.4m option would 
be exercised by December 30. 
Mr Mora-Figneroa sits on 
Allied Domecq's board with 
executive responsibility for 
Domecq. 

Allied said the option bad 
been exercised considerably 
earlier than expected. The 
option enabled the family to 
sell Its 27 per cent stake in 
Spain Alecq within six years 
of the acquisition. 

Mr Tony Pratt, director of 
Allied Domecq corporate 
affairs, said: “At the time, 
both parties thought it might 
be rather longer than this to 
exercise the put option. They 
have now chosen to do so and 
this is entirely dne to their 
own circumstances." 

The group said the price of 
tiie option was likely to be red- 
uced because it included an 
element in US dollars. The 
final figure will not be 
announced until the option is 
exercised. 

At the time of the Domecq 
acquisition. Allied claimed the 
deal made it the world’s sec- 
ond largest spirits producer. 
The group has since embarked 
on a series of disposals to con- 
centrate on spirits and wines. 

Last week the group said it 
was negotiating the sale of its 
Dutch brewing subsidiary to 
Interbrew of Belgium. 

Last month it announced the 
£74.3m sale of 641 pubs to 
Scottish Amicable, the insurer, 
and the pension fund of 
Strathclyde Regional Council, 
Scotland’s biggest local 
authority. 


T his was always going to 
be a bumper year for 
water companies, as 
they reap tbe benefits of cost- 
cutting and enjoy the final 
stage of generous price limits 
set in 1989. 

Yet, as Thames Water 
opened the sector's interim 
reporting season yesterday, it 
appeared this could be a bum- 
per year for shareholders as 
well. 

Thames Water's greater than 
expected li per cent increase 
in its interim dividend, and 
coyly optimistic views for the 
full year, have heightened even 
the most bullish pay-out expec- 
tations for the sector as a 
whole. 

Previously, analysts had 
been looking for average divi- 
dend Increases of about 8 per 
cent at the half-way stage and 
earnings growth of about 10 
per cent. 

Last night, the market 
appeared to have adopted 
Thames Water's argument that 
U per cent earnings growth 
justified an equivalent Increase 
in the pay-out. Forecasts for 
interim dividend growth were 
revised upwards to about 10 
per cent. 

“Thames has acted as a pace 
setter," said one analyst. “Pro- 
vided there isn’t too much 
adverse reaction, some compa- 
nies may feel comfortable rais- 
ing the dividend more than 
they might have envisaged pre- 
viously." 

The rush to share the expec- 
ted windfall helped to push up 
the sector's shares by about 2 
per cent in a falling market 
Some companies benefited sig- 
nificantly more than others 
from the improved sentiment. 

Welsh Water was the clear 
winner, rising 29p to 667p. This 


Water sector 


Relative to the AB-Share JFT-S&A hdce# 
110 = ± — 


105 J\- 



95 


90 


*- 

Nov 1993 

BoucecOatastraam 


company, which has the stron- 
gest balance sheet ami highest 
dividend cover, is widely 
expected to beat the dividend 
benchmark set by Thames 

Ironically. Thames appeared 
to have been the loser, only 
one of two companies whose 
shares actually fell on the day. 
While some of this could have 
been due to continuing disap- 
pointment on the performance 
of non-core businesses, there 
was also the very clear indica- 
tion that 1994-95 was some- 
thing of an exceptional year. 

“There is good reason to be 
wary of taking this as a sign of 
things to come ” said Mr BUI 
Dale, analyst with SG War- 
burg. “with significant con- 
straints re-emerging from next 
April" when the new pricing 
regime effort 

Other aspects of Thames’ 
results are expected to echo 
through the interim reporting 
season, which continues with 
Anglian next week and ends 
with Wessex Water on Decem- 
ber 20. 

Water companies are expec- 
ted to emphasise tight control 
of operating costs and lower 


capital expenditure. "The 
water sector now has the 
incentive and opportunity to 
outperform the deals set by 
Ofwat," said one analyst “We 
should see the first indications 
that they will be able to do 
that" 

The knock-on effect of cut- 
ting costs is almost certainly 
going to further excep- 
tional charges for some com- 
panies. Welsh Water has 
already indicated charges of 
some £17m, with Yorkshire 
Water also likely to a nn ounce 
exceptionals. 

South West Water, mean- 
while, is forecast to provide 
about £ 2 m for the costs of its 
appeal to the Monopolies and 
Mergers Commission over the 
price limits set by Ofwat. A 
further £2m charge is likely for 
job losses. 

Diversification - or, rather, 
tbe failure of water companies 
to diversify successfully - will 
also be an issue. Tbe water 
companies will be keen to 
emphasise the importance and 
performance of the utilities 
operations, to draw attention 
away from the lack of excite- 


ment in non-regulated busi- 
nesses. 

Finally, water companies, 
may well have to address the 
accounting treatment of Infra- 
structure renewals in the first 
set of results after the summer 
price review. 

Since flotation, the water 
f-fffflpgrries have teen building 
up substantial provisions in 
their balance sheets to cover 
the costs of maintaining the 
pipe network. Yet It has 
become apparent that the Ini- . 
tial annual index-linked 
charges may have been overiy 
generous. 

By calculating lower annual 
charges, the regulator saw the 
water companies could achieve 
higher profits. “Now the ques- 
tions are, what is the right 
level of annual charge arid how 
should the cumulative position 
be treated?*’ said Mr Robert- 
Miller Bake well, of NatWest 
Securities. 

Given the amount of provi- 
sions accumulated by many 
water companies - such as the 
£139 .3m at Yorkshire Water - 
fhfo is no insignificant famy* . 
Mr MOler-BakeweU expects 
companies such as Yorkshire 
to credit the provision straight 
to shareholders’ funds. 

This brings us bade to tbe 
view that shareholders are 
likely to get a good deal out of 
this set of results. In the longer 
term, however, investors 
should not ignore issues which 
are Ukety to overshadow the 
sector. Aside from the political 
risks presented by a possible 
change of government, there is 
the fundamental question of 
just how geared the water sec- 
tor is to economic growth. 
“This sector, more than any 
other, has no real exposure to 
that,” said Mr Dale. 


Marks to cut holding Jarvis announces plan 
in French Connection to ‘restore fortunes’ 


By Peter Pearse 


First Leisure venture with BAe 


By Michael Skaptnker, Leisure 
Industries Correspondent 


First Leisure has formed a 
joint venture with British 
Aerospace to run two marinas. 
It said the move was the begin- 
ning of an expansion of its 
marina business. 

First Leisure and Arlington, 
British Aerospace '5 property 
subsidiary, will each have a 50 
per cent interest in Associated 
Marinas. The company will ran 
the First Leisure marina in 
Chichester and the British 
Aerospace marina at Port 
Solent, Portsmouth. 

First Leisure will receive 
£5 5m in cash from Associated 
Marinas, which will finance 


the payment by borrowing. It 
is understood BAe will receive 
what is described as “only a 
small amount ". 

First Leisure said its disco- 
theques division had had a 
strong year, with sales up 12 
per cent and spend per head 
rising 2 per cent 

Resorts enjoyed a 9 per cent 
sales increase. 

Bowling sales in September 
and October were at the same 
level as last year but an a like- 
for-like basis were down 13 per 
cent over the year. 

New bowling centres and the 
recently acquired health and 
fitness centre in Bracknell, 
however, helped lift sales in 
the bowling and health sector 


by 13 per cent 
Bingo sales rose by 3 per 
cent, with spend per head ris- 
ing 6 per cent 
The group said it would 
revalue a third of Us property 
portfolio each year, instead of 
dealing with the entire portfo- 
lio once every three years. Pre- 
opening expenses will now be 
depreciated over 12 months 
from the start of trading rather 
than over five years. 

This will reduce pre-tax prof- 
its for 1992-93 and 1991-92 by 
about film in each year. The 
impact on this year’s profits 
would be smaller, the company 
said. 

Analysts expect pre-tax prof- 
its of about £36m this year. 


Rexmore 
expands 22% 
to £838,000 


Rexmore, the upholstery 
supplier, reported a 22 per 
cent increase in interim pre- 
tax profits from £688,000 to 
£838,000. 

Turnover, for the period to 
October I, was little changed 
at £15.3m compared with 
£15.5m. 

Operating profits showed a 6 
per cent improvement to 
£962,000 because of tight cost 
management, the directors 
said, while interest payments 
were almost halved, from 
£219.000 to £124,000. 

Earnings per share were 
4.07p (4.44p) while the interim 
dividend is 1 Jp (lp). 


Mr Stephen Marks, founder 
and chief executive of French 
Connection, is cutting his 
stake in the fashion company 
from 75 to 65 per cent 

He is selling 329,000 shares 
and tbe company is making a 
placing to raise £4 53m net. 

NatWest Wood Mackenzie, 
the company’s broker, is plac- 
ing 2.02m shares with institu- 
tions at 233p, the same price at 
which Mr Marks is selling. The 
shares rose lp yesterday to 
244p. 

Mr Nicholas Mather, finance 
director, said that for the 
group to move up from the 
USM to the main market - 
expected within 18 months - 25 
per cent of the shares had to be 
held outside the company. 

There was a need to “nor- 
malise the capital structure 
and strengthen the balance 
sheet", he added. Further, the | 
institutional shareholder base , 
needed rebuilding. 

Mr Mather said that at some 
point French Connection was 


going to have to repay Mr 
Marks £3 55m, which he loaned 
to the company in two 
tranches. In 1989 he lent 
£155m as a condition for the 
company’s bankers supporting 
a rescue plan. In 1992 he 
advanced a further ehn as part 
of new hanking facilities. 

Now that French Connection 
had recovered - in the 9ix 
months to July 31 pre-tax prof- 
its rose 53 per cent to £3 57m 
on turnover up 14 per cent at 
£34.7m - the board decided It 
should not delay making the 
repayment, especially as inter- 
est on the second tranche 
became payable in April 1994. 


By James Wh i tting to n 


Jarvis, the lossmaking 
building, civil engineering and 
property group, yesterday 
announced a new senior man- 
agement team, an acquisition, 
and a strategic plan which it 
hopes will help restore its for- 
tunes. 

Tbe group has been plagued 
with problems, especially in 
the construction sector, and 
has reported substantial losses 
In the past two years. 

The results for the six 
months to June 30, reported 
yesterday, showed pre-tax 
losses increasing from 


1 DIVIDENDS ANNOUNCE 

ED 

Current D 
payment pt 

Carres - Total Total 

ate of ponding for last 

lyment cSvidend year year 

BP M F 

PovwfsciBCfi ■■■ ■■■■ ..ii it 2.2 

Roxmor® . ■Jr it 1 -3 Ji 

Safetand int 0.86 1 

Thames Water — -Jnt 8.2 F 

WesttMay Int 1.9 J 

nab 6 2.1 - &4 

an 30 2 - 7J3 

an 20 1 - 2J5 

Aar 7 0.6 - 1.39 

eb 3 7.4 - 22.5 

Ian 5 1.75 - 5.25 


Dlwidenda shown pence per share net except where otherwise stated. -fOn 
increased capital. §USM stock, flhird quarter making 7.5p to data 


£630,000 to £2.98m on turn- 
over film lower at £35m. 
Losses per share were 8J2p 
<2*P). 

Mr Harold Bard, the chair- 
man, said the newly-appointed 
management team would shift 
the group’s focus from large 
road contracts to specialist 
packages in tbe water, sewage 
and waste sectors, and univer- 
sity and health projects. 

The change in management 
is tied to the acquisition of the 
outstanding 91.1 per cent of 
Jarvis Projects, set-up in June * 
as a joint venture between Jar- - 
vis and Mr Paris Moayedi, who 
will become chief executive of 
the combined company. 

Alongside this, 2.5m new 
shares will be bought by the 
new executives - Mr David 
Freeborn, Mr Robert Kendall, 

Mr Henry Lafferty, Mr Andrew 
Sutton and Mr Moayedi - at 
lOp. Yesterday’s closing price 
was 10%p, up %p. 

Mr Roger Payton will 
become non-exeentive chair- 
man in place of Mr Bard, who 
remains an executive director. 


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Notice to Holders of 

ASAHI DENKA KOGYO K.K. 

(the “Company”) 

Bearer Wanants to subscribe for Shares 
of co mm on stock of the Company (the “Shares") hated with 
U&SIMMNNMWO 4 per cent Guaranteed Notes 1995 

“Adjustment of Subscription Price” 

Puisuant to Clause 4(0 of the Instrument dated 18ft April, 1991 constituting the 
Wanants Ubc “Instrument"), notice is hereby given as follows: 

I. The Boaid of Directors of (he Company, at its meetings held oo 3nl October, 
1 (ft October and (8ft October. 1994. resolved to issue the ¥13,500,1)00,000 1.6 per 
cert. Convertible Bonds doe 2001 (the “Bonds") on 27ft October, 1994. On 19ft 


market price per Shares as ofl9ft Oxobcr, 1994 of ¥87010' which is (heavens 
of the daily cluing prices per Share on the Tokyo Stock Exchange for tire 30 
cpnseamvc (reding days commencing on 12ft August. 1994 and ending on 26ft 
September, 1994 as provided in C ha i s e 3(ix) of me Instrument, armw^i g the 
calculation based oo the number of total Shares outstanding on 27th October 1994. 


— mi UUUUCT, 177?. 

2. The Subscription Price of the Warrants shall be adjusted pursmat lo 3 {v) 
of ftc Instrument as follows: 


Subscription Price before adjustment: 
Subscription Price after adjustment 
Effective date of adjustment: 


VIJO&OO per Share 
¥1,030.90 per Share 
28ft October, 1994 
(Japan tune) 


ASAHI DENKA KOGYO K.K. 


2nd November. 1994 


By: Dti-khi Kangyo Tmst Company of New Ymfc 
as Disbursement Age* 


Upto15% 

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NOTICE OF JBARLY 
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DKB ASIA UMTTED 


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and Conditions of the above 
mentioned Notes, the Issuer 
has elected to redeem all of 
the Notes at their principal 
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1994. The Redemption 
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FINANCIAL TIMES WEDNESDAV NOVEMBER 2 1 994 


*5 d»-.oV 


Se ct( 

»• Won 


COMPANY NEWS: UK 


J,-. <j 


Employees to sell part of shareholding in placing before end of year 

Clydeport to float with £60m tag 


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By James Buxton, Scottish 
Correspondent 

Clydeport Holdings, the 
privatised port operator on the 
river Clyde, is to come to the 
stock exchange via a placing 
before the end of the year. 

The flotation is expected to 
value the company at between. 
. £50m and £6Gm. 

Clydeport was formerly the 
Clyde Port Authority, operat- 
ing the ports of Glasgow, 

Greenock and Ardrossan. 

It was acquired for £26m by 
its management and employees 
- led by Mr John Mather, now 
executive chairman - in March 


1992 as part of the govern- 
ment's disposal of trust 
ports. 

Its wish to float then was 
thwarted by the abrupt drop in 
traffic caused by British Steel's 
closure of the Ravenscraig 
steelworks at MbtherwelL 

The company has since been 
reorganised and invested £10m 
- with half contributed by the 
European Union - in upgrad- 
ing farfliHew , 

Last year it purchased the 
Hunterston bulk terminal from 
British Steel for £4.8m, 
enabling it to start a large coal 
shipment b usiness. 

Clydeport made pre-tax prof- 


its of £2.4m on sales of EllAn 
in the year to December 31 
1993. This year it expects to 
make £4m on turnover of £16m_ 
The company is 67 per cent 
owned by its management and 
employees and their families. 
Montagu Private Equity holds 
28 per cent and 3i 5 per cent 
Management and employees 
may seU up to a third of their 
holdings in the placing. 

Montagu Private Equity will 
retain only 6 per cent after flo- 
tation but 3i intends to retain 
its entire stake. 

The company is assessing 
institutional demand for its 
shares. 


Clydeport is also to raise £Sm 
through an issue of new shares 
to redeem &5m of preference 
shares and provide cash. 

The company has property 
holdings, including a site at 
Yorkhfll in Glasgow which has 
outline planning consent 

But, Mr Mather stressed, 
“ninety pel' cent of our busi- 
ness is ports’. 

The flotation is sponsored by 
Allied Provincial. 

Dr Ian Preston, chief execu- 
tive of ScottishPOwer. and Mr 
James Millar, former chairman 
of William Low, are joining 
the board as non-executive 
directors. 


Beverley losses deepen to £1.73m 


By Jo®t Gray 

Beverley, the engineering 
group which has hart its shares 
suspended since July while it 
attempts to negotiate a refinan- 
cing, announced increased pre- 
tax losses for the six months to 
June 30 up from £929,000 to 
£L73xn. 

Beverley's 1993 accounts 
were qualified as the auditors 
were unable to confirm that 
the group had sufficient work- 
ing capital. The unaudited 
interim accounts carry a dis- 
claimer stating that the audi- 


tors were unable to form an 
opinion as to whether the 
accounts gave a true and fair 
view. 

The pre-tax loss included 
three exceptional. 

The first was a £500,000 
charge for estimated costs 
incurred in connection with 
the failed acquisition of the 
Pegasus Boiler Company. 

The second exceptional was 
a loss on the disposal of Bever- 
ley Avonside of £25,000. This 
includes a goodwill write-off of 
£ 110 , 000 . 

There was also a £70,000 pro- 


vision for reorganisation costs. 

Turnover was down from 
£6.46m to £2.84m. Continuing 
operations contributed £2.gm 
(£4. 35m), but the company 
warned that the continuing fig- 
ure included turnover of 
£502,000 and £362,000 attribut- 
able to two companies which 
were disposed of in October, 
Engineering Surveys Repro- 
duction and Beverley Manage- 
ment Services. 

This will give rise to a loss 
on disposal of £687,000. includ- 
ing an adjustment of £753,000 
for writing off goodwill, for 


which no provision has been 
made at the Interim stage. 

Mr Colin Robinson, chair- 
man, said the company was 
currently “in negotiation with 
a number of interested parties” 
concerning refinancing. 

“The future of the group is 
totally dependent upon the sat- 
isfactory outcome of such 
negotiations and the suspen- 
sion of dealings in Beverley's 
shares will continue pending 
the clarification of its financial 
position." 

Losses per share deepened to 
4.96p (2.67p). 


Receivers 
called in 
at Peter 
Storm 

By Nigel dark 

Peter Storm Group, the 
Nottingham-based leisure 
wear manufacturer, has called 
In the receivers after three 
years of losses. 

Mr Philip Baldwin, a partner 
at Price Waterhouse in 
Birmingham, said he was 
reasonably optimistic about 
being able to find a buyer for 
ibe group, famous for its 
brightly coloured all-weather 
clothing. Its brands include 
Peter Storm, Noel Bibby, Clare 
Morris (UK) and Keighley 
Special Finishers. 

“We are now opening up the 
books and advertising to see if 
there is any interest,” he said. 
“By the end of November we 
should have a better idea of 
the situation." 

He said that in recent years 
the company had been hit by 
imports from east Asia. 

Despite an expanding 
market, sales had been static 
at between £2m and £3m. 

“This is not a large 
company. In fact the name is 
probably bigger than the 
company," Mr Baldwin said. 

He added that Peter Storm 
might have to become more 
sales driven to make the best 
use of the brand. 


Housing recovery helps 
Westbury advance 55% 


By Christopher Price 

The continuing recovery in the 
new housing market helped 
Westbury, the Cheltenham- 
based building group, lift pre- 
tax profits 55 per cent in the 
six months to August 31. 

The advance, from £3.7m to 
£5.76m, came on sales up 14 per 
cent at £80m (£7Qm). 

Mr Richard Fraser, chief 
executive, said that the more 
stable market conditions were 
enabling the company to 
achieve its growth targets. The 
average selling price rose from 
£60,000 to £63,000 over the year, 
although this was mostly due 
to the group selling larger 
properties. 

"Interest has picked op, but 
is still limi ted, - said Mr Fraser. 
He added that worries about 
employment and interest rates 



Richard Fraser growth targets 
met in more stable market 

were subduing prices. “There 
is minimal house price infla- 
tion at the moment,” he said. 

Cost pressures, which had 
been prominent at the begin- 
ning of the year, had eased. Mr 


Fraser estimated that material 
and labour costs were up by 
about 5 per cent year-on-year. 

Westbury's land bank with 
planning permission remained 
stable at 6,400, with the pur- 
chase of more than 1,100 plots 
at an average price of £14^00. 
Stiff competition in the land 
market had prevented further 
replenishment. However, the 
strategic land development 
stock had risen by 800 plots to 
5,300 since the year-end. 

The interest charge jumped 
from £455,000 to £827,000, while 
there was also a £700,000 leap 
in the tax charge to £L93m. 
Earaings per share rose 57 per 
cent to 5.8p (9.7p). 

The interim dividend goes up 
0.15p to 15p. Mr Fraser said he 
would be disappointed if the 
full-year figure was not 
increased as well. 


de Morgan in second half loss 


de Morgan Group, the property sector advice 
company, expects to be able to inform share- 
holders about Its refinancing before the end of 
this month. The proposals are likely to include 
the raising of new equity and significant cost 
savings. 

In July the company said it was considering 
its finances following the ending of talks about 
a large acquisition and ftmd raising, the costs of 
which were about £240,000. 

de Morgan also reportal it had fallen into the 


red for the second half of the year to April 30 
and expected losses for the six months to Octo- 
ber 31. However, following the s umm er period 
activity had increased and the directors thought 
the results would show a significant improve- 
ment in the next few months. 

For the year pre-tax profits were £11,000, 
against losses of £258,000, following profits of 
£24,000 at the halfway stage. Turnover rose 22 
per cent to £233m (£1-9lm). 

Earnings per share were 0.02p (losses 0.54p). 


Shoprite £4.8m disposal 


ices plan 


Shoprite Group, the retailer 
and property investor, has sold 
two office buildings for a total 
of £4.8m cash to Arkle Estates. 
The two properties on the Isle 
of Man had a total book value 
of £4Jfira and generated rental 
income of £323,000 in 1993. 

The funds will be used to cut 


bank borrowings. 

Shoprite Finance, the subsid- 
iary created to provide fawnw 
to its parent, reported pre-tax 
profits of £816,000 for the 
period from January 25 to July 
L After tax and preference div- 
idend payments retained profit 
was £1,000. 




• V •. : r. . **.- 

v..‘, 

FT-8E Actuaries bvflces 
too Index 

3046.8 

3096S 

317&5 

3036.6 

k-. 

Mid 250 

34985 

3643J 

3736.8 

3537.1 

iv _ 

350 Share 

1520.4 

1564.2 

1604.5 

1529.6 

Non- Financial 

1639.72 

1680.38 

1728.77 

184228 

“*• ^ 

Financial Group 

2137.44 

2181.71 

2197^8 

2129^2 


Ait-Share 

1516.66 

1553^7 

1591A7 

1517.70 




Hgtost Close Oct 


Lowest Close Oct 


FT-SG 100 

. 3141.9(13th) 

2958.3 (5th) 

FT-SE Mid 250 

3558.8 (1300 

34295 (5th) 

FT-SE 350 

1572J3 (1300 

1487.7 (5th) 

FT-A AX Share 

1556.84 (IMi) 

1477.82 (5«0 






Tic United Mexican States Floating Rate 
Privatiza tion Notes Due 2001 

The applicable me of Imeics for the period November 1, I9W, 
through and intfuifingjamurySI, 1995. to be paid on Fchnuy 1, 1995, a period 
of 92 day*, is 633%. Thi rate it 15/16% abac (he ofercd rate for Ihreemomh 
deposit* In US Deltas which appeared on (he d jgta deputed as the Brash 
Banter* Association'* Interest Settle m e nt Rate (5.6875%) as quoted on the Dow 
Jooes/TelciaK Mo ni tor as Tdmit Screen No, 3750 a at 1 1:00 A.K. (London 
Time) on October 88. 1991. 

The above rate equates man interest payment of USD 16.611 1 II per 
USD LOOQ.OOtn principa l amount of Notes. 


hi Hi V s - 1 

tr* ‘ 

ir . •* 
i". ^ 


Banco National de Mexico, NY 


October 28. 1994 


KB IFfMA N.V. 

KB Internationale Rnanderingsmaatschappij N.V. 

US$150,000,000 

Guaranteed Floating Rate Notes due 2011 


in accordance with the Description of the Notes, notice ts here- 
by given that for the Interest PerbcJ from October 31, 1994 to 
Jamary 31 . 19£S the Notes wffl carry an Interest Rate of 
5.8375% per annum. 

The Interest Amount payable on the relevant Interest Payment 
Date, January 31, 1995 against coupon N°35vwH be US$ 149.18 
per USS 10,000 principal amount 

of Note and USS 3,729.51 per /$$$&&. The Ageni Bank 
USS 250,000 principal - fffTn Kaedtotbm* 
amount of Note. / J r Luxnmboyrg 


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F.NANCIAL TIMES WEDNESDAY NOVEMBER 2 1994 


COMPANY NEWS: UK 


Integration of acquisitions and tight controls boost figures 

Powerscreen rises 12% to £14m 


By Christopher Price 

Powerscreen International, the 
manufacturer of screening and 
stone crushing equipment, 
reported a 12 per cent rise in 
pre-tax profits from £i2.6m to 
£14. lm for the six months to 
the end of September. 

Turnover advanced 41 per 
cent to £84m (£59.4m), includ- 
ing £2L98m from acquisitions. 
During the period. Power- 
screen con tin ge d its ambitions 
string of purchases, paying 
£17.1m for Benfard from BM 
Group, a manufacturer of 
dumpers and rollers used in 
the construction and plant hire 
industries. 

Hr Shay McKeown , chief 
executive, said that the 
improvements had been 
achieved by the successful 


integration of its latest pur- 
chases and an adherence to 
tight control measures. 

"The exchange rate was 
against us as well, so under the 
cuncumstances we think these 
are very good results," he 
added. 

The shares, however, fell 13p 
to 282p. 

Operating profits in the 
screening division rose 12 per 
cent to £9 Am (£8J5m) on turn- 
over up 36 per cent to £40 -8m, 
compared with £29 Am. The fig- 
ures included contributions 
from Simplicity Engineering 
and Ludlow-Saylor bought in 
February. 

Mr McKeown said the acqui- 
sitions had diluted profit mar- 
gins but had enabled the group 
to be better positioned in a 
larger number of markets. 


Firmer UR sales in the 
crushing and recycling busi- 
ness helped profits rise 6 per 
cent to £2L58m (£2.44m) on 
turnover 13 per cent ahead at 
£17.7m (£15. 7m). European 
sales, however, were disap- 
pointing. 

The Benford added £3m to 
the turnover in the materials 
handling division which rose 
to £25.5m (£13.8m). Profits 
jumped 36 per cent to £lA3m 
(£1.42m). 

Earnings per share were up 
13 per cent to 12 Ap (lQ.Sp). The 
interim dividend rose 10 per 
cent to 2^p (2p). 

Mr McKeown said the out- 
look was encouraging. “We 
have a strong order book and 
the investments we are making 
should ensure continued 
growth," 


• COMMENT 

The market has replaced wor- 
ries over Powerscreen's 
accounting policies with more 
real concerns over whether the 
group’s markets provide 
long-term profit growth. Hav- 
ing changed its accountants, 
and Increased its disclosures, 
the group is also working hard 
at widening its markets, with 
much effort being put into east 
Asian operations. Profit fore- 
casts for the full-year are little 
changed at about £28m, which 
gives earnings per share of 
28.9p and puts the shares on a 
prospective p/e of 12, a slight 
discount to the market. If Pow- 
erscreen can win the market’s 
confidence, this se ems a low 
rating for a company as con- 
sistent in producing profit 
growth. 


R J Kiln sets 

RJKiln, the Lloyd's agency, has taken the 
unusual step of setting up an “employee 
trust” to own all the shares in the com- 
pany on behalf of its workers, writes 
Raplh Atkins. 

Mr Colin Murray, chairman, said the 
company believed it was the first in the 
City to make such a move. 

The aim was “to ensure that all those 


up ‘employee 

responsible for the future success of the 
company should benefit from their 
efforts". 

Those participating in the trust will be 
allocated a share of profit commissions 
earned during the time they are employed 
by the company and possibly for a 
limited number of years after their 
retirement. 


trust 5 

Kiln, which employs about 300 people, 
manages nine syndicates in tbe Lloyd’s of 
London insurance market. 

Existing shareholders - mainly current 
or retired employees and their families - 
have been offered renumeration in the 
form or loan stock plus a coupon 1 and an 
agreed share of profits over the next three 
years. 


Diversifying out of lumpiness 

Andrew Bolger on Vosper Thomycroft, the boat builder in the south 


Vesper Th om yc rof t 

Shore prie® -relative to tbe FT-SE-A Aft-Share index 

25Q '-•* — 



93 * 84 


T he battle between Brit- 
ish Aerospace and GEC 
for control of VSEL, tbe 
Cumbria-based submarine 
maker, is causing some irrita- 
tion in the boardroom of Vos- 
per Thomycroft. 

For the Southampton-based 
boat builder believes the take- 
over struggle has overshad- 
owed the feet that Britain still 
has a warship company on the 
south coast - in addition to 
VSEL’s Barrow yard and 
GEC's facilities at Yarrow on 
the Clyde. 

And just to underline the 
point, Mr Martin Jay, chief 
executive, last week had marks 
drawn on the floor of the main 
construction shed at Ports- 
mouth, showing it could 
accommodate vessels up to 
6,000 tonnes. 

Vosper was bang referred to 
solely as a builder of glass 
reinforced plastic (GRP) mine- 
hunters, corvettes and patrol 
craft, said Mr Jay. 

These do indeed comprise 
the bulk of the 180 vessels 
which the yard has sold over 
tbe past 25 years to 30 navies 
around the world, but Vosper 
emphasises that it can also 
make steel ships up to the size 
of a frigate. 

With net cash of about 
£200m, Mr Jay said Vosper had 
the financial strength to bond 
any of the projects in the cur- 
rent naval procurement pro- 
gramme for surface ships. 
Despite having an order book 
worth £600m and 14 vessels 
currently under construction, 
Vosper still has plenty of 
capacity. 

Mr Jay said Vosper would 
also bid for vessels such as the 
new Royal Navy landing plat- 
form dock assault ship, which 
would be too big far the South- 
ampton yard. If successful, the 
group would become prime 
contractor, but have the con- 
struction done elsewhere. 

Although Vosper made no 
steel ships between 1988-92, it 
has recently Invested £10m in a 
new module hall for steelwork 
construction and fitting. A 
laser cutting machine is Unite d 


1992 
Sourtxr. FT GraphKa 

by fibre optics to the yard's 
computer-aided design system, 
which has helped push up pro- 
ductivity and improve the 
quality and finish of individual 
components. 

In spite of this investment 
and ambitious bidding plans, 
Vosper is also keen to build up 
Um non-warship aspects of the 
group. These account for about 
20 per cent of sales, compared 
with only 5 per cent .two years 
ago. The chief executive said 
he would like to increase this 
proportion to between 30 and 
40 per cent over the mart two 
or three years. 

Vesper’s main priority is to 
win more business which is 
both small in scale an d reli- 
able, to help offset the unpre- 
dictable swings of warship 
orders. Mr Jay said: “To talk of 
diversifying out of defence is to 
miss the point - we’re diversi- 
fying out of lumpiness.” 

Many of Vesper's diversifica- 
tion opportunities flow directly 
from its link to warships and 
the world’s navies. As part of 
tiie training and support ser- 
vice offered with its vessels, 
the group runs a maritime 
training centre at Portchester, 
near Portsmouth, which can 
accommodate 300 people. 

Some trainees come from 
HM Customs and the Royal 
Fleet Auxiliary, but most serve 
in the Middle Eastern navies 
which are Vosper’s main cus- 
tomers. This has led the com- 
pany to establish an adjacent 


Arabic school for their chil- 
dren. which can accommodate 
70 pupils. 

The maritime centre has 
developed computer-based 
training for naval personnel, 
which is much cheaper than 
simulators. Its expertise at 
writing software has been util- 
ised to devise a training 
scheme for British Rail mainte- 
nance engineers, which will be 
used in BR depots throughout 
the country. The centre will 
also soon take delivery of a 
new armoured vehicle from 
GKN, the engineering group, to 
train personnel from a Middle 
Eastern country. 

Voeper’s biggest opportunity 
to diversify is probably offered 
by the government's market- 
testing initiative. Mr George 
Cameron, managing director of 
Vosper’s systems, said the 
group could be bidding for con- 
tracts worth up to Elba over 
the next 18 months. These 
include the Navy's maritime 
services operation, which 
employs nearly 2,000 people 
and operates 200 support ves- 
sels - such as tugs and ligh- 
ters. 

Vosper recently won a three- 
year contract for the Ministry 
of Defence's Record Data Cen- 
tre, which records all the parts 
and plans for the Royal Navy’s 
surface ships on computer and 
fiche. It also has a five-year 
contract to operate marine ser- 
vices craft in support of the 
RAF. 


Back at the Southampton 
yard, Mr Mike Davidson, man- 
aging director of engineering 
services, said: “We are looking 
outside to see what we can do 
with our existing facilities for 
industries other than ship- 
building.” 

So far the group has identi- 
fied the nuclear and transport 
industries as potential custom- 
ers. It has built a fuel-rod han- 
dling machine and fuel store 
for BNFL at Thorp and is also 
making GRP bumpers, under 
licence, for trams in Stras- 
bourg. 

Having acquired a few busi- 
ness for about Elm each, Vos- 
per said recently it was pre- 
pared to buy one or more 
companies at about the £20m 
level to increase the pace of Us 
diversification. 

The biggest deal to date was 
the £8.6m purchase in April of 
HSDE, a maker of electronic 
control and monitoring 
systems. 

Vosper was sold by British 
Shipbuilders to a management 
team In 1985 for £18 -5m and 
ramp back to the market in 
1988, valued at £49m. Its cur- 
rent market value of £236m 
reflects the uprating which the 
shares have enjoyed in the last 
three years, due mainly to the 
group's strong export position. 

About 95 per cent of Vesper's 
warship orders are exported 
and the group’s focus on mine- 
hunters and patrol craft - sell- 
ing to the Middle East and east 
Asia - has insulated it to a 
large extent from the down- 
turn in defence spending by 
former cold warriors. 

Such a strong export order 
book might well be attractive 
to BAe - or even GEC - as the 
UK defence sector enters what 
could prove its final phase of 
consolidation. However, Vos- 
per shares trade on a comfort- 
able premium to the market 
and the company would prove 
an expensive proposition to i 
predators. 

Mr Jay said: “We’ve done 
well in recent years as an inde- 
pendent company and it's our 
strategy to remain so." 


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enhance your individual and organisational 
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+44 (O) 1234 751122 or fax + 44 (0) 1234 750835. 


Huntingdon 
fails to sell 
Travers and 
US business 

By James Whittington 

Shares of Huntingdon Inter- 
national Holdings fell 21p to 
44p yesterday after tbe life sci- 
ences group announced it had 
failed to sell Travers Morgan, 
its UK-based consultancy, and 
its engineering and environ- 
mental services business in 
the US. 

Huntingdon said the annual 
results, to be published in 
December, were expected to 
suffer from the costs of the 
abortive sales and provisions 
to torn the businesses round. 
One analyst said that was 
likely to send the group Into 
the red. 

In May the group announced 
that ft planned to focus on its 
life sciences business, having 
concluded that the other divi- 
sions did not have the earn- 
ings prospects originally 
envisaged. It called in KJein- 
wort Benson, the investment 
bank, to belp with tbe sale of 
the businesses. But no pur- 
chase could be concluded, forc- 
ing the management to con- 
sider other options. 

Mr Christopher ClUTe, dep- 
uty executive chairman, 
described the news as “very 
disappointing”. He said Hun- 
tingdon was making a huge 
effort to return both groups to 
profitability. This would 
Include the closure and sale of 
offices and job losses. 

Travers Morgan is an inter- 
national consulting firm spe- 
cialising in engineering, man- 
agement, transport and 
environment with a workforce 
of 850. Its profits fell from 
£1.23m to £343,000 in the six 
months to June. The US busi- 
nesses employ 1,750 people 
and recorded an operating loss 
of £388.000 in the first half. 

In the nine months to June 
30, group pre-tax profits fell 
from £4. 34m to £1.2fim, while 
revenue, net of subcontracts, 
fell from £ll5.6m to £109.2m. 


Former chief 
executive sues 
NFC for £1.3m 

By Charles Batchelor, 
Transport Correspondent 

Mr Peter Sherlock, former 
chief executive of NFC, the 
transport and logistics group, 
Is sning the company for 
£1.3m compensation for loss of 
office. 

Mr Sherlock left the group 
in August after only 18 
months in the job, apparently 
because of a clash of manage- 
ment style with the “old 
guard" of management. 

He was on a three-year 
rolling contract which 
included a salary payment of 
£254,000 in 1993 and a pension 
contribution of £82,000. 

The claim for £1.3m is 
understood to be higher than 
he conkl have expected under 
his contract 

NFC confirmed that it had 
received a writ from Mr Sher- 
lock. This followed unsuccess- 
ful negotiations over the level 
of compensation and an offer 
which was rejected. 

Mr Sherlock was the first 
outsider to be brought into 
NFC at top management level. 
He instigated a strategic 
review, merging two or its 
largest subsidiaries and 
announcing plans to focus on 
more profitable lines of busi- 
ness. Bat investors were 
disappointed at the pace of 
change. 


Crisis deeper in red after 
heavy research spending 


By Tim Burt 

Celsis International, the 
biotechnology company which 
raised £ 12.4m from its flotation 
last year, reported sharply 
increased first half losses fol- 
lowing a threefold rise in 
research spending. 

The specialist manufacturer 
of contamination detection 
equipment endured pre-tax 
losses of £2 .23m (£581.000), as 
research and development 
costs rose from £307.000 to 
£963,000 in the six months to 
September 30. 

Heavy spending on new 
products - used mainly for 
testing food, cosmetics and 
drugs - helped drain the 
group’s cash balances, which 


fell from £ 12.3m to £8.63m. 

While reluctant to give an 
annualised figure for rate at 
which it uses reserves, Mr 
Mark Clement, finance direc- 
tor, said the group used up 
£650,000 last month. 

Mr Clement however, sought 
to distance itself from other 
biotechnology companies faced 
with the challe nge of clinical 
trials by pointing out that 
its products were either 
already available or close to 
launch. 

Sales of existing products 
helped lift turnover from 
£79,000 to £302.000 while gross 
profits reached £183,000 
(£63,000). 

Although losses per share 
rose from 1.05p to 3.7p, the 


company is expected to move 
into profit by 1997. 

Predicting a sharp growth in 
demand for the group’s prod- 
ucts, Mr Arthur Holden, chief 
executive, said it could capture 
a sizeable slice of a market 
likely to be worth $7.99bn 
(£5.05bn) by the end of the 
decade. 

"Most of our competitors are 
qpiaii, under-capitalised, one- 
technology companies. We cm 
exploit an under-developed 

market" 

It has signed collaborative 
deals with companies soch as 
Wellcome, Merck and Colgate 
Palmolive for equipment 
designed to reduce manufac- 
turing costs by speeding up. the 
testing process. 


Scotia has high expectations 
of OTC calcium supplement 


By Tim Burt 

Scotia Holdings yesterday 
became the latest biotechnol- 
ogy company to hail the poten- 
tial of a new treatment devel- 
oped using funds from its 
recent flotation. 

The company, which raised 
£37 m when it came to the mar- 
ket last October, said Efecal - 
its over-the-counter calcium 
supplement - would prove an 
effective remedy for osteopo- 
rosis in a global market worth 
an estimated £50m a year. 

It also has high hopes for 
EF40. its single-compound pre- 
scription treatment for the ill- 
ness, which could exploit a 
market put at £300m if clinical 
trials prove successful 

Mr David Horrobin, chief 
executive, warned the drug 
could cost another £5m before 
it reached launch stage - at 
least five years from. now. 

Scotia's announcement fol- 
lowed cl aims on Monday from 
British Biotechnology, one of 
the sector's leading companies, 
that its new cancer treatment 
had shown promise In first 
clinical trials. 

Cell tech, another rival, said 
last week it had made a break- 
through in Phase Two trials 
for its latest anti-arthritis 
drug. 

Such statements have helped 
lift the share price of all three 


Biotechnology: formula f o r success ! 



companies, with Scotia closing 
up 3p at 263p. 

The Industry, however, has 
been unsettled in recent weeks 
by US biotechnology compa- 


nies reporting the failure of 
drugs in the latest stages of 
clinical development, which is 
supposed to Involve the least 
risk. 


BP up 23% to £415m 
on higher volumes 


By Robert Corzfrie 

British Petroleum reported a 23 
per cent Increase in third quar- 
ter replacement cost profits to 
£415m. with continued cost-cut- 
ting being boosted by rising 
sales volumes, taking the fig- 
ure for the nine months to Sep- 
tember 30 to £1.06bn. 

Mr David Simon, chief execu- 
tive, said it was the best quar- 
terly performance since the 
first quarter of 1991, when 
crude oil prices were consider- 
ably higher than the current 
range of $16-$L7 a barrel for the 
benchmark Brent Blend. 

The shares, however, closed 
9p down at 426p. 

Third quarter earnings per 
share rose to 7.6p, compared 
with 6.lp in the second quarter 
and 6J2p a year ago. But the 
quarterly dividend of 2.5p 
re mains unchanged. 

Mr Simon raid the results, 
which were above most ana- 
lysts' expectations, were 
“pretty encouraging”. The divi- 


dend policy would be “recon- 
sidered at the end of the fourth 
quarter on the basis of the full- 
year performance". 

Healthy net cash inflows 
from operating activities of 
£1.17bn for the quarter and dis- 
posal proceeds of $581m 
(£368m) enabled the company 
to cut its debt by 3675m to 
$l0.4bn at the end of the quar- 
ter, according to Mr Steve 
Ahearae, finance director. Debt 
has been cut by about $6bn 
since its peak in 1992. 

Gearing fell to 60 per cent, 
against 70 per cent at the half- 
way stage. The company is not 
aiming at a gearing target, 
according to Mr Simon, but it 
still wants to see debt below 
the SlObn level set in 1992. 

Tbe sale or BP Nutrition ear- 
lier this year marked the end 
of the company’s big disposal 
programme of non-energy 
assets. The sale of some minor 
assets should result in pro- 
ceeds for the full year of about 
Sl-25bn, Mr Ahearne said. 


Safeland 
trebled to * 
£1.09m 

Pre-tax profits at Safeland, the 
property trading and invest- 
ment company, more than tre- 
bled in the six months to Sep- 
tember 30, from a restated 
£327,000 to £1.09m. 

Turnover showed a similar 
increase, from £4.78m to 
£l4.6m. Mr Ray Lipman, chair- 
man, said the results reflected 
the confidence that had 
returned to the market in 
early 1994, particularly in the 
residential sector. 

Trading opportunities were 
running “at healthier levels 
than we have seen for a num- 
ber of years", he added. 

Six retail investment proper- 
ties were purchased during the 
half-year, increasing the value 
of the investment portfolio 
from £7.06m at the year end to 
£I0.4m. 

Net asset value per share 
rose to 33J>p (32p). Earnings m* 
per share came out at JL89p w ** 
(1.05p). The interim dividend 
is 0.86p against 0.6p. 


§j THE BANK OF NOVA SCOTIA 1 


M laiintrffc,/, (Xumurcil Ml 

£ 100 , 000,000 

Floating Rate Debentures 2000 

Ihmic Price IOO. |<l per cent. 

For the three mouths Jim Occohur, I'tO-l to .1 1st 
January. 1*>95 the Debenture* will liesir interest rate of 
<1.1025% per annum and the coupon amount per 
£10,00(1 denomination will he £155.33. 

Agent Bank 

Samuel Montagu & Co. Limited 


VIlllllIimBlllIIinilllfllllllKIIIHIIIIHIIMIfKVIl 

Temple Court 
Mortgages (No. 1) PLC 

£175,000,000 

Mortgage Backed Floating Rate Notes 2029 

The rate of in at cat for the period 31st October, 1994 to 31st January, 
19 95 has been fixed at <5.3 1 iS per cent, per annum. Coupon No. 20 will 
therefore be payable on 3 1st January. 1995 at £159.1 1 per coupon. 

$.G. Warburg Sc Co. Ltd. 

Agent Bank 

iimHUHimiiiiimmiimmimimiiiiimim 



ECUFUKKMple 
29 Cbufura Plae* 
Mgmte 
London SW1XBH1. 
T*fc *71 245 0WB 
PBC+7I239MM 

HypVy .y* 


FUT^ES A OPTIONS BROKERS 


$32 


ROUND 

TRIP 


SXECvTtOK OH'.v 


* 


1 

I 


Banca IMazkmale del Lavoro S.p.A. 

(London Branch) 

DM 75,000,000 

Floating Rate Depositary Receipts due 1395 

In accordance with the Conditions of the Receipts, notice is here- 
by given lhat for the Interest Period from October 31. 1994 to 
April 28, 1995 the Receipts will carry an Interest Rate of 
5.25781 % per annum. 

The Coupon Amount payable on the relevant Interest Payment 

Date. April 28. 1995 will be DM 261 .43 per 

DM 10.000 principal amount and (h«? fieferance 

DM 2,614.30 per DM 100.000 Agent 

principal amount. iP'TTYlS KredBetbank 

I Luxembourg 



M X S’ if ^ ft! .'j V! -£ 55 3U 


cassaaas 


Residential Property Securities No.4 PLC 


UMJOOQJKn £180,000,000 

Class A1 Notes Class A 2 Notes 

Mortgage Backed Floating Rale Notes due 2023 

In ACLiuv|jik. v Hill, (he pnnnmm uf the Nnim, notlu* k hcjvhy jriwn 
lhat Tut iIk thru: month |Knu<l Hit I V.inhrr 1«W4 <„ IK, January 1995, 
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FINANCIAL TIMES WEDNESDAY NOVEMBER-1994 


COMMODITIES AND AGRICULTURE 


Fresh highs reached at 
London Metal Exchange 


By Kenneth Goodhng, 

Mining Correspondent 

Investment funds and 
speculators returned in force 
to the London Metal Exchange 
yesterday to send most base 
metals prices to fresh peaks. 
Only aluminium failed to beat 
the previous high in the pres- 
ent buying spree, but its price 
still closed last night $46 above 
Monday’s level at $1,855.50 a 
tonne for delivery in three 
months. 

Copper moved above $2,700 a 
tonne for the first time in four 
years, helped by weakness of 
the US dollar, which Is making 
dollar-denominated LME prices 
look cheaper in terms of other 
currencies. Traders said that 
buying from the Ear East yes- 
terday helped to lift copper 
values. 


UMT WAREHOUSE STOCKS 
(As « Monday's do«) 
tonnes 


AhxnMum 

-34,000 

n sue-ure 

AkmMum dtoy 

4140 

to 25,080 

Capper 

-1.975 

10 333,100 

Load 

-1,375 

10 369.775 

Morel 

+558 

to 149320 

One 

-1.300 

to 1.210,100 

Tin 

-76 

to 30265 


The nickel market reached 
the highest price levels for two 
and a quarter years, as did the 
lead market, while tin climbed 
to a 20-month peak. Even zinc, 
which at the begining of this 
year was thought by many 
analysts to be the LME metal 
with the most negative funda- 
mental outlook, rose above 
$1,150 a tonne to reach a two- 
year peak. 

Mr Angus MacMillan, 
research manager at Billiton 
Metals, part of the Gencor 


group, explained that there 
was a growing perception 
among investors that the tide 
was turning Tor the zinc 
market 

Even so, the market was 
expected to see a 283,000-tonne 
supply surplus this year. If the 
announced output cuts held, 
however, there might be a 
250,000-tonne deficit in 1995, if 
Billiton was correct in its fore- 
cast that demand for the metal 
would grow by a “hefty” 5 per 
cent. 

On that basis Billiton was 
forecasting that the average 
rinr price for next year would 
be about 55 cents a pound 
($1,212 a tonne). But Mr Mac- 
Millan warned that it would 
not take much to wipe out the 
predicted supply deficit, so 
much depended on production 
cuts staying in place. 


Car makers seen leading 
aluminium demand surge 


By Kenneth Gooding 

Growth in demand for 
aluminium to the year 2.000 
will be substantially faster 
than in the past seven years, 
driven particularly by con- 
sumption in Asia and by the 
automotive industry, according 
to Mr Jacques Bougie, presi- 
dent of Alcan, the world's sec- 
ond-largest aluminium pro- 
ducer. 

However, demand growth for 
p rimar y, or new, al uminium is 
forecast by Alcan to rise only 
at the same rate as in the years 
1986-93. “Recycling, particu- 
larly of beverage cans and 
cars, will play an increasingly 
important part in metal sourc- 
ing to meet demand in future," 
Mr Bougie predicts. 

“Star performers” in future, 
the Alcan analysis suggests, 
will be the Asia region, includ- 
ing a Japan recovering from 
recession, where annual alu- 
minium consumption growth Is 


Average Annual 
Demand Growth 
(per cent) 



1993- 

1986- 


2000 

1993 

By Region 

North America 

1.9 

1.4 

South America 

5.8 

2.1 

Asia 

5.3 

6.5 

Europe 

4.0 

2.5 

Western World 

Total 

3.9 

2.9 

Primary 

2.6 

2.6 

By End-Use 

BuHding 

2.7 

2.5 

Cans 

3.6 

4.3 

Transport 

4.5 

3.9 

Sowca- Alcan 




expected to be twice as fast as 
in the maturing North Ameri- 
can market Growth in Europe 
and South America is also pre- 
dicted to outpace that in North 
America. But North America 
will remain the biggest individ- 


ual market for some years to 
come. 

Alcan is forecasting that 
demand for aluminium in cars 
will grow at an annual 6.5 per 
cent until the year 2000. Mr 
Bougie says much of that 
growth will come from the 
increased use or castings 
which already constitute 70 to 
80 per cent of the weight of 
aluminium in the average car. 
“Further significant growth 
may come after the year 2000 
when aluminium body struc- 
tures are adopted for mass-pro- 
duced cars,” he suggests. 

Mr Bougie says that at pres- 
ent it is not possible to include 
the former Eastern European 
markets in the forecasts 
because data are not reliably 
available. But Alcan believes 
Russia’s domestic consumption 
of al uminium in 1993 was only 
about 800,000 to 900,000 tonnes, 
with the 1.9m tonnes balance 
of its production being 
exported to the west 


Iron ore 
recovery 
forecast 

By Nikki TaH In Sydney 

Iron ore prices have reached 
their nadir, and should begin 
to edge op next year, accord- 
ing to a study released by Syd- 
ney-based AME Mineral Eco- 
nomics. It suggests a nominal 
one per cent increase in bench- 
mark prices for fines in 1995, 
followed by rises of 5 and 6 
per cent in the next two years. 

This would reverse the trend 
of the past three years - when 
prices fell by 4.9 per cent tl 
per cent and then 9.5 per cent 

AME also snggests that 
there is potential for a more 
significant upswing in the 
price of premium lnmp ore, 
where supply constraints are 
tighter. Here, AME sees a rise 
of 4 per cent price in 1995, 
followed by 5 per cent In 1996. 

The study argues that two 
factors will have a major bear- 
ing on world iron ore prices. 
Tbe first is the decreasing 
depen dance of Australian on 
its traditional Japanese cus- 
tomers, which conid begin to 
undermine tbe annual global- 
ised setting of iron ore prices 
through contract negotiations 
with the Japanese steel mills. 
The second is the premium 
placed on high-grade lnmp ore, 
which is favoured by many 
large steelworks. 

Looking further forward, 
AME sees a gloomy future for 
the sector. Fast-growing Asian 
demand should sustain iron 
ore producers through to 
about 2005. it says. “In the 
longer-term, however, Asian 
regional requirements may not 
be sufficient to counterbalance 
increasing efficiency in steel- 
making, new technologies and 
the structural decline in tradi- 
tional highly industrialised 
markets." 

Turning to the supply side of 
the equation, AME says: 
“Although some high-grade 
deposits in Australia and Bra- 
zil are nearing exhaustion and 
their production rates will 
decrease, there are sufficient 
known reserves in every case 
not only to maintain but to 
Increase production." 


Jute mills scramble for supplies 

India fears a shortage of high grade fibre, writes Kunal Bose 


T he Indian jute mills that 
have in recent years 
taken up production of 
high value jute goods and 
export quality yarn in a big 
way have rushed to Bangla- 
desh to cover their require- 
ment of superior grades of raw 
jute for the current season. 

Even as India, the largest 
producer of jute and jute 
goods, harvests a much bigger 
crop than last year’s the gov- 
ernment and industry' officials 
fear that there is going to be 
an acute shortage of the higher 
grades. 

According to the industry 
officials, Indian mills have so 
far signed contracts for the 
import of 300,000 bales (180kg 
each) from Bangladesh. This 
season's Indian imports from 
that country could reach 
500,000 bales, compared with 
-about 300.000 in 1993-94. “We 
have, however, drawn a blank 
in Vietnam and China, which 
do not have any surplus of jute 
this year." says an official at 
tbe Indian Jute Mills Associa- 


tion. “Last year, we imported 
some fibre from Vietnam. Thai- 
land is a net importer of jute." 

Bangladesh Is harvesting 
5.5m bales of jute in the cur- 
rent year, up from 5.1m in 

1993- 94, and the quality of the 
crop has turned out to be 
highly satisfactory. As the 
country opened the season 
with stocks of 2.3m bales total 
fibre availability mil be 7.8m 
bales. Indian industry official 
estimate that Bangladeshi 
mills will consume less than 
3m bales, while the require- 
ment at village level will be 
about 400,000 bales. So Bangla- 
desh will have a plenty of 
exportable surplus. 

According to the Indian Jute 
Development Council, the 
Indian jute and mesta crops in 

1994- 95 will total 8.9m bales 
and not 9.5m, as the industry 
and the trade earlier thought. 

“Because of the high pre- 
mium that jute and mesta 
fetched over the minim um 
prices throughout the last sea- 
son. the fanners committed 


957,000 hectares to the crop 
this year, against 892,000 hect- 
ares in 1993-94, says an official 
at the Directorate of Jute 
Development. “More land 
would have been brought 
under the crop had the 
weather been favourable dur- 
ing the sowing period." 

Moreover, as some of the 
major jute growing centres like 
north Bengal and Bihar experi- 
enced drought when, the crop 
was growing, the average is 
expected to decline to 1,860kg a 
hectare from 1307kg in 1993-94. 
“The late harvesting of jute in 
many areas and the shortage of 
water for retting [soaking] are 
responsible for the deteriora- 
tion in the quality of the 
Indian crop," according to the 
DJD official. 

The official estimate is that 
Inferior grades’ share in the 
total will rise from 11.5 to 20 
per cent in 1993-94. "Besides 
the shortage of superior grades 
of jute what is causing concern 
to the industry are the very 
high prices of fibre around this 


time of year when the mills 
build up stocks," says the 
[JMA official. "The mills 
should now he holding' raw 
jute stocks equal to at least 
one and a half months' require- 
ment. But their present fibre 
inventory can at tbe most sus- 
tain production for two 
weeks." 

Though this is traditionally 
the peak marketing period for 
jute, the benchmark TD-4 
grade is quoted at tbe unusu- 
ally high price of Rs750 (£14.50) 
a quintal (1001b). Industry offi- 
cials say the very low car- 
ryover into the currant season 
and the "alarmingly low daily 
arrival of the crop in the vil- 
lage markets” are responsible 
for the prevailing high prices. 
The farmers, according to the 
Jute Balers’ Association, axe 
selling jute in small lots as 
they expect prices to go up as 
the season progresses. It is 
principally due to the high 
prices in India that the jute 
market in Bangladesh is ruling 
firm, in spite of a bumper crop. 


‘Tragedy’ for Windwards 
bananas if Geest pulls out 


MARKET REPORT 

Gold price slide halted 


By Canute James 
in Kingston, Jamaica 

The banana industry in the 
Caribbean Windward Islands 
group will become “unstable" 
if Geest industries, which mar- 
kets the islands’ fruit, were to 
discontinue its interest in 
bananas, according to senior 
government minister in Domi- 
nica. 

While the Windward Islands 
should not be “overly con- 
cerned" about reports in the 
UK press that Geest was con- 
sidering its future in the 
banana business, a pull-out by 
the company “would create 
some instability and some 
sense of uncertainty on the 
part of our farmers", said Mr 
Brian Aileyne, external affairs 
minister of the island of Domi- 
nica. 

The Windwards group, com- 
prising Dominica. Grenada, St 


Lucia and St Vincent provides 
two out of every three bananas 
eaten in the UK. The four 
islands and Geest are at pres- 
ent negotiating a new contract 
for the marketing of bananas. 
The economies of tbe Wind- 
ward Islands are heavily 
dependent on the banana 
trade. 

“The banana industry has 
been examining a number of 
options, not only the Geest 
negotiations, but alternatives 
in the event that we cannot 
arrive at a satisfactory conclu- 
sion with Geest," Mr Aileyne 
said. Geest had been helpful to 
the islands in negotiations 
with the European Union over 
the marketing of bananas, and 
it would be “tragic, although 
not the end of the world for 
us. . . if the company were to 
significantly reorganise its 
banana marketing arrange- 
ments". 


The London GOLD price was a 
shade firmer yesterday after- 
noon after a shaky morning 
spent in the aftershock of Mon- 
day's fund-driven sell-off. At 
$383.75 a troy ounce the price 
was still 75 cents down at the 
close, but that was 30 cents off 
the low. 

Dealers said there was a 
sprinkling of fund buying to 
help the New York market 
firm in very light business. “A 
bit if physical interest has trig- 
gered some short-covering as 
well,” one added. 

“Once a floor is in place, we 
could see the investors coming 
back again,” said another, 
adding that physical offtake 
alone would be insufficient to 
rally the market 

London Commodity 
Exchange COFFEE futures 
reversed an early rally as talk 
circulated that a new indepen- 
dent forecast for Brazil's 


1995-96 crop might, like one by 
US banker Morgan Stanley, be 
far higher than most recent 
estimates. 

Morgan Stanley forecast Bra- 
zil's 1995-96 crop at between 
20m and 22m bags (60kg each). 

That figure was well out of 
line with Brazil's own prelimi- 
nary estimates of between L3m 
and 15m bags. But traders said 
that the market could not 
ignore rumours of that kind. 

OIL prices rallied meanwhile 
as traders rushed to buy ahead 
of what they expected to be a 
bullish report on US primary 
oil stocks. 

Market players said that tbe 
American Petroleum Institute 
was likely to report big falls in 
US petroleum products stocks, 
reflecting the impact of pipe- 
line disruptions after wide- 
spread flooding in the Houston 
area. 

Compiled from Reuters 


m 




COMMODITIES PRICES, 




CROSSWORD 


BASE METALS 


LONDON METAL EXCHANGE 

(Prices from Amalgamated Metal Tracing) 

■ ALUMINIUM. 9B.7 PURITY IS per tonne) 



Cash 

3 mthe 

Close 

1832-3 

1855-6 

Previous 

1787-8 

1809-10 

rtflhflow 

1834.5/1 B33 

1869/1808 

AM Official 

1 833.5-4 

1850-5-7 

Kerb dose 


1858-9 

Open Irft. 

260,352 


Told daily turnover 

48,256 


> ALUMINIUM ALLOY ($ par tonrw) 


Clou 

1830-40 

1865-70 

Previous 

1785-95 

1820-5 

HtfVJow 


1845 

AM Official 

1820-30 

1855-66 

Kerb dose 


1875-85 

Open InL 

2.765 


Total da8y turnover 

415 


■ LEAD (S per tome) 



Clou 

881.5-2.5 

878-9 

Previous 

653-4 

668-70 

rt^TrtOW 

661.5 

68W871 

AM Official 

861-1.5 

677-7.5 

Kerb dose 


678-9 

Open kit 

43.539 


Total dally turnover 

11,480 


■ NICKEL (8 per tamp) 


Close 

7415-25 

7535-40 

Previous 

7195-206 

7310-5 

WiJjAow 

7416/7406 

7545/7315 

AM Official 

7400-5 

7520-5 

Kerb close 


7545-8 

Open InL 

87,725 


Total dally tunover 

15388 


■ TW (S per tonne) 



Oooe 

5980-90 

6075-80 

Previous 

3870-80 

5955-60 

Hlghflow 


609Q/5BB5 

AM Official 

6985-76 

6055-80 

Kerb dou 


6085-90 

Open InL 

18.895 


Total daHy turnover 

8,882 


■ ZINC, special high grade (S per tonne) 

Clou 

1135-8 

1157-8 

PievKxe 

1105.5-85 

1127-8 

1-CgMow 


1163/1131 

AM Official 

1137-8 

1159-5-60 

Kerb dou 


1163-4 

Open InL 

103.494 


Total daily turnover 

28,633 


■ COPPER, grade A (S per Lome) 


Clou 

2712-3 

2696.5-7 

Previous 

3864-5 

2649-50 

rtgh/tow 

2695/2094 

2710/2855 

AM OffldaJ 

2894-5 

2879-80 

Kerb dou 


2707-8 

Open InL 

220.221 


Total dally turnover 

75.713 


■ LME AM Official 08 rate: 1.8382 

LME Closing OS rate: 1.8330 


Spot 1.6325 3 mite 1.6307 G mbs: 1.6265 3rmfts:t.K2S 

■ HIGH GRADE COPPER (COMEX) 



Bay's Opm 


Cbm change Kgh low M Vol 


Rov 

12680 

+2.90 

127.30 

125. BO 

1.518 

136 

Dec 

123.00 

+300 

12835 

124.05 

40278 

S.B30 

Jaa 

124.80 

+2.90 

12495 

124.05 

797 

23 

I 

Mi 

124.00 

♦285 

124.80 

122.50 

573 

■tar 

12320 

*295 

12X90 

121.70 

8920 

566 

Apr 

ToW 

12195 

+2.80 


- 

695 

60379 

6 

M48 


PRECIOUS METALS 

■ LONDON BULLION MARKET 


(Prices suppled by N M Rcthsdrikfl 

Gold (Tray az.) S price E equtv. 

Close 383.50-384.00 

Opening 383.20-383.60 

Morning Itx 363.45 333.954 

Afternoon Rx 364.50 235.024 

Day's rtgh 38420-384.70 

Day's Low 383.00-38X60 

Previous dose 304.30-384.70 

Loco Ldn Mean Odd Landing Rates (Vo US*) 

1 month 4.60 6 months £10 

2 months _4.8i 12 months — 5.4a 

3 months 4.87 

SOvsr Fix prtroy az. US as equlv. 

Spot 319.05 522.25 

3 months 333.85 539.10 

8 months m8S 536.55 

I year 342.00 655.10 

QoM Calm S price £ oquN. 

Krugerrand 385-388 236-237 

Maple Leal 39-L20-396 70 

New Sovereign 89-92 54*07 


Precious Metals continued 


■ POLO COMEX (100 Troy oz.: 1/troy az.) 



Sen 

Day* 


Open 



price 

change 

M* 

law tat 

VaL 

HO* 

384.3 

*08 

- 

3 

. 

Dec 

385.7 

+0.0 

3865 

3843 86.450 58,771 

Jaa 

387.4 

*08 

- 

- 

- 

Fab 

38X3 

+09 

3900 

387.8 21049 

2323 

Apr 

393.0 

+10 

3927 

3920 9.846 

102 

Joe 

396.6 

+10 

307.4 

3918 9035 

276 

TOM 




184055 61322 

■ PLATINUM NYMEX (50 Troy at; S/troy at) 

Km 

420.5 

+10 

. 

- 1 

. 

JM 

420.5 

+10 

4225 

417.0 19,138 

6,109 

AW 

4243 

+10 

4250 

4225 3040 

137 

M 

42X8 

+2.1 

4305 

4270 1092 

2 

Od 

434.5 

+21 

• 

- 446 

- 

Jan 

4375 

+21 

438.0 

438.0 2 

- 

ToW 




24017 

6048 

■ PALLADIUM NYMEX (100 Troy 0C4 S/troy az.) 

Dec 

16035 

+1.15 

161.60 

15900 4,660 

375 

Mar 

18X45 

♦ 1.25 

16150 

161.25 2279 

10 

Jun 

163.45 

+125 

- 

- 485 


Sep 

16420 

+1.25 

- 

31 

- 

Total 




7038 

38S 

■ SILVER COMEX (100 Troy oz.: Centa/troy oz.) 

No* 

527.5 

+13 

- 

_ 

_ 

Dec 

■pus 

+13 

535.0 

5210 72621 

27,746 

Jaa 

532.1 

+13 

5359 

531.0 80 

2 

Mar 

538.0 

+14 

5415 

5320 19.754 

20Z7 

■ay 

5433 

+14 

5450 

333.0 4,873 

419 

JaJ 

550.1 

+14 

5560 

5440 4044 

402 

Total 




112998 30080 


ENERGY 


■ CRUDE OIL NYMEX (42.000 US gate. 5/bamH) 



Latest 

Day's 


Dp- 



price 

change 

Mgb 

Low tot 

Vtf 

Dec 

1134 

+0.15 

1642 

1612 92031 

36735 

Jaa 

18.14 

+0.12 

1621 

1707 70614 16438 

Nb 

17.97 

+005 

1607 

17.90 35,145 

5,190 

Ufa- 

1701 

+007 

17.94 

17.89 21936 

3,859 

Apr 

1708 

+009 

1700 

17-88 16312 

1398 

■tay 

1703 

♦008 

17-63 

17.80 11,778 

904 

TeW 




396928 71080 

■ CRUDE CHL IPE (S/bamri) 




Latest 

Day’s 


Open 



price 

change 

Mgb 

low M 

W 

Dec 

17.19 

+027 

17.22 

1690 76145 

17,880 

Jh 

1800 

♦022 

1692 

1&G9 66030 12,125 

Fob 

16l75 

+022 

1676 

1656 16933 

2*78 

Mar 

16.81 

+0.20 

1661 

1645 11,336 

1,655 

Apr 

1604 

- 

1652 

1644 4,925 

75 


1629 

- 

1639 

1638 1114 

105 

ToW 




176680 36080 

■ HEATING OR. NY1EX (42000 US gelta: cflJS gatej 


Latest 

Daya 


OP- 



price 

change 

Mgb 

Law tat 

W 

Dec 

5610 

+0.70 

5035 

4910 1.582 11579 

Jan 

9080 

+080 

5670 

5005 47,390 

14.983 

Ml 

51.10 

+060 

51.20 

50.80 33JI24 

2,722 

Mar 

81.00 

+070 

51.00 

5075 21.611 

1.732 

Apr 

5600 

+040 

5610 

5000 11.023 

849 

May 

49.48 

+0.48 

49.48 

49.40 7.281 

285 

Taw 




1B2£T8 32.662 

■ GAS OIL IPE (Manna) 




Belt 

Do/a 


0P«n 



prfco 

change 

Mgb 

Lew H 

VM 

Ho* 

15325 

+275 

15175 

15075 24J48 

5.412 

Dec 

15500 

+275 

15500 

1522S 26431 

6451 

Jan 

15625 

+225 15675 15400 20982 

3.488 

F*tl 

157JS 

+£25 

15700 

15600 6G9B 

193 

Mar 

15700 

+250 15700 155.75 7,481 

773 

Apr 

15500 

+225 

15600 

154.25 2.433 

580 


Total 102,905 16974 


■ NATURAL OAS HYHBi (10.000 wdjta; S/nmftnJ 



latest Dayta 



Open 



price —sage 

Mgb 

LOW 

M 

Yd 

free 

1959 +0009 

1J00 

1-930 26035 

6325 

Jan 

2.093 +0017 

1095 

1088 16001 

2207 

Feb 

2030 +0017 

2-030 

1010 

12468 

938 

■ter 

1085 +0015 

1965 

1955 12^57 

557 

Air 

1007 

• 

- 

6823 

392 

KW 

1.892 +0004 

1982 

t-882 

6630 

170 

Tetri 



130817 14,210 

■ UNLEADED OASOLME 




NYMEX (42,000 US pMSJ ClUS QML) 




Latest Days 



op* 



prfci CtUUJJIV 

Mob 

LOW 

tat 

Vtri 

Dee 

earn +004 

5035 

5650 

2,313 

11239 

Jaa 

5645 +019 

5670 

5615 

30,149 

16790 

Feb 

5625 +029 

5650 

55 25 

16447 

1345 

Mar 

9045 +029 

5655 

5605 

6358 

800 

Apr 

5685 -OUT 

59.00 

5655 

19H 

403 

Hat 

57.50 

- 

• 

4.559 

Gil 

Tew 




86500 

36425 


GRAINS AND OIL SEEDS SOFTS MEAT AND LIVESTOCK 

■ WHEAT LCE (£ per tonne) ■ COCOA LCE (E/torww) ■ LIVE CATTLE CME (40,000 ba; centa/lba) 



sen 

Day's 



Qpee 



Sett 

Bay's 


Op* 



Sett 

Bay's 

Open 



prim 

denge 

MW 

Low 

tat 

Vd 


price i 

rimga 

Mgb 

Low H 

M 


price change ffigh Low 

tat 

Yd 

Km 

10625 

+625 

105-25 

104.75 

787 

28 

Dec 

943 

-12 

951 

937 20.413 

445 

DOC 

59.600 

0.400 76300 86500 

29950 

5.428 

Jan 

10710 

+095 

107.10 

10890 

1972 

47 

Mar 

872 

•11 

S80 

965 42.905 

1942 

Fab 

68 750 

-0 300 69225 68.500 

20.071 

2.134 

Mar 

10610 


109.00 

109.00 

1981 

25 

■ay 

982 

•10 

989 

977 14.705 

479 

Apr 

69125 

-6475 89975 66225 

11127 

2.195 

■ay 

111.10 

+610 

11190 

11190 

1-570 

20 

Jd 

990 

-10 

1002 

992 6381 

37 

Jm 

65.475 

-0500 65950 65.250 

4988 

593 

Jld 

112.75 

■025 


- 

140 


Sep 

1009 

6 

1011 

1009 12,811 

31 

Aug 

64.475 

-0500 64.950 64.350 

1.488 

201 

Up 

9680 

+610 

9645 

9645 

40 

20 

Dae 

1025 

-12 

1025 

1025 6840 

73 

Oct 

85JOO 

6450 65.700 65.150 

257 

7 

Total 





6458 

107 

Total 




111,578 2,707 

ToW 



86481 16982 


■ WHEAT COT (B.OOObu min: centa/som fausheQ ■ COCOA CSCE (10 lanran; Wtonnas) ■ LIVE HOPS CME (4Q.QQ0ibs; centa/tos) 


Dec 

386 « 

+2/0 

387/4 

383/4 36850 

11989 

Dec 

1309 

•18 

1322 

1301 

25.403 

2.429 

Dec 

34100 

-1.175 35.100 31825 17,201 

3.529 

Mar 

397/4 

+2/4 

398/0 

394/2 24.804 

6.601 

Mar 

1353 

-19 

1385 

1343 28,127 

1.771 

Feb 

38.600 

-1350 37900 38.450 

8354 

1,199 

May 

375/4 

+dffi 

376/4 

373/4 4.313 

764 

May 

1381 

-18 

1390 

1374 

7JM1 

496 

Apr 

38900 

-1.075 37900 38.800 

4340 

532 

Jui 

348/6 

+0/2 

347/4 

346/4 10052 

1142 

Jd 

1407 

•18 

1413 

1411 

1025 

37 

An 

42.400 

-0.500 42.750 41025 

2.145 

158 


351/0 

- 

352/0 

3SWD 281 

10 

Sep 

1434 

-18 

1446 

1437 

U83 

2 

Aug 

41.790 

-0.400 41100 41.500 

380 

18 

Dae 

380* 

616 


- 150 

0 

Dee 

1481 

•18 

1470 

1485 

4.981 

4 

Oct 

38.800 

-0.350 36950 38800 

310 

12 

Total 




76343 22,712 

Total 





71480 4,737 

Total 



31878 

5v478 


■ MAIZE CBT (5,000 bu min; centa/56fc DusheQ ■ COCOA (ICCO) (SOffa/tonne) ■ POHK BELLIES CME (4000JJbs.- cems/toq) 


Dec 

215/5 

- 

218/4 

215/2115,107 18.668 

Mar 

228/8 

- 

227* 

226/4 61211 

4154 

■ay 

334* 


235/4 

234/2 25,361 

1.608 

Jd 

240/2 

-on 

241/2 

240* 31517 

1266 

Sap 

245/D 

-0/6 

246/2 

245* 1782 

117 

Dae 

ToW 

248* 

-0/6 

250/4 

243/4 11999 887 

253,122 27,969 


■ BARLEY LCE [g per tonne) 


No* 

10125 

♦005 

101.50 

10125 

147 

30 

Jan 

10175 

+025 

104-00 

10175 

416 

15 

Mar 

10BD5 

+055 

- 


130 

- 

Hay 

107.75 

-0.40 


- 

48 

- 

Sap 

Tdd 

9125 

+025 

- 

- 

S 

748 

45 


■ SOYABEANS CBT g MObu min; cartaffitah fraud) 


NO* 

542/2 

• 

544* 

540/2 20,112 

14.194 

Jaa 

554/2 

+0/2 

558/2 

552/D 55,210 24,706 

Mar 

584* 

+0* 

566/2 

562/2 2SJK5 

5377 

Hay 

573/2 

+1* 

574* 

570* 

11.330 

1323 

Jd 

679/8 

+0* 

581* 

577/4 

21701 

1410 

Aug 

583/4 

+1* 

584* 

581/2 

1339 

135 

Tdd 




141339 49,446 

■ SOYABEAN OIL C ST (QO.OOOta: ovesrib) 

Dee 

25-74 

+0JJ8 

2535 

2533 35,046 

19302 

JM 

Z4-85 

+0.03 

2105 

24.88 

18385 

4,703 

■w 

24.36 

+002 

2437 

2430 

11218 

1944 

May 

24.14 

+039 

24.29 

2195 12JE8 

1107 

Jd 

2195 

+0.13 

2436 

23.80 

7,098 

1333 

tag 

2192 

+0.12 

24.00 

23 75 

2399 

7 

Total 





91382 31,140 

■ SOYABEAN NEAL COT (100 tons; Sri on) 


Dec 

1603 

-05 

161-0 

159 7 

41,793 

7317 

Jm 

101.7 

■0.5 

1823 

181.1 

18373 

1323 

Mar 

ISIS 

•0.1 

185.9 

1843 

15.094 

1,630 

Stay 

1893 

•02 

1693 

1683 

8.717 

685 

Jd 

1710 

-03 

1715 

17Z5 

8353 

1301 

taq 

1743 

-0.8 

17SD 

1743 

1305 

3 

ToW 





98344 11487 

■ POTATOES LCE (GAonnej 




lev 

1500 



- 



Mar 

1053 

- 

- 

- 

- 

- 

Apr 

2200 

+1.7 

226.8 

225.0 

1,465 

22 

May 

2415 

- 

- 

- 

- 

- 

Jen 

107.5 

- 

- 

- 


- 

Total 





1ABI 

22 

■ FREIGHT /B/FFEX) LCE (SlOrindax poteq 


Nav 

1818 

+8 

1820 

1815 

312 

40 

Dec 

1733 

♦3 

1730 

1723 

XI 

X 

Jen 

1871 

+0 

1070 

1665 

1372 

31 

tar 

1643 

+18 

- 


093 

- 

Jut 

1483 

-1 

- 

- 

137 

- 

Oct 

1510 


- 

- 

17 

- 

ToW 

□an 

nav 



1190 

108 

BH 

IPOS 

M70 






Minor Metals 

European tree market ham Mold Bu/krita. S 
per b m vmtouse, unless otherwise stated 
(last week's m brackets, where changed). Anti- 
mony: 99.6%, S per tome. 5.920-6.020 (5.770- 
5,915). Bismuth: min. 99.99%, tame Ms 3.60- 
3.S5 (3.60-4.00). Cadmium: min. 99.5K, 
160-195 (185-20(6 cents a pound. Cobalt MB 
tree market 99.836. 26.50-2730 (26.50-27 50); 
99.3%. 24.50-25.50 (24.00-24.80). Mercury: 
min. 90.9996. S per 76 lb flask. 110-135. 
Molybdenum: dnursmd motytxric oxide. 5.90- 
0.40 (4.73-5.00)- Selenium: mta 99.5%. 3.45* 
4.65 (3-35-4.65). Tungsten ore: standard min. 
65%, S per tonne unli (JOkg) WO„ eft, 45-55. 
Vanadhirw min. 98%, elf, 1.40-1.55 (1.35- 
1.5<B. Urunteie Nuexeo exchange value. 7JM. 


October 31 Mca Pm. day 

(My 998.36 993.42 


■ COFFEE LCE (Sflonne) 


HPT 3401 -16 3480 3400 1120 779 

Jm 3445 -12 3485 3441 11025 1.157 

Mar 3417 -12 3456 3416 6.487 371 

May 3388 -15 3440 3400 3305 78 

Jd 3379 -1 3400 3400 1340 2 

Sap 3360 -10 - • 1,461 

Tdd 28(040 1387 

M COFFEE tT CSCE (37,S00toa; cents/lbs) 

Dec 

18635 

-1.05 

189.75 

18575 

11,834 

2.770 

He 

19135 

-1.00 

194.75 

19030 

12.718 

914 

"•ay 

19330 

-625 

19730 

19150 

53*8 

174 

Jd 

194.50 

-1.00 

197.75 

19*30 

1.599 

32 

Sta 

193.20 

+480 

18650 

19600 

920 

13 

Dec 

197.50 

+0.75 

197-50 

19750 

882 

7 

ToW 





33.1Z7 3310 

■ COFFEE nco) (US caila/pound) 



October 31 


Price 


Pra». day 

Como. daHy 


177.77 


179.49 

15 day average .... 


1813? 


18109 

M No7 PREMIUM RAW SUGAR LCE (cenls/lbaj 

Jan 

13.00 

- 



SO 


Mar 

1105 

+0.10 


- 

400 


Hey 

1120 

♦612 



450 


Jd 

1113 

♦611 

- 


- 


Total 





940 


■ WHITE SUGAR LCE (S/lome) 



Dec 

358.10 

+100 

35830 

351 BO 

1182 

1.470 

Mar 

349.60 

+130 

34930 

346-30 

9273 

1.445 

May 

347.30 

+680 

34830 

34510 

1871 

941 

tag 

342.70 

-0 70 

34430 

34150 

1880 

159 

Oct 

31930 

■030 

320.90 

31680 

687 

121 

Dec 

31631 

-690 

- 

- 

14 

- 

Total 





16708 4,138 

■ SUGAR IV CSCE (IHOOOftu; centa/lba) 


Mar 

1190 

+610 

tire 

1173 98.433 6193 

May 

1234 

♦611 

12.96 

12.77 25511 

.941 

Jd 

1178 

♦0.07 

1233 

1185 15542 

.124 

Oct 

1234 

+603 

1140 

1228 

[3.835 

858 

Mr 

11 97 

+0.07 

1234 

1232 

1372 

10 

May 

11.07 

+607 

1135 

lire 

52 

ia 

ToW 




15526511,970 

■ COTTON NYCE (SO.OOOttJK certaflto) 


Dec 

7144 

♦610 

7195 

7130 

24328 4.400 

Mar 

7163 

+0.13 

7425 

72.65 

[5303 

,199 

Hay 

74.75 

+623 

7520 

7067 

5892 

411 

Jut 

7150 

♦620 

75.75 

74.45 

4,127 

70 

Oct 

70.08 

+633 

71.00 

7030 

533 

1 

Dec 

6688 

♦621 

70 00 

8630 

1798 

52 

TaW 




53391 8,132 

■ ORANGE JUICE NYCE (15.QOCRK, cents/R») 

NOV 

10605 

+015 

0610 

04.40 

1,377 1,835 

Jen 

11035 

+025 

1130 

0125 

4.338 2367 

Mar 

11190 

+615 

14.30 

1225 

5.2SB 

330 

Hay 

117.00 

+080 117.25 

17.00 

1,531 

144 

Jd 

12030 

+060 

2610 

19.55 

885 

42 

Sep 

12105 

+685 

2100 

22.00 

608 

101 

ToW 




25583 5158 

VOLUME DATA 





Open 

Interest 

and Volume 

data 

shown 

tor 

contracts traded an COMEX. NYMEX. CBT. 

NYCE. CME and CSCE are one day in arreore. 

INDICES 






■ REUTERS (Em 1679/31=100) 



Nov 1 Oct 31 

month ago 

yew ago 

2099.3 2105.5 

20818 

1606.7 

M CRB Futures (Bass: 1967=100) 




Oct 31 Oct 28 month ago year ago 
23330 234.48 - 217.88 


FCb 

41.475 -1 400 

42375 

41-050 

6271 

1189 

Mar 

41.775 -1.175 

42-050 

41200 

1270 

m 

R«T 

41750 -1.300 

44.150 

42350 

313 

18 

Jd 

43350 -1.100 

44.700 

43250 

33S 

38 

tag 

42 600 -1.350 

41000 

42200 

74 

7 

raw 




16ZB3 

1572 


LONDON TRADED OPTIONS 

Strike price S tonne — CaUa — — Puts — 


■ ALUMINUM 


(99.796) LME 

Dec 

Mjr 

Dec 

Mar 

1800.. _ . 

83 

122 

32 

61 

1825 .._ 

88 

108 

42 

72 

1850 

55 

96 

54 

84 

■ COPPER 
(Grade A) LME 

Dec 

Mar 

Dec 

Mar 

2600 

151 

160 

29 

74 

2550 

117 

132 

45 

35 

2700 

88 

108 

65 

120 

■ COFFEE LCE 

Jon 

Mar 

Jan 

Mar 

3500 

216 

306 

271 

389 

3550 

198 

289 

303 

422 

3800 — 

182 

274 

337 

457 

■ COCOA LCE 

Doc 

Mar 

Doc 

Mar 

960 — 

13 

67 

20 

45 

975 

6 

54 

38 

57 

1000 

2 

44 

59 

72 

■ BRENT CRUDE IPE 

Nov 

Dec 

Nov 

Dec 

1000 

126 

123 

6 

123 

I860 

80 

91 

9 

91 

1700 

43 

67 

25 

67 


LONDON SPOT MARKETS 


■ CRUDE OIL FOB (per barrel/Dec) 

+OT- 

Dubai 

Sl5.83-5.90z 

♦0.385 

Brent Blend (Mod) 

St 7.44-7.46 

+0.41 

Brent Blend (Dec) 

S77.17-7.IB 

+641 

W.T.I. (tprn eat) 

Sl8.45-8.47z 

+0.43 

■ OU. PRODUCTS NWEpampt dabwiy CIF (tonne) 

Premium Gaaoftrw 

$182-185 

+1.0 

Gas OB 

SI58-157 

+4.5 

Heavy Fuel Oil 

$97-99 

+1J) 

Naphtha 

$170-172 

♦1.0 

Jet fud 

5180-181 

+3.0 

Dfesd 

$160-161 

+2.0 

ftaafcun Agui. Tot LufUtei (Oru J59 S/S2 


■ OTHER 



Gold (per troy 04* 

$383 75 

-0.75 

Sever (per troy otiji 

5245c 

-10 

Platinum (per troy oz.) 

$414.60 

-5.50 

Pafladkjm (per tray azj 

SI 5685 

-0.05 

Copper (US pod.) 

129.0c 


Load (US prod.) 

40.25c 


Tin (Kuala Lumpu) 

14.81c 

-020 

Tin (New York) 

2110.5c 

+4.0 

Cattle (Bvo wdghtJT 

116.72P 

+0.15’ 

Sheep (Jive wdghOt^ 

97 98p 

+5.82" 

Pigs (Hw weight) 

75.77p 

+0.53- 

Lon. day sugar (/aw) 

$319-30 

-0.70 

ton. day sugar (wM) 

5361 JO 

+OJ30 

Tate S Lyle export 

007.00 

-2.00 

Bariay (Big. feed) 

Unq. 


Maize (US No3 Yotow) 

Unq. 


Wheat (US Darit Nath) 

Unq. 


Rubber (Dec)* 

0625c 

-0.50 

Rubber (Jari)V 

85.75p 

■050 

Rubber (KLRSS Not JuQ 

340.5m 

-1.0 

Coconut 08 flPftUjS 

sssaov 

+3.5 

Palm 01 (Malay.)*? 

5847 


Copra (Phfl§ 

S412.0v 

-4.0 

Soyubecne (US) 

El 52.0v 

■1JJ 

Gotten OutttxrifA 1 index 

75.05c 

+0.15 

Waoltapa (64a Super) 

451p 



£ per nre untas omntte Mated. p penceA* c rwnsflb. 
t muDUfka. m MrisySan contsfa. i Oct/Doc. v NaWOoc. u 
OgVNov. 1 Dm. 1 Mo*. V London Phjweol § OF Hotte- 
dam. f &*yi iTWrtW aom. 4 Slxwp BJm ixciKfl. ■ 
Ctmge on warn O Pnom are lor pwrioue day. 


No.8,600 Set by DANTE 



ACROSS 

1 Countenance massage (6) 

4 Fast sailing ships take the 
wool crop (8) 

9 Think out a motive 16) 

10 No other organisation can 
compete with it (8) 

11 Powerful fighter gains height 
reaching Yemen capital (6) 

12 The Pony Express's first new 
recruit (Si 

13 Stretcher bearer? (3) 

14 Gives hot tips at the barbers 
( 6 ) 

17 Spider gets fly that's artificial 
(71 

21 Tennis player at church (6) 

25 The French maid’s home 
address (3) 

26 Expedition to the French 
metropolis goes round a river 
( 8 ) 

27 Cirl on the cricket-side is not 
a true member (3-3) 

28 Helps to define the goal of 
angry lawyers (8) 

29 Retreat for a chap about fifty 
( 6 ) 

30 Vinegar and oil Is bound to 
help the wound (8) 

31 Mount framing an artist In 
his element (6) 

DOWN 

1 Leading for a little time 
among the trees (8) 

2 Putting on new clothes for 
alterations i.8) 

3 Champions in making top 
sales (8) 

5 Given the sack (6) 


6 Ready to throw a Une to one 
in trouble (6) 

7 See me mounting horse 
entered in Derby, for example 
(6) 

8 Fashionably named? (6) 

12 A sign that visitors aren't 
welcome (2J>) 

15 Suitable resort for a spring 
holiday? (3) 

16 An engaging answer? (3) 

18 One who wallows in merry- 
making? (8) 

19 It's criminal to make lover die 
in a nasty way (4-4) 

20 Breaking foot, totters a bit (8) 

22 Turned and fled with detec- 
tives in pursuit (6) 

23 Coax little Josephine into ruf- 
fled lace (6) 

24 One invests In them and 
hopes (6) 

25 A titan out to win (6) 

Solution 8.599 


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aaunodoiG 
H00IJH nEJQaDQiaQD 
UDBL1UUC1L1 
BGJSH0EI0EQ gjeqcje 
DO □ 
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□ GJ B 
umncjnQ 

n a ej □ 
□osatu noun cm BBC] 
E □ □ □ 
□□□BHCinoa nmoGE 
□ QGIGJinaHE 
□DODDO □□□□□BBLJ 











\. 








* 


FINANCIAL TIMES WEDNESDAY NOVEMBER 2 1 994 

★ 


25 


LONDON STOCK EXCHANGE 

J — 1 


MARKET REPORT 


FT-SE-A Afl-Shaune index Equity Shares Traded 



Shares rally following Bank inflation report 


By Terry Bytand, 

UK Stock Market Editor 

An extremely volatile trading 
session left the UK stock market 
showing little change on the day 
after early losses had been quickly 
recovered when the Bank of 
England released an unexpectedly 
favourable report on domestic infla- 
tion prospects. 

Trading was overshadowed from 
the opening by apprehension ahead 
of the latest National Purchasing 
Managers Index in the US and the 
Bank of England Quarterly Bulle- 
tin, both released in mid-afternoon. 

The market drifted easier before 
dropping sharply when the US Pur- 
chasing Managers Index alarmed 
the dollar and US and global bond 
markets by disclosing the highest 
level of business activity for seven 


years, with its prices component 
also stronger than expected. The 
FT-SE 100-share index extended its 
loss to show a net foil of nearly 20 
points within a few minutes of the 
US news. However, traders said 
there was no time for any selling 
pressure to develop. 

The Bank of England Bulletin, 
released shortly afterwards, 
inspired a dramatic tumround in 
UK bonds and equities. The FT-SE 
100 Index climbed back into plus 
territory, albeit briefly, and ended 
only 1.1 off at 3,186.3. At the close, 
London brushed aside both weak- 
ness in US bonds and the foil of 
nearly 30 points on the Dow Indus- 
trial Average in UK trading hours. 

The Bank's prediction that 
domestic inflation would stay in tbe 
lower half of its target range for the 
next two years, and that wage infla- 


tion was posing no problems, 
appeared to remove the market's 
fears of any sudden upward move in 
base rates. Analysts commented 
that much of this week's debate 
over base rates has been one of tim- 
ing; the market had long ago braced 
itself for higher rates at some time 
in the future. 

However, market analysts were 
cautious about abandoning the view 
that the Bank may still tighten 
policy at some stage as economic 
recovery continues, especially in 
view of the further evidence yester- 
day of pressures in the US. 

Traders warned that the recovery 
in the market towards the close 
should be regarded as further evi- 
dence of London’s volatility rather 
than of a change of investment sen- 
timent. Seaq volume remained poor, 
with tbe day's total of 471.8m shares 


through the electronic reporting 
network a shade lower than in the 
previous session. 

In the early part of the day. vol- 
ume was very slow, although the 
Footsie moved erratically, opening 
15 points down but almost regain- 
ing the overnight level at midses- 
sion. The FT-SE Mid 250 Index 
closed at 3,524,3 for a rise of 7.4 as 
the utility sector continued to race 
ahead. Trading in non-Footsie 
stocks, incorporating many utilities, 
made up around 55 per cent or total 
business. 

The market closed with an irregu- 
lar pattern. British Petroleum 
ended the session lower as not even 
excellent trading figures could off- 
set Wall Street's influence and some 
disappointment that the dividend 
payout had not been raised. Shell 
Transport was easier, and most of 


the dollar-orientated stocks, includ- 
ing pharmaceuticals, were unable to 
make progress at the dose. 

Retail and consumer shares, the 
most closely linked to base rate 
worries, made only a cautious 
response to tbe Bank's favourable 
comments on inflation. Banks, 
which have also proved sensitive to 
threats of higher base rates because 
of the negative implications for 
their bad debt portfolios, turned 
firmer. A leading US securities 
house tamed positive on the UK 
banking sector this week. 

Traders were unwilling to be 
drawn on prospects for the opening 
of the London market this morning. 
Some suggested that yesterday 
afternoon's rally might prove to be 
as much as London could manage if 
the US and European bond markets 
remain weak. 



■ Key Indicators 
Indices and ratios 


FT-SE 100 

3096.3 

-1.1 

FT-SE Mid 250 

3524.3 

+7.4 

FT-SE-A 350 

1551.4 

+02 

FT-SE-A All-Share 

1536.51 

+02 

FT-SE-A All-Share yield 

3.93 

(3.93) 

Best performing sectors 




+1 J 



+ 1.0 

3 Utrfities 


+Q.6 

4 Building & Const — , 



+0.6 

5 Property ... 

— 

+OB 


Turnover by vohxns {mlBoriJ. Excluding: 
bva-marttet bualnacn and mma turnover 
1,000 - — — - - ---- 



1994 


FT Ortinary index 

2360.0 

+8.1 

FT-SE-A Non Fins p/e 

18.88 

(18.87) 

FT-SE 100 Fut Dec 

3119 

+10 

ID yrGttt yield 

8.75 

(8.83) 

Long gflt/equlty yid ratio: 

2^4 

C2-24) 

Worst performing sectors 




.-1.5 

2 Mineral Extraction ...._ 


-12 

3 (Iwt nistphiitlnn 


-OH 

4 Distributors 

5 OH Exploration £ Prod 

— 

-0.8 

-0.8 



halted 



BP weak 
on US 
influence 

A sense of anti-climax spread 
across the oil sector as BP 
shares retreated in the wake of 
the third-quarter figures and 
following a steep fall on Wall 
Street BP hit all-time records 
highs in sterling and dollar 
terms on Monday. 

Dealers said BP's third- 
quarter numbers were at the 
very top end of expectations 
but that the market had been 


mildly disappointed with the 
unchanged dividend, although 
some of the more conservative 
analysts said that hopes of an 
increase in the payment were 
unrealistic. 

It was also pointed out that 
BP shares had outperformed 
the market by 7 per cent over 
the past month and were due 
for a period of consolidation, 
albeit in a much higher trading 
band than has been the case in 
the past couple of years. 

Another bearish factor 
affecting BP was news that two 
or the influential Wall Street 
brokerages. Smith Barney and 
Prudential Bache, took the 
view that the oil majors are 
now overvalued. And at least 


two of the important London- 
based securities houses, includ- 
ing Goldman Sachs and Nat- 
West Securities, were seen to 
be big sellers of BP shares yes- 
terday. The stock retreated 9 to 
426p on slightly disappointing 
turnover of 9.8m. 

Demand for UB 

Food manufacturer United 
Biscuits advanced 9 to 3l5p as 
S.G. Warburg sent a note to cli- 
ents arguing that the shares 
had fallen too far. The house 
sector specialists said the stock 
was at a five-year relative yield 
high and price low and com- 
mented: “We continue to 
regard United Biscuits as one 


EaUfTY FUTURES AND OPTIONS TRADING 


of the best recovery stocks in 
tbe sector." 

Other analysts cited a return 
of bid speculation which has 
been touching the company for 
some time. UB is seen as being 
one of the only UK food manu- 
facturers with enough overseas 
interests to attract one of the 
big international players. 

Airways rebounds 

Having underperformed the 
market by close on 5 per cent 
over the past month. British 
Airways rebounded 8V* to 
361%p as enthusiam for the 
shares built up ahead of the 
group's traffic flows results for 
October, due Thursday. 


TRADING' VO t-UME' 


Low trading volume, narrow 
premiums and a trading range 
just short of 40 points added 
up to a volatile day for stock 
index futures, writes Jeffrey 


Brown. 

The FT-SE 100 December 
contract was 3,119 at the 
official 4.10pm dose, up 10 
points. The premium to the 


W FT-SE too INDEX FUTURES (UFFQ £25 par U index point 






Open 

Sen once 

Change 

Mgh 

Low 

EsL vol 

Open InL 

- . 

Dec 

3089.0 

3119.0 

+10.0 

3126.0 

3085.0 

12012 

52931 


Mbt 

• 3123.0 

31 3S.5 

+&5 

3123.0 

3123JD 

2 

3884 



Jun 


3190.5 

+35 



0 

SO 


■ fT-SC MB 2S0 INDEX FUTURES flJFTQ C1D per hJl index point 


Dec 


3535.0 


+15.0 


4260 




■ FT-SE IBP 2S0 INDEX FUTURES (OMUQ £10 par M index point 

Doc - 3535-0 

AM open kneraa flown am tor previous day. r Bad volume shown. 

■ FT-SS 100 INDEX OPTION QJFFE} (*30881 £10 per Ul Index point 


>RD 


> V \ • : 


NDV 

Du 

Jan 

Feb 

Junf 


2900 2890 3000 3060 3100 3150 3200 32500 

2 a Vi 1W 2 B l£ A 5 W>z 42li 32*2 70 16 108 ^ 1SB*j 
2381- 16 196*2 27*2 . 158 40*2 121 53*2 32 75*2 86*j 101 46 132*2 51 



2S6*: 33*2 221*2 45*2 186*2 BO 151*2 76*2 122 96*2 83 119 71 147*2 51 180*2 
276*? 40*2 *40*254*2280*2 67% 171*? 86 142 106*? 113 130 92*2 159*? 71*? 190*? 
320 71 251*2 102 196*2139*2 143*2 193 

OU4.iaBPUl5.g9S . 

■ EURO STYLE FT-SE 100 INDEX OPTION (UFE1 £10 per full index point 

2S25 2975 '' 3025 3075 31®. 3175 3225 3275 

Ut'IO** 110 19*2 74 33 44*2 53*2 24*2 93*2 12 129*2 6*2 163*2 

116 33*2130*2 46 100*2 63 70 04 54*2 110 35 140 21*2170*2 

191*2 58 ’ 105 101 63 150 

• 105 84 ' 137 123*2 SI 175*2 

' 237*2 107 179*2 145 138 192 


Dec 

Jan 

Mar 

Jwrf 


196*2 6*2 
216 23*i 
233 32 
«S*2 54*2 
303 76*2 
877 Pub 2^36 


' itadr'ytag Max ntus. tankim (Mem am bated oe stMte MW pricex. 
t Ux« toed aqiky me* 

■ EURO STYLE FT-SE HOD 350 INDEX OPTION (OMUQ CIO per ft* index point 


3400 3460 3600 3550 3800 3850 

Oct ■ 119% B2*i 92% B4% 70 111% 

cm 0 Pat* 0 SWhwait pricra 2nd wtan» ax taken tt OOpra 


FT - SE Actuaries Share ,■ Indices 


3700 


cash market was 10 points 
and fair value premium was 
just under 12 points. 

Trading volume was thin and 
traders described conditions 
as "very squeezy all day". The 
general quality of business was 
low, with most activity 
provided by the local, 
independent traders. 

For the most part the 
December contract did little 
more than drift, making scant 
attempt to provide cash 
equities with a lead. The clay's 
low was 3,085. with the 3,121 
peak occurring just before the 
dose of pit trading. 

Volume was only 9,600 
contracts, down from around 
12,000 on Monday. The 
dosure of the Matlf, the 
French futures market, for 
Aft-Saint's Day was one of the 
more obvious reasons for the 
low level of activity. 

The resilience of the 
December contract in the face 
of the dear weakness on Wall 
Street - both US equities and 
bonds were trading sharply 
south when London dosed - 
surprised many traders. 

The traded options market 
was significantly busier than 
on Monday, with 55,409 lots 
dealt against 31,215. 


The UK / 'Sene& 




Day's Year 

DN. 

Earn. 

P/E 

Xd 34- 

Total 


Now 1 

Ohge% Oct 31 Oct 28 Oct Z7 ago 

ytekH6 yWtMi 

ratio 

ytd 

Return 

FT-SE .100 

3096J 

3097.4 3083.8 3029.6 3184.1 

4.11 

7.01 

1634 1 10.89 

1174.79 

FT-SE MW 250 

3524.3 

+0.2 35169 3601.8 34861 3522J 

3^5 

5.79 

2034 111.82 

131734 

FT-SE fcffld 250 «* hiv Trusts 

3523,8 

463 3514.1 34965 34761 3622.1 

3-71 

627 

1641 

11634 

1314.19 

FT-SE-A 350 

1561,4 

— 1551.1 15448 1521^ 1577.8 

3S8 

674 

1731 

54.08 

1204.01 

FT-SE SmaBCep 

1779.75 

-0.1 1780-91 1777-33 1774.15 1805.10 

633 

4JJ8 

2332 

4679 

138523 

FT-SE SrcolCap es bw Ttuets 

1749^8 

174681 174604 1748.65 1787.35 

3-54 

354 

33-08 

51.78 

1335.93 

FT-S&A ALL-SHARE 

153651 

— . 1636.31 152682 150635 1562J0 

3.93 

681 

1600 

5233 

1212.89 

■ FT-SE Actuaries All-Share 









Day’s Year 

Div. 

Earn 

P/E 

Xd ad). 

Total 


Nov 1 

ctiga% Oct 31 Oct 28 Oct 27 ago 

ytehrtt 

ytekJ% 

ratio 

ytd 

Return 

10 MINERAL EXTHACTIONflS) 

2740-33 

-1J8 277456 2762.71 299183 3481.60 

3.44 

4,99 

25.31 

82.53 

1103.3B 

12 Cxtracttra tndustrtes(4) 

367332 

-62 388229 3867.88 368608 315580 

3J1 

330 

2334 

8662 

1068.73 

IS OS. lrtogtated(3) 

271330 

-1^ 2754.70 272613 2833-56 246610 

659 

354 

2247 

8698 

111653 

IB Ofl Exploration & ProcKIT) 

1892.85 

-68 1903.63 189627 1881.87 1081.60 

2.19 

t_ 

L 

3603 

109317 

20 BEN MANUFACTURERSfzen 

185931 

462 1855.88 1856081838.83 1934.30 

4.11 

317 

2345 

8731 

95134 

21 BKkflng & Constaic5onf33) 

1044-79 

4681038.78 1(0647 104636 1165.00 

378 

331 

2434 

3606 

82329 

22 Bufltflng Marts A M«rcha{32) 

1B1430 

462 1811.33 1807-08 1797.11 187920 

4.11 

335 

2238 

6690 

859.44 

23 Chamfea!s(23] 

230534 

463 229889 2294.82 228687 223620 

402 

4.47 

27.95 

7658 

102328 

24 DtuensMed rndustnatefi® 

1771.60 

-61 1773^0 178261 175128 200680 

317 

321 

2308 

82.75 

91124 

25 Bectrortc & Beet Ebuippfl 

1857.51 

+05 184788 1852.04 182642 2162J0 

4.05 

677 

17.62 

8138 

91037 

25 Engineering^) 

11^31 

463 178681 1785.48 177152 170630 

319 

3DS 

2348 5369 

102835 

27 Eh^neering. VahkJes(12) 

224649 

— 2247.02 2228.90 2214.21 1BS650 

4j45 

1.66 

BOUOOt 9234 

109680 

28 Prtnttw, Papor A Privies) 

2801/13 

+02 279685 279163 277765 246160 

xoa 

533 

21.92 

7371 

1104.43 

29 TesdBea & AooaretpO) 

1561.43 

-0.1 1682.45 156674 1562.73 1363.10 

4J1 

633 

1739 

49.58 

88437 

30 CONSUMER GOOCS(J7) 

2741.68 

-63274661 273261 2897.88 2785.00 

4^8 

731 

1383 108.73 

948.16 

31 Brewarfes(17) 

2266.18 

-65 228649 224681 2231.70 2062.10 

4.19 

7.60 

1396 

61.43 

101620 

3Z Spirits, Wines A CWereftO) 

8886.62 

463 285673 £83560 £78691 270630 

380 

675 

17.08 10133 

98433 


2292.92 

+0.4 228461 2281.70 2251.18238600 

423 

7.80 

1534 

BW.25 

968.81 

34 Household Goods(13) 

943330 

+62 2417.52 240638 237960 2723.80 

377 

7.50 

15.97 

89.88 

87737 

38 Health Cara(21) 

180639 

-06 1014.28 1610.97 160629 1745.10 

313 

335 

42.00 

4624 

937.64 

37 PhamttceuticafctfZ) 

£99640 

-65 300562 298653 2957.97 3097.50 

4JS1 

7.18 

J61fi 12538 

956 SJ 

33 Tobaccofl) 

3886.03 

-0.5 3682.81 3687 J» 3824.09 4124.70 

S S3 

938 

11A5 21737 

83625 




40 SB1VICES(2iq 

1906.43 

+0-21902-34 190133 188133 1883.40 

329 

6.41 

18.84 

52.10 

837.67 

- 



2488-60 

-00 250651 251 1 85 248935 £887.80 

377 

737 

1603 

8305 

866.73 



42 Leisure A HototapS) 

2052.13 

+64 2043.72 204643 2037.78 195640 

337 

486 

2421 

57.69 

1014.S9 



43 Mada(39) 

2882.78 

+64 2852.15 284693 277646 283620 

343 

5J24 

22-28 

69.61 

996.15 



44 Rotafiere, FbooClB} 

1894.77 

169487 1702.41 1682.70 164140 

382 

9.45 

1308 

52.00 

1014.92 



45' Reteflere, Generei(45) 

183185 

— 1632-27 1632.97 162640 188420 

3.24 

665 

1681 

44.87 

B74.15 


- 


. 1508.64 

+63 1602.62 1492.92 147662 180420 

380 

642 

18-39 

3392 

91343 



' 49 Tiarapoit(18) 

228303 

+03 2252.82 224631 221235 230030 

3.71 

6-59 

20.73 

61.02 

890.17 

'e - . 


51 Other Services A Bustnessrt) 

123332 

-0.1 123438 123373 1234.35 121630 

4.10 

318 

47.77 

2663 

1062^44 



bo ummEspet 

62 BectridtyflT} 

84 Ges Dbtributfong) 

88 TefecornrnunlcaBonsW 

68 WeferilS 

246729 

259028 

1922-27 

207091 

1934,27 

+082452.65 242041 237468 2524^0 
+1.5 2562.29 250652 2404.72 218630 
-08 193326 1944.68 189029 222330 
+02 200657 204639 199655 234330 
+143 191360 1879.70 188634 192660 

427 

354 

623 

3J6 

305 

7.62 

9.52 

$ 

7.68 

12422 

1697 81.97 
12-53 8346 
t 11736 
1605 5022 
692 6935 

95378 

107730 

802.00 

884.40 

96693 

68 NON-fTOANClALSWJn 

169610 

165689 1651.63 162339 168388 

391 

636 

1688 

55.90 

117644 


70 RNANClALSflW) 

71 BanteflQ 

73 tasuanceflT) 

74 life Asoxsncefi) 

75 Merchant Banksffl 
77 Otfw WtancfertpA) 
79 PWCflrtVf4'Q 


2188.72 40.1 2184.60 217720 2133.20 234&10 4.43 137 12*3 80.69 870J1 

2079.20 +0.1 Z877S2 2881 M 2fflR2S 291420 4.19 9*7 11.60 116L39 865.65 

1267.57 -*0.1 1267m 125238 121358 1475.90 5.38 338 12.19 61.61 868 53 

2381.75 -413 2388.97 2416.19 238320 27B4J0 534 7£0 15.64 127 .02 825.64 

2719,60 -ai 2722^8 288437 264887 3284^0 3.82 12.13 8£0 97.76 82121 

1639.88 +03 1833-81 1821.84 1B18.78 1792.50 336 8.49 14.08 6331 986.74 

1450.72 +0.0 1442.72 144a64 143938 1719.70 430 4/46 28.09 4438 831.46 


ao aWESTMEMT THUSTSH24) Z730.00 -03 2738.77 272730 2BB&34 2716.40 235 137 5U4Q SS.51_ 318.82 


89 FT-S&A ALL-SHABE*BS3J 

■ Hourly movements 

Open MO 


153831 


. 163631 162932 160935 158230 3.93 831 1B30 5233 121239 


1000 11JOO 1230 1330 1430 1530 18.10 MgUday low/day 


FT-SE 100 V 3D8L5 3080.1 3030.4 30873 3082.7 3093.7 30893 3087.4 3093.7 3098.4 30783 

FT-SE MW 250 35113 96131 3520.8 35183 35183 3519.7 35203 35203 35223 35243 3511.0 

FT-SE-A S50 1544.4 15483 1548* 1547.4 15444 16483 15434 15475 1S03 1551.4 1543.6 

YkTM or PTS£ 100 Day's Ngh: 439pm Days toe 323pm. FT-SE 100 1994 352031 M I Low 2*708 £44$. 

■ FT-SE Actuaries 35& Industry baskets 


Open aoo . 1000 1130 1230 1330 1430 1630 16.10 Ctoae Previous Change 

373.6 974.6 975.1 9743 ■ 3733 973.7 9753 978.1 981.1 983.8 978.1 +7.5 

29463 3957.1 2963.0 28533 29573 29682 29481 2944.8 29523 29607 2975.5 -743 

Waltf • '1B223 • 18303 19443 - 19305 19233 19207 1922.1 T928.0 1984.6 1933.1 19141 +100 

Baits • • - 2893.7 29023 29053 2902.1 2906.1 29083 29033 28993 29133 29153 291X4 


? BJdg 4 Cns&cn 



■ Major Stocks Yesterday 



Vd. 

doelng 

Day's 


000s 

price 

-thanro 

at 

1B1 

321 


ASDA Groupf 

SrtOO 

aoij 


Abbov Nmnurf 

1^00 

415 

-1 

Atoart Haher 


« 


Aified Ctornacdt 

839 

501 

,3 

Angdon Water 

805 

549 

a 

Argcn 

900 

327 

.2 

Argyll Grarpt 

Arjo WIohuctT 

Aseoc. era. Foofct 

2.900 

3700 

IBS 

253 

273b 

550 

•1 

*9*2 

•3 

Assoc Bm. Ports 

1^00 

275 


BAAt 

ijrjp 

51B 


BATInda-f 

3JBOO 

437 

-2 

BET 

2.200 

111 1 ’ 


BICC 

SOB 



BOCt 

028 

676 

*2 

BPt 

0000 

428 

-0 

BPB Inrts. 

1.900 

298 


0T1 

4300 

39012 

+4U 

BIHT 

0300 

300 

-1 

Bank cl Socdandt 

1.000 

£06 


BarcUyof 

4.800 

507 

*4 

Bas3t 

9*1 

560 

-7 

Blue Cntof 

2.600 

:U2 

_2 

&x+n 

85 

403 

-« 

Boout 

87? 

531 


Bowaint 

843 

447 

Bra Aerrapacet 

1.800 

452 

40 

Bntah Atoiniyst 

4D00 

381 Ij 

rftlj 

aractfiOas? 

9.000 

2a&>2 

-2*’ 

Brtn#i Laid 

793 

391 


EWtteti Saeert 

3300 

158*2 

-11 2 

Burtzl 

179 

162 


Burmon CastroT) 

£01 

880 


Burron 

S1J 

65 


Cable* Wiref 

4JD0 

410 


Cadbury ScHnecpest 

1^00 


r3* 2 

Caracort 

U9 

260 

•3 

Carton Cenm<s.f 

2.000 

(WO 

,1 

Coas Vry+fc 

1,700 

105*J 


Oomm. Unionf 

2^00 

545 

S 


33M 

246 

•s 

Counauhtet 

832 

449 

•4 


777 

42ft 

-3 

C*e La Ruof 

1.200 

981 

»3 

Docra 

3.500 

192 

-4*2 

Eastern QecLl 

t£00 

821*4 

•25*1 

East Mmteno Bora 

856 

721 

♦35 

Bectrocornps 

555 

449 

-11 

Eng Ct°r>a Clays 

IJOO 

360 

■a 

Bnerpnse Off 

586 

387 


Eurotraiml Urm 

J4£ 

231 

-4 

FW 

35 

158 


Frvxa 

1.000 

116 

-1 

Foreign ft Col LT. 
Form T 

S26 

3300 

133*2 

234*2 


OwiAcaaeref 
aenerai BbclT 

Gtoxot 

77+ 

2.300 

3.000 

584 

Ml 

537 

*4 

GJynaed 

78 

334*2 

Ml, 

GrananaT 

570 

525 

*3 

Grand MeLT 

3.300 

417 

H 


921 

558 

-5 

Gffit 

1.600 

191 

-1 

GKNT 

338 

604 

-3 

Gunnessf 

2,400 

468 

♦1 

HS0C (7Sp shelf 

1.700 

719 

-7 

Hammonai 

W 

341 

f3 

Haraont 

6.200 

230*2 

-*J 

KLDTlsonS Crtufleid 

1JOO 

164 



322 

285 

-5 


761 

167 

-2 

M 


302 

♦3 

Of 

l£OC 

799*2 

♦ T 

tocncaoaf 

1.000 

433 

-3 

Johnson MSanney 

2 

566 


Ktogfisnarf 

856 

<72 


ICw* Sow 

710 

538 

-e 

LndtK+nf 

4^00 

150 

-1 

Land Secumxwt 

35 

621 

*4 


409 

MW 

•8 

\jifi * Qamrslf 

011 

447 

♦3 

Uoytto Abbey 

Uoyrta Bankf 

991 

2.000 

351 

571 

-2 

LASMO 

Dsna 

147 

-3 

London Beet 

451 

746 

*21 


445 

131 

-1 

P l*~3<t 

686 

194 

*1 

UEPCt 

1.400 

426 

*3 

l.'P 

312 

132 


Manweb 

537 

630 

-.-3 

Marts & Spencer) 
r-feflandt OecL 

4.600 

422 

416 

799 

• 1 

Mermen (Wml 

32 

132 

-2 

NFC 

1-400 

182 

4* 

NmWeatBanLf 

t*H 

509 

*5 

National Power) 

£.300 

496 

-1 

Need 

2000 



North West Wanrt 

670 

566 

♦ 3 

Norltwir, Boo. 

3W 

844 


Northern Foodat 

345 

203 


Nonaeb 

103 

839 

<24 

Pnantonf 

SjOOO 

042 


PftOt 

1.400 

838 

4? 

P*mgton 

1.600 

1&4 


PowtOwt 

PoKianUarf 

1,700 

1 700 

506 

315 

*2 

HMCt 

300 

978 


mzt 

2.400 

857 

.* 

Racol 

2.400 

»1 

-4 


1.000 

4CUlj 


Bectan ft Cdmartt 

2.400 

588 

>3 

Redumctf 

1.000 

454 


Bend nttf 

1.000 

752 

*1 

RenuASt 

Poutenf 

503 

2.700 

227*2 

483 

-5 

Rcfla ftoycef 

2.900 

176*2 


Ryl Bk ScoBai+lt 

Rcjvxif [nominee t 

1000 

6.00/ 

449 

260 

** 

Saratourvt 

Schnxtest 

1.600 

A 

399 

1358 

♦ 1 

ScoMsh ft Nwr.t 

730 

52£ 

wA 

Sett HvOio-EIbcl 

1.500 

323 

♦ 1 

Scrtnen Powerf 

864 

350*2 


Searaf 

1.700 

107 


Setfewk* 

1.200 

147 

-7 


742 

440 

-e 


«7 

585 

+ T 2 

She* Transportf 

3.100 

72fl 

-ft 


626 

540 

*7 

Slough Eels 

227 

224 


Snath (WKj 

6« 

465 

-l 

EatMli S Nepnewf 

612 

142*4 

-1*4 

SmW Beechamt 

4ja» 

4CH 

-3 


j.aoo 

372 

- i 

Smiths todt 

729 

452 

♦J 

Southern BeCLf 

1J00 

818 

.10 

South Wales 8ecL 

2AJ 

830 


South Wes Waito 

230 

S2S 



139 

0O6 

.10 

Somhern Watt? 

602 

618 

♦10 

Standard OtorttlT 

4-000 

2B6 


StDKhOusa 

a.ioo 

21? 

-2 

Sun ASanoef 

1.500 

334 

-1 

TSN 

365 

2 16 


T1 Cittupf 

707 

357 

-1 

TS&f 

1JOO 

228 

•2 

Taraac 

715 

12- 

•1 

Tate Style 

1S2 

424 

’2 

Tayw Wooo row 

745 

128 



825 

23J'l 

531*2 


Thamea Waterf 

6.400 

-*# 

IhmEM) 

301 

976 

*- 

Tomhtwf 

2.100 

211 


Tr«ger House 

35 5 

01 


Untaam 

LOOK 



UnSMSrt 

668 

1142 


tinted Beouuat 

2.200 

315 


UbL Newspapers 

J27 

508 


Vodatonef 

4600 

213 


Waiburg.eGft 

970 

514 


MfeOconwt 

770 

S32 


Wdsn Water 

1.000 

675 


Wtea* Water 

U00 

317 

-1 

Wtwtbrtftjf 

1.900 

587 


iMBami Hldgs-t 

534 

345 


WBto Conoon 





UDO 

140 

*3 

wawfcvt 

875 

780 

b! 

YorttoneBecl 

1^00 

759 


YorhritoB IMner 

775 

555 

*2 

Zenecat 

2 100 

058 

-3 


Based on pnKtowi votoRM tor a tutacuan or mV 
KWAn daall Bveugn BW S€A0 SVFW" 
yesterday unH 4 JQcxn Trades cl on* m#.:m a 
mxe an founded down. t InOcrirt an FT-SE 
100 (Mu oontajuam 


After traffic growth of 12 per 
cent in September, most ana- 
lysts are expecting a signifi- 
cant slowdown for the latest 
month as BA moves into 
slower seasonal trading. Best 
bets among the major bouses 
point to an October traffic gain 
of between 4 and 5 per cent 

At ali events tbe shares 
traded in a turnover of 4m. 
helped by stories that a big US 
house - possibly Goldman 
Sachs - was recommending cli- 
ents to buy a portfolio of air- 
line stocks with a heavy- Euro- 
pean weighting, including 
KLM and BA. 

Leading stores group Marks 
and Spencer was sold in early 
trading following news that 
the head of its US anu had quit 
the company. Although Brooks 
Brothers represents a very 
small part of M&S profits, 
there were concerns that the 
resignation foreshadowed a 
general withdrawal from the 
US. Some particularly bearish 
analysts saw signs tbat UK 
retailers were unable to oper- 
ate successfully overseas. M&S 
receded 4 before rallying with 
the market to close a net 
penny up at 4lSp. 

Elsewhere in the sector, 
Storehouse was also weaker, 
with turnover heavy at over 
8m shares and the shares slip- 
ping 2 to 217p. 

Dixons was actively traded, 
with dealers saying that the 
3.5m turnover represented a 
strong two-way pull on the 
stock. The shares fell 3'/» to 
192p, with Smith New Court 
believed to have been putting 
the sell argument. 


NEW HIGHS AND 
LOWS FOR 1994 


NEW HIGHS (21|. 

CUTS (1) DISTRIBUTORS (I) Adam & Harvey. 
mvERHRBJ MDLS Ml UwhIk. 
ENGINEERING (2} Baynes IQ, Spnu-SaruK 
EXTRACTIVE INDS (3) Catednnu Mmg. Rand 
Mm. Western Metals. INVESTMENT TRUSTS 
B Ftomtog tort hfigh Zero Dtv Pit. Yeoman Zero 
Pit. on. EXPLORATION ft PROD (1) Aron 
Energy. OTHER FINANCIAL Op EdYtugh Fund 
Mngn., Jupaer Tyndal. Strwagemp, OTHER 
SEHV& A BUSHS (1) Angfc-En* Plants.. 
PHARMACEUTICALS (1) Astra. SUPPORT 
5EHVS 01 Computer Ftepto. 
TELECOMMUNICATIONS (1) II won T ft T. 
TEXTILES A APPAREL (1| BrKUon-Gurejrv. 
TRANSPORT (2} Jacobs UH. P 4 O SVpc Pnd.. 
NEW LOWS (Ttt- 

GILTS (1) BUILDING A CNSTRN fS] AMEC «Vp 
Prf, Borrott Devlpt. Htoao. BLOG MATLS A 
MCKTS Ml HewAL DISTRIBUTORS (4 Dtooma. 
Fame*. Glenctwwion, Lex Service. DIVERSinED 
INDLS (1) Rowel Dutlrvn, BLECTRNC A ELECT 
EQUP K| Bx*. Detra Forward. Gestetner, 
ENOMEStING M) APV. GE1 tort. MeKectna. 
OM tort. EXTRACTIVE INDS [2} Ayer Htnm. 
Rjckwootf, HEALTH CARE (S) AAH. Haemoa* 
Kymxti. HOUSCHOCD GOODS HI CcndveB 
ParVa a INSURANCE HAm Cara. Luanda* 
Lam een, PWS Hogs.. INVESTMENT TRUSTS 
(3} INVESTMENT COMPANIES H) LBSURE a 
HOTELS PI Anon SHp Cw. Pf. Flrtt Leeure. 
Wembley. MEDIA p) Hodder Fteadbne, Tmly 
IrU’L, OTHB1 FMAHOAL (Q Bern,. Brtil S 
Noble. Energy Ce&Ki. PHARMACEUTICALS Ml 
Huntingdon tort. PRTNG, PAPER & PACMG (4) 
Bemrasa. Bnt Thonnon. Lonujn MardOA, Wacs 
ape On. pi., property (iai Mghw iaea, 
CAssteriMto. Ctoibid ThiSL DaetatL Fiscal, 
Hemlnguniy. Pont Property TruK(PVT]. Ragatan. 
EaXWi MenopoUtan. Stoutfi 8Wp Nei Plf, 
Spedaxv Shops. Mtamt Estate. RETAILERS. 
POOD p) Daay Farm top.. Madn a Peacock. 
RETAILERS, GENERAL & MacU 1WOT, 
Sothobys. Upton S Southern, SUPPORT SERVS 
(2) Gresham Telecomputing, Mciogen, 

TEXTILES A APPAREL ffl Hoitotone. Lftter. 
Sfcnmo. TRANSPORT (1) Vara 

Tobacco and insurance con- 
glomerate BAT Industries fell 
9 in reaction to the launch of a 
class action lawsuit in Florida 
against leading tobacco manu- 
facturers. Analysts said the 
Florida tobacco action is to be 
certified a class action and 
posed more liability danger 


than previous tobacco law- 
suits. 

However, the shares received 
broker support - Lehman 
Brothers recommended them 
ahead of third-quarter figures 
today - and they ended tbe day 
only 2 lower at 437p. 

Wellcome, the pharmaceuti- 
cals group, fell 7 to 632p follow- 
ing a television news report 
which cast a shadow over Sep- 
trm, a product to which Well- 
come contributes. 

Bank shares were firmer, 
with the UK sector boosted by 
news that the Lehman 
Brothers strategy team has 
included it as one of its most 
attractive sectors. 

Royal Bank of Scotland, 
which ran up 9 to 449p yes- 
terday, was one of Lehman's 
favoured UK banking stocks. 

Standard Chartered dipped 7 
to 286p after James Capel. the 
agency broker, was said to 
have placed l.5m shares. 
Another leading broking bouse 
was said to have recommended 
a switch out of Standard and 
into HSBC. 

Royal Insurance easily out- 
paced the rest of the composite 
insurance sector and were 
given a strong push by BZW, 
whose insurance team recently 
visited Royal's US operations. 
BZW insisted the shares were 
“some 20 per cent underval- 
ued.” It said the outlook for 
Royal's US operations was con- 
siderably more promising and 
a convergence to industry 
average returns would imply a 
turnaround of some $l50m per 
annum in pre-tax profits. By 
the close Royal shares were 7 


higher at 299p. 

There was no let-up in the 
chase to buy the utilities with 
the Rees posting further big 
gains on the prospects of bum- 
per special dividends and big 
profits gains when the interim 
reporting season gets under- 
way in December. 

And water stocks were 
boosted by higher than expec- 
ted interims from Thames 
Water, although profit-taking 
left the latter easier at 53T/iP- 

In the Rees, East Midland 
jumped 35 to 721p as the mar 
bet became increasingly 
excited about the prospect of 
another special dividend post 
the sell off of the National 
Grid. Other Rees to move 
higher included Eastern, 25 ’A 
firmer at 821'Ap and Man web, 
23 better at 830p. 

A press report that Euro- 
tunnel faces a potentially 
heavy bill for local authority 
rates pushed the shares 4 
lower to 231p in very thin trad- 
ing conditions. The company is 
said to be seeking government 
help to soften a rates assess- 
ment of £42m by Folkstone 
county council. The assess- 
ment compares with forecast 
revenue by the company for 
this year of around £37m. 

Media conglomerate Pearson 
improved 8 to 642p as S.G. War- 
burg reiterated its positive 
recommendation. 

MARKET REPORTERSe 

Steve Thompson, 

Peter John, 

Jeffrey Brown. 

■ Other statistics. Page 19 


LONDON EQUITIES 





— 

Calls 

— 

— 

-Puts 


Option 


Jan 

Apr 

Jot 

Jan 

Apr 

Ju 

Men Doom 

600 

21 

35 

42 

12 

29V 

40V 

raw i 

650 

6'y 

16*, 

21V 

57V 

62 

72 

Arm* 

260 

14V, 

22 

25 

12 

17 

22 

f*262 J 

2B0 

6*ft 

13 

16 

24 

28V 

34 

ASDA 

80 

5 

6Vr 

8 

3 

5V 

6 

reo i 

70 

IVj 

3 

4V 

10 

12 

12 

Bw Always 

360 

19 

29 

36 

17 

23 

29V 

r» i 

390 

B 

18V- 

23V 

36V 

41 

47V 

SHIBctnA 

390 

25 

34 V, 

41 

13 

20 

25 

1*403 1 

420 

12 

21 

27V 

29 

35V 

41 

Boos 

500 

38 

52 V, 

58 

?V 

14V 

22 

C531 ) 

550 

12*5 

26 

32V 

33 

38 

46V 

BP 

420 

21 V> 

304 

37 

14 

20V 

25V 

T426 | 

460 

B 

13 

19V 

38V 

44 

48 

Snttan SteO 

140 

21 vt 

25 V, ; 

28V 

IV 

3V 

6 

1*158 ) 

160 

8V. 

14 

17 

&V 

11V 

14 

Bass 

500 

55 

58 V, 

85 

?v 

12V 

13 

rs«9 » 

550 

IB's 

28 >, 

39 

29 

34 

<1 

WMaSWrs 

390 

33 Vs 

45 V, 

54 

12 

18 

25V 

1*410 I 

«0 

17*4 

ffl'ft 

38V 

25V 

32V 

40 

L'ouiaUUs 

420 

36 vs 

46 

52 

10 

13V 

21V 

1*447 ) 

460 

14V- 

25 

31V 

29 

32V 

41 

'jynni iwn 

493 

59 V: 

85 

- 

3v 

12 

- 

T542 | 

543 

25 

33 V, 

- 

19V 

33 


IQ 

750 

68’ft 

80 

88 

9 

23 

32 

P799 1 

BOO 

36 

49V 

BO 

27V 

45 

MV 

Kmgltsner 

480 

33’t 

47V, 

51 

13 

22 

29 V 

P473 1 

500 

11 Vr 

28 V 

32 

33 

43 

51 

Lana Sea* 

SCO 

30Vr 

43i, ! 

50V 

12V 

16 : 

26V 

dco i 

650 

9 

20 

28 

41V 

43V 

55 

Matte ft 5 

390 

32'V 

42 

49 

4V 

ev 

11V 

P416 1 

420 

14 V. 

24V 

31 

16 

22 

24 

AavMst 

500 

31 

40V 

50 

16V 

31V 

36 

f*509 i 

550 

11 

19 

20 

46 

61V 1 

55V 

Safiistury 

390 

2ZV. 

34V 42V 

14 

19V . 

27 V 

/TSS 1 

420 

9 

30V 291.- 

»'t 

38V 


9+4 Irani 

700 

43 

53V 

60 

9'5 

22 : 


C725 > 

750 

15 

26 

34 

32V 

48 

52 

Suehouse 

200 

21 

24V : 

28V 


5 

7 

T2I7 » 

220 

B'» 

13 

17V 

10V 

13 

15V 

Tra) Jgai 

80 

6 

9 ' 

ID*, 

5 V 

7 

8 

(-81 1 

90 

2*1 

5 

6V 

12 

I2V 

14 

Uni tenor 

11 JO 

83 

82V 

94 

16V 

31V 


nun 

1150 

334 

34 56V : 

37V 

55 1 

iSv 

■Teneca 

850 

414 

56 B7V 

24 V 

42V - 

16V 

(-858 l 

900 

ID'ft 

33 

45 

52 V 

71 

78 

Opnan 


Ron 

Feb 1 

Hiy 

Nov 

Feb 1 

Mat 

tore) Met 

390 

30 

38 

44 

IV 

11 

14V 

(*416 i 

420 

8 

20 

28 

H 

;«v ; 


tadbnAe 

140 

12 

18 V 21V 

t 

5 

B 

TIM p 

160 

2 

8V 

12 

Tl 

14V 

19 

(lid EflxuBS 

300 

17V, : 

28V : 

BW 

2 

7 1 

15V 

1*313 ; 

3 M 

3 

13V 

18 

IS 

22 32V 

Opoon 


Dec 

Mat 

Jill 

Dec 

Ma 

Jun 

Ftsorrs 

uO 

10 

14V 

IB 

4V 

7 

9 

1*116 1 

120 

sw 

10 13V 

10 

17 

T4 

Option 


not 

Feb M aj 

NO, 

Feb 1 

Way 

Brrl Aero 

420 

39 

SS S2V 

s 

17 25V 


1-451 I 4«i 16 33ti OV 22<* 341- « 

BAT Imfc 4J0 ZZ 36 434 3 \ i 12 2«<S 

(*436 | 460 a 1614 24 2V‘ 33* 46'f 

BTR 300 12 21b 26 4't 10 I7i- 

1*306 I 330 1W B 1 * 13 24V. 28 35* 

Bnt Ifltewn 390 13 20 28 4 14 ib 

1 - 39 ? I f*» 8 15 23 33* J6 

C3*UT M 420 ZJh X'l 41 2 R 16 1 - 

(■44fl I 460 1W 15W Z1 2I’» 27 

team litc aoo 33 56 77te MV? 39 'r 50+ 

f*82l ) S50 ID 32 54 45 66 75V? 

Guinness 460 15 2B 3Si* 4<«: 12 1 * 2i " 

1-468 1 S00 1 IIT.j 17 3iv? 15W 44 

GEC 280 21 Ml? 31 5 ^ 7 

79 > 2»' 7 13 19 S'? 12 15 




— 

Cals 

i ... 

MS 

— 

Option 


Hot 

Feb 

May 

Not 

Feb 

Kby 

Haison 

220 

12V 

16V 

19V 

IV 

6V 

10V 

root 

240 

2 

7 

10V 

11 

17 

21 

tasmo 

134 

14 

- 

- 

V 

- 

- 

1*147 ) 

154 

2V 

- 

_ 

9 

- 

- 

tutas mb 

180 

14V 

21 

24V 

1 

5V 

BV 

ri92 | 

200 

3W 

10 

14V 

9V 

14V 

16V 

P ft 0 

600 

43V 

61 

70V 

2 

nv 

28 

rsas ) 

65P 

13 

31 

43 

IffV 

31 

49V 

fmiiiflion 

180 

14V 

16 

22V 

1 

5 

8 

T193 1 

200 

3 

7V 

12 

9 

15 

17V 

Prudemld 

300 

18V 

28 

31V 

2 

7V 

14V 

1*315 1 

330 

3 

1ZJ* 

18 

16 

31V 

37 

HT7 

850 

22 

48V 

S9V 

12 

28V 

45 

C857 ) 

900 

4 

25V 

36V 

44V 

56V 

73V 

fiMtond 

480 

13V 

31 

3BV 

9 

19V 

34 

T462 1 

500 

IV 

14 

2Z 

36V 

43V 

£0 

Royal trie 

280 

21V 

32 

37V 

2 

9 

14V 

1*299 p 

300 

av 

20V 

27 

9V 

17 

24 V 

Testa 

220 

15V 

23 

26 

1 

5 

10 

(-234 , 

240 

3V 

11V 

17 

9 

14 

£0 

V-xlalone 

200 

IS 

21 

Z7V 

IV 

TV 

9W 

T2I2 1 

217 

4V 

12 

- 

B 

15 

- 

Wiliams 

rs 

22 

- 

— 


- 

- 

1*344 1 

354 

4 

- 

- 

11V 

- 

- 

Option 


Jan 

Apr 

Jut 

Jan 

Apr 

Jut 

BAA 

500 

28V 

39 

47 

10V 

15 

10 

C577 l 

52S 

15 

25V 

- 

22 

26V 

- 

Haros Wtr 

500 

37 

51V 

59V 

10 V 

16 

25V 

(*531 i 

SO 

12V 

26V 

33 

35V 

41 : 

51V 

Ofttui 


Dec 

Mar 

■kai 

Dec 

Mar 

Jin 

Abney Natl 

390 

31V 

40V 

44V 

4V 

14V 

a) 

f413 p 

420 

13 

23V 

28V 

16V 

29V 

35 


35 

4V 

5V 

6 

to 

IV 

2 

C28 ) 

30 

IV 

3 

4 

3 

4 

4V 

(arcivr. 

550 

4B 

61V i 

S8W 

6 

IT 

24 

T587 1 

600 

17 

32V 

42 

24 V 

40V 

48 

Blue Qride 

280 

13V 

21 . 

26V 

9V 

14V 

22 

f2B1 ) 

300 

5V 

12V 

IB 

22 

25V 

34 

Bmi* is 

280 

17 

25 : 

29V 

5 

ah 

16 

(-289 | 

300 

BV 

14V 

19V 

14 

18V : 

35V 

Dow* 

180 

17V 

22V : 

27V 

4 

9 

12V 

ri9£ i 

200 

7V 

12V 

17V 

13 

19 : 

22V 

Hrisdown 

160 

11V 

IS 

19 

3V 

fiV 

11 

1*166 t 

130 

3 

5V 

10 

IS 

17 

23 

LoraTo 

130 

3 

11V 

15 

5V 

10V 

12 

ria p 

NO 

4 

7V 

10V 

IMt 

16V 

16 

Han Power 

4»M 

41V 

S3 

64 

5V 

i£v : 

22V 

1*496 | 

500 

17 

30 

41 

19V : 

28V ; 

JBV 

Sea Power 

360 

18 : 

26V 

36 

15 

I4V ; 

av 

i-360 P 

390 

7 

14V 23V 

34 

42 

47 

Swift 

100 

8V 

12 

14 

1 

3V 

5V 

(*107 | 

no 

4 

7 

av 

5 

8 

10V 

Forte 

230 

18V 

25 

29 

4 

6V ' 

11V 

P2U 1 

240 

7 

14 

18 

13 

is : 

11V 

Tar nut 

120 

9V 

14V ■ 

iav 

4V 

a ' 

11V 

n24 p 

130 

5 

10 

13V 

10 

nv ■ 

(BV 

Thom EWl 

960 

50 

63 88V 

12V ; 

27V 35V 

CW2 1 

1000 

22 38V 

58 

J4 

52 

59 

TSB 

2M 

13V 

19 

23 

5V 

12 

15 

T227 » 

240 

4 

9V ' 

14V 

17 ; 

KV 26V 

TtoiAins 

ICO 

16V 

21 : 

35 V 

3V 

7V 1 

IBV 

T211 1 

220 

6 

11 1 

ISV 

13 

18 20V 

Weacome 

600 . 

t9V 

68 

79 

14 : 

XV 

37 

1*630 1 

650 : 

Z2V 

42 

S3 

3T 

47 61V 

Option 


Jan 

Apr 

Jut 

Jan 

Apr 

Jd 

ffcrn 

550 60V 

72 02V ' 

IQV 

23 

2B 

(*594 1 

600 : 

30V 43V 5BV . 

MV 

45 51 V 

HSBC fio vs 

TOO! 

50V 67V 78V 

24 . 

17V 

57 

rns i 

750 27V 44 V 55V 

51 

re 

85 

Betiieri 

480 37V 

47 

56 1 

nv • 

18V 23V 

1*482 ) 

500 

16 26V 

36 

30 

38 

43 

C?aon 


No* 

Fob May 

NOT 

Feb May 

fMb-Rma 

160 ' 

17V 

23 

26 

1 

3V 

7 

H76 > 

1B0 

4 

12 

15 

7V 

12 

16 


- Urctettving leruniy fieri Ptemtims, atxwn Arp 
WJU i vi rt>s«ig ore* pnera. 

Ntwwnhn i. Towf contact!. 22.45* Ca«- 1 1.0® 
Puis 10.48? 



Oct % ehg Od Da Tear Gross dhr SZ week 

31 on day 28 27 age i High law 


Geld Hines todex (341 
■ Regional indices 

AJnoi i!6i 
Auarataso (r» 

Haiti Amcnca till 


2155-91 

-/L6 

2169JB 221080 1976.43 

1.98 

2367.40 1762.02 

3502 31 

-2J 

358521 3829 99 271791 

3.66 

371 tBT 2304.45 

7831 09 

+06 

2914 S3 2891 IS 2223.17 

1 72 

3013.80 2W1.66 

1656 06 

+02 

165326 1686 06 172917 

0.61 

203965 146811 


Fapyrgnt T}» redin' ut Tifi>m LuniirS l'*>: 

Fql> 4S in t»ac-f 4 stv;» roni.-r o' Bs» VS Twnnrs Btr»< VAioe lOOOOO .BinJTM. 

PiJOectAfix Qctu Mivs Inoet ran 1 2W.1 . Jay's cAaiVjn 10B pant i+a< PnrtaL 


RISES AND FALLS YESTERDAY 



FOses 

Foie 

Same 

British Funds — — 

53 

14 

4 





Mineral Extraction — _ 

19 

98 

79 

General Manutacturere — 

1(37 

128 

400 






70 

92 

333 

UtfUJes 

26 

7 

11 





investment Trusts 

31 

126 

308 

Others . 

31 

53 

33 

Totals 

429 

<596 

1464 


Dam baaed cn ibose oompamw acted on me London Share Son**. 


TRADITIONAL OPTIONS 

Rrct Dealings October 24 Expiry January 26 

Last Daaflngs November 4 Settlement February B 

Cans: BJc of Scotfend, Kunlcfc, Regent Corp, SeleLand, S Wales Beet, Tadpole Tech, 
tfldeoLoglc. Puts: Regent Corp. 


LONDON RECENT ISSUES: EQUITIES 


Issue 

prim 

P 

Ami 

tnd 

up 

MM. 

cap 

IfimJ 

1994 

High Low Stock 

dose 

pnee 

D 

+/- 

Net 

dhr. 

Dhr. Gift 
con. ytd 

P/E 

net 

- 

F.P. 

0A2 

6*3 

4 APTA Wma. 

6 


_ 


_ 

_ 

- 

FJ». 

109 

180 

180 ifAdare Pnflg 

180 


- 


- 

- 

- 

FJ>. 

9-83 

73 

63 Arlesian Esfc. 

73 


- 

- 

- 

- 

IDO 

FP. 

174.0 

93 

97 BZW Cammed flies 

87 

-2 

- 


— 

- 

- 

F.P. 

17 2 

47 

42 Do. Wra 

43 

-2 

_ 


_ 

. 

- 

F.P. 

496 

92 

65 fCafairu 

92 


- 

- 

- 

- 

280 

FP. 

30.3 

285 

280 Chunchfl Ona 

285 


RN9.ee 

12 

43 

13J 

63 

FP. 

12.2 

68 

65 Ennemb 

67 


RN0.71 

M 

IS 

34 

- 

FP. 

567 

140 

108 Fttronte Clak 

135 

*10 

RN0.75 

2j$ 

0.7 

45.4 

115 

FP. 

382 

1» 

115 Games WctVshop 

123 

-a 

RN4.fi 

25 

4.7 

11i 

- 

F.P. 

2.16 

35 

26 Group Dv Cap WH 

M 

-1 

- 

- 

- 

- 

- 

F.P. 

29.0 

62 

58 Hambroa Sm Asian 

58 


- 

- 

- 

- 

- 

F.P. 

2.70 

30 

27 Do Warrants 

27 


- 

» 

- 

- 

180 

FP. 

167.5 

223 

205 inah Permanent 

220 

-3 

UNGJ) 


3.4 

7.7 

180 

F.P. 

4J&9 

181 

160 Man ED i F 

170 

+t 

HN8J3 

1^ 

6J 

34 

- 

F.P. 

3402 

488 

475 Profit Inc. 

488 


- 

- 

- 

_ 

135 

F.P. 

583 

149 

136 Servtst* 

145 


RN3P 

1.3 

3J 

23.5 

- 

F.P. 

8.28 

82 

57 Whicfturch 

62 


RN125 

3-0 

2 S 

130 

- 

F.P. 

292 

360 

335 Wrexham Water 



- 

- 

- 

- 

- 

F.P. 

4 74 

330 

320 Do. NV 

320 


- 

- 

- 

- 


RIGHTS OFFERS 


Issue 

price 

P 

Amount 

paid 

UP 

Latest 

Reraoi 

date 

1994 

High Low 

Stock 

Closing 

Price 

P 

+OT- 

17 

N1 

2712 

2pm 

Upm 

APTA Health 

Jtpm 


20 

ha 

a/12 

4*2pm 

3*spm 

Buflere 

4pm 


118 

N# 

28/11 

20pm 

Bpm 

Cattles 

15pm 

44 

h4p 

Ml 

25/1 1 

*4pm 

*4 pm 

Dragon OH 

*4 pm 


soo 

Nil 

12/12 

50pm 

34pm 

Matthew Clark 

34pm 

^5 

26 

m 

22/11 

*xpm 

*4 pm 

Novo 

*4pm 


180 

Ni 

9/12 

16pm 

Spm 

Skflaw 

14pm 

-1 

Ii330p 

Hi 

2S/11 

59pm 

25pm 

Smw« (J) 

35pm 

-6 

5 

Nl 

15/11 

2>?pm 

Jipm 

4-UnPon Square 

■Vppm 



FINANCIAL TIMES EQUITY INDICES 



Nov 1 

Oct 31 

Oct 28 

Oct 27 

Oct 28 

Yr ago 

•High 

■Low 

Ordinary Shore 

2380.0 

2351.9 

2345.1 

2310.8 

2298.5 

2387.4 

2713.0 

22406 

Ord dm yield 

436 

4.37 

4jsa 

4,46 

4.47 

3J7 

431 

343 

Ewn. ytd. *5 hil 

8l22 

6.23 

6-25 

6.34 

BJ7 

4.4S 

351 

382 

?.*£ rain net 

17^2 

17.48* 

17.44t 

17.18L 

17.10? 

27.97 

33.43 

1634 

P/E ratio nfl 

18.06 

18.01 

17.96 

17.70 

17.61 

2S.92 

3080 

7739 


-Fur ISM. Otravy Stxre mt ax eamp-leton: Ugh 2711B 2/0 VBA: low 4P.J X/BM 

FT i>dnaiv Shorn Mas bace dale ir7/%. tConecrod vMues. 


Ordinary Share houfy etienges 

Open SLOP 10J30 11J30 12. 00 13. 00 140 0 ISM l&CO H&> Law 
2345 0 2351.7 2351.7 2348.8 2353.4 2354,1 2351.8 2351.0 2349.8 2360X1 23418 



Nov 1 

Oct 31 

Oct 28 

Oct 27 

Oct 26 

Yr ago 

SEAQ bargdnb 

24.489 

27,021 

22,467 

21.172 

21.225 

28.905 

Eqtmy lumover (Em)t 

- 

1111.7 

1184.B 

1109.6 

999,9 

1588.6 

Equity bargamst 

- 

29.117 

26^18 

24^53 

24^27 

33^99 

Shares traded imflr 

- 

3BZjB 

462.4 

4653 

434.7 

5713 

tEjtoudPng iniRHiiarM busies and ovemeaa nanouer. 





P A Prime Site for your 
Commercial Property Advertising 

Advertise your properly to approximately 
1 million FT readers in 160 countries. 

For details: 

Call Emma Mulfaly on +44 71 873 3574 
or Fax: +44 71 873 3098 





26 





























































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FINANCIAL TIMES WEDNESDAY NOVEMBER 2 1994 




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FINANCIAL TIMES WEDNESDAY NOVEMBER 2 1994 


CURRENCIES AND MONEY 


MARKETS REPORT 


-inn pi n INTEREST PATES 


Bank calms market nerves about higher rates 


MONEY RATES 

Mo « rtWr1 B £* — 


Sterling lost some of its lustre 
yesterday after the Bank of 
England released a fairly 
benign quarterly inflation 
report, writes Philip Gaurith. 

Traders assumed that the 
Bank's report makes less likely 
a decision to raise interest 
rates at today’s monthly mone- 
tary meeting between the 
chancellor and the governor of 
the Bank nf En gland. 

The report prompted a sharp 
rally in short sterling futures 
as traders scrambled to cover 
short positions they had taken 
ahead of the report's release. 

The pound closed in London 
at DM2.4510. from DM2.45S3. 
and at $1.6347, from $1.6306. 
After the report was released, 
it fell to DM2.44 and below 
$1.63, before recovering. 

The dollar traded sideways, 
finishing at DM1 .4994 from 
DM1.5077. and Y96.755 from 
Y96.95, despite a purchasing 
managers’ report showing 
stronger than expected price 
pressures. 

Trade elsewhere was fairly 
thin , with most of Europe 


closed for All Saints Day. The 
D-Mark was stronger against 
the lira, rising to L1.Q27, from 
Ll, 023. It was also firmer 
a gain st the krona, trading yes- 
terday evening at SKr4.804 
from SKr4.7B0. 


■ The three month sterling 
LIBOR rate finned to 64 per 
cent, from 6£ per cent, as trad- 
ers got nervy about the pros- 
pect of higher rates. It later 
eased to 6V6 per cent when the 
Bank’s report, saying that the 
inflation outlook had 
improved, was released. 

In the short sterling market, 
prices jumped in after hours 
trading, with the March con- 
tract rising around 15 basis 
points to 92.75. from 92.60. Ana- 
lysts said the market was 
experi encing a massive short- 
covering rally. 


■ Pound hi How York 


Ini 

IrWta 

- Prw. dare 

£8pat 

1-6315 

18355 

1 iteti 

1.6306 

1.6347 

3 mm 

1^299 

18340 

1 »r 

18291 

1.6228 


The core conclusion in the 
report was that the inflation 
outlook had improved. The 
Bank now expects underlying 
inflation to be around 2£ per 
cent in two years time, down 
from the forecast in its last 
report of about 3 per cent. 

Although the market's 
response was very bullish, 
some analysts said that an 
early rate rise had not been 
ruled out 

Earlier there had been little 
to be gleaned from the Bank’s 
daily money market 
operations. It provided £15m 
late assistance, after earlier 
providing £677m liquidity at 
established rates. The daily 
shortage was £900m. Overnight 
money traded between 5% and 
6ft per cent 

One seasoned money market 
observer said that the old days 
of reading the monetary ‘'tea- 
leaves”. for hints of the direc- 
tion of policy, were past While 
it was fair to assume that a 
sustained period of easy money 
rates had the acquiescence of 
the Bank, It would not be cor- 


Starilng 


Trade- weigh te d Index. 1985 = 100 
81.5 -——**—* ** *— • *~— 


aao 


79.0 It I 


■ Sep 1994 Nov 

Scarce: FT Graphite 


rect to assume that tighter 
monetary conditions necessar- 
ily conveyed any signal about 
the Bank's intentions. 

As likely as not he said, this 
reflected technical factors, 
such as who was holding trea- 
sury bills, and whether or not 
they wanted to sell them to the 

Rank 

“Now the focus is on the 


monthly monetary meeting. 
We have the Ken and Eddie 
show,” he said. 

Mr Tony Norfield, UK trea- 
sury economist at Abn-Amro, 
said the market would anyway 
be very suspicious of any mes- 
sage the Bank was alleged to 
be sending through its daily 
market operations. 

Many in the market were 
caught offside when the Bank 
last raised rates on September 
12. They mistakenly inferred 
then that the Bank planned no 
policy change when it set a 
two week repurchase agree- 
ment, at established rates, a 
few days before it raised rates. 

One point made in favour of 
maintaining the status quo is 
that the trade- weighted ster- 
ling index has appreciated by 
three per cent, from 78.6 before 
the last rate rise to yesterday's 
close of 80.9. This, according to 
a rule of thumb sometimes 
cited in the market, is equiva- 
lent to a rise in interest rates 
of about 75 basis points. 

Some analysts felt the gover- 
nor of the Bank, Mr Eddie 


George, had boxed itself into a 
comer with his recent rhetoric. 
Mr Nick Parsons, treasury 
economist at CIBC, said if rats 
were raised against the back- 
drop of recent “emollient” com- 
ments about inflation, “this 
would render totally ineffective 
the speeches he gives on a 
weekly baas. What the market 
needs is a period of stability, 
not a period of central bank 
induced instability.” 


MflKW 
week ago 
franco 
week ago 
Germany 
week ago 


4ft *8 5* 

*6 4 * 614 

66 65 W 

54 54 S% 

4.93 4.95 6.15 

4.98 4.95 S-15 

Si 5K Si 

Si 5ft 54 

8ft aft a? 


65 5ft 
54 3ft 


4.84 4.99 522 

4.84 420 620 

34 » «* 


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6 54 


5 &ft 

2ft 24 


2ft 2ft 


■ The dollar weakened in line 
with bonds after the NAPM 
report was released, with the 
inflation component rising to 
79.9 from 77.1. It later regained 
some ground after comments 
from Mr Mickey Kan tor. the 
US trade representative, eased 
concerns about trade tensions 
with Japan. 


jr 0 * 890 IS aft as fli «i - 7.60 aa 

4J}4 4.99 622 MB £75 - 525 _ - • 

<84 4_Bg 520 £35 6.73 - 525 - 

» 44 4ft 4ft 6625 aso 

3 3ft 4ft 4ft 4H 6fflS £50 . — 

week ago « 6 5ft 5ft 84 - 400 .- 

J 5 a a : S : 

2 s A a ■ — =-«», -- 

Interbank FU»g - 54 » !* _ I 

we* ago - 54 5ft 6 

US Doflor CDe - 4 - 98 jj-f? f'f? " I 

wt**ag° - 4-» 538. £71 831 - - 

SDR Lilted Os "222 4 I - I 


54 6ft 
64 SB 


498 533 

498 538. 


3ft 3ft 
3M 3ft 


Ono 

Lamb. 

Os. 

Rbpo 

ywr 

Mw, 

rate 

rate 

61 

7.40 

4£0 


6% 

7.40 

4450 

. ^ 

64 

£00 

- 

£75 

6% 

£00 

• - 

£75 

£60 

8.00 

4450 1 

4J5 

£68 

£00 

4£0‘ 

4£5 

m 

- 

- 

£25 

Tk 

- 

- 

£25 


- 

7£0 

£20 

10% 

- 

7£0 


£75 

- 

£25 

- 

£75 

- 

£25 


4% 

£625 

aso 

_• 

4% 

£625 

A50 

_ 

8ft 

• - 

£00 


6K 

- 

4.00 

_ 

2% 

- 

1.75 

_ 

» 

- 

1,75 


8* 

_ 



8ft 

- 


- 

£35 

- 

- 

_ 

£31 

- 



4 

- 

. - 

- 

4 

- 

■ - 

•- 


A - “* 

I* * ff 


i .. 


to 1 E S 

hnpary 176310 - 175«8 1074Z0 - 107520 

HW J835JJ0 - 2B3LOO 1748,00 - 175000 
Kute 0.4849 - 0483 03967 - 02972 

POM 37E37J ■ 37817.5 23(000 - 231300 

AM 5051-20 - 506094 309000 - 3099.00 

UA£ 59B12 ■ 00032 34715 - 16735 


EURO CURRENCY INTEREST RATES 

Now 1 Short 7 day* One TTw* _S* 

term nolice month montf» montha_ 


Belgian franc 4(3 ■ 4jJ 

Danish Krona Slj - 5ft 

D-Mark 5% - 5 

Dutch Gutter 6-4% 

French Franc Sft - 6^ 

Portuguese Esc. 9 s * - 9 
Spanish Peseta 7*2 - 7% 

Stertng 6% - 5% 


POUND SPOT FORWARD AGAINST TH£: PO'-ji JD 


•DOLLAR SPOT FORWARD AGAINST TIHE DOLLAR / v ': ; - ; . V 


Closing Change Bd/offer 


Einpi 

Austria 

Belgium 

Denmark 

Finland 

France 

Geniuaiy 

Greece 

Ireland 

Italy 

Luxembourg 

Netherland s 

Norway 

Portugal 

Spain 

Sweden 

Switzerland 

UK 

Ecu 

SOPff 


(Scfrj 17.3428 
|BB) 50.3963 
(DKr) 9.5889 
(FM) 7.5157 
(FFf) 03878 
(DM) 24510 
(Dr) 377.886 
(KJ 1.0130 
(U 2516.79 


+0.0434 350 
-a 1916 628 
-0.033 844 
-06196 062 
-00312 840 
-0.0073 498 
-1.091 3B9 
-60029 126 
+■1.48 584 


173855 17.3347 
568810 563528 
9.6326 95739 
7.5480 7.5082 
64238 63828 
2.4800 2.447S 
379.428 377.369 
1.0168 1.0104 
252434 2511.52 


Three mantha 
Rata «PA 

One ytear Bank at 

Rota KPA Ena Indax 

Navi 


Closing 
mkS- point 

Change 
on day 

BirVofle* 

tesraad 

Day's mid 
hkrfi tow 

One month Three months 
Rate %PA Rats SPA 

One year J.P Morgan 
Rate SPA IndeK 






Buvapa 














1 17J266 

£4 

- 

- 

115.6 

Austria 

(Sch) 

10.6095 

• 

070 - 120 

10.9470 10.6070 

10.8095 

0.0 

106093 

041 

105345 

07 

1043 

’ 502963 

£8 

4£8213 

1.1 

117.3 

Belgium 

(BFt) 

30^300 

-0.195 

100 - 500 

30.9500 30.7750 

30 83 

0.0 

30.795 

05 

30.715 

0.4 

106.1 

£6012 

-0.5 

£5808 

at 

117.3 

Danmark 

(DKi) 

5^880 

-0.035 

645 - 875 

£8850 

50470 

5.87 

-06 

5.8785 

-09 

5.917 

-09 

105-6 

- 

- 

- 

- 

8£5 

Finland 

(FM) 

4*977 

-0.6236 

929 - 025 

4.6061 

4.5829 

4.5984 

-02 

4.5952 

02 

4.5617 

01 

83.1 

8-3809 

OJ 

£3103 

£9 

110^ 

France 

(FFf) 

£1313 

-0.032 

300 - 325 

5.1430 

£1185 

5.133 

-0.4 

5.1313 

00 

£1233 

02 

106.8 

1 £4461 

06 

2.4125 

1.6 

1263 

Germany 

ID) 

1.4994 

-aooss 

990 - 998 

1.5031 

1.4952 

1.4995 

-0.1 

1.4977 

OJ 

1.4672 

0.8 

1 073 

- 

- 

- 

- 

- 

Greece 

(Dr) 

Z31XKQ 

-1 25 

900 - 200 

231 500 230.850 

23132 

-1.4 

231.875 

-1 A 

234.125 

-1.3 

6£4 

1.0125 

02 

1.0142 

-0.1 

105^ 

Ireland 

<W 

1.8137 

+0.0086 

132 - 142 

1.6197 

1.6106 

1^137 

0.0 

1.6137 

0.0 

1.6007 

0.8 

- 

2S33£9 

-2.7 

258039 

-zs 

74.4 

Italy 

« 

1539.85 

-2.98 

940 - 990 

1541.50 153300 

1543.9 

-3J 

1551.45 

-3.1 

1581.15 

-3.3 

745 


Sate Franc 
Can. Oc«ar 
US Dote 
Rolan Lka 
Yen 

Asian SStog 


6% -5% 
4 - 34* 
5ft -4% 
4ft 4% 
9 - 7h 

70% - 2% 


Start hi rates ere editor the 

■ THREE MOUTH PIBOR 


4B-4H 

sft-5% 
4U-4U 
6-4% 
5ft - 5ft 
9A - 9 
7*2-7% 
5% -5% 
3% -3% 
S»b- 4U 
4j| - 4}J 

2&-2ft 
2% -2% 
USDotea 


4U-4H 
6% - 5 s * 
4H-4H 

5-4% 

6ft -5ft 
9% *2 
7*8 - 7*2 
5% -5% 

3% - 3*8 
5ft-4S 
6A-4H 
8% -8ft 
2ft -2ft 
3-2% 

■I Yen. rahere: 1 
(MATIF) Parts 


Pe-Pe 5ft • 5ft 8% - fi%- 
8«2 - Bft 8% - B*h 7h - 7% 
6ft - 5ft 5* - 5% 5% - 5% 
5ft - 5% 5%-5ft 64. -5% 

5*8-512 5«-5ii 6ft - 6ft 

10ft - ID 10ft - 10ft 10% - 10ft 
71J - 7» 8ft - 8ft 9ft - 811 
6ft - 61, eft - 8ft 71a - 7% 
4 ft - 3ii 4*4 - 4% ♦% " 4*2 

5*2-5% 8-5% 6% -8% 

5*8-3% 5U-5H 6% -6% 

8% -8% 9ft -9ft 10ft -9S 

2% - 2ft 2% - 2ft 2H - 2% 
3% - 3% 3% - 3% 4% - 4 

bn days' nodes. 

i Interbank offered rata Oct 28 


(LFr) 

603963 

-0.1918 

528 - 398 

508810 803528 

503863 

0.7 

502963 

08 

49.8213 

1.1 

1174 

Luxembourg 

(LFr) 

304300 

-0.195 

100 

500 

304500 30.7750 

30.83 

0.0 

30.795 

05 

30.715 

0.4 

106.1 

(H) 

2.7466 

-00098 

451 - 479 

2.7576 

2.7444 

2.7453 

0.5 

2.7414 

07 

2.7056 

1.5 

1214 

Netherlands 

(FT) 

1.6802 

-041Q2 

797 - 807 

1.6841 

1.6762 

1.6802 

0L0 

1.6786 

0.4 

1.668 

07 

1054 

INtV) 

10.6825 

-ojjoee 

777 - 872 

107377 10.8839 

106825 

OO 

10.6842 

-OI 

108831 

04 

88.4 

Norway 

(NKr) 

84350 

-0.0206 

335 

- 365 

£5534 

£5110 

£5377 

-0.5 

£5505 

-04 

£5825 

-0.7 

98.8 

(Esl 

250510 

-0839 

211 - 809 

261.761 

250411 

25244 

-84 

255.42 

-74 

- 

- 

- 

Portugal 

(EaJ 

153-260 

-0.9 

100 - 400 

153.600 

153450 

153475 

-4.9 

155 

-4.6 

1595 

-4.1 

95.1 

(Pta) 

203.963 

-0582 

797 - 129 

205.102 203.797 

204.333 

-22 

209.358 

-105 

207.458 

-1.7 

86.1 

Spate 

(Pta) 

124.779 

—0.67 

700 

850 

125.030 124.850 

125.08 

-2.7 

124.04 

£4 

127.925 

-24 

804 

(SKi) 

11.7435 

-00129 

348 -521 

11.7882 11.6896 

11.7825 

-1 JB 

11405 

-2.1 

114495 

-1.8 

754 

Sweden 

(SKr) 

7.1841 

-0.028 

803 - 

878 

7.1984 

7.1251 

7.1989 

-24 

74281 

-2-4 

7.3881 

-24 

814 

(SFr) 

2.0443 

-0007 

432 - 454 

24558 

2.0415 

2.0412 

14 

2.0349 

1.9 

1.9923 

2.5 

122.9 

Switzerland 

(SR) 

14506 

-04074 

502 - 510 

14560 

14459 

1.2493 

14 

14458 

1.6 

14281 

14 

108.1 

(0 

- 

- 

- 

- 

- 

- 

- 

• 

- 

- 

- 

80.9 

UK 

<ti 

14347 

+0.0041 

343 - 360 

1.8400 

1.5335 

1.6337 

0.7 

14325 

0.5 

14207 

04 

894 


\3BTQ 

-0.0028 

883 • 878 

14911 

1.2854 

1487 

0.0 

14871 

0.0 

14801 

05 

- 

Ecu 


14702 

+0.0058 

698 - 705 

1.2743 

14682 

14898 

0.6 

14692 

04 

14672 

04 

- 



Open 

Sett plica 

Chvge 

«gh 

Low 

Est vol 

Open tot. 

Dec 

9448 

9449 

+042 

9440 

9445 

18493 

68,084 

Mar 

93.81 

9348 

+048 

9348 

93.78 

14,032 

38486 

Jun 

9349 

33.44 

+0.08 

93.45 

9345 

£888 

20.009 

Sap 

9249 

33.0S 

+0.08 

93.05 

9247 

£266 

19.186 

■ TMR 

m mourn eurodollar (uffq* Sim points of 100 % 




Open 

Sett price 

Change 

Mgh 

Low 

Eat vol 

Open toL 

Dec 


9441 

-£03 



0 

2490 

Mar 


9344 

•046 



0 

1386 

Jun 


9348 

-047 



0 

360 

Sep 


92.72 

-£07 



0 

58 



I BURMMHK nnUHBS (UFFET DMIm points oil 00% 


Argentina (Peso) 

Brazil (RO 

Canada (C St 

Mexico (Now Peso) 

1.6323 

1.3805 

24141 

54208 

+£002 

+0.0035 

+04087 

+£0182 

318 - 327 
793 - 816 
132 - 149 
155-260 

14393 14317 
1.3835 14793 
2.2200 24106 
£8342 £6155 

24134 

04 

24115 

£5 

22052 

0.4 

884 

Argentina {Peso) 

Bred (RO 

Canada (CS) 

Mexico (New Peso) 

USA 


1.8347 

+04041 

343 -350 

14400 1.8335 

1.8337 

£7 

1.8325 

04 

14207 

0.9 

604 

USA 


PadflcIMMdto East/ Africa 











Pad&c/Mdcfla EaetM 

Australia 

IAS) 

24075 

+04104 

055 - 095 

24119 24024 

24096 

-1.1 

24123 

-0-9 


-04 

- 

AustraMa 

CAS) 

Hong Kong 

(H<» 

12.6317 

+0.032 

286 - 348 

124726 124237 

124251 

£8 

124192 

04 

125486 

04 

- 

Hong Kong 

(HKS) 

tnda 

(Rs) 

514035 

+£1429 

843 - 227 

514140 514760 

- 

- 

- 

- 

- 

. 

- 

indta 

(Rs» 

Japan 

(V) 

158-160 

+£078 

085 - 235 

158470 157.910 

157.735 

34 

158.736 

36 

15143 

44 

190.1 

Japan 

(V) 

Malaysia 

(MS) 

A1818 

+£0128 

799 - 833 

4.1935 4.1779 

- 

- 

- 

- 

- 

- 

- 

Mteaytea 

(MS) 

New Zeeland 

(f*ZS) 

2.8585 

+04084 

548-581 

24808 24548 

2-6612 

-2-1 

2.8704 

-21 

26003 

-14 

- 

New Zealand 

(NZS) 

PhEppton 

(Peso) 

40.8211 

+£053 

306 - 116 

40.7115 403275 

- 

- 

- 

- 

- 

- 

- 

PWJppines 

(Paso) 

Sand Arabia 

(SK) 

£1315 

+£015 

298 - 332 

£1516 £1278 

- 

- 

- 

- 

. 

. 

_ 

Saudi Arabia 

(SR) 

Stogapora 

PS) 

2.3989 

+00015 

975 - 002 

2/4093 2.3875 

- 

- 

- 

- 

- 

- 

- 

Stogapora 

(S3) 

S Africa (Com.) 

(H) 

£7138 

+£0048 

111 - 180 

£7413 £7111 

. 

. 

. 

. 

. 

. 

_ 

S Africa (Ccmi 

1 (H) 

3 Africa (Bn.) 

(H) 

£6367 

+04819 

189 - 545 

6.7060 6.5992 

■ 

• 

. 

- 

. 

- 

_ 

S Africa (FteJ 

(P) 

South Korea 

(Won) 

1302.73 

+2.93 

237 - 309 

130746 1301.90 

- 

. 

. 

- 

. 

. 


South Korea 

(Won) 

Taiwan 

(TS) 

424173 

+0.0483 

918 - 427 

424828 42.4918 

- 

- 

- 

- 

. 

- 

_ 

Taiwan 

(TS) 

Thaland 

m 

40.7069 

+£0887 

941 - 197 

404280 404820 

- 

- 

- 

- 

- 

- 

- 

Thailand 

(BO 


-60013 985 - 986 69996 0.9985 

- 440 - 450 68450 0.8440 

+60019 542 - 547 1.3563 1.3520 14543 61 


1.354 61 1.3595 -64 


Open 

Sett price 

Change 

High 

Low 

Est vol 

Open toL 

9442 

9442 

. 

84. S3 

9440 

10885 

168396 

9444 

9443 

•£01 

9445 

9440 

19725 

154783 

94.16 

94.14 

£02 

94.18 

94.10 

15341 

110784 

9377 

3376 

-0.03 

9377 

9370 

10478 

77538 


+0.0025 360 - 410 3.4410 3.4360 3.4385 -03 £4413 -03 £4487 -03 


1 Bfr.RATB FUTURES [UFFE) LlOOOm pohtta of 100% 



fSDR rates ior Oct 31. Brdfaltor spreads In 9 m Pound Spot table star orty the law (tree decimal 
but we impBad by eurari kasrest iss Stating Max ealaiated by As Bank at Endre± Beesai 
Ore Date Spat ttees dert+ed tan IKE WWVREUTER8 ClOSl+G SPOT RATES. 8am nature • 


pWcss. Rnwwd ntea are not dractly quocad 
eraga 1805 ■ lOOJM. Ota and IBd-atre ki 
re rounded by the P.T. 


to the market 
both ana and 


1SOR m far Oct 31. BhMtar spreads 
but an bnpfled by curant MMraat rasas. 


+6003 485 - 514 
+60002 272 - 277 
+60087 800 - 900 
-0.195 300-800 
+60014 578 - 588 
+6001 244 - 2S8 
-603 000-000 
-60002 507 - 512 
-60028 870 - 680 
-6006 945 - 960 
+604 500 - 700 
-03 900 - 000 
-0.037 000 - 200 
-60205 000-050 
ibMDtelpaHbb 
. UK. Wend & ECU n c 


13504 1.3481 
7.7277 7.7272 
31.4450 31.3800 
069800 065000 
2.5588 £5545 
1.9258 1.6231 
243000 24.8000 
£7512 3.7510 
1.4695 1.4870 
£5046 £4945 
4.0950 4.0300 
797.900 796.700 
26.0200 28.0000 
24 9060 24.9000 
retaw arty the tael Una 
quoted In US curancy. . 


1.3508 -62 
7.7285 61 

31.47 -32 
96.535 2.7 

2.5489 43 

1.626 -0.7 


13515 -03 13588 -66 


7.7261 61 

31815 -£9 
95.955 £3 


2.5378 £2 £6111 -£1 
1.8279 -0.7 1.6332 -05 


3.7523 -O A 
1.4682 1.1 

35108 -S3 
4.0937 -10.0 
79955 -45 
2603 -03 
24375 -3.5 


£7564 -0.6 £775 -68 

1.4643 69 1.4575 67 


3.5391 -S3 £6158 -£4 

4.1525 -9.1 


940 

Open 

Sett price 

Change 

«gh 

Low 

EsL vat 

Optra toL 

854 °*c 

9044 

9041 

£03 

9047 

9044 

1970 

33138 

Me 

on on 

90.14 

£07 

9043 

9048 

1843 

29859 

_ Jun 

89.66 

8948 

£08 

8946 

8949 

389 

162S3 

151.0 Sop 

8946 

8941 

£07 

8948 

anon 

336 

20540 

■ ran 

■ HORTH 

EURO sms 

S FRAHC FUTURES (UFFQ SFrlm points of 100% 

- 

Open 

Sett price 

Change 

Wgh 

Low 

EsL vol 

Open toL 

I Dec 

9545 

9546 

+041 

9547 

9642 

2035 

19844 

Mar 

9541 

8543 

£02 

9546 

9540 

1201 

17908 

_ Jun 

9318 

95.13 

£02 

96.16 

B£10 

197 

6118 

Sep 

94.79 

94.79 

+£01 

94.79 

94.76 

107 

1871 


803.45 -3.3 821.95 -61 

28.07 -03 


> (UFFE) Eculm points of 100% 


25.1025 -£2 25.5825 -2.7 
Fanirad rales am not tbcctly quoted to the market 


I mjcee Oct 31. Bose average 1 990-1 00 



Open 

Sett price 

Change 

HU* 

Lw 

EsL vd 

Open toL 

Dec 

9389 

9348 

£42 

8399 

9344 

372 

7818 

Mar 

9343 

9343 

£02 

9345 

9339 

408 

6948 

Jun 

9242 

9292 

£01 

9243 

9248 

171 

3835 

Sap 

9245 

9244 

£01 

9245 

9244 

5 

2465 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 


Nov 1 

BFr 

DKr 

H=T 

DM 

a 

L 

R 

two- 

Es 

Pta 

SKr 

SR- 

£ 

CS 

S 

r 

Ecu 

Belgium 

(BFr) 

100 

1303 

16.84 

4483 

2010 

4992 

£448 

21.19 

4974 

4044 


4456 

1.984 

4493 

3244 

313.7 

2454 

Denmark 

(DKi) 

5258 

10 

2746 

5> 556 

1.058 

2624 

2984 

11.14 

2812 

2124 

.1224 

2.132 

1443 

2309 

1.705 

1844 

1443 

franca 

(PPr) 

60.09 

1143 

10 

2422 

1408 

3000 

3274 

1273 

2937 

243.1 

1440 

2-437 

1.192 

2.640 

1449 

1884 

1435 

Germany 

(DM) 

2056 

3912 

3-422 

.1 

0.413 

1027 

1.120 

4457 

1022 

8319 

4.790 

0434 

£408 

0403 

£687 

8440 

0428 

Ireland 

P5 

49.75 

2488 

3279 

2420 

1 

2484 

2711 

1044 

2474 

2014 

1149 

2018 

0487 

2188 

1414 

150.1 

1270 

Italy 

« 

2003 

£381 

0433 

£097 

0.040 

10£ 

£109 

0424 

9458 

3104 

£407 

0481 

0440 

0488 

£086 

6284 

0461 

Netheriands 

IH) 

1845 

3462 

3054 

£883 

0489 

9132 

1 


9122 

7425 

4275 

£744 

0384 

0808 

£585 

5747 

£488 

Norway 

(RKi) 

47.19 

3978 

7453 

2295 

0449 

2388 

2571' 

10 

2344 

1904 

1049 

1414 

£938 

2073 

1431 

1484 

1205 

Portugal 

(Ea) 

20.12 

3428 

3448 

0478 

£404 

1004 

1496 

4283 

10£ 

81.40 

4487 

0418 

0399 

£884 

0463 

83.11 

£514 

Spain 

(Pta) 

24.72 

4.703 

4.113 

1402 

£497 

1234 

1447 

5238 

1229 

10a 

£758 

1402 

£490 

1.088 

0402 

7744 

£631 

ftlirerlnn 

(SKr) 

4293 

2168 

7.144 

2088 

0483 

2143 

2439 

9.097 

213.4 

173.7 

10 

1.741 

nn.%9 

1.886 

1493 

134.7 

1.098 

Switzerland 

(SFr) 

24.86 

4491 

4.103 

1.199 

0.496 

1231 

1443 

5225 

1226 

99.76 

£744 

1 

£489 

1.083 

0.800 

7735 

£830 

UK 

(Q 

5040 

3589 

3387 

2451 

1.013 

2618 

2748 

10-68 

250.5 

2034 

11.74 

2044 

1 

2214 

1.635 

158.1 

1287 

Canada 

(CS) 

22.78 

4431 

3788 

1.107 

£458 

1136 

1240 

4.624 

1131 

9210 

5403 

0423 

£452 

1 

0.738 

7141 

£581 

US 

(S) 

3043 

£866 

£130 

1.499 

0.620 

1539 

1.680 

659? 

1532 

124.7 

7.180 

1-260 

0412 

1454 

1 

98.70 

a787 

Japan 

(V) 

31.88 

3065 

£305 

1450 

£B41 

1581 

1.737 

3755 

1634 

1294 

7.428 

1293 

£633 

1.400 

1.034 

100. 

0414 

Ecu 


38.18 

7.451 

3517 

1404 

£787 

1955 

2134 

3298 

194.8 

1534 

9.122 

1.588 

£777 

1.720 

1270 

1224 

1 


pi 

IS? 

OptionTrader 

L 1 


Options Software by-INDEXIA 

To: : ' (0442) S76015 * Fax ’ (0442) 374334 





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■ D-MARK FUTURES (IMM) DM 125,000 par DM 


1 0MM) Yan 1£5 par Yon 100 



Open 

Latest 

Change 


Low 

EsL vol 

Open tot 


Open 

Latest 

Change 

High 

Low 

EsL vol 

Open toL 

Dec 

04850 

0.6065 

+04017 

£8680 

£8850 

35424 

87,984 

Dec 

14365 

1.0373 

+04015 

14398 

1.0357 

22419 

81418 

Mv 

06886 

£8678 

+04018 

04687 

04677 

158 

5458 

Mar 

14477 

1.0457 

+£0018 

1.0478 

1.0467 

458 

2.067 

Jun 

04703 

04700 

- 

0.8703 

£8700 

638 

1258 

Jim 

- 

1.0541 

- 

- 

- 

1 

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18445 

39465 

Dec 

1.8354 

14338 -04008 

14380 

1.8334 

28.188 

45.738 

Mar 

£8033 

£8038 

+£0032 

04057 

£8033 

63 

2067 

Mar 

14360 

14330 

1.6380 

14330 

112 

575 

Ate 

- 

04077 

- 

04077 

- 

18 

178 

Jin 

- 

14290 

14310 

1.8290 

8 

13 


PRIVATE CLIENTS 
WELCOME 


38 DOVES STREET, LONDON WIX 3RB 
TEL: 071629 U33 PAX: 071 49S 0022 




o 133- software cpplications O 

O RT DATA FROM 510 A DAY O 


INTEREST RATES 


LONDON MONEY RATES 

Now 1 Ower- 7 days Ono Three 

nigM noOoa month months 



EUROPEAN CURRENCY UNTT RATES 


Mrabar* Snattg 8^-5% 5% - 5% 6% - 5ft 6ft - 6{2 8% - 8% 7 % - 7ft 

Strafing CDs - - 58 - 5% 6ft - 6 6% - 6lj 7ft - 7ft 

Treaney BSa - - 5|i - 5ft 5% - 5ft 

BankBte - - 5B-5ft 6ft - 6 84 -8% 

Local authority deps. 5jj - 5}i 5}i - 5ft 6ft - 5% 6ft - 6ft 6}} -6ft 7ft - 7ft 

Dkscount Mata daps 6^ - 5% 5% - 54 


Beaten 

Germany 


Danmark 

Portugal 

Sjpatt 


UK da o rtng bark ban fencing rata 5ft per cent tan September 12, 1994 
Up to 1 1-3 3-6 80 


1-3 3-8 6-0 9-12 

month monlha months maniha 


Ecu can. 
rates 

Rate 

against Ecu 

Change 
»i day 

%+/- 1 rom 
can. rate 

% spread 
v vMofcast 

Ohr. 

tod. 

219672 

214801 

-00009 

-222 

5.79 

. 

£808628 

£790691 

-0.001928 

-222 

5.79 

15 

404123 

39.4164 

-04215 

-1.98 

543 

14 

144064 

141819 

-040072 

-1.72 

52S 

- 

£53883 

846167 

-0.0018 

045 

3.08 

-3 

7.43679 

7.49892 

-040082 

081 

261 

-6 

192954 

195482 

*0432 

1.82 

1.79 

-11 

154250 

159459 

+047 

3^t4 

£00 

-24 

MBERS 

284.513 

295488 

+£104 

1147 

-747 

- 

1793.19 

197048 

+1062 

9.89 

-5.87 

- 

0.786749 

£780560 

-0.000968 

-0.79 

426 

“ 


LIVE FROM LEFFE - 0839 35-35-70 

DUI now and hear the Fort lie more with &v+ c om mentary from UtK as It happens. 
For details oi all UUe Uaes and our Bnanctal Infarraatloii aervtces. call 071-896 9408 
Coils are charged at 39p/mln cheap rate. 49p/mln another times. 

Futures Pager Ltd, 19/21 Great Tower St, London EC3R5AQ. 

Futures Call 






Petroleum Argus Daily Oil Price Reports 

A;: spo: once information you require for Globe! Crude 

and Products markets- Petroleum Argus 

NOW ior FREE ; RIAL (44 71) 359 3732 



Celts of Tax dap. (£10600? 1*2 4 3ft 3ft 3^ 

Cws of Tax dap. under C1 00,000 1» 1 1 2{XJ. ttepgta —tata wi lor cate ftps. 

Am tender rated dfeooiM £4342pc. E(X3} fbrad rata Sdg. Eqxirt Rnanca Mata cp dw Oct 31, 
ISM. Agraud rata ka parted Nov 26. 1B94 to Dac 26 1904. Schemaa I A ■ 749pc. IW— iw cm lor 
pralod Oct 1. 1994 la Ocr 31, 1994. S cltemre IV 6V&968pc. Ran Moure Bare Rate Ope tan Nor 
t. 1994 

■ THRO HOKTH STBUHO (VTURBS (UFFE) £500,000 points of 100% 


Ecu cantrd raraa rat by the European Cunrastan. Cunvctea an b doacandbig i 4nl l.ra sranpi 
taca na g a ehan q +a am tar Eras a p ate ra tfranga danotre a weak cumney. DWarganoa tan lha 
ratio batraaan two mreadc ma pew a reaga OWrarawa b a tra aen tha aaute mrata red &ai crarate rataa 
tor a curan cy. and the i nrcte nu n i p rantmad prac en tt ga da n tai n or ttw curane/a mratert nta tan Is 

(1 7/W82) Sbateno and rtaSan Ura raopandad tan BH A*(uaOTwnt cala/atad by tha Fteanctaf Thm. 



Open 

San price 

Change 

High 

Low 

EsL vol 

Open inL 

Dac 

93.47 

3341 

+0.01 

8347 

9349 

34177 

144S23 

Mar 

9280 

9270 

+044 

92.76 

9253 

32979 

70896 

Jun 

91.94 

9205 

+£01 

9211 

91.91 

10971 

58837 

Sap 

9140 

9140 

- 

91.67 

91.47 

4245 

63787 


■ PHH-ADBLPH1A SR g/SOPHOMS £31^50 (cents par potaefi 


FullerMoney - the Global Strategy Nev/sletfer 

Ccvonng condc. Peek!, currcr.sios & ccmmcd.Vos. including where to 
■r.voit. ftj.Vc-'.McrtCy is written by David Fuller: lor intC!.".oi;0",Cl invojlc.'s - 1i 
pages, monthly. Single is'je CIS or CSS22. ennuat El 55 in U»: 6 Europe, 
ciscwhero £!-:3 cr OSS25C. send cheque or crodi! ca'a detats. 

Call ,’cnc Farauhcrscr. a! Chert Analysis lid. 7 Sv.clicw Slreot. iertdcn. V,".a 
7HD.UK Te!.lcndi .-1 1/ 1-437 4-?6J(0t71 in UK) cr fax: 171-4*9 49*6 

•r;VfcC rv >c ’enc-s - I'ww Av '■■-•'y 


TraOed on APT. AM Qpan tetrarei Pga. an kx pravteus day. 


■ SHORT STERLBM OPTtCHS (UFFE) £500300 points of 100% 


Strike 

Price 

Nov 

- CALLS - 
Dec 

Jan 

Nov 

— PUTS — 
Dac 

Jan 

1460 

840 

840 

£47 

- 

046 

043 

1475 

543 

£07 

£42 

- 

027 

£72 

1400 

3.42 

4.03 

447 

0.05 

a71 

148 

1425 

1.42 

243 

3.04 

£46 

144 

231 

1450 

041 

143 

144 

144 

282 

3.61 

1475 

£03 

049 

1.14 

347 

4.62 

540 


Strike 

Price 

Dec 

— CALLS - 
Mw 

An 

Dec 

— PUTS 
Mar 

8350 

£17 

£06 

£08 

£16 

048 

9375 

£08 

002 

0.05 

£30 

147 

0400 

£02 

0 

£03 

041 

140 


Pradaa cferya »oL Celia 27375 FW» 21375 . Pra*. dWs Qpan tet. Cteto 458338 Puta 407*49 




■mm k'J 

■ff 

■ THREE MONTH EURODOLLAR (IMM) Sim poHs at 100% 




Eat vol. total. Ctete 13206 mts iGOOi. Pmtaua day’a apart HU Gaia 339054 Puts 203418 



Open 

Latest 

Change 

tfigh 

Low 

Eat vol 

Open toL 

Dec 

94.05 

9442 

•003 

94.05 

9441 

58/403 

422090 

Mer 

9349 

9347 

•£04 

93.60 

9358 

71.724 

407.118 

Jun 

83.11 

0310 

- 

9313 

8306 

45429 

29S464 


■ US TREASURY BILL FUTURES (MM) Sim per 100% 


Adam & Company — 675 

/Uted Trust Bra* _6.75 

ABBank £75 

•KavyAnGtactar £75 

Barfi ai Baroda £75 

Banco Biao Vizcaya- 5.75 
Bank of Cyprus ......... £78 

Barkaftaand £75 

Bankoltocfa .£75 

BarkofScdland -5.75 

BandsysSonk 5.75 

Brit Bk c( Md East £75 
RBrawt SNpfey & CD LU £7S 
CL Berk Nododand ... £78 

CMborkNA £75 

OydasdaleBark £75 

The CtMparaAfl Bark. £75 

CoUb&Co .£75 

CrudS Lyomaifi £75 

Cyjno Ftopubr Bank _£75 


Duncan Lararie £75 

Beater Bank Ltatod — 675 
Ftoanc ia ifiGaiBank— £5 
•Hobart Hortegi Co _6.75 

Qrobark -&7S 

•Gumess Mahon £75 

Hrtfc Bora AG Zlifch . £75 

4ff ta mbm »0 artt £75 

Hafiafafe&GaitoBk.£75 

•HBSamueL £75 

C. Haora 5 CD £75 

Hongkong 8 Shanrfid- £75 

Juten Hodge Batet £75 

4H90pctt Joseph & Sot* £75 

Lloyds Bank £75 

MoghratSankUd £75 

MdandBa* 5.75 

•Mart Banking 6 

HM Wej kit B l a £75 

•fteaBroOwa 575 


* Rmbiagha Guarantee 
Ocrporaton Lkrttod la no 
longer avteodsed as 
atnMnginsttiftn. B 
Royal BkoIScodand- £75 
•SmCi&WDmEnSocs. £75 

TSB £75 

•LHadStofNiwait- £75 
Itay Trust Berk Pfc__ £75 

Western Trust -£75 

Wte0ta^Lfik»aw.._£75 
YcrkshreBank £75 



Strike 

PHct) 

Nov 

Dec 

CALLS - 
Jen 

Mar 

Nov 

Dec 

PUTS 

Jan 

Mar 

9475 

aio 

£14 

008 

0.12 

£03 

047 

040 

044 

9500 

£01 

£04 

£03 

£06 

0.19 


£50 

063 

9525 

0 

0D1 

041 

002 

043 

£44 

073 

074 


Bat, «1 mte, Cate 321 PuB 113. Pra vteua Oaf* opan ms. Cate 209786 Putt 185335 
■ NIRO SWISS FRAHC OPTICWB (UFFE) SFr 1m pofcaa of 100% 


Currency or Bond Fax - FREE 2 week trial 

also daily qold and silver faxes Anne v/hitby 

(romCrarlAnsiysiS Lid f e; . 017 ;.73i 7174 

7 SrtOlIc.v Street. Lcndcn v .' 1 R rHC. 'Jr< - 
eich:nge nt? specialists (c: over 2J years 

:»3'J : 3>0 ty - v .r =*'iinc. nnr.mvf Auiri'.iy 


Fax: 0i71-4394966 



24 HOLR 

FOKrlC\ EXCHANGE 


Loncois 
OiMlin -4 D.-sk 


CURRENCY MANACEMCNT 
CORPORATION FLC 

II O M Jew ry 

Lenta EOXIDU 
ittari+HBOSOo 

Rc(m-9l2ono 


We cannot give you (me ! 

1 a a « ■■ A 


reason why you should trade i 


■3* 

2b 


Q SfCBrityUffitfUdoek fasten 
setnog Wares Ados sintt 19& 
% are dealing nenAos sf 2O 
nnjw Its. Wares ortaages, rtfa 
safr SS OOjQOtmOO p castotner 
rf e p oa to 

B Trafiag support. Xn pi a fad 
naff of tnifing hfamalin and 
5oppOTt-&wctets,oetefe«Hs 1 

WephiHif ■hotflnes,' and more. 

H CobbMbos. S& srtSS per 
round tarn, incfaifiiig dealing fees, 
ew far singHst orins. Sml 
snr 50- TO over tte rates chained 
by EuD-price 

B U^oarsefvife. Incan place an 
<nd^8daqDcte,orgd 
iuftnaatko on jcunenml M 
kminpreytniBgdajL 


BOrderencatisiL We are often afafc | 

to execute ymr order and nmfimi 
pDarEDfaKaetdepboiiecan. cj 

Neaifr tm-ChiRls ofourcusiiHiiers * 

rate oar BH quality as ■ 

■better - or*Bnchbeaer’tfaaa I 

other Ena where tfcy're traded. ■ 

BEaaHo-read,sccai«eand | 

tHuefyda^y and monthly account _ 

staleants. Daily statenents also I 

araftafaleTiabcsfaBae. ' 

HSemce'ertr88 1 "Skenineacy | 

conrersKW si mstiCBtuml nsu " 

and eaWtee fines. ■ 




-9... 
1 4 


r k i: n i) 


•FOREX ‘METALS ‘BONDS ‘SOFTS 

Objoitivo analysis for professianol investors 

0962 S79764 , 

Fle.iies House, 32 Scutt'gate Street, Winchester, j | 

, Har.tsS022°cH Fw 0424 774067 


• M ranbgra tfUwdte 
kMfltnoot Banking 
A —o tfaffo n 

* biotfaiktetedcn 


THe. nofacttecaJ) 

tans cssng mm «. nung n mat 
bsse (prate ten n a«n* manat ate era- 

raacy oil a Is in arata^ suae lormrygae. 
MMrsiNqEstnniiKs nsaiMnai 


RodoBtfcryi»Detfwfa)iLtsd- _ 

VWdodtattenuiiteriHiedimof | 

independeta fiflura traders onttride. 

Iticpbanea-wrOeladagr! | 

"080W472"^r ■ 

BettmOH-l 18444 | 

Gemany. 0130818100 

fane 05408343 i 

SaSzcrfand 046t®338 ■ 

Detw«te8Ml-TKo ■ 

NeUwtafcOMC-7580 I 

Sraratac(EMTiOI78 K 

(MKrs€d071-247-im.nwnedram I 
871447-0471 I 

Itwaibstad aad Jpccxeri br LOWfOCart _ 


’ K -,. r ' ** ;j 
fs* 4 ' 5 -? r* i[: 

>J" v -.+ . ** 































fcM. 

_ "‘at. 




FINANCIAL times WEDNESDAY NOVEMBER 2 1994 ★ 




WORLD STOCK MARKETS 


lam Eld HE MW 


BJROPE 

jiusniAfQetsi /Sch) 


DfldPf 633 
EKGOB 2,800 
EVN 1334 
lannu. 1376 

32w 966 

PoriM 912 
RbdnH 402 
BfeMO 137 
VKXp 1,061* 


VNNr <76 
Marts 3.750 


zSMa z 

-A3»a®oo5 Z 
-i.mi.iBi4 

Z 1 M4 1 -§g“ ~ 

-iSo Mail Z 

— 48a 365 23 z 
~ 298 171 10 Z 
-1.160 674 _ Z 

— 406 312 13 Z 

— 7*1 *tt 2< _ 

-BOO 430 1 J _ 

— 4340 3,411 1J» _ 


UlCep 40630 
bJteTJT 121 -B0 
UMH 1,116 
Lav® 0030 


pe « WUB H ROUBS(0ct81 /fiaj 


Adam 4,060 
Anal 1 — 
mat 


Serb 
B etel 20950 
concn H.B23 

OB 2.590 

gss- 

Caryl 7.«o 

l£«g 



ffigS, 

JtocGnB 2.160 

SGnASY 2.10E 

Soon 135B75 
GOIMC 1.525 
Sah» 103SO 

new 0,01*0 

20900 

2740 


~ 4,460 3.705 1JB 

— 0990 4T 
1539) 26 
22.1 0Q 29 
lun cn 
&B50Z105 13 
20350 13 

11JX 34) 

2.700 2.190 24 
OTOOSJOO 4 A 
21S 164 07 
84006,100 IT 
USD 1.166 22 
0400 5.110 7JE 
3,761 2070 *J 
‘ 23B0 _ 

l ew BO 
4,470*550 54) 
1X01.200 20 
8.1 B0 7.140 01 
1J 

4,160 Z4 
3406 2350 53 
6300 0810 20 

— 7&oajxo 13 

— *400 5400 44 
1330 1350 69 

%S3S zii 

3300 2j820 50 
588 420 3.7 
0300 4JS0 4J 
*6604320 43 
2025 53 
5 53 
431 

u 

3SJ 15750 4 A 
11300 0320 4.7 

— 28.100 22300 24 

— 2330 2,*4D 4j4 



SeflMg 36130 
Sknco 40730 

l£2n HS 

isr 

SUBZQ 24630 
Syrtn 
Ttettl 

XnC_ 

Took ms. go 

UAp 19630 


C(N0V1/M) 


600 
IBS 
261 

Codon 5400 

OS12A 904K)D-*000 
DdKO 205 

OarO* 316 

SMt 164 

FLS B 

GtNard 


■TO 780 565 23 

+5 261 176 27 

1.1 
09 
05 
1 A 

4Z7 307 33 
1525 150 65 
♦2 616 376 51 

665 -fi 643 445 21 

100 -2 270 199 13 

390 +6 425 330 21 

900 -101350 996 D-4 

329 +5 366 262 33 

540 -47W31 468 07 

<76 +3 737 *10 1-1 

SaptaA SO* — 615 497 03 

SoptaB 513 -2 675 413 03 

Suprtl 304 +2 495 321 26 

TlSfta 388 — S5BJS 300 — 

Tasoan 620 — 1372 510 13 

INM S3 -9 267 28738 43 


HNL4ID fMovI / Mia) 


111 — 164 99 13 

138 -3 178 121 13 

55 -30 103 54 — 

10-70 — _20 48.90 3530 1 3 
150 +3 233 141 23 

832 +3317.40 211 — 
96-30 00 40 23 

535 +12 706 502 13 

72S -1 1 50 100 03 

136 -1 247 140 13 

153 -3 200 138 13 

210 -4 258 200 13 

206 -€ 280 190 13 

BBS -10 704 267 (U 


M 

-1® 

1® 

■ — 

74 


104 

» 1.4 

64 

-4 

102 54.10 U 

4590 

-.70 5700 

41 — 

00® 

-30 

-I2DM® 19 

240 

-1 

258 

ix za 


1&2D +12) 21 1490 — 

iaao -3D 20.00 12 — 

TOO — 129 68 — 


■870 340161 
706 500 63 
1 002 661 2.1 
«13J 877 33 

R3BSjB 

■624 <26 33 
■274207.19 13 
fi*£0 6730 61 
1346 886 U 
hjoJBtnio m 
260 164 — 
525 SIS S3 
S35301® 73 
224 13050 *2 
37128380 73 
■as 752 13 
\1J30S 788 _ 
2.150 60S 13 
604352.10 _ 
■267195.10 33 
Tpjc 11UD 23 
■752 542 13 
■849 865 23 
§290 2360 13 
■734 575 33 
11.700 13*0 33 
fauo 337.10 2.7 
■BOO 472 2.1 
610 30080 73 
■TOO 362 73 
§4701.700 - 
792 923 33 
^30^710 23 

■377S5 53 
H7®1B3® 23 
&1A02J61 13 

■ 214 132.10 0.4 

Bt® 393.10 04 
H4-M 1*4 Kn S3 
4.t 

BSD 07 JO 53 
800 403 6.1 
307 221 33 
335 240 3.4 
■SSS 227.10 4.7 


Z GBBumr 9tev i / Dm] 

— AEG 10430 -3019BJ0 140 1.1 

“ WMV 529 +230 635 490 23 

— MMg i®0 -31 1,448 1300 13 

— MW 2304 -a 2311 1122 03 

049 +7 BBS-9) STS 1.9 

790 -201,101 700 _ 

700 -3S 1025 615 1.1 

. sna --303*3-00 278 2.5 

— um 48030 +1 510 435 1 3 

— Mgn 380 — 466 348 23 

— B«V 350.70 —130 404 JO 330.10 11 

400 +430 526 35830 16 

776 +1 929 639 13 

444 -130 375 385 23 

ISO +61.109 41S M 

30 +30 34030 230 11 

369 +130 528 374 3.7 

+7 951 760 16 

. - - — - . _ —1300 755 1 A 

CKAB 1370 -S 1330 1.140 06 

CmnWc S1730 +1 39029230 IB 

ConM 220 -1-20 2)921739 13 

417 —2 GOO 30050 03 

-0 904 689 13 
+2 966 426 13 
— *<-.«, +128031 210 _ 

— OoriiSk 73830 -2-500673086830 22 

— DUMMc 144 +1T0 IBB 131 23 

— nwtfm 48030 +30 907 478 23 

— ttgtec 306 -» 337 260 13 

— MBk 40230 —4803) 346 14 

+4 616 466 1A 

-1 307 2*5 2.0 

-1 829 590 1.7 

+3 245 190 10 

-313801,141 u 

— 661 582 17 

+3 440 310 11 

nan +i7ij»e bs? ta 

329 — -3D 36830 29420 2.1 

837 +141,015 767 1 3 

— 2SS 206 23 

— 313 264 33 

+6 433 325 23 

KoBSS 15730 -30 IBS 131 — 

— +2 646 615 2.1 

-2 SfiS 4S1 2J 

125 -30 10U0 11110 _. 
136 — 179102.70 17 

650 +10 000 815 23 

850 46 850 840 13 

BOS +530 000 830 13 

S 410 311 Z4 

+221850 15730 — 
+1 200 101 1 A 

_ — 470 37E 1 3 

_ UANH 310.70 —30 887 295 13 

— Mem* 40330 +S3D4BS) 369 1J 

— — 06Q 822 090 „ 

153 -133 296 101 B .1 

2.705 -5 33172670 04 

-2 262 210 _ 

— 530 483 33 

-6 950 622 04 

-30 £0130 416 13 

+3052050 399 23 
+30 424 329 12 

-1 1320 1.230 09 

+3 272 25425 

21650 -50 267 200 17 

+2 313 23300 2.4 


— s5a 1130 
_ SM 10300 

— SdWP 1582 

_ Tdacm 4520 

— ToTOAs 23,400 
_ TQfft 16)400 
_ Udcam 11500 


— . 4510 2575 „ 
— 11700 6.706 19 

— iMooian to 

— 2.7301502 25 
1199 3503 25 

_.3BJ06224W 15 
_ Wj087lS300 35 
14700 9550 15 


- RETHE8UUIDS (NW 1 / FIB.) 


ABMnv 59.80 
AEttN 104.40 
AMU 4630 
AKZOM 211.40 
6ddMs 3350 

aoddm 3750 
CSV 6460 
QS>4 141 
DKM* 200.706 
Bomr 1050 
fUApR 1550 

fMneon 7050 

Ewm 9250 
EttOpR 4110 

Heomyr 13450 

WfeltB 24540 
Hctte 48650 
HftvlW 7920 
Hwfid 76 
na>S 4250 
MGPsR 7160 


-.10 73.70 M 45 
+50116566050 35 
-20S35D4250 25 
-150 22918700 11 
+.40 4750 3250 35 
-.70 5? 3450 25 

+.10 7750 8250 _ 
-51906)10550 1.1 
-250 20617170 25 
-5011901450 - 
_ 261350 45 

+J0U406&6D 45 
-.70 1003 89.10 45 
+5066504*^*0 25 
-.101973 123 _ 
-1.10 290063 1.4 
+293050 264 14 
+50 S3 405Q 16 
+509350 6650 25 
-50 4170 34.70 25 
-50 04 JO 72.10 05 
_ 9050 7450 2-4 
+150 67 JO 4060 2.1 
__ am alio 05 
-.10 H.1 0 4750 .„ 
+.1057504350 35 
-50 8550 47,70 85 
-,.1010050 72 14 

9240 G5.75 ™ 

-5089506950 35 
-50 5130 40 19 

-1JD8450 7D50 15 
_ 131 1115) 3.1 
-.10 08 50 11 

+J0 1354011360 2.7 
+.10 19150 61.70 54 
-140 21940 10440 45 
-JO 5050 4050 15 
-140 23617040 95 
-150 203 16450 25 
+50 68-60 45 21 

-40 130S0 10150 15 


SwehflB 17250 
MW 77S 
MMg 760 
SM 805 
Unflkb 1,136 
*Mte an 

2lrtfi 1,163 


-5 *» 302 13 
-5 971 7B2 1.7 
_ ISO M25fi IT 
+10 B0] 675 1.7 
*35 1J75 1400 21 
+9 1.437 1563 21 
+3 17611050 _ 
— 1.730 1500 45 
+40 1640 3,570 _ 
-1 263 178 15 
-10 1540 1501 — 
+£01354010579 14 
*557:270 5.180 09 
♦3025001540 25 
+51555 642 14 
—50 227 148 15 
+2 860 035 _ 
+6 870 600 — 
+1515901560 35 
-B 1,100 846 25 
-3 631 3S2 45 
-1 258 171 45 

+12 616 564 14 
+15 770 516 14 
+11 BBS 735 — 
-41 1583 1555 20 
+2 632 66* 27 
+10 1515 1,129 1.7 


PACIFIC 

JVM (Novi /VatO 


- N0ttAY{Nnr1/ Kroner) 


— 112 B8 45 
-2 175 IX 0.7 

-20 1950 1150 — 
-1J0 186 12S 1.1 
-1 114 GO — 

_ 149 100 3.7 
-6 386 260 21 

— 11540 X 3J 
-6 COSO 203 1.4 

-150 208 140 05 

-1 305 10850 2.1 

—50 1B40O IX 35 
91 7250 25 

— 61 70 2.7 

— 97 72 05 

— 122 £550 74 

-1 161 114 25 

-130 8450 21 _ 

+50 99 55 95 


— SPMI(Dc*31/PtD 


BPctUr 1 
BSmM - 


Kotpe 0580 
Mapra BJ30 
M6am 4.100 
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Stocks 

Closing 

Change 


Stocks 

Closing 

Change 


Traded 

Pnoos 

on dty 


Traded 

Prises 

on day 

Nippon Steal ... 

163m 

403 

+3 

Kawasaki Kitten 

3.9m 

417 


Kawasaki Steel 

11.1m 

457 

+3 

Mitsubishi Hvy 

3.4m 

786 

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NKK .. . . 

9.1m 

301 

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Gunma Bank - . 

3.1m 

1080 

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8£m 

365 

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Nteahin Steel 

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516 

+7 

Itochu 

4.6m 

763 

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Hact*junl Bank — — 

2.9m 

1210 

-10 


Any time any place 
any share... 


Instant access to up-to-the-minute share prices from 
anywhere in the world 


Whether you’re doing business in Berlin or hatching deals in Hong 
Kong, FT Cityline International can link you with all the UK stock 
market information you need: 


INDICES 


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29030 29533 36031 3171 


1 US INDICES 


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Borq tom 

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Oct 18609 1B5&0 +37.0 18959 18809 33978 

Nov 18700 18169 +600 1916-0 18809 27984 

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Oct 28 Oct 10 Oct 12 Year a 
S S P Ind. Dtv. yield 2 39 2.® Z37 222 

S 4 P ha P/E rado 20.82 21.11 20.91 2891 

■ STAM3ARD AW POORS 600 INDEX FUTURES $500 (hues Index 


FINANCIAL TIMES 



Open Latest 

Change 

High 

Low 

EsL vol Open mt 

Dec 

472.85 471.60 

-066 

*72.95 

471 SO 

7Z257 71080? 

Mar 

• *75® 


- 

- 

794 

13.904 

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Opan mram "gua ant it* preutoia day. 

' 


263 

3.450 


1286® 5/10 
1136® 5/ID 

29020 2 1/3 
141® 21/4 


■ NEW YORK ACTIVE STOCKS ■ TRADMG ACTIVITY 


dose Change 
price on my 


taaime tmomn) 

Od 31 Ocl X Oa 27 


mmnoNM 


1738074 4/1 
2EBS 4H 
144U7 4/1 
W633 4/! 


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nmm -1106® 111394 1314® 5ft . 82033 AM 

MMd Rfc* 053647: Korea Comp &1086® Bate tekaa of Ifl Mw m i® «te**teafe Al Orttay 



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294.514 381.350 


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3,528,100 

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621 


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681 

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2.416.400 

55 

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91 

97 


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126 


Complete details below and send to: FT Cityline International, 
Number One Southwark Bridge, London SE1 9HL 


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dang tee itey. (Th» Same « bnek M era prewexs day*. V SuPjod ipcdficte raeteaiteoii. 


Name:, 


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The U'l-q.-st provider of decicai.<?d financial ultimate- frn.nr.ci.il pager an the market Try 
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FINANCIAL TIMES 


WEDNESDAY NOVEMBER 


4pmaoseNomnbgr1 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


17% 1 Hi Mil* 


M. IV 9* 

m> « s m im 

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28% 19ft AkiM 
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27ft 19ft An HU IV* 230113 7 
20% 18% An Hatttge 0.66 17 11 
65ft 55ft AmHooa 100 4.7 13 
2% 2ft AnHoUa 075283 8 
96% 81% AmM 046 05 18 
lift 6% AmOpptoc 1.X 143 
X 22ft AtnPraoi 088 15 
34 19 Am total 040 13 9 


I AmOpptac 1.X 143 
1 AmPram 088 15 


2% ZftAnHdnta 075 283 9 zlOO 2% 2% 2% 

96% 81% AmM 046 05 162398 94 92ft B3ft 

lift 6% AmOpphc 1.X 143 292 7 <ffift 7 

30 22ft AmPram D38 15 208 25% 24% 25ft 

34 19 Am total 040 13 9 551 24% 24% 24% 

6% 7ft Am Reel Ea 044 5.7 5 29 7ft 7ft 7ft 

27% SI AmSkr 046 13 7 1881 27% 25ft 28% 

Xft 17ft AmWBf» 135 63 ZlX 18 18 18 

32ft 2BAmWW* 138 4.0 11 188 2B% 28% 28% 
43% 36ft Amt* 132 43 14 3200 «s% 39% 40 

43% 32 Ameren tec* 138 17 5 121 35% X 35 

18ftl1%Aiwfek 024 13182 365 18ft 18 18ft 
64% 50% Amoco 230 16 17 5946 63 62 S2ft 

Oft 6% AnvcoPRI OIO 1.4 5 87 7 6% 7 

5% 3% Am he 012 23134 B41 BSft Sft 5% 

34% XAimdn 1.40 4.7 S 338 29ft 29% 29% 

4% 2% Anaemnp 10 458 2ft 2% 2ft 

68% Cft Anadarto OX 03 68 1605 46% 47% 47% 

36ft 23% Andog 34 1036 35% Wft 36 

29% 2*ftAnge8ca 094 16 23 44 28% 26% 28% 

55% 47% AnBadl 130 12 X 3602 soft 50% 50% 

34 19% Arttom 72 2333 33% 32% 33% 


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4% 2% Anaemnp 10 458 2ft 2% 2ft 

58% 42% Anadarto OX 08 68 1605 46% 47% 47% 

36ft 23% Andog 34 1036 35% 34% 35 

29% 24%Anoa6ca 094 16 23 44 28% 28% 28% 

55% 47% AnBadl 130 12 X 3602 50ft 50% 50% 

34 19% Artbm 72 2333 33% 32% 33% 

18% 14% Antony h 044 25 17 5 17% 17% 17% 

35ft XAanCpx 138 43 71KB X 31 31% 


29% Xft Apucfta Dp 03B 1.0 X 2382 I 

10% 6%Ap»Munf an 14 164 tf 

24% 14% APH 372277 21 : 

7% 3% ApgU Mag 0 357 3! 

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51% 45% Armco 4JIP 450 OB 3 46' 

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45% 33% Amm BBC 15 5631 

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31% 22% AaNdCHl 046 1.5 12 14 
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i$ "i & 

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28% 28% 28% 
48ft 48% 48ft 
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12% Bft AOMaADH 034 19 10 843 tf 


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159831 38ft 37% 38% +% 

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078 11 13 271 24ft 24% 24ft +% 

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1.X 25 13 1053 38ft 37ft 38 -ft 

027 15 IX 16 17ft 17ft -ft 

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132 14 18646 54% 54ft 54% -% 

250 1.1 2 255 255 255 -3ft 

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154 03 9 200 17 16% 16% -ft 

550 51184 3010 107% 106% 107% -1ft 

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034 19 10 843 9% 9 9 -% 

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016 05 X UK 18ft 19% 19ft 

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11 14 71 24ft 

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1HM 

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16% 9ft BMC tad 
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24% ib% Boanoa 
29% 20% Bonrtr 
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48% 36% Bull Rase 
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280 75 10 37 38ft 36% 36ft 

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17% 17 17 

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141 21% 21% 21ft -ft 

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83% 68% Chi* IX 18 17 30X 70 69% 69ft -ft 

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100% MCkpPOM 7.X 01 3 06% 98% 86% -% 

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17%13%C&nXB 1X119 8 339 13% d13ft 13% -% 

12% 7%OyKM 020 1.7 32 18X lift 11 lift +ft 

12% 7% CHE OX 16 81 8% 8% 8% 

23% BftDtocsD* 012 16 10 119 11% 11% 11% -% 

71% 50% Qarttq 281102 89% M% 69-1% 

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51% 38% COcaC are 16 2911709 £8 7 o 50% 50% +% 

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36% 25% tollmen 26 121 34% 34 34 -% 

65% 48% CoVix 1.M 17 18 SIX 81% 00% 81% +% 

11% 9%CDtoilm 055 6.6 37 1® 0% 3% 

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S3 


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29% 21 Com] MN 048 T.B 17 12 27 27 27 

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19 9%tomuiP*| OX 17 18*133 0% 9% 9% 

41% 24% Compaq 1815509 40% 39% 40ft 

1% % tomtahana 18 115 u7% 8% Bft 

50% 27% DlblAn 020 04 24 3139 49% 48ft 48% 

48% 31%D>«Scl 27 732 46% <5% 45% 

10% 8% Cmt*TGp 010 12 3 149 8% B% 8% 


262 8.7 8 2412 27% 25% 28% -1ft 
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29% 20ft todtt 25 1BS7 22ft 21% 22 -% 

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52% 44% tonPap 168 10 ion 44% d42% 42% -2% 

69% 48%CnHai IX IB 19 2757 5*% S3% 5*% -% 

20% lift cm Stan 19 883 is T7% 17% -% 

68% 35% Oman 050 1.4 3 1063 38% 38% 38% -1ft 

80 47% CPh 4.18 4.18 86 ZlX 47% 47% 47% 

IX B4CP«r7/S 7/5 86 2 87 07 87 

r0&% B3ft DalP7X 761 U 1 86ft BBft 8&2z 

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10% 8% tomHUs 064 04 47 0% Bft 9ft -% 

11% lOOovHPr 1.18 TIJ 124 10% 10% 10% 

8% 4% tew Cam 2 370 8% 7% 7% -% 

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29ft 21% Cooper 1SR 024 16 19 2128 24% 23% 24% -ft 

15ft 8% On W 024 26 9 37 9% 8% 9% +% 

29% 24% DON IX 4J 9 3226 25% 25% 25ft -% 

35 Z7% Qitoo 0X1900 2818 34 33% 33% -% 


1 4339 12ft 11% 12% +% 


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12TB 20% 1719% 
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88 8% dBft 
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OX 03 206 11% lift 

078 52 324 9% Bft 

OX 90 CS 7ft A 

075 97 192 7% 7% 

072101 482 7% d7 

2-28 £1 17 3716 7S 73% 

040 30 27 288 13% 13% 

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IX 08 168 12ft 12ft 

1.14 46 13 771 28% 28ft 

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B5 61% OuahrO £28 £1 

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Continued on its 



N ’OVt. 

— ***, 


FINANCIAL TIMES WEDNESDAY NOVEMBER 2 2994 * 




NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


tp/ndomNowmOarJ 


% . . 

5 


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Oh % £ mm HBti lm 


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63 504 Gdtat 1 JO 11 24 4564 58% SB 56% -4 

37234 gta«8B » 028 0*161500 X% 35% 35% ft 
104 6%5CMbm 28 635 104 84 10 ft 

a% 12,; saw mb oj 4zaa 2i% 2i% 214 jS 

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55%«5%Wl 1*0 32 7 5340 494 48 48% -1? 

18% lOSdmSd 084 12 143 10% 10% 10% 

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38% ?$4S*X*A 080 15 5 617 24% 24% 2*4 -% 

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SB 224B«Cp 042 1* 21 1310 2B% 26% 2S% 

28% 225*6* 082 3* 12 S92 24% S% 24% *4 

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25194&MMM OBO 4* 18 2457 204 20% aft -% 

K% jjBjNWWX 029 3* 19 100 94 68% B% ft 

71%5B%SUI71' 14405 22 700 71 70% 70% >1 


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9% *4 Tint OK OB 1 112 7% 

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12% 54 Ttno 17 862 94 

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17% 11% USX Mix 020 1* S 335 12% 12 124 

31% S% Wean> 1.72 8* 14 121 Z74 27% 27% 


23% Terrain* 020 08 40 84 


71%5S4»Bfn' 144 15 22 700 7T70%70% -1 

35% 2943018 0*6 1.7 17 531 32% 32% 32% -% 

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22% Tftamtt* O10 0* 14 3820 12% 11% 12% ft 

2!% 17% Stare Pie 1.12 5* 11 403 194 19% 18% +4 

84 5%9priApp 1 10 ft 8% B% ft 

<3% 22*2 Sonet 8nk 1*0 3* 11 2215 34 33% 33% ft 

31 1B% Sfcfft 38 37U 304 28% 304 +4 

13% 10% Stater 1.12102 29 104 11 10% 11 

»% EjjSzaar 0)8 17 7 IS 6 5% 5% ft 

214 17% State* 048 2* 18 IIS 194 19% 194 -4 

8 34S. kids OK 1.4 18 12 4% 4% 4% ft 

«4 2% SOWCCTTJ 0208254337343% 34-4 
17% fttattto IS 818 16% 164 16% -% 

35% aftsaa* aas 22 w iei 334 33 334 

324 23% SfflElpJ 1.17 3* 0316 30% 30% 30% 


22% IlHfihMHM 0.10 0* 14 38S 

20% 17%StarePie 1.12 5* 11 403 

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31 1B% SfcfC 38 3786 


BB4 61 TMna 1*0 1* 14 5858 78 

21% 16% Tern Pie 0*0 10 24 3 19% 

434 29% HUI 3.08 07 197389 324 
4% 2%TMMf 1.10 383 1 18 3 

®% 47% tetri 1*0 17 12 2MB 51% 

4% 47tat*rar 212 s <% 

24% 14% ltd Cap 0*5 1* 78 18% 

374 24% Thai An) MB 09 115 30% 

47% 38Ttwnca* 012 0* E 446 45% 
29 22% THctal an 18 7 87 24% 

71% 56% TOM 124 32 24 3K 70% 

16% 13%TtwoasH 040 2.7 38 K 14% 
224 15TliameDaAdi 120 ft* 7 58 1B% 

S 19% ftm 040 1.7 36 637 22% 

39% 26% Tttary 028 07 65 1002 38% 

44% 334 TtaHtam 036 1*124 7716 35% 

37% 26% Taatlk 1*8 MS 1905 32% 

39%31%TMm> 1*0 19575 526 34% 

8 2%HknOp 6 1)0 54 

13% 10% Titan PI 1*0 02 X1D0 10% 

4% 4 Ton sap 14 1M 44 

154 84TDtdt*nCo 0*8 8*862 IB 8% 

27% 24%TgME2*1 2*1 107 13 264 

10% 104701 sms 12 118 ri% 

75 58% Toots* Rl 044 07 IB 16 624 
494 384 Tank 1.12 5.1 10 2840 38% 
20% Tore Coni 0*8 1* 19 346 27% 
36 274 Tosco 0*4 2* IS 2147 S2 


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28 204SSMtaJ 050 11 18 

44% SSnpOnT 1*8 54 15 

31% 164 StvrierOB MS 1* 21 
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a 20 Genet 1*6 34 18 

48% Sony 043 07137 

19% 11%SBtata 024 2* 61 

48% 3945dWtaCsp 3*0 B* 


an 2* 17 B50 c28% 3S\ 26% +% 


050 11 18 126 23% 23 

1*6 54 15 1468 31% 31 

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043 07137 334 80% 60 

M4 2* 61 436 104 12- 

3*0 0* 21 404 39 


174 174 
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124 124 

39% 404 


454 XSoUltaX 2*0 7* 7 33 32 33 

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30 178MM 0*0 2* 82 5B 174 17% 17% 

22 15% SCOW Lffl ?J 6 119 15% tfT5% 15% 

2218%S8BU£p 0*0 3* 9 IK 20% 20% 2tft 

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19% ISSwBMQSB 082 4*19 113 11% 16% 16% 


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0*0 3* 5 27 12% 11 

0*2 1* 12 64 184 17 


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10% 10% 7« eras 
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36 274 Tosco 
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144 6% Turtdsbki 
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7 211 11% 
1*4 10 » 560 524 
OBO 16 157 22% 

MB Z* 18 1633 34% 
068 10 03 2» 34% 
0.10 03 24 1747 55% 
116 7240 34 
020 3.B262 503 54 
010 1J 18 6% 
064 5* 2 535 124 
070 33 20 8 214 

040 0* 27 5155 47% 
010 I* 2 221 5% 
20 29 3% 


744 75% 
19% 19% 
31% 31% 

51 51% 
<4 4% 

*4% 044 
704 704 

144 14% 

19 19% 

22 % 22 % 

4% 5 

10% 10% 

h 
26 28% 
10% II 

81% B24 

<OB 36% 

27% 27% 
31% 31% 
17% 17% 
38% 38% 
22 % 22 % 
46% 40% 
50% 56% 
14 14 

H% 14% 
12 12 % 
34 34% 

a a 

3 i a 

» BS 
11 % 12 
21 % 21 % 
47% 47% 

s s 


53% 444VFCp 
24% 18% Went 1 
7 4% IMS tic 
8% 6%VtaCnvH 
10% 8%tataBta 
12% 9%totat«M 
7% 5% WcohS 
39>4 28%VUn 

§ 33 Wwy 

ED MtOPSlOO 
49% 3i4wntu 
25% 194 Mata 
204 20% vminc 
35 24% totum 
14 e72taitar 
19% 15% tfcr CoS 

37% 31 Wtadoi 
56% 44MMM 


10 17 13 B9B 
052 14 849 

0*8 1*165 78 
09414.0 348 

1*013* B 
0*4 06 243 

v eu 
024 07 12 853 
28 363 
10 8* 0 19 
5*8 03 218 

24 343 
10 3 

a 161 

044 15 10 1622 
12 32 
20 249 
100 05 » 840 
152 16 21 136 


514 58% 51% +% 

21% 21% 21% +% 


21 % 21 % +% 

B4 6% -% 

d8% 8% -% 


10 tS% 9% 
T 6% 6% 
37 3B4 38% 
38% 37% 37% 
12% 11124 124 
ED dSO 80 
« 484 48% 
21% 21% 21% 
20% 28% 28% 
34% 34% 34% 
6 7% 7% 
194 194 1S% 


i 3 

37% -% 


20% 15% ms M 

32% 26% m. Holdkt X 1SB 
20% 13 Worn kc 

55% 30% WctMS 1*2 
18% 12% mdaoiu 036 
5% 3% MUnoco 
42% 33%WU9Ri 076 
36% 2S% HUaeaGS 0*4 
29% 22% VMM on 
5% 2% Mkraorkts 004 
864 BOAitanx 144 
18% iftWttnaw 10 
<2% 33% WBS06L 122 
a% 20%WtssnNai 1*8 
284221% WasTTO 020 
58% 1B%VMJn 048 
3% 14 WoonenM OK 
18%13%VMb(DA 0*0 
40>2 34lMngarMn 128 
11 8%MtoaSl 064 
a 24%tadfc 076 
11% 7% (Mbit 023 


34% 1741 

TKt% 127% I 


5% StxadPBcU 012 1*104 MB 


23% 23% 
31% 32 

334 »% 

39% 39% 


38% 21% HUM 00 2* 11 96 04% 23% 23% 

324 24% Statical 6*4 1* 19 297 ^24 31% 32 

37 31% Stsntanfl 10 3.1 20 150 33% 334 33% 

44% 36%SMW 1*0 3* 16 362 39% 394 S% 

44% 37%StaBnc 1.40 3* 78 364 39% »4 

254 ztftamir an a* is 02 0% aft aft 

29%24%SUM8k 0*4 14 7 839 2BV 26% 28% 
7% 640i)rtgBcrp 0*0 19 0 4 8% 8% 8% 

13% 3%SMoQam 00 07142 2270 12 11% 11% 

M% 9% Skfi 130 10% 104 Tift 

35% 2SSM08M 30 448 31% 30% 30% 

10% 5%MMRnx 012 10 3 4 5% 5% 5% 

93% Z7%5knSHM> 080 1* 35 82 324 32% 32% 

21% <ft Etas Coni 071 4.4 3 0087 16% 16% 1% 

1*V Stop Shop 21 57 25% 24% 34% 

16% 13%SHqo 00 82 15 1B4 144 14% 14% 
D% aSkTrt 9 4419 27% 2fl% 27% 

f ^tadent 038 18 n 388 13% 1§ ^ 

23% Stan Roar 10 4* 14 15 26% 264 28% 

2 Sim Stan 0*0109 0 2 1% 2% *% 

11 lift SntasAx 1.1010* 7 36 Uft W% 10% 
6% 4Son DtaBx 024 4* 4 333 5% 5 5 

7% 4%SwBwn7 028 02 K 30 4% 44 4% 

lift 3348000 040 1* 13 113 86% 38% 38% 

S2 41 Sntdr 10 17 17 1018 43% 44% 45% 

1% SSutaltaPf 1.1913* IB 9% 9% 9% 
3% ftStanW 1643 2%. 24 0% 


29%234UBRn 10 19 19 1626 27 28% 

8 4%URS 31 39 5% 5% 

51% 454156804.1 410 8* 36 48% 48 

36 T7% UB8 01336 19% 18% 

314 23%U5T 1.12 43 15 3460 26% 0 

51% 48%USXCuaPI 406 8* IB 48% 40% 

150 83% UAL HOB 912 95% 9*4 

104 1% LDC tel 1*8707 1 481 24 2% 

344 17% OH Cop 10 6* 21 223 20% 20 

11% 5% UIC be 2 107 6% 5% 

24 20% Unban 10 74 79 3324 21% 21% 

27 204 UMkicx 040 1* 16 1280 25% Zft 

174 11%tMM 010 08 13 33 12% TZ 

744 58% IMhr 20 3*10 9 74% 74 


35% 2SSM0SM 30 448 3 

10% 5% SIM FtiX 012 10 3 4 

33% Z7%5knHM> 060 1* 35 82 3 
21% 0% Etas Coni 071 44 3 0037 1 
27% J0V Stop Stop 21 57 2 

16%13%8ffiip 00 82 15 1B4 4 

41% 23ShTch 9 4419 2 

3A22%Slnta 52 402 

18% 12SMMta 038 2* 11 388 t 




48% 33% Emm 040 1* 

52 41 Sntdr 10 17 

11% 6SlkHttne« 1.1913* 

3% 1%8U)sHf 
51% 43%6Uitd 10 2* 


190 83% UAL » 912 95% 94% 

104 1%WCH» 1*8707 1 481 24 2% 
244 174 00 Cop 10 6*21 223 20% 20 

11% 5% UK be 2 W B% 5% 

24 20% Unban 10 74 79 3324 21% 21% 

27 204 Ulflkiex 040 1* 16 1260 25% Zft 

174 11%UMM 010 08 13 33 12% 12 

744 58% IMhr 20 3*10 9 74% 74 

12p%10D4lMNV 454 3* 17 1965 119%11B% 
60% 42% IMunp 10 13 65 2512 47% 48% 

3^6 214 UWtart 075 14 3128753 33 31ft 

14% 8%Uta0eq> 23 64 14% 14% 

544 «4 Utfi 35D 150 B* 3 44 44 

67534URB450 460 03 ISO 54% 5«4 

194 30% UhBK 144 09 12 1228 35% 35% 

67% <8Urtc 1.72 14 1410X1 50% 48% 

28% SUltaPMx 0*2 41 B IBS 

0 W% UttaTnaax 00 1* 59 563 

2% % (MdRi 0 10 

1^2 8%UtaB ' 17707 7 2210 

3% 2% IMCtap 0 110 

41% 29%IMtaM 10 2* 0 255 


46 ft 

si 

48% -% 


1B% i3%Wmya 0*4 

2tft 81% WH CD 048 

16% 14%WtSkotE 068 
50 394 mm 
18% 9% ISsOMm 
2D% 8% VHDIg 
35% IBVtaaBfin 020 
254 18% HkSB Kng 023 
34% 26% WskiRss 10 
15% 10% MUgEf x 00 
84 4% VtakseGoal 0*2 
20% 13% tan Mbs) 

20% 14%WBStBK 056 
39 29% tarn 1.10 
61% 38% tan? 1 10 

21% 13% MttUtrkr OlO 
7ft 48%W*bl 10 

24% 10% Vfltataf 
IB 14% DMtui 034 
0 134WtatW 
32% 254 War he 1*0 
8% 5% WtaDtSfi 010 
33% 22% WSms 084 
7% 5*5«ta*k OK 

12 6% Mndmm 00 
5ft 42% WntEk 10 
13% 7%Hfentaoo OlO 
274 2ft *ta£n 1.41 
33% 27WbdUSv 1*2 
18% 15VlbtaO 040 
35 26% WfcaCtap 1.12 
30% 22% WUX T 00 
27% l84VMmt> 018 
26% 12%VtaBkMhx 00 
184 144 tab VMs OlO 
10 3% VkAberp 


53% 38%VM(Mr 056 
0% 18% »ftt Labor 028 
234 18% Winns M 044 


15 610 17% 17% 17% 
7* 13 197 28% 27% 27% 
0 1131 17% 17% 17% 

4.0 12 97B 33% 32% 33% 

14461 7 14% 14% 14% 

0 74 5% 5 5 

1.9 0 3071 41% <m\ 40% 

13 19 42E 27% 274 274 

07 231300 0% 23% Zft 
r.l 6 135 ft 34 3% 

12 * 3316 76% 75% 75% 
7* 6 277 13% d13% 13% 
6* 12 145 35% 35% 35% 
5* B 82 21% 21% 21% 
1.7 18 S 245 244% 244% 

14 24 226 35% 36 35% 

4* 5 214 1% 81 % 1% 

1* 16 144 18% 16 1B% 

8* 24 379 34% 694 34% 

74 12 110 ft 8% 0% 
19 15 138 26% 26 28% 

13 14 554 10% 10% 10% 

07 26 1 1K 32% 32% 32% 
27 18 1537 14ft 145% 14ft 
1* 19 7004 15% 14% 15% 
1.7 10 21 20% 3% 28% 

5* 11 701 184 16% 16% 
618 « 44% 44% 

» 569 17% 17% 17% 
7211527 18% 16% 18 

1*151101 1ft 19% 19% 
1*10 81 244 24% 24% 

09 10 458 28% 26% 26% 

14 191200 14% 14 14% 

5* 0 12 6% 6 6 

25 IK 17% 17% 17% 
16 5 25 16% 16% 16% 

3* 43 801 34% 34% 34% 

11 14 8327 33% 633 38% 

07 16 1731 14% 13% 14% 

14 16 2622 52 51% 51% 

23 25 22 21% 21% 

2* 18 47D 16% 1ft 18% 
22 2S 18% 18% 18% 
5* 15 118 2B% 28% 28% 
1* 14 20 6% ft B% 
2* 13 6S« 29% 29 29% 

06 14 Z ft 6% ft 

11 16 353 ft ft 6% 
3* 16 321 S3 52 ^ 

1.1 18 107 9ft 8% 

54 14 848 28% 28 26% 

08 11 111 27% 27% 27% 

14151 33 18% 16% 18% 

4.1 » 50 28 27% 27% 

11 31 8377 2ft 20 29% 
0* IS 107 25 24% 24% 

19 3 3794 15% 15% 15% 

07 15 14% 14% 14% 

101481 ft 8% ft 

1* 30 1161 4ft 45 4ft 
1* 20 lit IS % 18% 1ft 
1* 14 78 23% 22% 22% 


18% 1ft 
28% 28% 

29 205* 

3 3 

52 ^ 

ft 6% 
26 26% 


111 27% 27% 27% 
33 16% 1ft 16% 


10% SqtKpood 038 16 


48%2ft&4»tar 
4B% 24 Supra 
20% 11% Surg Cura 
23§ la n ra u iMk 
^33% 15%tam*Tae 
^16% 7% SjnCnp 
■1ft Ift^gSKSSRl 
29% Z1%6 »kox 


B% fiTCWBflnr 
4ft2ftTCFreanc 
ft ftTtWOomS 
49% 34% TDK tap A 
2% 1%T1SMgs 
2ft 75% UK 
16%13%TWa**p 
77% 61 *W 
3ft22%TtaanH 
9% 5%TW«M 


13 656 50% 
12 43 10% 


OW 0* 10 287 29% 28% 
BJH 19 9 5311 24% d23% 
01B 08 23 1005 1ft 19% 

am 0* . 72 20% m% 

67 2929 33% 33% 
80 2J 9 5 7% 7% 

045 14 17. 144 19% 1ft 
036 1* 21*672 26% *4% 


00 15 23 34 
10 2* 12 711 
084 07 217 

043 0* 0 39 

OK *3 2 11 
066 3* 8*148 
080 5* 0 585 
100 19 0 1355 
an 01 404 

042 4* 23 04 


ft 5% ft 

39 38% 38% 

ft ft ft 

49% 40 4«% 

.* ft 15 

Iftdlft ift 
13% 18% 1ft 
71% 8ft TO 

Taa 


% Oil UMblBdL 
14 9%UtarQo 
26% i7%uraraap 

30% 24% Unocal 


2% %Uetfh 0 10 A & 

16% 8%UtAp8 - 17707 72210 1S% ift 
ft 2% IMCtap 0 110 3% 3% 

41% 20%UkMBM 1*4 2* 20 253 37% 36% 

15% 12% UUDanmy 078 01 63 352 12% 12% 

22% 17%UkItatabd 00 1* 18 38 21 20% 

6ft JUItWn OK 01 06032 52% 51% 
46 aiMtan 278 01 9 821 3ft 30% 

ft 4%IUltatX 028 5* 5 40 5% 5% 

ift io%uftaRii on 04 37 11% 11% 

% filWBkOI IT 378 fit® 

1ft 4USMr 012 17 0 2046 <5 4% 
TB%11%UEHB 00 1*14380 13% 13% 
2ft18%USRm 0 718 0 20% 

20% UUSHHBB 2 883 18 15% 

41% S0%T6UCp 1*2 40 7 041 32% 32% 

24 11% USStoa 0*2 1.7 82 2806 18% 17% 

32%1ftU58ng 00 04 9 3480 22% 22% 

46% 35% USUMt 114 5.7 a 480 37% 37% 

72 SBUtUsc 20 12173879 ffl GZ% 

M% tftUaOdBr 002 6.7 13 65 13% 13% 
£0 13% [faantdB 32 10 19% 19 

34% 28% Uab Foods X 00 11 18 333 30% 30% 

18 Ifttkllf m 10 09 11 0 17 16% 

% UlUMIadL HO & & 

14 9%UdwCqt 00 2* 17 82 1ft 13% 
26% 17%UsMQp OK 43 12 633 22% 22% 

30% 24% Urn! 00 28 22 7848 29% 2ft 

. 58 43UMMCBn>xOW 21 111618 4B% 45% 
37% 25%Uppn 1.48 4* 141771 33% 32% 

24 IftUSLWO 0*4 12 7 8 1ft 19% 


31 -2% 
14% J. 

«% -% 

ah 4.43 

ift -% 


a-s 

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1ft ft 

ft 

■ft , 
82% -% 
13% 

19% 4% 
30% 4% 


4ft ft 
32% -% 


X- Y-2 - 


1C% 87% tarn 
53% 40XkaQxp 
25% ZDIMmOp 
42% 33% Ytakkd 
5% IZkpsa 
14% 7Zntfi 
27% 20%ZmtaNBx 
7% 6% 7 m* hex 
18% 1ft Zsrnx 
29% 16% Turn M 
13% io%MgAn> 

10% 8%ZtaflTca 


10 10 81 B1U 
058 1.1 22 11B 
1*2 5.5 12 19 

016 04 18 728 
014 18 349 

94487 
10 42 8 K 
0*3 12* 115 

040 11 15 0 

OK 4* 16 250 
1010* IK 
084102 184 


102 100% 
50% 50% 
22 % 22 % 
38 38 

4 3% 
14 13% 
23% 23% 

4 ft 
12% 12% 
16% 18 
10% tf10% 
6% 8% 


101 - 1 % 

a ^ 

A i 

a I 


1I»2 ft 
a% z 4 


■tan S 48b ir m* OMktaD ms% Id 25 petal santalta 
tab «* jtart IW-rty ap nd Mltad as M kr Ba w ismx My 
IMPS ramtakiiDM. ran m lUW nnut Hnantanta 

MtaUra on xtraM ketta nta at m pin sacs Mdeod 
c-Bpdifitaxi iMdnd. dttcgssd. Maxm tea. e-dudeed tkdovdor pekt 
a peraq » acraa (HMtaml ta Caadai Us. adpet a m 
neMeram vl uhnm cm oar o»ai m rack «b*m. H»*- 
dnd ped M jrar, «*«d. maiat. iNstaMian pran 
m Mtai MM^taUMi p^n scnaraewtaM era 

asr. a?ta s?a 

tat* d Paata « rata taw cata am a «ta*nd or 


HBtaana^ralraH a* "" -m< b "'" Z “ 


AMEX COMPOSITE PRICES 


4 pm dose Nomntur 1 


Stack Dk E 108k Hgh UvC 
Mr 1*01 512 W 15% 15% 

ABl be. . 2 13 5 l| 

IStoihxt . 4 99 ft e% 

AnkrPB 1*4 14 2 46% 48% - 

ActtatofrA QJ5411Z 15 2Z% 22% 
AektaH - O0M0 7217u10% 10 

AbEM * 23152 1,V 1& 

Aesra-AnA 44 82 B 7$ 
IWtara 072 18 413 27, ft 
Adratadi • - 0 22 2M 2% 
AH. - 8 538 6% 6% 


Stock Ok E IWta Hgh LnOMaCkg 

Cooed FbA 5 2 »% ft ft 

QtgbAT A x 0*4504 IBS 15% 14% l5% 
Crown C A 0« 9 17 J7 Ift 77 

CntlMCB- 040 13 71 15% 15% 15% 

Ctbfc on SO 7 1ft 18% 18% ft 

Cuswnedta W 7 zH m 




^-|[AiltoKA. 


BSHOcem 058 0 4 3A 3i 37, -A 

fctaflf 073 18 14 »% 24% ft 

. sramrA sms » ■ s a /ft 
SanrSG a 81 23%. 23% 23% -% 
BffMr 071 174 14% 14% 14A 

Bmd 5 2 ft ft 1% 

BMksltan 040141 ZlOO 19% 19$ 19% 
BkHtadA . 76 446u»5 26% 28% i-% 

StaUBtA' 05746 48 42% 42 42% ft 

Bnnar 31 W2 ft 2JJ 3% +% 
Bom .00.7 531 Iftdlft 16% ft 
taraca Ax 1*4254 154nt5% 16% 15% ft 


Cskqt 2 58 % 

CtaBbn ' 00 14 Zim 23% 
Gratae MS 21 Sift 
QtmtXSA OIH 4 783 ,2 

Ca rates « 17 2% 
Oranptan 0 252 35% : 
(Mb 6*4 0 420 15 

CtlMFdAx 001 343 5% 

Cantata 0*001 107 19 

Canpitape • i U it 


m 

' 4 * 


am 12 as 

Dkcrtt 27 <7 16 

Duaxnmno 9 27 4 

DWtaX 048 8 146 S 


EsstaCD 046 IS 78 14 13% 14 ft 
Etta Bra 0074043323 12% 12 12% ft 
EctaGaA 00 8 11 10% 10% 1ft . 

EtMoRS 4 34 ft 6 6% ft 

am 17 m 3ft 3ft 3ft ft 

EPOS* 339 14% 1ft 14% ft 

EPMP6 12 192 19% 19% 19% ft 

Ftattodi 084 11 Z1W 30% 30% 30% ft 

PfetaA . 40 IS 3 73% 73% 73% +% 

WOWnc 00 M 4 Tl%11%llS , 
FMB(Ax 00 73 <2 29% 29% 28% ft 

FflfMl* 27 473 <6% 45% «% ft 

Rtapanp 3 6 3% 3% 3% 


Saw 00 5 4 17 

Baot HA X 072 141724 25 
Gtatfta - 070 0 369 15 

fioUfekf 1 2t 

Bnonan 13 ID 6 

GttaCda 0*4 7 064 3 

HanOr 23 036 < 

Hastanx 00 14180 33 
ttaekCb 4 35 2 




Stadt Bh. E lOCta Hgb IwCtora Ctais 
Web 1 26 1% 

Mabo 015 42 3 9% 9% 9% 

HnSBtoiA 8 44 6 5% 6 

tatannCp 012 Z7 104 11% 10% IT ft 

kd. Coots 31153 ft 3* 3% _ 

Usnmon 75 246 15% ift 16% ft 
tax 0*8 18 7848 18% 18% 18% ft 

JsnM 3 172 5% ft 5% 

Kefexna 21 42 M 13% 14 

KtaSkQp 10 3 3% ft 3% ft 

KtrtyBp 19 364 17% 16% 17 ft 

Kogrfcq 67 17 8% B% 8% ft 

Irtraos 9 147 1% 1% li ft 

Lasartad 14 S2 5% 5% ft ft 

LflflPtHOTI 4 0 a it% aft 
Umax tie 210 112 12% 12% 12% ft 

tyodiCp B 2 31 31 31 ft 

llaxx» 41709 36^2 33% 34% +1% 

UedaA 044 29 127 29 23% 29 ft 

Ham Co 00 0 10 5% 5% 5% 

nwi* m 7 7 7 

IdoogA 14 12 8% S% 8% ft 

HSR Expi 112 209 Hi % 1 1% ft 

MrtFtt 4 140 2% Sit ft 

*771114 00302087 0 22% 22% ft 

KhCmu 00 15 8 bio% 10% 10% ft 
NonscE 10 27B 8% 6% B% 

IMS 281 88 5% 5% 5% ft 

OBWi 024429 ffil 5 35% 33% 34% -1% 

PsoaaraS OlO 9 984 15 14% 14% ft 


Ora* Ok E 160a Hg* LaraOnaCtoag 
Ptatoi OBO 18 57 1ft 10% 1ft 

PattFoB 1*4 9 2 17% 17% 17% 

MU) 0*4 16 2402 60% 59% 59Tj 

PttwyA 00 IB 9 3ft 38% 36% 

HjGatn 012 48 88 21% 21 21 ft 

PMC 09* 15 29 13% 13% 13% ft 

PtaskSoA OID 0 12 1 !l » -A 


36 zlW 3ft 3ft 33% 
4 0 7% 7% 7% 


Raomnd 

RBSWCp 


SJWCtapx 110 9 14 3ft 34% 34% 
SOatUntan 15 6 18% 18% 16% 

SWLUe 513 4,5 4% 4% ft 


Tab Plods 00 48 0 3% 

TetSDsa 038 73 968 49% 
Thonrades 68 326 15% 


"IhwTOoko 

ToHW 

Towntbtiy 

Triton 

Tiboaltax 

TumrtkA 

T*niSf9 


34 3M 31% 
00 0 349 14% 
5 1855 1% 
I 46 l!i 
6 77 5% 
0*7 63 79 17% 
007037 551 17% 


8% 6% ft 
48T4 49 ft 

14% 15 ft 

31% 31% ft 
14% 14% ft 

aft ft ft 
1% 1% ft 

5 5ft 


IfiftodcA 5 41 2% 2% 2% 

lAdFflOdaB 00115 49 Ift.i 2 ft 2 ft ft 

UnhPtnb « 9 7 7 7 

USCeU 20 65 32% 32% 0% ft 

VtatXIIlM X 9K5 40% 40 40% 

VbecmB 7110 39% 30% 39 ft 

Vfestharid a 8222 11% B% 10% , 

W8ET 1.12 17 701 12% 12% 12% ft 

Mental 0.60 13 0 0% 28^2 28% ft 



M 


.<■ LI".- 


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n 8b 

Stack tk. I lib Ik Ira rat On 

ABEhds UO 19 25 13% 13% 13% 

ACC Ctxp 012145 206 17 16 16 ft 

AcctdmE 22 4451 17% 15% 17% 

AoratHs 17 129 20% 19% 19% ft 

Acxkmqt 41 346 100 29% 29% +% 

Adtobch 21 7963 23% 0% 0% ft 

AOCTcfc 0 417 47 46% 47 ft 

AMngm 6 S7i io% io% io% ft 

AdbSen 0.16 21 36 0 35% 0 +% 

Adobe Sys 0003237 36% 35% 0% +% 
AdwnC 7 247 10% 10% 10% +% 

Aarlogto 9 73 4% 4% 4% 

AdxPotim 6 817 5 4% 4% ft 

AtWTdOab 21 1096 16% 15% 15% ft 

Adranta 02714 920 0 27 27% >1 

Afyms 12 IBS 17% 16% 16% ft 

AgncoEB 110141 1123 13 12% 12% ft 

fltbnr OZ« 18 310 27% 2T* 2 Z 7% ft 

AtaoADR 2*4 01055 0 0% 62% ft 

AbUd 08815410 0%HZ2% 0% ft 
MeghSW 0 10 10% 10% 10% 

Altai Org 05Z 14 13 36% 38% 0% 

AtaPb 4 411 7% d7% 7% ft 

AMCta* 10 13 10 14% 14% 14% 

AH Cap 080 12 72 13% 13% 13% ■% 

Abate C 032 10 10 3% 3% 3% 

AttCcto 0014 262 1% Iji m ft 

AJttntCu 38 5358 39% 38% 38% ft 

Am Banker 072 7 357 19% 19% 19% ft 

AmOVoy 016 218 17% 17% 17% ft 

I AmCtyBu 15 7 16 16 16 

Ammraa 151054 10% 15% w ft 

AalledB 9 348 5% 86% 6% ft 

AfllSotMB 0*2 91545 4% 4% 4% ft 

AfflFrtwff 35 602 21% 20% 20% ft 

AirCrW 00 15 3289 27% 27% 27% ft 

AmWP 2 406 ift 1% 1% ft 

Aiidtdn 2*8 7 164 47% 46% 47 

AoPmCow 33 6412 18% 17% 17% ft 
AnTnv 13 22 0 17% 17% 17,1 ft 

AasgenXK 2128M0 55% 54% 54% -% 
AmtadiCp OK 131101 10% 9% 9% -% 
AnwBn 4 107 9% 9% 9% -% 

Ansbob 17 0 17% 17 17% . 

Analysts x 052 17 35U0% 19% 0% 
AranpdAm UD 13 53 15% 15% 15*2 ft 

Andrew Cp 0 2199 0% 51% 0% ft i 

Andres An 9 182 17% 17% 17% ft 

Apogee Ell X022 38 300 17% 17% 17% ft 

AH’ Bio 50 671 5% 5% 5% 

Apfddllst 3313813 51% 49% 49% -2% 
AppfeC 046 391SSB 43.49 42% 43% ft 
AprtBbeu 0*4 46 1427 18% 17% IB ft 
Artnr Dr 0*4 48 381 21% Zi 21% 

Arose 019 15 1662 0% 20% 20% 
Artpxmri 1.16 8 273 0% 26% 0% 

AfflterAI 064 0 813 0% 21% 0% ft 

Arnold It 040 0 4Q6 0 22% 0 ft 

AspecTTel 31 931 34% 33% 34% ft 

AsaocCnmm 316 6 25% S 0% ft 

AST ten* 6 3449 12% 12% 12% *ft 

AUCktson 13 19 10% 10% 10% 

MSEAlr 0*2 12 5232 17%dT6% 17% ft 
Add* 024 132103 34% 0% 0% -1% 

Autatato 10 8 2B 2% 2ft +A 
Arandsb 0*2 19 1671 7% 7 7% ft 


Drey ED 
Drug Engxi 
OS Bancor 
Durkin x 
Dynhcb 


Ms E HOt 80, 

4718201)45% 
00 271164 *1% 
1.1? S 80 29% 
0*0 4 0 6% 

a 411125% 
080*1 494 22 
15 323 17 

6 760 14% 
613416 u3% 
33 29* 9% 
17 99 37% 
0*0 *8 464 7% 
1 512 3% 
00 292573 29% 
068 14 195 13% 
9 113 9% 

10 930 0% 
0*4 21 1C 0% 
HOB 43 171 4% 

1*8 14 271 26% 
042 134906 16% 

11 463 29% 


lew iw Crag 

44% 45% ft 
30% 31 
ZS% 29% 

8% 8% 

24% 25*4 ft 
21% Zft ft 
16 16 ft 

14% 14% ft 

3A 3% 

9% Bh 
S7S7% ft 
dB% 7 
3% 3% ft 

28% 39 

13 13% ft 
6% Ift 

ft ft 

25% 0% ft 

4% ft ft 
0% 25% ft 

1B1BA ft 
28% 0 ft 


BE) G 

Babbages 

BtaraNM 

Baker J 

BktaiLD 

Hi. rnr 

BckSauta 

BaakmCp 

Banbionh 

Bantu Gee 

Bases! F 

Bay view 

Bqbartx 

BB&TFht 

BEAera 

BeaudCoB 

aanLbny 

BnWeyWB 

BHAGrp 
a tan 
BgB 

Btndlsy til 

Hogan 

Btamet 

Block Dig 

BMC Soft* 

Boatmens 

Bob Evans 

BooteS B 

Borland 

Boston Bk 

Boston Tc 

BradyWA 

Branco 

BnmSx 

BSSBticp 

BTSupng 

BuitetS 

BtddenT 

Bur Bran 

Brakwssfl 

BtxbrMb 


- B - 

0*8 27 1823 5% 

11 276 13% 
7310 A 

0*6 10 641 17% 
024 3 10 14% 
14 758 20% 
Q0 10 2832 17% 
040 7 353 1ft 
080 13 752 0% 
052 15 732 31% 
00 14 30 0% 
OS 12 12 0% 
1*013 834 58 

1.18 9 532 29% 
0 79 8% 
042 34 30 15 

12 20 12 % 

044 13 546 0% 
012 19 2 13 

97 516 5% 
016 17 131 12% 
OK 15 75 13% 
4333137 <2% 
19 2445 11% 
1*8 13 1043 35% 
14 4578 45% 
10 81133 0% 
0*9 191155 21 

16 14 0% 

11 4077 11 

076 5 309 30% 
752678 18% 
0*0 18 7100 47 

0*4 Z7 103 11% 
036 19 2737 9% 
an 9 22 Z7% 
048 5 560 2% 
1510880 10% 
19 574 11% 
46 403 13% 
68 Z10 0% 

an 8 1621135% 


- C - 

CTee 275 0 0% 27 27% 

Cabot Mad 7 ?i3 ft ft 5£ 
CadSctMps OK 16 402 26% 28% 0% 
QUIMBCtman 21 220 16 17% 18 

Caere Cp 818408 16% 15% 18% 

Catgoto 2*5 5 2070 B% 8% ft 

Cal Micro 0 793 31% 30% 0% 

CandetoL 7 310 3 02% 2% 

CMM9 3 47 1% 1% 1% 

Canon ktc 05310 8u9Z% Si% 92% 

Craotte 45 115 6% 6% 6% 

DnttonCm 053 24 0 29% 0 0 

Oscoda OK 0 7 25 24% 25- 

CassyS » OK 19 474 13% 12% 13 

Celgene 5 312 B% 6% B% 

CEMQ0 191100 12% 12% 12% 

Cratocor 911621 u1B% 17% 18 

CrtdRd 1.12 10 482 0% 28% 29% 

CnWSpr a 0 11% 10 11% 

CtoaUar g 19 4% 4% 4% 

cnapror 1 1 088 7 778 0% ig} 4 m 

CtxmSti 009 10 3629 7% 7% 7% 

Oremteb 19 5 13% 13% 13% 

Ctaipowcr 13 2100 3% 3% 3% 

0*5*10 II 4546 6 5% 6 

CMntnCp 62 8888 67 64% B4% 

Chm fin 10 12 40 50% 49% 50% 

Ckttas Cp 017 34 593 % 0% 35% 

CfrneLgc 0 5043 0% 0% 0i 2 

OS Teen 150 3190 3 % 2fi 3 

CbeoSys 1643886 0% 29% 30% 

CC Banco 1*8 15 B6 27% 37% 27% 

Clean Hit 0 81 6% 6% 6ft 

ana Or 44 94 13 12% 12% 

CUtatm 6 390 3% 3% 3% 

CocaCotaB 1*0 16 0 26% 0 0 


Cods Engy 140 07 7 8% 7 

CodaAtam 27 44 11 10% 10% 

CognaxCt 39 905 0 24% 2ft 

Cogns 10 10 14% 14% J4% 

Crtteta 18 233 14% 14 14% 

Cotkven 040 S6 372 22 21% 21% 

CoHBas 1*6 12 91 19% 19 19% 

OH Grp 080 13 0 34% 34 3ft 

Can* k 032 14 3100 21% *0% 0% 

CnttsM OK 19 *894 16% 16 15% 

CmcsiASo 0*9 4110436 18% 16 1B% 

QBnmHataa68 If 694 32 31% 31 7 0 

CononO 070 89 56 18 17 17 

GommnC 19 2997028% 0% 28% 
Comprlabs 287 393 8 % 8% 8% 
COnobare 64 30u14% 1ft 14% 

Qnaadtfl X 624 3,*< 3% 3ft 

Condhan 5 99 ft 5% 5 7 a 

QxtpCd n 103 24% 24% 24% 

CntrtData 159 279 f-% 6% ft 

CooraA 050 IB 742 17% 17 17% 

Cantab 34 513 5 4% ft 

Conte Go 254903 53 M 57 

Ctxp « A 46 1055 17 16% 16% 

Crodor B 0*2 261017 22% 21% 22% 


OommnG 

ComprtrtK 

conobare 

Ctnoadtfl 

Condkin 

Oxturcd 

CntrtData 

CooraA 


Emaxi As3 

Enxdn 

EnuVnbx 

Bi*8n 

Enron Inc 

Etayoi 

ErbsnB 

Etta 

Evans Stti 


i a 

1 932 

4 13 

0*2 253625 
279 1751 
0 168 
15 B34 

ass 3 

86 7994 
15 15 

523 
51 Z100 
70 45 

2 411 
OlO 20 148 
048167 4143 

50 

a 732 
K 1614 
10 12 
12 434 
OlO 24 207 
1721K 


. E - 

23 2% dZ% 
932 ZkdZh 
13 i oil 
3625 19% 19% 
1751 ft 8% 
10 1% 1 
834 17 15% 

3 5 2 51% 

7994 22% 22 

15 5 5 

523 11% 11 

Z100 1ft 1ft 
45 2% 2 

411 2% 2% 
148 5 % 5% 
4143 60% 50% 
50 7% 7% 
732 I2d1l% 
1614 22% 21% 
12 B% 7% 
434 17% 16% 
207 21 20% 

2186 11 10% 


i d5 5 -% 
13% 1ft ft 
dA it 
1ft 17 ft 
14% 14% 

19% 19% ft 
16% 16% ft 
14% 1ft ft 
22% 23% ft 
30% 31 

28% 26% ft 
22 22 ft 
57% 58 ft 

29% 0% ft 
«% B% -A 
14% 15 ft 

12% 12% ft 

35% 36% 

13 13 ft 

4% 4% ft 
12 12% ft 
12% 13% ft 
39% 40 8 

11% 11% ft 
0 35% ft 
44% 45% ft 
2ft 29% ft 
20% 21 ft 

31% 0% ft 

10% 10% ft 
03033 -.18 
18% ISA +A 
47 47 -1% 
11% 11% ft 
ft ft ft 

as% 27% 

2% 2% -% 
tno ift 
11% n% 

13% 13% ft 
35% 35% *% 
34% 34% 


Cray Comp 
Crown (tea 
cyngen 


1 3303 ira 1% li's 
0 210 5% ft 5% 

2 595 3% 3% 3% 


DSC On 

Dart Grot 0.13 
DttSNtoi 
Batata 
DsDsemr 
DeuptwtDp 1-0 
CM) Sum iMD 
DekBbEn 032 
OeiaUGe 080 
De*cft*npa«044 


- D - 

206900 0% 30% 30% ft 

32 S B« 84 84 -2 

12 363 2% 2% 2% 

37 964 9% 6% 9ft 

16 657 17% 16% 1635 -A 

10 1576 23%d2Z% 23 

14 15 4% d4% 4% ft 

23 12 16% 15% 15% -% 
44 jlOO 29% 20% 29% -% 
9 97 Hhoilh 17% ft 


RPU 
RffliTM 
FKTyOfl 
RflOte A 

nonet 

Rat Am 

FstBcOHo 

FstCDSk 

Fat Seay 

Fit Tarn 

FetVtan 

MtatMc 

Astbr 

EWMra 

Rsere 

Flown 

Foam 

teat* 

Foreran 

Fatemer 

Foster A 

Frfftre 

Fs) HnJ 

FetHowBi 

Fiber 0 x 

FtdtanRa 

RXTXt 

FidmadAOn 


- F - 

10 30 4% 4% 
0*4 0 2 5% 5% 

0*4 71 1787 45% 44% 
18100 0 0% 
1*4 15 437 52% 51% 
14 546 4% ft 
0*4 0 1258 B d7% 
36 1317 25A 24% 
1*0 71081 30% 0 

1*0 10 112 24% 0% 
On 0 115 22% 0% 
1M 9 898 0% 25% 
1*8 11 6061 47% 47 

00 8 62 uia ft 
an B 389 20% 20% 
1*4 7 82 31% 31% 
56 113 9% ft 
0 40 0% 22% 
18 470 6% 6% 
008 15 4884 5% 5% 
0095751072 8 5% 

1*8 10 10 0% 32% 

io sn it% io% 

40 92 3% 3% 
1*4 13 70 U33 0% 
040 7 718 14%d13% 
1.18 10 187 27% 27 

058 21 20 33% 32% 
0*6 10 0 19% 16% 
0*42721671*1% 21 

12 245 2% 2% 


6BAPP 

GSKServ 

fltaitof 

Barnette 

GaNGo 

GodBbd 

Gerdyte 

GenataPh 

Centex Cp 

fianusbc 

Gereyme 

QtaonB 

GkUngsL 

Bbert A 

BsnBtam 

Coot) Guys 

Gortdrf’mp 

HadatSye 

taonne 

Green AP 

QrocftBi 

Grasanras 

Gma Wtr 

BT1 Ctxp 

GWffSvg 


Harems A 

Hadsvyvt 

Hatter Gp 

HanbCmp 

HBQ&CO 

HeaHtxar 

Heaatm 

HeHNtyn 

Heotbgerx 

Hebmj 

HsbnTrey 

Herat x 

Hogan Sys 

H*flC 

Home Bert 

Honmds 

Hornbeck 

HontARre 

Hurr JB r 

Murmngtn 

Hurco Co 

HUfcftTKfc 

HyccrBto 


- o - 

6 3 3% 

007 0 9)2 17 

01730 ZU 
9 0 3% 
0161901109 7% 
040 22 33 u22 
17 42 4% 
16142 4% 
4*0 41 30 24% 
201188 5% 
441287 0 

040 19 277 15% 
012 11 4491 15% 
00 15 15 13% 

12 31 5% 
15 504 11% 

an 19 64i 21% 

400 0 114 

0*0 72 0 22 

0*4 11 3 IS 

02247 iJ 
752199 3 

600 327 12% 
12 35 17 

5 392 9 


3% ft +% 
16 17 +% 

2% 2% -a 

3% 3% ft 
7% 7% ft 
21 21 
4% 4% 

4% 4A -& 
0% 24% ♦% 
8% 6% +% 
32 32% ft 
14% 14% 

15 1ft 
13% 13% 

5% ft -% 
11 % 11 % +% 
21% 21% ft 

4 4ft 

21% 21% ft 
18 18 -1% 
& 11 
212 3 

12 12 ft 
1ft 16% ft 
6% 9 +£ 


68 37 
058 9 150 
0*0 1? 283 
671 

016 27 2991 
012979 
0*8 20 223 
12 427 
018 18 3548 
14 

10 687 
086 10 7992 
015 IB 40 
66 1019 
080 6 160 
044 19 40 

161293 
044512 20 
020 17 2B8 
080 7 2715 
OK 1 0 
127 4250 
17 243 


7% 7% 
24% 23% 
14 1ft 

14 1ft 

33% ®% 
29% 0% 
12% 7?% 
8% 8 
11 % 10 % 
9% n% 
u19 16 

16%dlft 
ft ft 

15% 14% 
0% 0% 
27% 0% 

15 14% 

ft ft 

17 1ft 
17%017% 
4% 3% 
23% 0% 
4% 4% 


7% +% 
24% 

13% ft 
13% ft 
32tf 

0% ft 
12% ft 
8 -% 
11 Hi -it 

6% ft 
18 ft 
15% -1% 

ft 

14ft -H 
0% 

0% 

15 

5% 

17 +% 
17% -% 
4% +A 
0 ft 
4% ft 


tax. e wra tak tow ran crag 


KSwfeo 
! KamanCp 
KdbyCM 
I Kelly 3* 
Ktatacfcy 
Kknbel 
Hnebner 
XL* fa* 
KtxMMga 
Kd A 
Kaoaglnc 
KuketoS 


-ic- 
on 11 145 21% 
044 5 250 9% 
31358 6% 
072 25 203 30% 
011 10 122 6% 
0*4 13 259 23% 
21 294 10% 
8941*4 52% 
2 477 4 

1 635 Ji 
2191642 24% 
11 1609 18a 


21% 21% ft 

ft ft ft 
ft ft 
2ft »% -ft 
ft 6% ft 

0% 23% 

1ft 1ft -A 

51% 52% ft 
ft 3% ft 
% % -A 

24 24% -J4 
18 ISA -& 


WSys 

DB Comma 

■State) 

knoDCor 

kimamogen 

kimerlBc 

iodine 

Mbs 

Mumtx 

hgteaHd 

htapttev 


httax 

Well 

M&da 

r^r Tat 

hteftcaA 

htgph 

IntBlaaf 

btarato 

teterwuc 

kifflskyQA 

toVRea 

Ira Total 

kwacare 

Iomega Cp 

tomato 

itairtsdo 


-I 

50 302 
27 6677 
3 302 
34 54 

1 246 
048 0 11 
0*4153 153 
no 6647 
32 500 
OGB 15 0 

3410428 
34 82 

7 20 
0*4 (116972 

8 70 
OAO 27 3045 

18 1929 
0*4 IS 207 
3 4*2 
21395 
7 84) 
27 2054 
14 219 
002 18 341 
275 19 

0*5 19 34 

3 S37 

17 70 
1.12 40 2 


8% 8 
9% 8% 
3% 3% 
ft 5% 
3% 3 

1ft 15% 
Iftdlft 
16% 14% 
Z7% 27% 
11% 10% 
0% 27% 

14% 14% 
2% 2% 
62 81% 
2% 2 
16% 15% 
8% 9% 
11% H% 
6% B% 
4% 4 

17 16% 
15% 15% 
16% 16% 
2% 2% 
5% 5% 
0% 29% 
t»4% 4% 
19 18% 
Z1B 218 


6 + % 
9A +i% 
3% 

5% +% 
3 

16 -% 
10% -% 
18% +1% 
27% ft 
11% 

28 1* -“A 

14% ■% 
2% -it 
61% -% 
2% -l’e 

I5ii *& 
ft -ft 
11% -% 
ft ft 
4% 

7ft ft 
15% % 

16% ■% 
2% +% 
5*2 

0% ft 
4% 

19 

216 +3 


2% 

ft ft 
H ft 
19A +ft 
8% ft 
1 1% 
15% -1 

5ft 

22% ft 
5 ft 
11 

14% -ft 
2% *A 
2% ft 
5% 

60% -A 
7% 

1ft ft 
21% ft 
6% ft 
17 -% 
0% ft 
10% 


4% 

5% 

45 

28% ft 
5? -% 
4% +% 
7% 

25% ft 
30% ft 

23% A 
ah 

2ft ft 
47% +% 
10 


s% *A 

5% 

0% + % 
11 ft 
3ti 

32% ft 
14% ♦% 
27 ft 
32% ft 
18% 

21% ft 
2% +A 


Ulnae 072 21 M 17% 
Ladd Fun 0.12 301406 6% 
Uratecft 504968 45% 
Untsstar 048 141250 35 

UaoataGX 0*619 642 16 

rareMqa 02127 21% 
tanptea 10 13 7% 
Losaecpe 0 414 4% 
Utica S 14 m 17 
lwonPr 048 IB 10 25% 
LOOS 34218409 24% 

LDI Cp 016 1 noo 5% 
UxtdEQ 22 418 17% 
Uprtty 17 2405 29% 
Lite Tad) 020 16 22 16% 
LHM 0 00 5% 

unybxtA ms 12 13 13% 

Un Br 1144 229137% 

LbcataT 052 15 01 16% 
LmdsayM 13 B 0% 
UM3iTacxO*B 38 2183 48 

Lfauffiox 040 17 4 0% 

Laewen Gp 0*6 01B72 25% 
Law Star 12 765 7% 
LrnaO 382 7769 0% 

LIXCp 3 868 1)4% 

LVMH 146 4 0 82% 


JU Snack 

Jasmine 

JIB tad 

JotmsmW 

Jones Its 

Jan Med 

JostynCp 

JSBFto 

JbuUg 

Jusbi 


- J - 

0 11% 
BO 9% 
343 0% 
224 0 

36 13% 
41 6% 

35 0% 
70 24% 
5IM 19 
BIB 13% 


11% 11% ft 

8% 9 ft 

36% 37% ft 

22% 22% ft 

13% 13% 

5% 8% ft 
26% 0% ft 
24% M% -% 
18% 18% 

12% 13% ft 


uactn 005 2026675 0 22% 22% ft 

MS Cars 21 422 23% 23% 23% ft 

IkcH on 42 0 13% 13% 13J4 -.15 

MatAxnQE 1*8 14 27 33% 0 0 

Ifegna Pw 16 2437 37% 36% -g 
ktagnxGip 078 13 58 20% 20% 20% 

Mai Bor 15 41 ID 9% B% ft 

Uarcam Cp 1 02 234 9% 9% ft ft 

Marina Dr 10 E43 4% 3% 4ft 

Hartal Cp * 32 41% 47% 41% ft 

Marquaat Z 30 1% 1% 1% 

Marriott) 17 2100 8% ft 8% 

ManbBmU 044 12 0 12 11% 11% ft 

ItarefnI on 11 815 20% 9% 20£ ft 

Uamc 9 433 8 7% 7% 

Marts U 51 1174 67% 6ft 66% -% 
Maxtor Cp 012B2 3% 3% 3jS +A 
MclHIl R 044 12 24 15% 15% 15% 

McCormte 048 16 80 0 18% 19% 

Utatoxbc 016 18 75 14% 14 14% 

HtaldneG 048 14 W 0% 23% 23% 

Utomkte 0*4 73 319 1 0% 10 10% ft 

Manor Cp 016 56 23S 17 16% 17 ft 

uattti 0*4 34 2455 13% 13 13% ft 

MSRHLB an 11 488 2ft 20% 0% ft 

Maraxy G 070 6 277 30% 30 30% +% 

Marital 1*6 11 1300 2ft 28% 28{t 
Marian! 9 1241 ft 9 9 ft 

MetfXXfe A 012 19 475 ift 18% ift ft 
MS Cm 40430 38% 37 0 +1 

Mbhart F x 0*0 19 696 1ft 9% 9% 4*0 
Heft MdB x 000355 282 78% 77% 76% ft 
Mental 13 111 5% 4% 4% -A 

Mtcroaga 9 2067 12% 11% 12% ft 

Menton 7 2165 9 8% 6% ft 

Mergrtb 913G0 B% 5% 5% ft 
Maputo 32100 ufl% 7% 8% ft 
HeM 3334374 62% 82% 62% ft 

MM ABM 24 6 0 27% 0 

Mtabcx 068 11 1B0S 0 27% 27i3 -A 
HdwGreln x050 22 3 28% 0 28% ft 

NferH 052 18 385 26% 0% 25% ft 

Hem B23D2ft 27% 28% ft 

remtacn 19 400 u% 14% 14% 
MtdtoTxi 49 1407 19% 19% 19% ft 
Modem 00x00 0 47 B% 9 8 ft 

Mottos Ml 052 21 258 29% 0 2B& +A 

Motor 0*4 721 41% 40% 41% 4% 

Uotaxtac 0*4 0 1205 U45 43% 44 ft 

l Mascots 004 15 404 ft 7% ft ft 
j MosfneePxOK 19 10 27% 20582058 --93 
UlSSfS 056 9 3 23% 22% 0% ft 

Mated 13 308 29% 0 0ft 

Hycogn 5 352 ift 9% 9% ft 


NACRs 
NashFneti 
NatCDmpr 
NtraSui 
NaAgabr 
NEC 
NnBcor 
i HetwkGn 
NsMtS 
Netngan 
NswEBta 
Newknago 
tirtg rt br 
NewprtCp 
(bob Dri 
Nonton 
Mbs w 
Noretan I 
N Stalin 
NortttaTa 
N WAIT 
Novel 
Nnttb 
HPC A 
MSCCtxs 


016 11 2B0 
072 10 71 
038119 40 
00 21 387 
6*0 6 2 
043109 8 

19 2645 
30 5041 
98 8055 
10 34 
0*0 21 30 
X 2S5 

a )4i4 

004 0 46 

79 3909 
0560 S3 
040 04553 
14 113 
3 181 
OK 12 900 
27 8024 
moral 
482659 
1222 
7 10 


-N - 

2B0 26% 25% 
71 Iftdlft 
40 14% 14 

387 14% 13% 
2 17 17 

8 63% 63% 
2645 31% 0 
5041 21% 21% 
8055 7ft 
34 8% 6% 
30 19 1ft 

285 5% cfi% 
1414 30% 29% 
46 7% 7% 
MOB 7% 8% 
93 57% 56% 
1553 49% <8% 
113 0 19% 

181 4% 4% 
900 36% 3ft 
3024 *ft 20% 
3081 0 16% 

£59 54% 53% 
1222 ft 6% 
10 2% 2% 


Z5% ft 
16 

14% ft 
14% 

17 

8312 ft 

3ft -% 
21% ft 

ft +A 

19 +% 
5% 

0 

7% ft 
7% ft 
57% +1% 
48% -% 

1ft ft 
ft ft 
» -A 
20% -% 
0+1% 
54% ft 
ft ft 
2% 


- o - 

OCraneys 17 0 ii% 10% 

(Mel Com 171322 21% 21% 

Odettes A 18 257 7 5% 

OflshreLg 13 90 13% 13 

OgteoayN 10 10 5 31% 30% 

OMlCP 1.46 6 50 0 0 

OUKsrt 1*4 10 247 0% 31% 

DUMB 09Z 16 20 38% 36% 

Onbaxaxp 1*0 6 543 27% 0 

One Pries 6 144 ift ift 

OraeteS 67 8881 45% 44% 

OritScnca 53990 0% 20% 

OrtXDtacti 099 24 284 9 ft 

OnMSubp 7 12 10 ft 

OregonMat 0*1 12 152 6% ft 

Ostap 15 51 2{1 2% 

OstaBA 041466 495 14% 14 

OaMtDtdlTxOn 11 24 11% 11% 

OttarTal 1.72 14 09 0 32% 


11% ft 
21% 
ft ft 
13% 

3ft -1% 
29% +% 
0 ft 
0% 

28% +% 
1ft -ft 
4ft ft 
21 ft 


8% ft 
2fi +A 

14 -1 

J»% +% 
32% ft 


sack Dk. e ran up raw ran crag 
Oa ta O x n 062 74 50 16% 17% 1ft ft 

Qua! Food x 00 IB 41 21% 21% 21% ft 

OntOm 71 17548 15% 15 15% ft 

Odebav 0 824 17% 17 17% ft 

avChc 0016 434074 42% 


17 17 

B% 6% ft 
44% 44% ft 
33% 34 ■% 
17% 18 
18% 19% ft 
7 7% ft 
ft 4% ft 
16% 17 ft 
24% 24% -1% 
a 24 ft 
5% 5% 

17% 17% ft 
0 0ft 
18% 18% 
ft ft 
13% 13% -% 

137137% ft 
15% 16 ft 

0% 29% ft 
46% 47% ft 
33% 0% 

24% 25% ft 
6% 6% ♦% 
37% 0% 
ft 4% ft 
31% 0% 


PwmTny 

PeraiVkg 

Pertbr 

Pentadr I 

tatwaaL 

teoptasHx 

tetrabe 

Pltartnscy 

PPoaraO'di 

Pbodi 

Pictures 

Moeton 


- P-Q. 

1*0 12 743 45 

062 11 127 12^4 
10 16 137 24% 
31 1040 74% 
423431 36 

036 461063 38 

ZI 2 6% 
050 65 142 1ft 
10 5*1(16% 
1*0 S 14 35 

072 16 241 42 

13 270 5% 
00 a 214 22% 
040 13 2BB 1ft 
1.12 IB 9 ?9% 
47 502 18% 
37126* 7% 
048 3 2 8% 

413344 13% 
46 261 19% 
064 a 412 48% 
OGB 23 2419 33% 
012 10 173 18% 
5 33 ft 
15 205 6 

009 33052 6 

1X4579 36% 
2412521 IB 
42 1 777 ft 
0 291 21% 
0*4 22 457 25% 
012 14 4074 0 

J 902 10% 

10 0 6ft 


44 44% ft 

12 12% ft 

0% 34% 

7ft 74% ft 

35% 35% ft 
37 37 -% 

9% 8% ft 
14% 15 ft 

15% 16% 

X 35 
41% 41% ft 
4% ft ft 
21 % 22 % +% 
13% 13% ft 
29 29% 

15% 15% ft 

7% 7it +% 

B% 8% 

Ift ft 
18% 18% ft 
46<fe 48% +1% 
33 33% ft 
17% 17^ ft 

8% ft 

5% 5% 

85% 5% ft 
33% 35% +1% 
15% 15% *h 
5% 5% +% 
20 20% ft 
25% 25% ft 
25% 0 ft 
1ft 1ft t% 
ft ft -i. 


RtnaStr 

mettled 


14 662 
3 476 
1 467 
0 10 
182382 
22 IX 
1 240 
7 74 
a 9i 
037 163612 
S 57 
0*0 10 6 
1.40 IB 1209 
012 17 77 
040 41011 
044 2 324 
020 11 508 

32 1637 
OB8S7 219 
0*6 214946 
OGO 14 211 
12 B19 


1ft 15% 
ft 4% 
4 3% 
Ift 19% 
2ft 19% 
23% 23% 
2% 2% 
U4 3% 
12% 12% 
47% 46% 
5% 5 

33% 33% 
57% X 
8% 8 
1612 17% 
15% 14% 
14% 13% 
0 25% 
ift ISA 
19% 18% 
23% 0 

ft 6% 


15% -% 

ft 

3% -% 

1ft 

1ft ft 
23% 

2» 

4 ft 
12% ft 
47% +% 

5 -% 
33% 

58% -1 

ft 

18 -% 
14% -% 
14 ft 


SMbco 1*6 75514 50 49% 

Sanderaon OX 15 0n2&% 19% 
StttUgrA XDJQ 21 Z74 Zft 28% 


49% -% 
20% +% 
28% ft 
4ft -1% 
18 -% 


Sd Mod L 12 7127 48 44% 4ft -1% 

SdSystnr <4 1081 18% 17% 16 -% 

Betas 8 713 6% 6% &/* -A 

SdtnCp OS2 10 621 0% 21% 21% % 

Score Brd 71756 4% 4.46 4% 
Seated 10 42 24 38^4 35 35 -% 

S'gatt) 1112346 25% 24% »% ft 

SB Cp ai6 26 B 2120% ZI 


Sabah B 

OX 5 

202 2% 2% 2% 

+% 

SHocfilts 

1.12 IS 

X 0% 24% 2S% 

ft 

SeqDent 

90 3466 19% 18% 19ft 

♦ft 

Sequoia 

72 1432 3% (13% 3% 

-% 

Soviedt 

13 

3 9% 9% 9% 

+% 

ServffpcJ 

IB 

3 4% 4% ft 


Smnstn 

022 17 

5 16% 18% 18% 



Sfxtted OB« 21 2284 0% 29% 29% ft 

SHLSystm 2 5984 5, 7 . 5% 5ft 

Shorewood 33 162 20% 0 20% ft 

SMMDtzP 7 10 6% 8 B ft 

Stern On 17 164 24% 23% 0% ft 

StamTic 4 0 3% d3 3% 

StamAI 0*3 16 2307 35% 34% 35% +% 

StymeDes 172882 7 6% 6% ft 


SUtnVBc OK 61 68 12% 11% 
SflaMSp 576463 1ft 19% 
SkapGon 040 16 56 13 123 4 

SmDMd 40 1M 29lj 26% 

SnappbBv 373B5S7 14% 13ft 
EtfltranP 1145) 5% 5% 
Sonaco 056 162118 22% 0 

Soathtst OX 9 1645 19% 16% 
Spiegel Ax 0*0 31 7334 15 14% 

S JtkbMtf 040 18 7409038% 38% 
9tPtadBcxa*0 91845 20% 0 

Sttyffl 1 219 1% 1% 

Staples 354470 23% 0% 
StatoSt 060 14 4S67 33% 32% 
SH Hera 17 2DZ1 24% 23% 
SUtegb 0X12120 18 17% 

Start lac OOB 122827 12%dl0% 
SktklyUSA 020 35 37b ft ft 
StoBN 145 490 20% 0 

Strartxa tI0 13 90 0 21% 

Skueny Bim 4% 4% 
Stryker 00 272079 34% 33% 
SttoanO 21 264 1ft 1ft 
SratUranoD 080 14 11 24 23% 

OanrattBc 084 13 744 21% 21 


Suren* Te 31 8142 30% 27% 

Sun Sport 11 X 4% 4% 

Sunuc 1B127B9 32% 32% 

SwttTre 44 378 43% 42% 

Syttaaaktc 91 4119 S3 51% 

Sytttartac 47710 16 17% 

SyneBDy 040 0 7u20% 1ft 

Synarcom iffi Z97 5% 5 

Synatgot 1 578 5% 5% 

Synebc X 11 16% 16% 

StanBM 012 14 983 12% ift 

Syetem&cD X 314 0 ift 

Syetemad 50 464 7% 7% 


- Sft 
I 20% +% 
i a -% 

I 0% -% 

I 3% 

35% +% 

! 8% -% 

! 12% 

1 1ft 
.12% -% 
0% +% 
i 14% +% 
i 5% -% 
22ft +ft 
19 -ft 
14% -% 
37% 

I 2ft -% 
i 1ft 
0 

33ft -ft 
,24% 

! 17% -% 

I 11% -1% 
9% +% 
120 % +% 

! 21% 

. 4ti -ft 
33H -A 
! 14% +% 
l 24 +% 
121% +% 

! 30% +2 
! *% +% 
I 32% +% 

I 43 -% 
1 52% +% 


5% +% 
5% -% 
16% +% 
12% -A 

19% +% 
7% 


T-CaISc 

TjuvePr 

TBCCp 

TCACsbb 

TwttMa 

Tacmnatft 

Tshatac 

TrttnSys 

TeKmA 

Telabt 

TeOabs 

TdronCp 

Tatra Tec 

TenRtAOR 

Time Corn 

Tl 

TJW 

Tokos Med 

Tokyo Mar 

Tom Brown 

ToppaCo 

TPIErtnr 

Treoawtid 

Tranarick 

7rkm 

Trimble 

TmstcoEKC 

Tseng LaD 

TftFM 


5 30 
052X1500 

13 B41 
0440 X 

12 806 
0*0 12 6 

14 140 
12 803 
1B82SBT5 

71344 
34 3281 
001 72 692 
B9 30 
OlO 27 868 
6112970 
5 

0*2 Z71056 
52417 
034 S 7100 
67 50 
0*62901156 
2 Ml 
170 

1*0 10 43 
17 47 
73 Ml 
1.10 10 0 
00 12 345 
008176 1702 


-T- 

30 3% 3 

1500 34% 0% 
641 9% 9% 
X 0% 23% 
808 19% 19*4 
8 46% 46 

140 0% ZI 
803 17% 16% 
5815 0% 21% 
1344 4% 4% 
C81 48% 47% 
692 1ft 13 
30 ft 6% 
BW 27% 26% 
2970 41% 40 

5 5% 5% 
1056 16% 17% 
>417 8% 6% 
rlOO 58% 58% 
50 12% 12% 
1156 5% ft 
Ml 5% 04% 
170 12% 1ft 
43 36% 3812 
47 2% 2% 
Ml 14% 13% 
0 19% 19% 
345 B% C% 
702 23% 0% 


3 

0% -1% 
9% 

23% •% 
19% 

4ft -% 
0% +% 
16% -% 
21% -% 
4% 

47% -1% 
13 
B% 

26fi -ft 

41% +1% 
5% 

18 

ft -% 
58% 

12% +ft 
5H -A 
*H -ft 
12% +% 
38% 

2% 

13% -% 
19% 

6% 

0 -% 


084 16 9284 
2 234 
10 13 10 
20 14 264 
040 8 X 
0*6 14 18 
10 24 1001 
10 9 2743 
5 47 

1.12 B 10 
14 510 
12 2 
12 127 


- u- 

0284 4ft 45% 
234 5 d4% 

10 16% IE 
264 u6i 60% 
X 10 9% 
18 18% 18 
1001 45 44% 

7743 24% 24% 
47 3% 3% 
10 11 % 11 % 
510 B% ft 
Z 5lV51% 
127 4 3% 


45% -1% 
4% -% 
16 

61 +% 
9% -% 
18% +% 
44% -% 

24% -% 
3% 

11 % -% 


- V - 

Vrtreort 030 37 0 17% 16% 17 +% 
Vnjrt cat 121 1560 0 Z7% 27% -1% 
Varitom 24 1Z72 0% 21% 0% -% 

vteor 44 664 28% 27% 2B% +% 

VtcorgArt 10 10 17% 16% 17% +% 

VtoMogfc 2992371 0 20% 21 -1 

VLSTedi 0 7290 13% 12% 13% +% 

VelvoB 017 16 144 19% 19% 19% -% 


Waiter Eo 010 
wannacr 
W3s)ttXB)*.7B 
DbabFddSL 084 
WatfckHlA 022 
WBuxau PM 034 
WD-40 240 

Wettak 

West One OX 
WStemBnc 068 
WWPub 
IKstpStA 
HgtSartA 
WBmtte 0*6 
WrefiononB 
WottonL 00 
Whngt a 40 

WPP Group 0*3 
Vtynan-GdnOAO 


- W- 

191100 25% S 
95 290 5% 5% 
6 5672 1B%tfl7% 
7.1401 Iftdlft 
9 34 24% 23% 

14 354 0% 0 

18 13 43% 42% 

4 596 3% ft 
11 1341 2ft 27% 
27 IX 32% 32 
101030 12% 12 

21954 15 14% 

10 211 ft ft 

221712 46% 44% 
77 2872 34% 33}£ 

15 101 17% 15% 
Z7Z514 0% 21% 
a 230 3% 3% 

1 311 5% ft 


35% -% 
5% 

18 +% 
17% 

24% +% 
23% 

43 +% 
3A -A 
0 +% 
32 -ft 
12*3 -.43 
14% 

ft 

44% -2 

34% ft 
17 ft 

ft 

5ft 


-X-Y-Z- 

Xna X 2034 57% 56% 56% -1% 

XomaCorp 2 557 3% 2% 3 

YMnrx 094173 568 19% 19 19% ft 
ferttech 85 232 ft 3% 3,i +A 
aoraiMl 1*0 B 325 X 37 37% ft 







t •- • - • 



34 


WORLD STOCK MARKETS 


FINANCIAL 


Wednesday November 2 1994 


AMERICA 


EUROPE 


NAPM report Sleepy bourses offer mild reaction to US data 
leaves Dow 



sharply lower 


Wall Street 


US share prices were sharply 
lower across the board yester- 
day morning in the wake of a 
weaker bond market, which 
was disturbed by a stronger- 
than -expected manufacturing 
sector report, unites Patrick 
Harverson in New York. 

By 1pm, the Dow Jones 
Industrial Average was down 
26.91 at 3,831.21. The more 
broadly-based Standard & 
Poor's 500 was also markedly 
lower at the halfway mark, 
down 3.19 at 468.16. while the 
American Stock Exchange 
composite was off 3.20 at 455.77 
and the Nasdaq composite off 
5.52 at 771.97. Trading volume 
on the NYSE was 183m shares 
by 1 pm. 


Slogan 


Share price $) 
55 



25 L 


Jan 1984 

Soiree: FT GrapHto 


NOV 


tary policy would be tightened 
following the November 15 
meeting of the Fed's open mar- 
ket committee. 

Share prices fell because 
stock market investors were 
fearful that another Interest 
rate increase would slow the 
economy down too far, and 
break the pattern of steady 
growth in corporate earnings. 
Also, higher interest rates 
could eventually persuade 
investors to move out of stocks 
and Into fixed-income assets. 

Among individual stocks, 
cyclical were notably weaker, 
unsettled by concerns about 
the long-term economic out- 
look. Caterpillar slipped $1 to 
$58%, International Paper fell 
$1% to $73'/ and Minnesota 
Mining & Manufacturing 
dropped $1 to $54%. 

The oil sector, which had a 
good run last week, ran into 
selling after the broking house 
Prudential Securities down- 
graded several leading stocks. 
Mobil fell $1% to $83%, Exxon 
$1% to $61%. Royal Dutch 
Petroleum $1% to $114% and 
Chevron $% to $44%. 

In the Nasdaq market, Bio- 
gen plunged $8% at $40% in 
volume of 6.5m shares as inves- 
tors reacted to Monday's late 
news that the company was 
biking a $25m pre-tax charge to 
cover the cost of halting the 
development of its anticoagu- 
lant Hlruiog, which was one of 
its most promising drugs. 


For once, the reaction to US 
data, as the NAPM October 
index Rama out much higher 
than expected, was more 
marked in the US than in 
Europe, writes Our Markets 
Staff. Among senior bourses, 
Paris, Milan and Madrid were 
dosed for All Saints Day. 

ZURICH saw further action 
in UBS, as the market mulled 
nine-month figures out late on 
Monday, but the SMI index 
shed 2.6 to 2^303.9 in otherwise 
quiet conditions. 

UBS bearers fell SFr4l or 3.5 
per cent to SFrl,136 and the 
registered SFrlO or 3.7 per cent 
to SFr257 as Credit Suisse 
reduced its earnings estimates 
for this year and next 

However, Mr lan McEwan at 
Merrill Lynch said that the fig- 
ures were in line with expecta- 
tions and the share price foil a 
further reaction to the board's 
continuing battle for influence 
with Mr Martin Ebner’s BK 
Vision, which holds about 18 
per cent of the registered 
stock. In his view, the bearers 
were still “wildly overvalued", 
and he saw SFrl.000 as a more 
realistic valuation. 

The registered were trading 
at a premium of 34.4 per cent 
to the bearers on September 29, 


UBS 


Share prices (SftJ 

Bearer > ^.Regtetared 


1,300 — 


—340 





wmmi 

Novi 

Houty crisngn 

Opwit 10501 

flJODf 12,001 13501 

me EUROPEAN SERIES 

14001 1X001 Dawr 

FT-SEEuratradciOD 
FT-SE Euratrao; 200 

133429 133609 
139X70 133X49 

1336.56 133622 133601 
139795 1399 56 139X06 

1334.73 

1396.70 

133481 133153 
139545 139Z40 


l)C1 31 

Off 29 Off 27 

Off 26 

Off 25 

FT-SE Eunrirack 100 
FT-SE Eunnacx 200 

1337.14 

140X54 

(32X61 130358 

138691 138152 

130X71 

135X10 

129X00 

135X47 


Bn !0M C&IOflKft MgMtar 100 - 1337*1 2D ■ 1398.1? (juAbr 100 ■ 1330.39 300 - 11X140 1 MM 


1,100 ■- 


Sep 1984 Nov 
Source: Dstarirean 


'240 


when the board announced its 
plans for a single share cate- 
gory to curb the power of pred- 
ators. By yesterday, the pre- 
mium had fallen to 13.1 per 
cent, suggesting that the mar- 
ket expected the board to win 
its battle with Mr Ebner. BK 
Vision fell SFr4Q or 3.1 per cent 
to SFrI.250, taking cumulative 
losses since the battle lines 
were drawn to 13.8 per cent. 

CS Holding, continuing to 
benefit from switching out of 
UBS, picked up SFr8 to SFr557. 

Insurers, too, rose further. 
Zurich adding SFrlS at 


SFrl,163 and Swiss Re bearers 
advancing SFrl2 to SFr775. 

FRANKFURT'S Dax index 
closed the session at 2,069.73, 
fell to just over 2.062 after the 
NAPM data, and then recov- 
ered to an Ibis-indicated after- 
noon close of 2,066.18, up 4.60. 
Pressure from bund futures 
eased towards the end. 

Stuttgart, DQsseldorf and 
Munich were closed for the hol- 
iday, and German stock mar- 
ket turnover fell from DM5.6bn 
to just DM3bn. Ms Barbara Alt- 
man n at B Metz lor in Frank- 
furt observed that share price 
moves needed to be 
approached with care. 

However, two of the main 
Ibis Dax moves. Volkswagen 
Up DM9.20 to DM446.20 and 
Mannesman n up DM7.90 to 
DM407.40, might be significant, 
she said. VW and Mannesmann 


both came under pressure 
some weeks ago as the weak 
dollar threatened export-ori- 
ented cyclicals; the currency 
weakness might not be at an 
end, but there might be some 
hope for its victims. 

AMSTERDAM marked DSM 
down heavily as the chemicals 
group turned in third-quarter 
figures at the lower end of ana- 
lysts' expectations, and the 
shares dipped FI 5.00 or 3.4 per 
cent to FI 141. However, an ele- 
ment of profit-taking was also 
in evidence following solid 
gains in the stock over the past 
week. 

Brokers expected DSM to 
rally in the medium tens given 
the forecasts for good full-year 
figures, while the group 
remarked that the weaker dol- 
lar was not expected to have a 
significant effect on earnings. 


at least in the short-term. 

The AEX index ended with a 
loss of 2 .37 at 410.25. 

KLM went against the trend 
on brokers’ upgrades ahead of 
today's first-half results, and 
the shares advanced FI L60 to 
FI 48.50. There were expecta- 
tions that the airline would 
return net profits in the region 
of FI 300m. 

STOCKHOLM eased gently 
as good corporate results offset 
the international mood. The 
AffdrsvSrlden General Index 
fell 3.00 to 1,482.00 In moderate 
turnover of SKr2.25bn. 

Results came from Aga, the 
industrial gases group, which 
put on SKr5 to SKT73, although 
James Capel said that its fore- 
cast of a 20 per cent rise in 
profits this year was in line 
with expectations. However, 
there was no argument about 
Autoliv, the car safety equip- 
ment company; earnings per 
share were up 81 per cent after 
nine months, and the shares 
rose SKr22, or nearly 9 per cent 
to SKr276. 

OSLO’s All-share index fin- 
ished 4.37 down at 600.67 in 
turnover of NKr478m. Hafslund 
Nycomed “A" closed NKrl.50 
higher at NKrl20, its nine- 
month results proving above 


some expectations. Den noreke 
Bank, reporting in line with 
forecasts, saw Its free “A” 
shares slip NKrO.lO to NKrlftSO 
on profit-taking after a strong 
showing on Monday. 

COPENHAGEN was led 
lower by a sharp decline In AP 
Moller's stocks amid worries 
about the effect on the ship- 
ping group of the weak dollar 
and poor international ship- 
ping rates. The KFX index fell 
UM to 93.47. 

Moller's 1912 “B* share Ml 
DKr4,000 to a year's low of 
DKr98,0Q0 while its Svendborg. 
M B” stock shed DKr5,500 to 
DKrl 41,000. 

HELSINKI was pulled lower 
by declines in forestry shares 
and Nokid. the telecoms based 
conglomerate. The Hex index 
slipped 134 to 1,940.2. One of 
the sadder stories was the drop 
of FM3 j 5Q to a new 1994 low in 
EffJohn, whose Sflja Line sub- 
sidiary, in the terry business 
but not connected to the 
Estonia s inking at the end of 
September, said that the num- 
ber of its passengers fell by 15 
per cent last month. 


x'i 

.vit- 

: . ... -i* • 


s*-: v- 



sale P«« 


& pe n3« ft 




. V J . ; 






Written and edited by WUHam 
Cochrane, John Pitt and Michael 
Morgan 


ASIA PACIFIC 


^ • 


Dollar’s decline against yen leaves Nikkei easier 




Tokyo 


Following Monday's losses, 
the stock market opened in a 
bearish mood. Early losses in 
the bond market only deepened 
the gloom. The losses, which 
sent the yield on the 30-year 
back above 8 per cent, were 
prompted by a rise in the 
National Association of Pur- 
chasing Management's ind ex of 
business activity from 5&2 per 
cent in September, to 59.7 per 
cent in October. 

Wall Street had expected a 
59.0 per cent reading and ana- 
lysts said the data only 
increased the likelihood that 
the Federal Reserve would 
raise interest rates at some 
time within the next month. 
The consensus was that mone- 


Canada 


Toronto was lower at midday, 
pressured by Inflation fears 
after vainly trying to recover 
in earlier trading. The TSE 300 
composite index was 20.14 
lower at 4,271.51 by noon in 
volume of 26.3m shares. 

Three of Toronto's 14 sub-in- 
dices remained higher at mid- 
day, but rate-sensitive con- 
glomerates fell 0.9 per cent 
while financial services, also 
sensitive to high bond market 
yields, lost 0.7 per cent 

Forestry fell 0.8 per cent as 
MacMillan Bloedel lost C$% to 
C$18% and Fletcher Challenge 
Canada class A gave up C$% to 
C$l7Vi. 


Brazil falls by 2.5% 


Shares in Sdo Paulo were off 
2J> per cent at midday, with 
the Bovespa index of the 55 
most active stocks down L216 
at 46,763 in turnover of 
R$147.3m <$174^m). 

Investors were worried about 
Tears of higher inflation, with 
forecasts that the November 
rate could reach 3 per cent 
after a 1.9 per cent rise in 
October. 

Telebras preferred was off 22 
per cent at R$39.80, Vale do 
Rio Doce, the mining group, 
was down 3.5 per cent at 
RS176.50 and Petrobras had 


declined 3.1 per cent to R$126. 
• Merrill Lynch, the US 
investment bank, has reduced 
its portfolio weighting in the 
Latin American markets in 
view of the gains shown since 
the summer and their “historic 
sensitivity to sharp movements 
in US interest rates”. It added 
that Brazil faced a difficult few 
months ahead and that the 
change in government could 
mark a correction from recent 
gains. The hank said it had 
increased its portfolio weight- 
ings in Singapore, Malaysia, 
Indonesia and Japan. 


Johannesburg weakens 


De Beers fell by a net R2 at 
R9BJ50 after an earlier loss of 
R3. Dealers said that the 
group was under pressure 
from a court trial in the US 
where General Electric Co Is 
alleged to have conspired in 
1991 and 1992 with a De Beers 
affiliate to fix prices of indus- 
trial diamonds. 

The stock, they said, was 
also being hit by speculation 
that the Central Selling Organ- 
isation's marketing agreement 
with Russia was coming under 


pressure. 

The broad market lost 
ground as the lower bullion 
price and weak world markets 
made their effect felt 
The overall index came off Its 
low for the day to end 15 down 
at 5,708. industrials slipped 29 
to 6,578 and golds shed 16 to 
2,208, also off the day’s worst 

Anglos were marked up by 
R1 to R237. Engen dipped 50 
cents to R34.50 ahead of Us 
annual results, while Sasol 
lost 75 cents at R34.75. 


The dollar’s fall to the Y96 
level and Monday's decline on 
Wall Street generated caution, 
and the Nikkei 225 average 
declined on arbitrage linked 
selling, writes Emiko Terazono 
in Tokyo. 

The index lost 73.12 at 

19.916.48 after a day’s high of 

19.929.49 and low of 19336.97. 
Unwinding of arbitrage posi- 
tions depressed share prices, 
while financial institutions 
took profits on large-capitalisa- 
tion stocks. 

Volume was 250m shares, 
against 243m. The Topix index 
of all first section stocks shed 
531 to 137935 and the Nikkei 
300 dipped 131 to 289.19. Losers 
led gainers by 531 to 410, with 
210 Issues unchanged. The LSE/ 
Nikkei 50 index eased 0.41 to 
1300.45. 

Traders said sentiment was 
depressed by the low trading 
volumes. The balance of mar- 
gin buying reflected sluggish 
activity, with the outstanding 
balance of stocks bought on 
margin last week falling for 
the 14th consecutive week. The 
balance of margin buying on 
the Tokyo, Osaka and Nagoya 
exchanges was down Y103bn 
from the previous week to 
Y2.036.8bn, while investors 
sold short a net Y419.6bn, up 
by YL4bn. 

Softbank, an over-the- 
counter software company, 
was suspended from trading 
for the day due to reports that 
it would take over the trade- 
show business of Ziff Commu- 
nications, a US media com- 
pany, for around $200m. 

Large-capitalisation shares 
retreated on profit-taking: Mit- 
subishi Heavy Industries 
declined Y3 to Y786. However. 
Nippon Steel, the day's most 
active issue, rose Y3 to Y403. 

The retail sector was the big- 
gest loser, with Jusco, a large 
supermarket chain, falling Y50 
to Y2.130 and Seiyu losing Y40 
to Yl.150. High-technology 
exporters were down on the 
higher yen: Toshiba receded 
Yli to Y753 and Fujitsu Y20 to 
Y1.090. 

Japan Telecom finished 
Y80.000 firmer at Y3.62m, while 
Japan Tobacco rose Y30.000 to 
Yl.llm. The latter was left 
untraded for the bulk of the 
afternoon, reflecting the lack 


of enthusiasm among investors 
towards the overall market. 

Teijin, a textile company, 
gained Y14 at Y600 on projec- 
tions of an earnings recovery, 
while Alpine Electronics added 
Y40 at Y2.020 after a rise in its 
interim recurring profits. 

Stock prices in Osaka eased 
in light activity, the OSE aver- 
age losing 6.51 at 22,088.44 in 
volume of 32.1m shares. 


Taiwan 


Indices rotoased 
105 - 


FT-A World 
(ex Japan] 


Roundup 



Weakness was widespread 
among the region's markets. 

TAIPEI dropped by 5 per 
cent as institutions sold 
heavily in the electronics and 
financial sectors. The weighted 
index plummeted 325.26 to 
6.201.21 in turnover of 
T$52.82bn. Walsin Wire and 
Cable, the day's second most 
active issne. tell T$1 to TS3230 
and. among banks. ICBC lost 
T$850 at T$9030. China Devel- 
opment declined by the daily 7 
per cent limit to TSI31.50. 

Marine shares that had pre- 
viously risen on sound profits 
forecasts were also weak - the 
most active issue, Yang Ming 
Marine, was limit down at 
T$3630. 

Brokers said the market was 
expected to consolidate before 
parliamentary elections due on 
December 3. 

HONG KONG was lower on 
profit-taking after the strong 
gains of recent sessions. The 
Hang Seng index slipped 7235 
to 9,573.40, while the Hang 
Seng China Enterprises index, 
which monitors H-shares of 
mainland China companies, 
receded 27.16 to 1361.82 after 
Monday's 4 per cent rise. 

Turnover shrank to 
HK$3J22bn from the previous 
day's HK$4.15bn. 

Hong Kong Telecommunica- 
tions, whose interim net profits 
gain of 15 per cent was in line 
with expectations, relinquished 
35 cents at HK$1630 on profit- 
taking. and as analysts voiced 
concern at lower than expected 
revenue growth. 

Among the H-shares. Kun- 
ming Machine went against 
the trend, gaining 5 cents at 
HK33.10, in spite of a pessimis- 
tic report on its prospects by 
Salomon Brothers. 

SEOUL remained mar ginally 
ahead in active trading after 
profit-taking and a state fund's 
intervention erased much of an 


85 L - 


S 11 
Source: Datastream 


early strong gain. The compos- 
ite index closed 23L firmer at 
1,108.43, off a day's high of 
1,116.48, in volume of 51.2m 
shares, compared with Mon- 
day’s 55.9m. 

The sharp early rise in the 
index for the third straight day 


prompted profit-taking across 
the board and sell orders worth 
Won31.5bn by the stock market 
stabilisation fund. 

KUALA LUMPUR saw fur- 
ther forced selling by clients 
unable to meet margin calls 
and the market finished 1.4 per 
cent lower, the composite 
index losing 15.27 at 1.09338. 
Trading, however, was sub- 
dued ahead of a public holiday 
today. 

Tenaga Nasionai, the utility 
giant, was among the day's big 
losers, tumbling 60 cents to 
M$13.00. 

SINGAPORE was lower after 
the overnight fall on Wall 
Street and in response to the 
forced selling of Malaysian 
stocks by clients unable to 
meet margin calls. 

The Straits Times Industrial 
index fell 1434 to end at the 
day's low of 2364.19. 

DBS Land warrants were 
actively traded, losing 4 cents 


at S$1.92, after an intraday 
high of SS2.04. 

SYDNEY declined as senti- 
ment was hit by renewed 
weakness in offshore markets. 
The All Ordinaries index fell 
163 to 2,028.0. while an esti- 
mated 199m shares were 
traded, valued at A$749m. 

All the leading issues were 
weaker, with BHP closing 14 
cents down at A$20.50 in vol- 
ume of 1.96m shares. 

Miners were hit by lower 
commodity prices - CRA 
dipped 12 cents to A$19.G4 and 
MIM 3 cents to A$230. WMC 
ended 14 cents lower at A$835. 

Amcor, the packaging group 
which announced that it bad 
launched an A$134m takeover- 
bid for RIG Rentsch Industrie 
Holding, of Switzerland, shed 
11 cents to A$835. 

BANGKOK weathered profit- 
taking throughout the day to 
close higher. The SET index 
moved ahead 7.65 to 1,536.48 


in heavy turnover of Bt9.6bn. 

Scattered buying appeared in 
communication issues, banks 
and construction materials 
companies, while selling 
emerged in the finance and 
property sectors. 

KARACHI eased towards the 
close on the first day of the 
new account. The KSE 100- 
share index shed 8.75 to 
2,202.34, with losers leading 
gainers by 213 to 93. Dewan 
Textile tell RplO to Rp350. ■ 

WELLINGTON was sup- 
ported by strength in leading 
stocks, which helped the 
NZSE-40 capital index to a gain 
of 835 at 2,10932 in turnover 
of NZ$41 3m. 

Carter Holt Harvey and 
Fletcher Challenge both rose 
by 5 cents to NZ$4.43 and 
NZ$3.99 respectively, while 
Brierley Investments gained 1 
cent to NZ$1.23. All three 
stocks attracted high turnover. 
Indicating overseas support. 


C-3*- 






wgtiH 410 -S'- 


U* Telex's 


^ tycoon denied hi-. 


FT- ACTUARIES WORLD INDICES 



l| tofe3 bidders; 

... . 

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ec*- 


Jointly camptad by Tbo HrancW Times Ltd-. Goldman, Sachs & Co. and NatWeat Securities Ltd. In oonfunctiori with the Institute Of Actuaries and me Faarity of Actuates 
NATIONAL AND 
REGIONAL MARKETS 
Flgims in parentheses 
show nuntier of Ires 

of stock 


US Day's 
Odar Orange 
mde* % 


- MONDAY OCTOeER 91 189* • 

Pound Local Local 

Stertkig Yen DM Currency % chg 

Index Index Index Index on day 


(teas 

Dtv. 

Ytald 


FRIDAY OCTOBER 28 1994 DOLLAR MDEX 

US Pound Local Year 

OoBar Staring Yen DM Currency 52 week 52 week ago 
Indax Index Index Index Index Ugh Low (approx) 


Aubumb (68) . 174.18 

Austria 18340 






-. 25447 




























Spain (38) 14246 

Sweeten <3Q 242.63 

United Kingdom (204).... 
USA (51 a _ . 

— 20X01 


EUROPE [707) 

Nordic fl 19). .. . 

——17X29 

Pacific Basin (747) 

17XS8 

Euro-Padflc (1454) 

174.14 


1.2 
in 
OJ 
0.1 
0.9 
- 0.6 
0.1 
1.6 
2.7 
02 
1.0 
1.6 
- 0.0 
-0.7 
1.4 
0 A 
0-3 
1.1 
-OS 
04 
1.0 
1.1 
as 
-03 


154.30 

10458 

154.32 

124.24 

231-56 

180.83 

156.13 

132.06 

366.63 
190.39 

72.50 

149.23 

48346 

1010.47 

20344 

66.42 

10UB 

364.96 

302-52 

129.63 
220.61 
149.18 
166.41 
17629 


106.73 

112.27 

104.01 

83.74 

156.07 

12128 

104.56 

80.00 


128.32 
4827 

100.58 

332.33 
1283.70 

136.M 

40.79 

125-82 

245.88 

20300 

0727 

148.69 

100-55 

125.64 

118.14 


138.52 
143. B0 
1334)3 

107.10 

189.62 

166.89 

133.73 
113*4 
306/10 
184.13 

6240 

126.65 

42X06 

165448 

176.03 

5964 

160.33 

314.62 
260.79 

111.74 
190.18 
128.60 
100.70 

151.11 


156.07 

14362 

129.85 

133.83 
204.39 

192.86 
138.19 

113.84 
387.90 
18X61 

91.68 

10058 

63X96 

793054 

17226 

66.83 

182.68 

271.95 

29254 

195.48 

25X06 

12748 

168.41 

192.78 


15 

IX) 

05 

0.2 

0.9 

-02 

OX) 

1.4 

2.7 

aa 

0.9 

12 

-02 

-0.7 

12 

0.4 

02 

1.0 

-0.7 

OS 

12 

09 

0.4 

-03 


X65 

1.12 

426 

223 

1.45 

0.73 

X14 

1-82 

X08 

X44 

1.71 

0.76 

157 

129 

X35 

X69 

151 

155 

2.18 

451 

154 

1-80 

4JJ8 

253 


172.12 

18122 

169L17 

13858 

25229 

20012 

17051 

14X02 

380.77 

20028 

7X94 

18158 

547.46 

2126.47 

220.32 

78.01 

204.73 

39096 

33457 

14157 

24031 

16220 

20328 

18357 


15720 

16S.56 

15450 

124.73 

23041 

182.76 
155.72 
13061 
347.75 

190.77 
72.10 

14755 

498.98 

1942.04 

20122 

6042 

18097 

38254 

30556 

12956 

219.47 

14023 

185.65 

17060 


106.90 

11156 

104.08 

84.03 

15553 

12112 

10451 

8759 

23458 

12852 

4057 

99.40 

338.84 
130845 

136.56 

4077 

125.96 

24444 

20555 

8749 

147.85 
99.88 

125.07 

11098 


135X77 

142.26 

132.75 

107.17 

197.98 

157.03 

13080 

11253 

29081 

18352 

8156 

128.78 

42951 

IB6B58 

172.90 

59.65 

160.65 

31151 

262.54 

11153 

18856 

12748 

15952 

161.74 


154.08 
14X15 
12950 
13X50 
202.53 
19356 
13019 
11253 
377.76 
18X81 

9151 

99.40 

53026 

798244 

170.04 

6657 

18247 

269.18 

294.33 

135.03 

255.09 
12080 
18085 
1S347 


188.15 


177.04 

14541 

275.79 

201.41 

18647 

160.40 

50656 

21650 

97.78 

17010 

621.63 

284748 

22X30 

77.59 

211.74 

40148 

348.00 

165.79 
24852 
17858 
21456 
19004 


149.38 

167.48 

14943 

12054 

23047 

11655 

169.34 

12037 

34149 

171.66 

5758 

124.54 

43071 

169028 

1H7.Q1 

6942 

165.52 

294.68 

202.72 

128.88 

175.83 

14X64 

181.11 

17845 


159.37 

18043 

151.16 

133.51 

238.10 
125.88 
16007 

134.11 
37X07 
174.19 

6091 

15143 

47651 

181947 

195.05 

6742 

184.46 

323.13 

214.53 

14351 

20X53 

14853 

191.21 

18084 


North America (618) 

Europe Ex. UK (603} 

Padlfc Ex, Japan (279) — 

World Ex. US (1834) 

Wdrid Ex. UK (1943). 


-18949 

.155.72 

-265.07 


World Ex. So. Al. (2090) .... 
World Ex. Japan (1681) 


-17559 

176.07 

.17048 

-19142 


09 

0.6 

15 

14 

-03 

09 

14 

i.l 

06 

0.7 

04 


15949 

21259 

157.78 

15844 

172.12 

14159 

24142 

15953 

10151 

16X18 

17347 


107.42 

142.95 

10034 

106.72 

11840 

95.43 

162/44 

107.79 

109.13 

10948 

117.19 


137.40 

182.83 

13642 

136-50 

14037 

1224G 

207.77 

137.87 

13988 

14087 

14949 


16085 

412.40 

11153 

12745 

18072 

129.73 

235.15 

13098 

14027 

14088 

1JU90 


0.7 

04 

14 

14 
-03 

04 

15 
09 

05 
05 
04 


3.10 

149 

148 

144 
242 
240 
2.74 

145 
2.06 
248 
289 


17X79 
23141 
17041 
17200 
1 8946 
15458 
26145 
17X89 
17X99 
17030 
19076 


15072 

211.70 

15009 

157.09 

17348 

14049 

23014 

15081 

161.64 

16284 

17442 


10093 

14242 

105.16 

10543 

11841 

9448 

161.11 

10099 

10649 

109.70 

11757 


13858 

18140 

134.12 

13447 

14848 

121.14 

205.48 

13045 

13068 

13942 

14949 


14947 

210.60 

11021 

12003 

18945 

12070 

23218 

12940 

14068 

14016 

17845 


17848 

23341 

17848 
175.14 
19273 
15012 
29021 
17845 

17849 
100-03 
19550 


154.78 
173.19 

134.79 
14X88 
175.87 
13544 
23254 
14548 
15X96 
16844 
17034 


181,48 

19249 

159.83 

16048 

187.10 

14253 

239.85 

181.01 

18741 

189.68 

16148 


The Work) Index C2149) 180.44 04 16447 110.58 141/44 14094 


04 2-28 17941 163.75 11032 140.70 149.24 180.80 15845 159.88 


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