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Germany: a home 
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UK government 
forced to scrap 
Post Office sale 

The privatisation programme erf Britain's 
government was thrown into chaos yesterday with 
the cancellation of plans to float off parts of tbe 
state-owned Post Office. The policy retreat came 
because a few members of parliament belonging to 
the ruling Conservative party made plain they 
would not support the sell-off. With only a -■mwii 
majority in the House of Commons, the cabinet had 
no choice but to bach down. Page 16 

Bosnian Serbs lose key town: Bosnian Serbs 
said they had last control erf the central Rrapiiag 
town of Kupres. The UN reported that Bosnian 
Serbs faced, attacks across the republic as Croat 
militia joined a Bosnian government offensive. 


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Troubles deepen for EuroEHsneylaml 

Dwindling visitor num- 
bers and continuing 
losses spelled more prob- 
lems for Mickey Mouse 
at EuroDisneyland yes- 
terday. The Paris-based 
theme park reported a 
loss of FFrUJbn ($34S.4m) 
to the end of this Septem- 
ber compared with a 
FFr3 .33bn Joss the previ- 
ous year, while atten- 
dance figures fell more 
than' 10 per cent But the losses were in line with 
analysts' expectations and Euro Disney's shares 
gained FFr125 in Paris to close at FFr815. Page 19; 
Lex, Page 18 

IIS alms for early Qatt exffs The US plans to 
leave the General Agreement on Tariffs and Trade 
early next year provided Congress ratifies the Hw« 1 b 
setting up Gaft's successor, the World Trade Organ- 
isation. Page B 

Bell Atlantic of the US and France Telecom are to 
bid jointly for part erf the Czech Republic's state 
telecommunications company, initial bids for 27 per 
cent of SPT Telecom are due in December. 

Page 19 

Norwegian airliner MJadced: A man thought 
to be a Bosnian hijacked a Norwegian domestic 
flight to Oslo and demanded humanitarian aid for 
tbe war-racked former Yugoslav republic. Negotia- 
tions with police continued last night 

Boots bumps up profits: The UK drugs and 
retail group boosted first-half profits by 66 per cent 
to £2fa.7m.($473iE) on buoyant demand for branded 
drugs and a £47ifcttgani from selling Farleys baby 
foods. Page 20; Lex, Page 18; Backgroundy-Page 18 

Shipbuilders' s w a nsongs Workers at the Swan 
Hunter shipyard in north-east England watched tbe 
launch of their last ship. Unless a buyer is found for 
the yard, yesterday’s launch will be Swan Hunter's 
last Page 7 

Hollywood to tbe rescues Hollywood’s Mg film 
studios have agreed to help boost Europe’s Elm 
industry with' cash for training and by cooperating 
on dubbing and distribution projects. 

Swedish packaging deal: AssiDomfln Is to buy 
MoDo Packaging from fellow Swedish pulp and 
paper group MoDo in a deal worth SKrl^hn 
($167.2m). Page 19 

Dutch soccer hooBgans held: German police 
detained about 250 drunken Dutch soccer hooligans 
who ran riot on a German train on their way to a 
match in Bremen. 

Aid agencies may gidb Relief agencies 
threatened to pad out of camps in Zaire for Rwan- 
dan refugees unless there was international action 
to break tbe rule of terror there by Hutu leaders 

anH their tnfijHag. 

UK tightens controls: Britain announced 
stricter controls for foreign fish factory ships as pol- 
lution experts tried to remove oil from a Russian 
factory vessel that ran aground off Scotland. 

Helicopter vanishes: A helicopter carrying 
sight people, several guns and 1301b of gold disap- 
peared in Russia's for east Snowstorms woe ham- 
pering the search for the aircraft. 

Breastfeeding ‘saves lives?: A million lives a 
year could be saved if more mothers breastfed their 
babies, but governments were not doing enough to 
encourage them, the Lancet medical journal said, It 
urged policymakers and agencies to teach mothers 
the benefits of breastfeeding. 

McOog has Its day: Fast food chain McDonald’s 
lost its legal bid to get a Munich court to ban a Ger- 
man. pet food manufacturer from calling its prod- 
ucts McDog and McCat 


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^fllDAY^ NOVEMBERS '1994 •' 


Mavrodi shares his grand ambitions 




Sergei Mavrodi: grand ambitions 


By John Lloyd In Moscow 

Mr Sergei Mavrodi, chairman of 
the MMM financial company 
whose rise and fall this year 
made him the symbol of Russian 
capitalism, said yesterday that he 
would offer British investors tbe 
chance to buy into his notorious 
pyramid schemes. 

“The tickets (share coupons) 
are now being printed. We really 
mean to do it. 1 could operate 
successfully in Britain, and you 
will see t bat for yourself soon," 
he told a press conference yester- 
day. He obviously has grander 
ambitions, taking seriously a 
humorous question about his 
presidential intentions. 

The plumpish Mr Mavrodi 


would be lost in a crowd but has 
found a large role for himself in 
the new Russia. He won fame 
with AO MMM, which promised 
and, initially, paid gains to a 
claimed 10m customers in a 
crumbling pyramid scheme that 
made him a folk hero. 

Since the beginning of the year 
MMM had promised - and to 
many delivered - wealth through 
the purchase of shares whose 
face value rose from Rbs 1,600 in 
February to Rbsl 15.000 by July. 
But the “shares" were quoted on 
no exchange, invested in no thing 
and rose by fiat of MMM and Mr 
Mavrodi 

MMM seemed to have no 
means of making money other 
than tbe constant selling of its 


rapidly rising shares. After a tri- 
ple salvo of government warn- 
ings on its solvency it admitted 
its virtual collapse on July 29, 
telling investors it had nearly 
run out of cash and offering a 
paltry 950 roubles (40 US cents) a 
share. 

Jailed in September on still- 
pending charges of tax evasion, 
Mr Mavrodi nevertheless won a 
by-election in the Moscow suburb 
of Mytishchi on Sunday, even 
though he did not make a per- 
sonal appearance in the district. 
He had the support of Mr Vladi- 
mir Zhirinovsky's Liberal Demo- 
crats - whom he called social 
democrats yesterday until cor- 
rected by a reporter. 

There was an angry response 


by several thousand shareholders 
outside his offices earlier this 
week when MMM announced 
that the shares would not be 
redeemed until the beginning of 
next year, but he remains in the 
moon-promising business. 

“There is no need to panic,” he 
said. “In two months I will put 
MMM in order and then the 
shareholders mil gain once more. 
Look, you only have to go to our 
selling points to see the thou- 
sands of people queueing up to 
buy the new shares - more than 
ever before." 

His first task as a parliamen- 
tarian, he said, is to heal MMM. 
He has delegated the task of 


Continued on Page 18 


Joint chief executive to depart after 33 years at helm of conglomerate 

Rowland to leave 
Lonrho board after 
battle with Bock 


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By Robert Pest on in London 

Mr Tiny Rowland is to retire 
from the board of Lonrho. follow- 
ing a protracted and hitter strug- 
gle with his fellow joint chief 
executive. Mr Dieter Bock. 

His departure after 33 years at 
the helm of the international con- 
glomerate will remove from the 
OK corporate scene one oT its 
most controversial and charis- 
matic characters. Mr Rowland, 
who was described by former 
prime minister Mr Edward Heath 
as the “unacceptable face of capi- 
talism", created virtually from 
scratch a global trading group 
encompassing mines in Africa, a 
chain of international hotels and 
a complex web of other interests. 

After two days of tempestuous 
negotiations between the warring 
chief executives, Mr Rowland 
yesterday agreed to surrender his 
executive responsibilities at the 
end of the year and to retire from 
the board altogether in March. 

If shareholders agree, he will 
then be given the honorific title 
erf president, allowing him to con- 
tinue to visit African and Middle 
Eastern heads of state in the 
company Gulfs tream jet. 

Mr Rowland, who is 76, has 
fought off previous attempts to 
remove him from the company, 
but his colleagues said yesterday 
that the battle appeared to have 
been won by Mr Bock, “The 
papers are signed," said one. “It 
is a done deal." 

According to a Lonrho director. 
Mr Rowland’s reaction when told 


two days ago that a majority of 
the board were in favour of his 
departure was: “1 will see you in 
hell first" But it was made clear 
to Mr Rowland by the company’s 
chairman. Sir John Leahy, that 
“he had no option". 

In the previous few days. Sir 
John - a retired diplomat who is 
only a temporary chairman - had 
taken informal soundings from 


Lex Page 18 

Out of Africa and into 
battle ..Page 25 


the board. Directors were 
resolved to offer Mr Rowland the 
“opportunity to make an elegant 
exit”, according to a financier. 
They were equally determined 
not to take "no" for an answer. 

Mr Rowland will continue to 
receive his current salary, of 
£l-24m, plus expenses and bene- 
fits until the end of next year. 
His "benefits” last year included 
£470,000 ($770,800) contributions 
to the costs of running homes in 
London and Buckin ghamshir e. 
His business expenses were more 
than £lm. 

Mr Paul Spicer, a longstanding 
ally of Mr Rowland who retired 
from Lonrho's board earlier this 
year, said that his old friend had 
achieved one significant victory. 
Under a new arrangement relat- 
ing to Mr Rowland's 6.5 per cent 
shareholding in the company, Mr 
Bock - who holds L8 j 8 per cent - 
no longer has the right to force 


Mr Rowland to sell him his 
shares on leaving the company or 
at the end of next year. Mr Spicer 
said: “He did not want to leave 
them [the shares] under the con- 
trol of Mr Bock." 

The historic contract paving 
the way for Mr Rowland's depar- 
ture was signed by him at 4pm 
yesterday. It was ratified by the 
board at a meeting which began 
at 4.30pm and which Mr Rowland 
did not attend. 

Mr Bock, who joined Lonrho at 
the start of 1993 when he bought 
his stake in the company, has 
had an uneasy relationship with 
Mr Rowland for more than a 
year. He felt his plans to reorgan- 
ise Lonrho, which owns about 500 
separate companies, were being 
frustrated by Mr Rowland. 

He launched an abortive coup 
two months ago to oust Mr Row- 
land. Hours before September's 
board meeting he backed off from 
proposing that Mr Rowland 
should step down, when he 
became concerned that he could 
not count on the support of a 
majority. Since then, two of Mr 
Rowland’s closest supporters 
have resigned from the board. 

Mr Rowland has revelled 
throughout his career in battling 
opponents, from the “Straight 
Eight" directors who tried to oust 
him from the board in 1973, to Mr 
Mohamed Fayed, with whom he 
was reconciled last year after 
seven years of feuding over the 
manner by which Mr Fayed 
bought House of Fraser depart- 
ment store in London. 



Tiny Rowland leaves Lonrho’s headquarters yesterday 


ArttoyArfiwoo d 


Germany 
probes 
leak of 
industrial 
figures 

By Christopher Partes 
in Frankfurt 


The German economics ministry 
is probing leaks of market-sensi- 
tive data, following a complaint 
from a foreign bank that German 
rivals had prior knowledge of 
industrial orders figures pub- 
lished yesterday. 

Federal bond prices slipped as 
accurate reports of the stronger- 
than-expected data circulated 
before the official publication 
time. 

It also emerged yesterday that 
leaks of monthly orders and 
industrial production figures, 
both the responsibility of the eco- 
nomics ministry, had been occur- 
ring for some months. 

“This is now a normal thing 
with economics ministry fig- 
ures,” said. Mr Holger Fahrink- 
rug. an economist at UBS in 
Frankfurt “Our futures traders 
regularly come in to us with 
'rumours’ that turn out to be 
exactly right. 

“In a civilised country all indi- 
cators driving the markets 
should be kept secret The only 
fair way is for us all to be told at 
the same time." he said. 

“It happens rather a lot," said 
Mr Stephen King, an economist 
with James Cape] in London. 
“Whether it’s serious or not 
depends on who is doing it and if 
anyone is making any money out 
of it. 

“But things are a complete 
mess. Look at the quality of the 
data,” he added, referring to 
industrial output figures, issued 
on Wednesday, which carried a 
warning that a preliminary 0.2 
per cent decline in output was 
likely to be revised upwards by 
at least 2 full percentage points. 

Analysts said the economics 
ministry should start the leaks 
probe is its own offices, since 
other key indicators such as 
money supply and inflation fig- 
ures issued by the Bundesbank 
or the federal statistics office 
were never leaked. 

Raw numbers generated by the 
statistics office were first passed 
to the central bank for seasonal 
adjustment and then transmitted 
to the ministry for publication. 

Yesterday's information was 


Continued on Page IS 


Fed wins respite for ailing 
dollar ahead of jobs report 


By Ptuhp Gawftfr in London 

The US Federal Reserve 
yesterday intervened in the cur- 
rency markets for the second day 
running to support the ailing 
(foliar. 

Analysts said intervention had 
gained the dollar a short-term 
respite, without arresting tbe pre- 
dominantly bearish sentiment 
towards the currency. Thin mar- 
ket conditions allowed the Fed to 
push the dollar higher. 

However, the US currency 
faces an important test today 
with the publication of the 
monthly employment report. 
Financial markets regard the 
report as an inflationary indica- 
tor, and concern about rising 
inflation in the US is a main foo- 
ter behind dollar weakness. 

The Fed’s action follows 
repeated intervention on Wednes- 
day after the dollar fell to a low 
trf Y96JB. Mr Lloyd Bentsen, the 
US Treasury secretary, warned 
on Wednesday: “Continuation of 
recent foreign exchange trends 
would be counterproductive for 


the US and the world economy.” 

Earlier in the year the adminis- 
tration came under fire for pursu- 
ing a policy of benign neglect 
towards the dollar. Critics said 
the US was using a cheap dollar 
to win greater access to Japanese 


London stocks ... — -..Page 41 

Currencies Page 46 

World stocks — Page 50 


markets. Mr Bentsen and the 
administration have since sought 
to stress that the administration 
favours a stronger dollar. 

The Fed first intervened yester- 
day towards the close of Euro- 
pean trading, buying dollars at 
Y97.90 and DM1.5155, and then 
continued to buy at regular Inter- 
vals. The intervention lifted the 
dollar to Y98 and DM1.5225 in 
afternoon trading in New York. 

The US central bank appeared 
to be following a familiar pattern 
of buying dollars in waves 
through about 15 separate banks, 


in lots of about S10m per bank. 
Traders estimated that the Fed 
spent Slbn-Sl5bn buying dollars 
in Wednesday's intervention. 

There is fairly widespread scep- 
ticism about the benefits of inter- 
vention without supportive mon- 
etary policy changes. Many 
believe the dollar will fall lower 
if not supported by higher US 
interest rates. 

Many analysts expect the Fed 
to tighten monetary policy, lift- 
ing short-term interest rates by 
at least 50 basis points, if today’s 
employment report shows contin- 
ued strong economic growth. 

Mr Robin Marshall, chief econ- 
omist at Chase Manhattan in 
London, noted that “S25bn of 
Bank of Japan intervention 
through the year has massively 
exceeded Fed intervention, with- 
out turning the dollar treud". 

Two reasons cited for tbe inter- 
vention were the US Treasury’s 
desire not to have the dollar at 
record lows next week when US 
mid-term congressional elections, 
and the quarterly treasury 
refunding, take place. 


CONTENTS' 


Crossword. 


-40 


Eumpaw Nans — . .-2 

International N*ra 45 

American Nms 3 

Worid Tiada News a 

UK Nms 7fi 

People 12 

Vtotfw is 

Lac 18 


Leader Papa 

17 

16 


11 


17 


12 



MS 

15 


baLCaqMta. 
lrtL Ctapanes 20-33 





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41 





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- 24 

Bourses. 

47.50 


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Managed Funds . 44.45 
Money Mantels ......46 


* 


VACHER0N CONSTANTIN 

Geneva, since 1755 



The world's oldest watch manufacturer 


vaehMQft Constantin. 1 me dea Moufant, CM JltW Gentoe 


©THE FINANCTALTIMHSIiMnTro 1994 No 32,515 Week No 44 


LONDON - PARIS - FRANKFURT • NEW YORK • TOKYO 


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NEWS: EUROPE 


Strike-hit 
Iberia’s 
staff seek 
sacking 
of bosses 

By Tom Buns in Madrid 

The Spanish government is 
under strong pressure to sack 
the chairman of INI, the public 
sector holding which owns 
Iberia, the state airline, 
together with some of the air- 
line's senior executives after 
most nights were grounded 
yesterday in a worsening pay 
dispute. 

Amid signs that the two 
main unions which called yes- 
terday's stoppage risk losing 
control over tbe dispute, 
minority unions, representing 
ground staff as well as cabin 
crews, have called for partial 
stoppages today and more 
strikes over the next month. 

Iberia has warned that an 
escalation of the protest, called 
to demand overdue back pay 
and in protest at proposed staff 
and salary cuts, would cripple 
the company financially. The 
airline is due to declare losses 
of Pta44bn (£21 6m) this year 
and yesterday's stoppage is 
estimated to have cost Iberia 
up to Ptalbn in lost revenue. 

In a new twist to the dispute, 
the airline's middle manage- 
ment has taken the unprece- 
dented step of calling on the 
government to remove senior , 
executives of both INI and 
Iberia. More than 500 of 1 
Iberia's 1.3 00-strong technical 
and intermediate level person- 
nel signed a letter to the indus- 
try minister blaming senior 
management for tbe company’s 
difficulties, and stressing that 
no viability plan would be 
accepted by the airline's staff 
while they remained in place. 

A spokesman for the organis- 
ers of the petition said there 
was now a serious risk that the 
dispute could run out of con- 
trol because hardline minority 
unions were pl annin g new 
stoppages and undermining 
the authority of the socialist- 
led General Workers Union 
and the communist-dominated 
Workers Commissions union, 
which had jointly initiated the 
strike action. 

"Unless there is a big 
top-level shake-up this strike is 
going to match in violence the 
one at Air France last year,” 
the spokesman said. 

The October 1993 Air France 
strike cost Mr Bernard Attall 
his job as the airline's chair- 
man and forced the French 
government to revise drastic 
spending cuts for the company 
which were similar to those 
envisaged now by Iberia. 

The airline has proposed pay 
cuts averaging 15 per cent over 
the next three years, accompa- 
nied by 2,000 further job cuts 
as part of a viability plan 
which combines reducing oper- 
ating costs by 10 per cent with 
a capital injection of Ptal25bn 
(£613m). 

The targets of employee 
anger are Mr Juan Saenz, who 
was appointed Iberia's manag- 
ing director last year, 
and Mr Javier Salas, the chair- 
man of INI and, since Septem- 
ber 1993, also president of 
Iberia. 

As INI chairman Mr Salas 
endorsed an ambitious airline 
investment programme by 
Iberia in Latin America which 
lies at the heart of tbe compa- 
ny's present financial difficul- 
ties. INI is now seeking author- 
isation from the European 
Union to use subsidies for the 
recapitalisation. 

The industry minister, Mr 
Juan Manuel Eguiagaray, who 
is responsible for INI and has 
an ultimate say over Iberia and 
the group's other companies, is 
understood to be increasingly 
dissatisfied with INI’s leader- 
ship. Criticism of the public 
sector holding company Is also 
rife among members of the 
government’s economic team, 
appalled at its mounting losses 
- Ptal25bn In 1993, up from 
Pta72bn the previous year. 


THE FINANCIAL TIMES 
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Turkish artillery targeting Kurd hideouts during the previous offensive. For a month Turkish forces have been attacking guerrilla positions in Tuuceli province dm 

Turks turn full force of rage on Kurds 

John Barham reports on one of the biggest offensives in 10 years of war against the PKK 


T urkey's security forces 
have launched one of 
their largest offensives 
yet in the L0-year war against 
guerrillas of the separatist 
Kurdistan Workers party 
(PKK). They aim to crush the 
insurgency in the heavily 
Kurdish south-east once and 
for all by destroying the PKKs 
stores and supply routes before 
winter sets in. 

The month-old campaign is 
the climax of Prime Minister 

Tan.c n filler's hardlin e anti- 
PKK policy. She abandoned 
former President Turgut Ozal’s 
search for reconciliation on 
taking office in June 1993, just 
after guerrillas ended a 
short-lived ceasefire by mas- 
sacring 32 unarmed soldiers. 

But the conflict not only 
costs lives - 13,000 have died 
since fighting started in 1964 - 
it is also warping society, 
undermining thp economy and 
distancing Turkey from its 
western allies. 

The cost of fighting the PKK 
- estimated at S3bn-$7bn a 
year - is bankrupting the gov- 
ernment, which finances its 
deficits by borrowing and 
printing money. 

For a month, helicopters and 
jets have blasted away at sus- 
pected rebel hideouts in the 
rugged Munzur mountains of 


Tunceli province. Troops and 
guerrillas are clashing daily. 

The government claims the 
offensive is working. Troops 
have seized caches of stores 
and the army says guerrillas 
are surrendering at a rate of 
two or three a day. Mr Davud 
Haner, Tunceli’s assistant gov- 
ernor, is confident that "sooner 
or later” the PKK will be elimi- 
nated. 

Few western analysts would 
agree. Previous "final offen- 
sives" have failed. Half Tur- 
key's 500,000-strong army is 
based in the south-east, but the 
PKK, probably numbering less 
than 20,000, battles on. 

Turkish conscripts are 
poorly trained, badly moti- 
vated and do not know the 
region. The PKK generally 
keeps the initiative, raiding vil- 
lages and military outposts. 
Large areas of the south-east 
are no-go areas. Harsh moun- 
tain terrain provides well-pro- 
tected staging areas and cover 
from air attack. Turkey’s ene- 
mies, notably Syria, have 
armed and trained the P KK. 

Far from winning hearts and 
minds, crack anti-guerrilla, 
"special teams” are hated for 
their brutality. The army's 
strategy of razing villages to 
deny them to the PKK further 
alienates local populations. Mr 


Musa Tok. a 70-year-old Kurd- 
ish peasant who Ded his village 
□ear Tunceli, said: “Soldiers 
gave me 10 days to clear out 
What can I do? My father died 
defending Turkey and now I 
am being moved off my land.” 

A US human rights cam- 
paigner says that the PKK is 
probably more brutal than the 
army. "But the army bas 
totally over-reacted and driven 

Turkey's pro-Kurdish Hadep 
party announced yesterday 
that it would not participate 
in elections next month to fill 
22 seats in parliament citing 
"negative and anti-democratic 
conditions", writes John Bar- 
ham in Ankara. 

The decision followed a 
threat issued on Wednesday by 
separatist PKK guerrillas that 
candidates fighting the elec- 
tions would be targeted. 

a basically apathetic people 
towards the PKK.” 

Eacb new PKK outrage 
increases support for tougher 
action. In September, guerril- 
las murdered six teachers for 
.teaching in Turkish rather 
than Kurdish. 

Ominously, Mrs Ciller’s 
uncompromising approach is 
one of her weak coalition gov- 
ernment’s few popular policies. 


She is dragging her feet on 
promises to reform security 
laws that allow police to detain 
anyone suspected of the vague- 
ly-defined crimes of “separat- 
ism” or terrorism. By giving 
the generals responsibility for 
eliminating the PKK, she has 
further entrenched their con- 
siderable political power. Last 
month the army prevented 
Turkish MPs - including the 
deputy prime minis ter - from 
visiting areas of Tunceli 
where, according to media 
reports, troops were burning 
villages. 

Remarkably, these reports 
sparked an anguished public 
debate over army operations in 
the south-east. Until now, most 
Turks have viewed the army as 
guiltless in its fight against the 
PKK. Yet Amnesty Interna- 
tional bas often accused the 
security forces of exacting fear- 
some reprisals on civilians for 
guerrilla attacks. It also sus- 
pects security forces of tortur- 
ing and assassinating opposi- 
tion activists. 

Human rights violations dis- 
turb Turkey's allies. The US 
has cut aid to Turkey. In Octo- 
ber, the European parliament 
suspended ties with Turkey's 
parliament in protest at the 
treason trial of 15 Kurdish 
MPs. Strasbourg is d emanding 


the right to debate ratification 
of the customs union with Tur- 
key scheduled for 1996. If it 
does so. it could well reject the 
customs union, a cornerstone 
of Turkish foreign policy. 

Western governments repeat- 
edly tell Turkish officials that 
a purely military approach 
cannot work. They urge the 
government to isolate the PKK 
by offering regional autonomy 
and allowing education and 
broadcasting in Kurdish. 

But Mr Ecvet Tezcan. a for- 
eign ministry official, says: 
“We are going to fight. There is 
no other way out. Europe 
should understand that this is 
a question of our survival [as a 

state V' 

The south-east is Turkey’s 
most backward region, still in 
the grip of Feudal landlords. 
Although the government 
spends lavishly on infrastruc- 
ture in the region, notably the 
SlObn GAP hydroelectric proj- 
ect. the expenditure benefits 
few local people. 

Mr Mazlum Arslan. Tunceli’s 
moderate mayor, says: "As 
well as fighting terrorism, the 
government must provide jobs, 
roads, freedom and democracy. 
We are all totally against ter- 
rorism. But if you do not pro- 
vide this, you [justify] them." 


Cypriots join in the Aegean war of words 


By Bruce Clark, Diplomatic 
Correspondent 

The gap between 
Greek-Cypriot and Turkish- 
Cypriot positions over the 
island's future is widening 
ominously, at a time when 
Athens and Ankara are already 
squaring off over territorial 
rights in the Aegean. 

Greek-Cypriot officials have 
in the last few days accused 
both the Turkish Cypriots and 
Ankara of renouncing the 1977 
and 1979 agreements — caning 
for the island to be reunited as 


a bi-zonal federation - which 
have served as tbe basis for all 
subsequent negotiations. 

Leaders of the island's (keek 
Cypriot majority have always 
argued for as full-blooded a fed- 
eration as possible, while the 
Turkish Cypriots want rela- 
tively loose ties between 
mainly Greek and mainly 
Tur kish zones. 

Until recently, UN-sponsored 
negotiations have proceeded on 
the basis that a federal Cyprus 
would be a sovereign state, 
albeit loosely structured. 

But Mr Mumtaz Soysal, tbe 


new Turkish foreign minis ter 
who has called for a tougher 
stance on Turklsh-Greek dis- 
putes, caused a sensation in 
Athens this week by saying 
that both parts of Cyprus were 
and would remain sovereign 
entities. 

He said the Cyprus problem 
was "half-solved already” and 
all that remained was for the 
two sides to agree on co-opera- 
tion in such areas as tourism 
and the environment 

The Turkish minister's 
words were denounced by the 
Cyprus government although 


there was quiet satisfaction 
among hardline Greek politi- 
cians, who have all along 
doubted the value of reconcilia- 
tion talks. 

"We are at a worse impasse 
than before,” said Mr Alecos 
Michaetides, foreign minister 
in the Greek Cypriot govern- 
ment “They [the Turkish Cyp- 
riots] are now abandoning the 
idea of a federation . . . and this 
makes it difficult even to start 
discussions." 

Tbe Greek Cypriots are now 
expected to intensify pressure 
on the UN for a statement that 


blames Turkish intransigence 
for the lack of progress. They 
are also stepping up their 
campaign for accession to 
the European Union, some- 
thing the Turkish side opposes 
as long as there is no 
settlement 

In a separate Greek-TurMsh 
dispute, Mr Soysal has again 
warned Athens that Turkey 
will go to war if Greece exer- 
cises the option of extending 
its territorial waters from six 
miles to 12 after November 16, 
when a new international law 
on the sea enters force. 


German parties want to 
reimpose unification tax 


Russian row may 
hit IMF backing 


By Judy Dempsey on Bonn 

Germany’s three potential 
coalition partners yesterday 
agreed that a controversial tax 
surcharge introduced shortly 
after tbe reunification of East 
and West Germany in 1990 and 
dropped in 1993 should be re im- 
posed. 

In negotiations on a coalition 
programme, the Christian 
Democratic Union of Chancel- 
lor Helmut Kohl, the Christian 
Social Union, its Bavarian-sis- 
ter party, and the liberal Free 
Democrats, promised to reduce 
the state's share or GDP from 
51 per cent to 46 per cent by 
2000, cut 14,000 federal govern- 
ment jobs, and introduce more 
privisatisation. particularly in 
the transport sector and tele- 
co mmn ications. 

Mr Erwin Huber, general sec- 
retary of the CSU. said all par- 


ties had agreed that the "soli- 
darity” tax surcharge would be 
reintroduced next year since it 
was a crucial instrument to 
reduce the budget deficit 
which had swelled following 
financial transfers of DMl50bn 
(£61bn) to eastern Germany 
since reunification. The 7.5 per 
income tax surcharge is expec- 
ted to raise an annual DM27bn 
to DM29bn. The current deficit 
is DMG&Sbn. 

Until yesterday, the FDP had 
insisted that the coalition 
impose a timetable for ending 
the tax, but Mr Theo Waigel 
said this week it was "unrealis- 
tic". FDP officials said they 
“could live with tbe compro- 
mise" in which the tax will be 
reviewed annually. 

However. Mr Werner Hoyer, 
general secretary of tbe FDP, 
won some other concessions in 
the party's bid to reduce the 


role of the state, cat back the 
bureaucracy and gain more 
financial assistance for the 
Mittelstand, the small and 
medium-sized enterprises con- 
sidered the backbone of the 
German economy. 

Massive public works, partic- 
ularly for the infrastructure in 
eastern Germany could be 
thrown open to the private sec- 
tor. 

Mr Peter Hlntze, general sec- 
retary of the CDU, said the role 
of the state would be further 
reduced as the coalition would 
attempt to scrap or decrease 
the bureaucracy, while enter- 
prises would be given more 
opportunity to introduce 
part-time work as a means of 
promoting more employment 

“The next legislative period 
will try and push through 
more debureaucratisation.” 
said Mr Hlntze. 


Doubts temper recovery 


By Michael Undemann in Bom 

German business yesterday 
warned that a robust economic 
recovery was in danger of 
papering over persistent weak- 
nesses in the economy, caused 
mainly by pressure for higher 
wages ami increased taxes. 

"There are doubts about the 
steadiness of the recovery,’* 
said Mr Franz Schoser, a 
spokesman for the German 
Chamber of Commerce and 
Industry (DIHT), which polled 
25,000 companies for its 
antnmn survey of business 
confidence. 

The survey findings are a 
timely reminder for Chancel- 
lor Helmut Kohl’s new govern- 
ment already warned by the 
Employers Federation, which 


called for an urgent restruct- 
uring of the social security 
system. 

Many of tbe companies sur- 
veyed are waiting for the out- 
come of talks On forming the 
new government, due to end in 
the next 10 days, before com- 
mitting themselves to medi- 
um-term strategy, the report 
said. 

Companies in western Ger- 
many will still suffer from 
weaker consumer demand next 
year, the report warned, 
caused by an array of taxes, 
including the reintroduced sol- 
idarity surcharge for eastern 
Ge rman y and new insurance 
and health charges. 

They are also worried that 
the wage talks in the spring 
will lead to higher wage rises. 


The trade unions are likely to 
push for an extra 6 per cent 
while Mr Hans-Peter Stihl, the 
DIHT chairman, said recently 
that a pay rise close to the 
inflation level, now just under 
3 per cent, would be accept- 
able following a round of zero 
pay rises this year. 

Despite the economic recov- 
ery only 9 per cent of west 
German companies said they 
were planning to hire new 
staff, up from 5 per cent this 
time last year; 28 per cent said 
they would be shedding jobs. 

The report also warned that 
machine running times were 
too slow and that more and 
more companies were moving 
production facilities abroad to 
take advantage of cheaper 
labour costs. 


By John Lloyd m Moscow 

Growing hostility between the 
Russian government and Presi- 
dent Boris Yeltsin is threaten- 
ing to derail ambitious plans 
by tbe International Monetary 
Fund to support the Russian 
economy next year. 

Efforts by the president’s 
Security Council to blame - 
and possibly remove from 
office - important economic 
reformers following an inquiry 
into the causes of the Russian 
rouble's dramatic collapse last 
month may disincline the 
Fund to make up to $14bn 
available to Moscow next year. 

Observers believe Mr Yeltsin 
is now strongly opposed to gov- 
ernment plans to peg the cur- 
rency and bring down inflation 
to 1 per cent a month next 
year. The Fund supports the 
plan and it has latterly 
attracted the approval of the 
Group of Seven nations. 

The struggle burst Into the 
open yesterday when Mr Alex- 
ander Shokhin, deputy prime 
minister in charge of the econ- 
omy, said he would not work 
with candidates now being con- 
sidered for the post of finance 
minister who would be drawn 
from the president's office. He 
said the tough 1995 budget, 
lucked by Mr Chernomyrdin, 
was a "unique opportunity” to 
break the cycle of high infla- 
tion which has dogged Russian 
reform for three years. 

The government Is preparing 
a letter of intent which will be 
the basis on which the IMF 
would advance loans of up to 
S14bn next year to fund tbe 
budget deficit and to support 
the rouble if and when it is 
pegged to the dollar. Though 
differences remain between the 
IMF and the government - on 
the rate at which the rouble 
will be pegged and on whether 


the stabilisation fund will be 
lodged with the government or 
retained under the control of 
the IMF - the two sides agree 
on the basic parameters of the 
budget and on the need for 
rapid action. 

However, opponents of the 
budget, including Mr Alexan- 
der Livshits, an economic advi- 
sor to Mr Yeltsin, have said 
they do not believe the econ- 
omy can support, or the parlia- 
ment agree to, such a tough 
policy - and argue for a target 
monthly inflation rate of 5 per 
cent a month next year, an 
option the government consid- 
ered and rejected in Septem- 
ber. Such a target would be 
highly unlikely to attract IMF 
or G7 support 

Tbe opponents have seized 
the opportunity afforded by the 
report of the Security Council's 
commission - completed this 
week but unpublished - on the 
events surrounding "Black 
Tuesday” on October 11, when 
the rouble lost a quarter of its 
value in one day. 

The report blames the fall on 
Mr Shokhin, together with the 
former minister of the econ- 
omy, Mr Sergei Dubynin, and 
former central bank governor 
Mr Victor Gerashchenko, along 
with other officials. 

Both Mr Dubynin and Mr 
Gerashchenko resigned last 
month, while Mr Yeltsin yes- 
terday fired Mr Victor Krunya, 
director of the Federal Cur- 
rency and Export Control Ser- 
vice, for his part in the affair. 
Mr Shokhin, as the senior 
remaining economic minister, 
is now in a precarious position, 
as is the budget and the reform 
strategy. G7 officials believe 
the budget offers a last chance 
to stabilise the rouble and 
bring down inflation to allow 
badly needed domestic and for- 
eign Investment 


FINANCIAL TIMES FRIDAY NOVEMBER 4 J994 


EUROPEAN NEWSDIGEST 

Russia protests » 
over submarine 

TTje commander of Russia’s Northern Fleet said yesterday a 
US submarine had been discovered in territorial waters off the 
Arctic Kola peninsula and had left only after bri ng g iven 
several warnings. Admiral Oleg Yerofeyev said tbe'eraft had 
been detected on Wednesday right kilometres off the entrance 
to the narrow Kola Bay - which lies 30km from the huge 
top-secret naval base at Severomorsk, home to the Northam 
Fleet The fore ig n ministry said the craft was located in 
almost exactly the same spot- where the US nuclear submarme . 
Baton Rouge crashed into a Russian nuclear submarine in. 
February 1992. However, the Northern Fleet later Bald tile 
craft’s identity had yet to be confirmed. 

Admiral Yerofeyev said that, given that Moscow Bad cut its 
naval operations, “pro vocations by western submarines can 
only spark Russian worry and con demn ation-” He added; “ff 
foreign submarines continue to cany out dangerous man- 
ouevres off our shores it could lead to new incidents with 
serious and unpredictable consequences." Interfax news 
agency said it was the third time in two years that a US 
submarine had been found in Russian waters. Reuter, Moscow 

Bosnian Croats take key town 

The Bosnian Serb army admitted yesterday that the town of 
Kupres in central Bosnia had fallen to Bosnian Croat forces 
after heavy fighting. Croat forces - in their fust joint offensive 
with Bosnian government troops since resuming their alliance 
last March - recaptured the town, which was 51 per cent' Serb 
and 39 per cent Croat before the war broke out Kupres Is the : 
first important town the Bosnian Serbs have lost since the war 
began 31 months ago. The upsurge in fighting cast a shadow 
yesterday over the reopening of peace talks between Croats 
and rebel Serbs in Knin, the Serb stronghold just over the 
border in neighbouring Croatia. 

Yesterday cracks appeared for the first time in the news 
blackout on the conflict imposed by Serbia. Belgrade radio 
reported the week-long Moslem offensive which until yester- 
day it had ignored.. The Bosnian Serbs have blamed the block- 
ade imposed by Serbia three months ago for their recent 
losses. Laura Silber, Belgrade 

Swedish No voters lead poll 

The campaign to win Swedish entry to the European Union 
was jolted yesterday when an opinion poll showed a swing 
against membership, in contrast to other recent polls showing 
the "yes” side set for a narrow win in the referendum on 
November 13. The latest poll, in the newspaper Aftonbladet, 
gave the No camp 38 per cent support against 36 per emit in 
favour of membership. Most worrying for the Yes cam p aign , 
led by Social Democratic prime minister Ingvar Carlsson and 
strongly supported by most of Sweden’s political and indus- 
trial establishment, was the poll’s finding that significantly 
more of the 25 per cent of voters yet to make up their minds 
were more inclined to vote No than Yes. The Mt-dominated 
No side has mounted a strong arguing that mem- 

bership will undermine Sweden’s independence, its neutrality 
and its freedom to maintain its big welfare system. The pot 
was cited by market dealers as tha main factor hrirmri a sharp 
rise in long-term interest rates and a w eakening of the Swed- 
ish krona yesterday. Hugh Camegy, Stockholm 

Greek telecom sale approved 

The Greek parliament has approved legislation allowing the 
partial privatisation of OTE, the state telecoms monopoly 
through a flotation on the Athens stock exchange. In a stormy 
session on Wednesday night, 12 deputies from the governing , 

Panheflenic Socialist Movement, most of them ex-trade union j 

leaders, abstained or voted against the law. OTE employees, 
striking in protest against the flotation, blocked traffic outside 
parliament The law calls for tariff increases of 40 per cent on 
local calls in 1995 and 9 per cent in each of the following two * 
years, so that OTE's domestic network can break even by 1997. y 
The vote cleared the way for 25 per cent of the company to be 
sold next month. Eighteen per cent will be placed with institu- 
tions abroad and the remainder offered to local investors. Tim 
government expects to raise over Dr320bn from the flotation, 
but two-thirds will be set aside to fund OTE’s five-year mod- 
ernisation plan. Kerin Hope. Athens 

Hungary sets sell-off target 

Hungary's Socialist-led government yesterday approved 
sweeping changes to privatisation regulations, with the aim of 
completing the sale of most state companies by the end of its 
term in 1998. To make administration of privatisation more 
efficient and less expensive, Mr Laszlo Bekesi, finance minis- 
ter, said AVU, the state property agency, and AV Rt, the state 
h ol d i n g company, would be merged into a single company. 

Officia l s said the government would aim for rapid sales rather 
than restructure companies ahead of privatisation. Sales to 
cash bidders would be preferred, with revenue generated from 
the sale of blue chip companies used to pay off state debt Tbe 
new strategy envisaged greater use of the country's nascent 
capital markets, Mr Bekesi said. The cabinet also agreed to 
retain full ownership of fewer companies, just 46. in -stra tegic 
areas such as forestry, research and railways. Virginia Marsh, 

Budapest 

Berlusconi relents on bank chief 

The Berlusconi government is due to give its long-delayed 
approval today for the appointment of Mr Vincenzo Desario as 
director-general of the Bank of Italy. On October 18 the central 
bank's governing council named Mr Desario, junior of the two 
deputy directors, to replace Mr Lamberto Dini, who became 
treasury minister in May. But approval has been held up to 
register the government's protest over the bank’s refusal to let 
the right-wing coalition chose an outside candidate. Mr Berlus- 
coni yesterday met Mr Desario along with Mr Dini, who 
opposed the choice of an Internal candidate. The meeting was 
intended to clear the air over the five-minth row. Robert 
Graham, Rome 

ECONOMIC WATCH 


Italian inflation turns downward 

Italy’s annual inflation rate 
Italy dropped by 0.1 per cent to 3.8 

hmui * per cent in October after two 

inflaHon (annual % change) months of small increases. 

4m4 ' This year, growing business 

confidence has led to aut umn 
, V price rises being brought for- 

42 ' V y-V — ward from October to Septem- 

\/ \ ber. As a result, it was expec- 

V \ ted that inflation would fell 

‘ 1 in October, but the reduction 

1 * • is less than predicted. The 

_ . 1 A P 3 ?* of WF* quarterly bul- 

3,8 V / letin « Published this week, 

\ / estimated 1994 inflation at 

- o i i V i *$* r °U5 d 4 per cent" against 

' get 93 94 the official objective of 3.5 per 

*“2 25 per cent in 1995. 
Robert Graham, Rome 

■ Orders for west German manufactured goods recovered 
strongly in September, rising 4* per cent on the month and 
more than 9 per cent on the level a year earlier. The figures 
which the economics ministry said were likely to be revised' 
upwards by up to one percentage point, showed a u percent 
rise in foreign de m a nd and a 1 per cent increase in domestic 
orders. 

■ Seasonally adjusted Danish unemployment fell sharply from 
12.2 of the labour force in September to 1L7 per cent in 
October. The decline by 12,500 to 328,400 jobless Is the biggest 
monthly fell so for recorded. Unemployment was 125 per cent 
in September last year. 




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FINANCIAL TIMES FRIDAY NOVEMBER 4 1 994 


NEWS: THE AMERICAS 



California split over 
anti-immigrant plan 



US MID-TERM 
ELECTIONS 

November B 


- 

..." . 


By Jurak Martin In Washington 

Opposition to 
California's 
Proposition 
287, denying: 
social services 
to illegal immi- 
grants. appears 
to be gathering 
momentum, 
with opinion in 
the largest 
state increas- 
ingly divided 
along racial 
lines. A poll of 
Hispanic- American voters 
released this week by the 
Southwest Voter Research 
Institute found 57 per cent 
opposed to the proposition, 
which is on the state ballot in 
nest Tuesday's mid-term poll, 
and only 15 per cent in favour, 
with the balance undecided. 
This stands in sharp contrast 
with surveys in mid-October 
showing that nearly half the 
legal Hispanic residents sup- 
ported it 

Thfe most recent state-wide 
poll by the Los Angeles Times, 
published a week ago, still 
gave the initiative a 51-41 per 
cent lead among likely voters, 
but this was well down on the 
5833 per cent margin of two 
weeks earlier and the two-to- 
one edge of September. Some 
recent reports from the state 
suggest more rapid erosion 
since. 

Opposition has also been 
fanned by the Mexican govern- 
ment A foreign ministry state- 
ment in September complained 
of the “xenophobia and rac- 
ism" implicit in the proposal. 
Three Sundays ago, about 

70.000 paraded in Los Angeles 
in protest, many waving the 
Mexican flag - much to the 
(dry of the initiative’s support- 
ers. On Wednesday about 

10.000 schoolchildren, the 
majority Hispanic, walked out 
of city classrooms to demon- 
strate. 

State professional organisa- 
tions have also begun to make 
their opposition more vocal 
This week. 1,000 teachers 
signed a pledge refusing to 
abide by the provision in the 
proposition that would oblige 
them to report to the federal 
government any case in which 
the parents. ~a£. schoolchildren 
were suspected of being illegal 
immig rants. . 

Several hospitals and medi- 
cal associations, have also 
tfoeatened to refuse to comply 
with the reporting provision, 
and have warned of the 



President Bill Clinton campaigns for next week’s mid-term 
elections in Rhode Island yesterday ap 


broader public health conse- 
quences of denying healthcare 
to illegal immigrants. Opinion 
from local chambers of com- 
merce. representing businesses 
with long histories of employ- 
ing illegal immigrants, is 
equally negative. 

Mr Pete Wilson and Con- 
gressman Michael Huffington, 
Republican candidates for gov- 
ernor and senator respectively, 
have remained steadfast in 
support of Proposition 187. 
while their Democrat oppo- 
nents, Ms Kathleen Brown and 
Senator Dianne Feinsteln, have 
campaigned against 

Mr Wilson's stand helped 
him move ahead of Ms Brown 
while the initiative appeared to 
command broad support and 
has not hurt him since opposi- 
tion to it has grown. Mr Huf- 
fmgton, however, has been 
greatly embarrassed by the dis- 
closure that he had employed a 
British nanny without proper 
papers. Most polls have Ms 
Feixistein holding a five-point 
lead, though one Los Angeles 
TV survey yesterday had Mr 
Huffington two points up. 

Many other prominent state 
politicians have refused to take 
a position either way. They 
include Mr Richard Riordan 
and Ms Susan Golding - very 
much in the front line on 
immigration as mayors of Los 
Angeles and San Diego - on 
the grounds that they do not 
want to encourage divisiveness 
in their cities. 

Mr Dan Lungren, the state 
attorney general locked in a 


AMERICAN NEWS DIGEST 

Warhol leads 
Christie’s auction 

Christie’s held one of fts most successful auctions of 
contemporary art ever In New York on Wednesday night, 
raising $l4j56m (£8-8atf and with 44 of the 50 lots finding 
buyers. In terms of value, the auction was 96 per cent sold. 
Given the nervous state of the market in the last four years 
this was a great achievement, suggesting that Christie's had 
been shrewd in its choice of works to sell and in its reserves 
and estimates. 

The top price was the ?&63m paid for an Andy Warhol 
silks creen portrait of Marilyn Monroe, “Shot Red Marilyn”, 
which had a $3m top estimate. The work, considered the best 
of Warhol’s many Marilyn portraits, gained its title after a 
would-be assassin shot the picture rather than the artist In 
May 1989, at the top of the market it had sold for $4.07m to the 
Japanese collector Masao Wanibuchi 

There were new auction records fin: four artists, including 
Donald Judd, SLgmar Police. Francesco Clemente, and the 
notorious Jeff Koans - S23&500 for a stainless steel bust of 
Louis XIV. Other high prices in an auction dominated by 
American collectors were the $596,500 for "Untitled” by 
Anselm Kiefer, which was bought by the North Carolina 
Museum of Art; $574,500 for “Canopic Head, 1951”, a steel 
sculpture by David Smith, the leading abstract expressionist 
sculptor (tithe 1950s; and $530,500 for another large steel 
sculpture by Smith, “Primo Piano T. Anthony Thomovft, 
London 

Boost for US house sales 

Strong sales in . the northeast and south helped boost US sales 
of new single-family houses 2.6 per cent in September to a 
seasonally adjusted annual rate of 703,000, the Commerce 
Department said yesterday. September’s increase followed a 
revised 7.9 per cent rise in August to a seasonally adjusted 
annual rate of 685,000. The August rise previously was 
reported as 9.7 per cent 

New home sales have how risen for three straight months. 
Economists said the higher level of new home sales 
demonstrated the economy's vigour despite the Federal 
Reserve’s five rounds of credit tightening so for this year. The 
economy “continues to perform above the pace which the 
Federal Reserve hasiraficated it is desirous to slow it to,” said 
Mr Allan Leslie, chief economist at Discount Carp of New 
York. AP-D3, Washington, and Reuters, New York 

Falklands flights ‘unlikely’ 

Britain’s Civil Aviation Authority is “unHteljT to grant 
permission for a weekly flight between Uruguay and the 
disputed Falkland Islands because of concern over safety 
standards, according to Mr Roger James, deputy headof 
mission at the British embassy in Montevideo. 

Air Atlantic Uruguay ran its inaugural four-hour flight in a 
cdnvertedHercules 130 leased from the Uruguayan air force, 
in September, but has since been refused penrawaon to fly. 
“The problem is the use of a military plane for a dvilian 
flight; ’’ said Mr James, "At the moment things are stack but 
we are tryingta resolve the issue." . • A ... 

In principle, the British are keen to see more flights to the 
Falklands, which since the British-Argentine conflict of 1982 
have been practically cut off from the Latin American 
mainland 


i Hin i a no. . - 

The Air Atlantic flight, whose maiden trip brought fresh 
fruit and other rarities to the isolated South Atlantic islands, 
was the flrat of its kind since the War. Dtwitf Pitting. Buenos 
Aires 


tough re-election battle, has 
also remained on the fence. 

If the public tide in the last 
two weeks has seemed to flow 
against Proposition 187. it is 
still rather more likely to pass 
than not and it may yet benefit 
from a white suburban back- 
lash in its favour. 


Ontario acts on workplace equality 

Bernard Simon on a new law encouraging employers to improve the lot of minorities 


O ntario hopes its new 
affirmative-action law 
will succeed where 
other approaches have foiled to 
improve work prospects for 
disadvantaged groups. 

The Canadian province's 
Employment Equity Act. 
which took effect on Septem- 
ber 1, goes beyond voluntary 
compliance but stops short of 
the racial and other quotas 
which have been favoured by 
some US states. 

“We want the workplace to 
develop its own plan, which it 
wants to implement,” says Ms 
Juanita Westmoreland Traore, 
the lawyer who is the prov- 
ince's first employment equity 
commissioner. 

The new law is designed to 
help four groups: women, visi- 
ble minorities, the disabled and 
aboriginals. It applies to every 
private-sector employer with 
more than 50 people on the 
payroll, and to all government 
agencies with more than 10 
workers. 

The government estimates 
that 17,000 employers and 
almost three-quarters of the 
province's workers will be 
involved in the exercise. 

A sizeable bureaucracy is 
being brought together to mon- 
itor progress. The Employment 
Equity Commission, based in 
Toronto, has an annual budget 
of C$9.3m f£4.4m) and wifi 
eventually have a staff of 


about 100. An employment 
equity tribunal is also being 
set up to hear complaints and 
settle disputes. 

Every employer must go 
through a step-by-step process 
over the next three years: a 
campaign to inform workers 
about the law. consultation 
with them, and production of 
an "employment equity plan”. 

The timetable is staggered, 
depending on the number of 
employees. For instance, pri- 
vate-sector employers with 
more than 500 workers must 
have their plans in place by 
March 1996. 

The law is deliberately vague 
on the scope of the plans. It 
says only that they should 
"remove barriers and make 
reasonable progress towards 
achieving employment equity”. 

Ms Traore defines a barrier 
as “a policy or practice that 
more negatively affects the 
designated groups than oth- 
ers”. She adds: "We expect that 
employers will look to the 
spirit of the act and develop a 
plan that fits it” 

As examples, she cites jobs 
which require "Canadian expe- 
rience" - a criterion which 
cannot be met by new immi- 
grants. a growing proportion of 
whom are black or oriental. 
Some employers may have to 
rearrange work schedules to 
take account of non -traditional 
religious holidays. 


Ms Traore. who is black, 
stresses that the new law does 
not require disabled people to 
be employed in jobs which 
require agility or physical 
strength. 

But she draws a distinction 
between a job requirement and 
a tradition. The latter would 
include the Royal Canadian 

Three-quarters of 
the province's 
workers will 
be involved 
in the exercise 


Mounted Police's insistence a 
few years ago - but subse- 
quently withdrawn - that Sikh 
recruits forsake their turbans 
for the Moun ties’ well-known 
Stetson. 

The business community has 
mixed reelings about the new 
law. “We expected worse." says 
a human resources manager at 
one large company. The man- 
ager gives Ontario's Social 
Democratic government credit 
for consulting widely on its 
proposals, and for watering 
down some of the harsher pro- 
visions before they became 
law. 

But Mr Joe Couto, an official 
at the Ontario Chamber of 
Commerce, asks whether many 


companies, especially smaller 
ones, have the resources to 
carry out extensive and often 
complex surveys and consulta- 
tions. “This is going to he a 
boon for consultants," he pre- 
dicts. 

Some businesses are con- 
cerned about a backlash from 
white male workers, who could 
accuse employers of reverse 
discrimination. 

Dofasco, Canada's biggest 
steelmaker, has tried to reduce 
these fears by expanding its 
employment-equity efforts to 
include all employees. “We’re 
trying to recognise that every- 
one has differences and that 
these don't hinder their contri- 
bution to the workplace." says 
Ms Linda Bishop, Dofasoo’s 
manager for human resources 
planning. 

nanaria Trust, a large finan- 
cial institution, has already 
identified several ways in 
which it can further the inter- 
ests of the four disadvantaged 
groups without stirring resent- 
ment among the workforce at 
large. 

The company has decided, 
for instance, to place job adver- 
tisements not only in Toronto's 
mainstream dailies but also in 
newspapers catering to specific 
ethnic groups. It is about to 
launch a 10-week pilot pro- 
gramme for potential recruits 
who have developmental hand- 
icaps, such as dyslexia. 


A year ago, Canada Trust 
introduced an “alternate work 
option”, which allows ail 
employees to choose flexible 
work hours, job sharing, work- 
at-home options or any other 
arrangement which suits them 
without harming their produc- 
tivity. 

“This is a business opportu- 
nity,” says Ms Heather Con- 
olly, manager of workplace 
equality. She also says, how- 
ever, that complying with the 
new act will require “horren- 
dous" paperwork. 

Ms Traore acknowledges that 
the success of the new regime 
will hinge on employers' 
enthusiasm. "If it works the 
way we want it to work, it 
should have its own inherent 
dynamism,” she says. “People 
will see that it’s in their self-in- 
terest.'’ 

There Ls little in the law to 
force compliance. No deadlines 
are set for implementing 
employment equity plans. The 
law spells out a near-endless 
process of consultation, media- 
tion and appeals. 

If all else foils, the employ- 
ment equity tribunal can alter 
a plan. But if the employer 
fails to comply, the tribunal 
can impose a maximum fine of 
only C$50,000 (£22,800) - which 
is unlikely to be high enough 
to bring reluctant employers 
into the employment-equity 
fold. 


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We believe we have a responsibility to demonstrate that our words are matched by our 
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financial times 


FRIDAY NOVEMBER 4 1994 


NEWS: INTERNATIONAL 



Singapore 

ministers 


to get big 


pay rises 


Singapore’s parliament agreed 
yesterday that ministers and 
civil servants, already among 
the world's highest paid, will 
get hefty pay rises to make 
their salaries more competitive 
with the private sector. Renter 
reports Cram Singapore. 

Parliament backed govern- 
ment proposals by £1-6 for sal* 
ary rises starting in mid-1995 
aimed at keeping and attract* 
mg the island state's top tal- 
ent The government was set- 
ting ont to change the 
perception of a job in civil 
administration to one of the 
top-earning professions, Prime 
Minister Gob Chok Tong told 
parliament 

“We are not here to vote for 
more pay for ourselves." The 
aim was to establish a system 
to attract, retain and remuner- 
ate top executives and profes- 
sionals. “For a minister, we 
want the people who will rank 
among the top 100 of salary 
earners." 

But Mr Goh, who earns 
nearly S$96,000 (US$65, 600) a 
month, said be would exempt 
his own salary from the pay 
rise, giving him "the moral 
authority to make a case for 
the civil service and future 
ministers". His pay would be 
reviewed by an independent 
paneL 

In Singapore in 1993. Mr Goh 
added, 26 lawyers earned more 
than syiwi a year, and three of 
these were aged 36-40. On Tues- 
day. Singapore's elder states- 
man Lee Euan Yew defended 
the pay rises as the only way 
to attract the best minds from 
the booming private sector. 

Under the changes, a minis- 
ter’s pay will be set at two- 
thirds the average earnings of 
the four highest earners in six 
toppaying private professions. 
Senior civil servants’ pay will 
also be based on earnings in 
the six professions. 

At present, ministers earn 
S$48,900 a month while the 
average salary of a senior civil 
servant is S$1 3,000 a month. 

Official figures on the rises 
have not bran given, but one 
local newspaper estimated a 
minister’s annual salary would 
rise to just over S$800,000 from 
its present S$600.000. 


HK airport signing is short of real deal 

UK-China tensions still bedevil agreement on funding the project, writes Simon Holberton 


O fficials from Britain and 
China meet today to sign an 
agreement on the funding of 
Hong Kong's HK$I58bn OJS$20-5bn) 
airport project 

While it is an important symbolic 
occasion demonstrating that the two 
sides are committed to resolving their 
differences on the matter, a vital ele- 
ment will be missing. 

Without so-called “financial support 
agreements” necessary for borrowing, 
today's agreement amounts to little 
more than a refinement of the “memo- 
randum of understanding” that Mr 
John Major, Britain's prime minister, 
flew to Beijing to sign in September 
1991. And that committed the Chinese 
gnw rmwCTit to taking just One month 
to approve the financial details of the 
airport project 

The six-point agreement to be 
signed today will cap permissible pub- 
lic debt at HK$23bn and, provide for a 
HK$60bn equity injection into the two 
public corporations responsible for 
the airport and its connecting rail- 
way. 

The Mass Transit Railway Corpora- 
tion (MTRC) will receive an equity 
injection of HK$23.7bn and be allowed 
to borrow up to HK$11.4bn. while the 
Airport Authority (AA1 will receive 
an equity infusion of HK$96.6bn and 
be allowed to borrow HKSlI^bn. 

To satisfy C hina 's aversion to debt 
finance, the Hong Kong government 
has committed itself to paying in 
more equity rather than increasing 
borrowings in the event of cost over- 
runs. 

The “financial support agreements" 
missing from today's signing are the 
documents the MTRC and the AA 
need before they can approach finan- 
cial markets for borrowings. 

Chinese officials have told their UK 
counterparts that they will deal expe- 



Patten (right): deal In 'days’ turned Into more than a week, while Lu Ping played down its significance 


ditiously with these agreements. They 
have indicated that the MTRC's sup- 
port agreement can be dealt with first 
while the AA’s will have to await its 
formal incorporation after legislation 
has been passed later this year. 

Since March 1992. when the Hong 
Kong government put forward its first 
financial plan, it has often been hard 
to believe that the central point at 
issue was the funding of an airport 
and its railway. The ensuing talks 
became entangled in the long-running 
Anglo-Chinese dispute about democ- 
racy, overlaid by concerns that the 
airport was a British ploy to strip 


Hong Kong of its ricbes. and was pos- 
sibly not even necessary. 

Only after the political dispute was 
played to a stalemate in June this 
year did the issue of airport finance 
become resolvable. The airport talks 
have, therefore, been a metaphor for 
Angio-Chinese relations. 

In the end. as always. China's will 
has prevailed. It never liked the idea 
of funding the project with debt, in 
spite of the fact that 1992 and 1993 
were the two best years in a genera- 
tion in which to borrow long-term. So 
the proposed HK$73bn of debt was 
reduced to HK$23bn. 


It always sought, and won, the 
advantage in negotiation. When, dur- 
ing the summer, the UK sought to get 
agreement for both the minute and 
the support agreements China balked. 
It wanted the minute first, then talks 
about the support agreements; that is 
what it got. 

When Governor Chris Patten ill -ad- 
visedly said in London last week that 
an airport agreement was only “days" 
away. Beijing made sure that he was 
made to wait more than a week. 

To add insult to injury, in Beijing 
on Wednesday night Mr Lu Ping. Chi- 
na's top official in charge of Hong 


Kong affairs, sought to play down the 
significance of the airport deal for 
China's broader relationship with 
Britain over Hong Kong. 

“It does not solve everythin g, he 
said. “It does not mean that every- 
thing about the transition of Hong 
Kong is smooth sailing. ” 

Indeed not At the same time as 
officials were inching their way 
toward the deal to he signed today 
there were signs of other rows on the 
horizon. The Hong Kong govern- 
ment’s award to Gammon, a Jardine 
group company, of a HK$790m con- 
tract to build a naval base for the 
(Thinase navy has been loudly con- 
demned by Beijing. Gammon submit- 
ted the lowest tender oT the seven 
companies that competed for the con- 
tract, but Beijing has been angered by 
Jardine's delisting from the Hong 
Kong Stock Exchange, which has 
been as a vote of no confidence 
In China's future administration of 
the territory. 

The Chinese foreign ministry said 
yesterday that Beijing expected to be 
consulted and informed of the out- 
come of tenders. 

There are modestly encouraging 
signs that a way ahead is eme rging. 
Last week a senior official from Hong 
Kong's Monetary Authority attended 
a “ seminar " in the colony organised 
by Beijing’s 1997 advisers. He gave the 
government’s view on why Hong 
Kong’s exchange rate peg to the dol- 
lar should be preserved - a view that 
was quickly agreed to by Beijing. 

Such artificial occasions may not be 
an ideal way for Hong Kong to dis- 
cuss issues of importance with its 
future landlord, but in the absence of 
a breakthrough in Sino-British ties, 
which no one expects, they are about 
the best Hong Kong can muster these 
days. 


Islamic activists shoot Pakistan deputy dead 


Islamic activists in 
north-western Pakistan, agita- 
ting for the enforcement of 
Sharia laws, shot dead a rul- 
ing-party member of the pro- 
vincial parliament yesterday, 
government officials and wit- 
nesses said. Reuter reports 
from Peshawar. 

Mr Badiuzzaman. a North 
West Frontier Province Assem- 
bly deputy and a member of 
Prime Minister Benazir Bhut- 
to's Pakistan People’s party, 
had been killed in the town of 
Mingora. said an official in the 


provincial capital, Peshawar. 
Doctors said an Islamic activist 
had also been killed and at 
least six people wounded in 
gunfire in the town. 

The armed Islamists had 
occupied several government 
buildings since Wednesday and 
taken several government offi- 
cials hostage. They had also 
besieged the home of Mr Habi- 
bur Rehman, the provincial 
sports minister, and stopped 
him leaving to address a rally, 
witnesses said. 

Masked activists were roam- 


ing the streets, checking 
vehicles for police or militia. 
Groups of armed men took 
positions on nearby mo untains 
to stop security forces entering 
the town. Some activists also 
occupied the control tower at 
the nearby airport, forcing a 
halt to fli ghts- 

The agitators are members of 
the hardline Tanzim Nifaz 
Shariat-i-Mohammadi (TNSM), 
which has campaigned for 
months for enforcement of 
Sharia Islamic law In the pre- 
dominantly tribal Malakand 


Division area. 

Shortly after yesterday’s 
shooting, provincial Chief Min- 
ister Aftab Ahmad Sherpao 
announced Islamic laws for the 
area would be published within 
a week and Sharia courts set 
up within a month. 

A provincial government 
spokesman called the agitators 
“miscreants". The government 
was taking every step to curb 
their activities, he declared, 
but did not elaborate. Govern- 
ment offi cials said par amilitar y 
forces were heading for the 


area. Last May, at least 10 
TNSM protesters were killed in 
a battle with paramilitary 
forces when the organisation 
assembled an estimated 25,000 
tribesmen to press their 
demand. 

The demonstrators dispersed 
after the authorities issued a 
notification agreeing to their 
demand. But the TNSM sold 
the Islamic law had not been 
enforced. 

• F L Smidth, the engineering 
division of the D anish com- 
pany FLS Industries, has won 


a DKr74Qm ($125m) contract to 
build Pakistan's largest cement 
mill with an output of 5*500 
tonnes a day, Hilary Barnes 
reports from Copenhagen. The 
order was placed by Chakwal 
Cement Co, with financing 
raised locally and a share issue 
managed by Union Bank of 
Switzerland. 

The plank due to come on 
stream within three years and 
sited 100km south of Islama- 
bad, is the sixth complete 
cement plant FL Smidth has 
sold to Pakistan since 1990. 


Taiwan 



rent on 




By Laura Tyson in Taipei 


STATE PROPERTY AGEVCY 


Hungary 

Konzumbank before privatization 


There were ten buyers for the tender documents 


Preparation for merging the Hungarian State Holding 
Company and the State Property Agency are underway, 
the joint organization for coordinating the bank privati- 
zation has already been set up. Following the privati- 
zation of the Magyar Kuftereskedelmi Bank (Hungarian 
Foreign T rade Bank) and the Altalanos VdBafcozdsi Bank 
(General Bank of Venture Financing}, experts are in the 
process of evaluating the tenders invited for the sale of 
Konzumbank and the privatization of IpaibankhAz Rt 
(Industrial Cooperative Commercial Banking House), 
more precisely the drafting of the tender conditions is 
under preparation. 


devaluate the capital of the other owners, instead it 
revalued its own. Theoretically the HUF 1 00 mil Ron of the 
SPA is worth HUF 3,2 billion, HUF 1 billion is of the other 
share owners, so 75,4 percent of the assets worth HUF 
4,2 billion, belongs to the SPA. 


- Despite the fact that Konzumbank has nearly 500 
owners, 80 percent of the shares is in the hands of the 5 
shareholders. The major owners of Konzumbank are the 
SPA Coop Holding, Sk&la, Hungaro Coop and Capital 
PenzQgyi Befekteto Rt (Capital Financial Investing Pic.) 


- Bdlint Cslkds, the acting head of the Industrial Privati- 
zation Directorate IV. of the SPA reported, that 15 finan- 
cial and professional investors had been Invited to bid for 
the dosed tender for the privatization of Konzumbank, 
out of which ten applicants had bought the tender docu- 
ments. The deadline for submitting the bids was August 
1 0, 1 994, the deadline forthe evaluation is November 1 0, 
which can be prolonged by another 30 days. From among 
the banks belonging to the SPA Konzumbank will be the 
second to be privatized. Although the SPA has only an 8 
percent stake in this financial institution, the so called 
efiverted voting right of the state is considerably higher, 
75 percent. CEO Jeinos Potoczky of Konzumbank exp- 
lains why. 


- Konzumbank FogyasztAsi Szdvetkezeti Rt. (Konzum- 
bank Consumption Cooperative Bank Pic.) was set up by 
general consumption and marketing co-operatives and 
saving cooperatives with share capital of HUF 1,042 
million in 1987. it became the bank of mid-size enter- 
prises, with share capital usually below HUF 100 million. 
Its annual cash turnover reaches HUF 200 billion. Simi- 
larly to other financial institutions, Konzumbank dealt In 
collecting deposits, keeping current accounts, laying out 
credits, and it had an irrecoverable daim of HUF 1 0 billion 
in 1992. When Ybl Bank went bankrupt, the state helped 
to restore the balance in Konzumbank with HUF 10 
billion, in order to avoid the financial bankruptcy wave. 
From this amount, the SPA transferred HUF 1 00 million 
for share capital increase. The National Bank of Hungary 
granted liquidation credit worth some HUF 5 billion, and 
the Finance Ministry bought the irrecoverable claims of 
the bank through a credit consolidation bond. 


- No central intervention of any kind has been needed 
since 1992. There was no bank consolidation in Konzum- 
bank, because its capital adequacy ratio exceeded 8 
percent last year. It has been continuously developing 
ever since, although the 1992 credit consolidation 
causes serious problems. From the deposits of the po- 
pulation more than HUF 3 billion are savings, which the 
bank wishes to further increase by introducing new de- 
posit constructions. One is the Bdstya Betetjegy (Bdstya 
Deposit Note), which is a mid-term investment form; it 
provides an opportunity for investing for a longer term 
than one year. It is a floating rate bearer security, re- 
deemable at any time, interests can be collected prior to 
maturity and the bank even pays bonus on the interest. 
The new security will be floated in mid-November in the 
Nyugati ter branch office and in 17 branch offices in the 
countryside. The other novelty will be the Joker deposit 
contract, destined to maintain the value of the provisio- 
nally free funds. Similarly to foreign currency deposits, 
funds can be fixed for 1 , 2 or 3 months, but unlike the 1 0 
percent usually paid for these constructions, Konzum- 
bank will offer double that percentage. 


- The bond is for a term of 20 years, that is the Bank will 
only get the denomination value of the bonds in 1 8 years, 
until then it obtains the quarterly changing interest, 
following the floating interest rate of file treasury note, 
which is between 15,5 and 23.5 percent this year. With 
the HUF 100 million provided by the SPA, the share 
capital of the bank has increased to HUF 1 ,142 billion. 
As a matter of fact it was only in 1992 that the state 
acquired a stake In the bank, 8 percent altogether, but 
since the bank would have gone bankrupt without the 
intervention of the state, the HUF 100 million of the SPA 
was regarded as 32 fold voting right. The state did not 


The CEO also gladly reported, that from five different 
locations in the capital, they have just moved the head- 
quarters of the bank into one building, in Apor Vilmos ter 
25-26. In the actual tender, the SPA invited bids for a 
privatization by capital increase. They intend to receive 
HUF 1 billion in cash both from the financial and the 
professional investor for the stakes of twice 25 percent 
plus one share, because this way the SPA could keep 25 
percent plus 2 shares. The purchase price would not be 
paid into the central budget, it would increase the capital 
of the bank from the current HUF 1,142 billion to HUF 
3,142 billion. The calculated, theoretical capital conti- 
nues to be HUF 4,2 billion, therefore the voting ratio of 
the SPA remains 25 percent plus 2 shares. 


For further information, please contact 


State Property Agency 
Budapest, 1133 
Pozsonyi ut 56. 

Mr. Bdlint Csikos 
Portfolio manager 
Telephone: (36-1) 267-0055 
Fax: (36-1) 118-0732 



FINANCIAL. TIMES 


Conferences 


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PETROLEUM AND GAS 
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European Oil Refining and the Market to the Year 2000 
15 & 16 November 1994 - Amster dam 


This year’s meeting, timed to coincide with the PetroTech 94 Exhibition, will examine 
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issues and new refinery investment will also be discussed. 


ISSUES INCLUDE: 

• Current and Future European Refinery Capacity 

• The European Markets and The Middle East Refiners and Producers 

• Russia's Oil Product Market: Current Patterns and Outlook 

• Cost Effective Approaches to Heavy Oil Conversion 

• Environmental Protection and Fuel Quality 

• The Cost of Meeting EU Environmental Regulations 

SPEAKERS INCLUDE: 

• Mr Tomihiro Taniguchi 
Director, Office of Oil Markets 
& Emergency Preparedness 
International Energy Agency 

• Mr Phil Trimmer 
Manager - Strategy and Forecasting 

BP Oil International 

• Mr Mohammed Saleh Shaikh Ali 

Chief Executive 

The Bahrain National Oil Company 


Mr Gilbert M A Portal 
Secretary General 
European Petroleum Industry 
Association 

Mr Chris Baxter 

Vice President 

The Chase Manhattan Bank, NA 
Mr James J Degnan 
Chief Executive Officer 
M W Kellogg Limited 


There are some excellent marketing opportunities attached to this conference, please contact 
Lynette Northey on 071 814 9770 for Further details. 


THE NINTH EUROPEAN PETROLEUM AND 
GAS CONFERENCE 


Please lick relevant bones, 

□ Conference information only. 

O Cheque enclosed for £77530. made payable lo FT Conferences. 

□ Please charge my Masiercard/Visa with £77530. 


Pkase return to: Finanda] Times Conference Organisation, 
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Taiwan’s central bank, 
custodian of one of the world’s 
biggest hoards of foreign 
exchange reserves at SfHhn 
(£56ta). has launched acracfc. 
down on “speculatk)n*in.-the 
local currency topreventfur- 
ther appreciation which could 
hurt exporters. . 

The Centra] Bank of China 
yesterday cleared three -for- 
eign banks of illegally specula- 
ting on the Taiwan dollar after 
investigating their transac- 
tions during Wednesday's vol- 
atile trading n e wri w ir 

"After looking Into tt,we 
found no wrongdoing^” said 
Mr Chang Pao-hsi, head of the 
central bank’s foreign 
exchange department. “We 
found they did. have a gamine 
need” to buy US dollars an the 
forward market 

The central bank imposes 
strict limits on banks’ over- 
bought and oversold positions 
in the spot and forward for- 
eign exchange market, to Rnrft 
their ability to take positions. 
Dealing activities involving 
the local currency are , 
intended only for trade-related u 
purposes. 

Suspecting violations of for- 
eign wfhang g trading regula- 
tions, the central bank sent 
inspectors to the Taipei 
branches of ABN-AMRO Bazik, 
American Express Bank and 
Chemical Bank after the dose 
of trade on Wednesday to 
check their books. The haulm 
were subsequently cleared. ‘ 

The investigation received 
banner headlines yesterday in 
the mass-circulation China 
Times newspaper and finan- 
cial dailies in what observes 
said was a dear signal to for- 
eign banks to stop taking posi- 
tions in the local currency. 

A foreign banker said the 
moves were consistent with a 
central hank proposal earlier 
this week to develop Taipei 
into a regional financial centre 
modelled after Singapore, 
which discourages speculation 
in the Singapore dollar. 

But he added: “It would be 
fair to Say that what some peo- 
ple call speculation, others 
would call trading.” /. 




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FINANCIAL TIMES FRIDAY NOVEMBER 4 1 994 ★ 


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NEWS: INTERNATIONAL 


Accidents cast pall over South Korea contractors 


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T he recent collapse of a Seoul motor- 
way bridge has exposed the prob- 
lems affecting domestic public 
infrastructure projects caused by corrup- 
tion and low bid prices in a huge construc- 
tion industry that accounts for almost 12 
per cent of South Korea's gross national 
product 

Contractors for public works projects 
are allegedly forced to take short-cuts in 
construction, if they want to achieve prof- 
its. There are few apparent problems in 
the private construction sector, where 
higher prices are paid. 

The accident, in which 32 people were 
killed, has cast a pall over South Korean 
contractors and foreign construction com- 
panies will, as a result, “have a much 
better chance than before of winning pub- 
lic sector orders" once barriers to the 
domestic market are removed in 1997, 
according to Mr Hwang Rnng -mnk con- 
struction analyst at Wl Carr Securities in 
Seoul 


INTERNATIONAL NEWS DIGEST 


John Burton on corruption and cost pressures in the construction industry 


Investigators are still trying to deter- 
mine whether substandard construction 
by Dong-ah Construction, the Songsu 
bridge’s builder, or poor maintenance by 
city authorities was the main cause for the 
collapse of the 15-year-old structure. But 
the incident follows accidents involving 
other infrastructure projects, including 
the collapse of seven other bridges over 
the past decade. 

Contractors confront severe cost pres- 
sures in accepting government orders. One 
reason for this is that contract prices are 
low, with government estimates for labour 
and material costs often below market 
prices. Alleged demands for kickbacks by 
government officials further reduce profit 
margins. 

The chairm en of the Daewoo industrial 
group and Dong-ah, for example, were 


charged in August with giving kickbacks 
to a former president of Korea Electric 
Power, the state-owned electricity monop- 
oly, in return for winning nuclear power 
plant construction contracts. 

“Corruption in the construction industry 
is widespread worldwide, but in Korea it is 
more severe than elsewhere. Bribery is a 
common practice," said Mr Don Lee, con- 
struction analyst for BZW Securities in 
Seoul. 

Nonetheless, construction companies are 
eager to gain public sector orders as the 
cash flow is favourable; the government 
pays at least 20 per cent of the project cost 
in advance and provides the balance 
throughout the construction period. 

Infrastructure projects are also becom- 
ing more important for the industry, due 
to a slowdown in house building which 


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Suharto eases 
Timor stance 

Indonesia's President Suharto struck a co nciliato ry note over 
troubled East Timor yesterday, saying he was willing to meet 
exiled East Timorese for talks. “I am prepared to meet exiled 
East Timorese," he was quoted as saying by Mr Lopes da Cruz, 
Indonesian envoy for East Timor. “President Suharto said 
reconciliation talks can be continued and that more East 
Timorese need to be involved," Mr da Cru2 sard. “He also 
agreed to meet East Timorese living in exile, but no date has 
been fixed yet” 

Mr Suharto hosts the second Asia-Pacific Economic 
Co-operation (Apec) summit on November 15. US President 
Bill Clinton will be among the leaders attending: 

Mr da Cruz said he would meet some East Timorese leaders 
living in Australia, but did not say when. Opponents in Aus- 
tralia have been the most vocal The envoy quoted Mr Suharto 
as saying East 171001 could be granted autonomy but added it 
would be within the Indonesian context of being a part of the 
archipelago. In Dili, the capital of East Timor, the announce- 
ment was greeted with some caution; a prominent local Timo- 
rese suggested it could be for show abaad of the Apec summit. I 
Reuier, Jakarta and Manueta Saragosa, DiH \ 

Manila raises investment limit 

Philippine monetary authorities have doubled the celling for 
outward investment by residents to $6m (£S.7m) a year in an 
attempt to stem the rise in the loot! currency. Mr Gabriel 
Singson, governor of Bangko Sentral, the central monetary 
authority, said yesterday that the higher limit “is expected to 
increase foreign exchange demand and directly ease the appre- 
ciation of the peso". A sharp increase in foreign exchange 
inflows in recent following improved investment con- 

ditions and high domestic interest rates, has strengthened the 
peso a gains t the US ddllar. Yesterday the currency traded at 
24.693 pesos to the dollar, an increase of 122 per cent against 
its level at the start of the year. 

This has^ hcbejt!-17iil|ppine: exporters, who claim the lower 
peso, proceeds for their exports have led to losses. Some 
expCffte^ groi^ have dso wariied that the rising peso has 
curtailed' expansion plans. A policy allowing Philippine resi- 
dents more: favestmenis abroad is the latest of a series of 
Tfongfcn SentxaT moves to curb the currency's rise. Jose Galr 
ang.MartUd \ 1 ■ ■ 

Business optimism declines 

World businessmen have become less optimistic about their 
sales and profits in the fourth quarter, despite the strength of 
the world economy, according to the latest survey of business 
'expectations from Dun.and Bradstreet The business informa- 
tion group’s index of sales foil from 57 to 55 between the third 
and fourth quarters, while the profits index fell from 45 to 42. 
In the sales area, the countries which experienced the biggest 
declines in optimism were Sw it z erl a nd, New Zealand, the US 
and Mexico,' the greatest increases came in Brazil, France, 
Japan and the Netherlands. Despite the quarteron-quarter 
decline, levels of optimism ware higher than they were in the 
fourth quarter of 1993, “The worldwide business climate con- 
tinues to be in very good shape as the survey shows optimism 
indices at pre-recession levels,” said Mr Joseph Duncan, 
vice-president and chief economist at Dun & Bradstreet 
The employment index also fell between the third and 
fourth quarters, from 20 to 18. “The employment index Is at a 
respectable level, but is not as high as it could be,” said Mr 
Duncan. “We should see some hiring in the next few quar- 
ters.” Employment optimism is at its lowest in Japan and 
Belgium, and at its highest in Australia. New Zealand, the UK, 
US and Canada. P/utp Goggan, Economics Correspondent 

Egyptian death toll mounts 

Rescue workers found 18 burned bodies in the village of 
Dronka yesterday, pushing to at least 450 the death toll from 
southern Egypt’s fire and flood disaster. Flood water and burn- 
ing fuel swept through the village, 200 miles south of the 
capital Cairo, soon after dawn on Wednesday. Flash floods 
from Wednesday’s sax-hour thunderstorm claimed about 60 
more victims in other villages in the provinces of Assiut, 
Sobag and Qena, security officials said. Thousands of Dronka 
villagers who spent Wednesday night in mosques In the 
nearby city of Assiut are beading home to search for relatives 
but have little hope of finding survivors from 200 houses 
pn gulfpd by the river of blaring fuel Reuter, Dronka 

Gaz de France pulls out staff 

The French state gas -company Gaz de France has withdrawn 
nearly all 200 of its expatriate staff from Algeria after Islamic 
fundamentalists murdered two foreign d rilling experts, the 
newspaper Le Monde reported yesterday. A Gaz de France 
official declined to comment except to say: “We are still 
present in Algeria and gas deliveries continue.’' 

Le Monde said the decision to pull out Gaz de France 
expatriates was taken after the killing of a French and Italian 
technician employed by a French company in the Anres monn~ 

I tains of north-east Algeria on October 18. A senior French 
military official said last week that Paris was concerned by 
the attack, since it could signal an offensive by rebel s agai nst 
Algeria’s gas »nd oil industries, the country’s main , currency 
earners. Gaz de France has been active in Algeria virtually 
trinnp inde p endenc e in 196Z. Reuter, Pons 

Ciller breaks Israel ice 

Turkish prime xniijister Tansu Cilia 1 yesterday began the first 
nfflrfat visit to Israel by a Turkish leader, part of a fiveday 
Middle East tour that will include meetings with FLO chair- 
man Yassir Arafet in Gaza and. Egyptian President Hosni 
Mubarak in Cairo. In her talks with Israeli President Ezer 
Weizman- and p rime minister Yitzhak Rabin, Mrs CSQfif is 
expected to discuss issues ranging from the Middle East peace 
process,' economic and business ties -between Turkey and 
Israel m *d co-operation on controflfog' ' terrorism. Turkey is 
fighting: a 10 -year Kmriirii insurgency that has cost more than 
13,000 Jives. Sharing the region’s scarce water resources will 
also be on the' agenda. Turkey’s ftOtan hydroelectric and 
irrigation schemes cm the head waters of the Tigris and 
Euphrates will give it control over, the region's two most 
important rivers. .foto.Bflrifow. Ankara .■ 






Thabo MbeU: endorsed privatisation 

ANC changes 
its tune on 
state sell-offs 


By Mark Suzman 
In Johannesburg 

The African National Congress 
has been forced into several 
policy reversals since becom- 
ing the leading partner in 
South Africa's government of 
national unity, but few of its 
conversions have been more 
dramatic than its recent deci- 
sion to embrace privatisation 
as a means of generating funds 
for social development 

Only a month after the coun- 
try’s April election. President 
Nelson Man d ela was vowing be 
would never support a pro- 
gramme that would merely 
channel more wealth into the 
hands of the country’s white 
minority. As recently as 
August Mr Jay Naidoo, minis- 
ter in charge of implementing 
the government’s centrepiece 
reconstruction and develop- 
ment programme, condemned 
privatisation as a method of 
“sacrificing long-term assets 
for a short-term benefit”. 

By October, however, in a 
white paper on the EDP, the 
government had wanned to the 
idea of selling “unproductive 
state assets” to raise funds for 
the programme, and last week- 
end Mr Thabo Mbeki, deputy 
president, for the first time 
endorsed privatisation as an 
integral part of government 
policy. 

So for, little attention has 
been paid to exactly what the 
government is likely to sell off 
what the means of privatisa- 
tion might be, and just how 
much revenue is likely to be 
raised. State assets amount to 
several hundred billion rands, 
but likely proceeds from priva- 
tisation will only be a small 
fraction of that 

Of the state companies that 
could be sold off the net value 
of those under the authority of 
thp ministry of public enter- 
prises - including electricity 
utility Eskom, transport con- 
glomerate Transnet, and arms 
and technology manufacturer 
Dene! - were recently assessed 
at about R30bn (£5.3hn) by the 
government. 

Adding the state-run tele- 
communications company Tel- 
kom. vast tracts of state-owned 
land and forest, the post office, 
public broadcaster SABC and 
c on c e rns such as the industrial 
Development Corporation and 
state abattoir Abaoor, the total 
realisable assets are probably 
closer to RSObn. 

Practical obstacles to ready- 
ing state companies for privati- 
sation are smaller than expec- 
ted. The National party 
government of the late 198% 
was also strongly in favour of 
privatisation; it sold off two 
companies - Iscor, the conn- 
try’s largest Iron and steel con- 
cern, and National Sorghum 
Breweries, the state brewer of 
maize-based beers for the black 
community - before stopping 
the process in 1991 under pres- 
sure from the ANC. 


Both companies are now 
regarded as successes. 
Although Iscor went through a 
rocky few years shortly after 
its launch in 1989, it is today 
the most widely traded share 
on the Johannesburg Stock 
Exchange and has recently 
reported excellent results. 
NSB, meanwhile, which was 
sold privately to a consortium 
of black businessmen compris- 
ing largely the company's 
employees and distributors, 
became the first high-profile, 
black-owned business in the 
country. 

But while H stopped its pri- 
vatisation programme, the pre- 
vious government placed 
nearly all other public compa- 
nies, such as Telkom, Den el. 
and Transnet on a commercial 
footing, making them fully 
accountable and under the con- 
trol of appointed boards of 
directors. 

“Unlike most of eastern 
Europe, where many state 
companies suffered from poor 
Tnarmgpman t and it was almost 
impossible to assess their 
assets, this is not a problem 
here,” observes Mr Mark Katz 
enellenbogen, of merchant 
bankers S G Warburg. 

Just as attractive for the gov- 
ernment as raising money is 
the possibility of increasing 
the general stock of black 
wealth in the country by 
ensuring that some of the ben- 
efits of privatisation accrue to 
the black community. The gov- 
ernment is almost certain to 
utilise a variant of the voucher 
schemes employed in eastern 
Europe or parts of Latin Amer- 
ica, whereby citizens are allo- 
cated shares in privatised com- 
panies which they can either 
hold as investments or use as 
collateral. 

But although the markets 
may be hoping that privatisa- 
tion will begin with a bang, 
preferably by putting a big cor- 
poration on the block and 
using the share offering to 
raise South Africa's profile in 
international markets, many m 
the ANC are still concerned 
that this would jeopardise the 
RDP’s aims of developing 
poorer areas. 

As a result, the early offer- 
ings will probably be relatively 
small and are unlikely to gar- 
ner significant international 
interest. The first sizeable 
operations to be sold off will 

probably be Denel and the 
domestic operations of South 
African Airways, now part of 
Transnet. Neither are seen as 
politically critical to the RDP 
and both already operate on a 
sound commercial footing. 

But even if giants like 
Eskom and Telkom do not 
come on the market immedi- 
ately, most analysts are con- 
vinced it is just a question of 
when, not if, the ANC-Ied 
administration will give 
ground. As one observer says: 
“The simple fact is the govern- 
ment needs the money." 


dominated growth in the past five years. 
Public sector orders will account tor 
Wonl4,700bn (£il.2bn) of the estimated 
Won40,000bn in domestic construction 
orders this year. 

In an attempt to increase profit mar gins 
on public projects, construction companies 
have frequently resorted to measures that 
appear to undermine the quality of their 
work. Design specifications are frequently 
changed and schedules accelerated. Con- 
tractors are accused of using inferior 
materials to save costs. The subcontract- 
ing of work at low rates has also become 
common. 

The hazards of this became apparent 
last year when a subcontractor for Sam- 
sung Engineering and Construction 
caused one of the nation's worst train acci- 
dents when a railbed collapsed during 


excavation work. 

Faulty construction is often undetected 
as inspection procedures are lax, with con- 
tractors allegedly bribing government 
inspectors to grant project approvaL 

The Songsu bridge collapse has renewed 
conceni about the safety of the country's 
infrastructure, particularly when the gov- 
ernment is planning to invest $100bn 
(£63^bn) on projects over the next eight 
years. 

The government has announced several 
measures to eliminate substandard con- 
struction. Pre-screening procedures will be 
strengthened, with the lowest bid system 
abolished in favour of selection on techni- 
cal capability. The government will also 
increase estimates for labour and wage 
costs in construction proposals. 

Subcontracting will be more tightly reg- 


ulated. while the warranty period for con- 
struction projects will be increased from 
five years to 10-20 years after completion. 

Inspection procedures will be improved, 
including allowing foreign construction 
inspectors to operate in South Korea from 
next year. The measures, however, “will 
increase construction costs to meet the 
higher standards,” said Mr Hwang. 

The costly domestic regulation is likely 
to encourage South Korean construction 
companies to seek more orders abroad. 

Overseas orders will account for only 12 
per cent of total orders for the Korean 
construction industry this year - in sharp 
contrast to 15 years ago when orders from 
the Middle East provided the bulk of busi- 
ness for Korean contractors. 

The decline in Middle East oil income 
that fuelled the building boom has forced 
Korean companies to concentrate on win- 
ning domestic orders, while shifting their 
overseas activity to southern Asia and 
China. 


Delhi clue to Sri Lanka deaths 

Mervyn de Silva on the bloody connection with India 


C onnections with India 
appear to be a signifi- 
cant factor behind a 
string of assassinations of Sri 
Lanka's senior political and 
military figures. 

Mr H a mini Dissanayake. the 
opposition leader who was to 
have been presidential candi- 
date in Sri Lanka’s elections 
□ext Wednesday, was assassi- 
nated because of his role in the 
India-Sri Lanka “peace accord" 
of 1987 which brought a huge 
Indian peace-keeping force to 
i crush the secessionist Libera- 
ti on T igers of Tamil Eelam 
(LTTE). 

Sri Lanka’s new government 
has asked Indian investigators 
to help with inquiries into Mr 
Dissanayake's murder, perhaps 
risking again inflaming Tamil 

rage at a time when it has been 
trying to bring peace to the 
northern J affna pe ninsula for 
which the LTTE is seeking 
autonomy. 

At the time, of New Delhi's 
last intervention, the Indian 
elite were worried about the 
possible impact of LTTE propa- 
ganda on Tamil Nadu, the 
large southern Indian state 
which has a secessionist his- 
tory of Its own. The narrow 
Palk Straits separates 
Sri Lanka's northern 
province, the “traditional 
homeland” of the island's Tam- 


ils, from Tamil Nadu. 

Mr Dissanayake was proud 
of the part he played in the 
"peace accord” and of his close 
friendship with Mr Rajiv 
Gandhi, the Indian prime min- 
ister who, like Mr Dissanay- 
ake, was assassinated by a 
Tamil suicide bomber. 

The presence of an Indian 
army bigger than Sri Lanka's 
own led to the resurgence of 
the Sinhalese radical youth 
movement (JVP), which in 1971 
raised the romantic Ch& Guer- 
vara banner, but this time is 
ultra-Sinhala nationalist and 
Pol Potist in sentiment 

In the late 1980s, the JVP 
mounted a bloody campaig n in 
the south which damaged the 
island’s tourism industry and 
eventually overshadowed the 
Tamil rebellion. 

In 1988, pressed from north 
and south, the then President 
Ranasinghe Premadasa asked 
India to pull out its troops. Mr 
Gandhi refused. The Indian 
peace-keeping force lost 1,400 
men. Mr Gandhi's successors 
then wit hdrew the force. 

The LTTE expected to be 
rewarded with at least regional 
autonomy. Mr Premadasa dis- 
appointed them, soon estab- 
lishing good relations with the 
new Indian prime minister, Mr 
P.V. Narasimha Kao. On May 
Day last year, an LTTE suicide 


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SRI LANKA 


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bomber killed Mr Premadasa. 

In February this year the 
LTTE accused “Sinhalese 
chauvinist forces” of gathering 
in the south and engaging in a 
new proselytising drive. 

“This coming together is 
being secretly encouraged by 
India. Thus, there cannot be 
any doubt Gamini is an Indian 
lackey," it said. 

Mr Takshman Kadlrgamar, 
Sri Lanka's foreign minister, 
has now asked the Indian gov- 
ernment “to provide the ser- 
vices of two Indian experts to 
help in the investigation into 
the assassination" of Mr Dis- 
sanayake. 

The cabinet had responded, 
to a request by Mrs Srima Dis- 


sanayake, who has replaced 
her late husband as the conser- 
vative United National Party’s 
choice to stand in the presiden- 
tial elections against the Peo- 
ples' Alliance candidate, prime 
minister Chandrika Kumars- 
tunge. 

When the newly-elected Peo- 
ple's Alliance, which gambled 
successfully on a growing 
peace constituency and looks 
forward to a “peace dividend" 
to cut defence spending 
sharply, sent a four-member 
“peace mission” to Jaffa a. it 
was received by an LTTE com- 
mander and treated to an 
LTTE guard-of-honour. 

The two sides sat on opposite 
sides of a table which had two 
fl ags, the Sri Lankan and the 
LTTE. On the wall was a pic- 
ture of Ve lupiilai Prabhakaran. 
the LTTE supremo. The meet- 
ing, given widespread televi- 
sion coverage, gave the impres- 
sion that the delegates 
represented two separate 
states. 

Mr Prabhakaran is seen as 
the toughest terrorist leader in 
the world, says one western 
diplomat. The questions now 
are whether India sends its 
investigators, and whether Mr 
Prabhakaran will see their 
arrival as the formation of 
another Delhi/Colombo axis 
against him. 


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FINANCIAL TIMES FRIDAY NOVEMBER A 195*4 


NEWS: WORLD TRADE 


US and EU push Beijing to adopt a more constructive negotiating stance 


China may get later WTO entry 


By Guy de Jonqufcres, 
Business Edftor 


The US and the EU are 
prepared to consider delaying 
the deadline for China’s 
planned entry as a founder 
member of the new World 
Trade Organisation, provided 
Beijing agrees to negotiate 
more constructively. 

The apparent change of mind 
has been prompted by the 
growing belief in Washington 
and Brussels that China’s 
negotiations to rejoin the Gen- 
eral Agreement on Tariffs and 
Trade are progressing too 


slowly to be concluded by the 
end of this year, as scheduled. 
China has long insis ted that it 
wants to be a founder member 
of the WTO, due to be estab- 
lished at the start of next year. 

Under internationally agreed 
rules, China would only qual- 
ify For that status if it already 
belonged to Gatt when the 
WTO came into being. 

US and European willingness 
to consider such a course 
reflects their determination to 
underline the importance they 
attach to China’s WTO entry, 
despite their unhappiness at 
what they consider Beijing’s 


inflexible negotiating stance. 
The Clinton a dmini stration 
remains committed in public to 
the January deadline. But it is 
understood that Ms Charlene 
Barshefksky, deputy CS trade 
representative, mentioned the 
possibility or an extension last 
month in with Ms Wu Yl 
China's foreign trade minister. 

The question is likely to be 
raised again by Mr Mickey 
Kantor, the US trade represen- 
tative. in 10 days’ time, when 
he is due to meet Ms Wu at a 
conference of the Asia Pacific 
Economic Cooperation forum 
in Jakarta. Sir Leon Brittan, 


the European trade commis- 
sioner, is also said to be ready 
to offer the possibility of an 
extension when he visits Bei- 
jing next week. 

But EU officials say he will 
do so only if it becomes clear 
that there are solid practical 
reasons why China’s talks with 
the Gatt cannot be completed 
on time. 

They say Sir Leon is prepared 
to consider deferring China’s 
WTO entry until as late as May 
or June. 

The US and the EU are both 
pressing China to improve its 
membership proposal, notably 


by agreeing to cut tariffs fur- 
ther, curb state monopolies 
and open markets wider. 

A US report, released by the 
Economic Strategy Institute, 
says China’s accession is the 
biggest international economic 
issue faced by the US and is “a 
unique window of opportunity 
to influence China's economic 
and trade policies”. Mr Greg 
Mastel, author of “China and 
the WTO”, warns: “Once we 
commit ourselves, even in 
principle, to give China WTO 
status, we lose what leverage 
we have." 

See Feature 


US plans an early exit from Gatt 


By Frances Wflfiams in Geneva 


The US plans to withdraw from 
the General Agreement on Tar- 
iffs and Trade with effect from 
early next year, provided the 
US Congress ratifies the global 
trade accords setting up the 
World Trade Organisation, 
Gatt’s successor. The WTO is 
due to come into effect on Jan- 
uary 1. 

Although the US maintains 
the move will have little practi- 
cal impact, the decision has 
caused considerable concern 
among trading partners who 
say it will allow the US to 
escape Gatt obligations to 
countries which are not WTO 
members from the start. In 


addition, outstanding trade dis- 
putes under Gatt - including 
such controversial cases as the 
tuna -dolphin row and punitive 
US duties on steel imports - 
will simply lapse. 

The US Senate is to vote on 
the Uruguay Round trade pact 
on December 2, three days 
after the House of Representa- 
tives. The Clinton administra- 
tion can then withdraw from 
Gatt after a 60-day notice 
period. The US had hoped to 
time its pull-out from Gatt to 
coincide with the WTO's entry 
into force but this proved 
impolitic after Congress 
delayed the ratification vote 
from October to December. 

Washington says it decided 


as long ago as 1991 that it 
would not remain a member of 
both Gatt and the WTO. which 
would involve overlapping 
legal obligations to different 
groups of countries. However, 
no other country has indicated 
its intention to follow suit 

US officials denied yesterday 
that Washington was in some 
sense dodging Its fair trade 
responsibilities. Mr Andrew 
Stoler. deputy US ambassador 
to Gatt, said the US had no 
intention of removing existing 
Gatt trade benefits from coun- 
tries which were not WTO 
members, though the legal 
underpinning provided by Gatt 
would go. 

The US would also stand by 


obligations arising from dis- 
pute panel reports already 
adopted by Gatt. But unre- 
solved disputes and those still 
under investigation at the time 
of withdrawal would fall by the 
wayside. 

Mr Stoler added that only 
Switzerland among important 
trading nations had said it 
could not meet the January 1 
WTO dea dlin e. However, of 
Gatt’s 124 members, only about 
40 nations, in addition to the 30 
that have already ratified, have 
notified Gatt they are in a posi- 
tion to complete legal formali- 
ties by the end of the year. 

Switzerland apart, most of 
the others are small developing 
countries. These nations, Mr 


CD sales lead music market growth 


By Alice Rawsthom in London 


The global music market is 
enjoying brisk growth with an 
increase in sales of 8 per cent 
during the first half of this 
year against the same period of 
1993, according to the latest fig- 
ures from the International 
Federation of the Phono- 
graphic Industry. 

Compact discs continued to 
be the chief catalyst of the 
market's expansion. Sales of 
CDs rose by 18 per cent hi the 
first six months of this year 
after a 19.4 per cent increase to 
a total of L4bn units during 
1993. 


The US was one of the most 
buoyant areas of growth for 
CDs, with a 25 per cent rise in 
unit sales during the first half 
of 1994. This reflects the con- 
tinued trend for consumers to 
replace their collections of 
vinyl records and cassettes 
with CDs, and the wider avail- 
ability of budget CDs. 

However, the pace of CD 
sales growth is starting to slow 
In more mature markets, nota- 
bly in Italy. The IFPI also 
detected a reduction in the rate 
or CD sains growth in some 
Asian countries where piracy 
is a problem. 

One of the fastest growing 


areas of the music market is 
CD singles, where sales have 
continued to increase in spite 
of a slight decline in overall 
single sales. The number of CD 
singles sold worldwide rose by 
55 per cent in 1993 and grew 
again in the first half of this 
year. 

The increase in CD sales has 
predictably depressed demand 
for cassettes. The IFPI noted a 
decline in sales of cassettes for 
the first time last year to 
1.35bn worldwide from L47bn 
in 1992. The drop continued - 
albeit at the slower pace of 46 
per cent - in the first six 
months of this year. 


The traditional vinyl market 
appears to be in te rmin al 
decline. Sales of vinyl LPs fell 
sharply to 80.4m in 1993 from 
114.9m in 1992. The IFPI 
reported another fall in the 
first half of 1994. 

• The Hollywood movie 
industry yesterday handed an 
olive branch to its European 
rivals following the conflict at 
the recent Gatt negotiations. 
The Motion Picture Associa- 
tion of the US unveiled a 
‘peace’ package including an 
Initiative to help the 
Europeans dub their films and 
to improve distribution in the 
US. 


Patents 
claims hit 
parallel 
importers 
in Japan 


By Emlko Terazono in Tokyo 



London - 6 & 7 December 1994 


The Financial Times annual conference will review developments changing the shape 
of the telecommunications industry worldwide and provide a high level forum to 
exchange views on the way ahead. 


ISSUES TO BE ADDRESSED INCLUDE: 

• Whither International Telecommunications Alliances? 

• Creating an Informations Society in Europe 

• Information Superhighways - the developing US scene 

• Regulating competition in Europe 

• Selling telecommunications equipment in a liberalising market 


SPEAKERS INCLUDE: 

• Dr Martin Bangemann 
Member 

European Commission 

• Sir Iain Vallance 
Chairman 

BT 


Mr Robert B Morris III 

Managing Director, International Equity Research 

Goldman Sachs International 


Dr Michael Nelson 

Special Assistant for Information Technology 

The Office of Science & Technology Pbficy, US 

The Rt Hon Lord Young of Graffham 

Executive Chairman 

Cable & Wireless pic 

Dr Edward F Staiano 

Resident and General Manner, Genoa! Systems Sector 

Motorola Inc 


Mr Donald Cruickshank 
Director General 

Office of Telecommunications (OFTEL) 


Dr Hans Baur 
Member of the Board 
Siemens AG 


Arranged In association with the Financial Times newsletter “FT Telecoms Markets’* 
There are some excellent marketing opportunities attached to this conference, please contact 
Lynette Northey on 071 814 9770 for further details. 


WORLD TELECOMMUNICATIONS 


Please tick relevant boxes. 


Please return to: Financial Times Conference Organisation, 
PO BOX 3651, London SW12 8PH. Tel: 081 673 9000 
Fax: 081 673 1335. 

World Telecommunications £680 + Vat 


C7 Conference infomutioo only. 

D Cheque enclosed for £799 XX), made payable to FT Conferences. 
□ Please charge my Masiercanl/Visu with £799.00. 


Name MrfMrs/Miss/Ms/Other..... 


Job Title ....Dept 


□□□□□□□□□□□□□□CD 


Company 


Name of card holder , 


Exp. date Signature. 


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Japan’s parallel importers, 
which import branded goods 
through third parties rather 
than through licensed distribu- 
ters, are being challenged 
under an increasing number of 
patent infringement claims by 
manufacturers. 

A row between Chiyoda 
Sports, the Japanese sports 
equipment retailer, and Nor- 
dica, the Italian ski equipment 
manufacturer, has become the 
latest case in which a 
manufacturer has tried to stop 
the distribution of cheaper par- 
allel imported products by 
alleging the importer had vio- 
lated intellectual property 
rights. 

Tokyo customs officials have 
banned Chiyoda from import- 
ing Nordica ski boots from 
European wholesalers. The 
It alian company claims that 
only a licensee can distribute 
the product, which uses a 
patented buckle. Chiyoda. on 
the other hand, argues that 
Nordica is misusing the 
licence to quash efforts to offer 
consumers cheaper products. 

“They're just doing it to stop 
competition, it’s overstretching 
patent rights and very unfair 
to the consumer," said Mr 
Yoshikazu Mlyakoshi, presi- 
dent of Chiyoda. 

Chiyoda, which has been 
selling parallel imports of US 
and European ski equipment 
for more than 10 years, was 
planning to sell the ski boots 
at Y33.000 ($330.00) The same 
product imported by Nordica 
Japan, the manufacturer’s Jap- 
anese subsidiary, costs around 
Y 55. 000 while it is sold at 
Y27.800 in Italy. 

The ministry of finance, 
which oversees the customs 
office, says the ban on Chiyod- 
a's imports of Nordica ski 
boots was implemented accord- 
ing to the patent law. “Patent 
guidelines are oriented 
towards protecting industries,” 
it said. 

Meanwhile the country's 
Fair Trade Commission said 
Nordica’s claims did not 
breach anti-trust guidelines. 

Other companies which have 
won bans on parallel imports 
based on patent licensing 
claims include Ajinomoto, the 
leading Japanese maker of 
monosodium glutamate (MSG). 
It said that parallel imports of 
MSG from the company's 
south-east Asian production 
lines did not contain a special 
patented arid and could “con- 
fuse" the Japanese consumers’ 
palate. The customs office has 
also banned parallel imports of 
agro-chemicals by Monsanto, a 
US chemicals maker. 

While the ministry of finance 
says it is not trying to stop 
parallel imports, some import- 
ers are wary of a clampdown 
by large overseas manufactur- 
ers. They claim that such man- 
oeuvres by the ministry of 
finance go against efforts by 
the ministry of international 
trade and industry , which is 
promoting parallel importing 
as a means to reduce Japan’s 
mounting trade surplus. 



Stoler argues, are not countries 
with which the US is likely to 
be in dispute. 

During the Uruguay Round 
negotiations, it was agreed 
that Gatt would continue in 
parallel with the WTO for an 
undefined period, since several 
countries would not be able to 
join the WTO straight away. 
However, precisely how the 
two legal agreements will oper- 
ate in tandem bas not been 
clarified. 

To minimise the potential for 
inconsistency (and give lag- 
gards a strong incentive to join 
the WTO), there is broad sup- 
port for a two-year "cut-off" 
after which Gatt would cease 
to exist 


Protectionist 


pressures 
worry Brittan 


By Guy de Jonquiferes, 
Business Editor 


The European Union must 
press more vigorously for liber- 
alisation of world trade. Sir 
Leon Brittan. trade commis- 
sioner, said yesterday, or face 
mounting internal pressure 
from “demagogues” who 
favoured protectionism. 

in his first important speech 
since losing responsibility for 
eastern Europe in last week- 
end's European Commission 
reshuffle, he promised that EU 
trade policy would give higher 
priority both to the interests of 
consumers and to combating 
other countries' unfair trade 
practices. 

Sir Leon said it would be 
“disastrous" for Europe to 
lapse into complacency after 
completion of the Uruguay 
Round trade deal. It had to 
increase its efforts to improve 
its economic competitiveness 
and to open international mar- 
kets. 

The collapse of communism 
had robbed western Europe's 
leaders of an important chal- 
lenge, he told the Chartered 
Institute of Marketing in Lon- 
don. creating uncertainty and 
diverting attention from impor- 
tant new issues. 

“If it is persists, this malaise 
can spell drift and decline." he 
said. “Put simply, the chal- 
lenge for our continent-wide 
culture and economy is to sur- 
vive." 

Free trade was not a 
free-for-all. and world trade 
rules entitled the EU to act 
against dumped and subsidised 
products and import surges 
which threatened sensitive 
industries. 

“These are simple truths, but 
they are hard to get across in a 
world where demagogues can 


UK should direct 


‘more aid to poor’ 


By Mchael Holman, Africa 
Editor, in London 


UK Project Aid 


Britain should progressively 
reduce its use of aid in pursuit 
of political and commercial 
interests and direct a greater 
proportion towards poverty 
alleviation programmes, 
argues a report published 
today. 

A study by the London-based 
World Development Movement 
says that there has been a sig- 
nificant fall in British aid 
going directly to the world's 
poor in the past Five years. 
Over the same period, there 
has been an increase in aid 
spent on British consultants 
and industry. 

The report also criticises the 
level of UK aid. Between 1980 
and 1992 Britain's aid to sub- 
Saharan Africa, the world’s 
poorest region, fell by 2 per 
cent in real terms, when for all 
donors there was an average 
increase of 55 per cent. 

The UK aid budget has fallen 
to two-thirds of the 1979 level 
as a proportion of GNP, and by 
12.5 per cent in real terms, 
according to the report. 

It notes that Britain is the 
sixth largest aid donor after 
Japan, the US. France. Ger- 
many and Italy, but in 1993 UK 
aid amounted to 0.31 per cent 
of GNP. Using this yardstick, it 
was 13th out of the 21 Organi- 
sation For Economic Co-opera- 
tion and Development aid 
donors. 

Technical co-operation - con- 
sultants, training and research 
and development at UK institu- 
tions - provides the bulk of the 
project aid. The remainder is 
used to win commercial con- 


% change. 1987/08 to 1992-93 
100 % _ 


financial TecMcal fim Trade 
aW cooperation Ptovtaton 


Sources: 8rtwh OM StotnUcs. OOA 


tracts, such as the Pergau dam 
in Malaysia under the aid and 
trade provirion (ATP). 

Although spending on agri- 
culture has risen by 40 per cent 
in the past five years, it still 
received less than 8 per cent of 
total project aid in 1992-3. In 
that year, says the report, 
"three times as much was 
spent supporting British com- 
panies working in agriculture 
through the ATP. than on 
direct financial assistance to 
farmers". 

Almost half of Britain's bilat- 
eral aid from 1987-8 to 1892-3 
was spent on technical 
co-operation, says the report, 
including the ATP. Funding for 
non-governmental organisa- 
tions is included in this budget 
and took up little over 10 per 
cent of the total in 1992-32. 

The Great Aid Robbery : How 
British aid fails the poor, World 
Development Movement. 25 Bee- 
hive Place, London SW9 7QB. 
071-737 6215. Fax 071-274 8232 


NEWS DIGEST 


Brussels 
attacked 
on banana 


imports 


Leon Brittan: the European Union must guard against la psing 
into complacency over world trade G ®°'° e Hwrtossha * 


be elected to national parlia- 
ments and to the European 
parliament, and receive sub- 
stantial public subsidy for 
their pernicious charge that 
open trade offers the European 
economy to foreigners on a 
plate .“ he said. 

Setting a world trade agenda 
after the Uruguay Round 
would be difficult, because it 
involved dealing with domestic 
policies and sensitive issues 
such as the environment, com- 
petition policy and labour 
laws. But countries had to talk 
about these questions. 

“If we do not we lay our- 
selves open to further dema- 
gogy. with Europeans alleging 
that other countries seek to 
exploit child labour in order to 
increase European unemploy- 
ment. Such arguments are 
plainly nonsense." 

He indicated that persuading 
developing countries to relax 
controls on inward investment 
would be an important EU pri- 
ority in the new World Trade 
Organisation., v - 

Sir Leon said the “illicit ~ 
practices regulation" recently 
proposed by the Co mmis sion 
would enable the EU to press 
other countries more effec- 
tively to open their markets 
and trade fairly. 

However, he said the regula- 
tion was different from the US 
section 301 trade instrument, 
because it did not seek to make 
unilateral determinations 
against foreign trade barriers 
and would focus only on other 
countries’ breaches of agreed 
international rules. He said the 
EU had to try harder to com- 
plete damping and subsidy 
investigations rapidly, and to 
ensure that its trade policy 
reflected the views of import- 
ers, retailers and consumers, 
as well as of producers. 


The US yesterday attacked 
the European. Union’s 
banana import, regime 
claiming it contravened. a 
Gatt code af fair trade prao: 
tice on import licensing and- 
did not conform with rules 
of the future World Trade 
Organisation. . • - 

The claim; made to Gatt’s 
import Scenting committee,., 
was strongly denied- by 
Brussels. Ms Barbara Chatr 
tin, head of tariff affairs in 
the US trade representa- 
tive’s office in. Washington,', 
said the ElTs import licen- 
sing scheme for bananas' 
was “blatantly discrimina- 
tory and “contrary to both 
the letter and the spirit" of 
the import licensing code. A 
tougher version of the code 
will be incorporated in 
WTO rules. 

Two US-based banana 
multinationals have called 
for an Investigation under 
Section 301 of US trade law 
of the ElTs recant “frame- 
work agreement” on banana 
quotas which they say 
favours the signatories - 
Costa Rica, Colombia, Nica- 
ragua and Venezuela — over 
other Latin American 
exporters. Frances WSHdms 
in Geneva 


China urged 
to cut fees 


A group of multinational 
chemicals companies oper- 
ating in China is putting 
pressure on Beijing to cut 
registration fees which 
could cost several million 
dollars, according to the 
magazine Asian Chemical 
News. Recent regulations 
require companies to regis- 
ter every chemical they 
Import to China. The fee 
ranges from $2,000 to ; 
$10,000. depending on the ; 
toxicity of the chemical, , 
and each company has to 
pay the fee even if an identi- 
cal chemical made by 
another company has been 
registered. 

The companies, which 
■include BASF £)f German* 
and the UK’s ICI, .complain 
that the faes are incompati- 
ble with the membership of 
the General. Agreement on 
Tariffs and Trade (Gatt) 
which China is trying to 
rejoin. BASF said the fees 
imposed "clearly violate 
Gatt principles in that they 
exceed the cost of service 
rendered and discriminate 
against foreign companies. 
The companies’ case, has 
been taken up by US and 
European chief trade negoti- 
ators at Geneva. Daniel 
Green. London 


Telstra tests 
data software 


Telstra, Australia's govern- 
ment-owned telecommuni- 
cations group, is one of six 
international telephone and 
cable companies to test 
Microsoft software for a 
high-speed information 
highway. The Microsoft 
’broadband network operat- 
ing system’ (BNOS) soft- 
ware aims to transmit large 
amounts of interactive data I 
and services from third- ' 
party sources and could.be 
applicable in industries 
ranging from financial ser- 
vices to retailing. 

Telstra said that the trials 
would help to give Australia 
a head start in the develop 
ment of multimedia indus- 
tries. The project will begin 
next year. Other carriers 
evaluating BNOS are Deut- 
sche Bundespost Telekom, 
NTT, Rogers Cahlesystems, 
US West and Southwestern 
BelL Ntkki Tail. Sydney 


Statoil awards 
oil contracts 


Statoil. the Norwegian state 
oil company, hag awarded 
contracts worth NKr2Jbn 
($347m) covering the devel- 
opment of the 450m barrel 
Nome offshore oil field. Fat 
East Levingston shipyard in 
Singapore won a contract 
valued at NKrl.lbn to build 
a hull to be delivered for 
outfitting in July 1996. for 
Nome's planned production 
ship. Sub-sea Bowlines and 
associated marine 
operations worth more than 
NKrSOOm will be hand] pri by 
a Norwegian-French joint 
venture during s umm er 
1996 and spring 1997. TWO 
packages worth NKr630m 
for gas compression and the 
main generator have been 
awarded to Kvaemer 
Energy of Norway with 
Nuovo Pignone of Italy as 
sub-contractor. Nome Is due 
to start production July 
1997. Karen Fossli Oslo 


Str 


ah ( 



DIRECT 









FINANCIAL TIMES FRIDAY NOVEMBER 4 1994 


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NEWS: UK 


sS * 

ss 


Spy chief rejects demands for FBI-style agency 


By Jimmy Sums 

One of Britain's senior spy /»higfa 
yesterday rekindled a long debate 
about the organisation of UK law 
enforcement and the role of intelli- 
gence services by speaking out 
against the creation of a national 
counter-terrorist agency. 

Mrs Stella Rimington, director- 
general of the security service M15, 
said recent experience had shown 
that a “large number of agencies and 


Committee 
may probe 
political 
party funds 

By James Bfife 


The Nolan committee on 
standards in public life may 
investigate funding of political 
parties by private organisa- 
tions in spite of the prime min- 
ister's insistence that this 
would be outside its remit. 

Amid signs that he is to con- 
duct the widest possible exami- 
nation of rules for public ser- 
vants. Lord Nolan said 
yesterday that some questions 
relating to political donations 
would come within the remit 
of his committee. 

After the first meeting of the 
committee yesterday, Lord 
Nolan said it could make 
recommendations over 
whether MPs should have paid 
interests outside parliamentary 
work. He confirmed that the 
committee would not investi- 
gate any of the specific allega- 
tions of “sleaze" that have 
mpria against members of 
Mr John Major's government. 
But it appeared likely that for- 
mer cabinet ministers with 
paid directorships at compa- 
nies with which they have 
been officially involved would 
be cross-examined by the com- 
mittee in televised sessions. 

While Lord Nolan said the 
general funding of political 
parties would not be examined, 
he opened the way-far study of 
the issue by adding ; “If party 
political funding is associated 
with some preference to the 
person holding the funds, then 
ft plainly comes within our 
terms of reference.” 


organisations can co-operate effec- 
tively". 

She claimed credit for her agency 
indirectly by arguing that the cease- 
fires in Northern Ireland bad been 
brought about by political progress 
achieved “in the context of a wider 
counter-terrorist strategy.” 

Mrs Rimington was speaking to a 
top-level gathering in London of 
police chiefs, senior civil servants 
and government law officers includ- 
ing Sir Nicholas Lyell, the attorney- 


general Her views contrasted with 
those of counter-terrorist specialists 
and police officers who have critic- 
ised the fragmented state of Britain’s 
law enforcement agencies and have 
called for a single national organisa- 
tion similar to the FBI 
Mrs Rimington used the annual 
Janies Smart lecture - in memory of 
a former senior police chief - to 
stress her agency's image as an 
accountable and efficient counter 
terrorist organisation which has 


also provided useful advice to the 
government on important political 
issues such as conflict in Northern 
Ireland. 

The future of her agency and other 
law agencies remains uncertain 
because of budgetary pressures and 
shifting political priorities. Earlier 
this week the US Central Intelli- 
gence Agency was castigated pub- 
licly by a Senate committee for 
being lax and ineffective. 

Britain's secret services are to 


have their expenditure, administra- 
tion and policies scrutinised for the 
first time later this year by a new 
committee of the House of Com- 
mons. 

Mrs Rimington said that while the 
recent IRA and loyalist ceasefires 
were “welcome" developments, 
“after so many years of violence we 
must remain cautious.” More than 
half of Ml5’s estimated annual bud- 
get of £150m f$237m) is spent in 
operations related to Northern 


Ireland. She also referred to continu- 
ing terrorist attacks by Middle East 
groups, and the threat of nuclear 
proliferation. She added: “Compared 
with the traditional certainties of 
the Cold War era, with its frame of 
reference apparently fixed for all 
time , the service’s responsibilities 
and the environment in which we 
operate are today all in a state of 
Dux." 

Optimism on N Ireland, Page 8 



Rail operator 
may abandon 
tunnel method 


**•>•*: -- wo i g iQVp*'. ■>. - 




Workers at the Swan Hunter shipyard 
yesterday watched their final achieve- 
ment slip down the River Tyne. While a 
brass band played Anld Lang Syne, the 
men strained to keep sight of the Type 23 
frigate HMS Richmond. 


After 18 months of receivership, union 
leaders and receivers Price Waterhouse 
insisted that tbey had not abandoned 
hope of saving the last shipbuilder in 
north-east England. Of the 400 workers 
left on the payroll yesterday - down from 




2,400 at receivership - about 100 wifi be 
kept on while the receivers mount a last 
worldwide campaign to find a buyer. 

Above, David Swan, great-grandson of 
the yard's founder and now redundant, 
watches the Richmond sail away. 


By Andrew Taylor, 

Construction Correspondent 

Loudon Underground may 
decide to stop using the New 
Austrian Tunneling Method for 
its £L9bn Jubilee line exten- 
sion even before the govern- 
ment’s Health and Safety Exec- 
utive has completed its inquiry 
into the construction tech- 
nique. 

LU said last night that it had 
not made any decision but was 
considering options. An impor- 
tant aspect must be the time 
the safety executive may need 
to complete its investigations. 

The inquiry was launched 
after a tunnel under construc- 
tion using the new Austrian 
method collapsed under Heath- 
row airport two weeks ago. 

Jubilee line contractors have 
halted work on two of 12 sta- 
tions planned for the extension 
through south London. These 
are at Waterloo and London 
Bridge, the only ones propos- 
ing to use the new method, 
which is estimated to be about 


The New Austrian Tunneling 
Method championed by Dr 
Ladlslaus von Rabcewicz, a 
Salzburg engineer, in the 
1960s has been used success- 
fully for almost 40 years. Pro- 
jects which have used the 
method include the Frankfurt 
and Washington metros. 

It allows excavation by con- 
ventional diggers rather than 
tunnel boring machines, per- 
mitting faster construction 
and greater design flexibility. 

a quarter cheaper than tradi- 
tional techniques. Work on two 
extra stations planned for 
Heathrow, part of a new £300m 
rail link between Heathrow 
and Paddington station in cen- 
tral London, has also been 
halted. 

London Underground might 
decide to switch to traditional 
t unneling methods in order to 
get work moving again. The 
safety executive has given no 
indication of how long its 
investigation will take. 


Tough measures aim to stamp out legal aid fraud 


By Robert Rice, 

Legal Correspondent 

Lord Mackay. the principal 
government law officer, yesterday 
annnnnrafid moves to counter fraud by 
solicitors thought to be costing the 
Legal Aid food millions of pounds a 
year. The measures are designed to 


tighten rules governing the “green 
form" scheme which is used to pro- 
vide free legal advice and assistance 
to people on low incomes. 

Solicitors get an average fee of £60 
(890) from the Legal Aid Fund for two 
hours of legal advice, but they can 
receive up to £91.50 in London and 
£86.50 outside. Once a client signs a 


form the solicitor gives a description 
or the advice given and submits it to 
the Legal Aid Board for payment In 
1993-94 more than 1.6m people 
received help under the scheme. 

Three firms are under investigation 
by the Serious Fraud Office for 
alleged fraud. One firm under Inves- 
tigation has submitted £2.2m of 


claims in the past 12 months. 

Firms are suspected of offering 
inducements to low-income families 
to sign forms and of making multiple 
applications for a single client. 

The measures announced by Lord 
Mackay include moves to speed up 
detection and action on suspect 
claims. A new more detailed form will 


be introduced for firms not franchised 
by the Legal Aid Board. 

Solicitors will be required to seek 
authority from the board before giv- 
ing advice under more than one form 
per client in any 12-month period. The 
board’s powers to deal with cases of 
suspected fraud are to be set out in 
new regulations. 


Insurance 
regulators 
face US 
criticism 


By Ralph Atkins 
Insurance Correspondent 

Regulation in the UK of the 
international insurance indus- 
try has been attacked in a 
House of Representatives 
report which complains of an 
“inability to work” with the 
British authorities. 

London has in some cases 
been used “as a haven to 
exploit the US insurance mar- 
ker, says the subcommittee on 
oversight and investigations of 
the House committee on 
energy and commerce. 

In a report which adds to 
pressure in the US for closer 
scrutiny of the London and 
other insurance markets, the 
subcommittee, chaired by 
Democrat Mr John Dingell, 
says the US needs to introduce 
proper safeguards to control 
foreign-based operations. 

It notes that the authorities 
at Lloyd's of London has taken 
steps to resolve any solvency 
weaknesses and to reorganise 
its market. But the report says 
the Department of Trade and 
Industry in London “depends 
upon insurance company audi- 
tors or market complaints to 
uncover solvency problems”. 

It cites the case of the 
Kwelm group of insurance 
companies which were 
involved in north American 
insurance and reinsurance but 
which went into provisional 
liquidation in 1992. “Officials 
at the UK's Department of 
Trade and Industry told the 
subcommittee that the Kwelm 
companies had inadequate 
records and internal controls," 
the report says. “Yet those 
known deficiencies apparently 
went unreported and uncor- 
rected.” 

The committee noted that 
the DTI has an agreement with 
the Securities and Exchange 
Commission to work together 
on regulatory and other mat- 
ters concerning publicly- traded 
securities. 

“There is a clear need to 
establish a legal basis for 
co-operation on insurance reg- 
ulation between two of the 
world’s major insurance mar- 
kets." it said. 


Sri 


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Wowl Is there no limit to 

picks up, you can add different 

Believe us, we could go on. 

Sharp's innovative talent? Their 

attachments to the SF-2035 according 

Within the three SF models, 

SF-2035 photocopier is actually 

to your needs. 

the SF-2035, the SF-2027 and the 

capable of enlarging? 

Lite a duplexing unit for 

SF-2022, there ate hundreds of 

Yes, it may sound like small 

double-sided copying. Or extra paper 

different permutations. 

news. Until, that & you realise it's the 

cassettes which give a capacity of 

Whichever you choose, you can 

photocopier itself that gets bigger. 

up to 2,550 sheets. 

rest assured you won't be left with 

Because a small company ran 

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a semi-redundant machine a couple 

grow into a medium-sized company 

function, too. which allows each 

of years down the line. 

can grow into a large company, Sharp 

copying job to be billed to an 

The SF range of photocopiers. 

put their thinking hats on and came up 

individual account number. And a 

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staple/sorting device for professional 


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document finishing. 

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K>8 FURTHER INFORMATION. PLEASE CALL tOBOOl Z6I96A. QUOTING REFERENCE CFTA2. 1 





FINANCIAL TIMES FRIDAY NOVEMBER 4 1994 


NEWS: UK 


Advisers urge static rates U More help urged for jobless U Bank lending up 

‘Wise men’ recommend neutral Budget 


Summary of medKwnhterm projections 

. Average- • . . Range 


. Lowest . Highest 


Re* GOP 

•1804 • 

33 

25' 

3.6 


1995. 

• .3.0 

23 

3.7 


. '19» . 

2.7 ' 

• 22 • 

3.4 


'1997 

2.8 

1.8 

3.0 

UnenTpfcynent fm} 

im 

• ZJBO ' 

2.60 

2.64 


•• 1993 • 

. 235 

.215 

150 


1996' 

216 ■ 

1.55 

2.47 

.. -■ 

. 1997 ■*. 

• 106 

■1.15 

2.40 

RRexriMFa - 

1994 - 

. 2,4 

23 

16 


1895 

2.8 

1.6 

16 


' 1996 

■ 32 • 

1.8 

4.0 


. 1997 

3.5 

2.4 

42 

Current account 

1994 

-08 

-1.1 

■03 

(%Qf G6P) 

1995 

-09 

-1.6 

-03 


' 1996- 

' .-12 

-22 

■02 


1997 

-1 A 

-29 

. -02 


PtKcgnUge ctunga* on s jwr unta* sww 

Taam mat pmtKad dgona mx dud m Pm! Canada* 


By Peter Norman, 

Economics Editor 

The Treasury's panel of six 
independent economic forecast- 
ers yesterday advised Ur Ken- 
neth Clarke, the senior finance 
minis ter, a gains t an immediate 
rise in interest rates and urged 
him to issue a “neutral” 
Budget on November 29. 

The six said the public 
spending totals set for 1995-96 
by Mr Clarke last year should 
be cut to offset the effects of 
lower inflation. 

The panel said that lower- 
than-expected inflation had 
increased the level of real pub- 
lic spending implied by the 
rash plans in last year's Bud- 
get The chancellor should 
therefore aim to reduce the 
cash plans in line with the 
lower price level. "We would 
not regard this as a tightening 
of fiscal policy,” the advisers 
said. 

Although the forecasters pro- 
duced differing recommenda- 
tions on fiscal policy, they said 
these were “within a relatively 
narrow band around a ‘neutral 1 
Budget.” This would be one in 
which the pro-announced tax 
increases for the coming finan- 
cial year should take place as 
planned, other taxes should be 
indexed in line with prices and 
spending was kept as planned 


in real terms. Among the 
panellists. Professor David 
Currie of the London Business 
School Prof Tim Congdon of 
Lombard Street Research and 
Prof Wynne Godley of Cam- 
bridge University argued for 
no change in fiscal policy. Mr 
Gavyn Davies of Goldman 
Sachs International favoured 
some further tightening to pre- 
vent excessive demand growth. 


Mr Andrew Britton of the 
National Institute of Economic 
and Social Research and Prof 
Patrick Minford of Liverpool 
University spoke in favour of a 
small easing of fiscal policy, 
respectively by cutting 
National Insurance contribu- 
tions and reducing marginal 
tax rates. 

The report said none of the 
six would argue for an immedi- 


Britain’s economic recovery 
will not solve the problem of 
the country’s L5m long-term 
unemployed, the Confedera- 
tion of British Industry, the 
biggest employers' organisa- 
tion, warned yesterday in a 
report welcomed by the 
Labour party and trade 
unions, Robert Taylor writes. 

The CBI said it will need 
urgent state action to reduce 
the numbers without work for 
more than six mouths, along 
with greater employer commit- 
ment to recruit them and more 
willingness by the jobless 
themselves to prepare for 
available work, The organisa- 
tion called for more govern- 
ment employment measures to 
help the long-term unem- 
ployed back to work. It said 
these would not add to state 
spending. 


ate change in interest rates. 
They wanted to see how the 
economy responded to Septem- 
ber's increase in bank base 
rates to 5.75 per cent from 5.25 
per cent and the chancellor's 
Budget decisions. 

• New lending by the biggest 
British h anks rose to a season- 
ally adjusted £3.22bn ($5.Q8bn> 
in the third quarter of 1984 
from £983m in the second quar- 


retary of tbe Trades Union 
Congress, said the report was 
a positive step. “It shows wide- 
spread recognition across the 
political spectrum of the prob- 
lems of the long-term unem- 
ployed”, he added. The TUC 
intended to explore “the scope 
for concerted action” with the 
CBI and Mr Michael Portillo, 
employment secretary. 

A survey of 450 employers 
revealed widespread criticism 
of the state employment ser- 
vice. More than half the com- 
panies interviewed said they 
never heard of any of the gov- 
ernment employment schemes 
that cost about £i3bn ($2.4bn) 
annually. 

The CBI wants reform of the 
state employment service to 
equip the jobless with basic 
skills of literacy and numeracy 
and make the service more 
sensitive to employer needs. 


ter. the British Bankers' Asso- 
ciation reported yesterday. 

The main reason for the 
apparent rise in net lending 
was a fall in the level of repay- 
ments by the corporate sector 
in the second quarter. "Only 
the personal sector continues 
to borrow, and that at a mod- 
est rate.” said Mr Tim Swee- 
ney, director-general of the 
association. 


Mr John Monks, general sec- 


Factory 
ships face 
tighter 
controls 

The UK government yesterday 
announced measures to tighten 
controls on fish-factory steps 
called “klondykers” which 
operate in Scottish waters, our 
Transport Correspondent 
writes. 

This follows the grounding 
of a Russian-registered vessel, 
the Pionersk, off the Shetland 
Islands on Monday. The crew 
of 155 was rescued but between 
50 and 60 tonnes of bunker oil 
escaped into the sea. In Octo- 
ber 1993 two “klondykers" 
were lost 

Concern has been growing 
about the pollution threat 
posed by the klondykers 
because they are frequently 
poorly maintaine d and Inade- 
quately insured. 

But they make an important 
contribution to tbe UK fishing 
industry by taking about 60 per 
cent of British catches of her- 
ring and mackerel and market- 
ing them mainly in eastern 
Europe. 

The UK government will 
press the International Mari- 
time Organisation to introduce 
a requirement that ships cany 
sufficient insurance cover to 
meet liabilities for damage. 



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Trade ministry 
rejects EU role 
in yard’s future 

judged oy u* neuartment of Trade and industry said 

nr Briii hAKraspace’s bid for VSEL. Both are being 
SSs^l to tta UK ES to some situations thegovemment 
SSude terge deals from EU jurisdiction if special national 

m ^^idswfllnow be examined 
which normally expects to produce its rearammi^bon 
three weeks. BAe's bid should be complete by November 16, 
brittle results may nut be revealed unM GKSjl M 1 has , been 
considered. The ofttce’s recommendattonon whether aftft 
SKprite and Mergers Commission investigator is needed 
will thenbe passed to Mr Michael Hesetbne. trade and todoa- 
try secretary. 

Software probe at Cow & Gate 

Investigators checking allegations of illegal computer software 
use have raided the UK offices of a number of subsidiaries of 
Nutricia, the Dutch foods group, including the baby foods 
maker Cow & Gate. Unigate, the UK milk producer, has a 34 
per cent stake in Nutricia. ' 

The Business Software Alliance, which represents the 
world's leading personal computer manufacturers, seamed a 
High Court writ leading to an order which enabled its investi- 
gators to search the offices of Cow & Gate, Galenco and 
Nutricia Dietary Products. . ^ . . 

The search took place in the past few weeks after c l aims 
that pirated software was being used. It Is understood that the 
organisation queried the legality of software being used cm 
between 100 and 200 personal computers found at Cow & Gate. 
The company has until tomorrow to produce licences for all 
the software being used on its premises. 

Under software protection laws, penalties can include prison 
sentences of up to two years for executives of offending 
companies. 

Row over bank charges 

British hanks and the Consumers' Association have clashed 
over a Which? ma gamng survey on the cost of borrowing: 

The ass ociation says that a combination of charges on 
unauthorised overdrafts and interest levied on such accounts 
for even short periods can be equivalent to millions of per cent 
if translated to an annualised percentage rate basis. 

It argues that the high levels of Interim profits reported by 
the h anks intensifies the argument that they should cut 
charges. It says there are sharp differences In charges imposed 
by banks and building societies that offer current accounts, 
and urges customers faring high charges to move. 

The British Banker s' Association said the banks' interim 
results showed that providing banking services for personal 
customers was “one of the most unprofitable activities which 
h anks undertake". 

Change for ex-US AF base 

The US Air Force base at Greenham Common in southern 
En gland js to be returned to municipal ownership after 53 
years of control by the British government The base was 
made famous in the 1980s by a succession of demonstrations 
against the siting there of half of UK's complement of USAF 
cruise missiles. A women's "peace camp" was . maintained 
outside the gates for many years. 

The 900 acres of land being handed over will be about the 
same size as the area handed over to the government at the 
start of the Second World War. But the government will retain 
ownership of the missile silos, which must be made available 
for inspection under the intermediate Nuclear Forces Treaty. 

The ministry will also retain for commercial development 
about 100 acres including most of the buildings on the framer 
base. Berkshire County Connell has applied for cash to 
develop an enterprise centre from the European Union's Hoo- 
ver fund, set up to help regions with economies hit by a 
decline in military activity. 

IQ affected by ingestion of lead 

Lead in the environment - from leaded petrol, lead pipes and 
other sources - may be having a "small but important influ- 
ence on children's intellectual attainment”, according to a 
study in the British Medical Journal today. Scientists at the 
London School of Hygiene and Tropical Medicine analysed all 
previous research on lead and intelligence, involving 26 sepa- 
rate studies on a total of 6,000 children. They concluded that a 
doubling of lead in the blood probably reduces IQ by one or 
two points on average. 

Union’s staff strike over pay 

Staff of the Transport and General Workers' Union, one of the 
largest in tbe UK, yesterday staged a one-day strike in pursuit 
of an 8 per cent pay claim. It was the first time in the T&G's 
70-year history that its staff had gone on strike. Tire union is 
offering an increase of 25 per cent plus £2 ($3) a week. 

• Staff at the Royal Mint in Llantrisant, south Wales, are to 
be balloted by their unions over industrial action after reject- 
ing a 1.8 per cent pay offer linked to a new performance-re- 
lated scheme. 


i 


% 


Irish deputy PM 
upbeat on talks 


Mr Dick Spring, deputy prune 
minister of the Irish Republic, 
said yesterday he anticipated 
an early agreement between 
London and Dublin on a frame- 
work for inter-party negotia- 
ting about Northern Ireland's 
future. 

But he conceded - as his 
government’s National Forum 
for Peace and Reconciliation 
began its second meeting in 
Dublin - that a range of i.«t«npq 
must be resolved before deci- 
sion-making talks could go 
ahead. 

Mr Spring said he believed 
that the governments of the 
UK and the republic would 
soon “be working at the same 
pare and the same speed" on 
their bid for a political frame- 
work. 

He said the two sides had to 
m aintain the momentum cre- 
ated by Mr John Major, the 
British prime minister, in 
Northern Ireland last month, 
when he signalled his govern- 
ment's acceptance of the two- 
month-old IRA ceasefire. 

Mr Spring added: “There are 
a number of complex areas, 
such as the constitutional 
changes that are necessary, 
such as the cross-border insti- 
tutions, and indeed the Euro- 


Loyalist politicians on the 
fringes of Protestant paramili- 
tary organisations yesterday 
called for an end to “punish- 
ment attacks”, branding tiiem 
morally wrong. 

Politicians from the Progres- 
sive Unionist Party and tbe 
Ulster Democratic Party, who 
recently returned from a visit 
to the United States, said the 
attacks could best be ended if 
people took their problems to 
the police Instead of to the 
paramilitary organisations, 
the Ulster Volunteer Force and 
Ulster Freedom Fi ghters. 

pean dimension. 1 would be 
confident that, given the pros- 
pects that are there now for 
peace on this island, that both 
governments can overcome 
any obstacles that arise.” 

Mr Gerry Adams, president ‘ 
of the nationalist S inn F §ju J 
party, and Mr Albert Reynolds, 
prime minister of the republic, 
were together for the fourth 
time since the ERA ceasefire 
when they joined the first 
working session of the forum. 
Absent once more, however, 
even with observer status, was 
any British government repre- 
sentative. 


fl' 




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‘Vj i 



*-$ O - 
Ur '1> S: .' 

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F 




FINANCIAL, TIMES FRIDAY NOVEMBER 4 1994 ★ 


9 










Chopin, Copernicus, 
the Opel Astra. 


As from tomorrow, 
they will all be famous 
products of Poland. 


A brand new Opel assembly plant opens 
in Warsaw tomorrow. 10,000 cars will 
roll off the production line over the next 
year as another exciting stage in our 
East European investment programme 
begins. 

This important development follows on 
from other major new European manu- 
facturing-ventures at Eisenach in the 
former East Germany and Szentgotthard 
in Hungary. No other car manufacturer 
can match this level of investment in 
Eastern Europe 

As ever, our investment is one of 
unusual depth, our firm intent being to 
■ become a credible and important part 
of both the economy and of society. 


Thus, employees of the Warsaw plant 
have trained intensively at existing Opel 
plants to ensure the highest levels of 
quality control. Furthermore, our plant 
will apply the most advanced produc- 
tion techniques. 

The Polish Opel driver will receive a 
service which is second to none. We 
are rapidly expanding our network of 
over 60 Opel dealers and authorised 
service outlets throughout Poland. 

Opel Assistance, our 24-hour Roadside 
Assistance programme, is already oper- 
ating there. 

Experience elsewhere tells us that this is 
the type of programme which will reap 
significant long-term growth for Opel. 


We’d like to offer our warmest congratu- 
lations, therefore, to the team that is 
making it all happen. We know you’ll 
give Poland another product of which it 
can be proud. 



FINANCIAL TIMES FRIDAY NOVEMBER 4 1994 



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FINANCIAL TIMES FRIDAY NOVEMBER 4 1994 


MANAGEMENT 



*■ 









I 


Europe’s manufacturing quality and 
productivity still lag far behind 
Japan’s. John Griffiths reports 

Streets 

ahead 


How Japan still leads the world 



P rofessor Dan Jones and his 
colleagues at Cardiff Busi- 
ness School, Cambridge 
University and Andersen 
. Consulting were at it again yester- 
day. Two years after telling an audi- 
ence of UK motor component mak- 
ers that their productivity and 
quality was grossly inferior to that 
of Japanese counterparts, they 
announced that many continental 
European groups are no better - 
and some worse. 

Jones, also co-author of The 
Machine That Changed the World, 
the Massachusetts institute of Tech- 
nology study which highlighted the 
significance of "lean” manufactur- 
ing, was unveiling the results of a 
new Worldwide Manufacturing 
Competitiveness Study*. 

The results expand on the 1992 
benchmarking project which 
showed Japanese component mak- 
- ers outperforming the UK's by a 2:1 

r ' .margin in productivity and by no 
less than 100:1 in quality. The latest 
project investigates the manufactur- 
ing performance and management 
practices of 71 motor components 
plants in nine countries: l-» in the 
US and Canada, 12 in the UK, 11 in 
France, nine in each of Japan and 
Germany, eight in Italy and four in 
each of Spain and Mexico. 

Among these, the study identities 
"world class" plants which meet 
certain criteria: substantially 
higher volumes of finished parts 
compared with similar-sized non- 
world-class concerns; high-capacity 
utilisation; more automated assem- 
bly processes, backed up with effec- 
tive “fool-proofing"; larger and 
more rapidly changing preduct port- 
folios; and integrated and tightly 
controlled processes. 

The study once again makes 
uneasy, and for many UK and Ital- 
ian components makers chilling, 
reading. It indicates that despite 
progress in Europe, Japanese sup- 
pliers are improving at no less rapid 
a rate - and even widening the 
competitiveness gap with the UK 
and Italy. 

While the study identified no 
companies by name, it is unlikely to 


pass unchallenged by many compo- 
nents suppliers. Nissan, Toyota and 
Honda publicly maintain that sup- 
pliers to their UK "transplants" are 
doing well, but privately express 
reservations about their progress. 

To make the findings relevant 
beyond the motor industry, the 
study covered production of seats, 
exhausts and brakes - chosen 
because they require a variety of 
process technologies. 

The researchers consistently 
found a 2:1 difference in productiv- 
ity performance between world 
class plants and the remainder. The 
quality gap was found to be even 
higher - 9:1 in seats, 16:1 in brakes 
and 170:1 in exhausts. 

Performance was measured by 
two main criteria: productivity, in 
terms of annual units of output 
divided by labour hours, and qual- 
ity by the number of supplied parts 
per million claimed by vehicle man- 
ufacturers to have been deflective. 
Financial measures were not used. 

In one world-class seat plant 
there were 237 customer complaints 
per million seats delivered, com- 
pared with 2,071 for a non-world- 
class facility; the world-class 
exhaust plant received eight com- 
plaints per million exhausts and the 


world-class brake plant nine per 
million on brakes. 

The US was found to be closest to 
Japan in quality, with Japanese 
plants retaining “only” a 30 per cent 
advantage. This stretched out to a 
4:1 advantage over France and Ger- 
many, rising to at least 8:1 in the 
case of the UK and Italy. 

Japan's overall productivity and 
quality performance, meanwhile, 
“is significantly better than it was 
two years ago, with improvements 
in the range of 38 per cent UK 
companies also show a big improve- 


“Worid class’ plants 



Japan ' 


US 

B ' » 

Franca 


Spain 

pMRM 

Germany 

F " 


Source: Antfcroon ConstdtJng 


ment (31 per cent). This, however, 
has not been enough to qualify as 
world class and shows that the gap 
with Japan is widening’’. 

Of the 71 surveyed companies, 
many were subsidiaries of big pro- 
ducers already supplying globally. 
While these have had a unique 
opportunity to combine knowledge 
and learning from different coun- 
tries. they have also bad to find 
compromises between their own 
corporate cultures and conditions 
and practices outside their domestic 
base. The report says that failure to 
reconcile the two accounts for Japa- 
nese plants generally not doing as 
well outside Japan as within. Only 


one of the world class Japanese 
plants was outside Japan. 

One surprising feature of the 
study is that world-class companies 
are to be found in Japan, the US, 
France and Spain - but not in Ger- 
many, the presumed motor industry 
powerhouse of Europe. This “sug- 
gests that one should be wary of 
confusing the quality and prestige 
of the finished product with the effi- 
ciency and sophistication of the pro- 
cess which produced it". 

Product simplification and co-or- 
dination of the supply chain must 


‘One should be wary of confusing the 
quality and prestige of the finished product 
with the efficiency and sophistication of the 
process which produced it’ 


Country 
of location 

5 

3 

3 

2 

0 


Country 
of ownership 

6 

3 

3 

Q 

1 


receive priority from German indus- 
try if it is to become more competi- 
tive, the study concludes. 

It also found US plants to be good 
ou process control and delivered 
quality, at least among first-tier 
suppliers. “The challenge now lies 
in extending this to the second tier" 
- the thousands of much smaller 
parts makers who supply the big 
components companies. 

What should non-world-class com- 
panies do about improving their 
positions? The researchers found 
that the common denominators in 
the world-class plants were process 
control and very tight management 
of the entire supply chain. Many 
aspects of plant performance which 
have received considerable public- 
ity, such as the use of teams and 
suggestion schemes, did not appear 
to be universal requirements for 
good performance. 

Indeed, the study warns that sim- 
ply aping the quality circles and 
problem-solving groups which form 
part of world-class Japanese compa- 
nies cannot work. 

“The real benefits of problem- 
solving structures appear to lie in 
the long-term continuous improve- 
ment of a basically sound sys- 
tem . . . imitating practices from 
other countries of indiscriminately 
devolving responsibility to the shop 
Door and hoping that problems will 
disappear is clearly not going to 
work." 

* Available free: tel 0181 780 1323. 


CHRISTOPHER LORENZ 

A mesh of the formal 
and the flexible 


f V i r t n a 1 , 
boundary less, hori- 
zontal, fiat, sham- 
rock- or starbnrst- 
shaped. clustered, 
concentric, circu- 
lar. Managers are 
constantly bom- 
barded with these 
images of tbe sort of organisation 
their companies must become if 
they are to survive the change, 
complexity and chaos of the late 
1990s and beyond. 

As if one set of snch epithets 
was not enough, executives are 
assured by gurus and academics 
that these structures will create 
the type of customer-facing, rapid- 
response, high-performance, self- 
managed, team-based enterprises 
needed to compete in the markets 
of tbe future. In an overworked 
but powerful phrase, they are told 
that this is the “new management 
paradigm". 

Most managers are intrigued by 
at least some of these images. But 
they are also confused or frus- 
trated. Before taking action, some 
are searching for a clearer, more 
detailed, picture of what the “new 
organisation" should look like, 
with its constituent sub-struc- 
tures, systems and procedures. 

Others are already having a 
crack at the new approach - or 
elements of it. Bnt they risk floun- 
dering because of the paucity of 
proven models to draw from. 

With tbe exception of several 
overworked examples from “cre- 
ative" industries such as media 
and consulting, there are few con- 
crete cases of the approach operat- 
ing comprehensively and success- 
fully at the level of entire 
organisations of any size. Most 
well-documented instances are 
either of medium-sized companies 
with unusual backgrounds, such 
as Gore-Tex, or of isolated busi- 
ness units within giants snch as 
US General Electric. 

A third group of managers, the 
sceptics, are steering clear of 
almost anything that smacks of 
such radical, risky - and over- 
American - innovation. 

All three groups are in danger 
of losing their way. Like fans - 
radical or conservative - of archi- 
tecture, who see it as having a 
capital “A", they make the mis- 
take of being transfixed by struc- 


ture and outward appearance at 
the expense of an organisation's 
Intricate inner workings. They 
treat an organisation as an all-im- 
portant big “O", rather than as a 
means of enabling companies to 
act more effectively in the market- 
place. 

To make matters worse, the Big 
O brigade mistakenly sees the 
“new organisation" as mainly a 
matter of formal design, rather 
than as what Nitin Nohria and 
Janies Berkley, two Harvard aca- 
demics, call pragmatic or “action- 
centred" entities, whose life-blood 
consists of informal attitudes, 
relationships and ways of operat- 
ing. 

In the latest issue of California 
Management Review. Nohria and 
Berkley argne that while the 
informal side of organisations has 
often been acknowledged in the 

Any halfway sensible 
innovator knows that 
informal changes 
have to accompany 
formal ones 


past, the energy of most managers 
and management thinkers alike 
has been directed towards trying 
to develop better formal models 
and designs. 

To underline their view that the 
enrrent spate of organisational 
change and experimentation is not 
a prelode to some ultimate, fixed 
architecture, the two academics 
reject the term “new paradigm" as 
misleading, even dangerous. They 
argne that the most helpful meta- 
phor is of a shifting “action per- 
spective”. 

This sees organisations as com- 
plex systems - better still, as 
organisms - where many different 
things are happening at once, and 
which are constantly in flux, often 
in response to low-level action. 

To illustrate tbe dangers of top- 
management attempts to impose 
new organisational designs, Noh- 
ria and Berkley cite tbe “sober- 
ing” example of a group of three 
divisions within Allen-Bradley, 
itself an offshoot of Rockwell 
International. In 1990 the group, 
which makes high-tech industrial 
control devices, announced a flat. 


team-based, “concentric" struc- 
ture. Within months the old hier- 
archy reasserted itself: “business 
teams" were formed to oversee the 
operational teams, and an execu- 
tive council to oversee the busi- 
ness teams. Within a year, the use 
of teams was reined in severely. In 
1992 much of the concentric 
organisation was disbanded, and a 
traditional multi- 

divisional structure re-installed. 

The upside of the story, the aca- 
demics claim, is that the funda- 
mental ideas behind the 1990 reor- 
ganisation are still held to be 
central, in spite of tbe reversion to 
a conventional formal design. 

This is feasible because the 
group persevered with the intro- 
duction of two steps essential to 
effective informality: IT systems 
that spanned its whole organisa- 
tion; and broader sets of perfor- 
mance measures. 

In essence. Nohria and Berkley's 
message is eminently sensible: few 
European companies would be as 
rash as Allen-Bradley or some of 
its American cousins in convert- 
ing so suddenly to such a novel 
structure. Any halfway sensible 
organisational innovator knows 
that informal changes have to 
accompany formal ones, and often 
precede them. 

That is not to say that formal 
changes are unnecessary. Nohria 
and Berkley say as much, but with 
far too little emphasis. As so often 
with management academics, they 
almost throw the baby ont with 
tbe bathwater. 

If any senior manager thinks 
internal boundaries can be 
bridged without dramatic change 
in organisational design, he or she 
should examine the experience of 
the myriad of companies that have 
tried to introduce cross-functional 
teamwork just by laying a light- 
weight project structure across a 
collection of chimney-like vertical 
departments, and instigating a 
series of accompanying informal 
changes. Ford, Digital and a string 
of other companies are now hav- 
ing to rectify that mistake. 

Ihe troth is that the formal and 
informal aspects of an organisa- 
tion are equally important, and 
interdependent Whether old-style 
or new, formal or embodying an 
“action perspective”, they need to 
be in synch. 



00 

i 



i ** 






« 


Only Top Flight Accountants Will Meet 
Our High Expectations 


' A dynamic business and management approach, coupled with a total 
cummiUnem to quality and service, has made Britannia Ajnrayb the world’s leading 
charter sirfine. 

We currently cany over 6 million passengers to 100 worldwide destinations and 
to ensure that we stay ahead in a fiercely competitive marketplace, w are currently 
setting up, by continuing to Invest heavily in people and technology, one of the 
most advanced finance departments In our industry. 

We are seeking two Individ dak of the highest calibre who haw the enthusiasm, 
commitment and vision to help make our Finance Department a centre of 
excellence for staff and customers. 

Manager, Transaction Processing 

c£34,000 + ear 

. Reporting to the Financial Controller, yoo will be responsible Tor the control 
and operation of flight cost accounting, commercial and engineering Invoice 
processing operation, sales ledger and credit control teams. Committed to 
delivering a quality sendee, you will also initiate and develop cost-effective arid 
efficient systems to mew strategic corporate objectives. 

To schiew (his you will need proven decision- making ability, man-management 
and team leadership skills and the systems Implementation experience to 
antierpste and resofre probfems at an eady stage. 

The successful candidate will bo an account am with A- 10 years' manag emen t 
experience wrtbm a fast-moving commercial environment. In return, we can offer a 
competitive salary, company car and relocation assistance if needed, plus the 
opportunity to make a significant ronlriboliou to our financial effectiveness. 


Budgeting Accountant 

C-S28.000 + car 

Working directly for the Manager - Financial Planning, your main dmie> will 
Involve producing our fill! year financial forecast, .1-year plan and developing .-c 
series of financial modelling tools. 

Although yours will primarily be a stand-alone role where you will be 
expected to work under prentue on vouc own initiative within a small ream, 
you will also need good inter- persona] and communication skills. Pro-active, 
conscientious and confident, you will have a talent for aniieipiulng likely 
budgetary problems and taking appropriate action. 

A qualified accountant with a minimum of- years' post-qualification experience 
in a commercial enviroiuneni, you will hare been exposed to budget preparation 
and have systems knowledge of either Louts or ExreL 

An excellent salary, company car and good career development swan the nghi 
candidate. 

To apply, please write wiU) your full CV, sating which position interests you, to 
Cathy llindes. Personnel Services Manager, Britannia Airways Limited, London 
Luton Airport, Luton, Beds. Lie fiND. 

Closing date Tor applications: 17 th November IWM. 

We shall shortly be rerruitlog part-qualified accountants with 2 
years' commercial experience and good Lotus/Eaeel knowledge for our 
Financial Planning and Financial Analysis Departments. To be 
considered, please write with yonr CV to the above address. 


I Britannia 


/= — ^ 

YOU CAN ADVERTISE 

YOUR SKILLS IN THE 
FINANCIAL TIMES 
RECRUITMENT PAGES 
FROM AS LITTLE AS 
£90 +V.A.T. 


Looking 

for 

a Career 
Change? 


FOR FURTHER DETAILS CONTACT 

Andrew Sxarzynski on 
Ta:*44 71 873 4054 
Fax:+ 44 71 873 4331 
OR HY WRmNG TO HIM AT 
Financial Times, 
Recruitment Advertising, 
Numbs One Southward Burnet. 
London SE1 9HL 
■ 


HAMMERSMITH HOSPITALS NHS TRUST 

DIRECTOR OF FINANCE 

Salary Package Circa £75k 


The Hammersmith NHS Trust is a major leading Trust established on I April 1994 and Is at the 
heart of the dynamic and complex changes to London's healthcare. Comprising Charing Cross, 
Hammersmith, Queen Charlotte's and Acton Hospitals, there Is an annual budget of €198 million 
(revenue) and over 3,200 employees. The Chief Executive needs to recruit a top management 
team to embrace the challenge of continuing to rationalise and integrate our services whilst 
building on our reputation for quality and Innovation in service delivery, and excellence (n 
. research and teaching. The following appointment presents an outstanding opportunity to take 
this Trust forward, building on Its already strong foundations. 

The Post 

' The postholder will be responsible for the strategic direction and management of die finance 
function, ensuring that the Trusrmeecs Its statutory obligations. You will provide timely and 
accurate financial information for managers supporting extensive cost Improvement programmes 
together with negotiating complex finance arrangements associated with the Research and 
- Teaching functions of tbe Trust Reporting direaiy to the Chief Executive, this Executive Board 
position offea an opportunity to make a significant cbnoifaudon to the overall corporate 
management of the Trust 

The Person 

Essential requirements involve excellent analytical skills, appropriate professional qualifications, 
Strong. communication skills and extensive experience of formulating and implementing Financial 
strategy in a complex organisational setting. Board level NHS experience would be an 
advant ag e , but knowledge and experience of public financing is essential as is comparable 
organisational experience and an ability to adapt rapidly. 

An Information package and application form can be obtained from Rose Riley on 071 725 5482. 
Applicants are welcome to discuss the post with fenny Southam. Deputy Director of Corporate 
Management on 071 725 5557. 


Closing Date. 23 November 1994 




FINANCIAL 

CONTROLLER 

London £25-30k + Benefits 

LORNAMEAD LTD is a growing International personal 
care business trading with over 50 countries 
worldwide In its own branded cosmetic and toiletry 
products. 

Reporting to the Group Finance Director and 
supported by a small team, the financial controller 
will be responsible for all management and 
financial accounting, treasury and other 
administrative functions. 

The successful candidate will be a qualified 
accountant able to demonstrate a broad range of 
experience within a fast moving company 
environment, and will be highly computer literate. 

Written application with full CV should be sent to; 

LORNAMEAD LTD. 

Lomamead House, 

1/5 Newington Causeway. London SE1 6ED 

for the personal attention of the Group Financial Director 



■ 


MINING 


MINING (SCOTLAND) LIMITED 

Finance Director 

PI The company has won preferred bidder status for the key coal mining 
operations of British Coal in Scotland. It will form a profitable business 
employing over 1,000 people and may seek full PLC listing. 

Working with the Chief Executive in deciding strategy, the Finance Director 
will strengthen financial and management accounting whilst achieving a 
healthy rate of earnings growth. The creation of tax and treasury functions 
will be a vital task. 

Candidates must be mature, qualified accountants with at least 10 years’ 
financial management experience at PLC board level in industry. Excellent 
communication and leadership skills proven in a period of significant and 
demanding change will be sought. 

Salary negotiable around £ 70,000 plus usual benefits. 

Please write - in confidence - with full career details to Brian MacDonald, 
Chief Executive, Mining (Scotland) Ltd, The Ca'd'oro Building, 
45 Gordon Street, Glasgow Gl 3PE. 


LES ECHOES / FINANCIAL TIMES 


EUROPEAN CONTRACTS MANAGER 

ATTACH MATE, a US based leading company in the PC host connectivity is 
seeking a Contracts Manager to be responsible for the negociation, preparation 
and administration of the contracting process for European operations. Based 
in Paris, this position reports directly to the Vice President of European Opera- 
tions and the Vice President of Contracts in the US. 

Qualified candidates will possess a college degree, around 10 years experience. 
Must understand intellectual property rights and software licencing issues, 
demonstrate good business decision making skills, be a team player and a 
consensus builder both internally and externally. 

Please respond with a resume and cover letter, including salary history to : 

Attachmate Europe 
56, rue de Billancourt 
92100 BOULOGNE - FRANCE 
Attn : Anne Douay 

^Attachmate 








12 


FINANCIAL TIMES 


FRIDAY NOVEMBER 4 1994 


.-n 1 I? 


TECHNOLOGY 


Worth Watching • Vanessa Houlder 



F ive years of effort to 
develop the technology for 
a powerful new broadcast- 
ing system unveiled last 
month may seem like nothing com- 
pared with the commercial and ethi- 
cal wrangles to come. 

Matin Hachette Multimedia chose 
the annual international sports and 
television convention in Monte 
Carlo to launch a system that per- 
mits the electronic substitution of 
the advertising hoardings transmit- 
ted in televised sporting events. 

At the heart of the product is 
Epsis, a software package developed 
by Lagadfre Group, owner of Matra 
Hachette Multimedia and the ulti- 
mate parent of Matra, the defence, 
electronics and media group. It was 
based on work conducted for Matra 
Cap Systems for the aerospace 
industry. It processes broadcast 
images and inserts computer-gener- 
ated equivalents in their place. 

The idea behind the new applica- 
tion - which cost several tens of 
millions of flench francs to develop 
- was mainly to be able to help 
advertisers using hoardings in 
sporting events broadcast in more 
than one country. They might want 
to use different images, brand 
names or the local language in the 
places where the event is shown. 

There are also wider applications. 
Advertisers might want their ads to 
appear at certain times, such as at 
the start or end of an event. They 
might not want to reach an audi- 
ence in all markets receiving broad- 
casts. Equally, advertising restric- 
tions of some products, such as 
alcohol or tobacco, vary between 
countries requiring variations in 
advertising treatments. 

Epsis offers a solution, by permit- 
ting substitution of any 
two-dimensional image broadcast 
during a sporting event A hoarding 
or even a car number-plate can be 
altered, with the replacement fitting 
exactly in the space of the original. 
It can also create new “virtual” bill- 
boards where none exists at the site 
of the sporting event. 

The technology uses the signals 
from a series of cameras located at 
the broadcast event First the soft- 
ware identifies and captures the 
image of the billboard identified by 
an operator. It tracks this image 
electronically as it moves across the 
television screen. It also isolates 
barriers or other images on the 
background to the billboard. These 
three elements allow it to then sub- 
stitute the “real" image for another. 

Amaud Lagad&re, head of Matra 
Hachette, said that one of the chal- 
lenges has been to maintain the 
image even when it is obstructed 
by, for example, players moving in 
front of the billboards. Another was 
tracking images that were moving. 
In these cases, some of the substitu- 
tion can still only be done using 
pre-recorded material. 




that, tt does not attack the virus 
directly but works by inhibiting 
one of the enzymes Involved in 
DNA synthesis. The researchers 
believe that the HIV virus is Ear 
less likely to develop resistance to 
hydroxyurea than conventional 
antiviral drugs. 

National Institutes of Health: US, 
td 301 4964m fax 301 496 8394 


Tunnel grease 
stamps out fire 


Leukaemia linked 
to virus 


Strong evidence linking childhood 
leukaemia with infection is 
published in the British Medical 
Journal today, Clive Cookson 
writes. 

Scientists at the Cancer 
Research Campaign’s 
epidemiology unit in Oxford 
found that the exodus of more 
than im children from London 
and other big cities during the 
second world war resulted in a 
significant Increase In leukaemia 
in rural Britain. 

Deaths from the disease In the 
four years after the war were 47 
per cent higher in rural areas that 
received the largest numbers of 
urban evacuees. CRC researchers 
believe that “population mixing" 
during the war exposed rural 
children to city children carrying 
the unknown infection - probably 
a virus. 

Cancer Research Campaign: UK. 
tel 071 224 1333. fax 071 935 1546. 


The blame For tunnel fires often 
rests with the inflammable 
greases used to seal newly-cut 
tunnel edges, claim engineers at 
Oxford Brookes University. 

Greases are used to help seal 
the gap between the tunnel lining 
and the tunnel-boring machine. 
Problems arise when the seals are 
repaired or replaced because 
tunnel workers often pump 
compressed air into the workings 
to keep out water. The 
oxygen-rich atmosphere adds to 
the danger that the grease may 
ignite when the seals are burned 
away with oxyacetylene torches. 

The researchers have developed 
a non-flammable tunnel grease, 
consisting of water and minerals 
suspended in wax, which they 
data is safer, easier to use and 
more economical than existing 
greases. 

Oxford Brookes University : UK. 
tel 0S65 483340; fax 0865 483387. 


Safer route 
to the door 


Step forward 
in Aids fight 


A long-established drug used in 
the treatment of diseases such as 
leukaemia has emerged as a 
strong candidate for Aids 
therapy, according to a study 
publ ished today in Science, the 

US journal. 

Researchers at the Laboratory 
of Tomonr Cell Biology at the 
National Institutes of Health In 
Bethesda, Maryland, conducted a 
laboratory experiment which 
showed that hydroxy urea blocked 
the replication of tbe HIV virus In 
blood taken from people with 
Aids. 

The antiviral effect was 
achieved using doses of 
hydroxyurea that were non-toxic 
and lower than those currently 
used for leukaemia treatment 

Hydroxyurea is unlike existing 
Aids drugs such as AZT, which 
directly target viral proteins in 


Answering the doorbell can pose 
problems for the disabled, or 
those who are concerned about 
the risk of letting a potential 
burglar into the house. 

A Coventry-based company has 
launched a mobile answering 
intercom device, which allows the 
user to talk to the caller without 
opening the door. The 
Answermaid works within a 
range of 70 metres, allowing tbe 
door to be answered from 
anywhere In the house or garden. 

The system also has a panic 
button, which allows a user faced 
with an unwelcome caller to 
activate an alarm. The system is 
also able to alert the user to 
intruders breaking into 
outbuildings such as garages. 

The system, which costs 
£179.95. consists of a control 
panel, a handset, a door-push and 
a perimeter alert unit 

Answermaid International: UK, 
tel 0203 221 126; fax 0203 55109& 



Change 
in the 
formula 




Sufc 


Same picture, new treatment Epsis aflowa ‘real’ Images to be substituted for pre-recorded material to sut different markets 


Now you see it, 


now you don't 


Andrew Jack on the implications of a device that 
substitutes broadcast images 


However, he says, these problems 
should be resolved within the next 
year, with the full system commer- 
cially available by 1996. During the 
first live test of the system in front 
of several hundred conference dele- 
gates in Monte Carlo. Matra was 
able to switch images comfortably - 
although there was some slight dif- 
ference in resolution indicating that 
the replacement image was elec- 
tronically imposed. 

The potential ramifications for 
advertisers are vast. The system 
could allow far greater volumes of 
advertising, with much greater dif- 
ferentiation in timing, positioning 
and geographical focus of images. 

The company estimates that the 
European market for sports adver- 
tising alone is currently worth more 
than FFrISbn (£1.8bn). It is also 
growing fast, with the airtime 
devoted to sport rising from 24.000 
hours in 1989 to 55,000 last year. 


The markets have become so big. 
and the regulatory' hurdles so com- 
plex. that it may make it more diffi- 
cult than ever for all but tbe largest 
companies to be able to afford a 
global advertising campaign. Seg- 
menting the market using Epsis, 
says Lagadere, makes the medium 
available to smaller advertisers. 

But tbe new system could also 
pose ethical problems In the words 
of Michel Hidalgo, a French sport- 
ing personality: "This is a very 
impressive invention. But will ath- 
letes’ rights be interfered with? Will 
they be able to protect themselves 
from being associated with products 
they are not familiar with or do not 
approve of. We have to avoid 
excesses." 

A representative of tbe Interna- 
tional Olympic Committee, which 
has no plans to permit advertising 
at its events, asked about the regu- 
latory implications. "When you 


change the image, the person 
watching win no longer know what 
is really happening.” He urged clear 
labelling to show that the picture 
received on television sets was not 
the same as seen by spectators at 
the event 

"We are trying to deal with the 
technology. The rest is for someone 
else to cope with," is Lagaddre’s 
response. His company suggests 
that those using the system will be 
given a copy of an "Epsis charter" 
on ethical issues, and tbe company 
will provide events organisers with 
contractual clauses to help them 
negotiate terms with advertisers. 

Nevertheless, as Neal Pflson, for- 
mer president of CBS, the US broad- 
casting organisation, put it "This is 
wonderful and exciting, but the 
easy part was developing the tech- 
nology. The hard part will be recon- 
ciling it into a very complex busi- 
ness context" 


J a pa ne se mothers who feed 
their babies with Snow 
Brand infant formula are 
giving them more than tbe 
mixture of calories and minerals 
usually contained In baby 

formulas. Essential fatty adds 
have been added to make it more 
like mothers* mBk. 

The idea could spread to 
western countries. Several 
companies, including Sandoz 
Nutrition of Switzerland, 

Nutriria of the Netherlands, 
which owns the Cow and Gate 
brand, and American Home 
Products, have signed up with 
the biotechnology companies 
that make tbe fatty adds: 

There has long been evidence 
that mothers' milk is better Cor 
babies than artificial 
alternatives. The difference is 
most marked tn premature 
babies, whose brains develop 
better an mothers' milk, 
according to researchers and the 
UK Medical research Council’s 
Nutrition Unit in Cambridge. 

There may be several 
explanations, but one of the 
more likely is that essential fatty 
adds present in mothers’ milk 
are absent from formulas. 
Scientists say that fatty acids are 
prObably important in brain and 
eye development These Catty 
adds are difficult to make in 
industrial quantities. One source 
is UK biotechnology company 
Scotia, which is supplying Snow 
Brand. Another is Martek of the 
US, which has signed letters of 
intent to supply Sandoz and 
Nutricla. 

As foods rather than drugs, 
the new products do not have to . 
undergo clinical trials. Tbe fotty 
adds appear to be harmless, but 
without trials it is hard to 
demonstrate that the doses are 
right Further, these formulas do 
not have the antibodies found in 
mothers’ milk that protect 
against infection. 

Martek and Scotia do not make 
serious medical claims for the 
new infant formulas. “We're 
saying that they are more like 
mothers' milk," says Martek. 

“But no one will make ! 

therapeutic claims right now.” j 


Daniel Green 


PEOPLE 


Where Hollywood has Oscars, 
the banking world has Triple-A ratings. 


Half a pair for Hi-Tec’s Mackness 





< 

. ■ . 



Frank van Wezel, founder of 
Hi-Tec Sports, is splitting his 
job as chairman and chief exec- 
utive and handing over the 
chief executive’s baton to 
Terry Mackness, 50. head of 
the group's important US 
operations- 

Hi-Tec Sports, which speci- 
alises in making sporting shoes 
and leisure wear, has had a 
chequered stockmarket his- 
tory. Its performance has been 
hit by fierce competition from 
bigger sports shoe manufactur- 
ers. Last month the shares fell 
sharply after the group 
reported a first half pre-tax 


loss of £7.1m which was 
inflated by exceptional charges 
for restructuring the business. 

In addition to worries about 
the group’s performance, the 
City has also been concerned 
that van Wezel, whose family 
controls over half the equity, 
exercises too much control. In 
March 1993 two well-known 
non-executive directors 
resigned from tbe Hi-Tec board 
only a few weeks after they 
had been appointed, thus lead- 
ing to speculation that they 
had not been able to get along 
with van Wezel 's management 
style. 


Mackness will divide his 
time equally between the UK 
and the US. the group’s two 
main operating areas. For- 
merly with Cadbury Schwep- 
pes and Imperial Tobacco, 
Mackness joined Hi-Tec as 
marketing director in 1981. In 
1986 he took charge of the 
group's UK operations before 
moving to California as presi- 
dent of Hi-Tec USA in 1989. 
Since then Hi-Tec’s North 
American turnover has grown 
from $9m to 348m last year. 
Hi-Tec's shares, which traded 
over £2 in 1992, were 
unchanged at 41p yesterday. 


Non-executive 

directors 



Peripatetic 
Perkins picks 
publisher 


• .'.V 


ft 

;* v 

- • * , . : 


The explosion of interest in 
new media is encouraging 
some interesting excursions 
across traditional boundaries. 
Fred Perkins, former head of 
the Financial Times electronic 
information services, has been 
appointed group vice-president 
for tbe McGraw-Hill Book 
Company, based in Maiden- 
head, near London. 

His responsibilities will 
cover Europe, the Middle East 
and Africa. 

Perkins' experience of 
on-line information goes back 
more than two decades bnt 


this is his first experience of 
management in the world of 
traditional book publishing: "I 
believe McGraw-Hill wanted 
somebody who is aware of the 
publishing world bnt wbo 
comes from outside it," Per- 
kins says, adding that the 
company is a combination of 
state of the art innovator and 
established business. 

McGraw Hill, founded in 
1888 with sales last year of 
around $2bn, is already experi- 
menting with new media 
forms - it publishes its entire 
book catalogue on CD-ROM. 

Another trial Involves allow- 
ing college teachers to pick 
and mix sections from 
McGraw-Hill textbooks to cre- 
ate material tailored to each 
course, the Idea being to ren- 
der illegal photocopying 


unnecessary. 

Perkins. 46, studied electri- 
cal and electronic engineering 
at the universities of Strath- 
clyde and Glasgow and carried 
on to an MSc at Sussex and 
research in medical electronics 
at Dundee. 

He worked for Citibank, ICL 
and I.P.Sharp (now part of 
Reuters) before the FT, where 
he led the successful campaign 
to convince the Monopolies 
and Mergers Commission that 
FT Profile's licensing practices 
were not against the public 
interest 

Although his old company 
and his new are aiming at the 
same markets, he does not 
rule out the possibility of col- 
laboration as the multimedia 
revolution redraws the bound- 
aries of competition. 


Dominic Cadbury (above), 54, 
chairman of Cadbury Schwep- 
pes wbo joined tbe Guinness 
board in 1991, has been 
appointed joint deputy chair- 
man and chairman of the non- 
executive committee of GUIN- 
NESS. He takes over at the end 
of the year when Sir David 
Plaistow, 62. retires; Sir Davidf . 
has been chairman of Inchcape • 
since 1992. 


[INVEST !N 


^ICE py 3 ij$s 

Action t.-T-T: 

• ^ 


■ Lord Prior has retired from fc 
UNITED BISCUITS 
(HOLDINGS). 

■ John Perry, retired UK 
chairman and md of Unisys, at 
TRACE COMPUTERS. 

■ Kenneth Minton, chief 
executive and md of Laporte, 
at JOHN MOWLEM & 
COMPANY. 

■ Derek Pearce, former 
personnel director of Tioxide, 
and Jack Rowell, a director of 
Dalgety, at CELSIS. 


Walpole: ‘blowing its own trumpet' 





With its triple Triple-A rating, L-Bank ranks among the highesl-raied 
issuing banks on the international scene. 


Banks arc like movie theaters. they 
like (a project a glossy image. But 
while a movie rating doesn’t say much 
about a film, a credit rating is A key 
benchmark Tor the credit standing of a 
bank.Thi: ruling agencies base their 
assessments on different criteria but 
the top rating is always the same: 
Triple-A. The only thing belter than 
AAA is... two or three Triple-A’s. 


To its credit, L-Bank has three. Like 
Oscars, they are awarded for perform- 
ance but in L-Bttnk’s case, innovative 
issues backed by top-notch credit 
quality played a major supporting role. 
The force behind L- Bank’s credit 
is the German federal stale of Baden- 
Wurllcmberg. sole owner of L-Bank. 
But as any Oscar winner will tell you: 
even with the best supporting cast. 


you still have to play your part to 
perfection - which is the target we 
set ourselves each and every day. 
L-Bank. Schiossplalz 10/12, 
D-76113 Karlsruhe. Germany. 
Telephone 1NT 721/150-0. 


L-BANK 


Landeskredttiank Baden-WGrttemberg 



Jeremy Franks (right), group 
chief executive of Daks Simp- 
son group, has been appointed 
the new chairman of the Wal- 
pole Committee, replacing 
Giles Shepard, who has 
stepped aside now he is no lon- 
ger chief executive of the 
Savoy group, one of tbe com- 
mittee's members. 

The committee was set up in 
June 1992 in order to promote 
British Industry’s reputation 
for quality and style in goods 
and services, along the lines of 
France's Comitd Colbert. 
Among its eight founder mem- 
bers was tbe Financial Times. 
Its membership includes such 
well-known companies as Brit- 
ish Airways, Land Rover and 
Mappin & Webb. Each com- 
pany pays a fee, based on turn- 
over, but the amounts are not 
disclosed. 

There have been suggestions 
that in the two years since its 
Inception tbe committee has 



little concrete to show for its 
work, an accusation Franks 
rebutted yesterday. "We have 
been trying to build up our 
membership in what was a dif- 
ficult time. To have reached 31 
mabi and six associate mem- 
bers is commendable. The 
question is now how we go for- 
ward and exploit that" 


Franks, 57, added that there 
has been "tremendous interfac- 
ing" between the members and 
denied that the committee is 
one grand public relations' 
exercise. "The British tend to 
be laid back and modest' We 
are trying to blow our own 
trumpets, but trying to get an 
overall game plan is very diffi- 
cult. One day in the near 
future I am sure that the Wal- 
pole Committee will be the 
spokesman for British excel- 
lence." 

From the point of view of his 
own company. Franks said 
that one of the achievements of 
belonging to tbe committee has 
been the "interfacing it has 
brought about with other com- 
panies, such as British Air- 
ways”. First item on his 
agenda is to "get together per- 
sonally with each of the mem- 
bers and then from that form a 
control basis of companies that 
relate to each other". 


■ Robert Jack, an independent 
member of the Securities and 
Futures Authority and retired 
senior partner or McGrigor 
Donald, has been appointed a 
member of the SECURITIES 
AND INVESTMENTS BOARD. 

■ Raj an Uddin Jalal. a 
councillor in Wapping. has 
been appointed to the 
LONDON DOCKLANDS 
DEVELOPMENT 
CORPORATION. 

■ Barclay Forrest, a former 

vice-president of the NFU in 
Scotland, has been appointed 
chairman of BRITISH CEREAL 
EXPORTS in succession to 
Rowan Cherrington. > 

■ Malcolm Dean, a 
non-executive director of a 
□umber of small companies, 
has been appointed chief 
executive of the INSTITUTE 
OF FINANCIAL 

accountants. 

■ Julian Tonks. senior parttiMr 
at Present & Co, has been ' 
appointed chairman of 
Birmingham’s COMMON 
PURPOSE. 


I 









FINANCIAL TIMES FRIDAY NOVEMBER 4 1 994 


13 




r ^U(; 


ilj ■■ .Ov ' -"f; • 

U , 

-h-r. ' JjP *1 

... *" '■ -A " I'f. 






Daniel Crees 


on- executive 
rectors 



ifC:C ' 

.-jlup 5u " 

:•* ^ 

. ;r - 

• . .-I:'. 

4. U-: '' 


oiit> - 

rtcoi* **•;, 


Sutcliffe Tools Limited 

The Joint Administrative Receivers oiler lor sale as a going concern 
the business and assets of Sutcliffe Tools Limited. 

Principal (eatures include: 

■ Retail tool merchants and industrial ironmongers 

■ 125 year leasehold premises at Burnham Trading Park, Burnley 

■ Turnover ot C300.Q0Q per annum 

■ Stock of approximately £80,000 

For further information contact the Joint Administrative Receivers 
Philip Ramsbo/tom or Peter Terry. KPMG Peal Marwick, 

Si James Square. Manchester M2 60S. — I — f~r~ 

Tel: 081 838 4000. Fax: 061 638 4089. r ^-L*J .L 



STATE PROPERTY AGENCY 


INVITATION TO BID 

The State Property Agency invites a tender for the purchase of the state-owned shares of 

BUDAPESTI T0ZEL6-£S fiPtTO ANYAG-K E RESKEDELM I 
RESZVENYTARSASAG (under registration) 

(Budapest Fuel and Building Material Trading pic.) 

According to the balance sheet of January 31, 1994, the company's main data are the following: 

Equity HUF 651,503,000 

Subscribed capital HUF 592,030,000 

Capital reserve HUF 59,473,000 

Nominal value of SPA shares HUF 592JB0.000 (100%) 


The caller will not accept leasing and instalments. At most 10 percent of the purchase price can 
be paid with compensation vouchers, at most 40 percent with E-credit, while at least 50 percent 
shall be paid in cash. 

Under the Asset Policy Guidelines the caller of the tender ensures preferential ownership 
acquisition beyond competition to employees up to 10 percent of the shares, that is. a block of 
shares with a face value of HUF 59,203,000. 

The main profile of the pic. is fuel and building material trading and related services in 
Budapest 

Conditions of participation: 

• submission of a bid for a share package with a face value of at least HUF 296,030,000 
amounting to 50 percent plus one share of the subscribed capital 

• a statement of secrecy concerning the information provided 

• certificate of payment of HUF 6,500*000 as retention money or bank guarantee for the 
equivalent 

Detailed conditions of participation in the tender are included in the Information 
Documentation. 

Deadline for submission: 

January 11, 1995, between 12.00 and 13.00 

Place of submission: 

Aliami Vagyonogynfiks^g - ........ 

1133 Budapest Pazsonyi ut 56. 

Room 804. 

Bids should be submitted to the above address in three copies, marking the original copy, in a 
sealed envelope, without the sender's name "P&ly&zat Budapest Tuz4p Rt" should be written on 
the envelope Bids should unmistakably indicate that the bid is valid for 90 calender days from 
the submission date After tire opening of the tender the SPA may require verbal or written 
supplement The State Property Agency reserves the right to declare the tender unsuccessful. 

A precondition for tender submission is the purchase of die tender documents including also 
the detailed rules procedure, for HUF 10,000 plus VAT, at the Customer Service of the SPA at 
1133, Budapest, Pozsonyi li 1 56. 

For further information please contact 
Budapesti-Tuzep VJUalaf . 

1093 Budapest, IX, KfizrakMr utca 32. 

Hungary 

Mrs. Adrien Nemesvdri general director 
Telephone; (3fr-l>217-0120 . 

.217-0130 

Telefax: (36-l)-217-1909 

INVEST IN HUNGARY • A SAFE EXPANSION 


' PUBLIC NOTICE 

NOTICE PUBLISHED BY THE SECRETARY OF STATE UNDER 
SECTION 7(7) OF THE TELECOMMUNICATIONS ACT 1984 

The Secretary of State hereby gives notice as follows: 

1. He Intends to revoke the Class Licence to run Branch Systems to Provide 

Telecommunication Services which was granted by the Secretary of State under 
Section 7 of the Telecommunications Act 1984 (“the Act") on 15 July 1992 (“the 
Current Licence**). The Current Licence requires (In Schedule 2, paragraph 1) not 
.. less than thirty days' notice of revocation* and revocation will be carried out the 
day after the end of 30 days from the day of publication of this notice. 

2: The Secretary of State has also granted, on the day of publication of this notice, a 
. new Class Licence to run Branch Systems to Provide Telecommunication Services 
. ("the New Licence"). This differs from the Current Licence only in paragraphs 2.3 
and 42 of Schedule 1, and paragraphs 15, l 6 and 25 of Annex C. 

3. The effect of the variations to Annex C is that, for the purposes of assessing 
whether International Simple Resale is being provided by means of systems 
running under the New Licence, the use of a Centrex sendee provided by a Public 
Telecommunications Operator wlD be disregarded where it is used only to provfde 
to the end-user such initial or final switching and transmission as the the end-user 
could lawfully subprovide by means of his own apparatus, such as a private 
automatic branch exchange, under the Class Licence for the Running of Self- 
■ Provided Telecommunications Systems which was granted by the Secretary of 
State on 30 July 1992. The variations to Conditions 2 and 4 in Schedule 1 are 
consequential amendments relating to the reissue of specifications made under 
these Conditions in the Current Licence. 


Jan Dixon 

Department of Trade and industry 


4 November 1994 


BU SINES SE S.F O R,:SAL§^ 


Appear in the Financial Times on Tuesdays, Fridays and Saturdays. 

For further information or to advertise in this section please contact 

, Karl Loynton on 071 873 4780 or 

Y . Lesley Sumner on 071 873 3308 


FINANCIAL TIMES 

EUROPE'S BUSINESS NEWSPAPER 


BUSINESSES FOR SALE 


INVITATION FOR THE HICHEST BID 
FOR THE PURCHASE OK THE CROUPS OF ASSETS OF 
"METAtXURGlKl ILALYPS SA. OF ATHENS, GREECE 

BMNIKJ KEPItAUXW SA.. /Wminisfrafrun ut Assets add LfJbfiffrcs. i'f l SfcoulentcHi Sf, Afhun*. Gickv, in its rapacity n Liquidator gf METAU-URGIW fi/lLYPS SA 3 
Company with its registered office in AUiens, Greece, fihe Company). presently under special liquidation according to the provisions of Article 46a of Low 1892/1990, In 
■aqiplemenied by article 14 of Law 2IXW/I99I), 

unit trances a caff for tenders 

for the purchase of uny or all of the group* of assets mentioned below, each one of which n being sold as a single entity. 

BRIEF DESCRIPTION 

The Company was established id 1972 ami was in operation until 1'hM, when it was deviated bankrupt Its activities included the production of concrete reinforcing into in rolls 
and bam. On IDJL'M. the Company was placed under special Irquidatiuo according to (be provt’ions of Artiefc 4Aa of Law 1892/1990, ns supplemented by Wide 14 of Law 
2T(KJfl99l and article S3 of Ijw 2224m 

GROUPS OF ASSETS OFFERED FOR SALE 

!. srera. PRODUCING INDUSTRIAL COMF1 l;3LAf rXSUEiliLll HUM. COMMUNITY OF ALMYROS. VOLOS- / let Auciiml This h a decl foundry rolling 
mill, occupying an area oj appmt 575.215 m2. comprising rhe following buildings, 
a. Hulling Mill .qiptue. Jii.ri7um2 
h. Steel Foundry, approx. 7.01)0 m2. 

c. Several auxiliary buildings (oflko. itoragc areas, water proKtsmg unit, wurkahup, weighing areas, underground tasks, auxiliary arena, dC.jThe plant's 
machinery and mechanical equipment. the enmpjny's trade name and any such stock in trade or claims as there may exist are also being offered for sale. 
It should be Doled ibat pm facilities were created hi deal with the plant's needs, through the acquisition of special permits granted by the public authorities. The future 
owner of (he plant will have to apply to (he relevant public audtorin'es fur (he renewal of (he said permits, allowing the further toe of these facilities {which constitute 
public property. 

a. A 47.-I25CJ dure uf a pin of land covering 7.'irei.4t, m2 and a 50* :• -.hare of three 1 3 1 storage buildings, of 1.500 m2. 1,963 m2, and I00oi2 respectively, 
standing on it. loaned in the 1 jdcjI AulhAniy »l N Mcoemeni. rhc-sakimki. 

h. A 47.4250 share of n phu uf land covering 2.552 m2 and uf the storage building Standing on it, the surface uf which amounts Kt 1 .500 m2 also located in the Local 
Authority or N. Mcncmcm. Utessaluniki. 

c. Agricultural plra °f land amounting to 12.875 m2 at Simandto, in the Local Authority of N. Moiddania. Chaltiditi. 
cL Agncuhural pint of land amountmu in 4JI2 m2 in the unu area re plot tel 

OFFERING MEMORANDUM - FURTHER INFORMATION: 

Intciesied parties may obtain the Offering Memoranda in respect uf the Company and its assets thereof upon signing a Confidentiality Agreement. 

TERMS AND CONDITIONS OF THE AUCTIONS 

t The Auci ions shall take place in accordance with the provisions of article -hia of Law 1892/ 1990. the terms and conditions set forth herein and the “Terms and 

conditions of Sale' contained in the Offering Memoranda. Such provisions and other terms and conditions shall apply irrespectively of whether they are nveinkmcd 
herein nr mil. Submission of binding ■«(!«•. shall mean Jccepidnce of such pfin-iMum and other terms and conditions. 

2. H inJtne Offer. : Interested parries are hvrehy invited to submit binding ufTcra not later than Monday, 5th of December 1994 at 1 2JW hours to the Athens Notary Public 
Mt. Evangefos Dracopuulrw. address 19. Vuucoure-.tiou Mr.. Athens UK. 71. tel: + 30 1 .Vi I S7 32. fax: +30 1 362 1 1.1 !. In reder to bid for both of the above groups of 
asMts^uw should subtnu two separate often. Oilers should atpiessly suic the offered price and the detailed terms of payment i to cash or instalments, mentioning the 
number of instalment*, the dates thereof and the proposed annual rate interest if any 1. In the event nr not specifying a) the way of payment, bl whether the instalments 
bear iniciev and c) the imerest rate, then it shall he deemed that ra| the offered pnee is payable immediately in cnh. (b) the instalments shall bear no interc.l and (c) the 
tnicresi rate shall be the legal rate in torce. Binding offers submitted later than the abeve date shall neither be accepted nor be considered. 
The offeii shall he binding uniil rhe ad/udreame?. Submission of olicis in favour of third parties hi be appointed at a later stage shall be accepted under the condition that 
express mention Ls made in the. respect upon vubmiv.ii.nt and that the u I liter shall give a persona] guarantee in favour of such third parly. 

3. L etter uLiillitLimg '. Binding ofTers must be acumpunicd by a Letter uf Guarantee, issued, in accordance with the draft Letter of Guarantee contained in the relevant 
Offering Memorandum, hy a bank legally operating in Greece, to remain valid until the adjudication. The amounts of the Letters of Guarantee mist be as follows: |a) for 
the Steel Producing Industrial Cumplc v ai T.ingcli ( Im Auctiont. Drs. TOUR HUNDRED MILLION (400.000,0(10 . 1 and lb) for the Other Assets (2nd Auction) Dts 
THIRrV MIU.ION i3LVXU.UdU). Ijencrsuf Gtiaraniee dull be relumed after the adjudication, la the event uf noa-compliance with the provisions and other terms and 
conditions referred n> in paragraph I heteur. rhe Ixtlerx ot Guarantee shall be forfeited as a penally. 

4. Submissions ; Binding offers together with the Lcners uf Guarantee shall be submitted in sealed envelopes. Submisstons shall be made in person or through a duly 
authorised nccni. 

5. Unveltspes containing the binding offer, shall be unsealed t successively ns mentioned shave, ie. ] a Auction, 2nd Auction) by the above mentioned Notary Public in his 
office, on Monday. Sih Deixntbcr 1994, at i-l.aXI hmns. Any party having duly submitlcd a binding offer shall be entitled to attend and sign tile deed attesting the 
unsealing nf the bindi tig offers. 

6. As the higbtel bidder shall be considered the pap icipanl. wh>.«e offer will be judged, by creditors, representing over 51'F of the total claims against the Company I’rhe 
Creditors'), in (heir discretion, upon suggesdun of f he Laquidalur. to be in rile hear interests of off uf (he creditor* of (he Company. For rhe purposes of evaiuoring an 
otfeT to be paid by instalment*, the present value thereof shall he taken into account, which shall be calculated on the basis of an annual discount interest rate of 22% 
compounded yearly. 

7. The Lujuidaror shall give wr men notitY to the highest bidder to appear on the date and place mentioned therein and execute the contract of i he sale in accordance with 
the terms contained ui his binding offer Jivl/or any other improved terms, which may be suggested by lhe Creditors and agreed upon. Adjudication shall be deemed to 
lake effect upnn the execution of the contract of sate. 

8. AJJ costs and expenses of any nature in rutpcci uf the /urticipsuion and the transfer of assets offered hereby for sole shall be exclusively bnrnc by the participants and tbe 
purchaser respectively. 

9. The Liquidator and the Creditors shall have no liability nor >4ibgalion whatsoever towards the panicipants in relation to lhe evaluation of tbe offers or lhe appointment 
of the highest bidder or any dcciM-m t>> repeat or cancel (he Auctions or any decision whatsoever in connection wiih the proceedings of the Auctions. The Liquidator and 
the notary shall have no liability for any legal or jkibI detects of the assets. Submission of binding offers shall not create any right (or tbe adjudication nor the 
psmicipanLs shall acquire any right, power or claim from this invitation and/or their participfuian in the Auctions against the Liquidator and/or tbe Creditors Tor any 
reason whatsoever. 

10. Thr* invitation fur. been drafted in Greek and translated into linglish. In any event the Greek version shall prevail 

ANNOUNCEMENT BY A THIRD PARTY 

The Privileged Company uf General Warehouses S.A jP.C.CJ W.i has asked the Liquidator through an extrajudieui sutemem to include in the present invitation the following 
dodaraltcnt: 

* The immovable property to be auctioned hud been recognUed in Us entirety oil boused and open spaces) since the year 1979 ro be in the Annex of P.CG.W assimilated to a 
Central Warehouse by an ISO. 3077 ,'54 and it is therefore subject to the exclusive "key-in- hand adminisirauon of P.C.G.W.. which has rhe unrestricted right, free of participation, 
for tbe need* of lhe adnii nisi ration of all the merchandise delivered and warehoused by the Metalluigiki llalyps SA into this Private Annex, whether securitised ot not, and the 
functioning of this Private .Anne* will be continued unfit tbe end of the administration of such merchandise, which nowadays consist on the one hand of the existing interior or 
■Kourooki" scrap (subject in their entirety as they are and hold in the Administration of P.C.G.W.. through the express judical consent of the representatives of Menlloorgiki 
Haiyps 5 -A. i and of the other hand, of (he quantity of bitters so(J, which still remains in (he furnace of (he factory, rut having been delivered doe ro inability to extract if from (here 
due to a lack of electricity'. 

Eihuiki Keptuleou will be handing us prospective buyers a copy of the above mentioned extrajudicial statement of P.CG.W. and will be furnishing Information concerning the 
course of the marrer. 

In order lo obtain the Offering Memoranda and any further inf* .rotation please apply u* the Liquidator 'Ethniki Keptuleou SA Administration of Assets and Liabilities’. ]. 
Skouleniou Sir. Athens IftSfti. Greece. Tcl .t.W 1 323 la «4 - 7 fav +.'!» 1 J2I.**7.H5 t.ittenriun Mrs. Manka Frangokisj.- 


FOR SALE 

£5M+ pa t/o 
Superstore, selling 
country clothing/ 
footwear and agricultural 
sundries from a lease 
hold site in the east 
of England. 

The owners are 
prepared lo dispose 
of for a nominal sum 
for early decision. 

Write lo Peter Pumall 
Penytan House, Earlsbrook 
Badon, STOWMARKET 
Suffolk IP 1 4 4UA 
Or Tel 0144S 781323 


Our South of England 

Based diene otters an established 
acrosptice approved engineering 
cumpuny for sale. Tlu: key features 
of this business are: 

* Turnover on excess, of 

£12500.000 

* Full order buck 

* Lung established trading name 

* Highly skilled and stable 
workforce 

* Full tn-houM; service including 
approved treatment shops. 

■ Premises available for vale or 
rent. 

Interested parties should apply in | 
writing ro David Lee. Ross Brooke 
& Co. 39 London Road. 
Newbury. Berks RC J3 I JL 


Estabushed 

N.ational 

Shopfitting Company 

T/O £3M asking price E8S0.00U. 
Owner retiring. Price includes 
blue chip clientele, 
freehold premises and machinery. 
Approximaie value £400K. 

Write to Box B3S2I, 
Financial Times, One Soutlrwarix 
Bridge. London SEI 9HL 




Small Vehicle Contract Hina 
Business - 140 vehicles - good 
residual values - profitable - 
Blue Chip clients - unutilised tax 
allowances -subsidiary of group : 
wishing to concentrate on 
core business. 

Write to Bos B3499. Financial Times. 
One Southern Bridge, 

London SEI 9HL 


f FOR SALE 

ENGINEERING/SERVICE COMPANY 
Specialised product / service to 
complement ortrer work. 

Good customer base. 
Turnover £300. 000 
Location - South England 
Reply to Box; B3536. Financial Tmtss. 

. Ono Southwark Bridge, 

V London SEi 9HL 


CONTRACTS & TENDERS 


LEGAL NOTICES 



HELLENIC REPUBLIC 
MINISTRY OF TOURISM 
NOTICE OF INTERNATIONAL CALL FOR TENDERS 

in the 

DEVELOPMENT OF CASINO ENTERPRISES IN GREECE 
(Law 2206/1994 Government Gazette 1615B/1994) 

Interested parties ars hereby invited to obtain tbe particulars of a Call For 
Tenders pertaining to the award to the highest bidder of the 5 Casino licenses 
which are to be accompanied by investments in Tourism that will extend to the 
whole country. 

The installation sites of the enterprises are the following: 

1. The isle of Crete (Repeated call) 

2. The isle of Rhodes at Hotel of the Roses (Repeated call) 

3. The isle of Corfu (Repeated call) 

4. The isle of Syros (Repeated call) 

5. In Thrace (New call) 

The aim of the tender is the creation of high standard Casinos and the realization 
of substantial Investments that will benefit Tourism in Greece and the National 
Economy. The investments proposed by the candidates will be evaluated in 
accordance to the criteria specified by Law 2206/1994, the contribution to the 
development of Tourism in the country as well as the upgrading of Tourism in 
the areas, that these enterprises will operate. 

Particular importance will be placed on the creation of special tourist 
Infrastructure installations and projects, that will attract high level tourists to 
Greece, as for example. Conference Tourism, Winter Tourism and Marine 
Tourism. 

Investors wishing to take part in the tender may obtain ail relevant details and 
a copy of tender documents from the following address: 

MINISTRY OF TOURISM 

SECRETARIAT OF THE INTERNATIONAL COMPETITION 
FOR THE CONCESSION OF CASINO LICENSES 
TO THE HIGHEST BIDDER 

2 AMERIKIS St., 

5th FLOOR ■ OFFICES 517-518 
105 64 • ATHENS • GREECE 
TEL. 3221239 
FAX. 3232605 


IN THE MATTES OF 
CTTT OF WESTMINSTER 
ASSURANCE COMPANY LIMITED 
-■ad - 

IN THE MATTER OF 
CITY OF WESTMINSTER 
ASSURANCE SOCIETY LIMITED 
-and- 

IN THE MATTER OF 
THE INSURANCE COMPANIES ACT I MB 

Nonce n berety givco that a Petition woa on Ac 
Jnl illy of October, 1994 picicaird to Her 
Majesty 1 ! High Covn of Justice by Ibc above- 
named City of Wesuninsrer Assurance Society 
Limned (hereinafter caned *lbc Society 'I for. 

(It die Mnerina under Pan I of Schedule 2C u 
ibe Insurance Companies Avl I9S2 w a Scheme 
I here unner) called the *Sefacaau'l pwldiag far 
the uamfcr to City of WcnmloMcr Asmuucc 
C ompany Limned (hereinafter called "the 
Company-) of the whole of lhe toag- terra 
in w r a nee tnninna canted on by ibe Society: oad 

(2) an Order making ancillary provision tn 

connection with Ac taid transfer under paragraph 
S of Schedule 2C lo ibe a»M Act Copm ot the 
Petition, rhe Scheme and a report hy an 
independent actuary in pursuance of the ««1 Part 
I at Schedule 2C may be inspected m the radon 
specified la lhe Schedule hereto during avail 
boaineu houra far * period of 21 days from the 
publicalkHi of tfcu Notice. 

The petuiofl is directed to be bead before Mi 
RcKmrar Buckley or the Royal Courts of Jurdcr. 
Soand, Look* WC2A ILL on Wettecsdn- dir 
7ih December IW4 and any person, including 
any employee of the Company tn the Society, 
who claim io Ik adversely affected by the 
Scheme may appear at the irate >4 the heating is 
person tie by CtroncL 

Any person who intend) 5u to appear, and anv 
policyholder at the Company or the Society who 
Jassenn Ann the Scheme hoi doo. not intend vc- 
ru appear, shootd give not leu than law dear 
days' prior notice in anting of inch imeunn uf 
dharto. and the reanom Ac re far. to Ibe Solicitors 
named hchrw- 

CopKV of the documents ipcriOcd above will be 
fnrniahcd by such Solicitors lo any person 
requiring rheni prior to rhe making uf an order 
sanviiuolnp the Scheme on payment uf lh. 
prescribed charge (or the same. 

Dared Ihh41h day ra' November. 1904 
The Brough Shcncli Law Pannetdnp 
One Dyers Boihlingjs 
londun EC1N SX 
Sofictitei. far rhe Society 
THE SCHEDULE 

lit Irish Lire Centre. Viciuria Street. Si Albans. 
Hmfofddiiir. ALI STF. 

«irOaeD]erv Djildmgs. Gradve, EiTN 2SX 



MANUFACTURING BUSINESS 
FOR SALE 

Our ciienl is a wcll-csUhlisluu]. ptuliuMv Nuithnn l-.eo.il nwpula.sunns vompani 
operating primarily in llic uffice luntilurc and melnmini- |uncK rn irkct rixv Imvt 4 
broad UK customer b-ta*- 1 and upcrilc in mi a tn»disrn fatn-n with t»..rkhw >*i 25 
Tbe shareholders nuw wish in ranks s complyie disj»»-il »l the oimiunv .tlihuunh 
operaikmoi management can remain 

The business is ctpencacin^ rapid urowih nnd have reecnt li mi r> «Jui'c>l new (ifinlueta 
IO provides platform for Minlinuingpntgrisw tusli in the UK „it>1 Lutufa.. Pfincipib 
only aitoultl write (u: 

Mrs S J lludwn AC A 
t ■ S fenny m L'uipii.iie l-uunve 
iipcn.sie.td Lsrurt. N>-nh lane. 

Utf.Hlinefcv. I eoJv I St. .11 Ip 


RESIDENTIAL PROPERTY' 
SALES, MANAGEMENT 
& LETTINGS 

Somb tost London 
ft I L-n years ptufi table trading 
4 hrandus. strong branding 
« v. J5<> propentwi under manage mem 
r. T'lj e. iho lovdrawingi 

profits c. £3t)nk 
C Reiirernenl vale 

> isnidet: Jarir (.Tlptikxm. Braso Walker, 
Audrey I louse. IW20 Ely Pta*. 
lamdm EC’IN ASN. Trt:07l 430 III! 

AlUlt-H •%'' ^ 'fch Jrej*i«1s ItilHSlMginWhil 

■ Dk-iacai oik) air rw lak% a i»m Ikr h»t*> 


IN THE MATTER OF 
LINCOLN NATIONAL (Mil PLC 
-oad- 

IN THE MATTER OF 
niE COMPANIES ACTS IMS 

NOTICE IS HEREBY lirVF.N that a Prlllhm 
»ai of the ryh day ut Lwohu IV W presented tu 
Her Mjjevly'- liigh Court uf Justice fur the 
.ualirmalnra el rhe reJ ncrhin of the Shirr 
Premium Account ot the rivAe-rumcd Cuvnpaoy 
Iran £tt4Jfa3,l»'W CbS-IHSjUV. 

AND NOTICE IS FURTHER GIVEN that Ike 
paid Petition f. diiwtetl lo be heard before the 
Regtsim of 'he Campanicx Court il the Royal 
Coarts of Judicc. Slnunk Lowlon. WC2A IAL 
on Wednesday 111* 7rh day nr' Itcivrntvr ty*W. 

ANY Creditor or ShsichvIJci «f rhe (hid 
Company ilctiriug tn uppov the miking of on 
Urdu fra ibe naMinniriion of the mhi reduuirai 
of Share ficnuuni Aeeounr -JiraiUl appeal at the 
time uf heuilnx ia peron oi hy CmihcI fur ital 
purpose. 

A ot>pj of ifuc vi hi Pclil kin will be (uraWted lu 
any such person requiring the same by lhe 
under rtii-nltoneil Sotkiluf' un payment uf the 
rcfitiUkt/ charge fra lhe one. 

DATED the -Mb day of November. IVU 
The Brough Stencil Law Pannerahip 
Dor Djx-re tttiMmgx 
London ECIN 1SX 

Sulkitura fur die above-named Company 


in the matter ok 
CANNON LINCOLN INSURANCE 
-aad- 

IN THE MATTER OF 
THE COMPANIES ACTS I «S 

NOTICE IS HEREBY GIVEN that ■ Petition 
wen the Arh day ot October fW presented id 
H er Majesty's High Court of Jultee for the 
rtefirmanrai of the i eduction of the Share Capital 
uf the ahtve-aatiicd Company Iran frUJXXLMW 
to £29 JHJOjOin by inter ill* returning capful 
which rsmeaccura the wmhiof the Cooqwuy 

AND NOTICE IS FURTHER GIVEN ihil rhe 
said Petition ra directed ro be heard bcfuie the 
Ragiaiar of the Compuin Conn ai rhe Royal 
Courts of Justice. Strand. London. WC2A 2AL 
•«i WedBCMtay the 7ih day of December 1WM. 

ANV Creditor or Shareholder of lhe Slid 
Company dediiog to oppose the nuking of an 
Urdu far Ibe confirmation of the ioid rcdociioa 
of Share Premium Aeruml tbuukl appear at rhe 
time of bearing hi person or by Cuunr) for that 

poipwc 

A copy of the Mid Petition wdl be furnished k> 
any such person requiring tbe uac by the 
undrrmenlcoard Solicitors on payment of ibe 
regulated charge for the umc. 

DATED 4lh day uf November. 1 WJ 

Tho Brough Skerrea Liw ParueiVtip 
One Dyers BuiMiugi 
London ECIN 2SX 

Solicitors Im ibe atwve- ranted Company. 


NOTICE OF APPOINTMENT OF 
ADMINISTRATIVE RECEIVERS 
Name of company: Pennine Lifts Limited. 
Registered No: ’SUI-t-IV. Trading name- 
Pennine Lius L ir ntt eil. Trade dasuTicaltw: tl. 
Name anil address of joint administrative 
receivers: David John Mulct and Michael 
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14 


FINANCIAL TIMES FRIDAY NOVEMBER 4 19W 

THE PROPERTY MARKET 


New Issue 
November 4, 1994 


All these Bonds having been sold, this announce- 
ment appears as a matter of record only. 




T he reputation of valu- 
ers was left in such 
tatters by recession 
that repairing the 
damage is going to be a long 
and difficult job. The question 
is whether the property profes- 
sion will undertake structural 
repairs - to avoid similar dam- 
age during the next economic 
downturn - or simply try to 
restore a cosmetic gloss. 

By proposing to overhaul its 
valuation manual, known as 
the Red Book, the Royal Insti- 
tution of Chartered Surveyors 
is taking the first steps 
towards restoring credibility. 

Its proposals are an encour- 
agingly swift response to the 
Mallinson Report published in 
April, the most wide-ranging 
review of valuation practice 
undertaken which was chaired 
by Mr Michael Mallins on, for- 
merly property director of Pru- 
dential Portfolio Managers. 

The "new” Red Book 
addresses only those elements 
of the M allins on Report which 
could be acted upon swiftly. 
Insurers have estimated, for 
example, that almost half of all 
professional indemnity claims 
could have been avoided if 
valuers had insisted on written 
instructions. This will now 
become mandatory. 

The deadline for comments 
ou the new Red Book closed 
this week and the institution 
has received around SO official 
responses. So what do valuers 
themselves make of the institu- 
tion's attempts to bring prac- 
tice up to scratch? 

While many comments are 
broadly favourable, concern 
centres on two main areas: the 
extent to which the new Red 
Book should govern all work 
done by valuers, including 
estate agency work: and the 
proposed introduction of new 
valuation concepts to sit along- 
side open market value, the 
basis on which valuations have 
traditionally been done. 

Although the old Red Book 
became the benchmark for all 
valuations, its rules only 
applied officially to very spe- 
cific circumstances. In prac- 
tice. these were usually situa- 
tions where the valuation was 
going to find its way into pub- 
lic documents, such as pub- 
lished accounts, and probably 
comprised less than 10 per cent 
of all valuation work. 

But the institution has pro- 
posed that the new Red Book 
cover almost all valuations, 
including residential. This 
raises the question of when an 
opinion becomes a valuation. 

Valuers who do a lot of 
agency work are often asked 
for a valuation within a few 


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A revamped 

Red Book 

Simon London on new rules 
and techniques for valuations 


Unfinished business 


■■ 


. V • MkhffiH Mawnson 




J& 


Mallinson Report recommendations stffl to be addressed 

9 Modification of all-risks yield approach 

9 Codifying discounted cashflow techniques 

9 Development of definition of worth (as opposed to value) 

9 Development of methods for expressing valuation uncertainty 

9 Standards for measuring and expressing price trends 

9 Guidance on derivation and expression of opinions on future . 
prospects for values 


days or Jess. Under such cir- 
cumstances. they argue, enact- 
ing Red Book requirements 
will simply not be practical. 

Should valuers give custom- 
ers what the> p want - a profes- 
sional but speedy response - or 
should they insist on a more 
formal approach? 

The institution has 
suggested a compromise: 
advice to sellers during estate 
agency work is excluded from 
the new Red Book, but reports 
given to potential purchasers 
are covered. 

Even so. many commercial 
and residential estate agents 
will find working under the 
rigours of the Red Book some- 
thing of a shock. 

“The back of the envelope 
unfortunately remains a basic 
tool of the trade for many valu- 
ers," said Mr Jeremy Waters, 
senior valuation partner with 
Jones Lang Wootton. 

The second area of conten- 
tion goes to the heart of the 


valuers' work. The new Bed 
Book will enshrine a new basis 
of valuation - estimated real- 
isation price - to complement 
open market valuation. 

The concept of estimated 
realisation price has its roots 
in banking. Ranks , the argu- 
ment runs, are not interested 
in what a property is actually 
worth today, but how much 
they might raise if they 
decided to sell. Open market 
valuations are therefore too 
backward-looking. 


E stimated realisation 

price assrnnas a bllfld- 
ing is put on the mar- 
ket immediately and 
involves the valuer judging 
how long it will take to sell 
and how the market might 
move in the interim. 

The concept was given offi- 
cial approval in valuation guid- 
ance note 12, issued by the 
institution in conjunction 
with the British Bankers' 


Association earlier this year. ' 

The note ~was an. : honed 
effort to promote batter' under- 
standing between: valuers and 
hankers. Since much of the liti- 
gation surrounding negligent 
valuations has been brought 
by banks, few . 'valuers; would 
quibble with this aim,. -; 

But introducing .estimated 
re a lisation price Mo the wider 
context of the new Bed Book Is 
more controversial. There are 
three objections: ■ 

• Most international' valua- 
tion standards give oped mar- 
ket valuation as a common 
method, so the BE risks mov- 
ing away from accepted inter- 
national practice by introduc- 
ing an alternative^ / . 

• Rather than bringing clarity 
to valuations, clients will 
become confused about what 
the different bases offer. - 

• Valuations ; based on esti- 
mated realisation price could 
be open to abuse, because they 
involve, an element of judg- 
ment about how the market is 
likely to move. 

Mr John Rich, head of valua- 
tions at Knight Frank & Rut- 
ley, the surveyors, is openly 
opposed to the introduction of 
estimated realisation price. 

“My main concern with what 
is being proposed is the new 
definition of value. There will 
be widespread confusion about 
what the different bases of val- 
uation are supposed to pro- 
vide," he says. 

The debate surrounding the 
.new basis of valuation under- ' 
lines that the next phase of the 
reform process will be much 
more controversial. The Mal- 
linson Report suggested a flesh 
look at the all-risks yield 
approach, the method of valua- 
tion used when open market 
evidence is not available. It 
also called for work on alterna- 
tive methods based on the 
cashflow of a building. 

The report did refute sugges- 
tions that the all-risks yield 
approach was simplistic com- 
pared with valuation 
approaches used in other finan- 
cial markets. But it also 
acknowledged that methods of 
valuation should withstand 
scrutiny if the profession is to 
retain clients' confidence. 
Reforms proposed so far do not 
go ter enough. 

Much therefore depends on 
behind-the-scenes work on val- 
uation techniques and the 
response of valuers to further 
reform. The real test will be 
whether the profession is pre- 
pared to adopt methods more 
in tune with the needs of its 
clients, even if that means 
changing other cherished tools 
of the trade. 




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II November 1994 


Government of the Republic of Albania 
Critical Imports Project 

INDIVIDUAL PROCUREMENT NOTICE 
INVITATION FOR BIDS MOT 25/B1S-2 

Credit No: 2404 ALB 

Contract Name: Single Deck Urban Buses 


1. The Government of the Republic of Albania has received a credit 
from the World Bank in various currencies under the Critical Imports 
Project and it is intended that part ol the proceeds of this loan wifl 
be applied to the payments under the contract for Single Deck 
L/rban Buses tar the Ministry of Transport Tirana. 

Bidding will be conducted through International Competitive Bidding 
procedures under the Gufcteflnes tor Procurement of the World Bank 
and is open to at! bidders from ellgibte source countries as defined 
in the said Guidelines. 

2. The Project Implementation Unit, Ministry of Finance now Invites 
sealed bids from eflgWe bidders lor supplying; 

Single Deck Urban buses 20 No. 

3. interested eligible bidders may obtain further information from: 
Director, Project Implementation Urtit. (PiU) 

Ministry of Finance, Bulevardl "Deshmoret e Kombip 
Tirana. Albania 

Tel: 355 42 27938 Fax: 355 42 27941 

4. A complete set of Ud documents in English may be purchased by 
any efigible bidder on foe submission of a written application to foe 
above and upon payment of a non refundable fee of U5S200. Trie 
documents will be sent by DHL courier or handed to a 
representative of the eligible bidder. Payments are to be made to 
A/C 4561/107/01, National Commercial Bank, Shashi Skendwbon 
Tirana, Albania. 

TENDER DOCUMENTS WILL BE AVAILABLE FROM THE PiU 
OFFICE IN TIRANA FROM 4 NOVEMBER 1994. 

5. Ail bide must be accompanied by a Bid Security, details of which are 
to be found in the Bidding Documents. 

6- Bids will be opened in the presence of those bidders 
representatives who choose to attend at 1200 Noon, 20 December 
*994 at the office indtoatad in para 3. 


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KL«M 


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FINANCIAL TIMES FRIDAY NOVEMBER 4 1994 


ARTS 



15 


Spectacular 




reticence 






The praise for Gothenburg's new 
opera house should be sung from 
the roof-tops, writes Andrew Clark 






- 


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-S-: '• •' ' 4 


.. ri;l.. 

• ,--vV 


JI" ""Aliens 

‘ 3?C -•?. IL 


a:- 

’. ^ 1 u -n - .- 


• is 


• — ' 'cos: 


F or a city which has just 
acquired a splendid new 
opera house, Gothenburg 
is being very quiet about 
it The Operan, to use its 
Swedish name, opened last month 
with three s ong-an d-dan ce evenings 
targeted at a local public. It has just 
unveiled its first stage production. 
Kari-Birger Blomdahl's space opera 
Amara, sung by members of the 
local ensemble. The programme 
contains no translations for foreign- 
ers, and unlike other recent opera 
house inaugurations, no attempt 
has been made to attract interna- 
tional attention. 

It is as if Gothenburg could not 
care less what an international pub- 
lic thinks of its new opera house. 
And, you might ask, why should it? 
The theatre was designed not for 
jet-setting canary-fanciers, but for 
the working people of Sweden’s sec- 
ond city, who have struggled 
against considerable odds to get it 
bum. 

Nonetheless, the absence of fan- 
fare is surprising. Gothenburg, with 
its westward-looking port, has 
always thrived on its openness to 
the world. It is even more surpris- 
ing when you see the new theatre's 
spectacular harbourside location, 
its practical design and user-friend- 
liness: its praises deserve to be sung 
from the roof-tops. 

The reticence can be partly 
explained by management instabil- 
ity in the run-up to the opening. 
The opera house has been a hot 
political potato since it was first 
seriously mooted in the 1960s. There 
have been rowdy demonstrations, 
arguments about where it should be 
sited and who should pay, and 
repeated attempts by local politi- 
cians to dictate the style and con- 
tent of the programme. These mach- 
inations resulted last year in the 
sacking of the Gothenburg Opera's 
artistic and administrative direc- 
tors. 

Their replacements arrived only 
three months ago - to find a build- 
ing far behind schedule: even now, 
the stage lighting is not properly 
installed. The new artistic director 
is Juhani Raisktnen, an experienced 
conductor and manager who ran 
the Finnish National Opera from 
1973;tp l»4.:As. a prof^w at the 
opera school in Gothenburg, he 
knew the situation and quickly won 
the hacking of staff 
. But the reticence also reflects the 
jgfrict that Gothenburg has not pro- 


vided enough money to run the 
theatre properly. The city laid 
detailed plans in the boom years of 
the 1980s, and by a stroke of good 
ti ming , signed the builders' con- 
tracts before recession began to 
bite. The final bill - much of it paid 
by business and private subscribers 
- was SKr558m (£48m). half the cost 
of Helsinki's opera house. With 1250 
seats and a stage of 475 square 
metres, the new theatre has more 
than double the capacity of the old 
Store Tea tern (Grand Theatre), a 
beautiful but crumbling structure. 
Now that Gothenburg has the 
chance to compete and co-produce 
at international level, it cann ot pay 
for theatre of international quality. 
There are only 39 members of the 
chorus, 78 in the orchestra and 50 in 
the ballet, 

Raihmen says raising standards 
above the provincial will take time 
and money. ‘'People here have seen 
Swan Lake on the old stage and 
cannot understand why we don’t 
revive it in the new theatre. With 
our present corps de ballet, the 
dancers would be lost And can you 
imagine the end of the first act of 
Tosco with a chorus of 30 on a stage 
this size? You can bluff your way 
now and then, but not for 220 per- 
formances a year.” 


N ever mind: the fabric of 
the building is in place, 
and what a magnificent 
site it occupies, with 
cranes and ocean-going ferries 
looming across the water, leisure 
craft moored literally on the thea- 
tre's cobbled doorstep, and every- 
where a real smell of the sea. The 
long curved lines of a ship's hull 
have been incorporated in the exte- 
rior design, which has buoyant roof 
projections, spiked fly-tower comers 
anri a swirling glass facade offering 
panoramic views up and down 
stream. Standing apart from other 
buildings just a stone’s throw from 
the city centre, It fits the harbour 
environment perfectly. 

Inside, the atmosphere is warm 
and intimate, thanks to cherry- 
wood floors and a traditional horse- 
shoe design with three balconies. 
The acoustic is probably a little too 
bright (it was hard to judge from 
my seat on. a covered siderbalcony). 
Jan Mkowitz, a Swedish architect 
of Polish origin, deserves credit for 
creating a theatre which has char- 
acter but is never boastful. 

Amara is hardly an opera for the 



A political hot potato since the 1960s: the splendid new Operan in Sweden's second city 


common mao, but the Gothenburg 
performances - which run till the 
end of November - sold out quickly 
because of interest in the new thea- 
tre. Blomdahl (1916-19681 based his 
first and most successful opera on a 
book by the Swedish author Harry 
Martinson. It takes place entirely 
within a spaceship, which hurtles 
into eternity after abandoning a poi- 
soned Earth. The master is a near- 
human computer, the Mima, which 
is fed lumps of pure earth and oper- 
ated by a mysterious character 
called Mimaroben. With the onset of 
despair and moral decline, the com- 
puter expires and the passengers 
gradually die. 

The opera was first produced in 
1959 by the Royal Opera in Stock- 
holm. It created quite a stir - this 


was two years before man went into 
space - and even today. 25 years 
after the first moonwalk. a space 
opera throws up all kinds of stimu- 
lating ideas. What has dated is 
Blomdahl's music. An easy-on-the- 
ear mixture of jazz, vocalise, choral 
chanting and lyrical flourishes, it 
has episodic atmosphere but lacks a 
coherent personality. The use of the 
original electronic tapes only under- 
lined the point. 

A good production would have 
overcome these limitations. That 
the Gothenburg performance fell 
short was not the fault of the cast, 
which included a Mimaroben of 
eerie presence in Mats Persson. a 
capable Blind Poetess in Carolina 
Sandgren and a strong cameo from 
Ragnar Ulfung as the comedian 


Sandon. The weakness lay in Leif 
Seger stam's unsubtie conducting 
and Marie Feldtmann's staging, 
which used romantic choreography 
(Virpi Pahkinen). quaint and colour- 
ful costumes (Annsofi Nyberg) and 
a set dominated by a tree represent- 
ing the Mima (Lars Ostbergh). 


What Feldtmann saw in An torn 
was a metaphor for people who lose 
their illusions about life and dis- 
cover that their dreams and aspira- 
tions no longer matter. But what we 
saw was a traditional, earthbound 
opera. 


The Gothenburg Symphony Orches- 
tra plays Sibelius* music for The 
Tempest at the Barbican in London 
on Saturday November 5. 



B usiness in the UK gave 
more money to the arte in 
1993-94. ABSA (The Associ- 
ation for Business Spon- 
sorship of the Arts) will announce a 
total of £69-5m, a rise of 6^ per cent 
on the £65.4m of the previous year. 

But there were interesting varia- 
tions in the giving. Straightforward 
cash sponsorship was down for the 
second year running, by just over 2 
per cent at £56:37m, as against 
£57.69m in 1992-93. Companies were, 
however, more generous to arts 
building projects, which rose by 50 
per cent to almost £7m, and in the 
fast growing area of support in kind 
- cars, computers, etc. - which was 
almost 100 per cent higher at 
£6-lSm. 

The rise in corporate donations 
will please. the government, which 
hopes that business, along with 
local councils, will make matching 
contributions to the arte building 
projects financed by the lottery. 

Tuesday the British Museum 


Sponsorship /Antony Thomcroft 

More friends in foreign places 


will announce that an American 
company is putting up in excess of 
-£lm to create a new and permanent 
North American gallery at the 
museum, hi recent years the Muse- 
um's collection of native American 
art has been shown intermittently 
at its off-shoot, the Museum of Man- 
kind. It is now coining back to 
Great Russell Street as part of the 
BM’s 250th anniversary celebra- 
tions. It will be the museum's larg- 
est ever corporate gift 
It is amazing how generous 
Americans are in underpinning the 
cultural life of London - especially 
if their name is Sackler. Last month 
the National Gallery reopened its 
British room, devoted to the master- 
pieces of Turner, Constable, Gains- 
borough, etc. It looks magnificent, 
restored to its 1870s splendour. And 


the cost, well in excess of Elm, was 
footed by Mortimer and Theresa 
Sackler, who in the past have given 
£500,000 to the Tate. 

Pop over to the British Museum 
and admire the new Ancient Near 
East and Early Egypt galleries and 
thank Raymond and Beverley Sack- 
ler, while the Royal Academy has 
been transformed by the generosity 
of the late Arthur and Jill Sackler, 
who gave millions towards the gal- 
leries that bear their name. The UK 
obviously still has good friends in 
the US, at least in the Sackler fam- 
ily, whose fortune was founded in 
the pharmaceutical industry. 

But by far the most generous 
recent benefaction to a British gal- 
lery is the £12m to the Tate from a 
mysterious American. The money 
will be spent on revamping the old 


building, making it a fitting, and 
much larger, home for the British 
collection when the modern stuff 
has gone to the new Tate Gallery of 
Modem Art on Bankside. The giver 
is shy of publicity and has been 
anonymous until now. He is Edwin 
Manton. Essex bom but living in 
the US since 1933, where he marie a 
fortune in insurance. 


B ritish arts institutions, 
from museums to theatres 
to orchestras, will need all 
the friends. British and 
foreign, private and corporate, they 
can find in the next few years. For. 
to attract money from the lottery, 
they must show their ability to 
raise a matching sum. The Arts 
Council has made it clear that ir 
does not expect substantial commit- 


ments from small arts organisa- 
tions. but larger institutions will be 
required to make a better show. 

* 

The TSB has revamped its arts 
sponsorship programme. In the 
future it will concentrate on those 
three popular corporate causes, edu- 
cation, youth and opportunity, with 
a budget of around £300.000 a year. 
The first fruits of its new policy will 
he announced on November 17 at 
the National Gallery. The bank is to 
pay the transportation costs to 
bring school children from outside 
the London area for a first visit to 
the gallery. Their teachers will 
receive back-up support materials. 

Another scheme provides for chil- 
dren who cannot get to the NG to 
receive information packs which 
will enhance a visit to their local 
art gallery. Next year a similar 
exercise will be launched with the 
LSO. enabling children to attend 
concerts at the Barbican on dis- 
count tickets. A third scheme is to 
be be announced next year. 


Magic /Antony Thomcroft 

David Copperfield 


H e Walked Through the 
Great Wall of China: He 
has Made the Orient 
Express, a Jet Airplane, 
and the Statue of Liberty Disappear, 
reads the promotional blurb. So 
what is David Copperfield doing 
turning up aces and producing 
rings from his back pocket in the 
bleak open spaces of the Earls 
Court Arena? 

Padding out his act, I suppose. A 
maq who returned magic to the 
days of Houdini by stage-managing 
elaborate public stunts, and 
brought it up to date by exploiting 
the sophistication of television, 
looks strangely deprived of his pow- 
ers working Earls Court. 

Without the big stunts you 
quickly realise that Copperfield’s 
performance revolves around cut- 
ting up women and making them 
disappear - the magician's lot 
throughout the ages. During the 
two hour show he mislays more 
pretty girls than the average man 
loses socks. Loud music and awe- 
some chutzpah married to saturnine 
good looks have made Copperfield 
the richest magician in history. His 
skill is in presentation: what he 
shows off is just the commonplace 
woof and warp of the conjurer’s 
trade. This is not so much sleight of 
hand as sleight of personality. 

But Copperfield holds a crowd. 
The problem with most magicians 
is that the audience gets irritated 
with its own stupidity: it knows it is 
being tricked by something as facile 
as mirrors, or wires, or twins, but 
cannot quite see the joins. Copper- 
field disarms thin criticism by con- 


stantly promising stupefaction and 
delivering surprise. I suppose I can 
guess how he managed to translate 
himself in a second from fondling a 
girl on stage to caressing the same 
girl (apparently) half way down the 
Arena, but the illusion shocks with 
its speed. 

And again it is probably no 
harder to saw your assistant in half 
vertically than horizontally, but 
Copperfield builds it up into an epic 
ma kin g event, if only by the size of 
his blade. Until familiarity takes 
hold, the scale of the tricks is 
impressive: you buy the sizzle. 

Unfortunately the great climax - 
Copperfield Dying - is something of 
a let down. To the thousands at the 
rear of the Arena the sight of a 
small figure moving like a badly 
coordinated goldfish at the back of 
the stage against dark curtains can- 
not have been the most exciting of 
visions. It was not much more 
impressive near the stage. We 
wanted Copperfield to fly over us 
like Superman, not indulge in she- 
nanigans which would have embar- 
rassed a Victorian medium. 

Still there is something mysteri- 
ously eternal about magic - the 
elect have kept their secrets. It 
probably does the brotherhood no 
harm that Copperfield - assisted by 
fiancee, super-model Claudia Schif- 
fer who sits centre front, gazes on 
in awe and is Copperfield ’s market- 
ing gimmick - has such a smooth 
show biz approach that the punters 
are dazzled. But you can imagine 
old hands at the Magic Circle tut- 
tutting at this crass commercialis- 
ation of ancient rites. 


Theatre /Alastair Macaulay 

The Editing Process 


I n The Editing Process, the new 
play by Meredith Oakes staged 
by Stephen Daldry at the Royal 
Court, the word “editing" 
scarcely occurs. And the concrete 
practice of editing - of making a 
literary work suitable for publica- 
tion - also makes only fleeting 
appearances. No accident, this. On 
one level, Oakes is showing us the 
terrible truth about modem pub- 
fishing, that all too little of it is 
actually concerned with the process 
of editing. On another level, how- 
ever, as she shows us the larger 
processes of a large publishing 
house, she lets us feel the larger 
metaphorical sense of “editing”. 
Editing has many ingredients: 
improving, changing, adding, sub- 
tracting. deleting. 

The Editing Process is a satire - 
bitter and tender, very uneven and 
always interesting - about aspects 
of modem life. At first it is mainly 
about the dismaying way in which 
a serious specialist journalistic 
endeavour is incorporated into a 
brash philistine publishing firm: 
and for anyone with some acquain- 
tance with the ways of modem pub- 
lishing this is a highly affecting 
subject. Oakes's treatment, how- 
ever, is tough and ironic. The little 
old magazine. Footnotes in History - 
edited by William, with the support 
of his long-term secretary, Peggy, 
who keeps on resigning - is in no 
way run well. William is lofty, 
pompous, insensitive, in person 
and, one presumes, as an editor. 
But the crass modem establishment 
in which Footnotes in History finds 
itself is just as absurd, fts corridors 
bristle with careerism; and Ted, the 
assistant editor, proves responsive 
to the new climate. 

Later, however, the play's subject 
becomes redundancy. Peggy must 
be made redundant; William lacks 
the guts to tell her. He not only 
drives her hard towards resigna- 
tion, he does nothing to woo her 
back, this time, when she does. In 
due course, redundancy comes to 
William too. But whereas Peggy 
still believes in Footnotes m History, 


William suddenly feels that his 
whole career has been a fraud. And. 
anyway, they are both footnotes in 
history now. “Life does go on, 
doesn’t it." Peggy says; then (my 
favourite line) “As soon as one’s 
back is turned, life goes on." 

It is by no means a completely 
realistic play. There are sudden 
soliloquies amid ensemble scenes; 
and there are set speeches like 
arias, set dialogue like duets or 
stichomythia, The characterisations 
are complex but not always con- 
vincing. Still, its blend of realism, 
stylisation, and artifice is what 
Daldry’s production emphasises. 
William, attacking his new boss Lio- 
nel, says “People like you swim in 
flie polluted waters of this company 
all oblivious, opening and shutting 
your mouths with the idiot compla- 
cency of dying fish." Et voildl The 
dominant metaphor of Daldry’s, and 
his designer’s Ian McNeil’s, staging. 
We see fish-tanks sma ll and large 
around the office of Footnotes in 
History, and we see. I think, that 
the office - the firm - is itself a 
goldfish bowl, enveloped in a high 
curving perspex walL 


A note of caution. Too many 
Daldry stagings seem to 
apply the same formula: 
heavy scenic effects to 
stress a play’s socialist intentions. 
You may feel that Daldry and Go. 
are pressing more omens, meta- 
phors, and melodrama from the 
play than it needs. 

On the other hand, the play is 
strongly cast, and most of its pacing 
excellent. Fascinating to watch Pru- 
nella Scales, whose method is to fix 
the social character of a role with a 
satiric edge, as Peggy, alongside 
Alan Howard, whose style is to styl- 
ise a role's pure thought, as Wil- 
liam. There are moments when they 
hardly seem to be on the same 
planet, but their dissimilarity 
underlines the whole point of 
Oakes's writing. The Editing Process 
- Daldry’s first production of a new 
play - is just the kind of drama the 
Royal Court is all about 


iNDERS 



1 1 iNTMN^TIONA^l | 

■m 

& 

R r 

m 

rs 

DE 


EXHIBITIONS 


Jt’ 


F** 


AO 

«sa 


„L 







AMSTERDAM. 

Van Gogh Museum Odilon Redon 
(1840-1916): 180 works exploring 
the artist’s development, sources 
and influences. Ends Jan 15. Dally 
Stedefijk Museum Asger Jom 
(19W973J: retrospective of the 
Danish artist Ends Nov 27. Daily 
Deowated Paper a 
remarkable collection of marbled, 
chintz and brocade paper 
m a n ufa c tured fri and Imported Into 
the Low Countries from the early 
17ft century. Ends Feb 12. Closed . 
Mori 
BASLE 

KunstmuseumFemand LAger 
jt 881-1 955): an exhibition focusing 
on the major creative period from 
1911 101924, Ends Nov 27. Closed 
Mon v O 

MuseumffirGegonwartskunst 

Gary Hffl (bl951j; a series of new 
instaDatibrm and videos by the 
American artist Bids Jan 29. 

Closed Mon..’ 

BERLIN 

BrQcto Museum Earty Kandinsky: 
a survey of a Btti^known period fri 


the German Expressionist’s 
development Ends Nov 27. Closed 
Tues 

Attest Museum Eldorado: 
pre-Columbian gold treasures from 
South America. Ends Jan 8. Closed 
Mon 

Kunstgenmrtwmuseum Gianni 
Versace: retrospective of the Italian 
fashion designer, Including sketches 
and theatre costumes. Ends Nov 
25. Closed Mon 
BRUGES 

Groeninge museum Hans Memling: 
40 works by the 15th century 
Flemish master. Ends Nov 15 
CHICAGO 

Art Institute Karl Friedrich Schlnkel 
(1781-1841): 100 drawings and 
prints by the influential German 
architect, on loan from public 
collections In Berlin. Ends Jan 2. 
Daily 

FRANKFURT 
JOdtsche Museum The 
RothschHds: an evocation in 
painting of the 250-yea- history of 
the famous Jewish dynasty. Ends 
Feb 27 

ScMm Kunsfhafle Nicholas de 
Steel (1914-55): retrospective of the 
Russian-bom artist, documenting 
fits intense but tnagica/iy Brief 
career. Ends Nov 27. Dally 
JahrhunderthaUe Hoechst 
Contemporary Art from the 
Collections of Frankfurt Banks. 

Ends Nov 20. Dally 
HAMBURG 

KunsthaBe Rembrandt and his 
Century: Netherlandish drawings 
from the 17th century. Ends Jan 15. 
CtosedMon 
LIVERPOOL 

Tate GaHery Barbara Hepworto: the 
first major retrospective of the 
British sculptress’s work since 


19B8. It includes 90 sculptures and 
30 drawings from public and private 
collections around the world. Ends 
Dec 4. Closed Mon 

LONDON 

National Gallery The Young 
Michelangelo. Ends Jan 15. Daily 
Tate Gallery James McNeill 
Whistler the largest collection of 
the American -bom artist's work 
since the memorial exhibitions held 
after his death in 1903, Ends Jan 8. 
Rebecca Horn: retrospective of the 
contemporary artist focusing on 
her extraordinary machines and 
installations (coinciding with another 
Horn show at the Serpentine 
Gallery). Ends Jan 8. Daily 
Hayward Gallery The Romantic 
Spirit in German Art 1790-1990. 
Ends Jan 8. Daily 

Royal Academy of Arts The Glory 
of Venice. Ends Dec 14. Italian 
Renaissance Book illumination. 

Ends Jan 22. Daily (advance 
booking 071-240 7200) 

Royal Festival Hall Kathe Koilewrtr 
(1867-1945): a collection of the 
German artist's powerful and 
emotive prints. Ends Dec 4. Daily 
Dover Street Gallery Garry Shead 
(b1942): paintings and etchings 
Inspired by D.H. Lawrence's novel 
Kangaroo. This is the first time the 
Australian artist's work has been 
exhibited in toe UK. Ends Nov 30 
LYON 

Mus£e des Beaux-Arts Maurice 
Denis: toe first retrospective in 
France since 1970, with more than 
2(H) canvases, sketches and objets 
d'art by toe Nabis artist Ends Dec 
18. Closed Mon and Tues 
MADRID 

Fundadd la Caixa Kandinsky and 
Mondrian - Two Roads Toward 
Abstraction: this exhibition, marking 


the 50th anniversary of the deaths 
of two great pioneers of modem 
art, alms to illustrate the parallels 
and differences in their stylistic 
evolution. Ends Nov 13 (after which 
it will transfer to Barcelona). Closed 
Mon 

Fundacion Juan March Treasures 
of Japanese Art; 11 0 works from 
the 17th to 19th century, on loan 
from Tokyo's Fuji Art Museum. 

Ends Jan 22. Daily 
MANNHEIM 

Kunsthalle Neue Sachlichkert - 
Figurative Painting in the 1920s: a 
survey of the realistic artistic 
movement which developed in 
reaction to German Expressionism, 
and which was first recognised by a 
landmark exhibition in Mannheim in 
1925. Artists represented include 
Otto Dix. George Grosz and Georg 
Scholz. Ends Jan 29 (with a 
companion show at the 
Wilhelm- Hack-Museum in 
Ludwigshafem. Closed Mon 
MANTUA 

Palazzo Te Leon Battista Alberti: 
the first exhibition ever to be 
devoted to the Renaissance genius. 
Ends Dec n. Closed Mon 

MUNICH 
Kunsthalle der 

Hypo-Kulturstiftung Edvard Munch 
and Germany: 100 paintings by 
Munch, plus a selection of work by 
late 19th century German artists 
who influenced him. and by early 
Expressionists who found 
inspiration in works like The 
Scream. Ends Nov 27. Daily 
Villa Stuck Tom Wesselmann: 
retrospective of the American Pop 
artist. Ends Jen 1 5. Closed Mon 
Haus der Kunst Roy Lichtenstein 
retrospective. Ends Jan 9. Closed 
Mon 


Lenbachhaus Tanzania: more than 
400 masterworks of African 
sculpture. Ends Nov 27. Closed 
Mon 

NEW YORK 

Metropolitan Museum of Art 
Origins of Impressionism: 175 
paintings by Parisian artists ol the 
1860s. Ends Jan 8. The Annenberg 
Collection of Impressionist and 
Post-Impressionist Masterpieces. 
Ends Nov 27. William de Kooning's 
Paintings. Ends Jan 8. The 
Photographs of Edouard Baldus 
(1813-1889). Ends Dec 31. Stone 
Vessels from Ancient Egypt. Ends 
Jan 29. Closed Mon 
Museum of Modem Art Cy 
Twombty (bl929): retrospective of 
the American artist who moved to 
Italy in 1957. Ends Jan IQ. The 
Prints of Louise Bourgeois. Ends 
Jan 3. Mapping: an exhibition 
exploring the ways in which 
modernists have made map 
imagery a pnncipal focus of their 
work. Ends Dec 20. Closed Wed 
Guggenheim Museum The Italian 
Metamorphosis 1943-1968: a 
survey of visual arts in the postwar 
period. Ends Jan 29. Japanese Art 
After 1945 (at SoHo). Ends Jan 8. 
The main museum is closed on 
Thurs. the SoHo site on Tues 
Brooklyn Museum Indian Miniature 
Paintings: 80 jewel-like paintings 
from the 15to to 19th century, all 
from the permanent collection. 

Ends Jan 8. Closed Mon and Tues 
PARIS 

Grand Palais Poussin: 400th 
anniversary retrospective. Ends Jan 
2 Gustave Caillebotte (1848-1894): 
retrospective of the painter and 
patron of art who belonged to the 
circle of Impressionists. Ends Jan 9. 
Closed Tues. late opening Wed 


Mus6e d'Orsay Forgotten 
Treasures from Cairo: a surprisingly 
rich collection of works by Ingres. 
Courbet, Monet, Rodin, Gauguin 
and others. Ends Jan 8. Closed 
Mon 

Louvre British Art in French Public 
Collections: paintings by 
Gainsborough, Reynolds, 

Constable, Lawrence and Turner, 
plus other drawings, watercolours 
and engravings. Ends Dec 19. 
Closed Tues (Hall Napoleon) 

Mus6e Camavallet The English in 
Paris in the 19th Century. Ends Dec 
11. Closed Mon (23 rue de 
S6vigne) 

Institut du Monde Arabe Delacroix 
fn Morocco: Delacroix's visit In 
1832, when he was 34, made a 
lasting impression on his art. Ends 
Jan 15. Closed Mon (1 roe des 
Fosses Saint-Bemard) 

Petit Palais From Baghdad to 
Isphahan: 70 Islamic manuscripts 
evoking toe ancient civilisation of 
central Asia, on loan from the 
institute of Oriental Studies in St 
Petersburg. Ends Jan 8. Closed 
Mon 

ROTTERDAM 

Museum Boymans-van Beuningen 
From Van Eyck to Bruegel; 96 
Dutch and Flemish paintings dating 
from 1400-1550- Ends Jan 22. 
Alexej Jawlensky (1864-1941): 
retrospective of toe Russian-bom 
artist who was a member of 
Kandinsky's circle in Munich. Ends 
Nov 27. Closed Mon 
STOCKHOLM 
Nationalmuseum Goya: a 
comprehensive picture of toe 18th 
century Spanish master, with 50 
paintings and 60 prints, mostly on 
loan from Spain. Ends Jan 8. 

Dosed Mon 


STUTTGART 

Staatsgalerie Max Beckmann 
(1884-7950): 70 paintings covering 
the career of one of toe leading 
German Expressionists. Ends Jan 8. 
Closed Mon 
TURIN 

GaUerie Civica d’Arte Modems A 
Celebration of Art Nouveau: a 
re-evocation of an exhibition held in 
Turin In 1902. Ends Jan 22. Closed 
Mon 
VENICE 

Palazzo Correr Masterworks from 
the Petit Palais in Geneva: 70 
Impressionist and 
Post-Impressionist paintings from 
the collection of the industrialist 
Oscar Ghez de Montenuovo, 
including works by Degas, Gauguin 
and Derain. Ends Dec 11. Daily 
WASHINGTON 
National Gallery of Art Roy 
Lichtenstein's Prints: 90 works by 
toe American Pop artist. Ends Jan 
8. Milton Avery (1893-1965): 67 
works on paper by toe American 
artist Ends Jan 22. From Minimal 
to Conceptual Art - Works from toe 
Vogel Collection. Ends Nov 27. 

Daily 

National Museum of American Art 
African-American Artists from toe 
Museum's Collection 1805-1993. 
Ends Feb 26. Luis Jimenez (b1940): 
41 dramatic fibreglass sculptures 
by the Mexican-American artist. 
Ends Jan 2. Daily 
Freer Gallery of Art Chinese 
Calligraphy; toe exhibition focuses 
on varied uses of calligraphy on 36 
decorative and utilitarian objects 
from the 7th to 19th century. Ends 
next May, Daily 



p -wA-f-r - -• . 







Hard- driving 
realist 



Brendan Con 

Howard Davies, CBI director-general: looking to the long term 


It has been 
some years 
since British 
business had it 
so good. When 
Howard Davies, 
director-gen- 
eral of the Confederation of 
British Industry, was recently 
with a group of West Midlands 
businessmen, only one was 
negative about his prospects. 

“We looked at him as he if 
he were a bad smell, 1 ' says 
Davies. Could all the CBI sur- 
veys capturing rising optimism 
among business leaders be 
wide of the mark? 

Davies took the man aside, 
to seek out the problem. “ ‘Oh, 
Howard don't worry,’" Davies 
recounts in a passable 
Brummy accent horn his airy 
office high above London. 
“ ‘We've Just got some very bad 
products right now.' ” 

Davies returns to Birming- 
ham on Sunday for the start of 
the CBrs annual conference. 
While grass roots members 
will have their usual share of 
gripes, the business outlook is 
unusually favourable. 

Inflation is at a 27-year low. 
The exchange rate is stable. 
Growth, exports and invest- 
ment are accelerating. Even if 
interest rates have to rise fur- 
ther to keep inflation in check, 
they will not return to the 
double-digit levels of only a 
few years ago. 

The outlook is also good for 
the CBI as a lobbyist for busi- 
ness. Its views find a ready ear 
in Whitehall, especially with 
Mr Michael Heseltine, the 
trade and industry secretary. 
The relationship with the gov- 
ernment is sweetness and light 
compared with 1980 when Sir 
Terence Beckett, a previous 
director-general, threatened a 
“bare knuckle fight” over eco- 
nomic policy. 

So where is the next chal- 
lenge for the hard-driving 
director-general, who seems to 
make as many media appear- 
ances as England's football 
manager. 

In the short term, he will be 
watching the government 
closely to make sure that it is 
not back-sliding on economic 
management The temptation 
to switch from investment to 
consumption in order to line 
voters’ pockets at the expense 
of business will strengthen as 
the next general election 
approaches. 

“It is at the back of one’s 
mind that they may well,” 
Davies says. An investment-led 
recovery requiring the govern- 
ment to bear down on public 
expenditure “may not be popu- 


lar” with the electorate, he 
concedes. Vigilant for such 
unwelcome policy shifts. 
Davies and the CBI will try to 
use their influence to keep the 
economy on a business-friendly 
track. 

Looking further ahead politi- 
cally, the CBI is keen to fur- 
ther its dialogues with the 
Labour and Liberal Democratic 
parties. It is also keen to lobby 
the European Commission 
where, arguably, the real 
power will increasingly lie. 

All three organisations will 
be on the platform at the Bir- 
mingham meeting. Paddy Ash- 
down will be the first Liberal 
leader to address the CBI con- 
vention, following Labour's 
debut last year by the late 
John Smith. Labour's represen- 
tative this year will be Robin 
Cook, until recently the party’s 
pugnacious and effective 
industry spokesman. 

The CBI is less lucky in 
attracting Euroleaders to 
speak. Last year Jacques 
Delors, then EC president, pul- 
led out at the last minute 
because of illness. This year, 
the CBI invited Jacques San- 


ter, when he was a candidate 
to succeed Delors, but the new 
president appears to have 
decided to save his first (JK 
public appearance for a bigger 
occasion. 

But the Commission's repre- 
sentative at Monday's morning 
session, Padraig Flynn, is 
hardly a make-weight Respon- 
sible for the EU*s social policy, 
he will be expected to respond 
to the charge, voiced by many 
a British business executive, 
that the commission's social 
charter on employment would 
be an instrument of ruin. 

“Flynn will get a mixed 
reception,” Davies says. “But 
it’s a good sign that he more or 
less volunteered to come.” 

The commissioner is likely 
to be grilled by CBI members 
on the extra employment costs 
and inflexibilities laid down in 
the charter and Britain's 
chances of retaining its opt-out 
from It. Tb marshal ammuni - 
tion, the CBI has conducted 
two extensive surveys on its 
members' Euro-thoughts that 
it will publish on Sunday. 

Broadly speaking, CBI mem- 
bers favour the EU and its 


enlargement, Davies says. But 
they worry about the costs, 
chafe at needless complexities 
and are disappointed by the 
degree reality falls short of 
rhetoric. The CBrs survey will 
show the single market 
remains highly imperfect for 
many goods and services. 

Davies is a realist A future 
Labour Government would 
sign Britain up to the charter 
regardless of vociferous busi- 
ness complaints, he concedes. 
Therefore, the CBI, which has 
a Brussels lobbying office, is 
working with UNICE, the 
European employer organisa- 
tion, to make the charter less 
costly for business. 

Other themes in the confer- 
ence schedule include 
long-term issues such as rais- 
ing investment levels, improv- 
ing competitiveness, the cost of 
environmental legislation and 
the difficulty of getting the 
unemployed back to work. 

F or Davies, the pick-up 
in Investment has been 
the most significant 
development in the 
last six months. Until the 
spring, the economic recovery 
had been led by consumption, 
with investment levels remain- 
ing stubbornly low for this 
stage in the cycle. 

This reflected the UK econo- 
my’s slow response to stimuli 
such as lower interest rates. 
“You give the thing a kick and 
this surly beast turns rounds 
and says ‘what's going on?',” 
Davies says. 

One reason business has 
been slow to invest has been 
the volatility of the British 
economy compared with other 
countries. “It takes people lon- 
ger to believe things are bet- 
ter,” he says. 

But now that business has 
enjoyed an unusually long 
period of price, exchange rate 
and interest rate stability, it 
has begun investing again. 
“We’re back on track.” As a 
percentage of gross domestic 
product, investment is back to 
levels last seen in 1983-84. 

After years of underinvest- 
ment compared with other 
countries, the CBI's bigger con- 
cern is to achieve a “step 
change” in investment levels. 
Its Budget proposals, for exam- 
ple, are an attempt to improve 
the return for investors. “If we 
can recalibrate those thin gs 
surrounding the investment 
rterisinn, then the natural ani- 
mal spirit of the British entre- 
preneur will have a free rein.” 

Roderick Oram 



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Not yet Major’s last post 



Take no notice 
of all the head- 
lines about the 
humiliation of 
Mr Michael 
Heseltine. Yes, 
the trade secre- 
tary has lost a 
battle over Post 
Office privatisation, but that is 
not the significant defeat The 
authority of the government, 
already questioned, lies in 
ruins. 

It is now obvious that Mr 
John Major is not in charge. 
His administration does not 
know where it is going. The 
prime minister lives by the 
mercy of whatever may be 
ordained by any two or three 
taxi-fuls of rebel members of 
his party. His government is 
steered by the winds, buffeted 
by late, kicked around by ad 
hoc gangs of second-raters who 
oppose it from wi thin. It has 
proved unable to put a simple 
Post Office privatisation bill in 
the speech due to be delivered 
by the Queen when she 
reopens Parliament on Novem- 
ber 16. If Mr Major recovers his 
nerve, he might introduce such 
a measure anyway, perhaps 
early next year. The odds are 
that he will not 

It is a sorry sight Mr Major 
showed courage during the 
debate on the bin to ratify the 
Maastricht treaty, when he 
faced down Conservative reb- 
els and challenged them to top- 
ple the government He might 
have tried the same tactic this 
time. The chances are that it 
would have worked. He has, 
instead, shied at the fence. His 
government's apparent inabil- 
ity to sell the postal service 
confirms the difficulty of pro- 
moting radical or unpopular 
legislation when your parlia- 
mentary majority is low and 
falling . It is an indication of 
weak leadership. Will we now 
refer to “Mr Major's lame duck 
administration"? Probably. 

That said, a kinder construc- 
tion may be put upon yester- 


day’s events. The prime minis- 
ter may have reasoned that a 
halt to PO privatisation would 
be popular with the voters, and 
therefore helpful to the Tories. 
As Mr Kenneth Clarke 
acknowledges, high water 
charges in some areas have 
turned opinion against sell- 
offs. The chancellor has also 
observed that the excessive sal- 
aries some greedy water com- 
pany directors have paid them- 
selves have given privatisation 
a bad name. 

At the recent Conservative 
party conference Mr Major 
wisely avoided the temptation 
to lean further to the right 
True, restless free marketeers 
in his party will not cease their 
twittering until - 

the govern- 
ment hag mini - 

raalised itself 
out of exis- 
tence, but the 
wider elector- 
ate thinks dif- 
ferently. The 
prime minis ter 
appears to have 
chosen to fight 
the next elec- 
tion as a cen- 
trist Anything 

else would be politically stu- 
pid; as it happens he could yet 
win another term, even as a 
lame duck. 

I am not alone in thinking 
this. If you peer through the 
eyes of Mr Tony Blair the pres- 
ent condition of British politics 
is simply stated. The leader of 
the opposition is far from com- 
placent about Labour's 
chances in 1996 or 1997. He is 
nature's worrier, aware that in 
spite of everything it would be 
premature to wave goodbye to 
Mr Major. 

The prime minis ter has been 
through a difficult fortnight, 
during which he has not 
always seemed in control of 
events. His handling of the suc- 
cession of disclosures of 
alleged corruption among his 
ministers has not won him 


high praise. That may have 
damaged the government, but 
it win not win an election for 
the opposition. Mr Blair 
believes that most voters dis- 
like the Conservatives and 
want a change, but he also 
knows that they are not yet 
convinced that the people’s 
party would improve the qual- 
ity of their lives. 

The Conservatives harbour 
two schemes for winning votes. 
First, when election day is 
near the prime minister will 
wave the Union Jack, challeng- 
ing the opposition parties on 
both Europe and constitutional 
change. Second, the chancellor 
might cut income tax in 
November 1995. in time for an 
April 1996 elec- 


. tion. If not 
Tony Blair IS then, taxes will 

nature's worrier, *J™‘ c “ e 
aware that in spite reduced in 


of everything 
it would be 
premature 
to wave goodbye 
to John Major 


November 1996, 
ready for a tax- 
auction cam- 
paign the fol- 
lowing ApriL 
To make assur- 
ance doubly 
sure, Mr Clarke 
might reduce 
taxes in both Novembers. This 
will be a strong temptation if 
Mr Major is obliged by fear of 
defeat to hang on until the last 
possible date in 1997. 

A similar double whammy - 
the flag and tax cuts - worked 
in April 1992. It is not axiom- 
atic that it will fail next time. 
Mr Blair understands Hie 
is trying to change voter per- 
ceptions as a form of immuni- 
sation against future Tory tax 
reductions. His concern is with 
“shifting the fundamentals”. 
This means speaking out 
boldly to change Labour think- 
ing at every turn, and trying, 
through speeches and voter 
education programmes, to pre- 
pare the electorate to resist 
eve-of-poll Budget bribes. He 
has moved Labour towards the 
centrist, or Conservative, posi- 


tion on Interest rate -rises, 
Ulster and education. He pro. 
posts to remove the : soria%t 
Clause 4 torn labour’s oau ti- ' 
tution, and has put bis chosen 
moderniser in as party general 
secretary. The recent report cf : ■ 
the social justice, commission 
contains useful arguments tn - 
favour of taxing child benefit' 
and means- testing state, pen- . 
sinus. 

You and 1 may . mutter that 
that is all very wen, but there 
are still very, few specific pol- 
icy commitments. Mr Blair ; 
talks about laying foundations, 
putting building: blocks .in 
place, preparing the ground, 
thinking matters through seri- 
ously, pointing the compass in 
the right direction. He accepts 
that we now expect Labour to 
deliver specific, costed, propos- 
als. Yet we will have to wait 
Certain "flagship" policies may 
emerge at next October’s party 
conference. As to tax the 
Labour lea d er argues that you 
cannot get dose to the 'truth 
about the best economic policy - 
until very near polling day, 
since everything depends on 
the economic circumstances 
that prevail at that time. So he 

intends to main tain m airi m n TT| 

flexibility. 

In the short few months be 
has been leader, Mr Blair has 
worked hard to appear relaxed. 
Everything he says and does is « - 
aimed at victory. Far example, >f! 
he does not expect to win par- ' 
liamentary jousts with Mr 
Major at question time; leaders 
of the opposition rarely, beat 
prime ministers. He has cho- 
sen, instead, to maintain tVw> . 
right tone, the reasonable 
demeanour, suitable for take- 
outs on the evening TV news. 

He attempts this even when 
the prime minister blusters 
and rages. So for he has been 
fortunate. He has manag pri to 
come across as a leader in con- 
trol - of htmaaif, his c olleag ues 
and his party. With the best 
will in the world, the same 
cannot be mid of Mr Major. 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be clearly typed and not hand written. Please set fax for finest resolution 



. -■ 


i ’. 


Hubs offer transport economy 


Unfair view 
of Zambia 
payments 

From MrGG Johnson. 

Sir, We would like to com- 
mend your excellent coverage 
of Zambia’s recent successful 
adjustment and incipient 
recovery (Zambia Survey, 
October 24). Most importantly, 
you have reflected Zambia's 
persistence in its reform and 
adjustment effort under diffi- 
cult circumstances. 

Permit me, however, to point 
out that in the survey’s lead 
story, you have unfairly 
suggested that the payments to 
the International Monetary 
Fund of $10Gm a year consti- 
tute “an anomaly” that donors 
have not addressed. It is true 
that Zambia is meeting its 
interest obligations and mak- 
ing some repayments on its 
arrears to the fund, which 
amount to more than $l-2bn. 
But a main purpose of Zam- 
bia’s rights accumulation pro- 
gramme with the IMF has been 
to mobilise donor financial 
support for Zambia. 

Concessional loans and 
grants from bilateral and mul- 
tilateral sources to Zambia 
have averaged more than 
$300m - an overall net inflow 
of more than $400m a year. 
Zambia is well on its way to 
achieving normalised relations 
with the international finan- 
cial community, a process 
which will lead to substantial 
reductions in debts service 
obligations as well as continu- 
ing flows of aid. 

May I also correct a refer- 
ence in Mr Tony Hawkins' 
report on ZCCM to countries 
that successfully undertook 
rights accumulation pro- 
grammes with the fund. Zam- 
bia will be the third country 
after Peru and Sierra Leone to 
have completed such a pro- 
gramme, rather than Bolivia , 
and Peru as the article indi- 
cated. 

G G Johnson, 

assistant director. African 
department. 

International Monetary Fund. 
Washington DC 20431. US 


From Mr J M Harper. 

Sir, You would expect us in 
telecoms to welcome Giles 
Keating's Personal View (Octo- 
ber 31) about the use of infor- 
mation technology to address 
the realities of the transport 
problem. I should like to 
develop his thinking in my 
capacity as a prisoner of 
the M25 London orbital motor- 
way. 

As he says we have grown 
accustomed to the predictabil- 
ity and door-to-door security of 
auto travel, such as they are. 
We may feel we ought to use 
trains; but not only are they 
dirty and erratic, they never go 


From Richard Short 

Sir, I was very concerned to 
read your prediction (“Council 
reform faces further setback”, 
November 1) that the Local 
Government Commission will 
recommend no change in most 
of the county areas in the sec- 
ond phase of their review. Last 
week, the commission pub- 
lished its recommendations for 
nine county areas. In six of 
these, including my own 
county of Cheshire, the com- 
mission made a U-turn and rec- 
ommended no change. 

The big question that I and 
the electorate in Cheshire and 
other county areas will now be 
asking is: “Why has the com- 
mission spent more than two 
years reviewing local govern- 
ment at a cost nationally of in 
excess of £8m a year, and is 
coming out with absolutely no 
positive results?" 

All the arguments for scrap- 
ping the present system and 
creating new unitary councils 
in Cheshire and other counties 
are as powerful today as when 
the commission advanced them 
in its draft recommendations 
last June. Two-tier local gov- 
ernment costs residents more, 
it is inefficient, unaccountable, 
confusing and unpopular. It is 
bizarre that the commission 


to the right place. If one has to 
get oneself or one’s goods to 
and from the railhead anyway 
it is easier to go the whole way 
by car or lorry. 

Modern auports have 
become hubs in highly devel- 
oped hire vehicle networks 
almost without us noticing. It 
would need only a mfnjinnm of 
investment, of org anising skill 
and of imagination to turn sta- 
tions into similar hubs for 
highly organised short-distance 
networks of buses and hire 
cars to homes and offices. 

Similarly, railway goods 
depots would be natural hubs 
for goods container services to 


should now recommend after 
all its own research and evi- 
dence to the contrary, the 
retention of the status quo. 

We in Chester consulted our 
residents about their wishes on 
several occasions. On the last 
occasion, a Gallup Poll under- 
taken in October showed that 
there was still a clear majority 
of Chester residents who pre- 
ferred unitary local authorities 
and that indeed 67 per cent of 
them wanted a unitary council 
based on Chester. 

In view of this s ubstant ial 
public support in Chester, and 
no doubt elsewhere, it seems 
preposterous that the residents 
of cities like Chester should 
not get the same benefits of 
unitary Local government as 
will now be enjoyed in the 
future by the cities of York and 
Bath and Chester’s neighbour- 
ing town of Wrexham in North 
Wales. 

We in Chester, in common 
with other towns and cities, 
will be pressing the govern- 
ment strongly to reject these 
totally unacceptable recom- 
mendations. 

Richard Short, 
leader of Conservative group. 
Chester City council. 

The Forum. 

Chester CHl 2HS. 


and from factories and shops, 
on the analogy of container 
shipping. Mr Keating's Infor- 
mation networks would optim- 
ise the economics of both 
operations from the outset 
Once this key obstacle wag- 
cracked rail traffic would build 
up so fast there would be more 
than enough cash to put more 
trains on to run; to make them 
run on time; and even to clean 
the coaches. 

J M Harper. 

The LuUmgton Group, 
telecommunications advisers, 

11 Luttington Close, 

Seafbrd, 

East Sussex BN25 4JH 


View ‘music 
to the ears’ 

From Dr Tony Pickles. 

Sir, It was most refreshing to 
read Christopher Haskins’ 
article on partnership and 
social justice (Personal View, 
October 24). TO hear a senior 
UR industrialist condemn the 
“obsessive pursuit of a low 
skills, low investment strat- 
egy” is truly welcome; to hear^. 
him express support for they , 
European Union's Social Chap- 
ter. relating this to the need 
for responsible and progressive, 
company personnel policies, 
surely music to the ears of all 
of us who have become so 
depressed by the negative 
stance adopted by some leaders 
of industry and some (many?) 
leading politicians. 

if Mr Haskins’ views were to 
become an integral part of pub- 
lic policy, and if companies 
took on board the same 
enlightened policies, the UK 
would stand a decent chance of 
becoming the modern, effi- 
cient, progressive economy 
that we all c laim to want - 
certainly the economy that is 
needed for social justice to 
become reality. 

Tony Pickles, 
department of industrial 
technology, 

University of Bradford, 

West Yorkshire BD7 LDP 


Bizarre result is against 
wishes of residents 





1 - 



Theory squeezes economic ideas into a mathematical straitiacket 


From David Simpson. 

Sir, Many of those who read 
Professor Barro’s Personal 
View (November 1) would have 
been surprised to discover that 
the essence of “endogenous 
growth theory” is the proposi- 
tion that commercial research 
and development leads to the 
discovery and adoption of new 
technologies and new products, 
and that this "theoretical 
advance” had been made in 
California in the late 1980s. 
They may have thought that 
this Idea was a fairly common- 
place one, which has become 
familiar since its propagation 


by Schumpeter more than SO 
years ago. 

What the proponents of 
“endogenous growth theory" 
have done is to try to squeeze 
some of the ideas of earlier 
economists into the strait- 
jacket of a set of mathematical 
equations. Few people would 
believe that the evolution of 
modem market economies can 
usefully be represented by a 
set of equations which focus on 
linear relationships between 
quantifiable “variables”, to the 
exclusion of the more subtle 
but more important connec- 
tions between social, political 


and subjective factors. 

In this connection. Professor 
Barra’s statement that "Over- 
all the new theory and empiri- 
cal work on economic growth 
supports the general thrust 
of . . . economic policies such as 
privatisation and deregu- 
lation ...” is misleading. While 
one would expect “empirical 
work" to support the notion 
that privatisation and deregu- 
lation are beneficial to eco- 
nomic growth in advanced 
economies, this has nothing to 
do with endogenous growth 
theory, which does not count 
such measures as privatisation 


or deregulation among the 
“variables" of Its equations. 

Britain's chancellor. Ken- 
neth Clarke, and others are 
right to be sceptical of inteUeo 
tual games which subtract' 
from, rather than add to, our& 
understanding of the process of ^ 
economic growth. Their only 
practical function appears to 
be to provide catch-phrases for 
those politicians who do not 
understand them. 

David Simpson, 
economist. The Standard Life 
Assurance Company. 

3 George Street. 

Edinburgh EH2 2XZ 







, jw.v^-A 

"... ^ 
- | *jO i r 

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FINANCIAL TIMES 

Number One Southwark Bridge, London SEI 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 07I-W7 5700 

Friday November 4 1994 


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dollar shy 


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r iew ‘must 
o the ears’ 


. -*-■ 
* 


Central hank intervention in 
currency markets is rarely effec- 
tive when the problems of the cur- 
rency in question reflect anxiety 
about the broader stance of mone- 
tary policy. Hence the general 
scepticism among traders and 
economists after Wednesday's 
intervention by the US Federal 
Reserve to prop up a dollar that 
was plumbing yet another post- 
war low against the yen. 

The short-term perception is 
that the Fed’s policy stance is not 
restrictive enough to cope with 
inflationary pressures in the US 
and so pre-empt a fur ther dollar 
decline. Yet it is a moot point 
whether even a significant 
increase in short-term dollar rates, 
perhaps after the next Federal 
Open Market Committee meeting 
in mid-month, would provide the 
reassurance markets seek. 

Historically, the dollar has 
tended to strengthen late in the 
economic cycle, as the Fed has 
applied the brakes to an overheat- 
ing economy and the rest of the 
world has moved into the recovery 
phase. Yet many of the interna- 
tional flows in the present cycle 
may continue to work against the 
gravitational pull of short-term 
interest rate differentials. 

One trend that could go unhelp- 
fully into reverse relates to the 
growth in official dollar reserves. 

These have ballooned, most nota- 
bly in Asia, in response to large 
capital inflows, as central banks 
have sought to offset the upward 
pressure on their currencies by 
purchasing dollars. Yet the cost of 
nnsterllised intervention aimed at 
maintaining currency competitive- 
ness is rapid money supply 
growth and accelerating inflation. 

With official reserves at record 
levels and inflation soaring, cur- 
rency appreciation will come to 
seem the lesser evil The dollar 
may thus have less support from 
this source in future. 

Progressive decline 
Portfolio flows in the US and 
Japan, meantime, have long been 
running In the opposite direction 
to what is needed to address the 
current account imbalance 
between the two countries. A less 
frequently observed phenomenon, 
is the progressive decline of net 
direct investment out of Japan 
from $48bn in 1990 to less than 
$l4bn last year. Why is thejapa- 

Red tape in 
perspective 


nese tradeable goods sector failing 
to respond to the appreciation of 
the yen against the dollar by 
investing more heavily in the US? 

One clue is provided by an 
article in the New York Fed's lat- 
est quarterly review, which points 
out that foreign firms' experience 
in the US has been dismal even 
when the dollar Is stripped out of 
the equation. With assets of 
Sl^OObn and sales of 9h200bn they 
failed to turn any profit on their 
investment in 1992. 

Transfer pricing 
Of course, any losses of Japa 
nese companies within the aggre- 
gate figures may be less than they 
might have incurred on the same 
operation at home, because of the 
overvaluation of the yen. But 
since five out of six inward invest- 
ment dollars have been spent on 
acquisitions rather than new 
enterprises, this looks academic. 
Nor do the New York Fed econo- 
mists believe that transfer pricing 
- shifting profits to less heavily 
taxed overseas jurisdictions - 
accounts for more than a quarter, 
at most, of the difference between 
foreign and domestic profits. 

The more obvious explanation is 
that foreign companies went wild 
in the takeover boom of the 1980s, 
since by 1990 around half of for- 
eign holdings In the US resulted 
from acquisitions in the previous 
five years. The Japanese in partic- 
ular were taking advantage of 
their lower cost of capital to buy 
cheaply. Yet the advantage 
appears to have been nullified by 
poor selection of acquisitions and 
heavy reliance on debt finance. 
Post-acquisition profits have 
tended to collapse. 

In the past direct investment 
profits have improved with age. 
Even so, recent experience will do 
little to reduce Japanese industri- 
alists' dollar shyness. And in a 
climate of poor corporate earnings 
and depressed investment in 
Japan, the short-term enthusiasm 
for investment overseas is anyway 
limited. 

In due course the dollar may 
have its day. But as the American 
monetary pundit James Grant has 
pithily observed in Grant's Inter- 
est Rate Observer, the miracle of 
the' denar is that, after so many 
years of officially sponsored depre- 
dation, it is still the world's top 
monetary brand name. 


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The Deregulation and Contracting 
Out Act which became law yester- 
day, is an extraordinary hotch- 
potch of a measure. If properly 
applied, it could make a modest 
improvement to Britain’s competi- 
tiveness. But its most Important 
contribution to that goal may be 
to put an end to the misconceived 
notion that deregulation tout court 
is a panacea for the ills of the 
British economy. 

The deregulation act does every- 
thing from establishing a new leg- 
islative procedure for sweeping 
away outdated rules and proce- 
dures affecting business to reduc- 
ing the accounting and reporting 
requirements on small charities, 
allowing betting on Sundays and 
permitting children into the bars 
of suitable pubs. 

The important provisions are 
the powers which will allow min- 
isters to abolish or reform regula- 
tions they consider outdated and 
burdensome where this can be 
done without removing “neces- 
sary" protection, and the five new 
powers to improve the fairness, 
transparency and consistency of 
enforcement procedures. 

In both cases, the legislation is 
drawn in general terms, so it Is 
hard to tell in advance how much. 
fHfferffnfift it will make. Through- 
out the parliamentary debates on 
the legislation the- Labour party 
condemned it as a “constitutional . 
outrage", because of the powers 
given to ministers to frame pro- 
posals for tiie repeal or amend* 
meat of regulations. Concern was 
expressed that health and safety 
might be compromised by exces- 
sive 


Right of appeal 

On the other hand, some busi- 
ness leaders believe the provisions 
do not go far enough, and are 
aggrieved at the failure to provide 
a simple and statutory right of 
appeal against enforcement 
orders, particularly those emana- 
ting from local councils. The trade 
and rndnstry departmeut has gone - 
no further than a “model appeal 
mechanism" which has still to be 
drawn up and will be incorporated 
in- future legislation. 

In - practice, the constitutional 
outrage is' unlikely to materi alise. 
Nor is. the wholesale escape from 
local-regulation which some com* 
parties seek. The government 
claims that 40- per cent of. the 
health and safety regulation 1 


which affects the “generality" of 
business should be removed. Yet 
it is equally insistent that it is not 
going to remove necessary, protec- 
tion either for employees or for 
local communities and claims the 
support of the Health and Safety 
Commission for most of its recom- 
mendations. 

That can only mean that most of 
the regulation to be swept away 
involves petty bureaucracy, rules 
that are anyway in disuse, or reg- 
ulations which impact ou only a 
small proportion of businesses. So 
ft appears from the deregulatory 
changes already decided upon, 
which Includ e halving the waiting 
period for claiming VAT for bad 
debt relief and scrapping 85,000 
employment survey forms a year. 

Eurp- regulation 

More of the same is welcome. It 
is also important that a standing 
watch is kept on the rise of Euro- 
regulation - either in its direct 
form of unnecessary obligations 
imposed by Brussels or its indirect 
form erf overzealous application of 
■EU directives by UK officials. 

Yet there Is no point pretending 
that such action is going to trans- 
form the business climate and 
sharply improve Britain’s competi- 
tiveness. To do that, governments 
need, over the long term, to find a 
way of containing public speeding 
and taxation, while promoting bet- 
ter education and skill training - 
and the local and national Infra- 
structure that wrmpanies and indi- 
viduals need to flourish. 

The priorities are familiar, but 
no less urgent for that Britain's 
record on vocational training 
remains abysmal - and recent 
reports on the progress of the new 
General National Vocational Qual- 
ifications do not lead (me to sup- 
. pose that a miracle core has yet 
been found. The Training and 
Enterprise Councils have still to 
prove themselves as employer-led 
vehicles for training. More needs 
to be done to equip, the unem- 
ployed with skills, and to make it 
attractive for companies to 
employ them. Some form of “mod- 
ern apprenticeship" for young 
employees with poor skill levels is 
essential 

The list could be continued. At 
the end of the day, the country 
would be better off, even if too 
many forms were issued, so long 
as Ear more employees could com- 
plete them in decent English. - 


T he opening of China to 
the world is," argues 
Prof Tong Dalin, vice- 
chairman of the Chinese 
Society for Research on 
Restructuring the Economic Sys- 
tem, “like the discovery of a new 
continent" 

If anything. Prof Tong under- 
states his case. Were China to repli- 
cate the performance of other Asian 
“miracle” economies, such as 
Japan, Taiwan and South Korea, its 
Impact would be overwhelming. 
China does, after all, contain 10 
times as many people as Japan. 

According to official statistics, 
the economy is already well on the 
way. Real gross domestic product 
expanded by 270 per cent between 
1978 and 1993 - a compound annual 
rate of 9 per cent a year. In 1992 and 
1993. economic growth exceeded 13 
per cent This year, supposedly time 
for 3 slow-down, it is expected to be 
above 11 per cent. 

There are reasons to believe these 
figures exaggerate China's perfor- 
mance. If, for example, the reported 
growth rate is worked backwards 
from the World Bank's estimate for 
GDP per head of $470 in 1992, it 
becomes just $195 in 1980 fin 1992 
dollars). This is below the rather 
more reliable estimates of India's 
GDP per head in that year, which is 
quite unlikely. 

Chinese statistics are not entirely 
reliable. Under-estimation of infla- 
tion is, for example, a well-known 
problem. More significant are the 
problems created by its still semi-re- 
formed economy. 

Even in 1992. almost half of the 
industrial output was generated by 
tiie state-owned enterprises (SOEs), 
while more than 61 per cent of total 
fixed investment (23 per cent of 
GDP) was buried within them (see 
chart). Given the low cost of official 
finance, the virtual absence of 
bankruptcy, and continued distor- 
tions in relative prices, part of this 
investment is likely to have been 
wasted At least some of the associ- 
ated increases in output could also 
be illusory, as turned out to be the 
case for the vaunted growth of the 
former Soviet-bloc economies. 

Nevertheless, China does have 
solid and measurable achievements. 
The country's share of world mer- 
chandise trade rose from 0.6 per 
cent in 1977 to 15 per cent in 1993, 
by when it had become the world's 
11th largest exporter. Foreign direct 
investment in 1993 was $2l.3bn, 
more than a third of total FDI in all 
developing countries in that year. 

Gross national savings reached 40 
per cent of GDP in 19S3 (which can 
be constrasted with the 15 per cent 
attained in the for wealthier US). 
Such a high rate of capital forma- 
tion virtually ensures rapid growth, 
even if some is wasted Moreover, 
consumption has been growing at a 
compound rate of close to 8 per cent 
a year since 1978. 

Non-state enterprises (including 
so-called township and village 
enterprises) now employ some 100m 
workers. Moreover, most Chinese 
provinces - not just those on the 
coast, like Guangdon and Fujian - 
have achieved substantial increases 
in real incomes. 

These achievements are not a 
miracle. As developments elsewhere 
in Asia show, they are the natural 
result of releasing the pent-up ener- 
gies of the world's largest reservoir 
of motivated people, combined with 
the capital and know-how of over- 
seas Chinese and other foreigners. 

There is no economic reason why 
a country whose real output per 
head lies somewhere between 5 and 
10 per cent of that of the US should 
not be able to sustain economic 
growth at 10 per cent a year for a 
quarter of a century- Yet there may 
still be a reason for failure. For 
what Is amazing is not that China is 
at last becoming richer, but that it 
is still so poor. Politics kept China 
poor. It could do so once more. 

The reasons for this dismal per- 
formance were the country's inabil- 
ity to combine a reasonable degree 
of political stability with encourage- 
ment of productive (as opposed to 
rent-seeking) economic initiative. 
Under the influence of Deng Xiao- 
ping's “socialism with Chinese char- 
acteristics”, this combination has at 
last been achieved The big question 
is whether it will survive his death. 


Spoilt for 
choice 

■ The distinction between the 
editorial and news departments of 
the Wall Street Journal newspaper 
is no secret The former is a 
billboard for conservative thinking, 
while the latter plays it pretty 
straight Each seems to accept - if 
not always happily - the existence 
of the other. 

But that inherent contradiction 
has surfaced this week with the 
publication of extracts - by the 
news section, naturally - of a book 
by two WSJ reporters who are 
highly critical of Justice Clarence 
Thomas of the US Supreme Court 

In 1991, when confronted with 
allegations of sexual harassment by 
Anita HQ] during his confirmation 
hearings, Judge Thomas had no 
stouter defenders than WSJ leader 
writers. Much space was devoted to 
David Brock, whose book charged 
that Hill was part of a liberal 
conspiracy to undermine the judge, 
by fool means rather than fair. 

Jane Mayer and Jill Abramson, 
two WSJ reporters, now come to a 
distinctly different conclusion to 
the extracts, they paint a picture of 
a man almost obsessed by the 
female sex, parading as witnesses 
four women who worked with 
Thomas and whose evidence was 
never presented to the Senate 
judiciary committee. The extracts 
appeared yesterday - as did spin-off 
prime time TV programmes. 


A continent 
discovered 


Martin Wolf and Tony Walker ask 
whether the government can stay 
on the Chinese economic tiger 


Optimists argue that progress is 
assured merely by continuing with 
past policies. In the most brilliant 
example of the indirect approach in 
economic history. Chinese policy- 
makers have simply gone round the 
obstacles created by the legacy of 

communism. 

They started by granting free- 
doms to peasant farming, while 
political decentralisation encour- 
aged local governments to compete 
with one another for investment. 
The overseas Chinese and foreign- 
ers were Invited into special eco- 
nomic zones and, increasingly, to 
form joint- ventures with Chinese 
enterprises. State -enterprises have 
been subjected to competition from 
without, rather than radical reform 
from within. More recently, finan- 
cial markets have also been created. 

The ruling assumption is that 
China has now reached a virtuous 
circle of growth. Economic success 
engenders both further reform and 
popular toleration of the regime. It 
also makes a return to the old ideol- 
ogies impossible. As Mr Zhang 
Junkuo, senior research fellow of 
the Development Research Centre 
of the State Council, remarks: “The 
target itself is changing all the 
time.” 

The extent to which targets have 
changed was revealed in the 14th 
congress of the Communist party of 
October 1992, which officially 
endorsed the idea of a “socialist 
market economy". This was fol- 
lowed by the Third Plenum of 1993, 
whose “50 articles" laid out an 
ambitious programme of further 
reform. 

The document established the 
principles of cenLral government 
primacy, necessary for fiscal and 
monetary discipline; of a rule-based 
market economy, with uniform 
laws, rather than one based on bar- 
gaining; and of the reform of prop- 
erty rights within SOEs. Above aU, 
it established a comprehensive blue- 
print for the transition to a market 
economy, it goes well beyond "grop- 
ing for stones to cross a river", the 
original motto of reform. The suc- 
cess of incrementalism has encour- 
aged reformers to be bolder and 
more systematic in what they are 
attempting to do. 

Unfortunately, the benign view of 
Chinese prospects - in which ever 
more rigorous and decisive 
approaches to reform are built upon 
the successes of previous more ten- 
tative ones - is persuasive, rather 
than cogent. Past reform has not 
just thrown up successes on which 
to build. It has also erected signifi- 
cant obstacles. 

Among the most important is the 
effect on political and social stabil- 
ity. The most immediate threats 
include official corruption, unrest 
among unemployed workers, the 
migration of a vast army of indigent 
peasants in search of work and a 
widening gap between rich and 
poor. The necessity to establish 
affordable social security arrange- 
ments, after the break-down of the 
old eradle-to-grave education, 
employment, health and welfare 
system based on work units is 
another daunting challenge. 

Central control is also being 
tested by increasingly powerful pro- 
vincial officials, especially those 
from wealthy coastal provinces, 
whose economic success has 
enabled them to carve out personal 
fiefdoms allowing them, on occa- 
sions. to challenge or even ignore 
Beijing's dictates. 

The fruits of economic success 


China opens up . . . 


Foreign direct investment in China 
ton 



and grows quickly 

Industrial growth between 1980-92 
Average annual % 


I I I I -L _L 



Scuuc Worid Bonk, Wortd OmMuim Report 


State enterprise shrinks . . . 

Shares In gross output of Industry 
% 

100 


but do m inates investment ... 
Share of fixed investment in GDP 




% 

— 

40 

Other 


IndhiMual- 
owned _ 

30 

CoOeothw- 

owmd 


— 

20 

State- — 

10 


1092 

I Bureau. Wold Bank 


3OUO0- SUM Sushncal Bu«au. World Bonk 


leading to big fiscal deficits . . . 

Financing of consolidated budget deficit 
% of GDP 

Borrowing 
FOraign 

8 ~~ Domestic 

Direct PBC* 
lending 

6 


2 - 


0 1087 1990 1993 

Sourcw uranv of France. PSC. Wou Bank 




and a flood of money 

Money sigipty (M 2 ) 
% of GDP 
- 120* 



are the only possible basis for politi- 
cal stability in a country that has 
turned Us back on communist ideol- 
ogy. But they are also the source of 
destabilising political and social 
developments. 

Budget deficits, incontinent mon- 
etary expansion and inflation are 
the economic evidence for these 
various political stresses. They bub- 
ble to the surface, like lava, where 


The fruits of 
economic success are 
the only basis for 
political stability in a 
country that has 
rejected communism 


the tectonic plates of fragile central 
authority, provincial autonomy and 
SOE uncompetit iveuess clash. They 
also have the capacity to engulf 
even the most vigorous fruits of 
economic reform. 

As William Overholt remarks in 
his important book on China's pros- 
pects: “Failure to mobilise sufficient 
revenue through tax reform has his- 
torically been a key reason for the 
downfall of China's regimes; it was 


a fatal flaw of the Qing dynasty”.!!) 
It has now become a grave danger 
to the regime's stability. 

Following earlier reform, revenue 
from SOEs has fallen from 20 per 
cent of GDP in 1978 to only 4 per 
cent in 1992. This decline accounted 
for 80 per cent of the fall in the 
share of budgetary revenue in GDP, 
from 34.4 per cent to a mere 15.4 per 
cent Until reforms introduced this 
year, revenue has also been col- 
lected by local government, leaving 
central government starved: the 
central government's share in bud- 
getary revenue shrank from 59 to 41 
per cent, though its share in spend- 
ing fell only from 46 to 41 per cent. 

Central government has lost the 
capacity to transfer income from 
the wealthier and more dynamic 
coastal parts or China to the less 
dynamic hinterland. More signifi- 
cantly. it bas turned in a big way to 
direct and indirect borrowing from 
the central bank, the People’s Bank 
of China. The chart shows how far 
it has gone, on the assumption that 
SO per cent of the lending by the 
PBC to the financial system is, in 
fact, government-directed lending 
and so indirect public spending. It 
also shows how rapidly the consoli- 
dated deficit Itself has been rising, 
to 1993 it was more than half as 


Observer 


So far the magisterial leader 
writers have been quiet. But surely 
not for long? 


Biffed 

■ Who once said of Baroness 
Thatcher's government that it was 
a “sort of Stalinist regime", and 
that her press aide Bernard Ingham 
was “some sort of rough-spoken, 
Yorkshire Rasputin who is 
manipulating government and 
corroding public morality"? 

John Biffen, step forward. At 64. 
the former Tory cabinet minister 
has decided be has bad enough and 
will not stand in the next election - 
making him fully, as opposed to 
semi-detached, as Ingham once 
called him . 


Dead end 

■ Another first for the City of 
London. It has plenty of streets, 
gates, hills and even ditches, but up 
to now never a road. However, it 
has just had to accept its first - the 
south-eastern tip of Goswell Road - 
and by all accounts the City elders 
are none too pleased. Jt's all the 
fault of the changes in local 
authority boundaries. 

“The thing is. you don't need 
roads once you are in the City, 
because you have arrived." says a 
City official. Barbara Newman, who 
heads the City's planning ami 
transportation committee, is not 
optimistic about getting Islington’s 



council to rename its highway. 
Goswell Street, just to suit the City. 

While Observer was always 
rather proud to live in a road as 
opposed to a street, Newman seems 
intent on maintaining the City 's 
“No Roads" policy. Sounds like a bit 
of gerrymandering is called for. 


Decision time 

■ Tough times for the editors of 
Rupert Murdoch’s UK newspapers. 
Kelvin MacKcnzie, die hugely 
successful editor of The Sun. was 
shuffled sideways into Murdoch’s 
BSkyB and then quit because he 
couldn’t yet on with bis new boss. 
Nmv U seems that Andrew Noil, 


the former editor of The Sunday 
Times, is also on the point of 
quitting the Murdoch empire 
because his bid to set up the US 
equivalent of BBC TVs Panorama 
programme - called On Assignment 
- has been scrapped. Neil has 
apparently been offered a £2m-a- 
year job as editor of a new 
five-day-a week late-night news 
programme. The money sounds 
good - but it could prove to be a bit 
of a treadmill and interfere with 
Neil’s extramural activities. A 
nail-biting time for John Witherow, 
acting editor of The Sunday Times, 
and the publishers of Neil’s 
memoirs. 


Junk deal 

■ Joseph Per e Ha's first big deal for 
Morgan Stanley is not proving 
harmonious. In June, the former 
First Boston and Wasserstein 
Perella takeover artist seemed to 
have pulled off Wall Street's 
fanciest bit of financial footwork of 
the year. The $2.7bn break-up bid 
for Kemper he conjured up on 
behalf of Morgan Stanley’s client 
Conseco had everything - bank 
debt, junk bonds, even a little bit of 
equity. 

Unfortunately for Perella, the 
deal bas bran unravelling fast 
Selling assets to bring down the 
debt has proved a problem, and 
forced a delay to the deal Now 
Conseco chairman Stephen Hilbert 
has had to admit that his own 
shareholders won't back the 


large as total budgetary revenues. 

Seignorage - revenue derived 
from the government's access to the 
central bank via monetary expan- 
sion - seems to have varied from 6 
to 9 per cent of Chinese GDP 
between 1988 and 1992, an extraordi- 
nary figure by international stan- 
dards. In 1992. for example, seignor- 
age from reserve money creation 
amounted to just under 40 per cent 
of total budgetary revenues, while 
direct and indirect government bor- 
rowing from the PBC amounted to 
just under 30 per cent 

The Chinese government is 
addicted to the printing press 
because pressures for spending are 
growing stronger, while its revenue 
base is so weak. Pressures for pub- 
lic spending increase as SOEs come 
under growing competitive pres- 
sure: almost half of them appear to 
be making losses this year, even 
though the economy is forecast to 
expand by more than U per cent It 
is horrifying to consider what 
would happen in a real recession. 

It is almost impossible to exagger- 
ate the significance of the monetary 
financing. Hitherto the Chinese peo- 
ple have willingly held ever more 
money, partly because of the lack of 
alternatives (see chart). Given the 
degree of monetisation of the econ- 
omy - much higher than in other 
Economies at comparable levels of 
development - flight from money 
would cause a devastating inflation. 

The danger is real - and the 
urgency of decisive action under- 
played even among the more eco- 
nomically educated policy-makers. 

The big question is whether deci- 
sive action is politically possible. 
Reform of state enterprises, cre- 
ation of a social security system, 
making a success of the new fiscal 
system, reform of the central bank 
are all extremely urgent if economic 
- and so political - stability are to 
be secured. Is the Communist party, 
divided and weak, the instrument to 
deliver urgent action? If not, there 
is no alternative. 

S enior Chinese believe that 
the party will survive this 
difficult period, provided 
living standards continue 
to improve at a fairly 
rapid rate. Dong Fureng, a member 
of the Standing Committee of the 
National People's Congress, China's 
parliament, soys: “Politically I don't 
see fundamental change in the next 
10 years. The Co mmunis t party will 
still be controlling the country with 
the proviso that it keeps its hands 
clean." 

Critics would say that the party 
has failed in this regard and that 
corruption is pandemic. 

But Mr Dong, who is also a pro- 
fessor emeritus of China’s Academy 
of Social Sciences, believes that in 
spite of resistance, the Chinese sys- 
tem is capable of transformation. 
“We will have to change," he says. 
“We will have to become more dem- 
ocratic and that means increasing 
the powers or representative institu- 
tions like the National People's Con- 
gress." 

Chinese officials insist that their 
mission is to avoid repetition of 
Soviet-style turmoil, on the grounds 
that China, with its huge, unwieldy 
population, simply could not sus- 
tain such disruption. Memories of 
the chaos of the Cultural Revolu- 
tion continue to weight heavily. 

Their dilemma, however, is that 
slow and steady change, which they 
prefer and which would avoid 
upsetting powerful interests in soci- 
ety, may itself be destabilising. The 
authorities have to stabilise the 
shaky public finances and monetary 
system now. But they must also not 
halt economic progress, or awake 
overwhelming opposition. 

If they get the balance right, they 
should be able to ride the tiger of 
super-charged economic growth for 
years. China itself would then 
become more middle-class, more 
democratic and more open, while 
the Communist party would have to 
change out of recognition. If they 
fail, the inadequacy of the rulers 
win, again, have shortchanged the 
long-suffering Chinese people. 

(1) William H Overhott, China : the 
Next Economic Superpower {London: 
Weidenfeld and Nicolson, 1993). 


transaction, forcing him to cut the 
value of his bid. 

Never mind. If Kemper ends up 
soliciting a higher offer from 
someone else, it will have to pay 
Conseco SlOOm. So maybe Perella 
has earned his keep after all. 


Radiating 

■ Nuclear Electric's go-ahead to 
start up Size well B after 10 years of 
planning and construction is mixed 
news for John Collier, company 
chairman. 

Some time ago he wagered that 
Sizewell would be selling electricity 
before Eurotunnel was transporting 
fare-paying passengers. He can 
throw the switch on Sizewell in 28 
days, though it will not generate 
commercial power until February. 
But Eurotunnel, despite all its woes, 
should be earning its first hard cash 
from November 14. Though who 
wants to bet on thoit 


Good grief 

■ Gremlins entered the Foreign 
Office's machinery this week. 
Replying to a written question on 
wine purchases, Alastair Goodlad, 
the normally lugubrious foreign 
office minister, referred to the 
hitherto obscure Government 
Hospitality Fun Advisory 
Committee, Not another 
government quango? No: for “Fun" 
read "Fund”. Not much difference, 
when you come to think of it. 








BRITISH VITA PLC 


FINANCIAL TIMES 


Friday November 4 1994 


A FINANCIAL TIME 
for change 


j , 



Revolt by Tory MPs threatened Commons defeat 

UK government forced to 
scrap Post Office sell-off 


By Kevin Brown, 

Political Correspondent 

The UK government’s legislative 
programme was in disarray yes- 
terday after the cabinet cancelled 
Post Office privatisation in die 
face of implacable opposition 
from a handful of Conservative 
backbenchers. 

After weeks of uncertainty, 
minis ters accepted warnings 
from Mr Richard Ryder, chief 
whip, that at least eight Tory 
ba ckbenche rs would vote against 
a privatisation bill, ensuring its 
defeat in the Commons. 

The decision was greeted with 
dismay by the Post Office, which 
has campaigned hard for greater 
commercial freedom. Mr Michael 
Heron, chairman, said the corpo- 
ration faced “crippling uncer- 
tainty” about its future. 

The cabinet retreat was a 
severe blow for Mr Michael 
Heseltine, trade and industry sec- 
retary, who was forced to admit 
that last-minute attempts to find 
a compromise were doomed. 

He admitted : “I have no idea 
how we are going to move for- 
ward from where we are now. 


By Tony Walker in Beijing 

China's provinces were accused 
’ by the central government yes- 
terday of the “blind pursuit” of 
higher growth, in an official com- 
mentary that appeared to fore- 
shadow tougher pressure for 
spending curbs. 

The official Xinhua news 
agency, in a dispatch that almost 
certainly reflects the views of 
senior leadership, charged that 
lack of spending restraint at local 
levels had “exerted a negative 
impact on the central govern- 
ment's efforts to control infla- 
tion". 

The strong wording suggests 
Beijing is losing patience with 
provinces continuing to ignore 
central government directives. It 
also indi cates incr easing concern 
in Beijing at the difficulty of com- 
bating inflation. 

The Xinhua dispatch reported 
that around 9,000 new construc- 
' tion projects were begun in 
China in July and August, in 


Orders 

Continued from Page 1 


reportedly released 45 minutes 
early by a German news agency. 
aim** rebuked by the economics 
ministry, but the source of indus- 
trial production figures, circu- 
lated prematurely on Wednesday, 
was not known. Selected news 
agencies are provided with 
embargoed advance copies of 
important statistics. 


That is the problem we now have 
to address.” 

Mr Heseltine also lost a cabinet 
battle with Mr Kenneth Clarke, 
the chancellor, who blocked a 
fail-back position that would 
have given the Post Office sub- 
stantial commercial freedom 
within the public sector. 

Mr Clarke, a strong supporter 
of privatisation, refused to accept 
changes to the Treasury's bor- 
rowing rules for state-owned 
companies which would be 
needed to remove financial con- 
trols from the Post Office. 

Mr Heseltine said it was a “sad 
day” for Royal Mail, the Post 
Office’s letter delivery subsidiary, 
which faces growing competition 
from private companies and over- 
seas post offices. 

“I find it extremely distressing 
to see Royal Mail having its mar- 
kets eaten into by American and 
Australian multi-national trans- 
portation companies, f’m 
depressed by the fact that the 
Dutch and the Germans are mov- 
ing into private capital in their 
postal services,” he said. 

The climbdown leaves an 
embarrassing gap at the centre of 


defiance of attempts to slow the 
rate of growth in fixed- 
asset spending. “The reason for 
the price rises since the begin- 
ning of this year is basically a 
result of expansion in construc- 
tion investment and excessive 
consumption,” the commentary 
said. 

C hina’ s consumer prices rose 
27.4 per cent in the 12 months to 
September. This was almost 2 
percentage points up on August 
and indicated that, despite a stiff- 
ening of price controls, the 
underlying inflation rate 
remained stubbornly high. 

China reported that, in the 
nine months to September, “fixed 
asset” spending grew 43.9 per 
cent above the same period last 
year. This represented a slowing 
of such investment, but the 
authorities are clearly concerned 
that capital spending remains too 
high. 

The People's Bank. China’s 
central bank, released figures 
this week which showed that the 


Continued from Page 1 


founding a new political group in 
the Duma to an aide for the 
moment Mr Mavrodi is vague an 
what he stands for “1 will appeal 
to deputies from all fac- 
tions . . . actually I haven’t 
defined my politics yet” 

A light-hearted question on 
whether or not he planned to ran 
for the presidency of his country 


the government's legislative pro- 
gramme for the next session of 
parliament, which will be 
annnimcfld in the Queen’s Speech 
on November 16. 

Ministers pointed to Mr 
Heseltine’s proposed bill to 
deregulate the domestic gas mar- 
ket as a substitute centrepiece, 
but right-wingers quickly 
claimed the retreat as evidence 
that the government has lost its 
way. 

Downing Street said that 
efforts to increase the competi- 
tiveness of the Post Office would 
continue. But minis ters admitted 
that progress is likely to be 
minimal while the Post Office 
remains in the public sector. 

The likely changes include 
investment in automation, and 
more contracts with the private 
sector to increase services such 
as handling bill paying. 

Mr Jack Cunningham, shadow 
trade and industry secretary, said 
the decision was “a massive 
rebuff for the government and a 
personal humiliation for Michael 
Heseltine” 


Joe Rogaly, Page 16 


broader M2 measure of money 
supply grew 37.1 per cent year- 
on-year in the third quarter, com- 
pared with the annual target for 
this year of 24 per cent 

People's Bank officials warned 
that stronger effort was required 
to combat inflation. They blamed 
lack of budgetary restraint per- 
sistent demands by state enter- 
prises for working capital and 
excessive growth in wages and 
salaries for China’s problems. 

Earlier this week, the state 
council, or cabinet, cracked down 
On non - hank finan cial institu- 
tions in an effort to curb unau- 
thorised lending outside the 
credit plan. Local co-operatives 
and trust and investment compa- 
nies have been an alternative 
source of funding for construc- 
tion projects. 

The government announced in 
August that R was making the 
inflation fight its main priority 
for the rest of the year. 


A continent discovered. Page 17 


drew a thoughtful response. “It 
win be a heavy burden to bear," 
he said, “but if many people ask 
it I would consider it . . . but 
that is a long time in the 
future". 

Mr Mavrodi would not say 
what he thinks of the current 
president, Mr Boris Yeltsin, but 
said the government is full of 
“incompetents" who know noth- 
ing of economics and finance. 


Japanese 
car sector 
‘widens lead 
over US 
and Europe’ 

By John Griffiths in London 

Japanese car makers and 
component suppliers are improv- 
ing productivity and quality at a 
fester rate than their European 
and US rivals despite the reces- 
sion in Japan, researchers said 
yesterday at the end of a 12- 
month study of manufacturing 
competitiveness in the motor 
components sector. 

Professor Dan Jones, one of the 
research leaders, also warned 
yesterday that Japanese motor 
manufacturers were losing 
patience with many under-per- 
forming European - and particu- 
larly British - component suppli- 
ers to their UK car-producing 
operations. 

He said Japanese manufactur- 
ers expected to achieve further 
cost-savings of 2630 per cent over 
the next two to three years. 

Unless UK suppliers improved. 
Toyota, Honda and Nissan would 
consider they had no choice bat 
to start bringing their own sup- 
pliers to the UK from Japan, said 
Prof Jones, of Cardiff Business 
School's Lean Enterprise 
Research Centre. 

The Cardiff centre joined with 
Andersen Consulting and Cam- 
bridge University to undertake 
the study, which compared the 
productivity and quality perfor- 
mance of 71 component produc- 
ers in Japan, Europe, the US. 
Canada and Mexico. 

It found that the Japanese 
manufacturers had improved pro- 
ductivity by 38 per cent since a 
previous study by the team two 
years ago despite a 16 per cent 
fell in production volumes. “The 
signs are that the Japanese car- 
makers will emerge from the cur- 
rent recession even stronger than 
before," the study concludes. 

The study showed the US 
industry to be well ahead of 
Europe on quality, but still 30 per 
cent behind Japan, and gave no 
comfort to the German compo- 
nents sector. The highly detailed 
research found German quality 
to be only slightly above average. 
Productivity remained low. 

Of the 13 plants found to be 
“world class” in terms of produc- 
tivity and quality, five were in 
Japan, three in the US, three in 
France and two in Spain. 

Overall, Europe’s product 
defect rates were more than 
seven times the Japanese level. 

In terms of productivity, typi- 
cal UK plants would need to clou- 1 
ble output with the same labour 
force to reach the “world class" 
level. 

A big problem, said Prof Jones, 
was that most UK suppliers to 
the Japanese car producers 
believed they had already made 
considerable progress over the 
past two years and could not 
believe their supplier status 
might be under threat. “They 
probably still won’t believe tt 
until the first one gets dropped," 
he added. 


Streets ahead. Page 11 


Beijing attacks provinces for 
‘blind pursuit’ of growth 


Mavrodi’s ambitions 


FT WEATHER GUIDE 


Europe today 

A strong southerly air flow, stretching from 
the western Mediterranean to the North 
Cape, win bring wanner conditions to 
western Europe and south-west 
Scandinavia. A slow moving frontal 
disturbance will produce rain from Spain to 
France and east Anglia. A lot of precipitation 
is expected along the southern slopes of 
the Pyrenees and the western Alps. The 
Low Countries will have scattered cloud 
with some sun. Germany wiH be sunny and 
rather warm. Southern Scandinavia wiU 
become milder with patchy rain in the 
Norwegian mountains and plenty of sun 
across Sweden. Cloud will finger over 
central Europe. Poland, Bulgaria and 
Greece will be mainly sunny. Scattered 
thunder showers will develop over the 
eastern Mediterranean. 

Five-day forecast 

The western and central Mediterranean will 
become increasingly unsettled and cooler. 
Abundant showers and thunder storms wfl! 
affect south-east France and Italy. Central 

and eastern Europe will have sun and 
comfortable temperatures. Cold, wintry air 
will spread across the Ukraine aid the 
Black Sea. 



TODAY’S TEMPERATURES 


Situation at 12GMT. Tenpemtums maximum tor day. Forecasts by Mateo Consult of the Noth&taneis 



Maximum 

Bflljftg 

Mr 

15 

Caracas 

shower 

30 


Celsius 

Belfast 

shower 

10 

Cardiff 

shower 

12 

Abu Dhabi 

BUI 

33 

Belgrade 

Mr 

16 

Casablanca 

shower 

20 

Accra 

cloudy 

29 

Berlin 

sun 

12 

Chicago 

shower 

10 

Algiers 

rain 

24 

Bermuda 

Shower 

25 

Cologne 

Mr 

20 

AmjtBKfam 

ialr 

16 

Bogota 

ft* 

21 

Dakar 

sun 

29 

Athens 

Mr 

20 

Bombay 

sun 

33 

Dries 

shower 

23 

Aflanb 

Mr 

22 

Brussels 

(aft 

20 

Delhi 

sun 

29 

B. Aires 

fair 

25 

Budapest 

Mr 

14 

Dubai 

sn 

33 

Siam 

raft 

12 

(Xhagan 

sun 

9 

DMn 

shower 

11 

Bangkok 

ft* 

33 

Cairo 

shower 

26 

Dubrovnik 

sun 

21 

Barcelona 

thund 

19 

Caps roam 

Mr 

20 

Edinburgh 

shower 

12 


Our service starts long before take-off. 

© Lufthansa 


Faro 

Mr 

18 

Madrid 

Mr 

12 

Rangoon 

Sun 

33 

FrankfUt 

Mr 

16 

Majorca 

rain 

20 

Reykjavik 

ahower 

5 

Geneva 

shower 

1b 

Mate 

sun 

23 

Ffio 

Mr 

27 

GSfcrriar 

rain 

18 

Manchester 

cloudy 

12 

Rome 

fair 

22 

Glasgow 

rain 

12 

Mania 

cloudy 

30 

S. Freco 

fair 

18 

Hamtuu 

SWl 

14 

Melbourne 

grower 

18 

Send 

sun 

15 

HeMnfa 

fair 

2 

Mexico City 

fair 

23 

Singapore 

shower 

31 

Hong Kong 

fair 

27 

Miami 

Mr 

28 

Stockholm 

sun 

S 

Honolulu 

fair 

30 

Milan 

shower 

12 

Strasbourg 

fair 

17 

Istanbul 

Mr 

16 

Montreal 

shower 

5 

Sydney 

fair 

27 

Jakarta 

shower 

31 

Moscow 

snow 

•9 

Tangier 

raft 

18 

Jersey 

cloudy 

14 

Minich 

tat 

14 

TalAvfv 

rain 

24 

Karachi 

sun 

35 

Nairobi 

fair 

2S 

Tokyo 

fa t 

17 

Kuwait 

sun 

33 

Naples 

fair 

22 

Toronto 

tat 

19 

L Angeles 

fair 

23 

Nassau 

shower 

31 

Vancouver 

show er 

10 

Las Pjdmaa 

Mr 

25 

New York 

Mr 

20 

Venice 

fair 

17 

Lima 

Mr 

22 

Nice 

thund 

18 

Vienna 

fair 

12 

Lisbon 

shower 

16 

Nicosia 

shower 

26 

Warsaw 

sun 

5 

London 

raft 

13 

Oslo 

Mr 

5 

Washington 

fdr 

25 

LuxJjourg 

sun 

17 

Paris 

raft 

17 

Wellington 

fair 

13 

Lyon 

douefy 

19 

Perth 

ft* 

26 

Winnipeg 

snow 

-3 

Madeira 

shower 

22 

Prague 

fair 

13 


Mr 

15 


THE T.F.X COLUMN 

Multimedia manoeuvre 


FT-SE Index: 3104.4 (+23.1) 


Revitalisation is the new motto at 
Philips. After years of painful restruct- 
uring in which jobs have been cut and 
businesses sold, the Dutch electronics 
group plans to expand again. Invest- 
ment is being stepped up and Philips 
is eyeing multimedia acquisitions. 

The sharp turnaround in the group's 
financial performance, underlined by 
yesterday's tripling of third quarter 
earnings before extraordinary items, 
certainly justifies a shift in strategy. 
But operating margins are still a mod- 
est 5.7 per cent, so investors will be 
wary if the expansion is not extremely 
cautious. Only in the semiconductor 
and components division, where oper- 
ating margins are 13 per cent is the 
case for greater investment compel- 
ling. Margins in the core consumer 
electronics business are a mere 2 per 
cent. Meanwhile, the priority in the 
loss-making professional products 
division must be further restructuring. 

The biggest concern surrounds Phil- 
ips’ multimedia ambitions. The group 
is excited by the high margins in soft- 
ware compared with consumer elec- 
tronics hardware. But that does not 
inpan that P hili ps can a d d value to 
such businesses. Precisely because of 
their high margins, software groups 
are pricey. Nor is it enough to argue 
that hardware and software busi- 
nesses should, in some vague way, be 
combined, .s imil ar logic lay behind 
Sony’s and Matsushita's disappointing 
Hollywood acquisitions. Until Philips 
articulates its strategy more clearly, 
investors will worry that it will make 
the same error. 

Boots 

Boots is still struggling to clarify its 
strategy. After 16 months, the group 
has yet to reveal the conclusions of its 
review of the drug division. Nor has it 
announced the promised acquisition to 
bolster its European non-prescription 
medicines business. 

The group intimated yesterday that 
a deal for the drags division was 
imminent Boots’ biggest dile mma will 
then be what to do with the cash. The 
disposal, expected to raise more than 
£700m, will heavily dilute earnings 
because of the drug operation’s high 
margins Boots could compensate by 
using the sale proceeds to buy back 
shares. The management has said it 

has no hang-ups about returning 
money to shareholders. Such a move 
would also, in some way. atone for the 
disastrous £900m purchase of Ward 
White. Any non-prescription medicine 
acquisition could subsequently be 


Philips 

Share price reJadvo to the Index 



funded by debt Boots is undergeared 
given the strength of its cash flow. 

Such manoeuvres would considera- 
bly reduce uncertainty, but whether 
they would lead to the stock's re-rat- 
ing is doubtful. Boots the Chemist is 
struggling effectively in a difficult 
market But in a low inflation environ- 
ment, sales growth is likely to be 
sound rather than exciting and earn- 
ings expansion will require hard graft 
Such prospects justify its small pre- 
mium to the market hat little more. 

Kwik Save 

Yesterday’s figures from Kwik Save 
were impressive - almost heroically so 
in the light of the fierce competition in 
UK food retailing. Pre-tax profits were 
better than expected and gross mar- 
gins improved. All credit to the man- 
agement’s success in squeezing costs, 
putting pressure on suppliers and 
keeping a tight grip on cash. 

The problem is that the strategic 
rfiaUgngP faring the group is enor- 
mous. J Sainsbury and Tesco have 
Hpflwrt ah the threat posed by discount- 
ers with their carefully targeted price 
reduction programmes. Having 
already pared its own prices, Kwik 
Save Is left with limited scope to 
respond. It will seek to challenge the 
majors in high marg in areas such as 
chilled food, and to copy them by sell- 
ing a higher proportion of own-label 
products. But competition with the 
superstores will highlight the relative 
inadequacy of Kwik Save's offering 
when product range and customer ser- 
vice as well as price are taken into 
account 

Kwik Save thus faces a steady 
decline in core profitability which its 


aggressive store-opeaiing plans - and 
opportunistic acquisitions such’ as that 
of Shoprite - will not.be 'able 'to 
reverse. Kwik Save is better able to 
deal with the deteriorating climate 
thaw other discounters, bat that is no 
rec omm endation when shares in 
Sainsbury are valued only in line with 
the market. . .. . .. 

Euro Disney 

The rumour that Euro Disney might 
dose, which always looked implausi- 
ble, suited Walt Disney while it was 
negotiating the theme park's rescue 
refinancing earlier this year. Bat it did 
nothing to help the business. Worried 
that they might arrive to flnd the 
gates shut, many potential customers 
decided not to book - leading to a 
sharp fan in visitors between March 
and May. They started to pick up .from 
J une , when the refinancing was cm- 
eluded, though the total for the com- 
pany’s financial year was still down io 
per cent to 8.8 m . 

Price cuts aimed at combating the 
park's expensive image left revenues 
15 per cent lower. Despite tough over- 
head reductions, operating profits 
before financing costs foil to a mere 
FFr335m. The recovery in the share, 
which jumped 13p to 96p, had more to 
do with the absence of the usual disap- 
pointments ra ther than an ything mnrp 
positive. 

There are some grounds for opti- 
mism. Those visitors the park does 
attract appear to leave well-satisfied, 
with a good proportion enmtog back 
again. Euro Disney should get a boost 
from the economic recovery in conti- 
nental Europe and the recent weak- 
ness of the franc will help. Bat with 
rival parks planned for Spain and G&- : 
many, the prospects are hardly excit- 
ing. 

Lonrho 

Those Lonrho shareholders who 
have supported Mr Tiny Rowland 
through thick and thin ma y regret 
yesterday's resignation. Bat investors 
seem set to benefit financially now 
that Mr Dieter Bock hag finally won 
his power straggle. Mr Rowland’s buo-- 
caneering style had outlived its useful 
purpose and he seemed more keen to 
ding on to a disparate empire than 
deliver shareholder value. The fact 
that Mr Bock has no proven ability to 
run a conglomerate may matter little. 
The best way to add value is probably 
to break Lonrho up. Mr Bock should 
be able to achie ve that 


This announcement appears as a matter of record only 


October 1994 



Intermotor 

£15,000,000 
Management Buy-Out 

Institutional Syndicate 
led by 

GRESHAM TRUST p.l.c 

Equity provided by: 

Gresham Trust p.l.c. 

TheCandover 1991 Fund 
Threadneedie Investment Managers Limited 

Debt provided by: 

Royal Bank of Scotland pic Acquisition Finance 
Nottinghamshire County Council 

Transaction arranged and management advised by: 
Pticc Waterhouse ww Nottingham 

Qxporalo Finance 


G R li S H AM tTR U S T 


EQUITY CAPITAL FOR MANAGEMENT 

Barrington House, Gresham Street, London EC2V 7 HE 
Fax 0171-606 3370 Telephone 0171-606 6474 

Member of The Securities and Futures Authority 







19 








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Your Swedish Telecom Partner 

UK Tel: 071 416 0306. UK Fax: 071 416 0305. 


FINANCIAL TIMES 



COMPANIES & MARKETS 


©THE FINANCIAL TIMES LIMITED 1994 


Friday November 4 1994 


IN BRIEF 


US link sparks 
73% gain at KLIM 

KLM Royal Dutch Airlines saw net profit soar by 
7&5 per cent in the second quarter of 19S4-S5 under 
the to flnsoce of costcutting and economic recovery 
is important markets and a deepening of its ties 
with Northwest Airlines of the OS. Page 20 

Dtecmmt on News Carp’s preferred shares 

The limited voting preferred shares issued by Mr 
Rupert Murdoch’s News Corporation began trading 
on the Australian Stock Exchange yesterday and 
developed a large discount to the ordinary shares. 
Page 21 

Brterley buys 26.5% of NZ media group 

Brieriey Investments yesterday paid more than 
NZ$243ra (US$150m) for a 26.45 per cent sharehold- 
ing in Wilson and Horton, publisher of New Zea- 
land’s biggest circulation paper, the Auckland- 
based New Zealand Herald. Page 21 

America West Airlines little changed 

America West Airlines, the US airline that emerged 
from chapter U bankruptcy protection in August, 
yesterday said it made operating profits of 533.9m in 
the third quarter to September, little ^hang pH from 
the same period last year. Page 22 

CMtean group to rated cash at homo 

fScecorp, the Chilean financial services group, is 
aiming to increase its capital base through, an ini- 
tial public offering of shares this month. But it has 
chosen to raise the money in the Santiago market, 
rather than New York. Page 22 

MoDo soils packaging unit to AssIDomfin 

Ass£Domdn plans to strengthen its position izr Euro- 
pean packaging papas by acquiring MoDo Packag- 
ing from MoDo, its fellow Swedish pulp and paper 
group, in a deal worth SKrl^bn (S167m). Page 20 

Sparebankon and Fokus Bank fafi back 

A sharp rise in domestic interest rates, which hit 
Norway's bonds and shares, were behind weaker 
nine-month results reported by Fokus Bank and 
Sparebanken Nor. Page 20 

Duty Hafl trust buys cable arts channel 

The Daily Mail and General Trust yesterday expan- 
ded its interests in the new media with the acquisi- 
tion tf The Performance Chammh an arte channel 
distributed on cable television networks in the UK. 
Euromoney Publications, the acquisitive informa- 
tion gr ou p, 70 per cent owned by the Daily Mail and 
General Trust, announced a 36 per cent rise in 
annual pre-tax profits. Page 26 


EM sefls 10% of Enterprise stake 

Elf Aquitaine, the French oil company, has gold a 10 
per cent stake in Enterprise Oil, the UK company 
which earlier this year tidied in its hostile bid for 
fallow explorer Lasmo. Page 27 

(Jsbome £1&2m fnthe rod 

Osborne, the UK grain, trading and pig production 
grotm, reported pre-tax losses of £13.2m ($21m) for 
the year to Tune 30 againstprofite ot £lfen in the 
previous 1& months. Page 28 

Seton e x p an d s madfeal products ride 

On the day it revealed a 27per cent rise in pre-tax 
profits, the UK’s Setan Healthcare is spending 
£Zt6m ($4Qm) in. its medical divisioiL Page 26 


Companies In. this issue 


African Oxygen 

21 

MAN 

22 

Aon Corporation 

23 

Matthew Clark 

27 

Bed Atfaitfc 

19 

MoDo 

22 

Boots 

22 

Mafyneux Estates 

27 

Brteriey Investments 

21 

Nows Corporation 

21 

Cslsls 

27 

Norsk Hydro 

22 

EmaB 

23 

Peugeot CKrofln 

23 

Enterprise 

27 

Premium Underwriting 

27 

Enterprise Computer 

27 

Quadrant 

27 

BwoDtaney 

19 

Ranaomee 

27 

Rve Oaks Investment 

27 

Rhfine-Poutenc 

22 

Fokus Bank 

22 

SPT Telecom 

19 

Franco Telecom 

19 

Sage 

27 

GszdsFVanca 

6 

Saracen Value Trust 

27 

German Inv Trust 

27 

Schroder Korea Find 

27 

German Smaller Cos 

27 

Scottish Nat Trust 

27 

Gorton 

27 

Sears Property Dov3 

27 

toeyhound Lines 

19 

Smart (J) 

27 

Hanson industries 

27 

Sparabanken 

22 

Highlands Gold 

21 

St Lawrence Cement 

23 

Iberia 

2 

Stated 

6 

KLM 

22 

Telecom New Zealand 

21 

Komatsu 

23 

Telstra 

6 

Kw&Save 

22 

Wdhslm wnhelmsan 

23 

Laports 

27 

Wfeon and Horton 

21 

Market Statistics 

XAnmoi reports service 42-43 

BenEhroam Govt boob 24 

Bond totam ant op*** 24 

Brad prices and yields 24 

Cammod&BS prices 40 

DMdends sraounoed, IK 2B 

QMS currency rates 46 

Bmtaid prices 24 

Fbesd Interest Wees 24 

FT-A Wortd Mfcss Beck Page 
FT SaU Urns Index 41 

FTASUA M bond wc 2* 

FT-SE Actuaries index St 

Radge exchange 

Sftts prices 

UOs eqofly opflons 

Loudon share service 
London tad options 
ttanaged funds sovlce 

Horsy markets 

New W band Issues 

New YMc share sendee 
Recant beues, UK 
Short-tern tat rates 

US Internet rates 

Mtarid Stock MarlotB 

46 

24 

41 

42-43 

41 

44-45 

46 

24 

48-46 

41 

46 
24 

47 


Chief price changes yesterday 


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5 


Philips shrugs 
off flat sales to 
treble profits 


By Ronald van de Krol 
In Ekxfftovon 

Philips, the Dutch electronics 
group, nearly trebled profits in 
the third quarter as it compen- 
sated foe fiat sales in Europe by 
winning increased business in 
higher-growth markets such as 
Asia Pacific, US and Brawl. 

The buoyant results, which 
exceeded analysts’ forecasts, 
came alter a sharp drop in finan- 
cing costs and a restructuring 
that over the past few years has 
rid Philips of several loss-making 
businesses. 

Net profit jumped to F353fen 
(3312m) from FI 133m a year ear- 
lier. This took results for the first 
nine mo nths to FI 1.191m, against 
FI 1.45bn a year earlier, wben 
results were flattered by a 
Fll.lbn extraordinary gain on 
the sale of a Japanese joint ven- 
ture. 

The company cautioned 
against extrapolating these 
strong rates into the fourth quar- 
ter, noting that the same period 
of 1SS3 had been relatively strong 
and that the dollar had weakened 
since the current quarter began. 

The quarterly figure also 
included a FI 75m extraordinary 
gain on the sale of a small part of 
Philips’ 40 per cent stake in 


Taiwan Semiconductor Manufac- 
turing. which was recently 
floated in Taipei. 

Group turnover was virtually 
unchanged at Ft I4.19bn. but 
sales grew by 6 per cent if decon- 
solidations and exchange rate 
movements are taken into 
account Nine-month turnover, at 
F142.15hn, also showed a 6 per 
cent rise on a comparable basis. 

Mr Dudley Eustace, finance 
director, said Philips was facing 
average price pressure of around 
2 per cent across the group. 

Europe, which accounts for 
just over half of group turnover, 
generated fiat sales, with German 
subsidiaries, such as Grundig, 
the consumer electronics maker, 
and PKT, the telecommunications 
group, still feeing a reluctance by 
consumers to spend. 

By contrast. Asia, which 
accounts for 15 per cent of sales 
volume, was showing faster 
growth, allowing Philips to gen- 
erate higher profit margins. 

Despite Grundig's losses, con- 
sumer electronics moved into the 
black, posting an operating profit 
of FI 114m, against a loss of 
FI 93m. Overall, Philips’ group 
operating profit rose 48 per cent 
to FI 826m. thanks to a strong 
result in semi-conductors. 

Lex, Page 18 


Greyhound faces 
bankruptcy petition 


By Richard Tomkins in New York 

Greyhound lines the straggling 
US long-distance bus operator, 
was yesterday feeing financial 
collapse following a decision by 
some of its creditors to file an 
involuntary bankruptcy petition 
against the company. 

A group purporting to repre- 
sent 26 per cent of Greyhound's 
convertible debenture holders 
filed the petition late on Wednes- 
day after refusing to accept an 
out-of-court restructuring pro- 
posed by Greyhound's manage- 
ment. 

Greyhound now has 20 days to 
respond to the petition. The Dal- 
las court wiU weigh up the two 
parties 1 representations and 
decide whether or not to declare 
the company bankrupt 

Greyhound is the only nation- 
wide provider of bus services in 
the US, bat it has beat hit by a 


combination of low domestic air 
fares, high levels of car owner- 
ship, tough competition from 
regional operators, and manage- 
ment errors. 

The company entered chapter 
11 bankruptcy protection in June 
1990 and emerged as a reorgan- 
ised company in October 1991. 
After a brief period of profitabil- 
ity, it relapsed into heavy losses 
and in August it parted company 
with its chief executive, Mr 
Frank Scbmeider. 

Last month Greyhound 
announced plans for a financial 
re stru c turin g that would include 
a new $3 5m credit line, the con- 
version of some bonds into 
equity, and the sale of 10m new 
shares to existing shareholders. 
But holders of Greyhound's 
$ 98.9m worth of convertible 
debentures are demanding a big- 
ger equity stake than Greyhound 
is prepared to offer. 


Czech telecom bidders line up 


By Nicholas Denton In London 

Bell Atlantic of the US and. France Telecom 
have joined forces in the contest for the 
Czech Republic's state telecommunications 
company which could be eastern Europe's 
biggest privatisation. 

Initial bids for a 27 per cent stake in SPT 
Telecom - worth up to $lbn - are due in 
December. 

NM Rothschild, the UK merchant bank act- 
ing for France Telecom, claimed yesterday it 
had "the best client and consortium going 
forward”. But stiff competition will come 
from a grouping understood to include Kon- 
inklyke PTT Nederland (KPN) of the Nether- 
lands, AT&T of the US and Swiss Telecom. 

Two other contenders, Deutsche Telekom. 


the German national operator, and Ameri- 
tech, the regional Bell company, are consider- 
ing continuing the partnership which won 
last year's bidding for Matav, the Hunga ria n 
state telecommunications company. 

The US-French partnership starts from a 
strong position in that Bell Atlantic has an 
existing mobile phone operation in the Czech 
Republic and France Telecom has provided 
technical assistance to SPT. 

KPN’s privatisation earlier this year is an 
attribute but rivals doubt its readiness to 
enter a tough bidding war. 

Deutsche Telekom's bid may be hampered 
by its involvement in Hungary, where it 
promises to set up a regional communication 
hub, inhibiting its claims to do the same the 
Czech Republic. Moreover the Czech govern- 


ment is becoming sensitive about Gentian 
economic influence. 

As important as the composition of the 
consortia are the identities of their advisers 
and France Telecom have hired one of the 
most experienced specialists on telecommuni- 
cations privatisation in NM Rothschild. 

NM Rothschild was mandated by the Hun- 
garian government for the privatisation of 
Matav and was one of the most sought after 
advisers by bidders Tor SPT. 

It is believed that Goldman Sachs, the US 
investment bank, has built on a relationship 
with KPN established during its privatisation 
to work with the Dutch operator in its Czech 
effort. Ameritech is thought to have retained 
the other leading US advisory firm. Morgan 
Stanley. 


Andrew Jack and Michael Skapinker report on Euro Disney’s results 

Fears of closure haunt 
Paris amusement park 


E uro Disney, the operator of 
the Paris-based theme 
park, yesterday an- 
nounced full-year net losses of 
FFrl.Sbn (6351m), down from 
FFr5 33bn last tune, but said it 
had suffered a sharp fall in visi- 
tor numbers. 

Mr Philippe Bourguignon, 
chairman, said fears that the 
troubled park would be closed 
had resulted in large numbers of 
potential customers staying 
away. Visitor numbers fell 10 per 
cent to 8Rm in the year to Sep- 
tember 30. Mr Bourguignon said: 
“The best thing about 1994 is that 
it’s over.” The results are the 
first to be released since the com- 
pany announced a FFr13 bn 
restructuring with creditor banks 
in June. Mr Bourguignon 
remained confident that the park 
would break even by 1996. 

The losses were broadly in line 
with analysts' projections, and 
the shares rose FFr125 to dose in 
Paris at FFr815. 

Mr Bourguignon said the com- 
pany had still not decided 
whether to raise or cut prices 
over the next year. He admitted, 
however, that many French cus- 
tomers still regard the park as 
expensive and he raising prices 
would be difficult 
He said Euro Disney had 
achieved about FFrSOOm in cost 
savings in 1994. including 900 
redundancies. He warned, how- 
ever. that it was unlikely that 
similar cost-savings could be 
achieved in the current year. The 
company realised that cost cuts 
could not continue Indefinitely as 
quality would begin to suffer. 

About 2,000 of the park's 10,000 
employees are now on part-time 
contracts. The company is also 
recruiting staff who are prepared 
to work on shorter contracts, 
which would increase flexibility. 
Mr Bourguignon said. 

Euro Disney was launching a 
new advertising campaign, which 
would be slightly different in 
each of its large European mar- 
kets. A new FFr600m attraction. 
Space Mountain, is to open next 
June. Based on a book by Jules 


Simon London reports on the dearth of ‘big spaces’ 

Canary Wharf wins 
vote of confidence 
as climate alters 


*72 frequently happens that 
monumental buildings are 
planned near the top of Die budd- 
ing cycle, opened at a time when 
they cannot be filled, refinanced in 
the depression, and occupied dur- 
ing the upturn of the next build- 
ing cycle.” World Prices and the 
Building Industry, published 
1987. 


Morgan Stanley, the US invest- 
ment bask, has agreed to take an 
additional 350,000 sq ft of office 
space at Canary Wharf, the 
£L5bn ($2.4bn) development in 
London Docklands now owned by 
a consortium of banks. 

Sir Peter Levene, chairman and 
chief executive of Canary Wharf, 
also confirmed that Barclays de 
Zoete Wedd, the investment 
banking arm of Barclays Bank, is 
negotiating to take a further 

500.000 sq ft If this deal is signed, 
less than im sq ft of the 4.5m sq 
ft Canary Wharf complex will 
remain, unoccupied. 

Canary Wharf’s success in 
attracting tenants bears out the 
experience of previous property 
cycles, as the above quote makes 
dear. While the development 
bocan of the late 1980s left central 
London awash with surplus 
space, there is now an acute 
shortage of large, modem offices. 

Although there is an overhang 
of vacant space - up to 12m sqft 
including fringe areas of the (Sty 
of London - most unoccupied 
buildings are old or small- Tei- 
ants such as investment hanks 
which require open trading floors 
have few choices. 

According to Jones Lang Woot- 
ton, the surveyors, there are only 
three vacant floors of more than 

40.000 sq ft in the centre of the 
€fty of London and only one in 
the West End. Until yesterday, 
Canary Wharf could offer a 
choice of 18 vacant floors of this 
size. If negotiations with BZW 
are successful, these will all be 
occupied. Scarce supply is 
already reflected in rents. Sur- 
veyors Hflher Parker estimated 
that top City of London rents had 
risen, to £3£5Q a sq fit. from £30 at 
the start of toe year. 


City of London 

Vacant space (sqft m) 

□ Speculative construction* 
0 Secondhand 



199091 92 93 94 95 96 97 
* Sedudas space «p*e»d » toe P»-M prior 
to or Airing consoucten 
Source Jomb Lam Vtoottm 


While others dispute this fig- 
ure, tenants are being offered 
fewer incentives and there is lit- 
tle doubt that headline rents will 
soon rise. Against this back- 
ground, Canary Wharfs competi- 
tive position is improving. 

Hie terms of Morgan Stanley’s 
new lease have not been dis- 
closed, but agents said that rents 
of £20-25 per sq ft are usual at 
Canary Wharf, compared with 
£3685 in the core of the City of 
London. Rent-free periods are 
also longer than the one to two 
years now common in central dis- 
tricts. 

The drawbacks with Canary 
Wharf in the eyes of many poten 
trial tenants are location and 
infrastructure. Despite the new 
Llmehouse Link roadway, 
improved services on the Dock- 
lands Light Railway and the 
planned extension of London 
Underground's Jubilee Line, 
Canary Wharf is still one step 
away from the City of London. 

Barclays has shied away from 


moving all of BZW to Canary 
Wharf, opting to locate only the 
trading operations. Corporate 
finance, the equity markets oper- 
ation and some senior manage- 
ment are expected to relocate to 
Royal Mint Court, near the 
Tower of London. 

Sir Peter was not concerned 
whether or not Canary Wharf 
attracted head office staff. “It is 
my job to fill the place with good 
tenants. Beyond that, I don’t 
really care who comes here.” 

Since it came out of adminis- 
tration a year ago. Canary Wharf 
has been owned by a group of 11 
banks which financed the ambi- 
tious project for Olympia & York, 
the Canadian property developer. 
Yesterday’s announcements 
bring forward the time when 
they will be able to cash in their 
equity by either selling the com- 
pany or arranging a stock 
exchange flotation. 

The timing of such a move 
depends on Canary Wharf s prof- 
itability and the banks’ reading 
of the property cycle. 

Last year, Canary Wharfs 
administrators predicted that the 
company would cover its costs by 
1997/98. assuming that 80-90 per 
cent of the space was occupied. 
Sir Peter declined to comment 
yesterday, except to say that the 
company was covering its 
expenses before interest costs. 

If toe administrator’s forecast 
proves correct, the way could be 
open for a flotation within three 
years. Many forecasters also 
expect commercial property 
prices to peak in about three 
years time. The banks are doubt- 
less hoping to make a better job 
of judging the property cycle 
than the developers they backed 
at the last peak. 



Verne, the ride gives visitors the 
impression of being fired from a 
cannon. 

The company said it had cut 
queueing times by 45 per cent 
during the year through new 
attractions and the redesign of 
existing ones. 

Mr Bourguignon added that 
managers would be given greater 
incentives to raise profits 
through a programme to turn 150 
shops and restaurants into indi- 
vidual profit centres. Managers 
would be given greater autonomy 
in running these and would be 
rewarded for results. 


The group had net equity of 
about FFrSJbn and total borrow- 
ings of FFr15 .9 bn, down 23 per 
cent from last year. The one-off 
restructuring and related costs 
were FFr5 15m. and it has unused 
lines of credit worth FFrl.lhn. 

Hotel occupancy rates rose 
from 55 per cent last year to 60 
per cent which the company said 
was in line with the Fre n c h aver- 
age and reflected greater flexibil- 
ity in tariffs. However, expendi- 
ture per bedroom fell 14 per cent 
to FFr882. 

Euro Disney reported operating 
profits of FFr332m, against 


FFr391 m, before financing and 
depreciation charges. Operating 
costs fell 12 per cent to FFr2.96bn 
and management and administra- 
tion charges by 23 per cent to 
FFi854m. 

Revenues were down 15 per 
cent to FFr4.15bn, including 
FFr2Hbn from the park, FFrLfibn 
from hotels and FFr322m from 
other activities - mainly its cor- 
porate “partners" or sponsorship 
programme. About half the park 
income comes from entrance fees 
and the rest from car parking, 
food and merchandise. 

Lex, Page 18 



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While to help you on the road, there's 
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20 


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INTERNATIONAL COMPANIES AND FINANCE 


Stronger US ties spark 
73% profits gain at KLM 


Sharp rise in income seen 
by Winterthur Insurance 


By Ranald van de Krol 
in Amsterdam 

KLM Royal Dutch Airlines saw 
net profit soar by 73.5 per cent 
in the second quarter of 1994-95 
under the combined influence 
of cost-cutting and economic 
rec overy i n important markets. 

The quarterly net profit of 
FI 354m ($208m), which com- 
peres with FI 204m a year ear- 
lier, led to a near doubling of 
first-half net profit to FI 476m 
from FI 244m. 

Profit per share in the first 
half rose by a more modest 15 
per cent to FI 5.22, because of 
the 60 per cent expansion of 
KIM'S ordinary share capital 


By Karen Fossil in Oslo 

A sharp rise in domestic 
interest rates, which hit Nor- 
way's bonds and shares, were 
behind weaker nine-month 
results reported yesterday by 
Fokus Bank and Sparebanken 
Nor. 

The banks, however, 
recorded sharp declines in 
losses on loans and guarantees. 

Norway's banks are recover- 
ing from the sector's worst 
post-war crisis and this year 
have benefited from a strong 
domestic economy which has 
significantly improved the per- 
formance of loan portfolios. 

This week Den norske Bank 


Norsk Hydro 
lifts Njord stake 

By Karan Fossil 

Norsk Hydro, Norway’s biggest 
stock-listed company, is to 
increase its shareholding in 
the 200m-barrel North Sea 
Njord oil field to 30 per cent by 
buying Norsk Agip's stake in 
the field. 

Terms of the deal were not 
disclosed. 

Agip, which is restructuring 
it Norwegian oil field portfolio, 
put its 10 per cent Njord stake 
up Tor sale in the autumn. 

Hydro has operational 
responsibility for Njord and is 
planning its development 


KLM also attributed its 
strong performance to the fur- 
ther deepening of its partner- 
ship ties with Northwest Air- 
lines of the US, though 
Northwest's figures are no lon- 
ger included in the Dutch car- 
rier's profit and loss account 
Turnover rose by 62 per cent 
to FI 2.55bn, outstripping a 2.8 
per cent increase in operating 
costs to FI 2.17bn. 

KLM’s shares rose from 
FI 47 JO to FI 48 yesterday in 
response to the results. 

KLM has introduced a wage 
freeze for the calendar year 
1994, and the airline is also 
benefiting significantly from a 
pension premium “holiday" 
agreed with the company's 


and Christiania Rank, the two 
biggest commercial banks, 
reported strong interim figures 
and indicated they might pay 
dividends for 1994. The banks 
say loan losses will continue to 
decline and stabilise by next 
year at normal levels. 

In contrast, Fokus Bank. 
Norway's third biggest com- 
mercial bank, reported a dip in 
pre-tax profit to NKr244.3m 
($37. 5m) from NKr246.8m as 
net interest income fell by 
NKrtfim to NKr755xn. 

Non-interest income was 
almost halved to NKr233.3m 
from NTCr449.2m, reflecting 
securities losses of NKi3&2m. 
against gains of NKrll3m a 


By Andrew Jack m Paris 

Lower tax charges helped lift 
net income at Rh6ne- Poulenc, 
the French pharmaceuticals 
and chemicals group, in the 
first nine months. Group 
income rose 47.4 per cent to 
FFrl.l4bn ($222m). compared 
with the same period in 1983. 

The company yesterday said 
consolidated net sales 
improved 6.4 per cent to 
FFr63.4bn, reflecting growth in 
all sectors. The largest 
increases came in organic and 
inorganic intermediates, up 8 
per cent, and fibres and 


three pension funds in 1993. 

The productivity gains and 
strict cost controls enabled it 
to cut unit costs by 5 per cent 
Overall traffic, including pas- 
sengers, cargo and post rose 
by 9 per cent in the quarter, 
which covers the busy summer 
holiday months from July to 
September. Capacity rose by 6 
per cent enabling KLM to lift 
its load factor by L7 percent- 
age points to 77.1 per cent 
In passenger traffic, yields 
remained stable, in contrast to 
previous quarters when yields 
were under pressure. But cargo 
yields fell by 5 per cent 
KLM said the upward trend 
was expected to continue in 
the second half, provided the 


year earlier. Foreign currency 
gains fell by NKrll.6m to 
NKr35.2m. 

Losses on loans and guaran- 
tees declined dramatically to 
NKr66Jm from NKr251.1m, but 
operating profit before loan 
losses was cut by NKrl64.4m to 
NKi335.6m. 

Sparebanken Nor, Norway’s 
biggest savings bank, reported 
a steep fall in nine-month pre- 
tax profit to NKr487m from 
NKrl.G3bn. 

Net interest income dropped 
by NKr27m to NKr2 Jbn while 
non-interest income fell to 
NKrS39m from NKrl -56bn. 

The bank suffered securities 
losses of NKr282m, against 


polymers, up 17.8 per cent. 

It said operating Income 
would have increased 24.6 per 
cent if the results excluded 
provisions for restructuring 
expenses and non-recurring 
items. In the first half it 
announced FFT699m provisions 
in Rhdne-Poulenc Rorer, its US 
drugs unit. 

The income tax provision fell 
to FFr647m from FFrl.l6bn, 
while the charge for minority 
interests also fell sharply to 
FFr697m, compared with 
FFrl.06bn in the first nine 
months last year. 

The group said the reduction 


KLM 


Share- price (H) 
SB 



Jun 1994 Nov 
Source: FT QrapNie 


general economic climate con- 
tinues to improve. 

However, the pace of the 
Improvement will be slower 
than in the second half of 
last year, when losses 
narrowed sharply to FI 141m 
from FI 770m a year earlier. 
ELM'S financial year ends on 
March 31. 


gains of NKr717m, with bond 
losses of NKr324m. against 
gains oF NKr554m last year. 

Operating profit, before loan 
losses, plunged by more than 
half to NKr887m from nearly 
NKr2bn. 

On the bright side, loan 
losses were cut by 58 per cent 
to NKr401m from NKr944m and 
the bank achieved a strong 
third-quarter net profit of 
NKr224m, up sharply from 
NKr39m in the second quarter. 

MT Kiel! Kran, group manag- 
ing director, said the positive 
outlook for the remainder of 
the year and strong results so 
far meant the bank will be able 
pay a solid dividend for 1994. 


reflected the merger with Insti- 
tut Mcrrieux. and offset a 
decline in foreign exchange 
gains and capital gains on 
asset disposals which were 
much higher this year. 

Net income for the third 
quarter alone jumped sharply 
to FFr807m, compared with a 
loss of FFr299m last year while 
net sales rose 7.5 per cent to 
FFr21 bn. 

The company believed the 
Full-year outlook remained 
positive and predicted an 
increase in net income due to 
improve doperations and a cap- 
ital gain on the sale of assets. 


MoDo sells 
packaging 
unit to 
AssiDoman 

By Christopher Brown-Humee 
In Stockholm 

AssiDomkn plans to 
strengthen its position in 
European packaging papers by 
acquiring MoDo Packaging 
from MoDo, its fellow Swedish 
pulp and paper group, in a 
deal worth SKrl.2bn (S167m). 

The move increases Assi- 
DotnSn's market share in sack 
paper, expands its position in 
the important UK and German 
markets, and creates co-ordi- 
nation benefits. 

MoDo Packaging comprises 
a pulp and paper mill at Skar- 
blacka in Sweden and two 
sack companies in England 
(Papropack) and Germany 
(Herkules). The unit made a 
SKr36m operating profit on 
sales of SKrl.Olbn in the first 
half of 1994, compared with a 
SKrl6m profit and sales of 
SKr955m in the same 1993 
period. 

Mr Lennart Ahlgren, Assi- 
Dom&n president, said the pur- 
chase represented “a major 
step on the way to a position 
of leadership in Europe in 
packaging paper”. 

Mr Bengt Pettersson, MoDo 
chief executive, said the group 
was selling the smallest part 
of its paper business, and 
would make a modest capital 
gain on the transaction. “This 
will enable us to focus on fine 
papers, printing paper and car- 
ton-board,” be said. 

It clears the way for MoDo 
to approve a SKr2.1bn invest- 
ment in a new newsprint 
machine without having to 
fond the move through a 
rights issue. MoDo will give a 
final decision on the project 
later this month. 

The purchase will lift the 
annual sales of AssiDoman, 
which was partly privatised by 
the Swedish government ear- 
lier this year, by SKr2.1bn to 
about SKriSbn. This means it 
will overtake MoDo in size to 
become Sweden's third largest 
forestry group 

The purchase will increase 
AssiDomau’s share of the 
Enropean market for 
unbleached sack paper from 18 
per cent to 26 per cent and its 
share of the bleached sack 
paper market from 24 per cent 
I to 32 per cent. 


By Ian Rodger In Zurich 

Winterthur Insurance, the 
third largest Swiss insurance 
group, said Its gross premium 
income in the first half reached 
SFrlObn (S8.1bn). The group 
forecast a double digit rise in 
net income for the full year, 
from last year’s SFr324.4m. 

This is the first time the 
group, which last month 
agreed to acquire three insur- 
ance companies from Swiss 
Reinsurance for SFr355m. has 
published a detailed interim 
report No comparative figures 
were given. 


By Christopher Parities 
in Frankfurt 

Germany's MAN engineering 
group expects to increase its 
dividend for the 1994-95 finan- 
cial year as restructuring mea- 
sures pay off and profits 
improve sharply. 

Mr Klaus Gfitte, c hair man, 
said the payout for the year to 
the end of June 1995 would win 
“more applause” than last 
time's cut from DM8 JO to DM7 
following a drop in net profits 


By Tim Burt in London 

Boots, the UK ret ailing and 
pharmaceuticals group, has 
increased first-half profits by 
66 per cent following buoyant 
demand for branded drugs and 
a £47. 8m gain on the sale of 
Farleys baby foods. 

Pre-tax profits rose to 
£289. 7m $475.1m) from £1746m 
in the six months to September 
30, although last year’s figures 
were distorted by a £35m write- 
off on Manoplax, the group’s 
failed heart drug. 

Underlying profits rose 20.4 
per cent to £241 .8m as the 
group enjoyed increased sales 
of Synthroid. its thyroid defi- 
ciency treatment 

Shares in the company, how- 
ever, fell lOp to 519p after it 
warned that US demand for the 
drug was likely to fall in the 


Gross premiums from non- 
life business were SFrtjabn 
while claims amounted to 
SFr3E5bn and net expenses to 
SFrlJSbn. The group forecast 
tha t gross premium income 
would grow 9 per amt in the 
full year to SFriWbn, helped by 
a first-time consolidation of 
DBV Insurance of Germany. 

Net life premiums were 
SFi3.7bn and net benefits paid 
reached SFr2.06bn. 

Income from the group a 
SFr50.56bn in investments 
reached SFil^bn. 

Mr Peter SpSlti, chief execu- 
tive, said Winterthur had no 


from DM230m ($154m) to 
DM160m. 

Raming B would recover this 
year to between DM200m and 
DM300m, he said, while next 
year’s profits might match the 
record DM418m in the year to 
the end of June, 1992. 

The chairman forecast a 
clear profit from commercial 
vehicles this year, and said last 
time's DM250m loss at MAN 
Roland printing press subsid- 
iary would be at least halved. 

Reviewing business in the 


second half , while adding that 
UK consumer confidence 
remained fragile. 

Sluggish sales at Do It AU, 
the DIY subsidiary joint ven- 
ture with WH Smith and AG 
Stanley contributed to a mod- 
est 2.8 per cent increase in 
turnover to £2.04bn from 
£1.99bn- 

Losses by these businesses 
undermined strong growth at 
Boots The Chemist, the group's 
largest division, where profits 
rose 9 per cent to £L44J>m on 
sales ahead 5.1 per cent at 
£1^7bn. 

The interim dividend was 
increased from 4.9p to 5.35p. 
Earnings per share grew to 
20 .2p from lL5p, while underly- 
ing earnings rose 16.4 per cant 
to 15.6p from 13.4p. 

Lex, Page 18; Background, 
Page 26 


plans to raise new capital to 
help pay for Its recent acquisi- 
tions. 

• Swissair. the Swiss national 
airline group, said the impiov- 
ing business treod recorded In 
the first half -of the year 
continued in the:third quarter,' 
but it added, that the airline . 
was still being affected by 
lower prices and the high 
Swiss franc. 

Mr Hannes Goeti chairman, 
said about 70 per cent of the 
airline’s costs were in Swiss 
francs, but only a quarter of its 
revenues were in its home cur- 


first quarter, Mr Gfitte said 
sales rose 2 per cent to 
DM3.32bn. Domestic turnover 
was down 6 per cent, while for- 
eign sales were up 8 per cent 
However, incoming orders 
for buses, trucks, presses, plant 
and engineering products-: had - 
risen 25 per cent in the review 
period to DM4.7bn. Domestic 
orders were 21 per cent higher 
and foreign demand was up 28 
per cent; as a result the total 
value of orders on hand rose 9 
per cent to DM3fL5bn. 


buys Shoprite’s 
Scottish chain 

By Paid Taylor and 
Ned Buckley In London . 

Kwik Save is consolidating its 
position as the UK's leading 
discount grocer by purchasing 
all of Shoprite group’s 117 
stores in Scotland and north- 
ern England for £45.4m 
($74. 45m) in cash. 

Kwik Save - which yester- 
day antinimneri a 7.5 per cent 
rise in full-year pretax profits 
to £ 135.6m - will acquire assets 
with a book value in October 
1993 of £59-6m. 

The deal marks th e end of 
the rapid rise and foil of Sho- 
prite. which expanded from a 
supermarket, property and 
motor retailing group in the 
Isle of Man in 1990. 

I Lex, Page 18; Details. Page 25 


in early 1994. 

Sparebanken and Fokus Bank fall back 


Jump in Rhdne-Poulenc income 


rency. 

MAN expects to raise payout 


Buoyant demand lifts 
Boots 66% in first half 


Kwik Save 


Notice of Early Redemption 


Ireland 
U& $300,000,000 
Floating Rate Notes due June 1998 

Notice ta hereby given In accordance with Condition 6(B) ot the Notes that 
Ireland, acting through the National Treasury Management Agency, has 
elected to redeem an the outslarKfng Notes on December 16, 1994 (the 
■Redemption Date") at par, phis accrued Interest all as more fuffy provided In 
the Terms and Conditions applicable to the Notes and the related Paying 
Agency Agreement 

Payment of the Redemption Amount together with the Interest due, will be 
made on or aft art he Redemption Date against presentation and surrender of 
the Notes at the office of the Fiscal and Paying Agent or at any of the Paying 
Agents Isted beJow. Noies must be presented tor payment together whh all 
unmatured Coupons. Noma and Coupons wH become void unless presented 
for payment within periods ot 10 years and 5 years respectively from 
December 16, 1994 as defined in Condition Hof the Notes. 

PRINCIPAL RAYING AGENT 
The Chase Manhattan Bank, NA. 

WooLgaia House, Coleman Street. London EC2P 2HD 


PAYING AGENTS 


Chase Manhattan Bank 
Luxembourg SJl. 

5 rue Plaetts 

L-2338 Luxembourg Gnind 
Banque Bruxelles 
Lambert SA. 

24 Avenue Mamix 
B- 1050 Brussels 


Chase Manhattan Bank 
(Switzerland) 

63 Ruedu Rhdne 
CH- 1204 Geneva 
The Chase Manhattan 
Bank, NJL 

4 Chase Matrotech Center 
Brooklyn, New York, NY 11245 
(Payment of Principal only) 


By: The Chase Manhattan Bank, NJL 
London, Printipd Paying Aganl 

November 4, 1994 


CHASE 


FLEMING FLAGSHIP FUND 

gBdftfflr n aw mtm 
45 me do Scflta. L-3W BrnnU 
Grind Duchy of 1 iwni hw i s 
Bctfatre dr Com* r CT La xer ato u m-E No. BS47S 

Annual General Meeting 

NOTICE fa hereby given ta Sh rirtvAV-r, itl Ibe Aamai Gcneol Meeti n g of Renting R n git ii p Prod wfll 
bo bdd at (be officer of Haring Ffcnd MamgEmeB (Uneobowg) SLA. at Ac Barapon BMaaraa Cerate. 
ImmraHr K, HFf rate de Trtres, L-2SJ3 Scaatagerbcrg, Good Dock; of looing, « Wedoeadty 
16 Nmnber 1991 U 3 pm addi Ibe pupose atemidering and voting ibe fbSowiagagearfa: 

1. Sobmlwtoa of the Report of Ihc Bomdri Diteana and of Ihc Aadimo: 

2. Appnml of die Aral Repon for Ibe flnmcW par ended 30 hoe IW, 

3. DoebasD of Ifae Dnctnn hi icqiecl of their dutiea carried onl for ibe year ended 30 June IWU; 

trended 30 Jmr I9M; 

Meeting v*ffl require bo (pawn and wffl be nlea u 
owed. 

war si the mating may ifiptfalipnaytcitiMndaaKi vacantia 
of the Fuad. 



CLAL FINANCE NV 
US $ 20,000,000 

GUARANTEED FLOATING RATE NOTES 1995 

The interest rate applicable to the above notes in respect of the period 
commencing 30th September, 1994 wHl be 6.4375% per annum. 

Die interest amounting to US $162.73 per $ 5,000 principal amount 
and US $325.45 per $ 10,000 principal amount of the notes win be paid 
on the 31st March, 1995 against presentation of Coupon No. 14. 

BANK HAPGALIM B.M. 

Agent Bank 



Notice of Redemption 
Ta holders of 

£135,000,000 

Mortgage Backed Floating Rate Notes Due 2015 

of 

Exclusive Finance No.l PLC 

NOTICE IS HEREBY GIVEN that In accordance with the Conditions of 
the £135,000,000 Mortgage Backed Floating Rate Note due 2015 of 
Exclusive Finance No. I PLC (the “Notes’) issued on 5di September, 19«8 
by Exclusive Finance No.l PLC ("EFT*), all of the outstanding Notes will be 
redeemed in lull by EF1 on the Interest Fhymcnt Dan* falling on Monday 
5th December, 1994 at their Principal Amount Outstanding on that date 
together with interest accrued to the date of redemption. 

As the Notes have not been Issued In definitive form payment of principal 
and interest on the Ffciiea wifi be made in accordance with the terms of the 
Global Note. Payment will be made in pounds sterling, on the order of the 
Common Depositary as holder of the Global Note, by tra n sfe r to an 
account of the relevant Noteholders with Eurackar or Cede! in 
accordance with the rules and procedures for the rime being of EurrcFcbr 
or, as the case may be, CedeL 

Interest shall cease to accrue on the Notes from Monday 5th December, 
1994. 

By Older of the Baud 
duly authorised for and on behalf of Exclusive Finance Nod PLC 


□ Banker* Trust 
Company, London 
4th November. 1994 


AKZO NOBEL 


The Board of Management of Akzo Nobel N.V. -formerly 
Akzo N.V. -announces that on November 2, 1 994, the results 
for the third quarter 1994 were published. 

Copies of this report may be obtained from the London 
Paying Agents: 


Barclays Global Securities 
Services 
8 Angel Court 
Throeraorton Street 
London EC2R 7 HT 
and 

Midland Securities Service 
Paying Agency Section 
5th Floor 
Marine 1 House 
Pepys Street 
London EC3N 4DA 


or at the offices of 
Akzo Nobel N.V. 
Velpenweg76 
P.O. Box 9300 
6800 SB Arnhem 
the Netherlands 


Arnhem. November 3. 1 994 

Akzo Nobel N.V., 
the Netherlands 


DON'T OVERPAY 


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Roche Capital Corporation 

art indirect, wholly owned subsidiary 
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has acquired 

Syntex Corporation 

through a cash tender offer and merger 


J P. Morgan Securities Inc. assisted in the negotiations 
and acted as financial advisor to Roche Holding Ltd 


JPMorgan 


October 7994 


9 


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FINANCIAL TIMES FRIDAY NOVEMBER 4 1994 


21 


INTL COMPANIES 


News Corp’s 
•preferred shares 
trade at discount 


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^ >y ik Save 
l uvs Sh oprit(i 

>cottish 


By HDcfci Tart in Sydney 

The limited voting preferred 
shares issued by Mr Rupert 
Murdoch’s News Corporation 
began, trading on the Austra- 
lian Stock E x c han g e yesterday 
and developed a large discount 
to the ordinary shares. 

When trading opened, the 
preferred shares were priced at 
A$4-9G, wen below the A$5.70 
opening level for the ordinary 
shares. By the dose of busi- 
ness the new securities had 
made up some ground, finish- 
ing at A$5J4, compared with 
A$5AS for the ordinary shares. 

The new shares had been 
issued, by means of a scrip 
issue, to easting News Corpo- 
ration shareholders on a one- 
for-two basis. 

They have been the subject 
of much dehate, because of Mr 
Murdoch’s recent struggle to 
find a means of raising new 
capital for News Corporation 
without loading the group with 
new debt or further diluting 
his family's equity interest. 

Last year, Mr Murdoch 
attempted to issue a new class 


of shares with “super* voting 
rights, but the proposal was 
scotched by institutional oppo- 
sition. Last month. News said 
it was activating the preferred 
shares, as their potential issue 
had been approved by share- 
holders in 1990. No stock was 
issued at that stage. 

Provided investors can be 
found to buy the new shares, 
voting rights for which are 
extremely limited, capital to 
fund acquisitions can be raised 
through the issue of more pre- 
ferred stock without diluting 
the Murdoch family’s stake. 
However, the smaller the dis- 
count between the new shares 
and the ordinary shares, the 
more advantageous it is for 
News Corporation. 

The Australian Stock 
Exchange said it would only 
indude the preferred shares in 
the calculation of the Afl-Ordi- 
naries Index, the main stock 
market marker, on a long-term 
basis if they traded closely in 
fine with the ordinaries. It said 
it would include them for a 
three- month trial and then 
review the situation. 


Suckl *>' 'n Untfc, 

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1 ••• .1 "..rS 

: 

-c- S ;. M . 

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- ' A2E3 - 

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5 •• s t 

£:v 

•/ . . '.-ffy 

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* Brierley buys 26.5% 
of NZ media group 


Page o; r^uili. r$ 


f) 


By Terry HaB In Weffington 

Brierley Investments yesterday 
paid more than NZ$243m 
(OSSUOml for a 26.45 per cent 
shareholding in Wilson and 
Horton, publisher of New Zea- 
land's biggest circulation 
paper, the Auckland-based 
NOw Zealand Herald. 

Brierley, founded by New 
Zealand corporate predator Sir 
Ron Brierley, advised the stock 
exchange before trading began 
yesterday that it had bought a 
19.9 per cent stake overnight 
and was s tandin g in the mar- 
ket for a farther 5 per cart at 
NZ$9.50 a share. This was 
NZ$1.50 above the previous 
day's dose. The extra shares 
were bought within minutes. 
Subsequently, Brierley bought 
annthar apiaBw stake. 

Directors of Wilson and Hor- 
ton complained they had no 
prim notice of Brierley’s inten- 
tions. They reminded share- 
holders of the statement in the 
latest half-yearly profits report 
that the group was trading 
buoyantly, and benefits were 
expected soon from new 
presses and. printing technol- 
ogy. They said the offer price 
was weD below the $11.10 the 
shares reached in January. 

The flew Zealand Herald, 
which frequently produces 120- 
page edi tion*, has a circulation 
of 245,000, about three times 



Str Son Brierley: advised stack 
exchange about overnight raid 

larger than any other New Zea- 
land daily. 

WDsan and Horton also owns 
provincial newspapers and 
ma gazine s with strong sales. It 
has long been viewed as a take- 
over target, as it is the only 
newspaper group in Australia 
or New Zealand that does not 
have a shareholding by an 
international publishing group, 
and no leading shareholder. It 
has also been considered an 
under-perform8r. Brierley 
Investments has no other 
media interests. 

Wilson and Horton shares 
closed NZ$1.25 higher at 
NZ$9.50, and Brierley shares 
rose 2 cents to NZ$1 


African Oxygen rises 
8% to R136m for year 


By Mark Suzman 
hi Johannesburg 

African Oxygen, the South 
African engineering company 
with interests in gases, weld- 
ing and healthcare, hag 
reported an 8 per cent increase 
in after-tax profit to Rl36m 
($39m) for the year gndfag in 
September, np from B123m pre- 
viously: 

Turnover rose 19 per emit to 
RL44bn from Rl-2bn while 
trading profit jumped 15 per 
cent to R266m from R232m. 
However, net interest paid 
increased 37 per cent to R44£m 
from R32.7m, reflecting a rise 
in net borrowings to R385m 
from R228m which the grotto 
attributed to a more aggressive 
investment policy. 

Mr Royden Vice, executive 
chairman, said he thought the 
results were encouraging given 
the political and eco- 

nomic environment of the 


past year in South Africa. 

He said he was particularly 
pleased with the acquisition of 
the LPG cylinder business 
from Engen during the year, 
Which Peakes Afrox the leading 
distributor of Hquefied petro- 
leum gas in the southern 
Africa region. 

Of the group’s three main 
divisions, healthcare per- 
formed best and was strength- 
ened by the acquisition of 
three hospitals. Gases and 
welding had a more difficult 
time, but Mr Vice said both 
had picked up recently as a 
result of Afrox’s involvement 
in several domestic capital 
projects. 

Mr Vice said he was confi- 
dent that next year should see 
a marked improvement. “Pro- 
vided the economy grows and 
violence can effectively be 
stemmed, 1986 should reflect 
an improved performance in 
all three business areas.” 


*’- v 


pil.Pt.B-* 



Telecom NZ 
gains 16.7% 
at six months 

By Terry Ha& 

Telecom New Zealand, which 
is controlled by US companies 
Bell Atlantic and Ameritech, 
yesterday reported a 16.7 
per . cent increase In. ea rn ings 
to NZ$29&3m (US$18lin) for the 
first six months to September 
30. 

Operating revenue rose 12.1 
per cent to NZ$L37bn, includ- 
ing eanttogs of: NZ$65.4m from 
Pacific Star, its Australian 
sbbfldiary.- 

■Operating expenses fell 11 
per csritto NZ$797-5m and- 
interest costs were down 11 per 
cent to NZ$S8£m- , 

New phcaie connections rose 
47.B per cent; Staff ^numbers 
M by.ijMO to $200 during the 
period, in fine with forecasts. 


PNG mining 
group expects 
to tap Nena 

By Nikki Tait 

Mr Norm PnsseD, chairman of 
Highlands Gold, the Papua 
New Guinea-based mining 
company which is controlled 
hr Australia's MM Holdings, 
said yesterday that directors 
were increasingly confidant 
that a mine could be developed 
at Nena, the copper/gold pros- 
pect dose to the Frieda River 
in the West Sepik province, 
within four years. 

The resource, he said, was 
estimated to contain 1.2m 
ounces of gold and 1.2m 
tonnes of copper. 

. Highlands’ stake to It is 66 
per cent. Exploration expendi- 
ture this year is expected to 
rise to K15m (59.4m) more 
tfrgn treble last year’s level. 



(4) 


(5) 


( 6 ) 


(7) 

(8) 


Heron International Finance B.V. 

(the “Issuer”) 

Notice of separate meetings of 

the holders of the outstanding £205,639^69 
IVi per cent. Senior Bonds due 1995-1997 of the Issuer 
(the “Senior Bondholders” and the “Senior Bonds” respectively) 

and 

the holders of the outstanding £50*239,743 
10 per cent Junior Bonds due 2000 of the Issuer 
(the '“Junior Bondholders” and the “Junior Bonds” respectively) 

NOTICE IS HEREBY GIVEN 

1. lhaj a meeting of the Senior Bondholders con ven«i by ihc butcr will be held ai ihc offices of Allen & Ovcry, 9 Cheap^kic. London EC2V 6AD on Wednesday 30ih November. lWm ll.(Wa.m.{UMi<^linwriorihepuqxKco1'axisidcrifig 
and. if thought fit, passing the Extraordinary Resolution of Senior Bondholders sci out below. which will be proposed by the Issuer assn Extraordinary Resolution: and 

2. ihsu arnceiing of ihe Jur iocBondhoWcr. convened by the Issuer will be held ai ihc above venue an the same dale commencing at 11.01 aJTi. < London ihnc) (was soon thcrcafier as the mceling of Senior Bondbo! dm referred lo above shall 
have been concluded or adjourned) for the purpose or considering and. if thought f)L passing the Extraordinary Resolution of Junior Bondholders set out below, which will be proposed by the Issuer os an Extraordinary Resolution. 

Extraordinary Resolution of Senior Bondholders 

THAT this meeting of (he holders of the outstanding £205.639,069 7H per cent. Senior Bonds due 1995-1997 of Heron International Finance B.V. (the “Senior Bonds" and die “Issuer" respectively) constituted by the Trust Deed dated 24th 
September. 1993 (the "Trust Deed") made between ihc Issuer (1). Heron International N,V. (“Heron”) and various other Heron Head Office Division Companies (2) and Hie Law Debenture iWt Corporation juLc. (the “Thistcc'T as trustee for, 
inter alias, the holders of the Senior Bonds From lime to time (Uw “Senior BondboWro* , ><3>: 

(I) subject to and with cfTect from receipt by the Thistee and the Bants' Trustee (as defined in the Trust Deed) of certification in writing by HNV Acquisition Limited (“HNVA”) 10 the Trustee and the Banks' Trustee that the Common Share 

Offer fas defined and more particularly described in an Offers and Proposals Document published on or about 28ti> October. 1994. a copy of which h« been produced 10 this meeting and initialled by the chaimra/i hereof for the purposes of 
identification, (ihe “Offers ami Proposals Document*') amt including any revision of ihc Common Share Offer made in accordance with the Offers and Proposals Document) has become imeonditiona! in all respects (“Satisfaction of the 
Condition"), sanctions the Senior Bond Proposal (as defined and set out in the Offers and Proposals Document) tor ihc sale or exchange of the Senior Bonds to HNVA for cash or for ordinuy shares in HNVA (“HNVAOnlinaiy Shares") or 
partly for cash and partly for such HNVA Ordinary Shares, so that such sale ond/br exchange shall be effected by such sanction on the terms of the OfTcn and Proposals Document and all holders of such Senior Bonds shall thereby be 
bound by such sale andfcr exchange on such terms: 

(2| WKIions the modifications of and variations io ihc Trust Deed, any of the other Relevant Documents (as defined in the Trust Deed), the Senior Bonds and the interest coupons appertaining thereto (the “Coupons") referred to in. and the 

grant of Ihe rights, powers, authorities and discretions, conferred on (he Trustee by. the supplemental deed in Ihc form of the draff produced to this meeting and for the purposes of klairificaiion signed by the chairman hereof (the 
“Supplemental Deed") with such amendments thereto (if any] os the Trustee shall approve or require: 

(3) sanctions on the terms and io the extent art out in ihe draft of the Supplemental Deed produced to this meeting and for the purposes of identification signed by the chairman hereof: 

<0 the suspension of ihe obligations of dv Issuer under, m relation to or in respect of each Senior Bond and any Coupon appertaining to such Senior Bond, whether such obligations shall arise under the Trust Deed, any of ihe other 

Relevant Documents, such Senior Bund, any of such Coupons or otherwise: and 

(ii) the suspension or the rights exercisable under, in relation io or in respect of each Senior Bond and any Coupon appertaining to such Screw Bond by iheThisiee. ihe holder of such Senior Bond or ihc holder of any such Coupon, 

whether such rights shall arise under the Trust Deed, any of ihe other Relevant Documents, such Senior Bond, any or such Coupons or otherwise (including for the avoidance of doubt but without limitation under any guarantee or 
security given by any Head Office Signatory Company t as defined in the Trust Deed)); 

in each case with effect from the passing of this resolution t whether or not Satisfaction of the Condition shall have happened at dial time and notwithstanding that the Supplemental Deed is not in force) until either 
(a) the Common Share Offer has lapsed or the Senior Bond Proposal has terminated in accordance with the Offers and Proposals Document; or 

(&> setikment of the cons {deration for such Senior Bond has occurred in accordance with the Offers and Proposals Document and such Senior Bond and all Coupons and all talons appertaining thereto have been delivered to HNVA or. 

at HNVA s election, such Senior Bond has been credited to an uccounl held by Swiss Bank Corporation with Morgan Guaranty Trust Company or New York, Brussels office, as operator of the Euroclear system (“Euroclear") or 
with Cede!, social (5 anonyme t “Ccdcl"r. 

whereupon such rights under, in relation to or in respect of such Senior Bond and Coupon shall become immediately exercisable and such obligations under, in relation io or in respect of such Senior Bond and Coupon shall imrmdiately 
revive os if Ihe same shall never have been suspended: 

sanctionsevery abrogation, modification or arrangement in respect of the rights of the Trustee, the Senior Bondholders and the holders of the Coupons against the Head Office Signatory Companies whether such rights arise under the^ Trua 
Deed, any of ihe other Relevant Documents, tbc Senior Bonds or otherwise l including for the avoidance of doubt but without limitation under any guarantee or security given by any Head Office Signatory Company) as may be necessary 
or expedient to cany out or give effect to this resolution and sanctions the acceptance of ihe Common Share Offer by each Group Company (as defined in the Dust Deed); 

subject to and with effect from Sal is fan ion of the Condilion. authorises and instruct'. Euroclear and Ccdcl to deliver to HNVA or. at HNVa's election, to credit to an account held by Swiss Bank Corporation with each of Euroclear and 
Cede), all the Senior Bonds credited io accounts field with them against receipt of the cash consideration ( payable by HNVA) for and on behalf of. or upon written certification by HNVA to Euroclear and/or (Mel of despatch of share 
certificates in respect of HNVA Ordinary Shares lobe issued to or to the order of, those persons to whose accounts such Senior Bonds were credited immediately prior to such delivery or. as the case may be. crediting and who nre entitled to 
receive such consideration under the terms relating to the Senior Bond Proposal; 

subject to and with effect from Satis fact ion of the Condilion. sanctions the incurring, on terms agreed between Heron and Heron International PLC (“HIP"), of a borrowing by HIP from Heron for the purpose of enabling HIP to pay and. 
subject to and with effect from Satisfaction of the Condition, sanctions the payment by HIP of all the outstanding Deferred Standfast Fees tas defined in the Head Office Medium Term Restructuring Agreement, os itself ddined in the Trust 
Deed) and interest thereon, all as more particularly described in Pan I of the Offers and Proposals Document, and authorises any breach of the Trust Deed (including without limitation Clause l4(AKti) thereof), the conditions of the Senior 
Bonds and any of the other Relevant Documents which may be caused by such borrowing or payment: 

authorises ihe Trustee to concur in and execute and do all such deeds, instruments, acts and things as may be necessary or expedient to carry out and give effect to this resolution including without limitation the execution, as soon as 
practicable after the passing of this resolution, of the Supplemental Deed with such amendments (if any) thereto as the Trustee shall approve or require: 

subject to and with effect from Satisfaction of (he Condition, authorises the Issuer to procure the transfer to HNVA of all Senior Bonds in registered form (“Registered Senior Bonds") on the register afhokfcn of Registered Senior Bonds in 
accordance with (he Offers and Proposals Document notwithstanding the provisions concerning the transfer of Registered Senior Bonds contained in the Senior Bonds and the Trust Deed; 

(9) sanctions the Extraordinary Resolution of Junior Bondholders set out in the notice of meeting of Junior Bondholders dated 4 th November. 1994: and 

(10) resolves that any provision or paragraph of this resolution which is prohibited or unenforceable in any jurisdiction shall, as to such provision or paragraph and jurisdiction, be ineffective to the extern of such prohibition or unenforeeability 
without invalidating the remaining provisions or paragraphs of this resolution. 

Extraordinary Resolution of Junior Bondholders 

THAT this meeting of the holders of the outstanding £50.239.743 IO per cent. Junior Bonds due 20GOof Hema International Finance B.V. < tbc “Junior Bonds" and the “Issuer" respectively ) constituted by the Thtst Deed dated 24th September. 1993 
(Ihe “Trust Deed") made between the Issuer (I). Heron International N.V. (“Heron") and various other Heron Head Office Division Companies (2) and The Law Debenture Trust Corporation p.I.c. (the "Trustee") as trustee for, inter alios, the 
holders of Ihe Junior Bonds from lime to time (the “Junior Bondholders") <3>: 

(1) subject to and with effect from receipt by the Trustee and Ihc Banks' Trustee (us defined in the Trust Deed) of certification in writing by HNV Acquisition Limited (“HNVA") to the Trustee and the Banks' Dustcc tint the Common Share 
Offer (as defined and more particularly described in an Offers and Proposals Document published on or about 28th October. l994.acopy of which has been produced to this meeting and initialled by the chairman hereof for the purposes of 
identification, (the “Offers and Proposals Document") and including any revision of the Common Share Offer made in accordance with the Offers and Proposals Document) has become unconditional in ail respects (“Satisfaction of the 
Condition"), sanctions the Junior Bond Proposal (as defined and set out in the Offers and Proposals Document) for the sale or exchange of the Junior Bonds to HNVA for cash or for ordinary shares in HNVA (“HNVA Ordinary Shares") or 
partfy for cash and portly for such HNVA Ordinary Shares, so lhai such saic andfar exchange shall be effected by such sanction on the terms of the Offers and Proposals Document and all holders of such Junior Bonds shall thereby be bound 
by such safe and/or exchange on such terms: 

(2) sanctions the modifications of and variations to the Trust Deed, any of the other Relevant Documents (as defined in the Trust Deed), the Junior Bonds and die interest coupons appertaining thereto (die “Coupons") referred to in. and ihc 
gram of the rights, powers, authorities and discretions conferred on the Trustee by. the supplemental deed in the form of the draft produced to (his meeting and for the purposes of identification signed by the chairman hereof (the 
“Supplemental Deed”) with such amendments thereto (if any; as the Trustee shall approve or require: 

(3) sanctions on the terms and to the extent Sd out in the draft of the Supplemental Deed produced to this meeting and for the purposes of identification signed by the chairman hereof: 

(f) the suspension of the obligations of the Issuer under, in relation to or in respect of each Junior Bond and any Coupon appertaining to such Junior Bond, whether such obligations shall arise under Ihe Trust Deed, any of the other 
Relevant Documents, such Junior Bond, any of such Coupons or otherwise; and 

(ii) ihe suspension of the rights exercisable under, in relation to or in respect of each Junior Bond and any Coupon appertaining to such Junior Bond by the Trustee, the holder of such Junior Bond or the holder of any such Coupon, 
whether such rights shall arise under the Tnisi Deed, any of the other Relevant Documents, such Junior Bond, any of such Coupons or otherwise (including for the avoidance of doubt but without (imitation under any guarantee or 
security given by any Head Office Signatory Company (as defined in the Trust Deed)): 

io each case with effect from the passing of this resolution ( whether or not Satisfaction of the Condition shall have happened at that time and notwithsemding that the Supplemental Deed is not in force) until either: 

(a) the Common Share Offer has lapsed or die Junior Bond Proposal has term mated in accordance with ihc Offers and Proposals Document: or 

fb) settlement of the consideration for such Junior Bond has occurred in accordance with the Offers and Proposals Document and such Junior Bond and all Coupons and ail talons appertaining thereto have been delivered to HNVA or. 

at HNVAls election, such Junior Bond has been credited to an account held by Swiss Bank Corporation with Morgan Guaranty Trust Company of New York, Brussels office, as operator of the Euroclear system (“Euroclear") or 
with CrrtcL soctefe anonym c (“Cede!"): 

whereupon such rights under, in relation to or in respect of such Junior Bond and Coupon shall become immediately exercisable and such obligations under, in relation to or in respect of such Junior Bond and Coupon shall immediately 
revive as if the same shall never have been suspended: 

sanctions every abrogation, modification or arrangement in respect of the rights of ihcTmsux, the Junior Bondholders and the holders of the Coupons against the Head Office Signatory Companies whether such rights arise under the Trust 
Deed, any of die other Relevant Documents, the Junior Bonds or otherwise t including for the avoidance of doubt but without limitation underany guarantee or security given by any Head Office Signatory Company) as may be necessary or 
expedient to cany out or give effect to this resolution and sanctions the acceptance of the Common Shore Offer by each Group Company (as defined in the Trust Deed); 

subject to and with effect from Satisfaction of the Condition, authorises and instructs Euroclear and Cede! to deliver to HNVA or. at HNVA’s election, to credit u> an account held by Swiss Bank Corporation with each of Euroclear and 
Cede), all the Junior Bonds credited to accounts held with them against receipt of the cash consideration (payable by HNVA) for and on behalf of. or upon written certification by HNVA to Euroclear and/or Cedel of despatch of share 
certificates in respect of HNVA Ordinary Shares to be issued to or to the order of, those persons to whose accounts such Junior Bonds were credited immediately prior io such delivery or. as the case may be. crediting and who arc entitled to 
receive such consideration under the terms relating to the Junior Bond Proposal, 

subject to and with effect from Satisfaction of the Condition, sanctions the incurring, on terms agreed between Heron and Heron International PLC CHIP"), of a borrowing by HIP from Heron for the purpose of enabling HIP to pay and. 
subject to and with effect from Satisfaction of the Condition, sanctions the payment by HIPof all the outstanding Deferred Standfast Fees tas defined in Ihc Head Office Medium Term Restructuring Agreement, as itself defined in Ihe Trust 
Deed) and interest thereon, all as more particularly described in Part l or the Offers and Proposals Document, and authorises any breach of the Trust Deed (including without limitation Clause i44.AH.ii) thereof), the conditions of the Junior 
Bonds and any of the other Relevant Documents which may be caused by such borrowing or payment: 

authorises die Trustee to concur in and execute and do all such deeds, instruments, acts and things as may be necessary or expedient to carry out and give effect to this resolution including without limiiaiion the execution, as soon as 
practicable after the passing of this resolution, of the Supplemental Deed with such amendments (if any) thereto a* the Trustee shall approve or require: 

subject to and with effect from Satisfaction of the Condition, authorises the Issuer to precure the transfer to HNVA of all Junior Bonds in registered form (“Registered Junior Bonds") on the register of holders of Registered Junior Bonds in 
accordance with the Offers and Proposals Document notwithstanding the provisions concerning the transferor Registered Junior Bonds contained in the Junior Bonds and the Trust Deed; 
sanctions the Extraordinary Resolution of Senior Bondholders set out in the notice of meeting of Senior Bondholders dated 4th November. 1994; and 

resolves that any provision or paragraph of this resolution which is prohibited or unenforceable in any jurisdiction shall, as to such provision or paragraph and jurisdiction, be ineffective to the extent of sudt prohibition or iincnforeeabiliry 
without invalidating die remaining provisions or paragraphs of this rcvrlul ion. . 

Further Details 

Details of the background to the above Extraordinary Resolutions are contained in the Offers and Proposuls Document. The Offers and Proposals Document set* out and more particularly describes the Senior Bond Proposal and the Junior Bond 
Proposal (together the “Bond Proposals"!. Copies of the Offers and Proposals Document ate available for collection at the specified offices of the Paying Agents set out below (“Paying Agents"). 

Bondholders wishing to elect to receive the consideration under the Bond Proposals in the form of HNVA Ordinary Share* must complete a form of election {'‘Form of Election”). Bondholders holding Bonds through Euroclear or Cedel should 
contact the custodian through whom their Bonds are held for derail* of the action to be taken to elect to receive such shares. Bondholders holding Bonds outside Euroclear and Cedel should complete a Form of Election obtainable from any Paying 
Agent and deposit the completed Form of Election, together with their Bonds, with any Paying Agent. Details of the closing daiets) of the period! s) for election are set out in Ihe Ofleis and Proposals Document Bondholders wishing to receive the 
consideration under the Bond Proposals in the form of cash need not make any election. Bondholders holding Bonds through Euroclear or Cedel should contact the custodian through whom their Bonds are held for details of how settlement of the 
cash consideration will be effected if the Bond Proposals become unconditional Bondholder* holding Bonds outside Euroclear and Cedel may depisit their Bonds at the specified office of any Paying Agent for the purpose of obtaining the cash 
consideration if the Bond Proposals become unconditional. 

Copies of the Trust Deed (including the terms and conditions of the Senior Bonds and the Junior Bonds i and of certain other relevant documents are available for inspection by the Senior Bondholders and the Junior Bondholders at the specified 
offices of the Paying Agents. 

The attention of Senior Bondholders and Junior Bondholders is in particular drawn to the quorum required for the meetings and fur adjourned meetings, which is set out in paragraph 2 of “Voting and Quorum" below, 
fn accordance with normal practice, the Trustee expresses no opinion on the merits of the Extraordinary Resolution* or of (he Offers (as defined in (he Offers and Proposals Document) bm has authorised it to be stated that, on (he basis of the 
information set out herein and in the Offers and Proposals Document tin respect of which information t including but without limitation information concerning the estimated funds available in the event of insolvency proceedings tas defined in 
Part 7 of the Offers and Proposals Document )> the Trustee has not carried out any independent verification and responsibility for which is accepted by the directors of Heron, the Issuer or. as the case may be, HNVA as set out in tbc Offers and 
Proposals Document), it has no objection to the respective Extraordinary Resolutions being submitted to the Senior Bondholders and the Junior Bondholders for their consideration. 

Voting and Quorum 

1. (o) Bearer Senior Bonds, Bearer Junior Bonds and Old Bonds 

A holder of one or more Senior Bonds or Junior Bonds in bearer form (“Bearer Bonds” i wishing to attend and vote at the relevant meeting in person must produce at such meeting either the Bearer Bondfs), or a valid voting certificate or 
valid voting certificates issued by a Paying Agent relative to the Bearer Bondi * >. in respect of which he wishes to vote. 

A holder of one or more Bearer Bonds not wishing to attend and vote at the relevant meeting in person may either deliver hi* Bearer Bortdui or voting certificaie(s) to the person whom he wishes to attend on his behalf or give a voting 
instruction through Euroclear or Cedel or on a voting instruction form obtainable from the specified offices of the Paying .Agents instructing a Paying Agent to appoint a proxy to attend and vote ai such meeting (or. if applicable, any 
adjourned such meeting) in accordance with his instructions. 

Bearer Bonds may be deposited with any Paying Agent or no the satisfaction of such Paying Agent) held to its order or under its control (which shall include being blocked in a securities account at Euroclear ar Cedel I until the time being 
48 hours (as defined in the Dust Deed) before the time appointed for holding the relevant meeting, but not thereafter, for the purpose of obtaining voting certificates or appointing proxies or giving voting instructions in respect of the 
relevant meeting. Any Bearer Bondi s> so deposited or held will he released at the conclusion of the relevant meeting (or. if applicable, any adjourned such meeting) or upon surrender of the voting certificated) or. not less than 48 hours (as 
defined in the Trust Deed) Wore the time for which the relevant meeting (or. if appl icaWe. any adjourned such meeting) is convened and subject as provided in the TVusi Deed, the voting instruction receipt)*! issued in respect thereof. 
General Creditors whose Scheme Claims were treated as Admitted Liabilities on the Implementation Date laseach of those terms is defined in the schemes of arrangement which were implemented on 24th September. 1993 land holders of 
bonds issued by the Issuer prior to 24th September. 1993 who ha vc not yet received Senior Bonds und Junior Bonds in exchange lor the tr claims or holdings may be entitled to attend and vole or be represented at the above meetings and take 
the benefit of the Bond Proposals. Such persons should contact Swiss Bank Corporal ion. London, by means ol a fax marked “Heron Bond Proposals" on fax number (44) 71 7U 4082. 

(b) Registered Senior Bonds and Registered Junior Bonds 

A bolder of one or more Registered Senior Bonds or Registered Junior Bonds i together “Registered Bonds") wishing io attend and vole at the relevant meeting in person may do so whether or not he produces to the chairman of such 
meeting the Registered Bondfs) of which he is the registered holder. 

A holder of Registered Bonds not wishing to attend and vote at the relevant meeting in person may by a form of proxy in English (obtainable from the specified offices of the Paying Agents) signed by the holder or, in the case of a 
corporation, "x-r v'- d under its common seal or signed on its behalf by an attorney or a duly authorised officer of the corporation, appoint any person as a proxy to act on his or its behalf in connection with such meeting (or. if applicable, 
any adjourned such meeting). To be valid, a form of proxy musi be delivered io the specified office of the Registrar or any of the Transfer Agents i being also the Paying Agents) not less than 48 hours (as defined in the Trust Deed) before the 
time appointed for holding the relevant meeting 

Any holder of Registered Bonds which is a corporation may hv resolution of its directors or other governing body authorise any person to act as its representative (hereinafter called a “representative") in connection with the relevant 
meeting (or. if applicable, any adjourned such meeting!. 

2. TbC quorum required at the meetina of Senior Bondholcters and ut the meeting of Junior Bondholders is in each case two or more persons present holding Senior Bonds or Junior Bonds, as the case may be, or voting certificates or being 
proxies or representatives and holding or representing in the aggregate not less than a clear majority of the principal amount of the Senior Bonds or the Junior Bonds, as the case may be. for the time being outstanding. If a quotum is not 
preeni at the relevant meeting, the mquorate meeting will be adjourned and the Extraordinary Resolution intended to he put to the inquoratc meeting will l* considered at an adjourned meeting (notice of which will be given to the Senior 
Bondholders or Junior Bondholders, as the case may bet. The quorum ai such an adjourned meeting will be two or more persons present holding Senior Bonds or Junior Bonds, as the case may be. or voting certificates or being proxies or 
representatives, whatever the principal amount of the Senior Bonds or Junior Bonds, as the case may be. so held or represented by them. 

\ Every question submitted to the relevant meeting will be decided on a show of hands unless a poll is demanded by the chairman of the relevant meeting or by Ihe Issuer or the Trustee or by any person present holding a Senior Bond or a 
Junior Bond, as the case may be, ora voting certificate or being u proxy or tcpmcnuihe. whatever ihc principal amount of ihe Senior Bonds or Junior Bonds, as ibe case may be. so held or represented by him. On a show of hands every 
person who is present in person and produces a Bearer Senior Bond or Bearer Junior Bond (as appropriate) or voting certificate or is a holder of Registered Senior Bond.'; or Registered Junior Bonds (as appropriate; or is a proxy or 
representative shall Save one vote. On a poll every person who is so present shall have one vole in respect or each £1 in nominal amount of the Senior Bonds or Junior Bonds, as the case may be. so produced or represented by the voting 
certificate SO produced or in respect of which he it> the holder or a prosy or reprcsenial ive. 

4 To be an Extraordinary Resolution or either the Senior Bondholders or ihc Junior Bondholders requires a majority in favour consisting of not less than three- fourths of the votes cast. I f passed, an Extraordinary Resolution of either 

tteSotforBoodholden or theJunior Bondholders will be binding upon all the Senior Bondholders or Junior Bondholders, as the case may be. wheJlierwnai present at the relevant meeting and whether or not voting, and upon all holders Of 

Coupons appertaining to the Bearer Bonds. 


(4) 


(5) 


(6) 


(7) 

(8) 

(9) 

(Kft 


By cider of the Board of Directors 
of Heron international Finance B.V. 


Reg is tered Office 

Hocfcenrode 6-8 1102 BT AmstenJam. The Netherlands 
Dated.* 4fh November, 1994 


Other Paying Agents 

Chase Manhjttan Bank Luxembourg S.A Banquc Bruxelles Lambert S.A- Chase Manhattan Bank (Switzerland) 

5 Rue Pla« is 24 avenue Mamix 63, rue du RhOnc 

L-2338 1 .uxembourp Grand B- 1 050 Broxello CH- 1 203 Geneva 


Deutsche Bank AG 
Taurusanlage 12 
D-60325 Frankfurt am Main 


Principal Paying Agent 
The Chase Manhattan Bank. N-A. 

Woo! gate House 
Coleman Street 
London EC2P2HD 

THIS NOTirF IS IMPORTANT IF SENIOR BONDHOLDERS OR JUNIOR BONDHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE IN RESPECT OF ANY ASPECT 
OF THE! OT-RAO^VARY ^ RKOLimONS THEY SHOULD CONSULT THEIR STOCKBROKER. SOLICITOR. ACCOUNTANT OR OTHER PROFESSIONAL ADVISER WITHOUT DELAY. 


FINANCIAL TIM£S 


FRIDAY NOVEMBER 4,1994 


INTERNATIONAL COMPANIES AND FINANCE 


America West Airlines 


little changed at $33.9m 


By Richard Tomkins 
fn New York 


America West Airlines, the US 
airline that emerged from 
chapter 11 bankruptcy 
protection in August, yester- 
day said it made operating 
profits of $33 in the third 
quarter to September, little 
changed from the $33m it made 
in the same period last 
year. 

However, the company said 
It had been been constrained 
by the bankruptcy process 
from expanding Its fleet 
of 85 aircraft during both 
periods, and the latest quarter 
had included $5.1m of operat- 
ing expense adjustments relat- 


ing mainly to additional 
reserves for bad debts and 
inventories. 

Figures for net income were 
not comparable with the pre- 
vious period’s $14.4m because 
fresh start reporting was 
adopted when America West 
emerged from bankruptcy on 
August 25. Prom July 1 to 
August 25 it made 819.1m, and 
from August 26 to September 
30 - described by the airline as 
a seasonally weak period - it 
made 81.2m. 

Mr A. Maurice Myers, chief 
operating officer, said America 
West had increased capacity by 
about 7 per cent year-on-year 
by making more efficient use 
of its aircraft The extra seat 


capacity had been filled, 
keeping the average load 
factor at 69.5 per cent 
Mr Myers said America West 
planned to consolidate its posi- 
tion in existing markets by 
increasing frequencies and by 
expanding cautiously where 
opportunities arose - as in its 
recent decision to initiate ser- 
vices to Mazatlan and Los 
Cabos in western Mexico. 

He said America West would 
differentiate itself from other 
earners by offering full service 
to passengers at low cast 
The company has one of the 
lowest cost bases in the US air- 
line Industry, with operating 
costs per available seat mile of 
6J& cents. 


Bristol-Myers buys Merck unit 


By Richard Waters 
ki New York 


Bristol-Myers Squibb said it 
had agreed to pay rival US 
pharmaceuticals group Merck 
$26L5m to acquire its Calgon 
Vestal Laboratories division, a 
maker of skin care and infec- 
tion control products. 

The sale of the company, 
which employs 700 people and 
had revenues last year of 
9105m, is part of a previously 
announced move by Merck to. 
shed businesses outside its 


core human and animal health 
divisions. Merck said yesterday 
it expected to pick a buyer for 
Kelco, a second division which 
is for sale, by the end of the 
year. 

Kelco is a maker of alginates 
and biogums, materials which 
are used as stabilisers in food 
and other products. In 1993, it 
had sales of 8295m and 1,300 
employees. 

Bristol-Myers said it would 
merge Calgon with its own 
ConvaTec division, which 
makes medical devices for 


Conseco reduces Kemper offer 


By Ftichard Waters 


The Cate of Kemper, the US 
financial services group, was 
thrown into doubt as Conseco, 
the Indiana-based insurer, 
reduced the value of its bid for 
the company. 

The move could open the 
way for a renewed takeover 
approach from GE Capital, the 
financial services arm of Gen- 
eral Electric, or another buyer. 

The lower offer, which val- 
ues Kemper at 82.4m, has been 
made because the original offer 
probably would not win the 
support of Conseco 's share- 
holders, said Mr Stephen Hil- 


bert, Conseco's chairman and 
chief executive. 

Many shareholders are 
believed to be unhappy that a 
fall in Conseco's share price 
since June, when the original 
offer was made, would leave 
Kemper shareholders with a 
far bigger proportion of the 
enlarged group once the deal 
was completed. 

The revised offer valued 
Kemper at $60 a share, $5 a 
share less than the earlier bid. 

GE Capital's offer or $60 a 
share in cash for Kemper in 
May was rejected by Kemper’s 
board as inadequate. The deci- 
sion to spurn that bid means it 


will be difficult for Kemper’s 
directors to accept Conseco's 
lower offer without facing law- 
suits from shareholders. 

Conseco said it had proposed 
the new offer to Kemper, but 
that Its initial offer remained 
in effect 

The cash portion in Conse- 
co's revised bid is unchanged, 
at $56 a share. But Kemper 
shareholders will now be 
offered fewer Conseco shares. 
Under the new bid. Kemper 
shareholders would receive 
0.1087 of a Conseco share, in 
addition to the cash. leaving 
them with about 17 per cent of 
the enlarged group. 


Heron International N.V. 


Notice of Annual General Meeting of Shareholders 


NOTICE IS HEREBY GIVEN that the Annual General Meeting of shareholders of Heron International N.V. 
(the “Company") will be held at 10 tun. (Curasao time) on 28th November. 1994 al (he offices of S meets 
Thesseling A Van Bokhora. Julionaplein 5. Curasao, Netherlands Antilles (o consider, and if thought fit, pass 
the following resolutions of the Company. 

L That the report by the board of directors on the course of business during the preceding financial year 
produced to the meeting and initialled by die Chairman for the purposes of identification be and is hereby 
received and approved. 

2. Thai the financial siaiemcnts of ihc Company for the period ending 3 1st March. 1994 consisting of the balance 
sheet as at 31st March. 1994 and the profit and loss account for the period ended 31st March, 1994 produced to 
ihe meeting and initialled by the Chairman for ihc purposes of identification, be and they arc hereby adopted. 

3. That subject lo the offer (the “Common Share Offer”) made by or on behalf of HNV Acquisition Limited m 
the Offers and Proposals Document dated 23th October, 1994 produced to the meeting and initialled by the 
Chairman for the purposes of identification (the “Offers and Proposals Document") to acquire all the 
common shares of 25 p each in die capital of the Company (the “Common Shares") becoming uncondJtiooaJ 
in all respects: 

(a) the Ankles of Association or the Company be amended and fully resulted in accordance with the draft 
drawn up by Smeets Thesseling & Van Bokhorst and produced lo ihe Meeting lthe“Firsl Amendment") 
provided that if. on die business day following the last day on which the Common Share Offer may be 
terminated in accordance with its terms ihe Common Share Offer has nor been terminated, tbc Articles 
or Association or the Company shall immediately be lunhcr amended in accordance with the draft 
drawn up by Smeeu Thesseling & Van Bokhorst and produced 10 the Meeting (the “Second 
Amendment") and further provided (hat if the Common Share Offer is terminated, the Articles of 
Association of the Company shall immediately be further amended and fully restated in accordance 
with the draft drawn up by Smeets Thesseling A Van Bokhorst and produced to the Meeting (the “Third 
Amendment"); and 

fb) any lawyer of Smeets Thesseling & Van Bokhorst be authorised to execute a notarial deed recording tire 
Fust Amendment and either the Second Amendment or the Third Amendment, as the case may be, and 
to request the approval of ihe Minister of Justice of the Netherlands Antilles and to make such changes 
to the First Amendment and to either ihe Second Amendment or the Third Amendment, as die case may 
be. as the Minister of Justice may require. 

4. That, subject lo the Common Share Offer beaming unconditional hi all respects, Sreven 1 Green be elected 
as a director of the Company. 

3. Thai, subject to the Common Share Offer becoming unconditional in all respects. Steven B. Fink be elected as 

a director of the Company 

6. That, subject to the Common Share Offer becoming unconditional in all respects. David Mahoney be elccied 
as a director of the Company. 

7. That, subject lo Ihe Common Share Offer becoming unconditional in all respects. Joseph J. Dempsey, Jr. be 
dccted as a director of the Company. 

8. That, subject to the Common Share Offer becoming unconditional in all respects, the resignation of Lord 
Boardman as a director of the Company be accepted, such resignation to take effect on or before the dale on 
which the considers lion due under the Bond Proposals (as defined and set out in the Offers and Proposals 
Document) and the Common Shore Offer is first sealed 

9. That, subject to tbe Common Share Offer becoming unconditional in all respects, the resignation or Charles 
O. J. Leaning b& a director of the Company be accepted, such resignation to take effect on or before the date 
on which tire consideration due under the Bond Proposals and the Common Share Offer is first settled. 

10. That, subject to the Common Share Offer becoming unconditional in all respects, the resignation of Lionel J. 
Ross as a director of tire Company be accepted, such resignation to take effect on or before the dare on which 
the consideration due under the Bond Proposals and tire Common Share Offer is first settled 

Copies of the financial statements, the Amendments and the agenda of the meeting are available for inspection at 
the offices of the Company at 18 Kaya W.F.G. (Jombi) Mens mg. Curasao. Netherlands Antilles, at the offices of the 
Registrar, Chase Manhattan Bank Luxembourg SA. at S Rue Ploetis. L-2338 Luxembourg Grand and at Heron 
House. 19 Marylebone Road London NW1 SH- 
AH holders ofCommon Shares ore entitled lo attend speak and vote at the meeting. Holders of Common Shares ore 
entitled to one vote per share. 

A person entitled to attend, speak or voce at the meeting may appoint one or more proxies to da so on his behalf. A 
proxy need not be a shareholder of Ihe Company. Proxies must be filed with the Company or al the offices of the 
Registrar at least 48 hours prim- to the meeting Completion and return of the form of proxy does not preclude a 
shareholder from exercising his rights to attend speak and vote at the meeting 
By aider of ihe Board 
4th November, 1994 


All the Common Shares issued pursuant to the schemes of arrangement in relation u> the Company and certain of its 
subsidiaries (“the Schemes") which wax: implemented on 24th September. 1993. are currently held in the form of 
temporary global bearer shares. This note sets out the action a person entitled lo Common Shares currently held in 
temporary global beater form should take in order to direct the holder of the relevant temporary global bearer share 
howto vote in respect of his entitlement: 

I A) if you hold your entitlement to Common Shares through Eurocleor or Cedel teach “a Custodian") and you do 
not come within paragraphs (B) orfO below you should give voting instructions through Eurockar or Cedel; 
(B) if you present or hove presented bonds issued by Heron International Finance B.V. prior to 24th September. 
1993 (“Old Bonds") to a paying agent in respect or the isxurts) which you hold ("Former Paying Agent”) you 
may give your voting instruct ims in respect of your erti dement to Common Shares to tinu Former faying 
Agent who should pass voting instructions to ihe principal paying agent in respect of such entitlements » 
Common Shares; and 

(Q if you were a General Creditor with on Admitted Liability on the Implementation Date (as each of those toms 
is defined in the Schancsjotha than in your capacity as a Bondholder and you hove neither given instructions 
for your entitlement to Common Shares lobe credited to a securities account nor sold your entitlement to 
such Common Shares you should give your voting instructions in respect of your entitlement to Common 
Shares to UBS Limited, lOO Liverpool Street, London EC2M 2RH. reference DSET/SIL on fax number 
(44)71901)908. 


Feeding frenzy among Italian banks 

The recent spate of bids and mergers was not unexpected, says Andrew HiD £ 

M . . . — rose sharply ahead of the 

r Lamberto Dini, Credit is seeking a majority ww Italian BANKING SECTOR COULD CHANGE Credit offer. 

Italy's treasury min- stake In the Bologna-based ^ ™ • ~ In the longer term, sceptical 

ister. came straight Gtuddo Bancario Credito Rom- — l ^ es * • nhodVHK irtflnttfff WlB haiul 

Asset* Gnwoperatinp Brancnw 


colostomy patients, as well as 
materials for the care of 
wounds. 

Calgon's products would 
complement those of Conva- 
Tec, Bristol-Myers said. The 
two companies' products would 
benefit from tbe wider distribu- 
tion and sales networks tbe 
transaction would create. Con- 
vaTec would bring Calgon 
stronger inte rnational distribu- 
tion while Calgon would give 
ConvaTec greater access to tbe 
US nursing home and home- 
care markets. 



M r Lamberto Dini. 
Italy's treasury min- 
ister, came straight 
to the point yesterday, when 
asked to comment on the spate 
of bids and mergers announced 
by Italian banks in the last 
week 

“It's desirable that the exces- 
sive fragmentation of the Ital- 
ian banking system should be 
reduced,” be said. 

If anything, this is an under- 
statement Forbidden to tres- 
pass on other banks 1 territory 
until recently, Italy managed 
to arrive in the 1990s with 
more than i,ooo different 
banks, at least one for each 
fair-sized town. 

In terms of size, if the Japa- 
nese are the whales of the 
world's banking sector - 
accounting for ll out of the 
biggest 20 in the world rank- 
ings prepared by The Banker 
magazine - then the Italians 
are the plankton, with the 
important qualification that 
Italy's banks have so far 
proved unattractive to their 
larger foreign counterparts. 

Within the Italian banking 
system, however, a small feed- 
ing frenzy has begun. The 
manoeuvres of the last week 
were not unexpected, and nor 
was the fact that the main bids 
came from the two recently 
privatised banks, Credito I tali- 
ano (Credit) and Banca Com- 
merciale Italiana (BCD, both 
based in Milan. Both banks 
bad raised cash for acquisi- 
tions through rights issues ear- 
lier in the year. 


Credit is seeking a majority 
stake in the Bologna-based 
Gruppo Bancario Credito Rom- 
agnolo (Rolo), for which it is 
prepared to pay L19.000 a 
share, or more than L2,000bn 
f$1.3bn). 

Two days ago - exactly a 
week after news of the Credit 
offer leaked out - BCI decided 
to make a similar approach to 
shareholders in Banco Ambros- 
iano Veneto (Ambroveneto), 
with an offer of L7.000 a share, 
for an initial stake of between 
15 and 29 per cent. This would 
then be followed up by a full 
bid ou the same terms, in the 
hope of acquiring Just over 50 
per cent of Ambroveneto at a 
cost of nearly Ll,750bn. 

Ambroveneto has so far 
refrained from comment about 
the BCI bid, but Credit's offer 
for Rolo - less generous, 
according to analysts - has 
begun what could turn into a 
hard-fought bid battle. 


Acquisitions help TBS 
to lift operating profits 


By Patrick Harverson 
fai New York 


Turner Broadcasting System 
yesterday reported a 46 per 
cent improvement in third- 
quarter operating profits, to 
888m, on revenues of 8739m. up 
from $50Im a year ago, in the 
wake of strong contributions 
from recently-acquired units, 
including the New Line Cin- 
ema and Castle Rock movie 
production companies. 

TBS, however, reported a net 
loss of 85m for the period due 
to several extraordinary items, 
including accounting changes 
and a charge to cover the 
retirement of debt 

Mr Ted Turner, chairman of 
TBS, singled out the perfor- 
mance of the group's New line 
Cinema unit, which produced 
the hit film Mask, TBS's first 
film to gross 8100m in box 
office revenues. Of the $234m 


Horsham lifted by gain 
from Barrick share deal 


By Bernard Simon in Toronto 


Third-quarter earnings at 
Horsham, the Canadian invest- 
ment holding company, con- 
trolled by Mr Peter Musk, were 
lifted by a large one-time 
accounting gain stemming 
from an issue of shares by 
American Barrick, the gold 
producer controlled by Hor- 
sham, when it acquired Lac 
Minerals. 

The third-quarter gain 
reflects the difference between 
the price at which Barrick 
shares were issued to former 


Lac shareholders, and the 
lower value at which Horsham 
carries Barrick on its books. 

Net earnings, including the 
US$136m gain, were 
US$153 2m. or $1.42 a share, up 
from $15.7tn, or 15 cents, a year 
earlier. Earnings were 15 cents 
a share without the gain. Reve- 
nues climbed to 8697.9m from 
8552m. 

Horsham's horizons have 
broadened with its purchase of 
a 47 per cent stake in Trizec, 
the Calgary-based property 
developer, and American Bar- 
rick's acquisition of Lac. 


Report casts doubt on 
control of markets 


By Ftichard Lapper 


As the international capital 
market becomes more inte- 
grated it is becoming impossi- 
ble for even the biggest govern- 
ments to control their own 
financial markets, claims a 
report by the McKinsey Global 
Institute, published today. 

“Market forces are proving 
to be irresistible,” says the 
report produced over the last 
year by McKinsey’s financial 
institutions group. 

It says that "the challenge 
for policymakers, whether or 
not they like the growing 
power of the global capital 
market, is to learn to work 
with the market rather than 
resist or control it”. 

It warns that failure to 
tackle fiscal problems by a 
number of developed countries 
could result in “unsustainable 
levels of indebtedness”. 

The report highlights four 
driving forces behind globalisa- 
tion of markets: liberalisation 
of regulation; the increased 
quality and availability of 
information and infrastructure 
(and the ease with which the 
technology can be transferred 
worldwide); the securitisation 
of the flow of funds; and the 
growing use of derivatives. 

It says that the size of the 
market tripled between 1980 
and 1992, reaching an esti- 
mated $35,000bn in 1992. 


It could reach $53,000bn In 
real terms by the end of the 
decade, an amount equivalent 
to three times the size of the 
gross domestic product of the 
developed countries and 19 
times the size of their exports. 

The report predicts that mar- 
ket rather than government 
activity will determine prices 
In all main markets, with a 
global approach to the relation- 
ship between risk and return 
extending beyond bonds into 
equities. 

The Internationalisation of 
the commodity and bond mar- 
kets which began in the 1970s 
and 1980s has already begun in 
the equity markets, evidenced 
by the recent rise in interna- 
tional issuance. 

The report is optimistic 
about the developed world's 
capacity to generate savings, 
which it expects to increase 
sharply over the next two 
decades as a result of demo- 
graphic factors. These 
resources can be channelled to 
the investment opportunities 
offered by the developing . 
world, but only if governments 
adopt the right policies. Global- 
isation will bring more “benefit 
than harm” only if policy- , 
makers can adjust to a global 
framework. 

The Global Capital Market: 
Supply, Demand, Pricing and 
Allocation. McKinsey Global 
Institute. 




profit dMtied 
by.asseteO f>) 


San PaoJo tS Torino 
Bancs efi Roma 
C&riplo 

Banca Commerciale ttaflanst 
Banco Ambrostano Veneto* 
Cnxfito ttaflanoA 
Credito Romagnoto'* 

Banco di Napofl 

Banca Nariooate del Lavoro 


188,918 

152,655 

123.622 

115,813 

42,005 

113.490 

31,155 

109,227 

108£0e 


rose sharply ahead of the 
Credit offer. • 

In the longer term, sceptical 
observers identify the hand of 
Mediobanca -.the Mllan-based 
merchant bank - behind both 
the BC3 and Credit moves. ' 


M ediobanca, gafried an 
indirect influence 
over the two banks 
after privatisation, through big 
corporate shareholders^ and 
any extension of the two 
banks’ branch netwoiks would 
provide' more outlets for the 
sale of Mediobanca's bands and 
financial products.' 

There is also a suggestion, 
denied by the banks them- 
selves, that Credit and BCI 
have agreed to carve up the 
north of the country, while 
Banca di Roma - the' other 
large state-controlled bank - 
consolidates its position in tbs 
south. 

There is still a long way to 
go, however, before Italy 
achieves the level of concentra- 
tion of, for example, France or 
the UK. 

Analysts believe that the 
country can probably support 
between 100 and 200 banks, 
and unless Credit and BCI 
decide to merge with one 
another, the country will 
still lag behind in world rank- 
ings. 


*Oomt*»d asset*. M 57.81 atm: CB ffM wtf UwkJw. 1.189 
£ Cartoned ararf* cantoned Orrmwa, 897 

- Ci^ to nw C*aa tSspmnb tn Bebgra ■■■ ■ ■ 

S»er ManTton** MS? town 


C redit claims its offer is 
not hostile, but Rolo 
has reacted defensively, 
employing heavyweight advis- 
ers Morgan Stanley and Gold- 
man Sachs International, and 
announcing plans to revive an 
abortive merger with the Caer 
group, which owns 76.4 per 
cent of RoLo's nearest rival, the 
Cassa di Risparmio in Bologna. 

Rolo has been painted as the 
champion of the prosperous 
Emilia Romagna region, with 
its strong local identity, but its 
future will depend on the will- 
ingness of its largest share- 


holders, which include BNP of 
France and Mr Carlo De Bene- 
detti, chairman of the Olivetti 
computer group, to hold on to 
their stakes. 

Whatever the outcome of 
these offers, analysts say they 
could mar k the beginning of 
further rationalisation in the 
sector. 

Until recently. Italian banks 
had been slow to benefit from 
the reform of the sector. 

Some banks have taken 
advantage of the 1990 Amato 
law, which allows foundations 

- the traditional shareholders 
in some of Italy's biggest banks 

- to float up to 49 per cent of 
tbe banks' shares on the stock 
market. 

Others have formed loose 
regional alliances, but there 
have been few large mergers or 
takeovers. 

“The consolidation process 


has been in the works for a 
long time,” said one analyst 
yesterday. “I think we will 
begin to see other banks 
starting to take talk about 
strengthening their links." 

Any future mergers will 
have to be consummated 
before tbe aid of this year if 
they want to benefit from tax 
bredks under the Amato law, 
but observers say that deadline 
could be extended, as it has 
been in the past, to encourage 
reluctant partners to many. 


S eparately, the recent bids 
have reignited specula- 
tion about who stands to 
benefit from the trend for con- 
solidation. 

In tbe short term, there are 
suspicions that certain inves- 
tors may have known too 
much about the impending 
Rolo bid: the group’s shares 


Mr Dini himself said yester-^j 
iv that it was up to the mar- V 


day that it was up to the mar- 
kets to decide the outcome of 
the mergers and bids tabled in 
the last 10 days. "We can only 
observe,” he added. 


increase in entertainment 
operations revenues to $542m, 
8178m came from New Line, 
Castle Rock and the Hanna- 
Barbera animation unit, all of 
which were acquired between 
late 1993 and early 1994. 

TBS's news division, which 
includes the CNN network, 
posted an 18 per cent increase 
in revenues to 8163.5m. Higher 
domestic advertising revenues 
were boosted by stronger 
viewer ratings, and subscrip- 
tion revenues increased 16 per 
cent, primarily because of 
higher sales in the US satellite 
dish market. 

The baseball players' strike 
affected TBS's miscellaneous 
revenues, which include earn- 
ings from the Atlanta Braves 
baseball clubs. These fell 39 per 
cent to 837.7m. 

TBS's share price climbed $% 
to 817% in early trading in New 
York yesterday. 


Chilean financial group opts 
for Santiago share offering 


By Stephen Ffdler, 
Latin America Editor 


Bicecorp, the Chilean financial 
services group, is aiming to 
increase its capital base 
through an initial public offer- 
ing of shares ihi.c month. 

However, unlike other Chil- 
ean groups, it has chosen to 
raise the money in the Sant- 
iago market, rather than New 
York - in spite of the likeli- 
hood that the New York mar- 
ket would place a higher valua- 
tion on the issue. 

Mr Eliodoro Matte, Bice- 
corp’s president, calculates 
that his company's shares will 
be valued in Santiago at about 
14 times prospective 1994 earn- 
ings. In New York - using past 
flotations for banking groups 
such as Banco O'Higgins as a 
guide - he believes the multi- 
ple would be nearer 18. 

Mr Matte gives two reasons 
for selling the shares through 
the more conservative Sant- 
iago exchange. First, for a 
closed corporation such as 
Bicecorp, the jump to New 
York Stock Exchange stan- 


dards of disclosure is a sub- 
stantial one. Second, he 
believes the price of the compa- 
ny's shares will be lft s s likely 
to be suffer from big shifts of 
sentiment in New York. 

Bicecorp may be interested 
in a New York listing in the 
future, but for now it behaves 
Santiago-based investors are 
likely to have firmer hands. 
This is in part because Chilean 
law stipulates that foreigners 
must hold on to investments in 
Chile for at least a year. 

Bicecorp, a diversified finan- 
cial services group which holds 
the Banco BICE investment 
bank and the largest stockbro- 
ker in Chile, is the first group 
to be designated a bank tedd- 
ing company in Chile. 

Hie group - in which the 
London-based Rothschild 
group of Sir Evelyn Rothschild 
has a s ubstantial stake - is 
selling new shares equivalent 
to 16 per cent of its capital and 
expects to raise about 835m. 

The offering will dilute the 
stake of Rothschild - which 
does much of its Latin Ameri- 
can business in co-operation 


with BICE - to 34JL7 per cent 
from 40.68 per cent, and that of 
Mr Matte’s Grupo Matte to 
47.67 per cent from 56.75 per 
cent Rothschild has held a 
stake in BICE since it was 
founded fn 1979, and boosted 
the stake to more than 40 per 
cent In 1987. 

The share issue - which will 
be used to increase the capital 
of the bank to international 
standards and to boost Us life 
insurance business - will 
begin trading in Santiago on 
November 14. The shares will 
be priced a few days before 
that; the minim um set by the 
board is just under $4 a share. 
The offering Is being made 
through Bankets Trust's Chil- 
ean broking subsidiary, Lar- 
rain Vial, and BICE CorreJ 
dores. • 

Mr Matte said he hoped two- 
thirds of the shares would be 
placed with Chilean and for- 
eign institutions (Chilean pen- 
sion funds are excluded from 
buying new issues), and the 
remainder with Chilean indi- 
viduals, who get tax incentives 
to subscribe for new shares. 


Revenues increase 20% 
at United Healthcare 


Moore reverses 
three-year sales 
slide in quarter 


By Richard Waters 


United Healthcare, one of the 
leading US managed care 
groups, recorded a 20 per cent 
rise in revenues in the three 
months to the end of Septem- 
ber as enrollment in its health 
plans continued to grow 
strongly. 

Tbe Minneapolis-based group 
said that enrolment was up 19 
per cent from a year earlier, at 
2.1m, while revenues grew to 
$956m. The company restated 
year-ago figures to reflect 
acquisitions made in the mean- 
time. 

The company operates 
health maintenance organisa- 
tions, preferred provider organ- 
isations and other health 
plans, which have grown rap- 
idly in popularity among com- 


panies looking to hold down 
the cost of healthcare for their 
employees. 

In spite of the rapid growth 
in enrollment over the past 
year, United Healthcare said 
the costs of providing medical 
care had risen less rapidly 
than its Income. Medical costs 
in the latest period equalled 
79.4 per cent of its premium 
income, down from 82.1 per 
cent a year before. 

Net income for the third 
quarter rose to $80.8m, 
or 46 cents a share, from 
854.8m, or 32 cents, the year 
before, in line with market 
expectations. 

Earlier this year, United 
reported a $i.4bn profit from 
the sale of a subsidiary, Diver- 
sified Pharmaceutical Services, 
to SmithKline Beec ham 


By Robert Gibbons in Montreal 


New strategies, restructuring 
and changes at the top have 
reversed a three-year slide in 
sales at Moore, the Toronto- 
based international business 
forms and information services 
group. 

Third-quarter net profit 
was US$30J5m, or 31 cents a 
share, on sales of $584 xqja 
against US$l&5m. or 17 cents, ^ 
on sales of 8566m a year 
earlier. 


Moore has changed its tracU^ 
onal forms operation^ 


tional forms operation? 
towards electronic-based 
systems, direct mall and label- 
ling. It has eliminated 1,500 
jobs worldwide. 

Nine-month net profit was 
US$8Z2m, or 83 cents a share, 
ag ains t US$60-6m, or 61 cents. 


AKZO NOBEL 


The Board of Management and the 
Supervisory Council of Akzo Nobel N.V. 
-formerly Akzo N.V.- have decided to 
distribute for the fiscal year 1 994 an interim 
dividend of NLG 1 ,50 per common share of 
NLG 20. 

As from November 14, 1994, the above 
dividend of NLG 1 ,50 per common share, 
less 25% withholding tax, will be payable 
against surrender of coupon No. 43. 

Paying agents in the United Kingdom: 
Barclays Global Securities Services 
8 Angel Court 

Throgmorton Street 
London EC2R 7HT 
and 

Midland Securities Sendee 
Paying Agency Section 
5 th Root 
M ariner House 
Pepys Street 
London EC3N 4DA 


U.K. income tax will be deducted from the 
grass dividend. 


Residents of other countries 
it . f°r residents of countries other than the 
United Kingdom with which the Netherlands 
has concluded a Convention for the 
A ^^ ance of ^ ou ^ ,e Taxation, the rate of 
withholding tax (if any) will be adjusted upon 
Presentation by the authorized depository of 
me necessary documents (Form 92, etc.). 
Where no such form Is submitted, with- 
hading tax will be deducted at the rate of 
25%. u.K. tax at the standard rate will be 
owucted. unless claims are accompanied by 
me appropriate affidavit forms. 

Information concerning any of the above- 
may be obtained from 
p 1 ** 31 Securities Services and 
Midland Securities Service. 


U.K. Residents 

Dividends so payable for U.K. residents 
will be paid less 15% withholding tax, and 


Amhwn. November 3. 1994 

Atao Nobel N.V„ the Netherlands 


ilalld 




; . * t \ U 

(on*“ u 


Ur- * 




Results 







FINANCIAL TIMES FRIDAY NOVEMBER 4 1 994 


INTERNATIONAL COMPANIES AND CAPITAL MARKETS 


.***•>* . - 

S r t 


Thailand aims to set up futures exchange 


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By Peter Montagnon and Victor Mallet 
In Bangkok 

Thailand's Securities and Exchange 
Commission wants to see 8 financial 
futures exchange established in Bang- 
kok: to complement the development of 
domestic equity and debt markets, a 
senior official said. 

Mr Prasarn Trairatvorakul, deputy 
secretary-general, said a report commis- 
sioned by the SEC from the US consul- 
tants Powers Research recommended 
the introduction of derivatives as a 
means of aiding capital formation, 
improving efficiency in the allocation of 


savings and strengthening the financial 
system. 

Legislation has been drafted and is 
being studied by US regulatory authori- 
ties and the International Finance Cor- 
poration, the private-sector arm of the 
Work! Bank, he said. The hard task 
now was to convince the government 
a gainst a backdrop of international con- 
cern over the use of derivatives and the 
losses incurred in this area by large 
companies such as Procter and Gamble. 

While brokers expect the exchange to 
be set up within a couple of yeans, they 
say an awkward precondition, which is 
flagged in the consultants' report, is the 


need for the government to legitimise 
short-selling of equities in the cash 
market. At present this is banned as 
part of official efforts to prevent artifi- 
cial manipulation of prices. 

Unless the government goes ahead, 
however, derivative markets for Thai 
financial instruments will simply be 
established offshore. Indeed, brokers 
are already working on such products. 

The report said a stock index contract 
should be the first product developed, 
followed by a short-term interest rate 
contract and foreign exchange con- 
tracts for the D-Mark and yen against 
the baht. 


A long-term bond contract should 
only be introduced after the cash mar- 
ket is more fully established, it said. 

Mr Prasarn said that the futures mar- 
ket would enable institutions to hedge 
their positions, adding depth to the 
cash markets. 

The consultants' report called, how- 
ever, for a strong self-regulatory 
approach, coupled with “a broad and 
robust training and educational pro- 
gramme" for all participants. It would 
help the exchange if its products were 
declared eligible investments by regula- 
tors abroad, especially in the US and 
Europe, it said. 


Komatsu steps up its foreign shopping spree 

The Japanese group is increasing its imports of components, writes Andrew Baxter 


I t may be unpalatable few 
many Japanese manufac- 
turers to import compo- 
nents, but such a move has 
become Increasingly attractive 
because of the strong yen and 
relatively high labour costs at 
home. 

Ending a relationship with a 
domestic supplier can be “diffi- 
cult to handle,” says Mr Kassu- 
hxro Aoyagi, president of Kom- 
atsu Europe International, the 
Brussels-based European co- 
ordination centre for Japan's 
largest construction equipment 
group. 

But in spite of such difficul- 
ties Mr Aoyagi believes that it 
is Inevitable that the purchase 
of foreign components will 
Increase. Komatsu is well 
placed to spread its net wide. 
He notes that Komatsu 
imported Y7.4bn ($77m> of 
parts to Japan last year, 
accounting for 3.4 per cent of 
its total procurement for con- 
struction equipment. In the 
current financial year, this will 
rise to 4S5 per cent 
The targets for 1996 and 1996 
are 8 per cent and 10.7 per 
cent, respectively, he says. 

Komatsu is keen to bolster 
the competitiveness of its five 
domestic manufacturing plants 
for construction equipment 
mid so protect its dominant 
position In the Japanese mar- 
ket and make it easier to 
export. 

To achieve tins, it aims to 
use the supply network set up 
as part of its global expansion 
over the past two decades. 
That network has already been 
used to good effect 
The group’s foreign plants 
have been given considerable 



Excavators being assembled at Komatsu UK’s plant in Birtley 


flexibility to ntafew their own 
arrangements for parts, since 
only vital components are pro- 
duced according to Komatsu 
drawings. 

Furthermore, local content 
agreements have obliged the 
company to develop links with 
parts suppliers in Europe, the 
Americas and Asia. At Kom- 
atsu UK in Birtley. north-east 
England, between 70 per cent 
and 80 per cent of each excava- 
tor is sourced “ 1008117 ", that is 
in the UK or continental 
Europe. 

In the past two years, Kom- 
atsu has been increasingly 
importing into Japan parts 
made by or for ite foreign man- 
ufacturing plants. This began 
In 1983 with imports of cast 
steel parts from Komatsu do 


Brasil. Four years later, 
Korea's Samsung Heavy Indus- 
tries began shipping cast steel 
parts to Komatsu - using man- 
ufacturing facilities it had 
bought from Komatsu's Osaka 

plant. 

In 1990. new plants were set 
up in Indonesia enabling Kom- 
atsu to import easting and fab- 
ricated components from Kom- 
atsu Indonesia, while a joint 
venture two years later with 
Hokuriku United Forging 
Industry in Indonesia saw the 
beg inning of imports of forg- 
ings for undercarriages. The 
aim of these initiatives was to 
take advantage of lower costs 
in Japan’s neighbouring coun- 
tries, says Mr Aoyagi. 

Also in 1992, undercarriage 
parts from Berco of Italy 


became the first European 
components to be imported to 
Komatsu in Japan. Berco had 
been supplying replacement 
parts for Komatsu’s European 
distribution network. 

This year, the Japanese fac- 
tories began taking seats and 
floor mats from Kab and 
T-Mat, two UK companies 
which supply the Birtley plant, 
and started importing hydrau- 
lic hoses from Gates in the US. 
a supplier to Komatsu Dresser, 
a US unit 

Imports of sheet metal and 
fabricated parts from China 
will double next year, says Mr 
Aoyagi, and there will be a big 
increase of parts from Cum- 
mins Engine of the US to pro- 
duce its engines in Japan - an 
important element of the two 
companies' business alliance 
announced last year. 

For its Japanese plants, 
Komatsu will mainly source 
castings and fabrications from 
Asian countries because of 
their low labour and transpor- 
tation costs, and the relatively 
lower production technology 
needed. More sophisticated 
machined components will be 
sonreed mainly from the US 
and Europe. Mr Aoyagi says 
that one possibility would be to 
export wheeled-loader trans- 
missions and axles produced 
by its Hanomag subsidiary in 
Germany to Japan and the US. 

Direct export of parts from 
eastern Europe to Japan is 
unlikely because of high trans- 
port costs. However. Komatsu 
would benefit indirectly from 
eastern Europe’s low labour 
rates because of the network of 
suppliers Hanomag has devel- 
oped in countries such as Hun- 


gary and the Czech Republic. 

The procurement initiative is 
an important element in Kom- 
atsu’s broad globalisation pol- 
icy. which involves producing 
machines and sourcing compo- 
nents where it makes best 
sense to do so, while minimis- 
ing new investment on manu- 
facturing facilities. 

Inevitably, this has meant 
that complete machines - 
articulated dumptrucks from 
Norway and big all-terrain 
cranes from Germany - are 
being imported into Japan. 

P roduction of other mod- 
els has been switched 
from Japan to plants in 
their main markets, from 
which they can be exported 
worldwide. In the most recent 
changes, announced last year, 
production of big dozer-trac- 
tors and wheeled loaders has 
moved to the US. and that of 
small crawler-tractors to Brazil 
to serve the US and South 
American market. Making big 
excavators (over 30 tonnes) at 
Birtley is also under review. 

The result is that Komatsu's 
highly capital-intensive Japa- 
nese plants accounted for only 
89.4 per cent of its global con- 
struction equipment sales last 
year, down from 989 per cent a 
decade ago. 

Komatsu will not say how 
much money it is saving by 
importing components to 
Japan. Mr Aoyagi says in each 
case it takes three to four 
years to calculate the benefits. 
But doubtlessly it will expect 
to reduce the cost of the com- 
ponent by increasing the vol- 
ume - wherever it does its 
shopping. 


NEWS DIGEST 



Norway shipowner 
wins full control of 
Wilhelmsen Lines 


Wilhelm 

WBfiebnsen 

Share price {NK/} 

180 — - 



1993 94 

Soureft: FT Graphite 


Wilhelm Wilhelmsen, 
one of Norway’s larg- 
est shipowners, dis- 
closed yesterday that it 
had paid S479m to gain 
full control of WUhehn- 
sen Lines, a leading 
operator of deep sea 
roll-on rolloff vessels, 
in which it held a 70 
per cent shareholding, 
writes Karen Fossli in 
Oslo. “The acquisition 
confirms the group’s 
strategy to concentrate 
on international liner 
trade as its core business.” said Mr Leif Teije 
LoddesoL chief executive. 

The two Finnish sellers, which each dis- 
posed of a 15 per cent stake in the company, 
are Hollming Oy Shipping and Wicoria Oy. 

The terms of the deal call for the Norwegian 
shipowner to pay $41.9m in cash for 30 per 
cent of Wilhelmsen Lines, and gives the sellers 
an option from January to March next year to 
each acquire 275,000 class B Wilhelm Wllhehn- 
sen shares. Should the option not be taken up 
by March 31, Wilhelm Wilhelmsen will com- 
plete the transaction by remitting the out- 
standing S5.3m in cash to Hollming and 
Wicoria. 

Wilhelmsen Lines operates 14 vessels and 
has subsidiaries throughout the world. In 1993 
operating profit was NKr224m (US$315m) on 
revenue of NKr2.7bn. 

Aon Corp plans to buy 
Lloyd 9 s brokerage 

Aon Corporation, the US insurance group, yes- 
terday announced plans to acquire Jenner Fen- 
ton Slade, a privately-held Lloyd’s brokerage 
company, writes Ralph Atkins, Insurance Cor- 
respondent. 

The cost of the transaction, which is expec- 
ted to be completed later this month, was not 
reveal ed. 

Mr Patrick Ryan, chairman of Aon, said Jen- 
ner Fenton Slade's expertise in placing cover- 
age for companies in the energy and petro- 
chemical industries was “strategically very 
important” for his group. 

In 1993, Jenner Fenton Slade reported pre- 
tax profits of £6 . 3 m ($9.95m) on turnover of 

Peugeot sales up 14.2% 
after nine months 

Peugeot CitroSn, the French carmaker, 
reported group turnover up 1-L2 per cent to 
FFrl21.7bn ($23.8bn1 in the nine months to 
September 30, compared with the same period 
last year, reports Andrew Jack in Paris. 

The increase came in spite of a slower rise in 


demand for cars in western Europe during the 
third quarter - up 3.3 per cent compared with 
5.7 per cent in the first quarter. 

Outside this region, there was a third-quar- 
ter increase of 6.4 per cent, or 59.750 vehicles. 
This was in spite of problems with finance in 
China and Iran, although there was progres- 
sive growth in regions such as Latin America 
and Asia. 

Total vehicle sales in the third quarter rose 
by 10 per cent, boosting the total figure tor the 
first three quarters to 1.46m. 

In addition, the group reported a 37 per cent 
increase in its mechanical and servicing activi- 
ties to FFr5 -8bn for the first nine months. 

Email and Indonesian 
group in joint venture 

Email, the Australian white goods and indus- 
trial products company, said yesterday that it 
was setting up a joint venture with three 
shareholders of Indonesia’s Agro Manunggal 
group, which owns PT Budidharma, writes 
Nikki Tait in Sydney. 

Budidharma is a large distributor of steel 
mini-mill products in Indonesia, and this rep- 
resents Email’s first move into the region. 

The joint venture company, which will be 60 
per cent-owned by Email’s Bisalloy subsidiary 
and 40 per cent by the Indonesian partners, 
aims to develop a market in Indonesia for 
quenched and tempered steeL 

This higher-strength steel plate could be 
used in the construction, defence and heavy 
Twining equipment manufacturing markets. 

Initially, the product will be imported from 
Bisalloy and the joint venture company will 
act as a distributor. 

However, Mr John Hanna, Email's manag ing 
director, said the plan was to set up local 
manufacturing operations once sales of the 
product bad built up. 

He forecast that this could happen within 
two to three years. 

Canadian cement maker 
bounces back to black 

St Lawrence Cement, eastern Canada's biggest 
cement producer, bounced back to profitability 
in the first nine months on increased volumes 
and higher prices, writes Robert Gibbens in 
Montreal. Overheads were kept stable. 

Net profit was C$8m (US$6m), or 17 cents a 
share, against a loss of C$9.9m, or 24 cents, a 
year earlier, on sales of C$40 lm, up 10.4 per 
cent 

Third-quarter profit was C$13m, or 29 cents, 
against C$4m, or 8 cents, on sales of C$197m, 
up 13.5 per cent 

St Lawrence recently sold its investment in 
Philip Environmental, a fast-growing Ontario 
industrial waste management firm, for C$24m 
and a cement te rminal and aggregate reserves. 
Debt has been reduced by 15 per cent. 

The company, controlled by the Swiss 
Holderbank group, has five cement plants in 
Canada and the northeastern US, as well as a 
large construction business in Ontario. 




Swiss Re. 




Results 1993 


Swiss Re Group 


Premium fncome 


Life insurance in force 


in mifions of Swiss franca 


1993 1992 


Gross 

Net 


23,749 

22.458 


21.925 

20,670 


Net 341.464 332.476 


Underwriting results 


Non- Life insurance 

Lite insurance 

—1,034 

144 

-1,117 

130 

Other Income and outgo 
Investment and other 
financial income 

2,10t 

2£82 

-Other Income and outgo, 
frtdudng taxes 

- 813 

- 745 

Consofidated net profit 

325 

281 

Consolidated net profit 
per share’ 

CHF 24.- 

2 a- 

Total Investments 

57,470 

51,371 

Technical reserves 

49928 

46,180 

Group capital funds shown 

4,857 

3.945 

Swiss Re, Zurich 

Dividend per share 

CHF 10.50* 

9.60 


'tnaadancapMMIIedtodMderid 
*srif 0 cttt> aw reeotusam of the General Meeting 


1993 Business Year 

The Swiss He Qmp is aWe to look Deck on 
a successful business year. 

- Consofidatsd gross premiums rose by 
8.3% to CHF 23.7 bfflion. 

- Groupproft advanced by 15 l 7% to 
CHF 325 mtton. 

- The board of drectora w« propose to the 
General Meeting that the dvidand per 
share be raised from CHF 9.60 to 

CHF 1050. 

flew Group Strategy 
The Swiss Re Grout wriM sea its majority 
sharahoktogs in European insurance com- 
panies with effect from 1 January 1995. 

- The VareimVMaQdeburgw. Munich/ 
Hanover, the uoyd Adria&oo, Trieste, 
and the Ehria Group, Zurich, wS be ac- 
quired by the AGare Group. 

- The Schweiz Saciroa. Barcelona, the 
Sctwvetz Italia. Man. and the Group La 
EqMttabva. Madrid, era to be taken over 
by the Wfrmrtftur Grot*}. 

TWs move enables Saties Re to concentrate 
taoomprshensiveresourcesonralnsur- 
ance business. The considerable funds ot 
over CHF 5 bflon arising from die divesti- 
ture w«t be used to strengthen the capital 
base 8nd thus tocf\Ute the expansion of 
reinsurance business. 

The MM 993 annual report Is avaHdble 
from 


Swiss Reinsurance Company 

PO Box 

CH-8022 Zurich 


FLEMING FLAGSHIP FUND 

SocfrU d Tn i i tllwmirf 
45 rae do Sdfas. L2S2f BrwaU 
•' Gnaad Pudq of L aa A nbo n rg 
lLCImadrosNfcMflS ■ 

Tte totoltadREMINO FLAOSHIPniND Wheat* cooKWltea 
EXTRAORDINARY general meeting 

4 

X thcttgislertd office from *45, me 4m Scfllafc.^ 'L-3524 How »td* , (o 

vrogfa “jcedndhtt Soirifa Ainm)*T ' , 

4, 'focootplBtr Aiticle21 of die ArtideftfisoMpomtioe. 

agenda ^ 

Zooeder^toctfitM » rowd 0* mewing, Was 0 fban*dana 1 f° t . dt g°” t *** 


C,b ce l w nnl Rny»t 


KrolMlMSfcSA. 

Gtsad 


_____ i » me As prescribed 

" nm ft at has? wodrirg *>*pp« to ifa date of fee J 
to flw Ooqxnlioa. «fo Homing Amt tfuuguacot 0 
SA, L-2888 faseobomg. 

rOrArer The Board afDiiccmn • 


Am of 


5 . 




USS200.000.000 
Floating rate depository 
receipts 1998 issued by 

The Law Debenture Trust 
Corporation pic evidencing 
entitlement to payment of 
principal and interest on 
deposits with 

Cariplo-cassa dl Risparimo 
Delle Provincie Lombarde 
S.p A London Branch 

Notice is hereby gioen that the 
receipts will bear interest at 
6.0625% per annum from 
4 November 1954 to 6 February 
1995 Interest payable on 6 
February 1995 will amount to 
US$158.30 per US$1 0.0<IO and 
US$1,582.99 per US$100,000 
receipts. 

Agent: Morgan Guaranty 
Trust Company 

JPMorgan 


LKB Baden-Wurttemberg 
Finance N.V. 

USS1.000, OOO.DOO 
Guaranteed floating rate 
notes due 1998 

Notice is hereby given that the 
notes will bear interest at 
5.875% per annum from 
4 November 1994 to 4 May 
J995. Interest payable on 
4 Mav 1995 will amount ro 
US$29.54 per US$1,000 note 
and US$295.38 per US$10,000 
note and US$2,953.32 per 
US$100,000 note. 

Agent Morgan Guaranty 
Trust Company 

JPMorgan 


"FED BATTLES 
TO HOLD DOLLAR" 

FOR INSTANT NEWS FROM 
THE FRONT, CALL 

0839 800 444 ... 


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For all other live financial data and 5,000 cross-rates 
Freecall 0500 800 456 for an information pack. 



Futures Coll 


The Cry's live Wire 


fitl 0839 calls are charged er 39pArw? Cheap rate, 09pfmin an mher time*. 
Futures Pager Ltd, 19121 Great Tower Street London EOB 5AQ. Terr 0171 895 *»00 


This announcement appears as a matter of record only. 



PEPSICO TRADING SP. Z o.o. 
PEPSICO POLAND SP. Z o.o. 


COMMERCIAL PAPER PROGRAMME 

Polish Zloty 550,000,000,000 

Unconditionally guaranteed by 

PEPSICO Inc. 


Arranger and Dealer 

ING BANK WARSAW 


Issuing and Paying Agent 

ING BANK WARSAW 


ING JHU BANK 


Internationale 

Nederlanden 

Bank 

September 1994 





I 


FINANCIAL TIMES FRIDAY NOVEMBER 4 1994 


INTERNATIONAL CAPITAL MARKETS 


US Treasuries slightly firmer in quiet trading 


By Usa Bransten in New York 
and Conner Mlddefammn 
in London 


US Treasury prices were 
slightly firmer in quiet trading 
yesterday morning as the mar* 
ket calm ed down following an 
extremely volatile Wednesday 
that saw yields flirt with 
2'A-year highs. 

By midday the benchmark 
30-year government bond was 
up ^ at 93&, yielding 8.090 per 
cent 

At the short end of the mar- 
ket, the two-year note was also 
A higher, at 99.26, to yield 6560 
per cent Trading was light as 
investors awaited important 
figures on US employment, due 
out today. 

Prices dipped slightly in the 
early morning on stronger 
than expected figures an single 
family home sales, which 
increased by 2.6 per cent in 


September over the same 
period last year. 

Later in the morning, how- 
ever, prices bounced back as 
the Federal Reserve once again 
stepped in to support the 
dollar. 

News of a drop In jobless 
claims that was lower than 


GOVERNMENT 

BONDS 


analysts had forecast also con- 
tributed to steadiness in the 
bond markets. 

C laims fell by 3,000 to 321,000 
in October, which was good 
news ahead of today’s employ- 
ment data 

Some analysts are predicting 
government's figures will 
show an increase in October 
non-farm payroll levels of 
300,000, which would be 
slightly above recent trends. 


If the figures are much stron- 
ger, the market fears that the 
Fed will raise Interest rates 
immediately rather than wait 
for its November 15 open mar- 
ket committee meeting. 

The value of the dollar will 
continue to be closely watched 
by bond market traders, who 
are worried that it may spark 
inflation and deter foreign buy- 
ers from investing in US 
assets. 

The Fed’s actions yesterday 
helped push the dollar up to 
Y9S.10 by midday. 


■ As bond traders continued 
their tense vigil for today's US 
jobs data, European govern- 
ment bonds spent most of the 
day drifting sideways. 

Prices staged a late rally 
when the US Fed stepped Into 
the foreign exchange market to 
support the dollar, but drifted 
lower in after-hours trading. 


■ German government bonds 
rallied into the close, sup- 
ported by the Fed’s interven- 
tion and a bout of short-cover- 
ing in the futures pits. 

The December bund futures 
contract on DTB breached psy- 
chological resistance at 89.00 to 
close at 89.07, up 051 on the 
day. 

Prices slipped slightly on 
buoyant manufacturing orders 
data for September, but the 
numbers had no lasting effect 
on bunds. 

Although the figures were 
much stronger than expected, 
they were partly distorted by 
seasonal factors. 

Moreover, broken down Into 
its components, the release 
was "excellent from a bond 
market view”, painting a pic- 
ture of export and investment- 
led growth, said Mr Julian Jes- 
sop, international economist at 
Midland Global Markets. 


■ French bonds closed higher, 
buoyed by strength in other 
markets and the successful 
auction of FFri9.5bn in nine-, 
11- and 15-year government 
bonds. 

The paper attracted solid 
demand, resulting in bid-to- 
cover ratios of between 1.7 and 
2.4, and was broadly distrib- 
uted, dealers said The unex- 
pected success of the sale 
prompted some short-covering 
in the futures contracts traders 
had sold before the auction. 


B UK gilts traded roughly in 
line with most other European 
markets, with traders report- 
ing thin cash activity. The long 
gilt futures contract on Uffe 
closed at 100&, up Vi. 

Prices - especially among 
shorter-dated stock - rose 
early in the day on waning 
fears of an imminent interest 
rate increase. 


Dealers were relieved that 
the Bank of England did not 
signal a change in lending 
rates at its open-market 
operations following yester- 
day's meeting between Mr 
Eddie George, the governor of 
the Bank of England, and Mr 
Kenneth Clarke, the chancellor 
oF the exchequer. 

However, given that the last 
base rate increase came five 
days after their meeting, deal- 
ers said they would remain 
cautious, especially ahead of 
today’s crucial US data. 


Cedel to settle 
Russian oil sha 




By Richard Lapper 


■ Swedish bonds took another 
hit from the first opinion poll 
on European Union member- 
ship showing a majority of 
"no" votes. Bonds, which have 
been discounting a “yes" vic- 
tory, fell sharply, with the 
yield on the new ll-year issue 
jumping by 24 basis points to 
1L43 per cent. 


Strong demand for DM300m 
10-year offer from the IADB 


NEW INTERNATIONAL BOND ISSUES 


O prrew wr 
US DOLLARS 

Soc&6 G&tfrate Acceptance 
Taco Electric & MacNneryM§ 


Amount Coupon Pries 
ov % 


Maturity Fees Spread Book runner 

% bp 


International trading in the 
shares of JSC Rosneftegazstroy 
(RNGS), Russia's giant oil ana 
gas construction company, is 
set to begin on Monday follow- 
ing the successful private 
placement of some $255m _ of 
the company’s equity with 
international investors- 

The shares have been issued 
by a RNGS holding company 
based in Cyprus, which in turn 
holds RNGS's equity. The 
structure has been adopted to 
avoid the difficulties associated 
with share - settlement in Rus- 
sia, functioning in the same 
way as a system based on 
American or global depositary 
receipts, paper which repre- 
sents underlying equity. 

The paper, equal to 3.7 per 
cent of RNGS's equity, has 
been distributed by RhOne 
Finance of Geneva and ICE 
Securities, a London broker 
which specialises in Italian -and 
central European markets. 


Settlement will be avaflabte 
by Cedel, the European share 
clearing system. w 

"This is tiie first time that , 
international Investors have 
been able to --make' settlement 
in Russian equities, outside of 
Russia,” said Mr Chrit Wood- 
gate, of ICE Securities. „ ... 

Under the terms of the place- 
ment the shares carry a fixed s 
pm* cent annuaLUS dollar divi- 
dend payable half-yearly and 
premium redemption rights by 
way of a put. 

RNGS, which has agreed to 
allow up to-10 per cent of its. 
equity to be issued to foreign 
investors*, is one of a number of . 
Russian companies seeking to 
raise capital on the interna- 
tional markets. 

Gazprom, the country’s, gas 
company, could raise several 
billion, dollars if its plans to 
issue global depositary 
receipts, currently scheduled 
for 1996, are successful: 
Gazprom is seeking to sell 9 
per cent of its equity. 


. rtiav« 

t 




:.,rf 

.,.V1 
: vM. ■ 
..n*: ' 


Dec.1997 015R +27(Wl 3yi) Lehman/ Soc.G6n.ST 

Apr 2004 2 50 Barclays da Zoete Wedd 


By Martin Brice 
and Richard Lapper 


The euromarkets saw few 
issues yesterday, continuing 
the trend of recent weeks. 

The Inter-American Develop- 
ment Bank brought a DM3Q0m 
10-year deal which lead man- 
ager Deutsche Bank Frankfurt 
said was launched at 2^0pm 
and when syndicate broke 20 
minutes later held steady at 20 
basis points over the govern- 
ment bond. 

Deutsche also said this was 
the first time the IADB had 
brought a deal using the fixed- 
price re-offer system, and the 
first time it had used competi- 
tive negotiation to decide on a 
lead manager. 

Demand was good, with 30 
per cent coming from Ger- 
many, 20 per cent from Swiss 


retail, 5 per cent from Asia and 
the rest from the UK and the 
Benelux countries. 

Bayerische Hypobank came 
with a four-year EcolOOm offer- 
ing via BZW, which followed a 
five-year Ecu deal last week. 


INTERNATIONAL 

BONDS 


BZW said there had been good 
demand, mostly from retail 
investors in Europe attracted 
by the name. 

BZW also brought a convert- 
ible bond for Teco Electric & 
Machine ry, the Taiwan Indus- 
trial group, which came at a 3 
per cent premium. 

BNG came with a EculSOm 
deal with a four-year maturity 
through SBC shortly after the 
BZW deal for Bayerische Hypo- 


bank. SBC, which was yester- 
day named with Goldman 
Sachs to handle the Republic 
of South Africa’s global dollar 
issue likely to come to market 
early next year, said demand 
for the BNG deal was strong. 

Soctett Gtnfral Acceptance 
brought a zero-coupon $250m 
deal with a three-year maturity 
via Lehman Brothers and 
Soctete Generate Strauss Turn- 
bull, which was targeted at 
European retail demand. 

The Institute Nacional de 
Industrie. Spain's state-owned 
Industrial holding company, is 
poised to issue a Y30bn bond 
later this month, providing a 
further boost to the popular 
yen sector. 

The issue, part of a $2bn 
euro medium-term note pro- 
gramme, follows a $150m five- 
year FRN offering in May and 


D-MARKS 

Inter -American Dev*mant Bank 


7.75 89.1 16F Dec2004 0.325R +20(7%9&-04) Deutsche Bank 


ECUS 

BNGtb) 

Bayertache HypobankfeJ 

AUSTRALIAN DOLLARS 
Habo Australia 


8.125 89.77R 

8.25 99594H 


Dec. 1908 022SR +1 2 W V.%-98) SwIki Bank Cap. 

Dec 1998 02SR +2£X7%%-98) Barclays de Zotrte Wedd 


Nymex to forge link 
with Sydney exchange 


Dec 1998 1.25 


Swiss Bank Carp. 


By Laurie Morse In Chicago 


SWISS FRANCS 

General Electric Capital Carp. 


Credit Suisse 


Final teems and non -eatable unless stated. The yield spread (over rekarvant government band) at laun ch la supplied by the lead 
manager. §GonvwHWe. ft fixed re-offer price; fees are shown at Hie re-offer level. a) Conversion price; NTS 7520. Rfc 28JQ55NTS& 
Cetatato from 10/11/97 subject to 140% hurdle. Conditional redemption price: 171.19%. otherwise par. Graenshoe: 520m. ti) Spread 
rafales to French govt Ecu BTAATs. Q Long 1st coupon. 


a $650m fixed-rate Issue in 
November. 

INI. Spain's largest borrower 
on the euromarkets alter the 
government, had originally 
intended to raise Ecu funding 
but changed tack in the sum- 
mer. 

It expects to raise up to 70 
per cent of the Funds from Jap- 
anese investors and will swap 
the proceeds into a range of 


European currencies including 
pesetas. 

Merrill Lynch and Banco 
Argentaria de Negocios, the 
investment bank in which the 
government has a majority 
stake, will co-lead the issue, 
with Merrill as book-runner. 

Maturity is still undecided 
but the pricing is expected to 
be tight. INI typically pays 
between 5 and 10 basis points 


more than the Kingdom of 
Spain in the euromarkets, a 
disparity which is due to the 
smaller size of its borrowing, 
according to officials. 

Only 30 per cent of the 
PtaTOObn debt owed by the INI 
holding group is held by over- 
seas creditors, with that per- 
centage much smaller when all 
the group’s 600 companies are 
taken into account 


The New York Mercantile 
Exchange and the Sydney 
Futures Exchange have 
announced a link that will 
allow Australian futures trad- 
ers to trade New York's popu- 
lar oil and energy contracts 
through an electronic hook-up 
at non-member rates. 

The agreement will put the 
Nymex’s west Texas bench- 
mark intermediate crude 
futures and options contracts 
into the Asian time zone for 
the first time. The electronic 
link is expected to be opera- 
tional by September 1995. 

The announcement may 


overshadow a mutual offset 
agreement being discussed by 
London’s International Petro- 
leum Exchange and another 
large Asian trading centre, the 
Singapore International Mone- 
tary Exchange. 

“The SEE wants to establish 
itself as a mqjor commodity 
exchange in the region," raid 
Mr Hosking, chirf executive of 
the SFEL “This is just a begin- 
ning." 

He said the agreement would 
not affect a long-term feasibil- 
ity study his exchange is con- 
ducting with the Chicago 
Board of Trade to share trad- 
ing in government bond 
futures. 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 


Austntoa 

Belgium 

Canada ’ 
Denmark 
Franca 


Germany Trau 
Italy 

Japan N< 


Netherland s 

Spain 

UKGSta 


US Treasury * 


ECU (French Govt) 6-000 
London ckxtag, "Now Yd* irdd-tfay 


Coupon 

Red 

Date 

Price 

□ay's 

tfianga 

Yield 

IlL+wl/ 

Ww 

ago 

Month 

ago 

9.000 

09/04 

00.5000 

+0.050 

1037 

1IL45 

iaio 

7.750 

10/04 

94.7000 

-0.030 

8J56 

asi 

0.5B 

0500 

06/04 

83.1000 

+0.150 

9.19 

an 

9.08 

7.000 

12AM 

06.8000 

-0.050 

8-04 

aoo 

0.12 

8.000 

05/98 

101.0000 

-0610 

7.64 

7.60 

7.65 

5.500 

04704 

81.7800 

+0.190 

B35 

632 

030 

7500 

09AM 

9&9900 

+0.290 

7.64 

7.63 

7.76 

8.500 

08AM 

81.1700 

+0.440 11.801 

1150 

11.84 

4000 

06/99 

1020840 

- 

4.06 

4.14 

4.04 

4.100 

12/03 

96J3220 

+0.060 

4.68 

4.77 

4.68 

7J250 

10AM 

97.2000 

+0200 

7.B8 

7.B1 

7.60 

BJXU 

05AM 

81.1700 

+0.020 

11JO 

11.19 

1127 

6.000 

08/99 

90-02 

*7/32 

8.67 

am 

066 

6.750 

11AM 

87-05 

+10/32 

aes 

8.77 

OB3 

9.000 

10/08 

102-25 

+11/32 

8.65 

0.72 

079 

7250 

08AM 

95-08 

-1/32 

7.90 

7.87 

7.75 

7J90Q 

11/24 

93-09 

-3/32 

aio 

005 

7.95 

6.000 

04AM 

024300 

+0280 

8.n 

0.70 

078 


Italy 

■ NOTIONAL ITALIAN GOVT. BONO (BTP) FUTURES 
QJFFQ* Lira 200m IQOths of 100% 

Open Sett price Change Hgh Low 
Dee 99.35 100-00 0.65 10008 99.10 

Mar B&54 99.11 051 99.00 96.40 


FT -ACTUARIES FIXED INTEREST INDICES 

Prioolndtaes Thu Day's Wed Accrued xd ad}. 

UK Gita Nev3 change % Nov 2 interest ytd 


— Low coupon yield Madkan coupon yield High coupon yield — 

Nov 3 Nov 2 Yr. ago Nova Nov 2 Yr. iqa Nova Nov 2 Yr. ego 


Esl vol Open taL 
34238 54018 
1914 5488 


1 Up to 5 years (24) 119.27 +022 119.01 


■ ITALIAN GOVT. BOND (BTPt FUTURES OPTIONS (UFFE) Ura20Qm IQOths of 100% 


2 5-15 years (23) 

3 Over 15 years ( B) 

4 irredeemables (6) 

5 ah stocks (81) 


138.35 +0.44 138.22 

155 £2 +0.48 154.85 

174.19 +0.09 174.03 

135.97 +0.37 135.70 


1.45 9.63 5 yra 

1.31 11.49 15 yra 

2.49 10.67 20 yra 

0.14 13.47 lrred.T 

1.55 10.89 


Nov 3 

Nov 2 

Yr.ag 

061 

070 

Oil 

OSS 

060 

7JM 

051 

055 

7.14 

060 

061 

726 

_ 

— Inflation 5% 


850 0.45 

8.97 737 

8.85 7.39 


Strike 

Price 

Dec 

CALLS 

Mar 

Dec 

PUTS 

Mar 

10000 

0.99 

2.03 

0.99 

222 

10050 

0.72 

123 

122 

322 

10100 

0.50 

1.63 

150 

322 


hritaUan 10% 

lndeat-8ntod * Nov 3 Nov 2 Yr. ago Nov 3 Nov 2 Yr. ago 

6 Up to 5 years (2) 185.65 +0.01 185.53 0.44 547 Up to 5 yra 4 JOT 408 230 292 291 1.49 

7 Over 5 yews (11) 17218 +030 17283 OB8 438 Over 5 yra 287 289 211 289 270 294 

8 All stocks (13) 17280 +018 17228 064 441 

5 year yield— — — -IS year yield >2S year yield 

Debanturea and Loans Nov 3 Nov 2 Yr. ago Nov 3 Nov 2 Yr. apo Nov 3 Nov 2 Yr. as 

9 Debs 8 Loans (77) 12727 +017 127.06 248 939 9.72 9.77 7.08 9.87 9.70 \ 011 9.62 9.63 836 

Avwags aross , ed e mata” yields ora shown above. Coupon Bands Low: 0%-7*%: MedSum SNrIOKW; High; 11% and aver, t Rut y fan ytd Year la data. 


6 Up to 5 years (2) 

7 Over 5 yearafll) 

8 All stocks (131 


+031 185.63 

+030 17283 

+018 17228 


292 291 1.49 
269 3.70 294 


BA. VOL total. (Ms 1803 Puts IQQO. Previous day's open W_ Cafe 28108 Putt 31 res 


Debanturea and Loene 


-28 year yield 

Nov 3 Nov 2 Yr. ego 


1 Crass feefeifeg wtHnUnu tax el 128 per can! payable by nonraektantsl 
Puces: US, UK ht 32nds, others In dactonf Sauce: i 


US INTEREST RATES 


fttaieiM - 7M Twd mantfi . 

Broker km ran 6>; Una mortti 

Fadhadi 4(1 StamanSi_ 

FOLhntairHBTCnOai- - One year 


Treasury BUs and Bond Yields 

453 Ttooyser 

544 Three yen - 

524 Atayev 

5JB 10-jaer 

620 30-year 


Spain 

■ NOTIONAL SPAMSH BOND FUTURES (MEFF) (Oct 31) 

Open Settprice Change Hgh Low EsL vte Open bit 
Dec 8835 8039 +0.04 66.46 8000 39,984 77070 

Mar 8550 85.50 +007 8550 85.50 100 219 


FT FIXED INTEREST INDICES 

Nov 3 Nov 2 Novi Oct 31 Oct 28 Yr ago 


GILT EDGED ACTIVITY INDICES 

Nov 2 Novi Oct31 Oet28 Od 27 


Govt Secs. (UK) 91.45 9039 91.08 91.04 9131 10280 10704 89.54 OR Edged bargains 873 780 803 727 81.1 

Fixed Interest 107.82 10708 10704 ' 107.74 10731 12401 13287 10600 B-day average 820 800 826 790 824 

• lor 1904. Qovammar s Bacmtiaa tagh atoce corrpftBton: 1ZTM tan/35), tow <«Ja (yi/75). Rxed merest ruqft store o»is^nflon: 13^87 prt/l/H) . low 9053 (3/1/751 • Baris 100: Qovemmonr 8ccuntt« 13/10/ 
ZB and Rod Karat 1BZB. SE acthrtty hdew rabaasd 1874. 


■ NOTIONAL UK GILT FUTURES (UFFiy £50,000 32nds at 100% 


BOND FUTURES AND OPTIONS 


Open Sett price Change Ugh Low Est vol Open M. 

100-17 100-27 0-10 100-31 100-06 45108 105946 

100-06 100-02 0-11 100-08 10006 18 52 


F77ISMA INTERNATIONAL BOND SERVICE 


France 

■ NOTIONAL FRENCH BONO FUTURES (MATIF) 


■ LONG GLT FUTURES OPTIONS (UFFE) £50300 64the oM00% 


Usfed <re Vw test ktonetairi bond* K vrtch tave b wi adequate secondary rnttVet Latest ixlces el 7t10 pm an Naimber 3 

feeuad BM Otter dig. Ykfcl beuad BU Offer Cbg. Yield 


tewed BU Offer Cbg. Yield 


Ex. vaL total. Crib 5315 Pub 2077. Prevtoua day's open W, Cafe 77641 FVtt 47140 


B LONGTERM FRENCH BOND OPTIONS (MATIF) 


Strecn 

Price 

Dec 

— CALLS — 
Mar 

Jun 

Nov 

— pure 
Dee 

110 

059 

125 

- 

1.10 

254 

111 

028 

089 

- 

1.77 

- 

112 

0.12 

050 

059 

2.80 

- 

113 

OQ5 

- 

- 

353 

. 

114 

0.02 

026 

047 

- 

- 


Ecu 

■ ECU BOND FUTURES (MATIF) 

Open Sett pnee Chong® High low EbL voL Open tot 
Dec 79.84 79.74 +0.06 7894 79.46 2918 B.487 


Eat woL total, Cds 33/590 Putt 26,408 . Prevtoua day's opsn Ini. Cato Z74J73 Putt 239220. 


Germany 

B NOTIONAL GERMAN BUND FUTURES (UFFE)' DM250.000 lOOtha of 100% 


B US TREASURY BOND FUTURES (CBT) >100,000 32nda Of 100% 


Open Sett price Change High Low EsL vd Open M. 

8836 8209 034 8215 8258 121627 185214 

88.06 8217 0.13 8216 8736 3109 7496 


Open Latest Change High Low EbL wL Open krL 

97- 00 07-03 +4MM 87-06 98-29 509,128 388306 

98- 10 96-14 96-17 96419 5346 30320 

95-27 95-28 +0-04 95-31 95-26 838 11389 


■ BUND FUTURES OPTIONS (UFFE) DM2S0300 points Of 100% 


Strike 

Price 

Dec 

Jan 

CALLS — 
Feta 

Mar 

Dec 

Jan 

PUTS 

Feb 

Mar 

8900 

0.74 

0.64 

0.89 

1XM 

055 

1.47 

1.72 

157 

8990 

050 

047 

0.70 

084 

0.91 

150 

253 

2.17 

9000 

052 

053 

054 

057 

123 

2.18 

257 

250 


Esl vuL ton*, eras 13644 Puts 10004. Previous toys open M, CWta 8 83 770 Putt 223637 


Japan 

B NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 

QJFE) YlOOm IQOths ol 100% 

Open Close Change Hgh Low Eat vol Open kit 
Dec 10730 10732 107.61 1370 0 

Mar 107.12 107.12 10288 233 0 

" UFFE contracts tmdnd on APT. AB Open liras out flps. are lor prarioui day. 


*1— — I«ae — 

Red MceE+g- jjfl Low 


»lUd_ _ 1834 

H Red Price Hgh Low 


Starts* (Uvh NlfeRnlMl) 

Tnvu9pc1994tt 099 

13K 1995 113* 

EKh ape Bn 1990-95 _ 334 

HNipciaaG 10.00 

Tress I2\QC 19960 1234 

14pe 1996 12.96 

ISIrlie 1996# 1172 

Bctl 13<+pc 1996#: 12.22 

Gnmeresnitkc 1BSB aei 

Ticas Cw 7pc I967tt_ 7.19 

TraHl3<4c190m — 1230 

Esh KPjpc 1997 US 

ThwWipel9J7t* 8.04 

Eidt ISpc 1997 1178 

9tyK 19BB 911 

TfBSS7\,pc1fl38tt 73D 

Trees 6VpC 1996-S9tt_ 7.10 

14pE 1998-1 1234 

ThB»t5«a>c-9e|+— — 1231 

Exti 12pc 199B 10J7 

TteagiapEiaegtt 921 

Eahl2>+pe199fl 1039 

Tfeas 10’XK 1999 932 

Tre* ape 1993 208 


-100 

537 101 H 
530 

&*2 ioa ! j 
8.731CS'iW 
035 108 

738111>(tt 
738 lOBHrf 
7.7B 1C4&SI 
730 fl?H 
735 110,5, 

730 I05A 
319 101 A 
831 117^ 
833 HUB 
i4i sea 

Mi g0>a 
B3D1IS&J 
ISO 122% 
16211IW 
159 103% 
168 11Z% 

a S3 to® id 

iE7 


— 10JH 

107 A 

— 90 U 
107B 

+* 113% 
*A 1T7A 

+a 121 a 
+* iiTn 
+A 11U 
100 % 
*/k ism 

♦A 114A 
+% 110 ,'. 
+j+ 131H 
+A IMS 
+A 108A 

*& no 
♦■A W* 

+% I40A 
+U izBi 
+«* 11 BA 
UU 

121 a 

+» 101 B 


RnB«3iflK 19BM_ 
HUA Csonntos9%[x2004„ 

io»% rmeiMtfc mm 

.S?J 8 %pc2005 

convey pc 200S 

”2 Tna I2>2p0 M03-5 

IB "B-a — 

1(BA BpCZOin-BB 

Trees IIVpc 2003-7 — , 

96% Tfeto 8>jpc 2007 44 

1WA isijpe a»4-a 

104% Uses 9x2008 ft 

W. liras 8pc 2009 


7.48 7ZU 
130 104% 
189 87%U 
888 9BH 
177 10*11 
933 120% el 
168 S3£ 
174 9*A 
93B 11EA 
837 9 88 

939 127JJ 

ur 1 mi 

104 94}J 


-A DBA 
+% 120A 
+U 105% 
+% 1D0A 
+H 125% 
*tt 143,5, 
+J1 H2B 
nl U1% 
*U I38A 
+H no* 

*B 1514 
+A 12*44 
♦4 H5A 


Matas (1) (2) Price 2 +or- Hgh law 

— Quebec Pm 


2pcU6 10731 

4%pc-B0tt (1354 

IljUC'OI (713) 

2>Z0C-O3 ^-4W83 

4%pe 1 04tf„4135fl 

2PC-0B (689 

2%pe "09 (708) 

2%pe'U (7433 

PzK 13 (812) 

2 | a x , i0-— _pi3| 

VprtD (BIBS 

ZtjDCWff (97.71 

4%pC - 30» (1351) 


235 <23 199% 2 

235 176 108JJ II 

143 185 165% +4 U 

154 lB71BT%to +A 17 
337 109 108% +4 U 

330 335 1671] +A 19 

160 188152%* +% 1G 
167 330 157, i +% 17 

139 338 129% +% 14 

171 330 138 +A IS 

174 388 133A +A IS 

172 335 If DA +A 12 

170 109 10BA +A 12 


BsnhalT(Ayo8% 98 

Bdtfun 5% 03 

BFCE7%97 

BrtahGwa21 

Com* 9 96 

Chang Kong Rn 5% 98 _ 

0*h 8*2 04 

Couid Beops 8 96 

Qw* Fonda 9^2 99 

Denrak5%80 

East Japan Ftetoay 6% 04 . 

SSC8% 90 

E8;8%98 

BB7% 98 

EBS%97 

Bee (to franca 9 86 

BsOfen, 8% 90 

Ea-knBathJqpan0O2 

apOIDevCapS^ 98 — 
Feda* Nd Mori 730 M _ 

FirimdDk B7-~~ 

Fad liter DeS 8% 98 _ 
Grit Qsc CSq*d B% 98 __ 

GM4C 9% 90 

M 8k Japaini 7% 97 _ 

War Aner Da* 7*198 

MlfB’aZS 

Japan Dev 9c 6^ 01 

Knot Bee Per 10 96 

Korea Bee RMta 8% (Q _ 

UGH FVi B 97 

UelnriVta Bsc 7% 02 

Naw^7%97 

Ontario 7% 03 

CKrr Knetexrtc 8^2 01 _ 

PtetaCanada 7% 98 

Rsugd6L03 

Ojebec Hytta 9% 88 

QudbacPmSM 


.100 101<| 
1000 81^ 


- 160 100% 

1500 0% 


101 % 

81% 

m -4 


KUO WZ% 
- 500 88% 


1000 83% 

.100 K)1 


9% 

102 % 

89% 

84% -% 


. 300 105% 
1000 94% 


101 % -% 
105% -% 


.600 87% 
. 193 101% 


95 

88 % -% 


. 100 101 % 
.30 100% 


1000 104% 
- 200 103% 


102 

101 % 

101 % -% 


104% -% 

103% -% 


.900 98% 

. 150 104% 


. 1500 94% 
.3000 97% 


103 

98% 

105% -% 


1800 05% 
- 300 KU 


94% -% 
97% 


SNCF9%98. 


_ 200 101% 
_ 200 99% 

-200 100% 
.3500 78% 

- 500 100% 

- 350 103% 

. 1360 83% 

-. 200 100 % 
. 1000 B3% 

. 1000 99% 
.3000 93% 

-200 101 % 
-200 99 % 

. 1000 83% 

- 150 104% 

- 200 102 % 
- 150 roz% 

-300 104% 
-150 105 


95% -% 
103% 


102% -% 
100 % -4 


10 0 % 

77% -% 


100 % -% 
103% -% 


84*2 -% 
100 % -% 


94% -% 

99% -% 


94 -% 
101 % -% 


Rw to Kftsei Ytats 
Coraeratan I0%pe 1998- 
IraanaRaN1999 — 

Spc 2000 

Oeni 9pc 2000ri 

Ireaa I3pc2000 — 

1 Opr 2001 

7PC2001# 

Wipe 2002 

8PC2003S 

10pc2003 

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1019 Cwr Spc Le 2011 

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105,’, Traas 5%pc 2008-I2tt_ 

889 TtaaBpc 2013ft 

7%peZ0T2-15tf 

fate 8*4X201 7# 

Mi Ifec 2013-17 


Prospective real redemption rata an protected toflauan el m ION 
end (2) 594. (b) Figures In pa tt iM e ew show API bare tor 
Indexing 0a B months prior to laaua) raid hme been equaled to 
rafteci rebaetag ol m ki 100 to Fabnnvy 1987. Convorston 
fester A94& BP1 for February 1994: 142.1 and tor September 


State Ot NSW 8% 86 _ 

Smden5%96 

Sweddi Bpart 6% 98 — 
TdqiO 9 bC Roew 8% 03 
Tokyo Mature* 0% 98 

TojooMotorff* 98 

Itotod Mngdan 7% 02 _ 

Waft] Bark 8% 90 

W0ridBrt8%67 


. 1500 94 

-200 101 % 


100 % 

63% 

105% 

102 % 

103% 

105 

105% -% 


2500 98% 

- 700 101% 


94% -% 

102 


. 1000 85% 

- 200 101 % 


98% 

101 % 

88 % -% 


. 1500 94% 
.3000 ®e% 


102 

W% J| 


.1600 102% 
1500 103% 


94% -% 

102 % -% 


DEUTSCHE MARK STRHOHTS 
tatMs6lj2l 2000 80% 


7J5 0L4B BOSto 
8.70 160 103% 
8X7 8.5B 103% 

7.50 135 73d 
141 853 95A 

137 153 92A 
155 &51 102% 

124 ITS 128% 


*h »A 
+B 126U 

♦a 127 % 
-a 93 % 

+J3 11738 
+J1 114% 
+% 138% 
+A lEBb 


Other Fixed Interest 


Ito— 199* 

Rwl Price e+ a 1 - Mga law 


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12.18 

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142 119 

— 118% 93% 

— 103% 90% 

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— 149% 125 

444, 33% 

40% 28% 

— 138% 111% 

— 78 66% 

150% 129% 

— 145% 123% 

— 159% 134% 


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.2000 97% 
. 1600 90 

.2000 97 

.2900 98% 
. 1500 94% 

.3000 99% 
.5000 100 


80% t% 
90 


87% 4% 

90 +% 


97% -% 
98% *k 


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88% t% 


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98% ♦% 

102 % 


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75* Aslan Dev BsftfilO 

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700 Cand Bnpa *% 90 

900 Denna*4%fl9 

938 BB6% 04 

73* Bee de Franca 7% 00 

759 Frtarri 7% 99 

7hB HyusM Motor Rn 8% 87 

aSB Icdaid 7% 00 

7M Kobe 8% 01 

720 Ontario 8% 03 - 

7.W Quebec Hydra 5 08 

7.82 SNCF70* 

754 Warid Bate 5 03 

7.10 Wortd Btek70i 

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750 YB4 STRACHTS 

940 8etyuni599 

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937 Mppan Tel Td 5% 96 

926 Nanny 5% 97 

723 SWT 6% 00 

921 Span 5% 02 

751 Sweden 4% 90 

951 Wold Bank 5% 02 

759 

952 OTHER STRAIGHTS 

920 Ganlnanca List 9% 99 ift 

729 K& Oeul todretn 8% 03 Ur . 

804 VNMri Bn* 8 96 LFr 

927 A8N Amm 8% 00 fl 

915 Bate Nad Gemeenlen 7 03 R 
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902 BB10%aaC8- 

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973 Gan Bee CapU 1096 CS 

T.1B KlW M Rn 10 01 CS 

947 forex Td Tel 10% 99 CS 

755 Quarto 8 03 CS 

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922 Qstor KOmdbate 10% 99 CS 

753 OuebeeFnv 10%8BCS — 
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900 lMKJNngdom9%01 Ecu — 

759 ACC 1098 AS 

7J& Comm Br Autetei 13% 99 A{ 

758 Q07% 0Q AS 

753 NSW Thnsunr Zlera 0 20 AS — 
917 R 91 Bate 7% 03 AS 

681 Stale Bk NSW 9 02 AS 

908 S9) APS Govt Fh6 CAS — 
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7.14 Weston Au* Trees 7% MAS. 


-HD 99% 
1000 96 

-25D 90% 

1000 95% 

- 300 101% 
.100 107% 
.300 108% 
_ in 105% 

- 100 108% 
- 240 103% 


907 
559 
5.18 
551 
-% 910 


«D 100% 
. 100 84% 


932 
5J0 
852 
824 
+% 973 


f% 920 
+% 079 


.150 95% 

.no io8% 


Hato: 10% 97E 

Harden 10%97£ 

HSBC Hoktogt 1159 02 E _ 

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Ontario 11% 01 C 

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TOTZRn9%EN3 

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.500 103% 


. 153 109 

.400 108% 


.200 91% 

.200 97% 


. 100 107% 
.250 96% 


150 107% 
ISO 107% 


103% ♦% 957 

109% +% 855 

106% +% 974 

91% +% 850 

97% +% 938 

107% ♦% 948 

96% +% 955 

108% +% 952 


- 100 
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.7000 87% 


. 3000 9d 
.4000 103% 


97% 943 

98% 914 

104% 7< 


FLO/UMG RATE NOTES 


taued BM Offer Cxpn 


. 75000 101% 
100000 109*4 
. 50000 104% 
. 30000 112% 

300000 81% 

100000 102% 
120000 109% 
. 50000 104% 


102 -% 441 

109% -% 453 

10«% -% 328 

112% -% 451 

91% -% SOB 

102% -% 4.48 

H»% -% 452 


150000 103% 
. 30000 109% 


125001 105% 
150000 101% 


103% -% 358 

109% -% 458 

100% -% «30 


260000 102% 102% ->» 458 


- 1000 

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-15n 94% 

— 500 103% 

— 150 104% 

_5n 102% 

— IJ0 105% 
— . 275 102% 

— 300 102% 

— 400 102% 

— 200 104% 

— 1500 91% 

— 500 105% 

— 150 104 

— 200 104% 

— 1250 HS% 
-.1100 100% 

— 125 101% 
-. 1125 104% 
_sn 104% 

— 1000 107% 
_ ton 102% 
-2750 HE 


104% -% 9.47 


H36% -% 024 


102% -4 932 


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Banco Bema 099. 

BeWumiWOM 

BFCE-4UK96 

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Canada -% 99__ 

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- 100 99% 

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»3% t% 1050 
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300 90% 


150 90 

190 104% 


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Gcid Kafgoafe 7% 00 _ 
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Hong Kong Laid 4 01 _ 

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lasmo 7% 05 £ 

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110 111 % 


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410 9105 78% 79% 

8* 972 85% 98 

90 964 80% 82% 

200 233M 85% 87% 

100 2283 101 % HE% 

2S0 433 118% 119% 

65 3B077 82% 84% 

500 588097 87% 88% 

300 38088 78% 79% 

155 30 96% 87% 

200 251 113% 114% 

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FINANCIAL TIMES FRIDAY NOVEMBER 4 1 994 


COMPANY NEWS: UK 




w 


25 


Tiny Rowland goes quietly from the helm of Lonrho after 33 years of unashamed controversy and a famous series of fights 

* A maverick who thumbed his nose 


at respectability and establishment 


John Pleader and David Wighton 
chart a career which led from 
Paddington station to an 
international business 
turning over more than £5bn 


A fter 33 years’ fighting 
opponents inside and 
outside Lonrho it 
always seemed unlikely »ha» 
Mr Tiny Rowland would go 
quietly. 

However maintaining his 
reputation for unpredictability 
to the last, he appears finally 
to have agreed to do just that 
He once said that the last 
thing he wanted was for Lon- 
rho to be respectable but he 
has at last succumbed to the 
forces that want to make it so. 

Bora Roland Waiter Fuhr- 
hop. of a German Gather a nd 
Angio-Datct mother, Mr Row- 
land Is a natural outsider and 
maverick. He has never been 
accepted by the UK business or 
political establishment and 
seemed to enjoy his controver- 
sial reputation. 

In 1973 when Edward Heath, 
then Prime Minister, famously 
described him as “the unac- 
ceptable face of capitalism" he 
replied that he would not want 
to be the acceptable face. 

Educated first in Germany, 
then briefly in En gland, he was 
detained on the Isle of Man 
during second world war, 
when he was suspected of Nazi 
sympathies. His experiences 
after the war, which included 
compulsory employment as a 
porter at Paddington station in 
London, as well as business 
ventures in which he fell fool 
of the Inland Revenue, were 

not dqdgnpiH to mvtoar him to 

his adopted country. 

In bis early thirties Africa 
provided an opportunity for a 
new start Yet, here too. he 
met with a mixed reception. 
When he. acquired effective 
control of Lonrho in 1961, he 
did so in the face of consider 
able hostility from the Rhode- 
sian establishment 
Just over ten years later 
came the notorious boardroom 
power struggle, which caused 


the outburst from Mr Heath, in 
which Sir Basil Smallpeice and 
a group of directors known as 
the "straight eight" sought 
without success to unseat him 
hum executive office. 

The pretext was Mr Row- 
land's failure to reveal to bis 
board the granting of options 
to Mr Alan BaDo, the chair- 


D tiring the 1980s Mr 
Rowland became 
increasingly distracted 
by an obsessive and 
ruthless pursuit of 
those he perceived to 
be his enemies 


man, and Mr Angus Ogilvy, 
executive director and husband 
of Princess Alexandra. Mr 
Ogilvy had been instrumental 
in introducing Rowland to Lon- 
rho. Part of the effect of the 
granting of options was to 
reduce the two men’s ability to 
act independently of Mr Row- 
land. While Mr Rowland ulti- 
mately won the vicious battle 
for control with the support of 
small shareholders, he lost Mr 
Ogilvy, who resigned from the 
board. He also alienated most 
of the City and the wider Brit- 
ish establishment 
He has never been squea- 
mish about upsetting public 
opinion either. Most recently, 
he sold a stake in Lonrho’s 
hotel chain to the Libyan gov- 
ernment which was subject to 
Tbittpd Nations sanc tions fol- 
lowing the Lockerbie bombing. 

In an article in The 
Observer, then owned by Lon- 
rho, he declared that he hoped 
to give “a lot of enjoyable 
annoyance to everybody”. 
During the 1980s Rowland 



became increasingly distracted 
by an obsessive and ruthless 
pursuit of those he perceived 
to be his enemies. When Mr 
Alan Bond had the temerity to 
plan a takeover bid for Lonrho 
Mr Rowland ruthlessly exposed 
the Australian entrepreneur’s 
shaky finances. 

However Mr Rowland's main 
adversary was the Egyption- 
bom Mr Mohamed Fayed, a 
former director of Lonrho, who 
with his two brothers had 
acquired in the mid-1980s the 
House of Fraser stores group, 
owner of Harrods, which Mr 
Rowland had long coveted. 

In 1977, Mr Rowland first 
drew up a plan to take over 


House of Fraser. Four years 
later he made a £226m bid 
which was blocked by the 
Monopolies and Mergers Com- 
mission on the grounds that it 
was against the public interest 

In 1984 Lonrho sold its 
Fraser shares to the Fayeds 
who Lonrho believed were 
“neither qualified nor capable” 
of bidding for the whole. How- 
ever they gained control with a 
£61 5m bid which became the 
subject of a highly critical 
Department of Trade and 
Industry report and prompted 
years ctf legal wrangling. 

In the vendetta against the 
Fayed brothers Lonrho’s cash 
was shamelessly diverted to 


the cause weakening finances 
already stretched by yean of 
acquisitions. Mr Rowland built 
Lonrho from a turnover of £4m 
in 1961 to a group with sales of 
more than £5bn and profits at 
their peak of £272m. 

Yet from the shareholders’ 
point of view the lucrative 
period was chiefly confined to 
the 1960s. This was despite the 
disadvantage of a heavy con- 
centration of mining assets in 
Southern Rhodesia at the Hma 
of lan Smith's Unilateral Decla- 
ration of Independence. 

Mr Rowland attracted a 
strong following of loyal pri- 
vate shareholders with whom, 
he kept sweet by paying, what 
were to turn out to be, unsus- 
tainably high dividends. When 
he was finally forced to cut the 
dividend last year he may have 
sown the seeds of his eventual 
departure. 

In a characteristically capri- 
cious move Mr Rowland sud- 
denly made peace with Mr 
Fayed a year ago. By then Mr 
Rowland was also fighting an 
internal battle with Mr Dieter 
Bock. 

A little known German prop- 
erty dealer. Mr Bock was 
brought into Lonrho by Mr 
Rowland as heir apparent, but 
relations quickly turned sour. 

Before long Mr Rowland was 
attacking Mr Bock in public. 
Last October he saidr'Tm still 
waiting for some performance 
from him. So far he hasn’t 
delivered a stroke of business. 
Frankly, he hasn't a clue.” 

Mr Rowland also questioned 
the financial backing which 
enabled Mr Bock to acquired 
his 1A8 per cent stake in the 
company. But in the end Mr 
Rowland was outmanoeuvred. 

One of the most flattering 
verdicts on Mr Rowland was 
delivered in the first and most 
weighty of the Department of 
Trade's successive reports on 
Lonrho. According to the DTI 
inspectors he was a man who 
had “vision, negotiating abil- 
ity. determination and pesrson- 
ality in unusual measure with 
unbounded energy to apply his 
talents". 

Although, at 76, that energy 
is still all too evident he will 
soon have to now have to find 
new uses for it. 



Tiny Rowland smiling in defeat after Lonrho failed in Its attempt to take over the House of Fraser 
- then chaired by Sir Hugh Fraser 






Heading for the exit, 
shadowed by Dieter Bock 



More short-lived smiles over Harrods: making peace with 
Mohamed Fayed in the London store’s food hall 

Out of Africa and into battle 


Nov 27 1917: Born Roland 
Walter Fnhrhop, in India; edu- 
cated at Churchers public 
school, Petersfield. 

1948c Left for Africa. 

1961: Invited to run London & 
Rhodesian Mining & Land 
Company, became Lonrho. 
1973: Described by Edward 
Heath as “the unacceptable 
face of capitalism.” 

1973: Boardroom revolt; Row- 
land fights dismissal via High 
Court, becomes sole BSD. 
1977-78: Lonrho builds 29.9 per 


cent stake In House of Fraser. 
1981: Lonrfao’s £226m bid for 
HoF blocked by MMC. 

1984: Lonrho sells its stake to 
the Fayed brothers, but buys 
new stake of 6J3 per cent. 

1985: Fayeds bid £615m for 
HOF. 

1987-88: DTI inspectors inves- 
tigate takeover, report passed 
to Serious Fraud Office. 

1990: DTI publishes highly 
critical report, which forms 
basis for Lonrho’s legal 
attacks. 


1991-92: Bank of England 
strips Fayeds of control of 
Harrods BankfTakeover Panel 
censures Fayed brothers. 

1993: Fayeds float HoF stores, 
but not Harrods. 

Jan 1993: Dieter Bock becomes 
Lonrbo’s biggest shareholder. 
Feb 1993: Bock appointed joint 
chief executive. 

Oct 1993: Non-executive direc- 
tors appointed. 

Sep 1994: Rowland wins fight 
to stay as Lonrho joint CEO. 
Nov 1994: Rowland resigns. 


C£S 



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Kwik Save ‘comfortable’ 
with £135.6m at year-end 


By Paid TayCor 

Kwik Save, the UK’s biggest 
discount grocery retailer, 
reported a better than expected 
7.5 per cent increase in ML- 
year pre-tax profits despite the 
s u permarket price war. 
However the group, which 
also announced the planned 
acquisition of Shoprite’s 
mainly Scottish stores, 
acknowledged lower like-for- 
like sales in the first eight 
weeks of the current year. 

Pre-tax profits for the 52 
weeks to August 27 increased 
to £185.691, compared with 
last time, on turnover 
that grew 5.7 per cent to 
£3.02hn (£2-86bn). 

Mr Graeme Bowler. Kwik 
Save’s chief executive, said the 
group had continued to make 
steady progress “in a period 
when the UK food retailing 
industry experienced the most 
competitive trading conditions 
for many years”. 

Mr Bowler brushed aside 
concerns that Kwik Save faces 
growing competition from the 
limited range price discounters 
an one side and the superstore 
nhflhm an the other. “H this is 
being squeezed," he said, “then 
I am comfortable with it” 

The growth in full-year sales 
mainly reflected the opening of 
79 new stores during the year, 
taking the total to SSL Vol- 


. • . ■ ' :»!•&. -•* . 

pm#*, \ 


Aa cr M& k V i. ’ J. .i r * — ■ ■ ■ . > 


umes rose just L3 per cent but 
the combined effects of lower 
grocery prices and customers 
trading down meant net like- 
for-Uke sales fell 0.3 per cent 

Highlig htin g the continued 
difficult trading conditions, Mr 
Derek Pretty, finance director, 
arid that in the eight weeks 
following August 27 total sales 
rose by just 2 per cent. 

Llke-for-Hke volumes, includ- 
ing the effects of trading down, 
were 2 per cent lower. This, 
together with selling price 
deflation of over 3 per emit, 
meant the like-for-like sales 
value was down by more than 
5 per cent 

Even so. Mr Bowler insisted 
that "underlying volumes are 
pretty solid”. 


For the full year gross mar- 
gins improved by 0J. per cent 
mainly reflecting a better mar- 
gin mix and improved buy- 
ing-in prices. Group operating 
profits increased 7-3 per cent to 
£135 Am (£L26-3m), despite a 25 
per cent increase in depreda- 
tion charges to £39 .6m, which 
reflected the introduction of 
a provision for depreciation 
on freehold and leasehold 
property. 

Rental income from conces- 
sions within Kwik Save stores 
selling fresh foods increased by 
15.6 per cent to £23. 7m, while 
net interest costs were little 
changed at £100,000 (£200,000). 

Group capital expenditure 
for the year was £100.3m 
(£l03.2m). New store develop- 
ment continuing to account for 
the bulk of this spending and 
is projected to rise to £115m 
this year. Despite competitive 
trading conditions, Mr Bower 
said the group would continue 
Its aggressive store-opening 
programme, with the target ctf 
adding another 80 stores this 
year. 

Earnings per share increased 
3.2 per to 57.29p (55.49p), held 
back by a higher effective tax 
charge which increased from 
32.1 to 34.7 per cent The rec- 
ommended final dividend is 
13.85p (12.9p), bringing the 
total for the year to I9.25p 
(l&3p), up 522 per cent 


£27m buy for Jarvis Porter 


By Rfcfiard Woffle 

Jarvis Porter Group, the 
specialist label printer, yester- 
day announced a £27-2m acqui- 
sition alongside a 37 per cent 
increase in pre-tax profits in 
the six wwmths to August 31. 

Jarvis is to acquire Douprint, 
the Glasgow-based label 
printer which specialises in 
“intelligent” or barcoded labels 
used in the computer and elec- 
ironies industries. 

The consideration will be 
£24.7)11, of which. £LS.7m will be 
- if' financed through a placing of 
j* .5 JL7ni shares at 265p each with 
f a Mor-23 clawback, £5m 
through the issue of . 1.89m 
shares to the vendors, and £6m 
in «»3i- Hue shares closed up 
lpto283p. 

Thg cagh will come from the 
company's own resources and 
prigring hanking facilities . 

There will be a deferred , bal- 
ance of upto £25m comprising 





S gil: 

j* V; yVf^ iv 

■* •V- •• • “A* J’,. 

£300,000 payable in cash on 
April 15 1995, film cash on 
August 7 1995, and up to £3m 
to bo satisfied by the allotment 
of farther ordtoaiy shares to 
the Douprint lEmplayee Trust 
Jarvis, which supplies the 
sp iri ts, toiletries and pharma- 
ceuticals industries, reported 


interim pre-tax profits of 
£4.68m (£3.42m). 

Turaover rose 19 per cent to 
£33.4m (£28m). underpinned by 
a £4. 13m contribution from 
three Dutch labelling compa- 
nies acquired in May. 

Group operating profits rose 
to £4. 77m (£3. 54m), including 
£838,000 from acquisitions. 
Margins on continuing 
operations rose slightly from 
12.6 to 13.4 per cent 

Mr Richard Brewster, chief 
executive, said the group was 
fro- paasirtg market share in the 
current period as its multina- 
tional customers reduced the 
number of smaller suppliers. 

Cash flow had been strong, 
Mr Brewster said, and the 
group had ended the period 
with set cash funds of some 
Elm. 

Earnings per share emerged 
at 8.9p (7p) and the board 
announced an interim dividend 
of iSp (1.65p). 


MMC to 
investigate 
Stagecoach 
shares swap 

By James Buxton, Scottish 
Correspondent 

The Department of Trade and 
Industry yesterday ordered the 
Monopolies and Mergers Com- 
mission to investigate the tak- 
ing of a 20 per cent stake by 
Stagecoach Holdings, Britain's 
biggest bus operator, in Shef- 
field Mainline Partnership bus 
company. 

It said Mr Jonathan Evans, 
the corporate affairs minister, 
considered the acquisition 
raised competition concerns 
about the bus market in parts 
of South Yorkshire. Derby- 
shire and Nottinghamshire. 

Stagecoach agreed in July to 
swap shares with Sheffield 
Mainline Partnership, which 
was established last November 
through an employee buy-out 
from local authorities in South 
Yorkshire. The deal with 
Stagecoach, worth about £lm. 
involved the exchange of 20 
per cent of Mainline's enlarged 
equity for 500,000 Stagecoach 
shares. 

At the time Stagecoach 
described it as a form of conrt- 
ship: if the relationship 
worked out. Stagecoach would 
eventually seek full control. 

An industry analyst inter- 
preted the DTTs action as a 
signal to Stagecoach that it 
wants it to halt its acquisi- 
tions of bus companies. It now 
controls 11.5 per cent of the 
UK bus market 

However, Mr Derek Scott, 
Stagecoach's finance director, 
said he saw the MMC reference 
as concerned purely with 
Mainline's area of operations. 

He said the 20 per cent stake 
was intended to protect Main- 
line against other predators. 
“It's an important develop- 
ment for the industry and we 
want to get the principle of 
what we are doing established. 
We hope the MMC will say we 
are acting hi the public Inter- 
est”. The MMC will report in 
February. 

This will be the fourth MMC 
inquiry into Stagecoach’s 
activities since it was set up in 
1980. The Office of Fair Trad- 
ing has also carried out 18 
other Investigations into 
Stagecoach subsidiaries. 

Last week Mr Brian Wilson, 
Labour’s industry spokesman, 
wrote to the DTI demanding 
an inquiry into Stagecoach's 
allegedly anti-competitive 
practices. 


Sale is likely drugs prescription 

Tim Burt considers Boots’ plans for its pharmaceuticals side 


B oots, the retailing and 
pharmaceuticals group, 
is likely to face tough 
questions next week on its 
strategy from an unexpected 
quarter - its own managers. 

Senior staff from the phar- 
maceuticals division will meet 
head office executives ostensi- 
bly to review the company's 
first-half performance. But the 
year-long review of the drugs 
business is likely to over- 
shadow the proceedings. 

Managers conducting the 
review, prompted by the with- 
drawal last year of the heart 
drug Manoplax at a cost of 
almost £40m. have considered 
selling the business, launching 
a joint venture or retaining it 
in a radically restructured 
form. 

While reluctant to indicate 
the group's favoured option. 
Mr Gordon Solway, managing 
director of Boots Pharmaceuti- 
cals, warned yesterday that job 
losses were inevitable. 

“Whatever happens, there 
are bound to be redundancies 
in research and development 
in Nottingham.” 

In what may be seen as a 
blow to the city, he added that 
Boots had not asked potential 
bidders to maintain a presence 
in the East Midlands as a con- 
dition of any acquisition. 

Of the possible options, a dis- 
posal has looked increasingly 
likely in recent months follow- 
ing the group's decision to 


BOOTS PHAIWACEIITICALS HaH-Year Sales 

On 


Prescr^rtjon 



Bmten/buproten - antt-tnflammaXixy 


. 37.7 

FroberVnurblpfpfen antt-btBammatary 


10.4 

Prothieden/dothtephr anti-depressant 


9 2 

Synthroid ($117.0) - Thyroid replacement 


7A2 

Total 


141.5 

Other products' 


77.9 

BHC 


a* 

Total 


MSB 


lack 

1083 


8m 

6m 

Licence income total 

2J3 

136 

Research and Development 

33.1 

304 

* IradUdn B&wfiWJ /France) at CM.7m 


issue a sales memorandum and 
hire Credit Suisse First Boston 
as financial advisers. 

A number of companies have 
been linked with the division, 
which offers laboratory and 
sales expertise in the the UK 
and a marketing and distribu- 
tion network in North Amer- 
ica, the world's largest phar- 
maceuticals market. 

Zeneca, Britain's third larg- 
est drugs group, is thought to 
have examined the business, 
but was put off by the asking 
price. Medeva has also ruled 
itself out, leaving analysts' 
attention focused on continen- 
tal European bidders. 

They have identified three 
possible suitors: KnolL part of 
the German BASF; Menarini of 
Italy; and Astra, the Swedish 
pharmaceuticals group. 


Yesterday, however, Astra 
denied having any interest 
while its German and Italian 
rivals refused to comment. 

N evertheless, a consen- 
sus has emerged 
among City analysts 
on Boots’ long-term intentions. 
Their scenario envisages the 
pharmaceuticals business 
being sold for more than 
E700m. greatly strengthening 
the group's cash resources. 

Profits on the disposal could 
help fund a share buy-back, 
which would reassure inves- 
tors frustrated by the dilutive 
effect of the £900m Ward White 
acquisition in 1989. 

Analysts suggest the com- 
pany might then feel confident 
enough to acquire an over-the- 
counter drugs business in con- 


tinental Europe, preferably in 
Germany, for about £5Q0m. 

Mr Solway said although no 
decisions had been reached, 
senior managers in the phar- 
maceuticals division were 
under no illusions about the 
review process. 

“They recognise that their 
prospects are better if we were 
to change hands and become 
part of a major pharmaceuti- 
cals player." 

He denied, however, that the 
uncertainty over the division 
had harmed its performance. 

Buoyant demand for Syn- 
throid, the treatment for thy- 
roid deficiency, helped lift the 
division's profits by 71 per cent 
from £29.2m to £49 -8m. 

Research spending has also 
been maintained and sales 
have risen from £215.5m to 
£228. Im, although the second 
half is not expected to be so 
healthy because wholesalers 
stocked up in the first half. 

Sir James Blyth. chief execu- 
tive, welcomed the figures. But 
with most pharmaceuticals 
companies facing over-capacity 
in research and stringent regu- 
latory hurdles for new drugs, 
he admitted there was no 
choice but to reassess the 
value of the division. 

"We were not alone in hav- 
ing problems and there was no 
choice but to reconsider our 
future in pharmaceuticals. But 
1 don't believe we have painted 
ourselves into a corner.” 


MMT up 45% 
to £2.5m and 
plans full quote 

MMT Computing, the USM- 
quoted computer services com- 
pany, lifted pre-tax profits 45 
per cent from £l.73m to £25lm 
in the year to August 31. 

Mr Mike Tilbrook, chairman, 
said the result was helped by 
an easing of the tough trading 
conditions prevalent in the last 
few years. He said the group's 
policy of working primarily for 
blue chip and household name 
clients was the right one. 

He added that MMT planned 
to move to a full quote “in the 
near future”. 

Turnover of continuing 
operations advanced to £10.9m 
(£7 .06m) generating operating 
profits of £2.22m i£l.lm). 

The final dividend is raised 
to 3.7p <2.75p), making 5.2p (4pi 
for the year, payable from 
earnings of 13.1p t9pi. 


Abbey National takes 9.9% 
stake in Irish Permanent 


Ely Alison Smith 

Abbey National, the mortgage 
lender and banking group, has 
taken a 9.9 per cent stake in 
Irish Permanent, the former 
building society which con- 
verted and floated last month, 
in a move set to strengthen 
ties between the two organisa- 
tions. 

Mr Peter Birch, Abbey chief 
executive, said he believed 
there was scope for co-opera- 
tion between the two groups, 
perhaps in areas such as Trea- 
sury operations or shared use 
of cash dispenser networks. 

Mr Roy Douglas. Irish Per- 
manent chief executive, said 
the move by Abbey was a 
“vote of confidence." 

Welcoming the prospect of 


cooperation in some areas, he 
said he saw few opportunities 
for this in terms of life insur- 
ance business: Abbey National 
owns Scottish Mutual, while in 
July Irish Permanent bought 
Prudential life of Ireland for 
£3Qm cash. 

Mr Birch said Abbey 
intended to maintain a 
long-term minority investment 
in Irish Permanent, and would 
keep its options open 

Irish legislation says that no 
organisation can have a stake 
of more than 10 per cent in a 
licensed bank without 
approval from the central 
bank; and that no one can own 
more than 15 per cent of a for- 
mer building society for five 
years after conversion 

Abbey’s stake in Irish Per- 


manent, which has been built 
up over the past week, cost 
between £15m and £17m over- 
all. On a per share basis the 
range was between ISOp and 
220p. 

Irish Permanent was 
Ireland's largest society before 
its conversion, ft is well-placed 
in the Irish retail financial 
market, but its cost/income 
ratio is the highest in the 
industry in Ireland. 

Abbey's move comes against 
a background of increasing 
interest in the Irish banking 
sector. Both National Westmin- 
ster Bank and National Austra- 
lia Bank are known to be bid- 
ding for TSB Bank (Which is 
not connected with the TSB 
group in the UK), which is cur- 
rently state-owned. 






-»i z.'i ■ t._ ii • 





FINANCIAL TIMES 


FRIDAY NOVEMBER 4 1 9§4 



COMPANY NEWS: UK 


Shares fall 5p on warning that profits will not meet expectations 

Robinson splits TransTec roles 


By Andrew Botger 

Ur Geoffrey Robinson, the 
Labour MP who built up the 
specialist engineering group 
TransTec , has split his role as 

chairman and chief executive 

with a fellow multimillionaire. 

The Birmingham-based 
group’s new chief executive is 
Mr Richard Carr, 41, who last 
year received a £10m payment 
from Tomkins for identify in g 
the UK conglomerate's acquisi- 
tions in the US. 

Mr Robinson, MP for Coven- 
try North West, will continue 
as non-executive chairman of 
TransTec, which has suffered 
recently from recession in the 
aerospace industry and 
deferred contracts. 

TransTec’s shares, which 
had nearly halved in value 
from February's peak of 105p, 
yesterday shed a further 5p to 
51p after the group accompan- 
ied news of Mr Carr’s appoint- 
ment with a warning that full- 
year tr ading profits would be 


lower than expected. 

Mr Carr, who left Tomkins at 
the begining of the year, will 
subscribe for one million new 
shares at 55p each. He will be 
granted options over further 
shares worth Elm at a price to 
be determined according to the 
rules of the executive share 
option schemes. 

In addition, he has been 
granted further options over 
500,000 shares, which may be 
exercised at a price of 140p 
within the next seven years. 
Half of these options may be 
exercised at 130p within the 
next six years. 

Mr Robinson, who had teen 
under pressure from institu- 
tional Investors to split his 
roles, said yesterday he was 
delighted to have secured 
someone of Mr Carr's quality. 

’TBs experience in running a 
wide range of industrial busi- 
nesses Under tight financial 
controls will be invaluable in 
improving the profitability of 
TransTec’s existing businesses. 



Geoffrey Robinson: delighted 
to secure new chief executive 

In due course, his proven track 
record in acquisitions will 
enable the group to continue to 
grow as an international, 
industrial company.” 

Mr Carr's annual salary will 
be £160,000 on a one-year con- 
tract, with no additional 


bonuses beyond the share 
options. He led Tomkins to US 
deals such as the 1988 purchase 
of Smith & Wesson, the hand 
gun maker, for SI 12m (£68m) 
and its purchase the following 
year of Murray Ohio, the 
bicycle manufacturer, for 

«Mm. 

Mr Robinson. 56. owns has a 
16 per cent stake in TransTec 
worth £8m at last night's close. 
Last year his total remunera- 
tion was £285,000, including 
pension contributions. 

He said yesterday that his 
new salary would be set by the 
remuneration committee, but 
would drop considerably to 
reflect bis reduced role. 

TransTec has made a series 
of acquisitions in recent years. 
As well as the aerospace indus- 
try. it supplies components to 
the automotive industry - par- 
ticularly Ford. In the first six 
months of the year, the group’s 
pre-tax profits slumped by 46 
per cent to £3m on sales of 
£94m. 


Seton expands medical products side 


By Peter Prana 

On the day it revealed a 27 per 
cent rise in pre-tax profits, 
Seton Healthcare is spending 
£24. 6m to strengthen its medi- 
cal products division. 

The expenditure is to be 
funded by a l-fbr-3 rights issue 
at 285p to raise a net £2&5m. 
The balance will reduce bor- 
rowings from £15m to £llm 
and gearing from about 80 to 
about SO per cent The shares 
closed down 18p at 343p. 

Seton is acquiring for £ 13.8m 
cash a basket of over-the- 
counter medical brands from 
Napp, a private company. 


The brands Include: five for 
the treatment of head lice; Par- 
amoL, the first strong analgesic 
to be allowed to be sold OTC 
since Nurofen; J Collis 
Browne's, a range of anti-diar- 
rhoeal treatments; and four 
other assorted brands. 

Napp has warranted that its 
brands had operating profits of 
£1.5m (£l.4m) on sales of £3. 6m 
(£3.2m) for the eight months to 
August 3L 

For £5m cash. Seton is buy- 
ing additional rights in perpe- 
tuity to the Betadine range of 
OTC infection control prod- 
ucts. It already had the licence 
for the range on a royalties 


agreement of 15 per cent for 
the first five years, jumping to 
25 for the next five. 

It is also acquiring for £5 An 
cash, shares and loan notes. 
Brevet Hospital Products (UK), 
a maker of compression ther- 
apy products. In 1394 it made 
trading profits of £755,000 on 
sales of £2.43m. 

Se ton's pre-tax profits for the 
six months to August 31 grew 
to £4.03m (£3. 18m) on turnover 
up 18 per cent at £26.3m 
( m 2m ). with the UK account- 
ing for 81 per cent (77 per cent) 
of that figure. 

Organic sales increased 11 
per cent, with the balance of 


Barr & Wallace calls 
enfranchisement EGM 


By Richard WoJffe 

The board of Barr & Wallace 
Arnold Trust, the motor and 
leisure group whose voting 
shareholders are split by a 
family feud, yesterday issued 
details of proposals to enfran- 
chise its non-voting A shares. 

The board called an extraor- 
dinary general meeting for 
November 25 to consider its 
plans to end the company’s 
two-tier share structure . 

Ordinary voting sharehold- 
ers would be compensated by a 
one-for-one scrip issue, while 
the non-voting shares, owned 
almost entirely by institu- 
tions, are enfranchised. 

The proposals are opposed 
by Mr Nicholas and Mr Robert 
Barr, nephews of Mr Malcolm 
Barr, the company chairman. 

The brothers, who speak for 
nearly 30 per cent of voting 
shares, have also called for an 
EGM to unseat Mr John Par- 
ker, chief executive, and Mr 
Brian Small, finance director. 


They are also seeking their 
uncle's resignation and want 
to split the company's two 
divisions into stand-alone 
businesses. Ironically, enfran- 
chisement was one of their 
own proposals. 

Mr Malcolm Barr said: “The 
board feels it Is essential that 
all shareholders have a vote 
on the very radical proposals 
from the other side. This is 
especially the case because the 
other side have said they sup- 
port enfranchisement" 
However, the board’s pro- 
posal seems likely to fail as it 
requires 75 per emit of voting 
shares to proceed. 

The brothers claim to have 
enlisted majority support 
among voting shareholders for 
their own proposals. Mr Nicho- 
las Barr said: “Whilst we sup- 
port enfranchisement in prin- 
ciple, we believe It should only 
be part of an overall strategy.” 

A circular on the rebel 
shareholders' EGM is expected 
to be published today. 


Credit Lyonnais 
recruits Nikko 
research team 

Credit Lyonnais Securities has 
recruited a five-strong convert- 
ible bond and warrant sales 
team from Nikko Securities 
Europe as part of its effort to 
expand its active quantitative 
research facility. 

Mr Michael Kerr-Dineen, 
chief executive of Credit Lyon- 
nais Securities, said the com- 
pany was seeking to distin- 
guish Itself in the highly 
competitive stockbraking mar- 
ket by developing unique quan- 
titative products. “Institutions 
are becoming much more selec- 
tive In their use of research.” 

Credit Lyonnais, which 
recently lost the creators of its 
key Value and Momentum 
stock selection model to Robert 
Fleming Group, said it had 
already filled those vacancies 
internally and was continuing 
on. schedule. 

Mr Kerr-Dineen has warned 
Fleming that he will take legal 
action if the team attempts to 
re-create the Value and 
Momentum model. 


This announcement appears as a matter of record only. 

THROGMORTON PREFERRED 
INCOME TRUST PLC 

The Directors arc pleased to announce that the Trust 
has agreed to invest £15. 5m in the following 
six companies by way of preference shares with warrants 

£3,000,000 


£2,000,000 

BEARING POWER INTERNATIONAL PLC 
£2,000,000 

Rroadc^jfle PLC 
£3,000,000 


HAWTAL WHITING 

£3,000,000 



iiiTijKiiumriiiii 


HOLDING! PIC 



£2,500,000 

REGBNT CORPORATION PLC 


Throgmorton Preferred Income Trust PLC 

is managed by Framlington Investment Management Limited 
a member of IMHO 

155 Blshopsgate, London EC2M 3XJ Tel: 071 330 6622 


the rise coming from three 
acquisitions for £9.75m. 

The sports and leisure divi- 
sion made fiat profits of 
£352,000 on turnover up at 
£3 .35m (£2.55m>. 

Earnings per share rose to 
89p (7.3p) and the interim divi- 
dend is lifted to 2.2p (i£p\ 


• COMMENT 

Seton has been quietly picking 
up UK OTC brands from the 
big boys, which are now con- 
centrating on global brands. 
And it has proved - with the 
1992 acquisition of Cupal - 
that it can absorb companies to 
its advantage. Its earnings 
record, at 17 per cent com- 
pound a year has been driven 
by acquisitions, but contains a 
healthy proportion of organic 
progress. In the current deal it 
has therefore stuck with what 
it knows: it has also pitched 
the rights price at a reasonable 
discount to make the decision 
easy for shareholders. Forecast 
pre-tax profits for the current 
year have been lifted to about 
glim, giving ea rning s of 21p 
and a multiple of just over 16. 


Daily Mail 
Trust buys 
cable arts 
channel 

By Raymond Snodcfy 

The Daily Mail and General 
Trust yesterday expanded its 
interests in tbe new media 
with the acquisition of The 
Performance Channel, an arts 
channel distributed on cable 
television networks in the UK. 

The purchase means that by 
the end of the month the 
publisher of the Daily Mail 
will own two cable TV 
channels. Channel One, a 
24-hours a day television news 
channel will soon be launched, 
initially in London. 

The acquisition of 
Performance, is part of a £50m 
investment to take DMGT into 
the electronic media. 

Sir David English, chairman 
of Harmsworth Broadcasting, 
a DMGT division, told a Media 
Week conference in Brighton 
yesterday: “We want to 
expand Into TV. We want to 
have more channels." 

Cable is an area where 
newspapers are free to expand 
without ownership 
restrictions. The cable 
industry is keen to have 
exclusive channels to 
differentiate itself from 
satellite television. 

Performance broadcasts a 
mixture of music. It is 
available to more than 750,000 
cable subscribers as part of 
the basic tier of channels and 
is already in profit 

At the conference Mr Eugene 
Connell, president of Nymex 
CableComs, the second hugest 
cable operator in the UK. and 
chairman of the Cable 
Communications Association, 
forecast that cable would have 
more than 6m viewers in the 
UK by the turn of the century. 

At the Royal Television 
Society on Wednesday 
evening, Mr Charles Allen, 
chief executive of Granada TV 
and LWT, promised that his 
company intended to find a 
way into the pay television 
market 

Although ITV would remain 
an important business, Mr 
Allen predicted that in ten 
years’ time subscription 
revenues would dwarf both the 
BBC’s licence fee and 
advertising revenues. 


Usborne £13.2m in the 
red and calls for 



$ 


By Deborah Hargreaves 

Usborne, the grain trading and 
pig production group, reported 
pre-tax losses of £13 ,2m for the 
year to June 30 agains t profits 
of £1.6m in the previous 18 
months following a change in 
the company's year-end. 

The company’s auditors 
qualified its accounts because 
of lads of information on the 
pig division's stock and fixed 
assets at the outset of the year. 

Usborne 's chairman. Lord 
Parkinson, former cabinet min- 
ister, also announced a 4-for-3 
rights issue to raise £6m 
towards paying down debt The 
issue Is folly underwritten by 
Thomson Investments, the 
engineering group, which has a 
50.1 per cent stake in the com- 
pany. 


Mr John Aiken, finance 
director, said that the rights 
issue will enable Usborne to 
reduce its gearing levels to 
dose to 50 per cent by June. 

Poor trading conditions in 
the pig division woe exacer- 
bated by a loss of management 
control in pigs a year ago 
which left the company with 
insufficient records to provide 
the auditors with all the infor- 
mation they needed. 

Mr Michael Adams, manag- 
ing director, said: “We don’t 
like the qualification of the 
results, but it’s a reality. We 
now have every confidence in 
the new pig management” 

Mr Adams is refocusing the 
company on its care business 
in grain trading where It made 
a profit of £963,000 (£2£2m) on 
turnover of £lS3m (£269m). He 


is halving pig numbers to 9,000 
to concerdrate oni a contact to 
provide the Milton Bacon fac- 
tory with pigs which runs f® 
another 5% years. 

“There are .opportunities in 
the agribusiness lector which 
we want to take advantage of," 
Mr Adams said. The grain busi- 
ness will be expanded, with 
more offices around the coun- 
try and the company has 
agreed with Associated British 
Ports to import and fondly for. 
tfflser through a hew facility at 
Southampton Docks.. - 

Turnover amounted to £228m 
(£312xn), with £206m (£186m) 
from continuing operations. 
Losses per share enraged at 
16.16p against earnings of 
2.05p. 

The shares rose by V4p yes- 
terday to 6ftp. . 


Euromoney at £24m and 
still on the acquisition trail 


By Peter Pearse 

Pre-tax profits at Euromoney 
Publications, the acquisitive 
information group 70 per cent 
owned by the Daily Mail and 
General Trust, advanced 36 per 
cent to £24m in the year to 
September 30. 

The rise from £17. 7m was 
struck on turnover up 67 per 
cent at £89. 9m (£53. 7m), to 
which acquisitions contributed 
£5m (£4. 05m). 

Mr Richard Ensor, managing 
director, said that as well as 
laun ching its own magarinaa 
Euromoney acquired them 
where possible. Euromoney 
magazine itself, he said, had its 
best year ever, with higher rev- 
enue from both subscriptions 
and advertisements. He attri- 
buted this result to a redesign, 
new writers and increased pag- 
ination. as well as to “commer- 
cial banks having a better 
time”. 

However, the group also 
acquired companies by 
degrees, Mr Ensor said. This 
involved buying a 20 to 25 per 
cent stake then gradually 
adding to that holding. He said 
he hoped the flow of acquisi- 


Financial strength is the 
issue not competition 

Bernard Gray hears Lord Weinstock’s VSEL views 

L 


ord Weinstock’s view of 
the right future for 
VSEL, and the British 
defence industry, could not be 
more different than John Wes- 
ton's, the man who runs BAe's 
defence business. 

GEC's managing director 
believes that the arguments 
about competition in shipbuild- 
ing are nonsense, and that the 
talk of wholesale cross-border 
rationalisation of the European 
defence industry is naive. 

Lord Weinstock argues that 
when tbe Office of Fair Trad- 
ing looks at each order, they 
will see that each could only be 
built by one specialist yard. 

“The order for the second 
batch of Trafalgar submarines 
would always have been built 
at Barrow [VSEL’s yard in 
Cumbria], so there can be no 
real competition for that con- 
tract 

“The other order around is 
for the last batch of Type 23 
frigates for the Royal Navy. 
Yarrow [GEC's yard on the 
Clyde] has built nine of the 13 
of that class and the prices for 
these ships are well known, so 
the Ministry of Defence need 
have no concerns on that 
score." 

In the Future, ships are likely 
to be built on a collaborative 
basis. “Beyond that is the next 
generation Horizon frigate, 
which will not be built until 
tbe turn of tbe century and is 
an Anglo-French-ltalian ven- 
ture anyway, much as you 
have in BAe's monopoly air- 
craft business.” 

If anything, Lord Weinstock 
contends that the risk is that 
Barrow run by another com- 
pany would be tempted to put 
Yarrow out of business. 

“If Barrow had won a large 
submarine contract to keep it 
profitable, it might be tempted 
to buy other contracts and 
starve its competitors of work. 
The history of shipbuilding is 
littered with similar inci- 
dents." 

At a philosophical level. 
Lord Weinstock also questions 
whether effective competition 
can exist when two potential 
manufacturers of equipment 
vie to supply one buyer. 

"If, for example, you have 
four contracts to parcel out 
between two bidders A and B, 
tbe maximum split you could 
make is three to A and one to 
B, regardless of whether B was 
cheapest bid because otherwise 
B would be out of work and 
you would have no future com- 



Lord Weinstock: talk of cross- 
border rationalisation is naive 

petition. 

“There is no real competition 
under those circumstances and 
bidders know that" 

On the broader question of 
how the defence industry 
should consolidate, he thinks 
that companies in Europe 
should respond to the rapid 
rationalisation in the US, and 
that countries will, and should, 
want to maintain strong 
self-sufficient defence indus- 
tries. 

“We have to respond to the 
changes in America. They are 
producing giant companies 
through these mergers. Com- 
pared to them BAe and GEC's 
defence operations are min- 
nows. We have to form compa- 
nies of sufficient size to com- 
pete effectively with them or 
even to have an effective voice 

in collaborating with them.” 

In the art of the possible. 
Lord Weinstock does not 
believe in the option of ration- 
alisation across Europe with 
large-scale cross border merg- 
ers being impractical. “There 
will be some smaller deals, 
such as the joint venture 
which we have formed with 
Thomson [of France] in sonar, 
but the larger deals are fraught 
with difficulty.” 

What is possible, and desir- 
able. in his view is for Britain 
to rationalise its defence busi- 
ness. Lord Weinstock has made 
no secret of his desire to merge 
BAe’s defence business with 
his defence arm GEC-Marconl 

“We have made several 
attempts to get together with 
BAe. When GEC bought Yar- 
row {in 1985] we suggested to 
BAe that we form a joint naval 
systems business and we did so 
again in the last lew weeks." 

He has also had more recent 


talks, including well-publicised 
merger talks last year, and less 
well-known discussions about 
a joint bid for VSEL at the 
beginning of the year. Both 
came to nothing, but it appears 
Lord Weinstock’s conviction 
that a merger should happen 
has grown. 

He agrees with BAe’s man- 
agement on at least one point 
“Prime contracting [the ability 
to manage complex pro- 
grammes with many sutwxm- 
tractors] is growing into the 
most important element of 
defence manufacturing. 

“I think that it is vital far 
the UK to foster a strong capa- 
bility in defence prime con- 
tracting. otherwise we will not 
be able to build these complex 
systems in future. GEC has a 
very good record in prime con- 
tracting, and we want to buy 
VSEL because we wish to do 
more of it” 

I t is in how this prime con- 
tracting should be done 
that he parts company 
with BAe. 

“For the concept of a prime 
contractor who accepts the 
risk of managing a project to 
make sense, then the prime 
contractor has to be able to 
bear the cost of a project going 
wrong. 

“Who would you rather take 
on as a prime contractor, a 
company with nearly £3 bn in 
the bank and can pay for its 
own mistakes, or one which 
owes the bank £200m? I know 
who I would choose” 

Lord We ins lock's inference 
is clear. GEC's strong cash 
position gives it an enormous 
asset to bring to the table. 
BAe’s relatively weak financial 
position nndpi-minas Its credi- 
bility. Bring BAe’s longer 
prime contracting experience 
together with GEC's financial 
backing and you have a strong 
company able to take on tbe 
competition. 

Short of that the best solu- 
tion is to increase the amount 
of prime contracting done by 
GEC. In Lord Weinstock's 
view, only be good for the Brit- 
ish defence industry. In the 
longer term he still clearly 
hankers after the ultimate 
rationalisation linking GEC 
and BAe to produce one UK 
super-prime contractor. 

“Prime contracting is an 
important skill. But it is about 
more than collecting all of 
your suppliers bills and adding 
a fat margin to them " 


tions would “continue at a rea- 
sonable rate", adding that the 
group was particularly inter- 
ested in acquiring events and 
database businesses and cross- 
border buslness-to-buslness 
publishing. 

The core frita matronal finan- 
cial publishing side lifted prof- 
its to £11.7m (£9 .54m), while 
the training arm saw an 
advance to £4JS3m (£2.71m). 
This was helped by the merger 
of DC Gardner’s banking and 
management training 
operations with Euromoney’s 
own. 

Profits from seminars and 
conferences jumped to £2.75m 


(£662,000), although Mr Ensor 
warned that the rise, was 
largely due to the elevation of 
AIC, the seminars business - 
based in Australia, from an 
associate to a subsidiary. Euro- A* 
money now holds.75 per cent of rf 
AIC. 

In May the group raised 
scone from the placing of 
1.25m shares. Under stock 
prahangR rules DMGT was pre- 
vented from any take-up and 
Its stake was reduced from 74 
to 70 per cent 

Earnings per share grew to 
69.38p (56£4p) ami a final divi- 
dend of 29.5p lifts the total to 
42.5P (38p). 


Vickers close to revealing 
partner for Rolls-Royce 


By Andrew Bolger 

Vickers, the engineering 
group, expects to announce a 
partnership around the and of 
this year between its 
Rolls-Royce luxury cars busi- 
ness and another leading 
motor manufacturer. 

Its shares rose 4p to 183p, 
bringing the increase to 12 per 
cent over the past fortnight 
Companies speculatively 
linked with the UK group 
include the German manufac- 
turers Daimler-Benz and BMW. 

Sir Colin Chandler, Vickers' 
chief executive, told invest- 
ment managers yesterday: 
"Looking to the longer term for 
Rolls-Royce Motor Cars, we all 
accept that this business will 
need a partner. A partner who 
can bring technology, compo- 


nents and support new models 
in the latter half of the 1990s. 

“We expect steady growth in 
volumes and in particular I am 
confident we will eventually 
see improvement In both the 
US and Japanese markets. 

"We have an unrelenting 
programme to continue to 
improve efficiency at the 
Crewe site. We will continue to 
produce new model variants, 
low-volume and exclusive 
niche cars. This market can be 
expected to produce a signifi- . 
cant contribution to the overaUJj- 
business performance in the 
next few years." 

Rolls-Royce Motor Cars 
recently announced that sales 
were 22 per cent ahead at 1,051 
vehicles in the third quarter 
and said this kept it on course 
for a successful last quarter. 


On Demand losses increase 


By Richard Woffle 

On Demand Information, the 
electronic publishing company, 
yesterday announced an 80 per 
cent slide in pre-tax losses 
from £L45m to £2. 62m for the 
year to July 31. 

ODI had been expected to 
report losses for 18 months 
after its December flotation as 
it invested in operational infra- 
structure for its new products, 


and demerged its marketing 
activities. Shares, which 
floated at 78p, were unchanged 
at 102p yesterday. 

Staff had Increased from 97 
to 197 by tiie end of October. 

Group turnover in the 12 
months fell by 24 per cent to 
£14Jjm (£l9m), however, input 
from continuing operations 
advanced to £5.23m (£2.98m). 
Losses per share emerged at 
5.7p (3J»p). 


DIVIDENDS ANNOUNCED 




Currant 

payment 

Date of 
payment 

Carres - 
ponding 
<tividand 

Tot a 
for 
year 

Total 

last 

yew 

> 


— int 

5-35 

Feb 3 

4.9 

_ 

15 


Euromoney Pubs _ 

—fin 

29.5f 

Jan 16 

27.5 

42.5 

38 


Janrfs Porter 

— bit 

IS* 

Jan 13 

1.05 


52 

4 


— fln 

13.5 

Jan 12 

12.9 

19.25 

ia3 


MMT Computing § 

-tin 

&7 

Jan 9 

2-75 

52 

4 


Sage 

— fin 

7.26 

Feb 24 

6.6 

10.91 

9.92 


Saracen Value int 

06 

Dec 21 





Seton 

-Jrt 

2.2 

Jan 31 

1.9 


6L5 


Smart (J) 

-fin 

62 

Dec 19 

62 

8.5 

8.5 



“I™"? Py ?*** ns* except where athemae stated, ton 
increased capita]. §USM stock. 


Ob Clydesdale Bank 


BASE 

RATE 


Clydesdale Bank PLC 
announces that with effect 
from 7th November 1994 its 
Default Rate for unauthorised 
borrowing is increased from 25% 
per annum to 25.5% per annum. 


A 

1 


i- 

t 



FINANCIAL TIMES FRIDAY NOVEMBER 4 1 994 



COMPANY NEWS: UK 


ck^ 3 '. 


27 



t*/. 35 * i i^S*\ 

•ivrgsx 

■Mr Afc^/ 4 V 

hr-. •’JJi O fifaTfa 

-r.d ^ c ‘o 


Sage shares up 
51p to 656p 






tio n 


■.ubrj 

"2rn$- .^■no'.’gj . 
'?;*•>*£*>* 
W»Md 

^•or.-y n. j7 fc ,!J>a^p 
’a .Me r ' 



:*.* T 1 ; -L- -^v 


? to reveal 

ioIJs-Royo 

:';:r— ' 

■ • •*■•'■>-'• ••.■ v\ :-.- 


By Alan Cana 

Shares in Sage Group Jumped 
sip to 666p after the personal 
computer accounting software 
company reported record sales 
and pre-tax profits and a signif- 
icant acquisition in the French 
accounting software market 
The Newcastle-based com- 
pany is paying £18.Tnj for 
S aarl , the leader in the French 
market Its position is broadly 
comparable to Sage in the UK. 

The deal will be financ ed, 
unusually for Sags, by a raom 
unsecured five-year loan. 
There is no eam-crat provision, 
no penalty for early repayment 
and on a pro forma basis, inter- 
est payments are covered eight 
tunes. 

Saari is Sage's second acqui- 
sition in France following the 
purchase of del in 1992. Clel 
sells accounting software at 
the low end of the market, 
whereas Saari’s products are 
directed at the s ma ll and medi- 
um-sized b usiness sector. 

Mr David Goldman, Sage 
chairman, said there were con- 
siderable possibilities for 
rationalisation within Saari to 
improve margins and profits. 

The French company turned 
over £29.lm last year, but prof- 
its were only £Z 3m. Its operat- 
ing margin of 7 per cent com- 
pares with 44 per cent for Sage 
in the UK. 

Mr Goldman said Saari 
employed 110 people in sales 
and marketing, compared with 
only 12 for Sage. A new chief 
executive and finance director 
are being sought and some 
£LSm has been, earmarked Sot 
restructuring, which is expec- 
ted to take about 30 months. 
The French company is expec- 


ted to make an immediate con- 
tribution to profitability. 

In the year to September 30, 
Sage raised pre-tax profits by 
48 per cent to £143m (£9.66m). 
Turnover increased 23 per cent 
at £50 3m (£4l3m), including 
£223m from sales of upgrades, 
services and other products to 
existing customers. 

Earnings per Bhare advanced 
to 45.4p (3&5p), The dividend 
for the year is raised 10 per 
cent to IDJMp (9.92p) including 
a final of 7.26p (6.6p). 

Net cash at the year end 
came to £4m after £9m was 
spent on earlier acquisitions 
and capital investment 

DacEasy, the principal US 
subsidiary, raised operating 
profits by 86 per cent to £2J2m 
on revenues of £12. 9m, demon- 
strating recovery from prob- 
lems experienced tost year. 

• COMMENT 

The accounting software busi- 
ness was, Mr Paul Walker, 
Sage chief executive, said yes- 
terday “very simple." Over the 
years the company has bene- 
fited from a spare, simple 
approach to management. Its 
latest acquisition will clearly 
benefit from this approach. Mr 
Goldman is Justifiably pleased 
with the price paid - 64 per 
cent of sales - compared, say, 
with Microsoft's acquisition of 
Intuit for six times sales. 
Sage’s (me slip - some care- 
lessness over the management 
of DacEasy in the US - was 
swiftly corrected and the same 
mistake is unlikely to be made 
with Saari. With estimated 
profits of £17m - £18m this year 
giving a prospective p/e of 
between 12 and 13, the shares 
are very reasonably priced. 


Quadrant improvement 
continues in first half 


_r.~- 




Quadrant, the photographic 
and video group, continued to 
improve in the first half to 
August 31. On sales from con- 
tinuing operations up 11 per 
cent to £25.lm pre-tax profits 
came to £154,000. 

In the previous first half pre- 
tax profits amounted to ffi-flgm, 
because of an exceptional, 
profit of £L3m related to the 
disposal of discontinued 


activities. 

In the period under review, 
the precision engineering and 
systems division contributed a 
profit of £333/300 (£85,(300 loss) 
on sales of £6.58m against 
£23601. 

Property and investment 
costs of £114,000 were con- 
nected to the group’s Coventry 
office building, which is held 
for sale. 


Elf sells 
10% of its 
Enterprise 
holding 

By Peggy Hofllnger and 
Robert Cofrine 

Elf Aquitaine, the French oil 
company, has sold a 10 per 
cent stake in Enterprise Oil. 
the UK company which earlier 
this year foiled in its hostile 
bid for fellow explorer Lasmo. 

Elf raised £l87.5m from the 
placing of 50.8m shares at 
369p, representing 10.3 per 
cent of Enterprise. The placing 
price <rfS69p compares with an 
Enterprise share price of 45ip 
before the bid for Lasmo. 

The sale was widely expec- 
ted after Elfis decision earlier 
this year to re-class)fy the 
Enterprise holding as non- 
core. Elf has set a target for 
this year of FFrSbn (£590m) 
from the sale of such assets, as 
part of a restructuring pro- 
gramme. 

Elf continues to hold 12.9 
per cent of Enterprise through 
the joint venture company Elf 
Enterprise Petroleum. The 
company said yesterday's sale 
would not affect the joint ven- 
ture, which operates three 
North Sea fields and the Flotta 
oil terminal in the Orkney 
Islands. Elf has a two-thirds 
share In the joint company. 

Mr Andrew Shilston, finance 
director of Enterprise Oil, 
said: “The disposal of this 
block of shares should not be 
interpreted to mean the unrav- 
elling of the joint venture. 
Both Elf and Enterprise are 
content that it should continue 
to exist.’' 

Elf Enterprise Petroleum 
was formed in 1991 to buy oat 
the North Sea assets of Occi- 
dental, the US group, for 
£800m. It was attacked by 
Lasmo during Enterprise’s 
unsuccessful bid. Lasmo 
claimed the venture had been 
“a disastrous investment", 
with losses of £238m in 1993, 
debts of £lbn and gearing of 
more than 200 per cent 
Mr Shilston said Enterprise 
became aware several weeks 
ago that Elf intended to place 
Its stake. Under a sharehold- 
ers’ agreement. Elf had to con- 
sult Enterprise over the plac- 
ing and could not sell the 
shares to any one buyer. 

Mr Shilston said he did not 
know which institutions bad 
taken up the shares. 


Crisis settles with sacked chief 


By Daniel Green 

One of the more acrimonious 
corporate sackings in recent 
years came to a sudden and 
apparently amicable end yes- 
terday in a deal that will prob- 
ably make Mr Tony Martin, 
former chief executive of Cri- 
sis, the biotechnology com- 
pany. a millionaire. 

Mr Martin was sacked with- 
out compensation in March 
1994 on the grounds that he 
was “ineffectual". 

Crisis then sought judicial 


confirmation that the termina- 
tion of the contract was lawful. 
Mr Martin counterclaimed, 
alleging unfair dismissal and 
said he would sue for defama- 
tion. 

All these actions will now be 
suspended. Crisis will pay Mr 
Martin £80,000 in a “without 
prejudice" payment, and a con- 
tribution of up to £40,000. 
which Mr John McKinley, Cel- 
sis’ lawyer, said would be 
likely to account for all costs 
and expenses. 

Crisis also agreed, subject to 


shareholders' approval, to 
establish and lend sufficient 
funds to a share option trust 
for the benefit of unnamed 
senior staff, which would buy 
500,000 shares in the company 
from Mr Martin at a price of 
4$) per share. 

In addition, Mr Martin mil 
keep 1.3m shares in the com- 
pany, worth £923,000 at yester- 
day’s closing (nice of 71p. 

Mr Martin felt he had won a 
moral victory. 

Since his departure from Cri- 
sis, he has taken up two bio- 


technology non-executive 
directorships, one in the US 
and one in Ireland. He plans to 
accept a third and said yester- 
day that he bad been offered 
executive positions. 

Cambridge-based Celsis, 
which specialises In contami- 
nation detection equipment, 
said it "wishes Mr Martin 
every success in his future 
endeavours”. 

It appointed Mr Arthur 
Holden, from Baxter Interna- 
tional of the US. as his replace- 
ment in September. 



J Smart 
down 19% 
to £1.65m 

J Smart (Contractors), the 
building and public works con- 
cern. reported a 19 per cent foil 
in pre-tax profit to £l.G5m for 
the year to July 31. on sales of 
ZKUm. 

This compared with £2. 04m 
on sales of £l23m in the previ- 
ous 12 months. 

The dividend for the year is 
maintained at 8-5p, including a 
proposed final of 63p. Earnings 
per share fell to 10.02p (l&26p). 

Matthew Clark 

Matthew Clark, the indepen- 
dent drinks wholesaler which 
acquired Gaymer, the fortified 
wine and cider company last 
month for £109m, has spent 
£5.1m to buy a further 12.55 per 
cent of Freetraders Group, a 
dr inks wholesale business. 

The purchase, made under 
the terms of the Freetraders 
shareholders’ agreement 
struck at the time of the initial 
acquisition of 74.9 per cent, 
brings Clark's holding to 87.45 
per cent Clark has the option 
to acquire the outstanding 
12.55 per cent in October 1995. 

Enterprise Computer 

Enterprise Computer Holdings, 
which incurred losses of ram 
last year and saw revenues fall 
from £58m to £16. 4m after 
extensive restructuring, said it 
was still in discussions with its 
banks over its future. 

The company had warned in 
September that its viability 
would be in doubt if bankers 
refused to renew its lines of 
credit. The company added 


NEWS DIGEST 


that its two banks had agreed 
to extend the company's facili- 
ties until the end of December 
while a range of possibilities 
for restructuring the compa- 
ny's finances were examined. 
Enterprise, originally a seller 
of used mainframe computers, 
has been repositioning itself in 
computing services but the 
change has been more difficult 
than expected. 

Premium U ’writing 

Premium Underwriting, the 
investment company which 
was incorporated in October 
Last year, suffered a pre-tax 
loss of £63,000 for tbe 10 
months to August 31 1994. 

The loss was “significantly 
less" than forecast in the flota- 
tion prospectus because of 
£32,000 additional interest on 
the Dotation proceeds. 

Laporte purchase 

Laporte. the speciality chemi- 
cals group, has completed the 
acquisition of the Perchem 
organoclays business from 
Akzo Nobel Chemicals of the 
Netherlands. 

The purchase, which is 
phased over a period, was for 
“less than £5m”, Laporte said. 

Under the agreement, Akzo 
will maintain production at 
Perchem's site at Littlebor- 
ough. Lancashire, on behalf of 
Laporte. 

Organoclays are used in cos- 
metics, solvent-based paints, 
inks and similar surface coat- 
ing products and in oD well 
dr illing fluids. 

Molyneux expands 

Molyneux Estates is paying 
£3.05m for Hayes Gate House, a 
76,000 sq ft office building in 
west London. 

The acquisition will be 


funded from existing resources 
and the proceeds of a cash pla- 
cing of 2.14m new ordinary 
shares at 70p apiece. 

The directors believe the 
likely sustainable annual 
rental income of the property 
will be about £500X100, increas- 
ing Molyneux's net rent receiv- 
able to some £7 .6m a year. 

Grafton acquisition 

Grafton Group, tbe Dublin- 
based bunders’ merchant, has 
acquired Lumley & Hunt, a 
Sussex-based plumbing and 
heating merchant, for £l.6m in 
cash and loan notes. 

Lumley has an annual turn- 
over of ££L5m and has recently 
been making losses. The con- 
sideration is below asset value. 

Schroder Korea 

Schroder Korea Fund reported 
a net asset value of $13.34 per 
share at the end of the six 
months to August 31, against 
$13.13 at the end of the 14 
months to February 28. 

Total revenue came to 
$320,000, (£202,532) against 
$215,000 in the six months to 
June 30 1993. The net loss 
increased to $578,000 ($285,000) 
or on a per share basis 11.56 
cents (5.7 cents). 

Hanson Industries 

Hanson Industries, the US arm 
of Hanson, has announced a 
$438m f£277m) capital expendi- 
ture programme for its dhemi- 
cal companies over the next 
three years. 

Quantum Chemical’s $2S9m 
programme will include $115m 
to increase polyethylene capac- 
ity and $93m for ethylene pro- 
duction. 

SCM Chemicals will invest 
$128m. of which $80m will be 
used to increase titanium diox- 


ide capacity, including extra 
capacity at its UK factory. 

SCM Glidco Organics, which 
Is involved in the aroma and 
fragrance chemical industry, 
will invest $21m, including 
$5. 5 m for environmental 
improvements on waste water 
treatment. 

Scottish National 

Net asset value per capital 
share of the Scottish National 
Trust stood at 4SL9p at the Sep- 
tember 30 year end, against 
94.9p 12 months earlier. 

Net revenue amounted to 
£14m (£i4.6m) giving earnings 
of 7.41p (7.83p) per income 
share. A maintained final divi- 
dend of 2.lp is proposed, mak- 
ing 7.5p for the year. Last 
year's total of 7.75p included a 
special dividend of 0-25p. 

German Smaller 

German Smaller Companies 
Investment Trust had an undi- 
luted net asset value per ordi- 
nary share of 253 at the end 
of the half year to September 
30, against 236.8p last time. 
The figure represents a 2.6 per 
cent Ml since the year-end. 

Net revenue for the trust 
which is managed by Uoyds 
Bank Fund Managers, was flat 
at £303,000, equivalent to earn- 
ings per share of L68p (1.69p). - 

German Inv Trust 

The net asset value per share 
of the German Investment 
Trust stood at 112.1p at the 
half year ended September 30, 
against 109.4p 12 months ear- 
lier. 

The outcome represented a 
62 per cent decline from its 
level of llfl.Sp at the March 31 
year end and compared with 
a 5.4 per decrease in the 
FT-A World Index for Germany 


Tony Martin: settlement could 
make him a millionaire 


in sterling terms over the 
period. 

Net revenue for the six 
months amounted to £201,000, 
up from £137,000 in the compa- 
rable period, and earnings 
came out at 0.5 lp (025p). 

Saracen Value Trust 

Saracen Value Trust reported 
net asset value per share of 
92.6p at September 30 or 93 .8p 
folly diluted. 

For the period from incorpo- 
ration on November 1, 1993 to 
the end of September net prof- 
its were £344.000 for earnings 
per share of 0£3p. An interim 
dividend of 0.6p is declared 

Five Oaks’ £9m buy 

Five Oaks Investments has 
bought three retail properties 
for a total of £9 23m in cash. 

These comprise a parade of 
10 shops in Rotherham's Cas- 
cades shopping centre and two 
warehouses, one in Bridgwater 
let to B&Q and the other in 
Portsmouth leased by WH 
Smith as a Do It All store. 
Combined annual rental 
income is in excess of £756,000. 

Ransomes sale 

Sears Property Developments 
has agreed to pay Ransomes 
£9.75m for 122 acres of land at 
The Sand lings site at Ran- 
somes Europark, Ipswich. The 
sale is subject to a number of 
possible retentions, of which 
the cost to Ransomes will be 
about £12m. 

The granting of certain plan- 
ning permissions is a condition 
of the sale. If Sears cannot 
exchange contracts for the 
sale, and for occupational let- 
tings of 84 per cent of the site, 
by January 12 1995, it will be 
entitled to terminate the agree- 
ment within four days. 


- . 


•as. _• . 


iSt 




BARCLAYS INVESTMENT FUNDS (LUXEMBOURG) 
SoetM d' bnttwmi 4 Capital Variable ('A* Company’) 


osses mere* 


\-2 



, Xcjjnncd Office. Odcao Ktaw 
20 pbet do b Owe 

trICIS LUXEMBOURG, B C L ttr aabomg 31439 


NQTICEOF ANNUAL GENERALMEETING 

The Annual General Meeting of Shareholder b to bp hold at the regjrt e ni d office of the 
Company « Tuesday, 15th November 1994 at U-30 *.m. (or at soon ih e r t afla at it 
may be held) (hr the foDowing gwpovea: 

L To receive and adopt the DnectoiV Report and Report of tbe Andaor for the year to 
. 31st Inly 1994. 

2. lb receive and adopt tto Statement of Net Assets and. (he Statements of Operation 
for the year to 31* Jtdy 1994. 

3. To paXidtadmgttD tbe Dindtiaia respect of fhardatie* fir dbe year ended 31st Inly 1991 

4. Tbgj«»<S9dii»^Blbe<4aA«3 at ita^ecttrfAeirclflfcs fix the year Coded 31st Jafyl99L 

5. Tto re-efoa Messts Fax, Punly. Pyrke and Wflhnait as Direcws of the Company. 

& To appoint Moans GriSilhs, hun Y Sen and PhtUipa previously ejected to the 
Board by the Pirecaoca to fill the vseanoa' left by tbo resign norm of Mcsaa Brook, 
Dennis and du Mentis, as Directors of tbe Company. 

7. To re-appoint Means Price Waterborne a* AntSKU. 

Voting 

Shareholders an advised that in accordance with tbe Articles of Incorporation the 
Anmral General Muting of Shareholders wQI require a Quorum of 10% of Ac shares 
o m at an db ig. 

Voting Amagamta 

In cider to vote at the meeting the hoMea of Bearer shares moat depoait Ihelr shares not 
later than Friday, Utfa November 1994 wthet at tbe registered office of the Company, or 
with any bank or financial institution a c cep t ab le to the Co mpan y, and tin relative 
Depoait Receipts (winch may be otennod from the registered office of the Company) 
most be forwarded to the registered office of the Company to arrive not later (ban 
Monday, 14th Nove mb er 1994. The shares an deposited will remain Mocked until the 
<I*y Mlawing the meeting or say odjoannoeD! tbercof- 

Tho holdeo of t eg ba and shares need not deposit thefr certificates bat cm be pceaent in 
peiaoB or represented by a dn^r appointed proxy- 

Shantholdcg who cannot attend the meeting in person are invited to send a duly 
completed and signed prosy form to tits registered office IP arrive not later than 
Monday, V4th November 1994. 

Proxy farms wifl be seal to registered Shareholders with a copy of this Notice and cas 
be obtained ftotn the registered office of the Company, 

The Beard sf Directors 


J-jr 



Batik Pl- C 

,i with . t 

inter 

r unaurt° n V 

eased te’*- 
3%- P L ‘ r ’ 


4> 




First Bangkok City Hunk Public Company Limited 

mint: hr varf rtieeeah <n Orrnxaa tafanib Snmcii 

USE>250,000,000 

( dSvtdol ln»o two «|na) Ttaoduiv A fit JB ) 

Floating Rate Certificate* of Deposit doe November 1999 


In 'accordance with the provisions of the Floating Race 
Certificates of Deposit, notice fa. hereby given a* follows! 

Interest Period = 03 -II. 94 — Q3 ■ OS,. 95 

Rate of Interest r 6-4375% per annum 


Coupon Amount i USS16.183.16 

pet* Certificate of Deposit Of USD 5C>OjOOO each 


Paying Agent and Ktfermce Agent 

London Forfaiting Asia Limited 


V 




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Recommended Cash Offer on behalf of 
Speywood Holdings PLC 

(a member of the Beaufoor Ipsen Group) 

for 

Porton International PLC 

Lizard Brothers and Co.. Limited (“Lizard Brothers") announces on bebaif of Speywood Holdings 
PLC (the "Offeror”) that, by means of* a formal offer document dated and despatched on 
3rd November, 1994 (the "Offer Document”) Lazaid Brothers is making a recommended cash 
offer (the "Offer") on behalf of tbe Offeror to acquire the whole of the issued share capital of 
Porton International PLC (“Porton") other than shares to be acquired separately from Mr. A. D. 
Cover, truss associated with him and Dr. Z. P. HarsanyL 

A holder of Porton shares who accepts the Offer wiD receive £13.40 in cash for each Porton share. 

Any holder of Pdrton shares who validly accepts tbe Offer may, as an alternative, elect to receive 
loan notes (the “Loan Notes" or the "Loan Note Alternative") instead of all or parr of his holding 
of Porton shares on the basis of £13. -10 in Loan Notes for each Porton share. 

The fidJ terms and conditions of tbe Offer and the Lout Note Alternative are set out in the Offer 
Document. This advertisement alone does not constitute and must not be construed as an offer. 
Accepting Porton shareholders may only idy on the Offer Document for all the terms and 
conditions of the Offer. 

The Offer is not being made di reedy or indirectly in the United States, Canada or Australia, or by 
use of the mails or by any means or instrumentality of interstate or foreign commerce of, or any 
facilities of a national securities exchange of, the United States. 

This advertisement is not being published or otherwise distributed or sent in or into the United 
Sates. Canada or Australia and persons reading this advertisement (including custodians, nominees 
and trustees) must not distribute or send this advertisement, the Offer Document or the Form of 
Acceptance in, into or from the United States, Canada or Australia and doing so may invalidate any 
related purported acceptance of the Offer. 

The Offer, which is made by means of the Offer Document and this advertisement, is capable of 
acceptance Sum and after 3.00 p.m. on 3rd November, 1994 in accordance with the terms and 
conditions set out or referred to in the Offer Document. The Offer is. by means of this 
advertisement, extended to all persons to whom the Offer Document may not be despatched who 
hold, or who are entitled to have unconditionally allotted or issued to them. Porton shares. Such 
persons are informed dial copies of the Offer Document, and die Form of Acceptance, will be 
available for collection bom Lazard Brothers at 21 Moorfidds, London EC2P 2HT. 

This advertisement is published on be hah' of the Offeror and has been approved by Lazard Brothers, 
a member of the Securities and Futures Authority, solely for the purposes of section 57 of the 
Financial Services Act 198b. 

The Directors of die Offeror accept responsibility for the information contained in this 
advertisement and to the best of their knowledge and belief (having taken all reasonable care to 
ensure that such is the case), the information contained in this advertisement is in accordance with 
the tacts and does not omit anything likely to affect the import of such information. 

4th November, 1994 


A Prime Site for your 
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West Rand Consolidated 
Mines Limited 

(Ftagfstsation Number 01/01978/06) 

(Incorporated in the Repubfie at South Africa) 
rWRCP) 

Notice to holders of share warrants to bearer 

Holdera of WRC share warrants to bearer are hereby Wormed that 
WRC has acquired the entire issued Ohara espial of Aurora Exploration 
and Pevetopmant (Proprietary) United, subject to mhorily sharehokbr 
approval A ofroubr to atarehofcfars of WRC, containing full (totals 
of the acqiistion and te corporallng 8 notice of a general meeting of 
sharehoktars, to be held on Friday. 18 November 1694, to vole on the 
acquisition, can be obtained fromGenoor (U.K.) Unified, 30 Ely Place, 
London EC1N 6UA, bom today until Wednesday, 16 November 1964. 

Hoictora of WRC share warrants to bearer who wish to vote on the 
acqufation 'should depoeS their warrants before Wednesday, 
16 November 1994. 

London 

4 November 1994 
















FINANCIAL TIMES FRIDAY NOVEMBER 4 1994 

JOBS: Encouraging open dialogue is the best way to achieve change in a company’s structure and its u nderlying culture' 


RECRUITMENT 


I s honesty becoming a hallmark 
of business? There were two 
noticeable examples at last 
week's Institute of Personnel and 
Development conference. 

One involved the admission by 
Paul Preston, president of McDon- 
ald’s restaurants in the UK, to 
something of a marketing gaffe. 
Without any market research, the 
company launched a cheese, salad 
and pickle sandwich snack, called a 
“McPlough man's". It never took off. 

The other featured a warning by 
Sir Brian Pitman, chief executive of 
Lloyds Bank, that the shake out 
from restructuring in the UK bank- 
ing industry would grow worse 
before it grew better. Pay expecta- 
tions would have to be dampened - 
a 1 per cent rise equated to 650 
lost jobs at Lloyds, he 
said. 

Sir Brian was laying the message 
on the line in a way that rarely 
happened in the past. He argued 
that top managers needed to be bru- 
tally honest with staff and involve 
them in the process of change. 

But can managers' accept it when 
the dialogue is two-way and 
employees are encouraged to be 
honest about them and the com- 
pany? Preston admitted McDonald’s 
UK management was surprised 
when it discovered three years ago 
that staff were less than enamoured 


Honesty is the best business policy 


with McPloughman's. It was equally 
surprised when it heard some of the 
adverse comments from customers. 

McDonald's discovery, which was 
well heeded, could be a lesson in 
openness and frank, two-way dia- 
logue for all companies. Jean 
Boulton, or Hay Management Con- 
sultants, suggests saying the unsay- 
able - what she calls corporate blas- 
pheming - can be a useful way to 
tackle change. 

Only by confronting the culture 
of the organisation, she argues, can 
anything be done to change it. 
Boulton believes it is the people 
working for organisations that most 
inhibit change, even after the need 
for it has been recognised and pro- 
cesses have been introduced to 
bring it about. 

"Companies spend enormous 
amounts of time and money 
restructuring, re-engineering, 
decentralising, centralising. But 
somehow the people of the organisa- 
tions slip unscathed through the 
process, hanging on to the same 
attitudes, behaviours and beliefs 
they always had,” she told delegates 
at a recent Hay client issues confer- 
ence in London. 


Very often the only thing that has 
really changed, observes Boulton, is 
language. While people might feel 
comfortable talking about empower- 
ment and customer focus, what 
they actually do changes remark- 
ably little. 

The problem for many, she finds, 
is that as the structure of the organ- 
isation and its ways of working 
change around them, people feel 
less supported and less understood 
as they find themselves deprived of 
the informal methods by which 
they got their work done. 

Their behaviour is embodied in 
the culture of the organisation, and 
only when this is recognised and 
changed can a real transformation 
he achieved, she says. 

She breaks down, culture into four 
elements - the unconscious, the 
conscious, the espoused and the 
unspoken. 

Unconscious culture, she says, is 
"probably the most influential and 
the hardest for organisations to 
recognise and handle". 

The recent departure of Peter 
Sherlock as chief executive at 
National Freight Corporation seems 
a classic example of unconscious 


culture at work. The company 
recruited someone it thought it 
needed but whose way of working, 
it found afterwards, could not be 
accommodated by other board mem- 
bers. The existing culture prevailed 
and Sherlock departed. 

Boulton says the conscious 
aspects - those values, usually posi- 
tive, that we are aware of - must 
also be acknowledged. 

What she calls espoused culture 
is what an organisation says it is 
like. Boulton claims this oftens 
equates to its ideal rather than 
what it is really doing. 

Boulton gives some examples of 
unspoken culture, what she terms 
the "dark mutterings in the corri- 
dor", that need to be brought out 
into the open if things are to 
change. These include: 

• "Everyone knows that the peo- 
ple who get on around here are the 
ones who don’t put their heads 
above the parapet. Look at Martin. 
He's always the one that tries to 
challenge the boss, point out what 
the problems are. but it doesn't get 
him anywhere, does it?" 

• “They say they want us to take 
risks but every time you disagree 


with the boss's pet Idea, that’s It." 
• "We say we want to reward out- 
put and productivity and customer 
service, but we all know that tech- 
nical excellence is what really 
counts in this engineering culture. 
Look at our senior managers. They 
are our most able engineers but 
they don't manage anyone. All 
they're interested in is their own 
technical work, but they still get 
promoted.” 

Are any of these familiar? 
Boulton argues that only if they are 
be brought into the open can 
change be achieved. 

B oardrooms are sluggish in 
responding to demands for 
changes to the role of non-ex- 
ecutive director. This is suggested 
by the findings of a survey of com- 
pany chairmen of UK-listed compa- 
nies. conducted by Pro Ned, the 
non-executive selection company, 
and the Institute of Chartered 
Accountants. 

The independent non-executive as 
a guardian of accounting and remu- 
neration standards seems to be a 
rare anim al. Of the 585 chairmen 
surveyed - representing about a 


third of companies listed on the 
London Stock Exchange - 60 per 
cent admitted their last non-execu- 
tive appointment was made through 
personal connections without an 
objective appraisal of the skills 
required. 

Some 41 per cent intended to cre- 
ate more specific arrangements for 
future appointments. These 
included using a more formal speci- 
fication. involving more of the 
board in decision making and 
appointing a nomination commit- 

Most of the chairmen thought 
fees for non-executives would rise 
in return for a greater time commit- 
ment A rise of 10 per cent during 
the next two years was envisaged, 
and two-thirds of the chairmen 
anticipated upward pressure 
because of the increasing responsi- 
bilities of the job. 

Where is the upward pressure 
im min g from? It suggests the sector 
is a seller’s market. Should this be 
the nasp when annual fees paid to 
non-executive directors are at pres- 
ent between £600 and £1.200 a day? 

One problem may be that many 
companies are casting their net for 


non-executives far too narrowly. 

They could broaden their search 
within the business arena, or look 
to areas outside business - the .pub- 
lic sector and the professions. Most 
of all, they could look more favoura- 
bly at women. 

Surely there is room for broader- 
based recruitment if file alternative 
is yet more boardroom pay 
increases - large rises for execu- 
tives are finding few champions 
these days. 

Tim Melville-Ross, director gen- 
eral of the Institute of Directors, 
points out that the .few- big pay 
increases that make the headlines 
mas k the more modest salaries 
paid to thousands of other 
directora. 

Nevertheless, he says, directors 
need to be more open about their 
pay awards, and to justify than. 

He and the institute are working 
on guidelines that win to effect call 
for greater disclosure' of salaries, 
closer links between rewards and 
the long-term financial performance 
of a company, and greater consider- 
ation of whether any rise reflects 
that granted to other employees. 

“There is nothing wrong to sub- 
stantial rewards for substantial 
achievement - but there should be 
no rewards for failure,” he says. 

Richard Donkin 



CAPITAL MARKETS - EASTERN EUROPE & CIS 


Our client, a major and wed-respected European investment bank is seeking to appoint an 
experienced Investment Banker, capable of the origination, execution and promotion of 
a wide variety of investmsm banking products within Eastern Europe and the CIS. 

The ideal applicant will have at least five years experience in the Emerging 
Markets, with a broad knowledge of Global Debt, Equity Markets and 
Advisory Assignments and should have worked closely with the multi-lateral 
, Development Banks. A cultural affinity for the region and experience gained 
f dealing in this environment is essential. A similar working knowledge of the 
Ij Indian Sub-Continent would be advantageous. Candidates should have a good 
track record, the ability to converse fluently in Russian and be able to demonstrate 
entrepreneurial flair, original t hinking and good communication skills. 


An attractive remuneration package is offered. The closing date for applications is 
30th November 1994. please send your CV in confidence to. David Williams 


F.nu.‘n>ing Markets .Search Selection 

i.\ division of Global Markets Recruitment Limited) 

2-9 Masons Avenue. London L<J2\ 515 1 

Tel. (U71 <101)4744 Fax. 0171 90114717 




Director of 
Business 
Development 

Financial institution 
specialising in currency 
futures and options seeks 
Director of Business 
Development. 

The successful candidate 
will have 3-5 years 
experience in marketing 
foreign exchange products 
to an established European 
customer base. 

Send CV to Box A2176, 
Financial Times. 

One Southwark Bridge, 
London SEi 9HL 


Seeking AssL 
Purchasing Mgr. with 2-3 
years solid experience in 
Capital Goods. Excellent 
salary and opportunity for 
qualified, diligent 
professional. 

Call 212-772-1063 
between 12:00-3:00 pm. 


Managing Director 

Managing Director required for loog established and successful manufacturing operation in Nigeria 
employing approximately 120 people. 

Ideally the applicant will have a financial background and will have had experience of working in Africa at this level of management. 

The company is a subsidiary of a UK based International Group and offers an excellent 
remuneration package appropriate to ex-patriate terms. 

Please send C.V. with application. 

Write to BoxA2187, Financial Times, One Southwark Bridge, London SEI 9BL 


CHIEF EXECUTIVE 
DESIGNATE 

.£•56.000 phis PRP :ind benefits 


Duo to tho forthcoming retirement oi the Society's 
prestem C.E.O.. applications are invited for the position of 
Chief Executive Designate. 

The successful candidate will have extensive 
managerial experience and be suitably qualified to lead a 
highly motivated and professional management team. An 
Initial salary of £50,000 will be offered and, upon assuming 
fun responsibilities, co-option to the Board of Diractore win 
attract an additional tee of £4.000. The remuneration 
package will Include concessionary mortgage terms, motor 
car, and medical Insurance. 

The Society specialises In providing mortgage and 
Investment plans to the teaching pro less Ion. Business Is 
conducted by direct mall and through a dedicated sales 
farce from Head Office premises at Wlmbome. 

Letters of application should be sent by 25th 
November 199* marked 'APPLICATION" to Mr. R. D. Ellis. 
Chairman, at the under-mentioned address. 


^TEACHERS' 

BUILDING SOCIETY 

Allanview House. Han horn Rood, Wlmbomo. 
Dorset SH21 1AO 


/f 


SCANDINAVIAN 
EQUITY SALES 




We are the London office of a major 
Scandinavian Bank. We are currently seeking 
to recruit a Senior Equity Salesperson to sell 
Norwegian and other Scandinavian stocks to 
UK institutional clients. 

The ideal candidate should have experience in 
marketing European stocks to institutional 
clients and have a client base which is 
currently revenue producing. Knowledge of 
the Scandinavian equity markets, whilst 
desirable, is not essential. 

A competitive salary along with the usual 
banking benefits will be offered to the 
successful candidate. Written application 
including full career details should be sent to 
Tracey Foley, Personnel Department, 20 St. 
Dunstan’s Hill, London EC3R 8HY. „ 

v J 






Competitive Package 


Investment Executives 

West Midlands Enterprise Board limited 
Based in Birmingham 

An opportunity lux orison for two Investment Executive* to Join ■ loading regional venture capital company, which Invert* throughout 
the Wort Mi dl nnd a region, the East Midland* and Oxfbrdihlro and haa a growing consultancy business. Tho p re ferred age range la 28-35 
and, aa one of the Individual* appointed will bo expected to act aa compliance officer, knowledge of the a p propriate Financial Service* 
Act regulation* would be an advantage. Preference will be given to throahold competent persona who arc able to demonstrate the 
following akUln 

O the ability to evaluate, negotiate, atractura and monitor Investment* in unquoted companies: 

♦ good organisational and report writing aklllat 

❖ on enthusiasm for marketing and etrong presentational skillaj 
<• excellent eommunlaation skills. 

In addition to the above full-time pasta, our Consultancy Division le Interested in ext e n d ing it* network of associate* and would like to 
hear from Individuals who are willing to carry out overseas assignments, particularly In Central and Eastern Europe. 

Please apply with hill CV toi Mr LW Bradford, Administration Manager, West Midlands Enterprise Board Limited, Wellington House, 
31-34 Waterloo Street, Birmingham B» 8TJ. Tel: 0181-06 MOB 


X 


WMSO is OH njval importunities emp/nyer 




Asset Finance 


Exceptional Salary Package 


City 


Outstanding and entrepreneurial asset financiers required to join 
successful expanding group. Opportunities exist at all levels and 
remuneration will not be a barrier for the right people. 


THE COMPANY 

♦ Fast growing asset finance advisors with excellent 
international reputation. 

♦ London based team provide UK and cross-border big 
ticket asset and structured finance. 

♦ Highly professional, owner-run business. 
Entrepreneurial, non -bureaucratic. 

THE POSITION 

♦ Advise wide range of blue chip clients on the structuring 
and financing of big ticket asset transactions. 

♦ Initiate and develop senior relationships with clients 
and funding institutions. 

♦ Play active role in high calibre team with pioneering 


♦ Equity may be available for the right candidate. 

QUALIFICATIONS 

♦ Ambitious individuals with-proven track record in 
international asset financing. Aviation and shipping 
preferred. 

♦ Demonstrable ability to structure and close complex 
cross-border transactions. Entrepreneurial, deal driven 
self-starters. 

♦ Strong communication skills coupled with intellectual 
agility. Professional qualifications desirable. Relevant 
experience mandatory. 


approach and rising international profile. 

Please send full cv, stating salary, ref CN4358, to NBS, 10 Arthur Street, London EC4R 9AY 



NB SELECTION LTD 
* BNB RcaHuva pL-ojmpany 



CITY 071 623 1520 
Abeidcai 0224 b38080 • Biraringhini 021 233 4656 
Bristol 0272 291142 • Edinburgh 031 220 2400 
Glasgow 041 204 *334 • Leeds OS32 453830 
Manchester 0625 539953 « Slough 0753 819227 


CJA 


RECRUITMENT CONSULTANTS GROUP 

2 London Wall Buildings, London Wall, London EC2M 5PP 
Tel: 0171-588 3588 or 0171-588 3576 
Fax No. 0171-256 8501 




Opportunity to develop into a wider role within the Bank in the medium term 

EDITOR - 


EQUITY CAPITAL MARKETS 


PARIS or LONDON Salary Negotiable 

LEADING FRENCH BANQUE D'AFFAIRES 

Our client is continuing to develop its international equity activities. The underwriting division wishes to recruit an 
Editor whose mother tongue is English and who has already gained an insight into the International Capital 
Markets, through research, presentations or other relevant information material. The work is very detailed and 
requires writing and presentation skills of high quality. As the successful candidate you will report to the Head of 
Equity Capital Markets and be responsible for establishing benchmarks of quality for the presentation of 
information material for distribution and you will ensure quality control over all written material produced in the 
division. Candidates must be graduates who have a strong affinity for detail, be seif-motivated as well as 
committed to the team goals. An ability to converse in French is desirable. Initial salary negotiable + excellent 
banking benefits. Ref: ECM25642/FT 


A dynamic role at the forefront of the business with toe opportunity for career progression in North America. 

® CLIENT SERVICE PROFESSIONALS 

CITY OF LONDON Salary range £30,0Q0-£50,000 + Benefits 

LEADING NORTH AMERICAN GLOBAL CUSTODIAN 

Due to the continued growth within their business our client is currently seeking to enhance the client service team 
in their London Operation, with potential opportunities extending Into North America. 

Applications are invited from people with the following levels of experienced 0 year's securities industry 
experience as well as 3 year's minimum Global Custody experience In a client focused role. 

The role involves relationship management responsibilities along with the management of the client services 
department, therefore experience and proven results in these areas Is highly desirable. Sales support to both North 
America and the Far East as required will also form part of the duties. A European brief makes a second language 
desirable although not essential. 

In return a dynamic role at the forefront of the business will be coupled with a competitive bankina Dackaoe 
Ref: CSP25616/FT y 

Applications In strict confidence, quoting appropriate reference will be forwarded to our client unless you 
list companies to whom they should not be sent in a covering letter marked for the attention of the Securitv 
Manager: CJRA. 7 


APPOINTMENTS WANTED 


Co. Secretary/Lawyer 

Solicitor 18 years in-house commercial law / 
Co Sec experience seeks to provide 
this role on part-time fixed fee basis, 
to F.D.'s currently having this responsibility, 
companies formerly with own legal dept, or 
foreign companies wanting UK representation. 

Tel: 081-9473793 
Fax: 081-9473811 


Emerging or 
UK Markets 

Experienced stockbroker 
with six years in SE Asia in 
equity sales and research 
wishes to relocate to UK; 
seeks interesting position in 
sales, research or fund 
management. Available for 
interview in December. 

Write to Bn* AZIfti, Financial 
Timex CJnc Southwark Bridge, 
London SEI MHL 


BUSINESS 

DEVELOPMENT 

CONSULTANT 

Specialist in capital 
raising, listings, cross- 
border M&A. JV's, 
seeks long/ 
short term positions. 

Enquiries: 

fax (081) 766 7980 


% 










FINANCIAL TIMES FRIDAY NOVEMBER 4 1 994 


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► Derivatives Sales - UK 4 


We are acting for one of the leading European derivative houses who is seeking to expand its 
presence within the UK market On behalf of the derivatives division we now wish to appoint a 
high calibre salesman with specific knowledge of interest rate swaps and options. Client base 
will be interbank with possible expansion into non-bank financials and corporate customers. 

This challenging and demanding role presents a unique opportunity for an individual, 
perhaps mid to late 20’s wishing to develop their career in a sophisticated derivatives 
environment 

Fbr a confidential discussion please contact Nigel Haworth. Tel: 071-2362400, Fax: 071-236 
0316 or apply in writing to Sheffteld-Hawortk Limited , Prince Rupert House , 64 Queen Street, 
London EC4R 1AD. 


Consultants in Search and Selection 


INTERNATIONAL RISK MANAGEMENT 


Waste Management International is the premier Environmental 
Services company outside North America, with an extensive 
worldwide network of operating companies. We arc looking for a 
Risk and Insurance Management Professional. You will be required 
to lead our non-US activities and to develop our concepts of Risk 
Management throughout the world. The role will be both hands on 
and strategic. 

Only candidates with degree level education and appropriate 
professional qualifications will be considered. You will need to 
demonstrate substantial experience of multinational risks from both 
an industrial and insurance market background. You will have a 
proven track record and have the ability to manage change, and 
implement innovative ideas. Some experience of US markets will 
be an advantage. 


Waste Management International pic is a leading provider of a range of solid and hazardous waste management services, including collection, transportation, 
storage, treatment, recycling, incineration, disposal, wastc-to-cnergy facilities and water and wastewater treatment and other environmental services. 

The Company currently operates in Italy, The Netherlands, Germany, United Kingdom, Sweden. France, Spain. Finland, Denmark. Austria. Argentina, 
Australia, New Zealand. Hong Kong. Malaysia. Indonesia, Taiwan, Singapore and Brunei. 


LONDON 

i' 

c.£50,000 

+ Benefits Package 

Write tQ Anthea Clarke 
at 3 Shortlands 
London W 6 8RX 


VS/ 


Waste Management International pic 

i or \i i’ki si nct;. global know-how 


«S£ 

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Everting international opportunity with global US bank 

Risk Analysis 



Tokyo 


£ Excellent 


Our is a US investment bank wit h a major presence in world fina n cia l markets. In 

png with global strategy, * sophisticated market risk assessment group is being created to support 
wor ld w ide trading activity. As part of this expansion, a need has been iden t ified for a Risk Analyst 
dedicated to the hey markets in the Pacific Region. 

Based in Tokyo, dte rale provides vital support to the business in the measurement, analysis and 
assessment of market risk associated with all trading positions in the Pacific Region for equity, 
fixed income and commodity products. Responsibilities also in clude the development of a global 
position mo n ito ri ng system and continued enhan cement of q u a nti tative risk analysis t e c hni ques. 

The successful candidate will be a numerate graduate (ideally Masters or PhD) with excellent 
quantitative skills, and a further business qualification would also be an advantage. Whilst prior 
of risk management techniques and theories would clearly be preferred, as a minimum , 
candidates wfll need knowledge, understanding and an active interest in the area. In addition, 
good communication, influencing and relationship development skills will be esse n tia l , as will a 
seif-scarting, energetic and enthusiastic attitude. 

The organisation is co mmi tted to foe recruitment and development of individuals of the highest 
caHbte. In a firmly in ternntvwnl e nviron ment, excellent career opportunities exist for those with 
foe talent and de terminati on to succeed. 


Interested candidates should write to Snot Mumme at BBM S e le ct ion, 76 Wading Street, London EC4M 9BJ 
enduring afuR Curriculum Vitae which, should include contact telephone numbers. AH applications unU be 

handled in the strictest confidence. 



i snicrlow I 



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2 S E 



!W 


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Our strategy for global growth demands 
sales and marketing excellence. 

Can you answer the call? 


£25k - £3 5k + car* & banking benefits 


NatWest Investment Management has a smgie-mrnded intention; to agg ressively expand our 
presence worldwide. Already we manage and advise on £25 billion globally, arc established 
in the US, Europe and the Far East and are renowned for our innovative products and 
investment expertise. 

Now, with so much already behind us, we are poised to expand further our asset 
management capabilities both in the UK and internationally, continuing to strengthen what 
is recognised as a core business within the National Westminster Group. Pivotal to our plans 
for future growth and development is the expertise provided by the marketing team, hence 
we are looking to recruit a number of key professionals in this vital function. 


INTERNATIONAL CLIENT 
SERVICES MANAGER 

A, a Masoned profruiutul, you will be expected to build and 
manage dimt relationships and ensure [he delivery of « high 
quality, accurate and timely service. Effective interfacing will be 
critical - both with overseas offices and with hind management 
teams. A key pan of the role will invoke the preparation of a 
range of propofol documents, marketing material and monthly 
client reports. Candidates with experience of Japanese and/or 
Middle Eastern diems would possess J distinct advantage. 

SALES SUPPORT MANAGER 

In this Ley co-ordinating role you will liaise with fund managers and 
marketing teams to prepare a wide range of rcpnrts. presentations 
and prospect analyses in support of the sales effort. With strong 
organisational, written and presentational skills, your experience 
should indude at least three years in a fund management company in 
either a research, product development or mIm and marketing role. 


MARKETING SUPPORT EXECUTIVE 

Here, you will be involved in co-ordinating new product 
kuindics, business promotions and adver tisi ng. You will oho be 
re s po ns ible for the writing, design and production of a wide range 
of product literature and other marketing material. You will have 
at least three years' relevant marketing experience within an 
investment management or financial services company and be able 
to combine strong written and ora) communiotian skills n-ith a 
creative flair and an eye for detail. 


MARKETING RESEARCH ANALYST 

Working closely with the Director of Marketing Strategy, you 
will research and assess a rangy of data. This u on ideal 
opportunity for a researcher with an enquiring and adaptable 
mind and breadth of outlook. You must hate the ability to 
gather, assess, distil and communicate information from differing 
sources together with strong written presentational skills and a 
knowledge of the industry. 


In every case, you will be a graduate, with intellect, creativity and analytical skills in abundance. You ore 

looking to derive the highest rewards Iron vour initiative and enthusiasm. At NatWest Investment 

Management you will discover the appropriate environment for your talents - one where your team playing 
skills are as valued as your commercial contribution. You will be working within an open management 

structure where career progression is determined primarily by performance and potential. You will oho 

diicaver an atmosphere where serious intellectual challenge and hard work are mixed with real fun. 

A lung with attractive salary and benefits packages (*a car is offered in most positions!, NatWest Investment 
Management can support your ambitions with ongoing training designed to develop you. fat fact, our flexible 
career structure allows you to move away from your core speciality to explore fresh avenues including sales 
and Fund management. 

If this sounds like the kind of environment in which you would succeed, please write with your cv. to: 
Alostair Lyon. Response Handling Service, Rc£993, Associates in A d ver ti sing, 5 St John's Lone, London EC1M 48H. 





N-\7\VfTr Jn;v£.<tmf.v~ > 

Tanac. 

“Mr NT 


m m m m 


The bank provides a range of commercial 
products for clients throughout the energy 
industry. To meet these demands it maintains 
energy groups in the world's key financial 
centres. 

You would be joining a small London team 
that provides structured/project finance for 
UK energy industry projects. Your role would 
be to monitor the bank's existing loans and to 
evaluate financing proposals for new projects. 
In the longer term, there would be 
opportunities to develop a more general 
career within the bank. 


To be a candidate you should be a 
graduate in a discipline appropriate to 
financial analysis. You should also have 
around two years energy industry experience. 

The bank offers a competitive salary and 
attractive benefits package including; profit 
related pay and mortgage subsidy. 

To apply, please write to: Damien 
McCawtey, SMCL Ofl & Gas Ltd, 

2 Queen Anne's Gate Buildings, 
Dartmouth Street, London SW1H 9BP. 
Tel; 0171 222 7733 or Fax: 

0171 222 3445. 


j 


Outstanding Marketing Professionals 

London up to £45,000 + benefits 

Our cfienl is a successful fund management trust and insurance services group with substantial assets under management. The 
group offers a fuDy Integrated service which is unmatched for quality amongst its competitors, providing tailor-made solutions for 
each client's requirements. Sustained growth and the desire to put in place a more structured approach to marketing have created 
the need for two high calibre marketing profe ss ionals to join the company. 


Marketing Communications Manager 

This is a group role, reporting to the Managing Director, with 
initial emphasis on the fund management business. The 
appointed candidate will develop s proactive communications 
strategy to support the group's objectives, producing a range of 
high quality publications fw dients and intermediaries 
worldwide. Key objectives will be to establish a strong and 
coherent group identity and to maximise coverage in relevant 
media. 

Candidates must have at least five years' relevant marketing 
communications experience, gained in-house or with a 
communications consultancy. Financial services/fund 
mana gem ent knowledge would he highly advantageous. 
Initiative, outstanding cormmmicatUms skills and the ability to 
wpantee and prioritise will be necessary. 

. Kef 336} 

The Company offers excellent prospects for 

cart«rdevriq»^tinafft8M«wfo& 

collegiate and uribureaucratic environment In 
addition to the advertised salary, the 
remuneration packages indiidea 

performance-mlatod bonus and other benefits. 


'* 5 

r ^ - _ "jZ- 





Marketing Support Manager 

This role will be in the fund management business, reporting 
to its Sales and Marketing Director. The brief is to develop 
excellent working relationships with clients and intermedian vs 
worldwide, ensuring they receive relevant and up-to-date 
information on new and existing products and services at all 
times. The appointed candidate will run a small and highly 
efficient sales and marketing department, and play an 
important part in developing and implementing marketing 
Strategy. 

Probably aged in their 30s, candidates must have relevant 
experience of marketing fund management products, ideally in 
the private client field, with a sound working knowledge of 
off-shore funds. An international perspective is important, and 
key personal attributes include initiative, drive and good 
posonal presence. 

Ref 342} 

- -- . Please send a full CV in confidence to GKRS 

at the address below, quoting the 
appropriate reference number on both letter 
and envelope, and including details of 
current remuneration. 



Corporate Finance Director 


High Profile Business Development Opportunity 

£ attractive package 


Leeds 

Our client is a Jon g-es to Wished financial services 
group with an impressive client base located 
principally in the North of England. The corporate 
finance business of the group has seen significant 
growth over recent years under new dynamic 
leadership and a further senior appointment is now 
proposed in the expanding Leeds office. 

The role will involve business development and 
execution of transactions for public and larger private 
companies, including advising clients on mergers and 
acquisitions. MliOs, stock exchange compliance, 
financial restructuring, as well as flotations and capital 
raising 


Reporting to the Managing Director the 
candidate will be expected to establish 
close and effective relationships with a 
broad range of corporate clients in the 



Yorkshire region. The working style of the Group is 
collegiate and the appointed candidate will benefit 
from the support of colleagues in the Group's offices 
in London and Manchester 

Candidates will be well-qualified, graduate calibre, 
corporate finance professionals, ideally with an 
established network of contacts in the North of 
England- Attitude and aptitude are more important 
than age, which is likely to be 30s to mid 40s. 

Energy, commitment with clear thinking and 
communication skills are essential for this 
outstanding and demanding opportunity. 

Please send a full CV in confidence to OCRS at the 
address below, quoting reference 
^ number 94371N on both letter and 
envelope, and including details of 
current remuneration and availability 


29 


ENERGY BANKING 

The opportunity for an economic/financial analyst 
to join a leading Scandinavian bank in London 





SEARCH & SELECTION 

CLAMBELL BOOSE, 6 CORK STREET. LONDON W1X IPB. TEL: 071 287 2820 



SEARCH & SELECTION 

PARK HOUSE. 6 KIU.INOBECK drive, YORK ROAD, LEEDS LSI4 6UF TEL.0532 484848. 

A GKK Group Company 



fa* ;v-*- 







30 


FINANCIAL TIMES FRIDAY NOVEMBER 4 19<* 


Corporate Development Manager 

A strategic thinker for a market leader 

Nottingham: Excellent Package 


The Boots Company is acknowledged as one of Britain's 
leading value managed companies. Through organic 
growth and acquisition, profits Increased last year to over 
£450 million and total sales exceeded £4 billion. The global 
operations contributing to this success are diverse; market 
leaders In retailing and OTC healthcare, third party contract 
manufacturing, Europe's largest Community Pharmacy 
Group and a world-wide pharmaceuticals marketing and 
research business. 

Now we need your business acumen and broad experience 
to play a substantial role in the development and preparation 
of Business Unit and Group strategy. You will also heip us 
identify, evaluate and negotiate future strategic acquisitions 
and divestments. Working closely with our senior management 
team and with external professionals, you will project manage 
the acquisltion/divestment process in line with our. agreed 
business plan. Initiative, lateral thinking and a keen sense ol 
commercial reality will be vital throughout your work. 



A graduate, with an accountancy/MBA qualification, you 
will already have considerable experience of mergers 
and acquisitions or strategic planning, and operating 
within complex, international, business environments 
Personal authority, based on analytical expertise and 
sound experience, plus excellent communication skills 
are essential to ensure the Immediate credibility and 
contribution required. Most importantly we expect you to 
have the ambition and potential to develop your career to 
the most senior levels in the organisation. 

in return we offer a remuneration package which includes 
a substantial base salary, company car and profit related 
bonus. Generous benefits Include assistance with relocation, 
to the attractive city of Nottingham, where appropriate. 

If you have the strategic expertise that can make the 
difference in today's marketplace, please write with full 
personal and career details to: Anne Sempik, 
Group Personnel, The Boots Company PLC, 
Hoad Office, Nottingham NG2 3AA. 

# 


THE BOOTS COMPANY 


You’re a 
recent graduate 
and you’re successful. 


Now ask yourself 
this question. 




IS IT 

ENOUGH? 


Chemical 


Leading UK City Institution 

European 
Portfolio Manager 

Our long established client, with £7 billion 
under management, seeks applications from 
highly rated practitioners for the above post. 
Essential attributes will include: an in depth 
knowledge of European equity markets, several 
years experience of managing European portfolios 
and a record of good performance. Candidates 
should be dynamic clear thinkers and have a good 
degree, preferably IIMR but at least 1MC 
qualifications, and enjoy working in an 
environment of open debate, friendly teamwork 
and accountability. 

Our client offers competitive salaries and a 
benefits package comprising: non-contributory 
pension, company car, private medical and 
permanent health insurance and a subsidised 
mortgage. 

Please reply with full career details to 
1-orraine Mackenzie at the address below and 
ensure that the envelope is marked clearly with 
our ref. no. 1013. Envelopes will be forwarded 
unopen direct to our client, unless you list 
separately any companies to whom your details 
should not be forwarded. 

BERNARD HODES 


.s / / /■: <: r / n n 


Birmingham ■ Bristol 
Cardiff • Hertford 
Leeds • Makci iestfr 
Glasgow ■ Nk>vcasti.e 


Griffin I louse, 
161 Hammersmith Road, 
London W6 8B& {R«.c«q 


CAPITAL MARKET 
TRADERS 

c £3 0,000 plus Ranking Benefits 

You're under 25 and a recent graduate bur already you've achieved a 
great deal. You could be an accountant or a consultant, .in analyst or a 
trader. You may be a hot-shot in computing or in engineering. Whatever 
you are, you'll have an unshakeable belief in your ability to do even better. 

If you want to make die grade as a dealer in Capital Markets with 
Chemical Bank, that self-belief really will need Co be something special. As 
one of die world's foremost commercial banks and a recognised leader in 
foreign exchange, money markets, derivatives and securities trading, we 
owe our success to the exceptional abilities uf our people. 

So ask yourself these questions... 

Do you get frustrated because you aiwjys feel you cotiid do betrer? 
Do you thrive on setting yourself tough short rerm goals? 

Are you driven by a desire to be successful? 

Have you a knack for getting to the core of a problem and acting 
derisively? 

• Have you the courage to back your decisions on the strength of 
your intuition? 

In any case, rest assured that we'll put you through some very 
demanding tests to establish whether or not you have the self- 
confidence, stamina and numeracy to succeed in the uniquely 
pressurised environment of the Chemical Bank trading floor. If you 
make it, we will put you through an intensive 3 month training 
programme leading to a career where che challenges are extraordinary 
and the rewards outstanding. 

Our minimum requirement is chat you have rhree excellent 'A' levels, 
a 2:1 degree, and a high level of numeracy. The rest is up to you, your 
ambitions and an unshakeable belief in yourself. 

If you’re interested please send a copy of your CV, clearly listing your 
academic, career and personal achievements to our consultants at Moxon 
Dolphin Kexby, Ref 4587, 178-202 Grear Portland Street, London WIN 6JJ. 

Closing date for applications: I4rh November 1994. 


Emerging Markets 


Latin America 


Morgan Grenfell is one of the leading investment 
banks in the City with a strong profile both in the UK 
and internationally. In seeking to expand its Latin 
American coverage in London an opportunity has 
arisen for an executive who is able to demonstrate a 
thorough knowledge of the Latin American capital’ 
markets and most specifically the Brazilian markets. 


The position will require the successful candidate to 
identify and develop business opportunities involving 
equity placements, privatisations and advisory 
mandates. 


Applicants for this position should be graduates and 
arc likely to be already working in this field. In 
addition they should be able to demonstrate a good 
level of investment banking expertise and should 
ideally be fluent in both Spanish and Portuguese. 


Remuneration will be highly competitive and includes 
a significant performance related bonus and other 
benefits. 



JAPANESE NATIONAL SALESPERSON 

Major International Broker seeks a Japanese National Salesperson with 2/3 years experience In the 
Securities industry. Preferences wffl be given to carxfldates who have JGB/Fbced Income debt exposure, 

The salary wffl be commensurate wftri the successful candidates ability and 
experience for this chaBengtng role in JGB sales. 

Write to Bax A21 80, Fktandamrrms, One Sonfftwarir Bridge, London SET 9HL 


INNENLEITER - Stv. 
NIEDERLASSUNGLEITER 

Lombard North Central PLC 

Zweigniederlassung Frankfurt 


W ir sind die deutsche Niederlassung eines der rahrent^o 

Finanzdiensdeistungsunternehirien Europas, das der National Westminster 

Bank Group angehdrL •' 

Wir erweitem unsere AktivitSten in Deutschland uod bieten ffir den Innaiteiter 
und stellvertretenden Niederiassungsieiter eine inreressante und 
he ra usfordernde Karriere. 

Die Schwerpunkte dieser FGhrungsaufgabe bilden die \feranwortung fflr das r - 
Accounting, die Refinanzierung, das Berichts- und Steuerwesen sowiedie 
Organisation. Sie werden dabei von einera kleinen, leistungsShigen Team ,. 
unterstGtzt und berichten direkt dem Niederiassungsieiter. 

Wir suchen einen Bankkaufmann mit mehrjahriger Berufepraxis in den 
vorgenannten Bereichen. Ein winschaftswissenschaftliches Studiumsowie 
Kenncnisse des Treasury-Managements, der englischen und deutschen GAAP V. 
wflren von Vorteil, sind aber nicht Bedingung. SIchere deutsche \ .' 

Sprachkennmisse in Wbrt und Schrift setzen wir jedoc h in gleicfaer Wase - - .. 

voraus wie Einsatzfreude, Eigeninitiative, Durchsetzungsrablgkeit und gutes - 
Ko mm unika tio nsver halten - 

Die SteUe ist mit den erforderiichen Kompetenzen ausgestaltet und wird den : 
Anforderungen entsprcchend dotiert. 

Bine senden Sie Lhre aussagefiihlgen Bewerbungsunterlagen mit; 
Gehaltsvorstellung und frOhestmOglichem Eintrittstermin axu 
Mrs Linda Hill, Personnel Manager, Lombard North Central PLC, 

3 Princess Way, Redhill, Surrey RH1 1NP. ' * 


Applicants with a disability will be guaranteed an interview 
provided they are suitably qualified/experienced. 


Lombard 


BUSINESS FINANCE 

A member of die National Westminster Bank group' 
Lombard - working to Achieve Bmu lOp pu rt mi llki 


IBM AS/400 - CARD PROCESSING SERVICE 
OPERATIONS MANAGER 
Hertfordshire - up to £50,000 Plus Benefits' 

Serna Group is recognised as the market leader in supply of card processing solutions. 
The company's strength and expertise in the Payment Systems arena arid its existing 
offerings has now been complemented by the addition of a card and merchant 
processing system for the IBM AS/400 platform - CARD400- 

The Payment Systems Division is looking for a young, and dynamic individual to 
spearhead a growing team dedicated to promoting the new CARD 400 sendee into 
Eastern Europe, Middle East, and Africa. We expect this person to have recognised 
academic qualifications and a broad experience of international product 
implementation and support, but, more importantly, to have the drive to make 
a significant contribution to the success of the company...and their own future. 

Responsibilities Include 

Explore new business opportunities in carefully targeted prospects 
Build international supplier relationships 
Orchestrate joint projects opportunities 
Manage all aspects of proposals and bids 
Build, manage and expand the support team in line with business growth 

The Candidate 

Card Processing knowledge an advantage 
Possess strong people and communication skills 
Demonstrable track record in sales management 
Experience of computer systems 
Proven ability to manage major development project teams 

If you want to be part of this successful group and feel you can offer the above skills, 
send a foil and up to date CV to 

Richard Swift, Resource Manager, Sema Group, Home Park Estate, Station Road, 
Kings Langley, Hertfordshire, WD4 8LZ Tel: 0923 270700 Fax; 0923 249472 

Closing Date far Applications Is Friday 11th November 1994. 

SEMIGROUP 

Sema Croup employs over 8200 professionals with a turnover of £502m in 1993 and is 
one of Europe's major consultancy and software engineering companies , serving the 
world market and with over 30 years' experience in the financial sector. 


Providence Capitol 


Providence Capitol Portfolio Managers Limited is one of. the fastest" 
growing asset management companies in the C1K. backed by the" 
South Africa Mutual Life Assurance Society. Limited ("Old-Mutual*)., 
We manage £1.5 billion of assets in a variety of equity/ bond; - 
deposit, property, managed and hedge funds.- - - > y. 

ASSISTANT v 
FIXED INTEREST MANAGER, 

In addition to money market exposure, PCPM manages bond j 
investments in excess of £500m in value, including CIK gilts andiruril : 
gilts, international and emerging bond portfolio. We hdwwteh^to 
recruit a high calibre Assistant to the Head of Fixed Interest: In order - 
to Improve our depth of coverage in these markets. : ■ ■ j ■ : 

It Is unlikely that a candidate without 5 years relevant ekirfenfcd • 
would be able to make the significant contribution :fequfredi : 
Expertise In non-gilts and the money markets would be particularly \ 
useful althobgh It is envisaged that the successful oppUcarit: will - 
become involved In all areas of bond investment. . - ■ _ . . ? 

This Js a challenging opportunity to join a highly successful' and j 
stable team of Investment professionals operating in a culture whfch ? 
xuODorfu Individual _« _ _ J 

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supports Individual achievement. We offer a" competUWe’Votal 
efemenL aU ° n packase lncludin 9 0 s^nlHcant performance bonuj 

If flils sounds like the opportunity for you please write, incliidlhq a ■ \ 
fuu CV, to ; : 

Bob Attridge, head of Fixed Interest 
Providence Capitol Portfolio Managed Limited, 1 
Providence House, 2 Bartley Way, Hook, i ■ ‘ 
Basingstoke, Hampshire, RG27 9XA. • 



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Senior Manager 

Investments, Bahrain 

Tax free salary and company bonus plus relocation allowance 

Our client is a leading, imerrution.il reinsurance company and one of the world s top 100 reinsurer*. 
The Company currenily has a substantial investment portfolio comprising In mdv m. «ck and real estate with 
total assets under managemeni of over USD -*00 mio. 

The Senior Manager - Investments, will lead a team of four investment professionals responsible for 
defining investment policy, monitoring investment performance and implementing the appropriate risk reward 
•strategy. 

Applicants will be a minimum 32 years old. hold a nusters degree with a commercial bias and have at 
least 7 year, experience in imotmertr management. They must have proven skills m 
investment strategies and portfolio management experience w hich should include bonds, 
stock and real estate. Technit-jl skills in currency movements, hedging and tpding arc 
fundaniemai. 

For further information, please contact Clare Bunonshaw at Tile Exchange l.'oiisulling 
Group. 


EXCHANGE 

Consulting Group 


IS Sl Switbin's Lane. London EC4N SAL 

Telephone. : 071 929 2383. Fax: 071 929 2805 1 


Interest Rate Options Trader 


London 

As one of the leading UK merchant banks, we 
are expanding our Treasury and Derivatives 
Division and now have a significant opportunity 
for an Interest Rate Options Trader to assist us in 
meeting our strategic objectives. 

The successful candidate will have a minimum 
of two years' experience and be currently 
responsible for trading a book in IROs and 
swaptions. The ability to work effectively as part 
of a team, challenge existing practice and 
introduce fresh ideas are essential characteristics. 


Competitive salary + benefits 

For someone able to make an immediate 
contribution to our success, we offer a 
competitive salary, full range of benefits and 
excellent opportunities for career progression. 

Please write, enclosing a detailed CV and an 
indication of your current remuneration 
package, to: Mr J. Tuke. Director, 

Hambros Bank Limited. 

Treasury and Derivatives Division. 

41 Tower Hill. 

London EC3N 4HA. 


¥ 


SERVICE 

;er 

s Benefits 


Deputy Head of Compliance 

North of England 

National Financial Services Organisation 


Our clic-nr 14 an cst:ihli>h«.-J national financial wivka organisation which 
pr.ivni.Mjj wide ramie ul insurance- .in J investment product*. Then 
commit menr to compliance has resulted in the development of a high profile 
compliance dcpnnmenr which conrnbure* JiteCllv ar .*11 ievtk «>l ihe 
organisation. They n« >w seek to strengthen further the compliance department 
with the appointment of a depuo head ut compliance. 

The successful individual will play :i key role in the Jay to-day mannci-mcnr .ind 
development erf" the compliance function. The role mil involve reviewing and 
strengthening compliance svstems and procedures throughout the organisation. 
The successful candidate u-ill assume responsibility for important arcus and 
projects, as well as assisting -and deputising for (he compliance officer. There will 
he a particular focus on activities regulated by the Personal Investment 

Authority. 


Candidates must he 'em.* compliance pr,4i>*N ■luU with .1 uo»4 knowkdee of 
LAU I KCVPM rcgnl.itr.in-. ,tnJ pr.icric.ll experience 0 / rheir appitcari. -n uith in 
(he hie .I'auMKi' industry. Management .md leadership skills are c-wiiiial 
together with .111 ahiliry i*» unJcwanJ .nJ Cnmmumc.itv Kith cmplunce and 
hu>liK» hxies effectively at every level ..•( the organ iNiu-m Thi- ch.ilk-nging 
rule offer, ample soyv tor person al »lv\ elopinctu and advancement. 

The impTtance *4 the role mil he relive u*J in rhe compre-hen-n c ..il.irv and 
benefits package. incluJinp fu 11 reheat k^i co*l*. .iv.iil.iMe for the right 
c.indiJate. 

For an 1 n 1 n. 1 l discussion, please c.ini.Ki Paul Wilson or Sue Lintcrn on 
071 831 2000. or alternatively write to them, enclosing .1 detailed CV and 
quoting reference 206066. ■<( Michael Page City, Page House, 

39-41 Parker Street, London. WC2B 3LH. Fax: 07 1 405 96+9. 


Michael Page City 

Intcmjtbina] Recn11rnK-nrC0n.Milc.1ms 
London Paris Frankfurt Hong Kong Sydney 




COMMODITY TRADE FINANCE/ 
EMERGING MARKETS 

Upto c. £50K + Benefits 

Our client is a prestigious European bank with a well-established trade 
finance business. As a result of continuing growth, a requirement has arisen 
for two professionals to assist in the bank's expansion into India and the Far 
East. 

Candidates should have several years experience in commodity trade finance, 
with medium/large customers, mainly short-term, (eg. back-to-back L/Cs) as 
well as specific market knowledge of India and the Far East as they will help 
originate new business in these areas. 

Both individuals should demonstrate excellent communication skills and 
have an understanding of those local cultures/markets. 

Please send your cv in stictest confidence to Michele MacPherson 

Jonathan Wien & Co. Limited, Financial Recruitment Consultants 
No. 1 New Street, London EC2M 4TP TeL 071-623 1266 Fax. 071-626 5259 


JONATHAN WREN EXECUTIVE 






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Asset and Liability Manager 


WORLD RENOWNED US INVESTMENT BANK 


Premier Qlobal Banking Qroup 


9\ P 

! U 


City 


Our client is one of the world's leading financial 
institutions with a global nerwork of corporate, retail, 
investment banking and capital markets activities. 
Because of the she and diversity of business interests, 
effective Asset &. Liability Management is central ro 
the organisation's management process. 

It is within this area that a need for an experienced 
. Asset & Liability Manager has been identified, to focus 
on structural interest rate exposure and liquidity 
management and to advise on product and portfolio 
hedging/risk management strategies in support of rhe 
commercial banking businesses. 

The profile demanded for this key appointment is an 
exacting one. Probably in your late twenties to 
mid-thirties, you will be an accountant, ideally 
ACT qualified, with at least two years capital 
markets experience. 


First rate salary and benefits 

You will display a thorough understanding of risk 
management techniques and have practical structural 
interest rare exposure management and product pricing 
experience. An accomplished communicator, it is 
essential that applicants are able to establish credibility 
at a senior level and personal qualities such as 
■authority, intellectual rigour anJ diplomacy, first rate 
analytical and business skills are also prerequisite. 

Salary will not be a constraint for the right candidate 
and wilt reflect the high calibre candidate we wish to 
attract. This will be supported by a full range nf 
benefits. 

For an initial confidential discussion, interested 
applicants should contact Karen Gay at Michael Page 
City, on 071 831 2000 quoting reference 2082 1 J . 
Alternatively, write to her enclosing career/salary 

details at Page House, 39-41 Parker Street, 
London WC2B 5LH. 



Michael Page City 

Imenui ton'll Rcctuilmcni C**uu]tuw> 
London Fan Frankfurt Hong Koofc Sydney 


European Industry Specialists 

London-based 

A unique and unusual opportunity exists to join the Industry Research Department 
of a highly prestigious investment bank. Our client currently seeks a number of 
sector specialists to help build first class industry expertise in the utilities, natural 
resources/mining and oil & gas industries with the goal of identifying superior 
investment opportunities and generating corporate finance and advisory business 
for the bank. 

Candidates should demonstrate an in-depth knowledge of the relevant sector, 
gained over several years in industry, banking or related fields, coupled with 
Strong analytical and presentational skills. They will have first class academic 
qualifications and an energetic, team-orientated and entrepreneurial approach. 
Languages would be an advantage. 

Applicants should send their CV details to: 

BG Selection, 1 Founders Court, Lothbury, London EC2R 7HD 
Telephone 071-929 7770 
Ref: ABL 2/11 


The Top Opportunities Section 

For Senior Management Appointments 
For advertising information call: 

Philip Wrlgley on -*-44 71 873 3351 


Associate 


A proactive analytical role, identifying opportunities for the Bank 
to market a range of products including corporate finance and capital markets. 


London 


£ Excellent 


Onr diem v> a premier US investment Kink. It i* a lending 
pl.iver in rhe major lin.iixi.il markers, including derivatives 
and all rvpe' *>l -i>eei.ili>eJ financing. The need has arisen 
(•■recruit nm As->cniie» mu- an analytical group which 
manager, a number »if ex hung client relationships and 
Mipp..»ns the marketing 1 4 (he Rink s products ro prospective 
c.Tp mire client-. 

The ream I-*: uses <«ri major European coiyvirare-* anil i> 
responsible fur 

• .issc-Miig the incr.ill n*k, nf i.indert.iking business with 
klieiiis. 

• rev icuine the -anicnirvs ni ex i. -ting commitments and 
en-uring new i-'inmirmi-nis are executed; 

• virinng md maintaining relaii-.-nship- wirh clients; 

• klennhmu p<<iential opts*! mimes liw new business. 

Tins mv.ilees ngi irons .m.il\sis,i|‘thc clienr-’ lirwncials and 
bnsjJs-r i-stu-s -nch;isilienr str.ncgv, inJii-irv developments 
and ec> «i i» enic c 1 1 invite 1 n .ieU.li i u in. the A v -ciaies 
will i»nrk ck'-ely wnh «rtimr team members and 
prixluei *pxu|i.iU t.-gam a rh»>rougb 


undersrandine of all the Bank's products and scr\'ice> in order 
to support the marketing efforts. 

The successful candidates will be graduates with .1 minimum 
of three year* banking experience and a very strong 
background in corpnr.ue an.tlyrics. This experience may Live 
been gained in si variety of different areas including corporate 
finance or credit. Applicants should be highly motivated with 
a keen desire to learn. These appointment* will provide an 
excellent oppi«funity to be involved in a vnnety of complex 
rronsKtucis. Given the high profile, candidates should he 
committed, professional and have well developed 
intetpcrsonal skills. 

This is an exceptiun.il opportunity for ambitious individuals 
wh- i are kssking lor rewarding careers in a dynamic 
environment. The appsammems will involve considerable 
client contact anJ a broaJ exposure across rhe Bank. 
Interested candidates should contact Karina Pietsch on 
071 831 2000 or wnte to her enclosing a full curriculum 
vitae .it Michael Page City, Page House, 

3941 Parker Street. London WC2B 5LH. 

Fax: 071 405 9649. 


Michael Page City 

International Recruitment Consultants 
London Kiris Frankfurt Hoag Kong Sydney 


Superb opportunity for a young analystlfurid manager to have an influential 

role in a collegiate environment 

Fund Manager 
UK Equities 

Qlobal Fund Management Institution 


tAir client i> uiu- nf' 'rhe InryeM HulepenJent investment 
n 1. in. fi.vmt-1 it “rg.ints.tci . <ro n, the iv-irld u irh hinds under 
mai Moment m excc»s nf hillnm. Thev provide a wide 

r.mge mI pn'diicts and service.- in K'ih in-nmn> -nal and 
retail markets elol'ilk. Asa re-siilr .1 n-iTjanwrion 
within rheir fciiri'pe;in npeniri-m an exceptional 
. <pp* >minitv h.is arisen for a Fund Manager ro join the 

UK vqiutv lenin 

Reporting (■' tile I lead of UK Equities, the individual 
« ill he rof- <n-il-lv lor managing .1 r.inp: of p< ttfnlio’s anJ 
providing K«rh siuicgic views and aiyilviical supp-irt upon 
wchii speciallMli' The c.iivJiJjte u ill also 
Irequei'irh attend and contribute n«H«ck and 


sir ireei nieenngs. 


CandbLites should have between two and lour years 
investment management experience which ahinild ideally 
include compjnt* analysi- The individual will mosr likely 
be a numerate graduate and possess good verbal and uritten 
conimunicuuon skills. It is vital that this is combined with 
an in-depth knowledge of a top-down investment process 
and a thorough understanding nf UK stocks. 

This position is an excellent opportunity fora confident, 
enthusiastic individual who can excel working in a 
professional, collegia ro environment. 

Interested applicants should write to Elisabeth Arthur or 
Paul Wilson enclosing a curriculum vitae at Michael Page 
City, Page House, 39-41 Parker Street, London 
WC2B 5LH. Fax: 071 405 9649. 


Michael Page City 

Jjifi-noriiin.il RiYnurau-ni C* trail i.wi. 
London Paris Frankfurt Hong Kong Sydney 


V. 










FINANCIAL TIMES 


FRIDAY NOVEMBER 4 1994 


Senior Quantitative Analyst 


City 


£ Excellent Package 


Our client is one of the world's largest independent 
investment management groups with assets under 
management of over £45 billion. Their success has been 
based upon a culture of technical excellence and product 
innovation in an environment underpinned by 
quantitative analysis and research. 

To maintain the momentum of growth through product 
innovation they now seek to strengthen the team with the 
appointment of an experienced quantitative analyst who 
will locus on the development of investment profilers as 
well as assuring adherence to the highest operational 
quality standards. 

Your academic qualifications are likely co extend to a 
further degree (MSc or PhD) in mathematics, engineering 
or the physical sciences. The role demands that you 
should display aptitude in the application of quantitative 
techniques to investment management and possess strong 
programming skills in C and FORTRAN. It is likely that 
you will have worked in an investment environment. 

This is a challenging opportuniry for a high 
calibre graduate with advanced quantitative 


skills to join a talented and entrepreneurial team. In 
addition to originating new applications of current theory 
you must have a sound knowledge of the numerical 
methods and optimisation routines which are common to 
quantitative applications. Finally, you will need to 
combine a creative instinct with a desire to realise rhe 
promise of technical advances in conjunction with a team 
of experienced professionals. 

The potential of die position will be apparent upon 
meeting our client, whose approach contrasts with that of 
many institutions in offering involvement in a wide range 
of pivotal functions and encouraging stewardship uf 
product development from conception to implementation. 

Given the combination of talents, your prospects will be 
excellent in an organisation committed to a progressive 
remuneration policy designed to attract and retain 
key individuals. 

If you think you can mccr this challenge please write with 
full career and salary details to Karen Gay or Elizabeth 
Arthur at Michael Page City, Page House, 
39-41 Parker Street. London WC2B 5LH. 


Michael Page City 

InicmnmMial Ri!crulnnctn Consultant* 
London Fans Frankfurt Hone Koag Sydney 


OIL SUPPLY ANALYST 

The opportunity to train as a crude oil trader 
with a major oil company in London. 

To be a candidate, you should be a 


The company is a major oil and gas producer. It’s 
supply and trading group is responsible for trading 
crude oil and condensate on the world markets. 

It maintains offices in several of the world's hey 
financial centres to carry out these tasks. 

You would be joining a small London team 
that is responsible for supply and trading 
activities in Europe, Africa and the Middle 
East, initially your role will be to analyse crude 
oil markets and to administer trading 
agreements. As your skills and knowledge 
develop you will progress to negotiating and 
executing trading deeds. 


graduate in an engineering or business 
related subject. You should also have around 
five years petroleum industry experience, 
mainly in the supply side of the business. 

The company offers an attractive salary and 
benefits package. To apply, please write to: 

Damien McCawley, SMCL Oil & Gas 
Limited, 2 Queen Anne's Gate 
Buddings, Dartmouth Street, London 
SW1H 9BP. Tel: 0171 222 7733 or 
Fax: 0171 222 3445. 


"SMCC 

OIL & GAS RECRUITMENT 





■ This is an excellent opportunity to develop your career. Our client, a well-known and 
long-established organisation, provides a wide range of insurance and investment services 
including a highly successful PEPS and Unit Trusts operation. The company operates its own 
dealing, registration and trust accounting functions and has now decided to make a new 
appointment to further enhance its levels of customer service. 

■ As Deputy Administration Manager, your key tasks will include reviewing and monitoring 
procedures to ensure compliance with regulatory requirements, implementing new. systems and 
providing leadership to the administrative team. However, you will also assume responsibility 
for a number of key projects as well as assisting and deputising far the Head of Administration. 

■ You are probably 27-35, a graduate and with at least five years' experience in PEP/Unit 
Trust dealing with a progressive company. You must have a good knowledge of IMRO/PIA 
regulations, whilst accountancy and/or systems skills would be particularly useful. Most 
importantly, however, you must have well-developed managerial and interpersonal skills and 
have the vision, energy and ability to malm a real contribution to the business. 


■ The company offers a flexible remuneration pac 
Relocation assistance is available if required. Please s> 


e incorporating 'menu-style' benefits. 
your CV, quoting current salary and 


ref: 3783 to Theaker Monro & Newman Financial Appointments, Regency Court, 62-66 
Deansgate , Manchester, M3 2EN (061 832 0033). Please note that replies wul be forwarded 
directly to our client. Please list separately any companies to which your details may not be 
sent 

BIRMINGHAM - CHESTER • LEEDS - LONDON • MANCHESTER 
Soto UK Mwnber of {NTEK^EARCH 58 Officos Wbrtdwfcto 


PEPs & 

Unit Trusts 

North of England 

Attractive 

Package 


THEAKER 

■ 

NEWMAN 

nECRunMBfr&PBSoiwa. 

CONSULTANTS 


INVESTMENT ANALYST 
UK EQUITIES 

Competitive Salary & Bonus + Benefits 

Our client is a major European investment house with over $9 billion numaged on behalf of institutional clients. 
An opportunity has arisen for a UK equities analyst to join their European analysts team in London. 

The analyst will work in a close-knit team and will be expected to undertake the financial analysis of 
quoted UK companies, make regular assessments of these companies and report back to the fund 
manager. This role offers the opportunity to develop skills which would lead to an eventual fund 
management role in the future. 

Candidates will be aged 23/27, have strong report writing and pc skills and ideally be educated to 
degree leveL 

For further information please contact Trevor Robinson on 071 623 1266 

Jonathan Wren & Co. Limited, Financial Recruitment Consultants 
No. 1 New Street, London EC2M 4TP Telephone 071-623 1266 Facsimile 071-626 5259 


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TJtphonc: 

Fax: 071-376 I J ■*" 





An International fond manager, with an excellent performance record and recent rapid growth in assets under 
management wishes to enhance the operations function. This presents an opportunity for a technology Innovator to 
provide support for the next growth phase, with prospects for acquiring ownership. 


THE APPOINTMENT 

■ Assume responsibility for settlements, transaction 
processing, portfolio valuation, client and custodian liaison. 


■ Introduce new systems and technology to support future 
growth and control risk 

■ Provide leadership to the operating function. 

■ Develop solutions to support new business activities. 

Please apply in writing with a full C V. and current salary 
details to Mark Wilkes. 


THE REQUIREMENT 

■ Graduate aged 30-35 with a minimum of three years 
experience In managing operations. 

■ Change management skills with a track record of effective 
implementation of significant operational change. 

■ A technology innovator with a strong understanding of IT 
solutions. 

■ Broad knowledge of international bond, equity and 
derivative markets gained in fund management or a related 
activity. 

K/F Associates. 252 Regent Street. London WIR 5 DA. 

quoting ref: 90804/A. 


.... 


K/F ASSOCIATES 

Selection & Search 


CITY BASED 

With over £14 billion of assets under management worldwide. 
Mends Provident is one of the most progressive and successful 
insurance and inve stme nt companies in the IK today. 

In this bigb-profile role, your brief udU be to develop and 
manage an effective investment communications function to 
support existing and neat sales channels, tbc Investment Division 
and other company departments. This will involve providing an 
accurate and responsive information service, controlling the Broker 
Desk, and mantypng a range of investment publications. 

Ideally, you will be educated to degree or equivalent level and 
possess an appropriate Investment or marketing professional 
qualification. You should have around 10 years' relevant 


COMPETITIVE SALARY + BENEFITS 

experience gained with a product provider, investment bouse or 
IF A. A combination of credible investment knowledge and excellent 
communication skills - including copywriting and publications 
experience . must be supported by good interpersonal skills and the 
ability to manage and develop a neudyestablisbcd unit. 

In return for your skills, we are offering a competitive salary 
and benefits package including mortgage subsidy scheme, 
non-contributory pension, and relocation assistance where 
appropriate. 

To apply, please send your cv to Eileen Michael, 
Personnel Officer, Friends ' Provident Life Offlcr. United Kingdom 
House, Castle Street. Salisbury SP1 JSH 


FRJ ENDSSPPROV I DE NT 


FT/LES ECHOS 

The FT can help you reach additional business readers in France. 
Our link with the French business newspaper, Les Echos, 
gives you a unique recruitment advertising opportunity to 
capitalise on the FTs European readership and to further 
target the French business world. 

For information on rates and further details please telephone: 

Philip Wrigley on +44 71 873 3351 


Our client is a recognised leader in the 
fixed income and equity markets and 
draws on the expertise ot over 2.000 
people from over 30 countries around the 
world based in London. Paris, New York. 
Tokyo. Frankfurt, Singapore and other 
offices. It provides a comprehensive range 


of products and services in the primary 
and secondary bond and equity markets, 
currency and interest rate swaps and 
options, fixed income and equity 
derivative products and specialised 
instruments. 

To maintain its leading edge, a specialist 
research unit has been created to work in 
conjunction with the Equity and Equity 
Derivatives sales team in the dealing 
room. 

Oo behalf of our client we are seeking to 
recruit a Sales Strategist/Researeber to 
help build and develop this new unit 
The successful candidate will be a 
graduate with a minimum of two years' 


EMERGING MARKETS 
TRADER/BRAZIL 

Cargill’s Financial Markets 
Division seeks a senior trader 
for its proprietary trading desk 
m Sao Paula, Brazil. Prana ry 
responsibility is to build a 
relative value, fixed income 
arbitrage business in the 
domestic Brazilian market The 
candidate would work closely 
with the fixed Income and 
money market group and help 
develop and execute cash, 
foreign exchange, and Interest 
rate derivative and arbitrage 
strategies. 

Qualified candidates will have: 

- minimum of 4 years relative 
value trading experience m 
international markets [USA 
anri/or Europe] 

- derivative A foreign exchange 
trading experience 

- excellent analytical 
capabilities and computer 
Skins 

- fluent in Portuguese and 
English 

Interested & qualified applicants 
should send a letter, resume & 
compensation expectations to: 

Ann Marie Dresser 
Cargill, Inc. 

P.O. Box 5653 
Minneapolis, MN 55440 
Fax 612-742-3921 

Cargill, Inc. 

Equal Opportunity Employer 


Management Trainee 

Long tetm drvdopoicnl ini Riowih in 
private I nailed company expanding la 
Central LluJul Individuals aped 
23-35 seeking >ippontmit><s in ftfunetd 
markcV. Prurofial in prijgrcu la 
venter management, with full pmfii 
parlKapuNjitn. 

Call: Juha Kithuin.Tnppnp 

071 240 


experience in sales, trading or research 
within a respected bank or financial 
institution, ideally in an equity-linked 
area. In addition to a good understanding 
of the global equities market, he/she most 
have strong numerical and technical s kills 
and, most importantly, the ability to 
market and communicate ideas. A 
knowledge of equity derivatives or other 
derivative products wiD be beneficial. 

For an initial discussion in confidence 
please contact Kate Griffitha-Lambethon 
071 493 3236 or write to her at Kiddy and 
Partners (Search & Selection) Ltd, 
26 Harcourt House. 19 Cavendish Square, 
London W1M 9AB (fax 071 493 4712). 

Kidd y 


; rTi 


City 

£ Competitive 
Salary + Bonus 
+ Mort + BBs 

First Class 
Environment 


SumitomoThist 

a Banking CoJjd 


f p 9J *•* El 00,000 

Piniiioii ii uvailulili- al a UK iiiVL-xtini-nl Inink fur a -w-niiir Fam-irai Fai-haner 
ilftilrr In hrail up flu- Fumprun riirivniy ilrvk. Thr -.urrrs»hil cundirlili- 
■hi in lil liavf pained a minimum of l jram r-\p>-ru-no- in F.MS CnKx-i. .V» ur|| 
a*, indun-rrial ifulii-x ilia.- rnlr will iuvnlvr murki-i -nuking amt ilran-iric 
prwirinn Liking. 

FORWARD i.X. £75,000 

Ailin' mark nr (laruVipnnl rnjuiroi u i|Nyiali-if Forward F.Y ifiulcr with l 
vi'an* •■\jw>rii , ini‘ running a Kum cumiu-y bonk. I ^niliilyim 23- .15 will 

Imo .1 fcUlilu ranw liwlnrr and munt hi* pmlinViil willi Ariiiirjgr ■•-tiininucL 
Working luiiiwlnljy nf Ofl-Uabnrr Sim* inalrurnrnL- uimtil In- an Jihanlay. 

OFF-BALANCE SHEET £100,000 

Fir-i i-hiM iiifrriiatiniuil bank wi»ln> Hi ;iji|hiiiii .i n'liinr Mnm-i .Market 
ilraliT willi riprrliH in KRA'% Futures, bwajn A Option-, in (fir major 
L-urrrni'ii’v Fn-.it inn mitilil suit a mniliilufe with S fiin (-apcriciiri- i„ J 
ituinup-riol rapacity. RnijxHwibilitH-i are to inriudr prnm iivi- tradinp m 
I .nun- N rk-ptwiU nnil arbil ruling OfT- 1 Inland. Slni pr>Hlij>-t... 

CORPORATE F.X. £60,000 

Tup US hunk is -rrkin^ an rxperienci-d FA. Sates dealer. Thf rule will 
invnlkc marketing and wrviuinj; elivnls with the full range of IVea-un 

f nutudH. (^railtialua iigril 2i» to U2 are prefernil. Mui-ney in Fri-ni-h 
a-rmun would he of benefit. 


Business Analyst 

We arc a progressive Japanese Bank at the forefront of 
international commercial banking. 

This newly created position within our corporate finance 
division offers an exciting opportunity. 

The posxholdcr will be responsible for identifying potential 
lending opportunities in a range of areas and for carrying oat 
appropriate financial research and analysis including business 
reviews and projections as well as country-risk where 
appropriate. 

Applicants should have a relevant professional qualification, be 
computer literate and preferably be a graduate. Of paramount 
importance is having had at least three years experience of 
financial analysis and report writing gained within a structured 
business environment, not necessarily in banking. 

Please send your CV, together with a note of your 
current salary to:- 

Dominic Grealy, Personnel Manager, Sumitomo TVust & 
Banking Co^ Lid, 155, Bishopsgate, LONDON EC2M 3XU 
(No Agencies. No Faxes) 


FOR EX ’Selectit 


Onr client 

narktt* ,r- — n 
da>« revMTrr,. 7 !■.-• 


Kii^or< t^p.,. 

Search & Sc.. 

» Pall Mai:. 
Ihlephoni*: it? t • • .• 
Pax: 07 1.97 k 

*„ -r- _- 




l*LWSEMAnK£-;N 

Blii-jnoe 

SENIOR UK CCR= C=J 

l>»han> -7.“ ' - ' 
HhvtV,;: “ 

^CORPORATS LEM 

^ii T ; RADlNG a;^ 

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FINANCIAL TIMES FRIDAY NOVEMBER 4 1994 


33 





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RELATIONSHIP 

MANAGER 


Kicwati Market 


London 


Toapfh. 
pfawwifevA 
convdMfttt 
Jeanne Nobie, 
Senwr^ imwri 
Officer. 
OMU« 
Banking Group, 
41 BvfeferSewf, 
leaden W1X SNA. 


The CihbcnV Pri-jate Bank is are &* world's fergess end most 
reputable, offering its clients the Full rasourco of an 
un parade lad global notworic. We now seek a highly 
motruaied Kuwah specialist, based in London, to provide 
edwee on d support ip faonao&y sophtsbcated Kumti clients. 
The objective.- to buid profit through buiW'ng elfoctne 
relationships. Tha method: there is cocs^ensble autonomy to 
develop ond implement your own strategies for success 
While you may not have o background in private banking, 
you will have a sound knowledge of banking products, 
proven marketing sWfa and the ability to communicate 
effectively. Success will also depend on high levels ol setf- 
mohvolion ond integrity. 

This is a rare opportunity which demands the skills ol an 
exceptional individual. Consequently, the rewards 
are high - a generous basic salary wiH be complemented 
by a significant performance-related bonus and foil 

banking benefits 

THE CITIBANK PRIVATE BANK 


CITIBANK 


LEADING EUROPEAN BANK 
CORPORATE FINANCE ADVISOR 


LONDON 


^EXCELLENT PACKAGE 


Widely acknowledged as « me « »J ihr world's kittling divcisjlkil 
banking groups, «mr cl mu lus :m extensive network wt 
im<.‘in:itlrin:il upcRiiiuns. The- company provides a broad 
speemim uf financial services in corporate banking, cipnal 
market activities, asset management and corporate finance. 

The London udvKnrv depariment has ropotisihilily lor 
the generation and execution of mergers and neqiii'drii nts. 
primarily on isvb* »fdcr. and other financial advisory work. 

The department comprises a highly professional and 
mulfi ilLsciplined leant w Inch oilers advice In a wide range of 
companies internationally. 


lliere now exists a need to acini i .j further high calibre 
individual to wi irk « iihin this international team The successful 
candidate will have one of the following haekgrouncLs. 

• an existing -.uuly-a ayu mate with up in 2 yea is' relevant 
evjvrience in a leading investment bank 

• a qualified aco mutant i <r lawyer with up ti 1 1 years' post 
qualilioiii' m experience 

• a strategic management or kimjIkii u < *r i *riier pt» *&."**# *ial w id? 
relevant experience and a strong business qualification 
The idcjl candidate will relish the challenge > if international 

clieni contact, exposure to high profile transactions and 


ROBERT WALTERS ASSOCIATES 


extensive pcixm.il development. Additionally, candidates will 
have a strong acaJcuiic background, combi ilex! with llucncy 
in Imth .spoken and written English .mil in at least one other 
Kumpcun language- 

in return the position eariio a high I \ attractive 
renumcr.mon (racleige 

lliis assignment is being iiandled exclusively by Nicola Will 
and Simon f fan key (Legal Division} on behalf of 
Robert Walters Associates, for further information ple.isc- 
cumact them on 071 379 3333 Icon tidai tr.il fax <»? I ■> I x s~ lit. 
or write to them at 25 Bedford Street, London WC2E 9 HP. 


/v.; 


:'i .tv c-rretju-' 



Acquisitions and Organic Growth 

London 

vOm- cUetit, a big wholesale bank, is consistently profitable, very 
'ambitious and la looking Systematically at how to broaden its base to 
£ increase the stream of high quality profits. 

■/. ?roni.the mini avalanche- of ideas, work on these ideas; decide what is 
..^b«aag generated, priorities need to realistic and achieve the desired 
. itebJfehetL Significant profit results? A 2:1 degree, plug an MBA/ 

■ r ittcreaseir .-.via acquisltwms of com- professional qualification are likely . 
•ptejn©ntaiy ..businesses are likely to to be prerequisites. Diplomacy, deter- 
and. than tun' itc '.tandem *. tmaatiqp and the ability to progress 
nous analysis of organic . a number of prpiect^; aim»4taneous?y 

, „ v , rVm - w ^ i which include-a number / -must heeyidenL: • j • 

c<mcepfe evgl, w{Kde^ . intrigued to know more? Then. 

*.N’; .... .* .pfeft^ writoinsaffiri^nt'detaii fpne 

^$0 wfafyafte the analytical ability, ’ „page' jdns) to convifice me that yon' : 

pecrpJe./sicUla.'.an^ corn- ' ai'e nofca ^havelrgaj^.ap^ that we 

j. jw sanrBgn- axpaU, A/sifotilt^ talk,- andfer meet' to. explore 


KJD.SO.NS 

IMPEY 






Credit Manager 


Our client is a major U.S. based 
energy company and a leader in 
Its field. Through a strategy ol 
diversification, they are becoming 
the most Pirovaiive provider ol 
energy on a global basis. 

The Credit Manager/Europe will 
be responsible (or implementing 
credit policies and procedures 
and be proactive in the credit de- 
cision process. This ground Moor 
opportunity offering significant 
potential requires an individual 
who has 5-10 years experience, 
with a solid foundation in credit 
analysis and exposure io deriva- 
tive products. 

Total compensaiion will be com- 
petitive and includes a base sala- 
ry ol up to 75 thousand pounds, 
significant bonus potential and 
generous benefit package. 

Please write to Bax AT? 189, 
Financial Times, 
OneSouthwarii Bridge. 
London SE1 9HL 


APPOINTMENTS 

WANTED 


* ■’ Vtyif 

f 



Our client has an internationally respected business in the emerging 
markets investment trusts and closed end fund sectors, backed by first- 
class research. They gain a significant part of their business outside the UK 


As part of the current development 
plan, the institutional sales team will 
be expanded progressively over the next 
6 months. 

Our ideal is to recruit individuals 
who are wholly dedicated to selling 
and receiving commensorately geared 
financial rewards. The ability to motivate 

Kidsonslmpey 
Search & Selection Limited 
29 Fall Mall, London SW1Y 5LP 
Telephone: 071-321 0336 
Fax: 071-976 1116 

UK. maM, Gormaax Ica^ Aoatoto, Hngv> Pohod, 
Botghm. Caadt BupebBc ant Slowkla 


and organise more junior staff is 
expected as is some sound knowledge 
of investment trusts, country funds 
or emerging markets. Of particular 
interest is direct experience of overseas 
based and international institutions. 
Good market rate basic salary plus 
geared remuneration will be paid. 

Please telephone or write 
quoting reference no. 876FT, 
in the strictest confidence, 
to Gemma Jenkin. 


KHWO.Yi 

IMPEY 


Japanese lady. Jiptaimc family. 
oorm toed lop levels of Jspoiksc business 
seeks appounmem whh distinguished 
LocKfcM-tascd financial bouse. Educated 
Queen's College, Quern F nglnJ. Japanese, 
good Fr ench and German. In house 
maiteting experience, and coos talent 
record of aduevement since working as 
pa, to the bie Manjuess of Exeter. Tokyo 
Olympic Camel - 1964. Immediate 
availability, aikl schedule indudes 
Christmas visit, Japan. Cur bmhl turiness, 
explain cultural differences, and ad as 
eyes and can of financial partnership 
jntVcr CEO. 

Phone now: 071 435 8269. 


LEADING BUSINESS DEVELOPMENT AMONG 
CORPORATE AND COMMERCIAL CUSTOMERS 


1 he Royal Bank of Scotland is one of the UK's most 
dynamic and tasl -growing financial services groups. Our 
stated aim is to be first choice for 
companies of all >l/«, which are 
looking for innovative, business- 
friendly financial solutions. We 
are now looking for two high- 
calibre business developers to 
spearhead the local growth of 
our commercial and corporate 
banking services, one based in 
Reading and the other in 
Nottingham. 

\ ou will be responsible for 
leading and developing a multi- 
disciplinary team dedicated to 
attracting jnd developing 
profitable new business within 

your region. Your role will involve controlling all 
local marketing activity, fostering relationships 
with financial intermediaries and raising the profile 
and image of the Bank throughout your region. Building 
and consolidating a network of contacts and leads, you 
will aim to become j principal point of contact for new 
and established businesses. 


HEADS OF 


CORPORATE 


DEVELOPMENT 


c£40,000 + CAR 
+ BANKING BENEFITS 

READING & NOTTINGHAM 


A proven track record of achievement .it senior manage- 
ment level is essential, which includes impressive successes 
in business development activity. 
Sound technical knowledge of 
commercial and corporate banking 
(which includes innovative struct- 
uring of funding packages) must 
be matched by the excellent 
interpersonal skills and personal 
credibility necessary to foster 
constructive relationships with 
senior decision-makers. 

Your contribution to the Bank's 
growth in this key business area 
will be recognised and well 
reivardcd. Salary will be 
supported by a comprehensive 
range of financial-sector benefits, 
and relocation may be available. There is excellent scope 
for career development. 

To apply, please send a full cv, including current salary 
details to: David Thick. Senior Personnel Manager, 
The Royal Bank of Scotland pic. Regents House. 
42 Islington High Street. London N1 SXL slating clearly 

your preferred location. 


The Royal Bank of Scotland 

Where People Matter 
C ommitted to Equal Opportunities 


-x-t 


**m^;&nmnwr ’ieKwvE-ijMirs. 


W-^ :H5 ^ 


H 


UK LEASE MARKETING 

A major bank seeks two marketing orientated graduates aged 28-35 years, who can demonstrate 
success to date in sourcing structuring UK tax based leasing transactions in the £1M • £15 Million 
plus range. Nog E35-C50.000 + Benefits 

SENIOR UK CORPORATE MARKETING 

This bank seeks a graduate banker currently employed In a senior business development role within 
a major bank. Candidates must be aged 35-36 years strong fy marketing orientated and have 
experience of marketing to both top UK and European corporates. Neg £50-260,000 + Benefits 

UK CORPORATE LENDER 

Graduate ACiB aged 30-35 years with sound credit skins and at least 2/3 years business 
development experience Ideally covering food breweries sectors. To £45 , 000 

SALES TRADING AND RESEARCH (EUROPEAN EQUITIES) 

A European bank seeks two staff (deafly experienced in the (1} Sales/Tradtng and (If) Research of 
equities (Austrian. Hungarian & Czechoslovakian ideally)- Relevant language skills essential in me 
Research position. Salaries c£40,000 + Benefits 

Please send detaHed CVs to BRIAN GOOCH or EDWIN LAWRIE 


European 

Relationship 

Manager 

I/B/E/S are leaders in global investment research and the 
recognised authority for corporate earnings forecast 
* information. 

We seek an enthusiastic, confident, congenial individual, in 
his or her early 20s. to support and grow our relationships 
with the investment research community in the UK and 
Continental Europe. 

The successful degree-calibre candidate will have a strong 
financial background, proven sales ability io the equity 
investment industry, and a willingness io irave) 12-15 vveete per 
year. Foreign language skills, MBA or CFA study are pluses. 
I/B/E/S offers an attractive results-oricnicd package of basic 
salary plus commission, as well as excellent career prospects. 
Please write to: 

Asad Sultan, 

1/B/E/S (UK) Limited, 

PO Box 200, 

Cottons Centre, 

Hays Lane, 

London SE1 2QT. 


I/B/E/S 

(U.K.> UMITEO 


;» r\ * * v> . - *Tv---*ra iA 




OLD BROAD STREET BUREAU 

Search & Selection Consultants 


65 London Walt. London EC2M 5TU 
Tel: 071-588 3S91 Fax: 071-588 9012 


Thr o* Consultants Required fox Established 
City Headhunters, 

Sheffield International Limited are a specialist International 
headhunted We wish to strengthen our team with the recruitment 
of three additional professionals .to specialise in the following 
sectors , for .our City based and international financial services 
dients:- . 

■ Institutional Equity Research & Sales 

- Corporate Fmaiceand Bankbig 

finance. Administration & IT 

. Each amsdtant wili havecpme tom a financial services Industry 
.background arid have. had successful professional working 
expeq«ic* m^ ** covering- Eacb willalso be a 

sound, effective arid professional business generator as well as 
capable of executing retained assignment In a successful, 
dwroogh and rigorous manner. 

. . • please apply in writing to s- 
Sheffield International Limited 
•T Aldomary House 

10 - 15 Queen Street 


BUSINESSMAN 

Professional • Ditigem • Adaptable 
l/tumeikmel C etwee nans 
Prepared to assist Managing Drreaortsl 
an rtci paling retiienicni or 
setDi-rtlinrmeiU- 
Boa: A2IS3 Fmancial Times 
One Scnitltwaii Bridge, London, 
SEI9HL 




Fixed Income Analyst 

Outstanding opportunity to join one of the world's 
premier Fixed Income advisors. Research worldwide fixed 
income and currency markets and assisr Portfolio 
Managers/Senior Relationship Managers in devising 
innovative ways to communicate investment strategy, 
portfolio risk, marker risk, ami the value of active bond 
management to clients, consultants ami prospects. 
Graduate in finance, economics, or engineering with high 
degree of computer literacy and knowledge uf fixed income 
markets, Excellent remuneration. London ECi. 
Please send CV to Jonathan Jay, Jay Curtis Elliott, 
200 Tottenham Court Road, London IVIP'JLA. 


11 


$ 


£ 


Jay Curtis Elliott 


6l Schroders 

Outstanding Opportunities in 
Central and East European 
Investment Banking 

Schroders is one of the world’s premier international Investment banking groups, with 
a highly-successful track record. 

Due to high levels of business, exceptional opportunities have arisen for people 
experienced in working in Central and Eastern Europe. Schroders' International 
Finance Division has a well-established position in tha region, having completed a 
number of transactions for Governments and local and Western companies on 
privatisations, acquisitions and capital raisings. It has a subsidiary in Warsaw and 
offices in Budapest and Prague. 

Candidates are likely to be aged 24-30, with a professional qualification, and to have 
gained 2-5 years’ experience with an international investment bank or accounting firm, 
some of it in Central or Eastern Europe. Fluency in Hungarian is essential for one of 
the positions available. The positions are based in London, but you should expect to 
travel extensively overseas. 


Generous remuneration and benefits packages for these challenging roles will be 
available, commensurate with the candidates' experience and qualifications. 

Interested applicants should write, enclosing a brief resume, to Rachel Harry, 
Personnel Department, Schroders, 120 Cheapside, London EC2V 6DS. 


L.CS ‘Edmond' de Rothschild Securities Ltd 

EQUITY MARKET MAKER 

LCF Edmond de Rothschild Securities Ltd, a leading specialist in emerging market country 
funds, is looking for another market-maker. The successful candidate wiii he expected to have 
at least two years experience although these need not have been in emerging markets. He/she 
will need to be SEAQ and SFA registered and have experience of dealing with institutional 
client orders. 

Applicants should send their C.V.’s with a covering letter to Peter Regan, LCF Fdmond de 
Rothschild Securities Limited, Orion House. 5 Upper St. Martin's Line. London WC’H 9FA. 

All enquiries will be treated in the strictest confidence. 


MANAGER - CASH MANAGEMENT 


City 


to c£35,000 + Bonus 


Aged 30/35. of graduate calibre, highly PC proficient and ideally qualified in banking or 
accountancy, you should have demonstrable ability in the management of operational staff 
engaged in cash and liquidity management preferably within a large securities house. 

Primary responsibilities include ensuring that daily fundi ng'deposit requirements are effected, 
managing the firm’s multi -currency bank accounts and effecting all Treasury payments and 
receipts, the majority of which pass through SWIFT. 

Our client is a major global securities firm with a strong London presence. Cash Management 
performs a key role within a last paced Treasury department which is committed to further 
development of its capabilities. Hus new appointment arises as a result cf the promotion of the 
present incumbent to whom the position will report. 

If vou match the profile needed to handle this demanding role, contact Lawrence Lock 
at CaRRJNGTON 6eATH, City Business Centre. 2 London Wall Buildings, London EC2S1 SPP, 
c quoting ref. 149173 Telephone 07 1 628 4200 Fax. 0483 576724 

Carrington &eath 


EXECUTIVE SEARCH & SELECTION 


- 1 * > X ^ - 


S N N s ■■ 












34 


ACCOUNTANCY 

Ringing the changes for the millennium 

Resource-based accrual accounting in all government departments is Clarke’s aim, says Jim Kelly 


A ccountants are rarely afforded 
the opportunity to make his- 
tory. The chancellor of the 
exchequer held out such a possibility 
earlier this year. “People will find 
other ways of celebrating the millen- 
nium," said Kenneth Clarke: “But few 
will be more important. This is one of 
those highly significant events." 

Mr Clarke was referring to the gov- 
ernment's determination, repeated by 
the paymaster general last week, to 
introduce resource-based accrual 
accounting in all its departments by 
1998. If these reforms are folly imple- 
mented, with the attendant reform of 
the management culture, the results 
will most certainly be revolutionary. 

The annual public expenditure sur- 
vey, which sets government spending 
targets, will be carried out on the new 
basis from 2000 onwards. The process 
of change will undoubtedly generate 
business for accountants. The large 
accountancy firms are watching 
developments - and the likely consul- 
tancy needs which may arise - with 
keen interest. The cost of transition 
alone has been estimated at £3m per 
government department 
At the moment the government's 
green paper. Better Accounting for 
the Taxpayers Money: Resource 
Accounting and Budgeting in Govern- 
ment Is out for public consultation. 
Privately it is described as a “white- 
green paper", as there is no doubting 
the government's determination to go 
ahead with the introduction of 
accrual accounting - or, as it is more 
commonly called - “resource account- 
ing.". 

The present system for government 


accounting is based on cash, in terms 
of receipts and payments, and has 
been officially designated, by the 
chancellor, as both "archaic" and 
"silly”. It records when money is 
spent on an asset and then loses track 
of the asset itself: its future use. 
depreciation, sale, or disposal 
In contrast accrual accounting is 
based on the recording of transactions 
when they occur - rather than when 
the money is either received or paid 
out If this system sounds both sensi- 
ble and familiar it is because it is the 
foundation of UK company account- 
ing - and has been introduced in local 
government, the national health ser- 
vice, the universities, and privatised 
industries. 

Under such a scheme we could 
expect a government department to 
produce: 

• A set of consolidated accounts for 
itself and its executive agencies 

• A distinction between revenue and 
capital expenditure. 

• An operating cost statement, high- 
li ghting resources consumed during 
the year net of department income 
from customers. 

• A balance sheet showing assets 
and liabilities, provisions and an anal- 
ysis of capital employed. 

• A cashflow statement, analysing 
capital and current cash outflows and 
sources of finance. 

• An output and performance analy- 
sis, comparing actual outputs with 
targets. 

• A description of non-cash items 
such as depredation of assets, super- 
annuation and insurance. 

The New Zealand government has 


already introduced the system. In 
Australia, it has been introduced at 
federal level and for the state govern- 
ments of New South Wales and Vic- 
toria. 

The need for such a change must be 
seen in a broad context of government 
reform. From compulsory competitive 
tendering, through the development 
of the internal market in the National 
Health Service, to the setting up of 
executive agencies to deliver services, 
the need for commercial accounting is 
crucial in order to improve financial 
accountability and to ensure proper 
comparisons of costs. 

The great danger is that the new 
system will be enacted in form not 
substance. For beyond accural 
accounting lies resource budgeting: a 
system of management targets within 
a framework of measurable inputs 
and outputs. In New Zealand, where 
such a revolution has been attempted, 
the accounting switch was presented 
as the means to achieve a fundamen- 
tal transformation of the culture: a 
shift to business management. 

M artin Evans, technical and 
research director of Cipfa - 
the public sector account- 
ing body - told a conference last week 
on the green paper "The benefit or 
accrual accounting is that it confronts 
service managers with the real cost of 
holding and using assets." 

"Quiet apart from highlighting the 
extent to which we are running down 
or investing in public assets it may 
encourage more rational decisions 
about the appropriate level of public 
borrowing." 

But then comes the warning. 


"Resource accounting is not a magic 
wand that will lead automatically to 
better management of government 
assets." A revolution is also needed in 
management if the next step, to 
resource budgeting, is to be achieved. 
Some accountants watching the pro- 
cess fear that there is a "whitewash" 
option: that resource accounting will 
be confined to the back of an envelope 
while the managment culture will 
remain unchanged. 

Francis Plowden. a partner with 
Coopers & Ly brand, told the Cipfa 
conference that success depended on 
a change in management culture 
which was already under way: "But 
the pace of change will need to be 
much greater if the benefits of the 
changes In technique which we have 
been discussing are to rise above the 
criticism that we are simply playing 
at shops." 

All this will not mean an eod to 
cash controls. The paymaster general, 
David Heathcote Amery MP, told the 
conference: "Cash control within 
departments should be as rigourous 
as ever. But It might be appropriate 
for the treasury to exercise cash con- 
trol for departments as a whole at a 
higher level of aggregation - allowing 
more flexible use of resources whilst 
continuing to keep a firm grip on the 
PSBR.” 

This illustrates just how far reach- 
ing the shift to accrual accounting 
can be. The Cipfa conference touched 
on some others: for example, if a 
department's accounts are consoli- 
dated why should the financial affairs 
of a quango not be included on the 
balance sheet ? While so-called execu- 


tive quangos do produce accounts, 
why should hundreds of others 
escape? 

Regulation of the accounts is a live 
issue because under resource account- 
ing judgement will have to be used - 
particularly in respect to the valua- 
tion of assets and their depreciation. 
How do you depreciate the value of a 
nuclear bomb? As one accountant 
suggested: rather quickly after it goes 
off. How do you apply historic cost 
accounting of a 14th century castle? 
Or a battleship? 

Under cash based accounting assets 
were effectively written off after pur- 
chase. Under resource accounting the 
asset will suddenly reappear. How 
could a government institution, 
housed in a fine b uilding on a lucra- 
tive piece of property, justify continu- 
ing to finance its asset? If it sold up, 
who would get the money? The indi- 
cations are that the Treasury would 
get some, at least Should the govern- 
ment attempt the seemingly horren- 
dous task of consolidating the 
accounts of the entire public sector? 

While the problems seem huge Mar- 
tin Evans, at least is sure that they 
are tractable. Furthermore there is 
widespread acknowledgement that 
the benefits are huge. The glittering 
prize is that in the future a minister 
will be able to ask his accountants to 
cost a series of options for providing a 
public service. 

When the dust settles the chancel- 
lor may well prove to have been right 
in his uncharacteristically grand eval- 
uation of the effects of applying sim- 
ple, old-fashioned, accrual accounting 
to the process of modern government 


financial times 


FRIDAY NOVEMBER 4 1994 


GROUP FINANCIAL 
CONTROLLER ■ ^ 

A* •xf.ndi"* SSSSf 

have the ability to communicate effectively at aflteveUawL 
"S W„ 8 ** to mo.™* and I~l 

The successful candidate wiU be expected to undeiatend ty4o-date^ 
Tiwsuctcswu* orocedura and controls, to get to know the. « 

Literacy "is essential; you must have a "hands on" attitude 
must be prepared to travel. 

An attractive salary will be supplemented by a range of twnefit? . 
^udiiw housing, an attractive bonus scheme, medical cover, and . 

oS«S5ttai costs to the Caribbean will be^n*teaeeL*i|.- 
inh>nded to hold Interviews in London November I4th to 18lh.v 

and details of current remuneratknv to our cr»Bultants: 

RMA (Dept. F), PO Box 104, Dorking KH5 6YN ‘ " 


JTNANCtAl, CONTROJjHgfl 

35K+ BENEFITS . SE. ENGLAND! 

A medium size engineering company, part of a large group 
which designs and manufactures capital goods for domestic and 
export markets, seeks a Financial Controller to head tfieirj 
Finance Department and participate in the management of the 1 
business. ' • • 

Reporting to the Managing Director, this senior and demanding 
position would ideally suit a hands on Qualified AaxHintant 
with a minimum 5 years experience within a job costing . 
manufacturing environment. Previous experience of systems 
review and implementation of change together with the ability 
to meet tight reporting deadlines is essential 1 

If you are aged 30 - 45, self-motivated, enthusiastic, can 
achieve change and are seeking a challenging role, please send, 
your CV to: 

Box A2188, Financial Times, One Southwark Bridge, 
London SE1 9 HU. 


* 



Finance Director 


North Surrey 

■ A subsidiary of a major international group, 
our client is a major force within a niche 
market of the telecommunications business. 
The company is strongly customer focused 
thereby enabling the successful development 
of new products and services which result in 
the continued expansion of the business, 
turnover currently £40+ million. 


■ The Finance Director will be a key member 
of the management team, deputising on 
occasions for the Managing Director and 
providing a financial/commercial input to 
support the business managers. It is also 
essential that the Finance and IT departments 
are effectively managed to ensure the 
accurate processing of large volumes of data 
and the production of timely and pertinent 
management information. 


to £ 50,000 + bonus + car 

■ Candidates should be qualified 
accountants probably aged 35-45 
already operating at controller /director 
level within a medium sized organisation. 
Key requirements are strong IT skills 
with experience of having implemented 
new management information systems, 
demonstrable ability of effectively running a 
sizeable department, familiarity with a high 
volume, low margin business and exposure to 
multi-currency accounting. 

"Please write enclosing a curriculum vitae 
including current remuneration and quoting 
reference CA 585 to Carrie Andrews at Ernst & 
Young Corporate Resources, Rolls House, 7 Rolls 
Buildings, Fetter Lane, London EC4A 1NH. 

MIErnst&Young 


An exceptional opportunity at Partner/Director level 

Head of European 
Technology Audit/UK Audit 

Excellent package * London based 


At J.P. Morgan we are l und li n g substantial business 
growth and maintaining our competitive advantage 
through constantly testing the boundaries of 
technology. Making significant use of the latest network 
and client server technology, much of our systems 
development is being conducted by end users and we 
are implementing bespoke business-critical 
developments at global, regional and local level. 

In this last-moving environment, we are conscious of 
the need to ensure that we maintain the highest standards 
of control from the earliest stages of applications and 
infrastructure development. To that end, we seek an 
exceptional individual to take responsibility for 
Technology Audit throughout Europe. Your team will 
work closely at aD stages with development teams and 
rrlecoaurrunicarioas specialists, anticipating and 
addressing potential risks. 

The role also encompasses responsibility for the 
audit of our IK business. In this high-level strategic 
role, you will co-ordinate our functional audit groups 
and liaise with senior business managers throughout 
the bank to ensure that our approach to managing 
risk is second to none. 


We are seeking a junior partner from a Big 6 audit 
firm, or a senior manager with equivalent renponsibiliues 
within a financial services institution. You will have a 
detailed knowledge of trading and related support 
functions and you will also be an expert in technology 
audit issues, preferably with broader audit experience. 

\ ou have a ‘hands on' approach and keep 
up-to-date with the latest developments in IT. At the 
same time, you are able to take a strategic overview. 
You must be credible and effective at the highest 
levels of management and able to build strong 
working relationships. Whilst a committed team 
player with a client service philosophy, you retain 
your independence and you stand your ground. 

The remuneration package will be commensurate with 
the type of individual we seek. 

For further information in strict confidence, please 
contact our advising consultant. Mark Hartshorne, 
at Price Waterhouse on 071-939 5605. Alternatively, 
please forward your cv to him, quoting reference 
number D/1491, at Executive Search and Selection, 
Price Waterhouse. No t London Bridge. London 
SE1 9QU 


JPMorgan 


TAKE PRECISE AIM 


By PLACTXG YOUR RECRUITMENT 
ADVERTISEMENT IN THE FINANCIAL 
Times you arc reaching the world's 
I t US I N ESS CO. 1 (M UNIT ) '. 


TARGET 
THE BEST 


For i ti formation on advertising 
in this section please call: 






Assistant Director - Finance 


c£60,000 + bonus 


Following an internal promotion, we have been 
retained to recruit the Assistant Finance Director 
for a major global Fund Management Group, with 
assets in excess of £5 Ob, and with major growth 
potentiaL 

The ideal candidate will be in the early 30's, a 
graduate Chartered Accountant, with previous 
Financial Services experience, gained preferably 
though not necessarily, outside the profession. 

The immediate role encompasses responsibility far 
controlling and developing all aspects of the central 
finance function, and reports directly to 
the Group Finance Director. 


Major City Institution 


You must be outgoing, progressive, of top personal 
and professional quality, and capable of earning 
promotion either within finance or into other (not 
necessarily financial) roles within the Groiqa. 

The terms are intended to attract such a candidate, 
and include a negotiable salary, discretionary bonus 
and group profit sharing schemes, leased car, and 
a generous range of benefits. 

Please write in confidence quoting Reference 
No 2402 to Management Appointments Limited, 
Finland House, 56 Hayxnaxhet, London SWIY 4BN. 
TeL- 071 930 6314. Fax: 071 930 9539. 


m a l 

nnent A Apaoi 




Mjittq jfimfiTit A ppn intmontu 

limited 


AMSTERDAM BALTIMORE DALLAS ' FRANKFURT . LONDON ■ LOS ANOEIfS - NEWTOHK ' PASS 


J 


Philip WrigJey on +44 71 S73 3351 or Andrew Skarzynski on +44 71 873 4054 


==3 


: •>v ; - 


• DHL WORLDWIDE 
EXPRESS 

Since 1969 DHL . has been establishing a 
standard of excellence In die express shipping 
industry. Today.we are serving customers in 
219 countries through more than 1600 service 
centres worldwide with a reliable, comprehen- 
sive and competitive range of services. 

In ever; language and in ever; corner of the 
globe oar staff are dedicated to one standard of 
excellence In service and customer satisfaction. 
II is the distinctive entrepreneurial quality of 
DHL people. 

To work with DHL means you are part of an 
international team of professionals. Ask any one 
of oar 35,000 employees. Our company calture 
provides an environment dot rewords achieve- 
ment, enthusiasm and team spirit, and offers 
each person in DHL superior opportunities for 
personal growth and development. 

The poson heading the International Accounting 
unit at Brussels Worldwide Headquarters will 
soon fake on field responsibilities and therefore 
we are seeking Co replace the <m/f) Manager 
International Accounting. _ 


wamavaae Expmar 


COMMITMENT TO OUR PEOPLE. 


Candidates should apply to 
Price Waterhouse Management Consultants, 
to the attention of Ivo Wetsds, 
honfevard de la Wohrwe 62, 

1206 Brussels, Belgium. 

Initial Interviews will take place In the UK. 


MANAGER 

INTERNATIONAL 

ACCOUNTING 

Brussels 

Accountable for the maintenance of accurate and 
timely financial records reflecting the group's 
commercial performance and for the development of 
group accounting standards. 

The position's key areas of responsibility are: 

□ Annual/quarterly consolidated financial statements; 

□ Monthly reporting; 

□ AH international group accounting policies; 

□ World Headquarters global financial data base; 

□ Central support centre reporting; 

□ Group Audit coordination with external auditors; 

□ Participation in the Audit Committee; 

□ Department management 

This senior level appointment requires a seasoned 
professional with a strong accounting qualification, 
knowledge of US GAAP, a minimum of 7 years of 
experience, preferably in an international environment 
and strong communication and people management 
skills. English mother tongue is preferred. 

Although highly challenging in itself, this opportunity 
provides a solid basis for further career enhancement 
within the group. Financial conditions are excellent 
and include bonus potential and a car. 


I+ice IHiterhouse 




M 







FINANCIAL TIMES FRIDAY NOVEMBER 4 1994 


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EUROPEAN TREASURY MANAGER 


STRATEGIC HOLE IN A SOPHISTICATED ENVIRONMENT 

LONDON NEGOTIABLE SALARY + CAR + BENEFITS 


• Genoa) Electric USA is a leading multinational 
corporation with consolidated revenues exceeding 
$60 billion. GEs European presence has grown 
rapidly as a result of acquisitions and Europe now 
contributes over $9 billion to total revenues. 

• The London based treasury department has 
centralised European cash management for 7 key 
countries using GE*s own highly sophisticated system. 

• The European Treasury Manager will have 
responsibility for extending this structure to other 
countries, for automatic banking procedures, making 
short-term investment decisions and setting up a 
European funding programme. 


• ACA/ACMA or MBA with at lean 5 years’ 
experience in corporate treasury and/or relevant 
consulting experience with a major firm. An 
understanding of the potential of treasury software 
and the interface between treasury/banking systems 
will be important. 

• A self-motivated, self-confident, imaginative 
individual with excellent presentation skills. Must be 
fluent in English, preferably with French, German or 
Spanish as a second language. 

• This highly visible position offers scope to make a 
real contribution, with excellent prospects for career 
progression within the group. 


please apply In writing quoting reference 81 J 
with AiO caieer and aabiy Octalls to: 
Mgel Bates 

Whitehead Selection United 
4} YSefccdc Succi, London W1M 7HF 
Itt 071 637 8736 


C. £65,000 + 
bonus + benefits 


International Proass 
Engineering Croup 


Cheshire 


Finance Director 


Our client Is a major division of a quoted UK Engineering Group currently undergoing one of the most 
significant turnarounds of the 1990$. Challenging role as a key member of a new management team 
tasked with using the company’s worldwide reputation for technical excellence and first-class quality to 
build a growing and highly profitable business. 

THE QUALIFICATIONS 

■ Resolute and resilient graduate accountant, aged 
35-45. with first-class financial analysis and 
treasury skills gained in an international 
manufacturing or contracting business. 


THE ROLE 

■ Supporting the Managing Director in the 
commercial development of the business 
worldwide, evaluating synergistic opportunities 
which maximise technical and geographical 
opportunities. 

■ Involvement in the review of proposals and 
contracts. working with the operating company 
boards and the UK finance team, to establish and 
develop international financial controls as well as 
financial policy'. 

■ Ensuring tight financial management of the 
business, establishing sound cash management 
and project appraisal processes to support 
significant planned organic growth. 


Proven track record of contributing to establishing 
a coherent international business strategy. 

Supportive hands-on team member and pragmatic 
self-starter with toughness, energy and 
determination. Credible at Board level, able to 
handle complex negotiations and capable of 
progressing further. 


Whitehead 

SELECTION 


Leeds 0502 307774 
Condon 071 493 1238 
Manchester 061 499 1700 


Selector Europe 

Spencer Stuart 


Mmv nt*7 uiMfa Ml m> 

StkatrInyc;Mnoi»ll41, 

16 COmBogfu PtBCC. 

London W2 2ED 


FINANCIAL CONTROLLER 


NORTH OXFORDSHIRE 


£35-40,000 + F/E CAR 


An outstanding commitment to quality of customer service has 
enabled this company to become the UK's leading mobile phone 
service provider. This, together with impartial advice made possible 
by offering connection to any one of die four networks, has resulted 
in a highly successful growth rate in recent years. 

An opportunity for a financial controller to join a highly- 
motivated, lean finance team has arisen. Reporting to the Finance 
Director, day-today responsibility for the financial management 
and reporting of the business will be the key focus of the role. 


The diveisity of distribution channel, type » if customer and range 
of services provided make ft ua complex aco Hinting function where 
a detailed grasp and control of ihe nominal ledger is required. 

A sharp mind and commercial approach is vital, together with a 
sound appreciation of a customer service driven finance function. 
Hence exposure to a high volume, customer driven business sector 
will be advantageous. 

The successful candidate will be a qualified accountant, 
aged early to late 3 Us with a confident, lively personality. 


ROBERT WALTERS ASSOCIATES 


Energy and enthusiasm combined with an eye for detail 
are essential. 

A comprehensive benefits package together with relocation 
assistance. where necessary, will be provided. 

Interested candidates who fee! they meet these requirements 
should forward a detailed CV, stating cunent salary, to Andrea Black 
at Robert Wallers Associates. 42 Thames Street, Windsor, Berkshire, 
SL4 1PR. Fax: 0753 678908. Tel: 0753 831515. 


FINANCIAL 

DIRECTOR 


Yorkshire 


to & 60 k plus car 


Well-established in the financial services sector, our client 
has a particular reputation in pensions and benefits 
management, and is planning for substantial growth over 
the next decade. 

Crucial to the success of this strategy will be the 
appointment of a Financial Director able to work closely 
with the MB. on corporate development and lead the 
function -in which treasury features strongly -in 
supporting and enhancing the business. 

Candidates should have held a senior role with a sizeable 
organisation and wilt have a broad-ranging career history 
that includes treasury and contracts exposure, and 
demonstrates a strategic and commercial orientation. 
A degree and accounting qualification are essential; the 
preferred age range is 35 to 45. 

Applications, please, in strictest confidence and quoting 
Fief. No. 969/1 to AGC Consultants Limited , 

26-28 Bpdfdrd Row, London, WC1R4HF. 


kidci 

^ELECTION 

fat* •«' cmmImgui 


Corporate finance - senior auditor 


London 


For further information 
please contod our 
advising consultant 

Bkberd Wttfians at 
fa e wlr w IcmttWM 
m 071*242 1103, 
or send him your 
CV by post to 
43 Eagle Sheet, 
leadea W1B 4AP 
or fax on 071 872 0083. 


With q record net income of $2.2 billion for last year. 
Citibank is one of the world's leading financial institutions. It 
provides o comprehensive range of financial products and 
services to corporate, institutional and individual customers 
around the globe. 

Citibank's Corporate Finance and Capital Markets businesses 
offer a fed range of services to an international blue chip dient 
base. Products include structured finance, capital instruments, 
specialised (easing and asset defeasance, asset securitisation, 
venture capital, M&A, underwriting, loon syndication and asset 
trading. Transactions are invariabfy cross border in scope and 
often have significant tax and accounting implications. 

As a key member of the audit team focusing on the bank's 
Corporate Finance and Capital Markets activities, you must 


£ExceUent + Car + Bank Benefits 

swiftly develop an intimate understanding of the operations, 
issues and risks associated with the business. This 
appreciation, together with dose liaison with the bank's 
management, will enable you to add maximum value to the 
reviews undertaken. This is a new role with considerable 
scope for development and opportunities to make a positive 
contribution to the evolution of the business. Career prospects 
are excellent. 

Citibank wishes to recruit a commercially aware individual 
with the self confidence to quickly establish their credibility 
with senior management. You should also be a graduate ACA 
with three to five years PQE obtained in either Public Practice 
(in a Corporate Finance, Tax or Bank Audit department) or 
another Investment Bank. 

CITIBANK 

We ere an equal opportunities employer 



EURO PA FREIGHT CORPORATION is one of the fastest growing distribution groups in 
Europe. Their turnover (now ,£63m) has more than doubled over the last four years. Operating 
.within the highly competitive fields of worldwide logistics and European express freight their 
market share h«« increased through their consistent provision of a reliable and total quality 
service. An excellent record of profitability combined with a strong Balance Sheet underpins 
their commitment to continued expansion of their European and UK infrastructure. 

They now wish to make two key appointments: 

P.A. To Group Managing Director 


Erith, Kent 


from j£35,000 + car 


Reporting directly to the M0 you will be responsible for carrying out important commercial and operaaonal 
projects throughout the UK and Europe to improve corporate pro 6 ability and quality standards. Candidates 
must be entrepreneurial business professionals - clear thinking and excellent communicators, with an MBA or 
similar qualification. Knowledge of French, German or Italian would be desirable but not essential. (Ref. P. A.) 


Finance Director (Designate) 


Brussels 


c.^38,000 + car 


. Reporting jointly to the local Managing Director with functional responsibilities to the Group Finance 
' Director this position encompasses all finance and administration for the strategically important Benelux 
region. In addition to the preparation of financial and management accounting information, you will support 
the Managing Director in commercial decision making processes, and deputise tor him in his absence. 
Candidates with ACA/ACCA/ACMA should have at least five years PQE, and excellent man management 
tWl, fluency in French and F-ngfoh is essential and a knowledge of Flemish would be very desirable. (Ret F.D.) 

For further information please contact David Howell at Executive Match on 44 (0)71 872 5544 (out of 
hoora 44 (0)81 878 1410) or write to him, quoting the relevant reference, at Executive Match, 
1 Northumberland Avenue, Trafalgar Square, Loudon WC2N 5BW. Fax 44 (0)71 753 2745. 




HEAD OF UK FINANCE 

Guildford ££ Competitive Package 

Clyde A Co js .m iiHLTnjrioii.il law firm wich 88 partners and 600 scaff worldwide. As well as three UK 
otth cs. uv h.ivc branches in the Middle East. Far East and Larin America and associated offices in Paris 
and St. IVterdnirg. Whilst the firm has a thriving, broad-based commercial practice, its expertise and 
rL-put.it i o n jre unparalleled in the core areas of shipping, international trade and insurance litigation. 

Due to j reorganisation, we are now looking ro strengthen our Finance team by appointing a 
high calibre Chartered Accountant to take on the new role of Head of UK Finance. Working primarily 
in our Guildford office, where the Accounts function is based, the appointee will report to the Chief 
Executive and the Finance Partner. In addition to being in charge of the Accounts Department, he/she 
will hi rc-tpomiblc tor management accounts and information, the preparation of monthly accounts 
and statistic*., annual accounts jnJ projections for the UK offices and consolidations for the overseas 
offices . He/she will a bo deal with tax and audit-related queries and prepare regular cashflows for both 
bank and internal purposes. 

This will be a key. high-profile position within the firm and the ideal candidate will be an 
ambitious, eiicrijuuc individual, probably in his/her mid-thirties, wich proven management skills and 
accounting expertise gained in an international professional firm. Strong business acumen and the abil- 
ity to communicate effectively with the partnership on a diverse range of financial and scratcgic issues 
are essential. The rewards for such a person will be very competitive. 

Interested applicants should write, enclosing a tull CV and staring current salary, to Fiona Cass. 
Recruitment Officer at Clyde- & Co., 51 Easrchcap, London EC3M 1JP. 


»Ui>ori 


* .cm ! >fi >m ii 


■.4V.DIFF 


hong k«wa; 


SINGAPORE 


nuBAf 


SAO PAULO 


CARACAS 


Clyde &Co 


,L LAW r 


.•» s v % y.\ x •» s > > .W >.> > "* 


N N H \ X A 


. - -S' ..V: r. ’ 






Finance_Manager 


Essex 

A wide ranging management role in a succes 


^Excellent + Benefits 

sful forward looking business 


This is an exciting opportunity to join a Company which is 
planning a public flotation. Its main interests axe in the 
mining of precious metals and it has a strong international 
focus. 

The Finance Director will report to the Chief Executive and 
will be responsible for ensuring that the financial disciplines 
and reporting procedures are implemented to the required 
standard for a public company. Establishing and building 
relationships with institutional investors and advisors will be 
an integral part of the position. Naturally, the individual will 
be part of the main board and accordingly will be required to 
provide strategic and financial expertise. 

The successful candidate will be a Chartered Accountant and 
should have had previous public company experience. 


cJt.70,000 + Options 

Previous mining related experience preferred, but not essential. 

It is likely that he or she will be aged between 35 and 45. 
computer literate, with an ability to get tasks completed. 
International tax experience would be an advantage. The 
individual should also have the confidence and interpersonal 
skills to be an outstanding communicator 
The remuneration package which is dependent on experience, 
includes the chance to participate in the option scheme and the 
long term career opportunities are excellent. 

lb apply, please submit a detailed resumd quoting reference 
number 9/1836 to Raj Munde at Morgan & Banks Pic. 
Brettenham House. Lancaster Place. London WC2E 7EN. 

Fax No: 071 24-0 1052. 


The Company 

□ Well established Manufacturing Group 
with sites in the South East and South 
West of England. 

O Impressive Blue Chip customer base. 

□ Strong growth and Profit record- 

The Position 

a Reporting to the Finance Director, you 
will be part of a strong well established 
management team. 

O Day to day management of a centralised 
accounting and payroll department. 

□ production of timely and accurate 
management accounts. 


The Profile ' - " 

O Qualified Accountant • 

O Aged 30 to 55 years. *y : : 

O Several years post qualification 
experience preferably in a 
manufacturing environment 

□ Strong management and communication 
skills with the ability to .lead tuttf 
motivate people. 

□ Considerable experience of * 
computerised financial systems. 

□ Commercial acumen. 


N\orqav\ 6 \bav\fc 

INTERNATIONAL 


If you axe looting for a challenging roic with excellent career prospects then plcu.e for,,,xo 
comprehensive curriculum vitae and current rcmua.nt.on dct.nl* to. 

Mrs C Brown, Harlow Sheet Metal Plc. 

Allen House. Edinburgh Wav. Harlow, Essex CM20 2H.J 




DERIVATIVES PRODUCT ANALYSIS AND SUPPORT 


CITY 


Thu creative momentum of a multi -currency derivative 
products team at a leading US Investment bank draws 
on an essential analytical support group. 

Exceptional individuals who have the ambition 
to broaden their product knowledge and risk 
management skills will find this trader support function 
a .stimulating challenge. 

Providing financial support to the business, 
covering a wide range of products from swaps, interest 
rate and currency options to debt derivatives, you will 
experience a high level of trader liaison and exposure 
to senior management. 


£32,000 TO £50,000 + CAR + BONUS +■ BENEFITS 


Responsibilities will include: 

• risk management 

• ongoing and proposed business strategies 

• pricing policies 

• new product development 

• analysis of P/I. movements 

Probably aged 25 -3 U, you will be a qualified 
accountant with at least two years’ post qualification 
experience of a banking environment. A significant 
proportion of this time must have liccn spent within a 
product support function. 

ROBERT WALTERS ASSOCIATES 


Alternatively, you may he working within the financial 
markets di visit »n < »f a “I Jig i.r acc< mniancy practice. Strong 
interpetsi >na! skills, a high degree i »t‘ pn »fessi« malism and 
the ability to work to tight deadlines will lx: essential. 
These high profile roles will also require the successful 
candidates to provide innovative solutions to business 
problems that arise. 

For further inlormation please contact Stephen Grant 
nr David Twiddle at Robert Walters Associates on 
07 1 379 3333 fomfidential fax 07 1 o 1 5 87 H i or write 
to them at 25 Bedford Street, London, WC2E 9HP. 


ascoat 


FINANCIAL 

CONTROLLER 

COMPEirriVE PACKAGE INCLUDING CAR ■ 

Plascoafc, Europe's leading thermoplastic powder and 
coatings company with +£20m turnover, is seeking a 
qualified Financial Controller based at Faxxiham, Surrey. 
You will be a key member of die management team arid 
be expected to provide strong financial leadership and 
commercial support to the multi-site operation, which 
include Dutch and French subsidiaries. 

The successful candidate will have a minimum of 5 years 
post qualification experience in a manufacturing 
environment and be able to demonstrate analytical 
techniques together with a highly developed commercial 
awareness. An important part of die role is the continued 
development of the IT systems. 

Please apply in writing, enclosing a full CV, including 
current salary details to: Mrs Christine Eaton; Personnel 
Manager, Plascoat International Limited, White Rose 
Court, Oriental Road, Woking, Surrey. GU22 7LG. 


LLOYD’S 

LLOYD’S OF LONDON 

Regulatory Accountants 


H loyd's of London is a focal point for the world's insurance 

market and is currently effecting the most dramatic reforms in 
its 300 years' history. Enhanced regulation is central to the 
commitment to change. 

The Brokers and Correspondents department is responsible for 
regulating the 200 brokerage firms operating in Lloyd's. They are 
currently seeking accountants "who will be at the forefront of this drive 
for efficiency and modernisation. 

You will join a team carrying out site visits of Lloyd's brokers. You 
can expect to liaise with senior figures, reviewing die effectiveness of 
management and the adequacy of finance, systems and procedures. 


ECompetitive package 

You will have a professional accounting qualification which has been 
gained in the last two years. A sound working knowledge of the 
Lloyd's markets and the principles and practice of Lloyd's regulation is 
essential. This knowledge will have come from working in the Lloyd's 
market or from auditing in Public Practice. Necessary skills include the 
ability to make considered judgements on complex issues and to 
communicate effectively and confidendy both orally and in writing to 
all levels of management. Above all you arc a team player. 

For further information please contact Tom Vacher on 07 1 404 
3155. Alternatively write, giving foil details, to the address below. All 
enquiries will be created in the strictest confidence. Any applications 
made dirccdy to Lloyd's will be forwarded to Alderwick Peachell. 


Alderwick Peachell 


r 


WARSAW 


Outstanding 

Package 


Alderwick Peachell Limited. Recruitment Consultants, 125 High Holborn, London WCl V 6QA. TcE 07 1 404 3155. Fax: 07 1 404 0140. 


Our diene is a large multinaoonai industrial group with a strong market presence. They employ over 40.000 people in more than 20 countries 
worldwide. For their operations In Poland they are looking for a: 


Financial Controller 


This is a recently created position due to the Group becoming majority shareholder in a joint venture. The incumbent will report directly to the 
C.E.O. with a dotted line to the European Finance Director. The main brief of this function is to ensure that financial control within the local 
organisation (total sales: USS 1 1 .0 million] meets group standards and provide management reporting information. Key tasks will include: 

® Establish and operate treasury activities and ensure tax optimisation within Poland in collaboration with local and group 
management 

** To ensure that legal entity accounting meets the requirements of local fiscal and statutory bodies. 

All Financial control of branches and legal entities within the operating companies. 

Act as interface between banks. lawyers, auditors etc. 

To succeed in this role the ideal candidate should have the following profile: 

<S» A qualified graduate ACA/CIMA/CACA. or equivalent 

® Between 3-5 years post - qualification experience gained in a multinational environment. 

® Exposure to Polish legal entity reporting and current fiscal legislation. 

<SB» Familiar with computerised reporting packages. 

<S> Fluent in Polish. 

This is an excellent opportunity for a efynamc 30-35 year old to impact on a rapidly evolving organisation. Career opportunities are unlimited both in 
Poland and Internationally. First interviews will take place in London and Warsaw. 


INNENLEITER - Sfv. 
NIEDERLASSUNGLEITER 

Lombard North Central PLC 

Zweigniederlassung Frankfurt 


W ir sind die deutsche Niederiassung eines der f&hrenden 

Finanzdienstleistungsuntemehnien Europas, das der National Westminster 
Bank Group angehdrt 

Wir erweitem unsere Aktivitaten in Deutschland and bieten fur den Innenleiter 
und stellveitretenden Niederlassungsleicer eine interessante und 
hera usfordemde Karriere. 

Die Schwerpunkte dieser F u hrungsa ufgabe biiden die Vferantwortung fur das 
Accounting, die ReHnanzierung, das Benefits- und Steuerwcsen sowie die 
Oiganisation. Sie werden dabei von einem kleinen, leistungsfahigen Team 
unterstutzt und berichten direkt dem Niederiassungsleiter. 

Wir suchen einen Bankkaufmann mit me hrja linger Berufispraxis in den 
votgenannten Bereichen. Ein wirtschaftswissenschaftliches Studium sowie 
Kenntnisse des Treasury-Managements, der englischen und deutschen GAAP 
waxen von Vorteil, sind aber nicht Bedingung. Sichere deutsche 
Sprachkenntnisse in Wort und SchriJft setzen wir jedoch in gleicher Weise 
voraus wie Einsatzfreude, Eigeninitiative, DurchsetzungsFahigkeit und gutes 
Kommunikationsvechalten. 

Die Stelle 1st mit den erforderiichcn Kompetenzen ausgestattet und wird den 
Anforderungen entsprechend dotiert. 

Bitte senden Sie Ihre aussagePihigen Bewerbungsunterlagen mit 
Gehaitsvorstcllung und fruhestmoglichcm Eintrittstermin an: 

Mrs Linda Hill, Personnel Manager, Lombard North Central PLC, 

3 Princess Way, RedhilL, Surrey RH1 1NP. 

(/(/ Applicants with n disability will be guaranteed an interview 
ww provided they are suitably qualified/experienced. 


Lombard 


BUSINESS FINANCE 

A member of rtie National Westminster Bank group 

Lombard - Working to Achieve Equl Opportunities 


C. £40.000 


West End 


Interested candidates should contact Pasquale Mazzuca on 32-2-647.70.00 for an initial discussion. 
Alternatively they can send him their resume (Facsimile 32-2-64770.30) to Nicholson International. Search & 
Selection Consultants. Avenue Louise 363, box 24. 1050 Brussels, Belgium, quoting reference BCL056. 

Australia Crccn Republic France Germany Holland Hungary Italy Poland t 


m 


I Nicholson 

International 

BtVum ■ 

Russia Spain Turkey i 


QinJamaicQ© 

AIR JAMAICA LIMITED - CHIEF FINANCIAL OFFICER 

A Chief Financial Officer is required to coincide with the imminent privatisation of this 
National Carrier to be based at the Airlines' Head Office in Jamaica. 

A CPA or similar qualification is essential and airline experience would be an advantage. 

An attractive salary and benefits package will be offered to the successful applicant 

Applications, together with full curriculum vitae, should be submitted in writing to the Chief Executive Officer, Air Jamaica Limited, 

72-7 6 Harbour Street, Kingston, Jamaica, W1 or by fax to (809) 967-3125 


3D animation and production 

EXCESS Is the most advanced provider of Design, Graphics. 3D Animation and 
Digital Compositing In Europe. Following the opening or Its new facility in Dean 
Street we are seeking a qualified accountant for this new role as a key member 
of the board. The role carries responsibility for all aspects of financial 
management of the business and the candidate should have the personality to 
be able to deal with clients from the media industry. Practical experience of 
commercial management In an operating company within a service business is 
likely to be an advantage. Candidates should be computer literate and capable 
of setting up effective systems for controlling all aspects of a growing business. 

Applications ter. C A Maxwell. Venture House. Davis Road 
Chesslngton. Surrey. KT9 ITT 


• -• V ' i ' ' 


r --¥ 5 A 

■daw 



Dutch 

speaking 

Financial 

Controller 


Amsterdam. 

Hollanc 


Up to £4C,0C0 




















ttf 1 1 Coopers 
■ &l ybrand 


Executive 

Resourcing 


Finance Director 


BERKSHIRE - M4 CORRIDOR 

Our client is a worldwide leader in the provision of systems, 
products and sendees for the global transmission and 
management of data, voice and video networks, for 
corporations, government agencies, systems integrators and 
communication carriers. The autonomous and rapidly 
expanding UK operations, with revenues planned to exceed 
£17m, seek on experienced financial manager to strengthen 
Hs small, cohesive management team. 

WHh fatal responsibility tar the finance and accounting 
tunettora. priority wHI inevttaWy be to ensure tight financial 
control of all operational activates. Fundamental !o this will 
be the need for firm cash management as well as developing 
systems capable of supporting aid regulating a fa$f- moving 
mid rapidly advancing organisation. You will also be required 
to ptoya key rote in the dedsforwnafdng process across oH 
business activities; directly working with the operational 
management teams in optimising profit performance. 


C £50.000 + EXECUTIVE BENEFITS 

A graduate, qualified accountant, ideally with some 
European experience, you must be able to demonstrate the 
relevant level of technical skills, commercial maturity and 
vision necessary to succeed In this demanding 
environment. A track record ot achievement In a 
commercially strong, market-led, high technology 
organisation Is essential, as are the Interpersonal skills and 
ability to positively Influence at board level. You must also 
be equally capablB of functioning at both a strategic level 
and in the detail necessary to drive operational Issues 
forward and control associated costs. 

Please send full personal and career derails, including 
current remuneration level and daytime telephone number, 
in confidence to Adrian Edgell. Coopers & Lybrand 
Executive Resourcing Limited, 9 Greyfriars Road, Reading 
RG1 1 JG, quoting reference AE902 on both envelope 
and letter / 




CIAI 

3UER 


Coopers 
& Lybrand 


Executive 

Resourcing 


GuyTs & St Thomas’ 


HOSPITAL TRUST 


: : ■■■*,(’ 

‘ wiaij.' 

‘lip J, 


Chief Accountant 


-LONDON BRIDGE/WATERLOO 


The creation last year of Guy's & St Thom®' Hospital Trust brought 
together two of London's most renowned and innovathre teaching 
hospUots. B ciso ostobfehed Bie Jorges? Hospfloi Tiust to England, 
wflh annual income at almost £250 minion and 7,400 staff. 

This senior and challenging post reports to foe Finance Director 
and has rcsponsMilytorateam at 125 people In tirtanctol 
accounting, treasury, payrofl, creditor payments and 
procurement. There are a number of imporfara fmmedfate 
otijeefives for achievement which hove come aboul from the 
Integration of two sfostartku departments end their separate 
systems. These Include Improving the supplier payments service, 
reducing the level of debtors, preparing plans and procedures for 
completing the year end accounts and managing the 
Imptementoflon of o new personnel rod payroll system. 


C £40,000 NEG + CAR 


Candidates must be qualified accountanls with a minimum 
ol five years' senior financial management experience 
gafned wlifiln a large, multi-disciplined environment. You 
should have excellent technical accounting knowledge and 
project management experience of Implementing complex 
computerised systems. Well developed skills in managing, 
motivating and developing large numbers ot staff mil be 
essential and you must be able to demonstrate 
achievements In the management of significant change. 

Please send full personal and career details. Including 
current remuneration and a daytime telephone number, in 
confidence 1o Janice Riches, Coopers & Lybrand Executive 
Resourcing Limited, 9 Greyfriars Road. Reading RG1 ? JG, 
quoting reference JR203 on both envelope and letter. 


' Bell Cablemedia pic ~ 

Treasury Professionals 

Bell Cablemedia. pic, a recently established joint venture between Cable & Wireless, Jones Intercable and 
Bell Canada, has quickly established itself as a force within the UK market for cable television and 

telephone operators. This publicly quoted Group’s potential is enormous with revenues projected to exceed 
SI bn by the year 2000. As massive bank, project and capital markets funding is in place, two further 
treasury professionals are now required to join a team which will be critical to future success. 


Manager - Treasury 
Operations 


Manager - Corporate 
Finance 


To £45,000 + Benefits 


Home Counties 


c.£30,000 + Benefits 


Home Counties 


THE POSITION 

♦ Key rule in cash and liquidity management. Monitor and 
manage exposure to FX and interest rate risk. 

♦ Usuhltsh structured cashflow forecasting procedures. 
Implement electronic banking interfaces. 

♦ Develop relationships with major banking institutions. 

QUALIFICATIONS 

♦ Ambitious young graduate, ideally ACA and- or ACT 
qualified. 

♦ Several years' corporate treasury experience essential, including 
dealing. Exposure ro cashflow management preferred. 

♦ Analytical with first class interpersonal sldUs. 


Rut' N4363 


THE POSITION 

4b Development role. Opportunity to gain broad exposure 
across foil treasury Geld. 

♦ Specific remit to evaluate long term funding requirements, 
bank and project finance strategics. 

♦ Varied ad hoc project involvement. Report to Group 
Treasurer. 

QUALIFICATIONS 

+ Ambitious, strategic chinking MBA or newly qualified 
accountant, aged mid to late 20's. 

Commercially aware and highly numerate. Computer literate 
with sophisticated modelling skills. 

<► Maturity and common sense. First dass communicator. 

Ref N4364 


Please send foil ev, stating salary, quoting relevant ref, to NBS, 54 Jermyn Street; London SWi Y 6 LX 


N B SELECTION LTD 


l^sll J BN B Roourtw pic cwnpanv 


NBS 


LONDON 071 6392 

Aberdeen 0224 6380S0 • Biiminrfum G2I 233 4&J6 
Bristol 0272 291 142 > Edinburgh 031 220 2400 
Glasgow 041 204 4334 • Leeds 0532 453830 
Mandiesicr 539953 • Slough 0753 819 227 


SENIOR FINANCE OPPORTUNITIES IN HEALTH 


Deputy Director 

Financial Management 

c£40,000 + Car 



Accountancy Personnel 

EXECUTIVE RECRUITMENT 


Dutch 

speaking 

Financial 

Controller 


Amsterdam, 

Holland 


Up to £40,000 


The Company 

A leading publicly quoted UK business service group which n rapidly expanding in all ns business sectors. 
particular m mainland Europe, requires an exceptional Financial Controller to head up its finance function in 
Holland; With two separate businesses already running in Holland and further expansion planned shortly, the 
Controller will take responsibility fur setting up and developing the finance function. 

The Role 

The Finance Controller will set up a Central Finance Department for an the groups' activities m Holland. This will 
indude management accounts, statutory accounts, tax and treasury operations. Success »n this rote will provide the 
Controller with the chance to progress within this group, either tn Holland or elsewhere. 

Key Responsibilities 


* Consolidation, management and statutory accounts 
of all group companies in Holland. 

* Oewtopment ot the finance team in Holland as the 
group's activities mcrease by organic growth and via 
acquisrtion. 

The successful candidate must be 

• fluent in Dutch, English and ideally German. 

• Probably Dutch national 

* Age 25-35. 

• Technically strong, able to prepare management and 
statutory accounts including consolidations 


* Putting together budgets and corporate plans. 

* Management of local currency and treasury operations 

* Responsible for local ta» affairs, planning and 
carrying out commercial due diligence on all major 
contracts m Holland. 


« Able to relate strongly to operational management 
through strength of character and selt confidence 
• Must be 'hands-on' but have the vision to develop 
the growing team. 



This position is being handled exclusively by Accountancy Personnel. 

Interested candidates should contact Sara Ken derdine-Da vies on 071-256 5849. 
Accountancy Personnel Executive Recruitment. 36-44 Moorgate. London EC2R 6EL 
Fax: 071-638 7509. Interviews to be held in London and Amsterdam. 


Deputy Director 

Business Strategy 

c£40,000 + Car 

Chief Accountant 

c&35,000 + Car 


KEITH TOWN ROW 

EXECUTIVE SEARCH AND SELECTION 


TTatCE 




CORPORATE & BUSINESS PLANNING 

X ;$afaiy. + benefits j LonffoMlIfl 

The 7 Commonwealth Development Corporation j the jireparatiottof it annmd cofjiwtrte plan, and 
(Ci)C) e 9 a UK pbjriic ctirfSorati o«u wbrbae'1 'the. .coordination of the-- component .bn bin ess 
Amdarfifintrf'- objydffB is to goUtrx bate ;to plane; bit* you will aisoV^rMponsiblefer taking 
^j iiMnic rfHTclopmcn^in the '^8 dpvelppihjt 1 forward the findings o tja retent strategy review 
eoiiritrl wfixofevit operate s v f- countries ^ tegether witi asxociftfed issues incladrng risk 
m rigiwg . frnitt-Central America iris the Wej*,-!- BU taa^emea'L sector HpoGeieS, development, the 
Jlj^uiglf Snb ; SnhWan A£riri»£Sot«th Aata add ; ^wtrlrimyrot ahd tatialnolicidL 
South to iho Pacific j ( t Report to. the Directdr of Finanee but. 

? CDC closely with' the Chief Executive. The - 
qftA Mdinm term loans mover 850 ! ' "■position enjoys a high ^profile within the 

CDC'aT currenf .bS*K some £1^ of organisation. We envisage the role lasting two to 

investments and ejanupJxnAn t a , w4tb-^eW th^e years following jvbic^i CDC offers a wide 
ihvest^entd: t#6u*g mAde-rit Im'nte^Ldiwe to ''' Variety of opportunities for career progression in 
£260m .pqr ^miiy^Qki^nig beanTcWWkftmtfe' /.fee UK or overseas. i., 

profitable ajdd'in ' ; .i Your qualifications will include accou n tancy 

pxtofitg hfier ta^». Of £48m. CpC ne^^or aKMBA Yi^ will We business' experience 

Victoria -ja London and ppefapea 'ttyoo^l' 2 m i^idalftoagh age is not an issue, experience of 
overseas Offices. In addition* ,CDC/nu»xiages -jpO 1 '-*- i fek i niitg potl nianagement Information . systems 
eompenleXnost of which bro sub^ciJ ariea; ,<4dth is essential.' Above all you ate a confidant 
jealcs <if £W # employing S^POOpcbpIc- /*. com m u ni cator capable of expvoasing yourself 

\ CD^/riishes to^nh«irt succinctly. 

lurt iimyT pMMaf proq^tfa in Order to caanrc ^ To apply, wr^fe quoting serial 2403 to: 
that mfeots growth, pxbfi L developnici ir mid'XAndrew Harris. Sector JPersoonel Executive; CDC, 

pfher Wget& I'ov prime respoaifiibility wiSjbe Otu^eriioroii^i Gartieng, London SWIV 3JQ. 





Britain Investing: in Development 


The FT can help you teach additional business readers in France. Oar link with ihe French business newspaper. Les Echos, gives you a unique 
lecniitrasnt advertising opportuniiy to capitalise on the FTs European readership and to further large! ihe French business world. 

• For information on rains and further details please telephone: Philip Wrigiey on +44 71 873 3351 


FINANCE DIRECTOR 
NATIONWIDE LIFE & NATIONWIDE 
UNIT TRUST MANAGERS 


With our name behind you there's an exciting future ahead 

Package c.£70,000 Swindon 

Naonnwidc lift: and Narkimvick- Unii Tam Managers, trie LTvs second kar^esi building sodoy's new subsidiaries, will starr operations rtea 
year, offering a cnmjxtitivc range of life assurance, personal pensions. PEP and unit mist products which wfll provide cusaxners widi good 
vahie fcir money and first-cLiss fewds of service. Wrii this approach, combined with die benefes ol'bdng pan of a major financial services group 
with a Mrong brand name and high street presence, ii is expected fhai the subsidiaries will quickly become significant knees in the ins ura n ce 
and investment market. As Finance Director, you wfll pby a major rofe in their success. 


The Role The Person 

■ K.M.TI a major influence tm a start-up snmion within a large ■ Energetic qualified aanunranx with subs ta nt ial senior lewd 

lirtaneol servLcs gnup. working dusefy wfth die eqjerieno? in a unit- fanktri environment 

Managing Director. ■ Knowietky and u ndemanding of the flnandaLbamrial 

■ Dewt ip a finance function with a small cighdy4nit ream rating dvretmics of 3 life ixmptmy, tniesuuent management and unit 

foil advantage of the i^ppi xiurHiy R.i suKinramcc tasks to pricing procedures and tfisophnes. 

easting finance deparanenis within the Bu&tmgSodray. ■ A^ariwifilngriessroiroticatarat^ 

■ Establish efieeme financial systems and CLaitrois. detailed levris as required 

■ Ensure the busincSes have cfcariy defined goals and strategics. ■ ftoactire thinterwith consider^^ 

■ l imeh pnxtuaiun i i management infcmruiion and ■ Experfence in negodaling tJtK-fWurangrontradSL 

sntuu«>' rH-voints. ■ Gcxomaniem toieamviorktnganderrgxi^ 

■ i insure businesses take AiD advantage of opportunities to 
• jut-* hjivv services to “third parnes'. 

The rwurds retievts the nature eif the challenges and inducts a foil nn$3? c/ financial sector benefits. 

Mitw: viTSie. undi.fting a foO CVai ftt Turner. HRAfan^r, NabormWt'BufldingJkiciciy, Alodron Parte Nordiam^ 

Wurkingfnr equality of opportunity nationwide. 


^Nationwide. 


THE 'BUILDING 1 SOCIETY. 


This is an exerting and challenging time to be in the Health 
Service. Rapid advances in medical science go hand in hand with 
cufture change and new ways of doing things. My client needs 
adaptable, qualified accountants with the flair to seek creative 
solutions within an environment committed to high quality 
patient services. 

Midlands based and serving a population in excess of a million, 
they employ 4,500 and have an income of £145m with an asset 
base of over 100m. A major fore year investment plan has already 
been put in place and their objective now is to develop a finance 
function capable of delivering financial stability and supporting 
senior management 

Reporting to the Director of Finance, you will be responsible for 
the management accounting function for the Unit Managing a 
Department of 20, you will be responsible for providing and 
interpreting financial information for the Board and 
management. A key part of this function will be ensuring 
financial discipline is maintained within a devolved financial 
environment 

A qualified accountant, you will probably be under 40 with 
experience and strength in financial analysis and budgetary 
controL An NHS background would be useful but not essential. A 
good planner and capable of operating in large complex 
organisations, you will be a particularly effective communicator 
and team leader. Ref: 129AFT. 


Reporting to the Director of Finance, you wilt be responsible for 
strategic planning and pricing. Managing a small team, you will 
have a key roie In anticipating and planning the future of the 
Unit 

Probably under 40, you will have an unusual blend of skills In 
being a qualified and technically proficient accountant with the 
ability to conceptualise. Experienced in financial analysis and 
investment appraisal, you must have been involved in strategic 
planning for a significant organisation. Ref: 130IFT. 

Reporting to the Director of Financial Services, you will be 
responsible for Financial Accounting, including production of all 
monthly and annual financial returns, cash flow, treasury 
management and capital accounting. 

A qualified accountant, you must be familiar with NHS financial 
systems in the above areas. As a good technician you will enjoy a 
reputation for meeting tight deadlines. Management experience 
is essential. Reft 131/FT. 

Pleas submit in confidence a comprehensive c.v. quoting 
appropriate reference to: 

Keith Ttownrow & Partners, Artec Centre, Aztec West 
Bristol BS12 4TD. Tel: 0454 614373. 








NTf*E 




Price Whterhouse 


EXECUTIVE SEARCH & SELECTION 


Group Internal Auditor 


Financial Controller 

South Wales Excellent salary package 


Major well established Publishing Group 

c.£50,000 + car 4- benefits London 


The Role 

• A new appointment in a high profile organisation. . . 

• Responsible for full range of financial accounting, corporate taxation and statutory ac 

• Provision of company secretarial service as appropriate to a limited company. . - 


This "«yw intonutiwal publishing group operates in the 
Un ited Kingdom, Unted States, Europe and S-E. Asia. 
Publishing activities mrlurt^ a number cf well known rides and 
brands and recent operating results show a healthy increase in 
pre-tax profit and EPS. 

To fulfil an important role within die orginisafipn, a Grcup 
innwrcil Auditor is to be ap po in ted whose ro»p o ni i ihilrrirs wiD 
mcnr p m aiie! 

• Operating the group internal audit function 

• Onod'r*mg 3l| a*p n 'y rt * t htT »igtOTtf riwgraupandprgaenring 
cooduaiooa to managpm ent and the audit c omm i ttee 

• Adv ising on finanrial pnlky and procedures, financial systems 

]n^ m mp«>f iiwBlblym ii 

The role requires an experienced, and mature Internal 
Auditor and specifically: 

• Internal wpmmn- in a multi-site and large volume 


t nuupftwm m vg| wifnwit 

• Experience of working at the most senior level 

• Internal audit of overseas operations 

• A fennal acco un ting qua lificat ion (preferably chartered). 

Liaison with internal audit functions within operating divisions 

will be required, involving navel to locations throughout the group. 

This position ofiens an exceptional opportunity for someone to 
join a major established, successful and pr ofita ble group and 
uuntiibu te to its future success through die provision of an 
outstanding inter-a crive internal audit capability. 

To pursue this further please write, enrkwmg a full CV, to our 
advising consultant Jane Rhodes quoting reference F/1484. 
Executive Search & Selection 
Price Waterhouse 
No 1 London Bridge, 

London SE1 9QL. 


The Challenge 

• Development of stringent financial controls and establishment of appropriate accoun ng p . 

in newly formed, £100m turnover organisation. . . . 

• Provision of key financial information which allows the company to operate in a comme 
money manner. 

• Assist with the ongoing development of appropriate IT systems. : 

• Creation of financial and business planning procedures and models in order to allow the companylo- .. 

maintain a strategic focus. - "■ 


The Person 

• Graduate, qualified accountant with c.five years post qualification experience. 

• Able to lead and motivate a small but enthusiastic team. . ? 

• Able to demonstrate technical excellence, coupled with commercial acumen. 

• Experienced in a similar role in industry or currently working in professional practice and seeking a 
career opportunity. 

If you feel that you meet the above cnieria. please send a comprehensive CV stating current remunwafion 
to Karan Paige at KPMG Executive Selection S Search. Richmond Park House, 15 Pembroke Road, Clifton, 
Bristol BS8 3BG Telephone (0272) 464042. ' -7 : 





election & Search 



; , > f&*s**" ' 


.v* .V '■ V' < ’ ■ ■ • • ... * *- ft-'*., , 'V'V- 




: •.'■« if.w r,! 



International Finance 
Executive 


Finance Director 


Barcelona, Spain 


up to £60,000 + Bonus + Car 


Central London 


Our diene is a multi-national entertainment and 
media group, with an expanding network of offices 
located in key strategic sices throughout the globe. 

Future organic growth will be complemented by 
a policy of acquisition. To achieve this, they are 
seeking to recruit an International Finance Executive. 


£ Excellent Package 

to the continued development of the organisation. 


Reporting directly to the Finance Director, you 
will be responsible for the analysis and investigation 
of potential targets for acquisition coupled with 
control of the international audit of operations in 
a variety of different countries. Your success is key 


The successful candidate will be a fully qualified 
ACA, aged about 30, with a first class background. 
Your exceptional interpersonal skills will be comple- 
mented by a rare combination of commercial sense 
and maturity, ensuring an immediate impact in this 
dynamic environment. 


Our client, a publicly quoted, British based 
multinational, is one of Europe’s leading textile and 
clothing companies. With 50% of current turnover 
derived overseas, they are committed to becoming a 
major force worldwide. As pan of this expansion they are 
now seeking 3 highly commercial Finance Director to 
control their successful Spanish and Portuguese 
manufacturing subsidiaries. 



Interested applicants in the first instance, should 
write enclosing an up-to-date curriculum vitae to 
David Bloch at Michael Page Finance, Page House, 
39-41 Parker Street, London WC2B 5LH. 


Working closely with the Chief Executive the appointed 
candidate will be a key member of an established 
management team, with overall responsibility for finance 
and administration. You will be instrumental in the long 
term growth and success of operations by formulating and 
implementing the company's plans and strategies. 


international company. You should have a facility for 
languages, preferably already speaking Spanish, and be . 
able to demonstrate self motivation and leadership 
qualities. A track record of success with technical and 
commercial issues is a prerequisite. Experience of working 
in Spain or Portugal would be an advantage, but above . 
all you must have the intelligence, strength of 
personality, and flexibility to succeed in an expanding 
international business. 



This is a senior appointment within die international 
group and is expected to offer significant long term 
potential in financial or operational management 
overseas or in the UK. 


The candidate will probably be aged 30-45, a 
graduate, qualified accountant who has worked 
in a senior financial role with a major 


Interested candidates should forward a comprehensive 
curriculum vitae to Dean Ball, Michael Page 
Finance, Clarendon House, 81 Mosley Street, 
Manchester M2 3LQ quoting ref 169178. 


Michael Page Finance 

SpeculiKs in Financial Recruitment 
I D« i» m i Windsor Sc Albans I rat h er I wd Bir mi n gh am 

Noniqflnai Manchr xer Leeds Edinburgh & Worldwide 




Michael Page Finance 


Specialist? in Financial Recruitment 
London Bristol Windsor St Albans Bimingit&m 

Nottingham Manchester Leeds GliMjnr Edinburgh Sl Weald wide 





rijriMiw irrpfiTnhiv 

.a* 


1 

i.n 




1/ "noras 



] A SUCCESS Pul 


ll - Ji E'if-S Sfc .■ 7 . . _r. . v yt 


Hanson 


Financial 

Accountant 


Group Financial 
Controller 


Hanson PLC is renowned for its formidable and consistent 
30 year crack record of success as a multinational 
industrial management company. The Group’s 
well-established businesses enjoy leading market 
positions, particularly in die UK and USA. 

Based at the Corporate Headquarters in Central London 
and following internal promotion, this rote will cany 
responsibility for 

• Preparation of published accounts observing full 
regulatory compliance. 

• Preparation and interpretation of monthly Main Board 
reports. 

■ Consolidation and review of budgets and 
forecasts. 


• Implementation of computerised consolidation and 
management information system. 

• Maintaining close liaison with the operating division 
finance functions and the central tax and treasury 
operations. 

Candidates, aged 27-31, should be graduate Chartered 
Accountants who can demonstrate accelerated career 
progression to dace, strong technical ability, a high level 
of computer literacy, excellent interpersonal skills and 
outstanding future development potential. 

Interested applicants should forward a comprehensive CV, 
quoting ref 209090, to Mark Hurley ACMA, Executive 
Division, Michael Page Finance, 39-41 Parker 
Street, London WC2B SLR 


Michael Page Finance 


Specialise in Financial Recrairracm 

London Brand Windtor St Albans Lcarberhead B lrmu gl a m 
Nottingham Manchester Leeds G l asgow Edhhuqeh & WmH ii llb 


Central London 


Our client is a recently floated UK public company 
wich a market capitalisation of £75 million. Operating a 
joint venture in a republic of the former Soviet Union, 
they have quickly established a strong reputation for 
success in an uncompromising environment. The 
prospects for significant future growth are excellent. 


A new position of Group Financial Controller has been 
created which, based in London, will be responsible for 
the provision of’ the highesr quality technical and 
commercial support on all group financial matters. 
Initial emphasis will be to design and implement robust 
accounting procedures which will facilitate stringent 
financial control and comprehensive management 
reporting. The key to success in this role will be 
che ability to work closely with operational 


c £50,000 + Car + Bonus 

managers, bringing a disciplined, international 
financial perspective. Substantial overseas travel will 
be necessary. 

Candidates, aged 35-45, will be graduate qualified 
accountants with a proven record of senior level 
experience preferably gained in an international 
engineering or similar pic environment. Technical 
excellence, strong personal presence and outstanding 
communication skills, combined with a tough but 
flexible, hands-on management style will be essential. 

Applicants should forward a comprehensive curriculum 
vitae, quoting ref 209191, to Mark Hurley ACMA, 
Executive Division, Michael Page Finance, 

Page House, 39-41 Parker Street, 

London WC2B 5LH. 



Focim^ 


Michael Page Finance 


Sprcnlntt in Brttjici.nl RccruKim-nr 

London Bristol Windsor St Alban* Leathcrbcnd Bunringhaan 
Nottingham Manchester Leeds Glasgow Edinburgh & Worldwide 


Accountancy in Capital Mahkets 


Salaries to £40,000 + benefits 


In financial markets the role of higb calibre accountants 
who can utilise their skills to service developments 
across a wide range of business areas is vital. The 
provision of financial expertise and management 
information is no mere back room role, but plays a key 
part in driving the business. 


you will be working in small teams and will be expected 
to take responsibility as necessary. 


This is why financial markets institutions look 
for the best graduate accountants to help increase 
growth. Every project is business critical and the 
demands you will have to meet will be high. Aged 
24-30. you will be a qualified accountant (ACA/ACCA/ 
CLMA) with two years+ PQE. This experience may 
have been gained working with the franc or back office 
of a financial markets institution or. alternatively, 
working in a major accountancy firm with a banking 
portfolio. A strong mathematical background, as well 
as computer literacy (experience of spreadsheet 
technology would be particularly advantageous) is a 
standard requirement. Vou will also have excellent 
communication and potential leadership skills, as 


Vie axe currently working alongside major 
American, European, British and Japanese banks 
with various business requirements for ambitious 
accountants. In addition to the skills listed above, 
in-depth experience must have been gained in one or 
more of the following areas: risk monitoring; equity 
analysis; PAL measurement and analysis; 
interest rate and currency derivatives; product 
analysis (specifically equity d eri v a tives); swaps 
analysis; trader support. The potential rewards - in 
terms of both career and remuneration structures - are 
outstanding. 



FINANCIAL PLANNING MANAGERS 

South West c £35.000 + Car + Rnnofitc 



For further information, please contact Lisa Brice 
on 071-734 4010. Alternatively, send your CV, quoting 
reference UFTOI, *0 McGregor Boyail Associates, 
Sutherland House. 5-6 Argyll Street. London W1V I AD 
Fax: 071-734 129’’. 


McGregor ■ Boyail 


TONER South West c £35,000 + Car + Benefits 

GRAHAM. Our client is a dynamic, fast moving, manufacturing group, renowned for the innovative nature of its 
produces. The Company is extremely profitable, commfned to growth and enjoys market leading 
positions in a number of key core business areas. 

FoUbwki£a restructuring two key positions have been created within dio prestigious Financial Planning Function. These high profile 
\ roles witt- offer foil financial support to the major business units Including: 

.. - ■ Development of strategic plans, budgets and forecasts 

' ■ '/ . ’ ■' ‘ Financial evaluation of new products and appraisal of promotional activities 

> . - , . - " ."V " -"Analysis of key profit drivers 

.f - ■ ; • Reporting on business unit performance. 

J - ^ . - •' • Provision of consultancy advice on a diverse range of ad hoc projects 

‘.Commercial interaction across all functions and at aO levels within the business 
■Successful pnxfidapBS wHJ be graduate, qualified accountants with a trade record of managing change within a marketing driven 
^envtrOnfhaiK. Outstanding communication skills, the ability to strongly empathise with the business and the credibility to influence 
' stinfar managem ent are essential - prerequisites. 

in .nm£n the company offers an attractive package (dependent on experience) Toner G h 

'arid fafiftoeation assistance If re quir ed: Equally important Is the opportunity to join ratiam, 

ariex fr epiei y progre ss ive and successful group where career advancement is based on merit. 8 Imperial Square, 

Inte res t ed candidates should write enclosing a comprehensive Cheltenham, 

C.V., qn o dw g -nefc r ence PT67,.to Paul Toner at the address opposite. 



’ Cr ‘n? Iwf.V; 


SI 




GL50 1QB. 


Vv *-i 




























FINANCIAL TIMES FRIDAY NOVEMBER 4 1994 


v 


39 


tor 

>nus + Car 


A V 


■i^u f *■_ . 


ll 


ir + Bonus 


Accountancy Personnel 




East Anglia ... 


«hcef choke and ujnety of oppoitWbK aaiSaie m East Angfu die anmuly 
"JWHig many yawig quaffed accountants to Ihe area Aoosi East Angsa the 
aMW-earwoous can en)oy spectacular development m a region that can provide a 
u«q« Dfahd of personal and work trfpstyics 

** “"“Sf* *'* to °s | iJe»ing a move to the area or indeed those currently 
working mthn the East Anglia region. Accountancy Personnel and some of the 
m«t progressive and prestigious UK orgarasawms have pranged a senes of careers 
waning*, rou wdl haw the opportunity to find out more about these high profile 

wiptayws and future vacancies they, and others, irwMBe able to oiler you. 

CAMBRIDGE 7 November 6.30pm - 9 . 00 pm 

Porte Pone House Hotel, Lake View, Bridge Read. 

Imping ton. Cambridge CM 4PH- 
NORWICH 8 November 6.30pm - 9.00pm 

The Cattle Museum Norwich Cafffe.Castte Meadow, 
Norwich NRT 3hJ. 

“•SWtCH 3 November 630pm - 9.00pm 

The Constable Country Hofei London toad 
Ipnvkh IPZ QUA 

Ai TJEpre. Accountancy P«wrer 5 Laurence Hoelfcenswn give a u& on personal 
wvetflpment fo outline Ihe importance of Wenrfng work and personal hfestyles lo 
fnn i ZL inf 1 ' " e Wl11 aIso hdvp lho ,e »ulis ot the joint Accountancy 
rWsonrwirAcajwrtancy Age survey on career development beyond qudiricawm - 
m wresting reading. As always our specialist consultants will be 
w«*Mre w docuss your career aspirations and to owe up-to-date sail nr adme# 
Complete ronddmnakty h assured 

S ' - S|| ** mom about tNs unique event Can (0473) 215068 

I Vl| to reserve a piaca for any one of the dire* venues above - 
Sti and And out why Em Anglia It calling you! We look 
S=E2J ferwaed to meeting you. 


D 

NORWICH 

UNION 


fisons 


/H Mjm 

lit I lie III 


New, iH^ections 




I SI m m mg wm *: 



Witk the backing of major US media corporations the client is tbe market leader in th* provision of Cable and SarelEie defiverrd digital 

aurfio services transmitting 90 e honnnfa of CP quality music from tbe Astra satellite to tbe Cable and DTH markets across Europe. 

THE POSITION THE CANDIDATE 

® Provide pro-active financial support to the CEO and play on H Likely age 40 plus, qualified accountant with exemplary 
. influential role with the operational activities of this rapidly record of achievement ideally gained in a multi-media 

expanding organisation. environment. 

H Produce regular management information to the board and fl Experience should include European taxation, dealing with 
shareholders, with e mpha si s on corporate returns, subscriber manufacturers and service providers, subscription and billing 

- monitoring and supplier agreements across the company^ pan- systems, contract negotiations and agreements, managing 

European activities. growth in a high tech or media environment. 

■ functional tasks indude m a n agement of finance department, ■ Hands on management style, lateral thinker, high degree of 
annual reports, taxation, interface with US parent, loan commercial acumen with well developed inter-personal and 
drawings, m e r g ers and acquisitions. presentation skills. 


Candida tea should forward CV*s quoting reference FT/ 130 to: Latimer International, 
Copsham House, 53 Broad Street, Chesham, Backs, HP5 3EA. Tel: 0494 792273. 


Cbesbam, Cirencester, 


LATIMER 1 Sfl ” Di ' so ’ Bo,ton 


... . *.Tv • ;:v - ' *' "J" 


Peterborough 

. To £45,000 + Cz 

Our client is a privately uwitctl, tpcdalist ' 

construction /development is preferable together 

residential developer and projicrty investment | 

with experience at senior controller/ director 

company operating mainlv in Fast Anglia amt 

level. Additional requirements arc strong 

London. Currently small it is expanding rapidly 

communication skills, a commercial outlook. 

due to a commitment to quality amt a highly 

high levels or drive ami a pragmatic approach to 

entrepreneurial, lot. used management team. 

problem solving. 

Reporting to the Managing Director, the job 

The remuneration package will be commensurate 

holder will bo a “buniis on" accounting manager as 

with positions at this level of seniority and 

well as an excellent financial strategist. 

will include relocation assistance where 

Key challenges include providing high quality 

necessary. 

management reporting, maintaining tight 

Interested applicants should send a 

financial control, operational and strategic 

comprehensive CV including salary history 

treasury management and commercial input to 

and t lay time telephone number quoting 

• ■ business operations. 

reference 3420 to Phillip Price AC A, 

q Probably aged mid 30s 40s, the successful 

‘louche Ross Executive Selection, . 

candidate will be a fully qualified accountant 

Friary Court, 65 Crutchcd Friars, j 'fgjtf) ▼11 

= — — • anti »>f graduate calibre. A background in 

DtUHataai ~ J 

London EC3N 2NP. W 

V^yiraHna^ 

Management Consultants 



Outstanding career opportunities far ambitious European Financial Professionals to 
influence the strategic performance of a leading US Fortune 200 corporation in Europe. 


EUROPEAN FINANCIAL PROFESSIONALS 


Excellent 

Local 

Salaries 

and 

Generous 

Benefits 


Executive Search & SdctUen 




Our diene is a premier global consumer produces corporation renowned for its portfolio of 
exemplary branded goods. The company is committed to a policy of shareholder value growth 
through core business development, brand innovation and product excellence. To support the long 
term profitable development of its high growth European region, a number of opportunties now 
exist for ambitious young European Financial Professionals to be based initially in the UK, 
Germany or France. 

The company is looking for financial managers who can demonstrate leadership characteristics, 
technical excellence, strong commercial acumen and sensitive but persuasive interpersonal skills. 
These appointments require accomplished communicators with several years* experience, who 
are able to demonstrate successful career trade records in international financial management 
within major organisations. 

Candidates will have also gained significant experience in managing people and change. 
Successful candidates must be fluent in English and one or more additional European languages, 
be willing to relocate within Europe or overseas and possess the drive and ambition to further 
develop their career in a prestigious global corporation. 

For further information and a confidential discussion contact the advising Kfl H 

consultants Mark Stewart or Jacqueline Long on (44) 71-209-1000 (day) or 
(44) 256-810-266 (after 8pm) or write to us at FSS Europe, Charlotte KM 
House, 14 Win dmill Street, London W1P 2DY, United Kingdom. Mn 
Alternatively fax us on (44) 71-209-0001. (Interviews will be held in the UK & c c c 

EUKOPF 


■ / This computer systems company is a leader in its chosen market, and has recently 
embarked upon an ambitious growth strategy to achieve a leading international position. 
A successful rights issue and two small acquisitions have taken place within the last year. 

■ Strongly backed by its institutional investors and by a leading merchant bank, it now 
has a need for a Finance Director whose responsibilities will be in liaising with the City, 
and in ihe planning and execution of acquisitions and new share issues. It will be your 
initial task to develop and implement a financial strategy encompassing the above, as well 
as the increase in stock market capitalisation and of shares in issue. 

■ You must be a Chartered Accountant with experience in dealing with the City and 
with acquisitions. A sound understanding of the management of financial systems in a 
rapidly expanding company is desirable, and a second European language would be of 
beuefiL 

■ Please send your CVin confidence to: Chtules Theaker, Theaker Monro A Newman, 
Wrens Court, 60 Victoria Road, Sutton Coldfield, West Midlands, B72 1ST (021 3SS 
8868) quoting ref: 4318 

BIRMINGHAM - CHESTER • LEEDS • LONDON • MANCHESTER 
SotoUKMembarof IKTKR ^ EARCH 58 Omcas Worth** 


Midlands 

c£70,000 Package 

Substantial Share 
Options 

Quality Car 



RECWriMENT & PERS0NNEL 
CONSULTANTS 


. - • 

i-Surlo v - V - 

er-’-a - - . 

■ - 



Customer FoeiLSScti 

FINANCE 

DIRECTOR 


c. £4GK + benefits 
Leies/Warks Border 


lANAGE 111 

♦ Car + Ber^ e 


- 4 


fitter 


Deluxe (UK) Ltd is part of the Deluxe Corporation, a Fortune 500 
company with a worldwide turnover in the region of $2bn and a 
reputation for outstanding customer service. Recently established in the 
UK, we are already expanding into Europe with our high quality, 
software oriented stationery, business forms and cheque products. 

We now need a high calibre Finance Director to help us realise our 
ambitious business plans. You are likely to be a graduate ACA/ACCA, 
computer literate, with at least 10 years post qualification experience in 
fas amoving environments. Ideally, these would include direct mail, 
indirect selling and manufacturing. Knowledge of European regulations 
would be an advantage; the ability to take a strategic overview but to 
work ‘hands on’ with a small team is essential. You should also be 
enthusiastic at the prospect of working directly with our customers and 
suppliers to establish mutually beneficial commercial relationships. 

If this opportunity excites you, please send a detailed career resumd, 
with a covering letter’ outlining your interest, to 


ema 

W*rGr**^ 

GLSfl 


Si 

DELUXE 


Jan Serine, H.R. Adviser, 

. Deluxe (UK) Limited, 

Open House, 

Sketchley Meadows Business Park, 

■ Hinckley, Leicestershire LE10 3EY 


The Top Opportunities Section 

For senior Management Appointments 
For advertising information call: 
Ptilllp Wrlgley on +44 7t 873 3351 


APPOINTMENTS 

ADVERTISING 

appears in the 
UK edition every 
Wednesday & 
Thursday 
and in the 
International 
edition every 
Friday 

For further 
information 
please call: 

Andrew 

Skarzynski 

on 

+44 71873 4054 

Philip Wrigley 

on 

... +44 71 873 3351 

Joanne Gerrard 
on 

+44 71 873 4153 


OPERATIONAL 

AUDITOR 

IT SPECIALISATION 


^competitive salary 
+ benefits 

London based 


A'Tetra Laval 


Tetra Laval is a leading supplier of processing, packaging and 
distribution technology to the food industry. Employing around 35.000 
people world-wide. Tetra Laval comprises four industrial groups; 
Tetra Pak. Tetra Laval Food. Alfa Laval and Alfa Laval Agn. 

The Tetra Laval Audit Group is a service organisation providing a 
wide range of audit services to the Tetra Laval Group. The Audit Group 
is a leading exponent of modem audit practice, combining both audit 
and management consultancy skills. 

In order to strengthen its team, the Audit Group is currently 
looking for an Operational Auditor with fT Specialisation. 

The ideal candidate will:- 

• be a qualified accountant, or equivalent 

• preferably have line experience in business control of 
manufacturing activities 

• have relevant experience in auditing IT systems 

• be used to interacting at a senior level 

• be fluent in at least one of the following: German. French. Spanish 

• be an accomplished networfcer and teamworker. 

This is an international post and requires acceptance of a reasonable 
amount of travel world-wide with home base in the London area. 

In return, we provide a highly competitive salary and benefits package 
and the opportunity to build a future with a world-class company. 

To apply, please write enclosing your CV to Peter Phillips, 
Rada Recruitment Communications Ltd., 195 Euston Road. London 
NW1 2BN. Closing date for receipt of applications; Friday 18th 
November 1994. 


Also at: 

- Birminham 

- Cardiff 
-Glasgow 

- Leeds 

- Liverpool 

- Warsaw 

- 1 lung Kong 


HEAD OF PROPERTY MANAGEMENT 
ACCOUNTING 

c. £30,000 + Benefits 

As one tbe the UK's leading firms of Chartered Surveyors we are renowned for providing 
high quality advice and personal service to our clients. To develop our services we have now 
created this new position in our London office. 

Reporting jointly to the Head of Fund Management and the Director of Finance, key 
responsibilities will include: 

* management of all aspects of property management accounting including compliance 
with client, Gerald Eve, RJCS and standard accounting requirements; 

* control of money transfers to and from clients and tenants; 

* preparation of detailed analyses and reports for both management and clients: 

* development of the full potential of the firm's ECS system; 

* to develop relationships with existing and potential clients as part of the Investment 
Group. 

A qualified accountant, you will have extensive experience in property management (and 
ideally a knowledge of partnership accounting), and will be familiar with ECS and/or 
TRAMPS as well as having strong spreadsheet skills. Your sound judgement mid excellent 
communication/presentation abilities will enable you to achieve effective working 
relationships from day one. Your attributes should also include a hands-on approach to your 
work, an eye for detail and the capacity to enjoy pressure. Together these will enable you to 
establish quickly the profile of this key position. 

To apply, write with a full CV (including current salary details) to Mike Foulds, Personnel 
Manager. Your application should arrive no later than Monday, 14 November 1994. 

Gerald Eve 
Chartered Surveyors 

7, Vere Street. London W1M GJB 
(Associated Office) An Equal Opportunities Employer 














financial times 


FRIDAY NOVEMBER 4 


1994 t>- 


Supply tightness grips 
LME’s copper market 


COMMODITIES AND AGRICULTURE — — 

s M . ilk b » ard Using cattle to repair the land 

^ cattk 0 David SDark on the controversial techniques of a Namibian fanner 

breeding 
division 


By Kenneth Gooding, 
Mining Correspondent 


The Loudon Metal Exchange's 
copper market was gripped 
yesterday by extreme tightness 
and buyers were having' to pay 
a large premium for metal for 
immediate delivery. 

“Anyone who needs copper 
between now and November 16 
is going to have to pay dearly 
for It," warned Mr Wiktor Biel- 
ski, analyst at Bain & Com- 
pany. 

Another analyst, Mr William 
Adams, at Rudolf Wolff, said 
that LME copper stocks had 
fallen to a level - representing 
only 5ft weeks of consumption 
- where there was a shortage 
of physical metal and thp back- 
wardation (premium for imme- 
diate delivery) was justified. 

Yesterday at one stage the 
premium for cash copper over 
metal for delivery in three 
mouths reached $55 a tonne. At 


the close the premium had 
eased back to $50 as the cash 
price ended at $2,754.50 a 
tonne, up $41.50, and three- 
month metal was $2,704J50, up 
$12J>0. 

Mr Blelski pointed out that 
the cash price bad risen 
sharply In the past two weeks 
- by $200 a tonne since Octo- 
ber 19 - and “it seems that 
some people are short [of 
metal] and are being squeezed 
and will have to pay up”. 

However, he insisted that 
there was a f undamen tal short- 
age of copper and LME prices 
indicated the supply tightness 
wait oat as far as December 
next year. 

Mr Bielski said LME stocks 
were not only relatively low 
but also in the wrong places - 
mainly in Europe anil not the 
US where d eman d was heavi- 
est - and so “there is no rea- 
son why the copper price 
should not continue its merry 


way upward". The price might 
reach 135 to 140 cents a pound 
($2375 to $3,086 a tonne) in the 
present quarter and go to 150 
to 160 cents ($3306 to 3326) 
early next year, he said. 

Wolff’s Mr Adams suggested 
that, although the copper price 
was due for a correction, any 
dip in the price encouraged 
more buying. ‘There is a lot of 
financial and non-trade inter- 
est in copper and the market is 
ignoring everything else. Peo- 
ple are getting nervous in case 
this powerful buying contin- 
ues.” He suggested that it was 
likely to continue for some 
time. 

While the market fundamen- 
tals justified a rise in the cop- 
per price, Mr Adams added, the 
investment fund and non-trade 
buying bad accelerated the 
process “and we are seeing 
prices today that we would not 
otherwise have seen until next 
year”. 


,n< 




David Spark on 

N ambia, the driest coun- 
try in southern Africa, 
is worried by the loss 
of trees, mo pane bush and 
grass In tbe sandy, heavily- 
grazed. populous communal 
areas of the far north. 

Further south it is worried 
by the spread of thornbush 
into impenetrable thickets on 
commercial farms, because 
browsing game animals are 
fewer In number and loss of 
grass around waterpoints gives 
the bush a chance. 

Argo Rust, a tall, wiry man 
who farms near Windhoek Air- 
port, is proposing a controver- 
sial answer to both problems. 
Cattle, he believes, can cure as 
well as cause the degradation 
of arid land. 

He has pursued that princi- 
ple for 25 years and has dou- 
bled to 600 the number of cat- 
tle his small (by Namibian 
standards) farm can carry. To 
spread his ideas, which are 
controversial with agricultural 


By Deborah Hargreaves 


Norway forecast to move into 
second place in oil exports league 


By Karen Fossfi in Oslo 


A sharp rise in oil production 
and the commissioning of sev- 
eral new fields in 1995 is expec- 
ted to make Norway, western 
Europe's biggest crude pro- 
ducer, the world's second larg- 
est oil exporter behind Saudi 
Arabia next year. 

According to Petroleum 
Intelligence Weekly, Norway's 
oil liquids production win rise 
from 2 _66m barrels a day this 
year to 237m in 1995, before 
peaking at 3.22m in 1996. 

Production is projected to 
dip to 3.11m b/d in 1997 when it 
begins a sharp downturn into 
the next century. 

Domestic oil consumption 
averages 170,000 b/d, leaving 
net exports of 2.5m b/d this 
year, compared with second- 
placed Iran’s shipments abroad 
of between 2.4m and 2.7m b/d 
on wellhead output of 3.6m. 


So far this year, Norway’s 
production is running 10 per 
cent ahead of last year’s levels 
- even with large output losses 
due to annnal Held mainte- 
nance in August and Septem- 
ber - but could end 12 per cent 
up on 1993. 

However, official production 
forecasts could be conserva- 
tive, as new technology and 
enhanced oil recovery methods 
have allowed oil companies to 
avoid precipitous declines in 
output in recent years. 

Alongside continuing pro- 
duction growth from fields 
such as Brage and Draugen, 
which started up during the 
past 20 months, and the 
hook-up of smaller fields into 
e xisting production systems, 
the largest single increment 
next year is expected from the 

220.000 b/d Heidnin field in the 
mid-Norwegian Haltenbank 
region. Troll West oil, at 


160,000 b/d, is scheduled to 
come on stream late next year 
along with the 60,000 b/d Stat- 
fjord North satellite. 

Earlier this month, the 40,000 
b/d Statfjord East field com- 
menced production but PIW 
anticipates that, given capacity 
limitations at the central pro- 
cessing platform, output from 
the prolific Statfjord field may 
have to be curtailed to allow 
maximum production from 
■new fields. 

The Nome field, due to start 
production July 1997, will add 

160,000 b/d to output, but pend- 
ing the outcome of negotia- 
tions between oil companies 
and the government on partici- 
pation rates and royalties, the 

timing of Other Halte nhank wi 

developments remains uncer- 
tain, though Norway is keen to 
extend production at the high- 
est levels possible over the lon- 
gest period of time. 


Genus, the cattle breeding, 
farm management and anim al 
health division of Britain's 
Milk Marketing Board was 
spun off as a separate com- 
pany this week following the 
de-regulation of the milk mar- 
ket. 

The company's £23m In net 
assets has been distributed to 
dairy farmers who sold milk to 
the board between 1992 and 
1993. 

Mr John Craven, chief exec- 
utive, said the company was 
facing tougher competition in 
its core market of providing 
artificial insemination for beef 
and dairy herds following the 
relaxation of Ministry of Agri- 
culture rules. This has allowed 
smaller operators to undercut 
prices. 

"We clearly have to concen- 
trate on being more efficient 
and giving better valne for 
money," Mr Craven stressed. 
Genus had a turnover of 
£51. 6m with profits of £43m 
last year. 

Mr Craven said that the next 
couple of years would see the 
completion of the company's 
six-year breeding programme, 
which is aimed at providing 
high quality semen to farmers 
as a replacement for imported 
material. 

The company currently 
Imports two-thirds of the 
semen used for inseminating 
cattle, but Mr Craven said he , 
hoped to halve this over the . 
next two years. In its breeding I 
programme, to improve the 
genetic bank on offer. Genus 
concentrates on animals that 
yield a higher proportion of 
protein to fat in their milk as 
wefl as strong cows with good 
legs and feet 

The company expects its 
new commercial status will 
see growth in its farm man- 
agement business, animal 
health services and the sale of 
branded products. 


advisers, he founded in 1989 
the Namibia Centre for Holistic 
Resources Management which 
has 65 members. 

Success has enabled him to 
give a better deal to his seven 
workers. “If you want to 
involve your labour force, they 


‘After a few years I 
realised this is one^ way 
we pan stop desertifica- 
tion of tbe veld' 


must understand the goal and 
be part of It” be says. 

“That can happen only if 
their quality of life is 
addressed. 

They see a future for them- 
selves." 

In tbe L960s he took over the 
4.000-hectare family farm, 
Sonnieiten. It had only 300 cat- 
tle, and had suffered from use 
for milk production in the war. 
He was advised to destroy 


encroaching bush and reduce 
the number of cattle, neither of 
which he could afford to do. 

Instead, he pursued the ideas 
of a Rhodesian, Alan Savory, 
who had noticed that national 
parks, with their big, con- 
stantly moving herds of game, 
bad good-grass. 

The problem, says Mr Rust, 
is not the number of animals 
but the time they spend on a 
piece of land. If the time is 
carefully controlled, tbe hoofs 
of a big herd break up the bard 
surface and thfeir dung 
manures it, encouraging grass 
to grow and prevent thornbush 
seedlings from establishing 
themselves. 

He also decided on a holistic 
approach, avoiding poisonous 
chemicals that could barm the 
important dung beetles. He 
relies on birds to keep down 
ticks. 

Fences are used to divide his 
land into wedge-shaped pad- 
docks around waterpoints. Cat- 


tle stay in each paddock only 
for a limited time. "After * few 
years 1 realised this is ong way 
we can stop de sertifi ca ti on of 
the veld,” be says. -- . 

He points out that similar 
results could be aicltieved'wtfii- 
out fences on communal 'land 
by herding the- icattle from' 
place to place- He has been sur- 
prised to find that grasagenni- 
nates best in corridors when . 
cattle tramped most. 

Some of his land was Hfo 
concrete, yet it. recovered - 
despite betow-average rain, 
which suggests to: him that ' 
even the worst land can be 
restored. Given the hard sur- 
face, however, he : does not 
believe it will recover on its 
own. 

He now has 600 cattle. Gay 
man researchers discovered 
that his land hafr a higher per- 
centage of perennial grasses 
than land farmed convention- 
ally by the agricultural college 
next door. . ■ - •• -"•> 


jgifS 

..r'. - 

: : 

■ 


.... 

\Kh<£~ . j- 


• 




poods i* 1 

m t' ade 


End of line for aluminium ore association 


By Canute James in Kingston 


Members of the International 
Bauxite Association have 
agreed that it will be dissolved 
on December 31, saying that 
the industry and the market 
for the aluminium bearing ore 
have become “more transpar- 
ent" and are no longer “domi- 
nated by a few companies". 

The dissolution of the pro- 
ducers’ group 20 years and one 
month after its formation, fol- 
lowed the withdrawal of some 
members and a decision by 
Jamaica, where the association 
has its headquarters, that it 
was leaving because the IBA 
was no longer relevant to its 
needs. 

A communique issued after 
an extraordinary meeting of 
the IBA's council of ministers 
said that when the association 
was formed, the bauxite min- 
ing and refining industry was 
dominated by “a few multina- 
tional corporations who largely 
determined the prices paid to 


producers. With membership 
which between them produced 
over 80 per cent of the world’s 
bauxite and about one half of 
its al umin a output, the IBA 
was able to achieve for its 
members, adequate returns 
through a mutual exchange of 
information”. 

In announcing earlier this 
year that Jamaica would rec- 
ommend the dissolution of the 
IBA, Mr Robert Pickersgill, the 
island's mining- minis ter, said 
that its members' share of 
world bauxite production had 
fallen to about 25 per cent. “We 
have said to the other mem- 
bers that we do not think that 
we are progressing, and that 
we want an end to the IBA." 

The association, which baux- 
ite and alumina (aluminium 
oxide) consumers had feared 
would have become a cartel, 
has acted as a data hank for its 
members, allowing them to 
exchange information and 
ideas on the state of the indus- 
try. It received a setback two 


years ago when Australia, its 
most important member, pul- 
led out. questioning the IBA's 
relevance. India, another foun- 
ding member, also left the 
group. 

This deprived the IBA of 
about 40 per cent of its budget, 
and the situation was wors- 
ened by a high level of delin- 
quency among the remaining 
members. The association lists 
its members as Ghana. Guinea, 
Guyana, Indonesia, Jamaica, 
Sierra Leone and Surinam. 
Before Australia pulled out, 
the IBA had lost two of its 
founding members - the 
Dominican Republic and Haiti 
- because their industries were 
shut down. It also lost another 
founding member with the 
break-up of Yugoslavia. 

The EBA was unsuccessful in 
expanding its membership, and 
failed to attract producers such 
as Brazil despite repeated 
attempts. It also failed to bro- 
ker a commodity pact between 
bauxite producers and consum- 


ers under the aegis of the UN 
Committee . on -Trade and 
Development because of alack 
of support from either side, 
and because bauxite could not e, 
be organised in pacts similar to Tf 
those for other commodities. 
The operations of the assoda- - 
tion were also . adversely 
affected "by the failure of sev- 
eral members to pay their sub- 
scriptions to finance the body. 

In deciding to dissolve the 
IBA, the -members wiamtafriad 
that it had been valuable to 
bauxite producers. "Technical 
and market information sup- 
plied by the secretariat 
equipped members with a 
clearer understanding of the 
industry,” the council of minis- 
ters said. “This vital ingredient 
e nhanced not only the qnafity 
of negotiations with compa- 
nies, but facilitated the devel- 
opment of further processing 
activities. The market has 
become more transparent and 
the industry is no longer domi- 
nated by a few companies." 


•. * by* .... 

Si**?.::. 
.***£« : - 
.'til* c ?' : 

V " 


COMMODITIES PRICES 






BASE METALS 

LONDON METAL EXCHANGE 

(Prices Irom Amalgamated Metal Tradng) 


Precious Metals continued 

■ GOLD COMEX (100 Troy at; tftioy az.) 


GRAINS AND OIL SEEDS 

■ WHEAT LCE (C per tomq) 


SOFTS 

■ COCOA LCE (t/tomo) 


MEAT AND LIVESTOCK 

■ LIVE CATTLE CME (40, 0001 ter. cemsflbsj 


CROSSWORD 

No. 8,602 Set by DOGBERRY 


Cash 

Close 1860-2 

Previous 1837-8 

Hgh/low 187B/1875 

AM Offidai 187&5-6 

Kerb dose 

Open M. 281/432 

Total dafiy tunover 57.080 

■ ALUMINUM ALLOY (S per tonne) 

3 mtha 

1881-3 

1859-60 

180871870 

1896£-7 

1887-8 

Ckne 

1840-50 

1870-80 

Previous 

1840-50 

1875-30 

H^iffow 


1900 

AM Offidai 

1860-70 

1895-905 

Kerb close 


1895-905 

Open W. 

2,766 


Total etaly turnover 

287 


■ LEAD (S per tonne) 



Ooem 

674£-5£ 

689-90 

Previous 

807-8 

683J5-4 

HgMow 

671 

694/884 

AM Official 

8725-3 

685.5-8 

Kerb dose 


B82-3 

Open sit 

44.683 


Told (My turnover 

9,166 


■ NICKEL ft per tonne) 


Close 

7485-505 

7610-5 

Previous 

7430-50 

7550-80 

Hgh/low 

7535 

787Q/7550 

AM Official 

7535-40 

7645-50 

Kerb dona 


7620-30 

Open Int. 

67,567 


Total daily turnover 
■ 7W (S per tonne) 

18TO4 


Close 

6265- 75 

6360-5 

Previous 

6135-45 

6230-5 

Hghflow 


6400/5240 

AM Offidai 

6275-BS 

6370-5 

Kerb dose 


8365-70 

Open In. 

20307 


Total daily turnover 

7251 




Sea 

price 

p«y 

cunge 

«Bl« 

Km 

Opn 

tat 

ML 


Sett 

price 

cflaipc 

MUb 

Low 

Opm 

1st 

M 


Sen 
pries 1 

Huy'S 

Amgs 

M* 

OpK 

Um ht M 


Ssa 

pries 

Days 

(tongs Mgh 

Lsw 

to" 

tel 

VU 

Mm 

383.1 

-1.1 

3644) 

3834) 

- 


■» 

10450 

-066 

10SJU 

10465 

759 

07 

Dk 

945 

+3 

948 

942 20302 1312 

DK 

70.250 

-0300 70350 

70150 

30306 

9335 

Dk 

384.4 

-1.1 

385.4 

384^ 

64X77 19X61 

Jn 

10020 

-0.75 

106.70 

10020 

1362 

85 

tear 

974 

+4 

976 

969 42.876 2315 

FK 

B9.T5Q 

-0J50 69J75 

68.100 

21328 

43D7 

Jh 

38B.1 

-1.1 

- 

- 

- 

- 

liter 

10015 

4) as 

108.75 

10025 

1306 

21 

Mar 

963 

+5 

985 

960 14.705 1371 

Apr 

69375 

-0225 69325 

60560 

13.312 

2329 

Ml 

38&0 

-1.1 

388.9 

387X 20,431 

3.188 

■ey 

11020 

-a75 1ia7S iiaso 

1.602 

70 

M 

996 

+6 

996 

994 6.426 17 

Jm 

65300 

-0325 65325 

85390 

4381 

578 

ta 

381.7 

-1.1 

362.7 

391.6 

9X80 

423 

M 

11135 

-030 

- 

- 

120 

- 

Sep 

1007 

+3 

1008 

1005 12.694 33 

Aug 

64300 

-0200 64350 

64350 

1512 

181 

Jus 

Tote 

3954 

•1.1 

39EJ 

3953 9,735 755 

■mjaa 25,757 

Sep 

Totei 

95.75 

-075 

96.00 

95J0 

40 

0491 

IS 

281 

Ok 

Tm 

1024 

+3 

1029 

1025 9342 IM 
112319 5,177 

Oct 

Total 

65375 

-0175 65350 

65375 

288 68 
71,132 17,007 


PLARWUM NYMEX (50 Tray OZ-; S/bpy OZ.) 


WHEAT CST (5,000bu min; contsiAXKb bustieA 


JH 

419.4 

■11 

• 

. 

18334 

2.135 

tor 

4233 

-2.1 

4223 

41B3 

4333 

HI 

M 

4233 

-01 

4205 

4200 

1502 

546 

Oct 

4317 

-2.1 


- 

497 

65 

Jn 

Tetri 

438.7 

-2-1 

" 

“ 

10 

25,178 

3370 


COCOA CSCE (10 lamas; S/lonnes) 


UVE HOGS CME WOOOtos; oenta/tosj 


PALLADIUM NYMEX (100 Troy OE4 Wray eg.) 


DK 

16135 

-1.10 

16100 

161-35 

4357 

1336 

Itar 

16335 

-14)0 

164.50 

16180 

2701 

288 

Jm 

16435 

-UD 

- 

- 

465 

2 

Sk 

16630 

-130 

- 

- 

31 

- 

Tetri 





7,754 

I3Z4 

■ SILVER COMEX (100 Tray ot; Cwita/tray at) 

Itav 

5263 

-43 

. 

. 

. 

. 

Dk 

5207 

■43 

5343 

5273 73342 

14303 

Jk 

5313 

-43 

S333 

5333 

87 

3 

Mar 

5373 

-43 

5423 

5363 20241 

1303 

Mqr 

543.1 

-43 

5483 

5423 

4,723 

160 

Jri 

S49L3 

■43 

9513 

5483 

4382 

342 


Bee 387/6 -4/4 333/0 387/0 35.790 a 17? 

Mar 399/0 - -4/0 403/E 3000 21235 4 >44 

May 378/2 +-26 382/D 377/0 4.165 513 

M 347/4 -1/4 350/0 346/6 10.104 1.097 

Sip ' 352/2 -0/2 352/2 352/2 281 25 

DCG 362/0 -2/0 363/0 362/0 150 

TeM 75J31 15351 

■ MAIZE CBT (5,000 bu min: cents/5gb bushel) 
Drc 2150 -0M 216/0 215/0114,327 21/132 


1319 

-7 

1335 

1317 24365 4313 

Ok 

34.175 

-aioo 34350 

33325 17383 

3.453 

1347 

-10 

1362 

1345 29346 3.542 

FK 

36*50 +0.150 37*50 

36.175 

8350 

2384 

1373 

-12 

1388 

1371 

7362 

324 

to* 

37050 

-0200 37375 

36650 

4.796 

740 

1398 

-12 

1408 

1400 

3.137 

423 

Jm 

42600 

• 42300 

41350 

2,285 

290 

1423 

-6 

- 

- 

1.485 

226 

tog 

41.950 +0-200 42300 41.450 

408 

20 

1467 

■8 

1465 

1464 

4.949 

55 

Oct 

38300 

+0200 39.150 

38.450 

335 

57 





75381 

9708 

Tetri 




34333 

7307 


OK 1319 -7 1335 

Uar 1347 -10 1362 

Hay 1373 -12 1388 

M 1308 -12 1408 

Sap 1423 -6 - 

Ok 1467 -9 1«5 

Total 

■ COCOA OCCO] (SDR 's/Tome) 


DBC 215/2 -0M 21881 215/0114,327 21/132 

Itar 228/2 -0/4 2Z70 2280 33^31 <898 

Hay 234/2 -0/4 234/6 2340 25.428 1.124 

Jd 239/6 -OH 240/4 239/4 33,159 1010 

Sap SMM -ON 2450 M/2 3,033 40 

0k 249/0 -OH 240/4 248/4 14.491 628 

ToM 254/363 2*884 


■ PORK BELLIES CME WLOOnba; centa/M 
Fab <13)0 +41225 42.750 41.300 8076 2 


Daly 


■ COFFEE LCE (S/tonne) 


114391 17301 


ENERGY 

■ CRUDE 08. NYMEX (42.000 US flans. S/band) 


■ ZINC, apodal high gmla (S pgr tonne) 


Ooso 

11613-23 

• 1183-4 

Previous 

11433-83 

1170-1 

Mgh/knr 

1181 

118971168 

AM Official 

11603-1 

11B2-23 

Kerb ckne 


1182-3 , 

Open Ml 

106382 


Total dafiy turnover 

18,413 


■ COPPER, grade A (5 par tonne) 


Ctose 

2754-5 

2704-5 

Previous 

2712-4 

2691-3 

mghflow 

2770/2705 

2732X2690 

AM Official 

2768-70 

2716-7 

Kerb dose 


2703-4 

Open int. 

224300 


Tout drily turnover 

77.738 


■ LME AM Official £/* rata: 1-8204 
LME dosing E/8 rate: 1^130 



IM Day*a 
ptm change Mgb 
Dk 10.77 -0 18 1833 

Jn 18.48 -0.15 18.G6 

Fab 1828 -0.15 I&43 

Har 1830 -0.10 1839 

Apr 18.10 4L10 18.18 

May 1838 -007 18.10 

To tri 


Low tat Vol 
18.77 87753 50803 
18.46 78402 29711 
1828 37081 11773 
1030 25117 5593 
1838 18255 3283 

18.06 12068 1320 

391,700119368 


■ CRUDE Oft. IPE S/bwraT) 

Latest Days Qpm 

pika donga Mgfa lea tat m 

DK 17.53 -0.06 1739 1739 73,703 27380 

Jan 1737 -0.04 17.18 1698 58S47 22344 

Ml 1835 -037 1835 1630 28374 6347 

liar 18.70 -036 16.79 1836 12,793 3,109 

Apr 1634 -034 1638 1661 4360 94 

Hay 1657 -035 1657 1657 3.006 950 

1MM 164929 G0.4Z1 

H HEATING OtL HYMEX (42300 US galaj aUS flrifej 


■ BARLEY LCE (E per tonna) 

to* 

ioo.re 

-025 


75 

. 

Jk 

ira.15 

-035 


- 441 

- 

to 

105.75 



- 130 

- 

■to 

10750 



48 

- 

top 

a?nn 

-130 


’ - 5 


Total 




on 

- 

■ SOYABEANS CBT (5,00abu ton; ceeb/GOB Deriiri) 

to* 

546/2 

+OT 

547/8 

5446 13253 12.155 

Jm 

5SB/D 

+0/4 

559/8 

5568) 59367 25364 

liter 

568/0 

+00 

589M 

566/2 25377 

2/90 

May 

S7B»2 

•OH 

577/4 

574H 12364 

571 

Jri 

682/8 

+0/2 

584/0 

581/2 20.797 

1.461 

tog 

585W 

■0* 

587/4 

585/0 1367 

36 

Tetri 




43,032 

■ SOYABEAN OA. CST (GO.OOOtos: certsAb) 

Dk 

26.87 

+033 

2635 

2632 34396 

12.100 

Jk 

2533 

+340 

25.95 

25.41 18384 

4.161 

■tar 

2538 

+022 

25.17 

24.75 14336 

33(0 

May 

2431 

+009 

24.75 

2439 12.138 

822 

Jri 

2430 

+032 

2430 

24.15 7385 

633 

toq 

2430 

■fflOT 

2425 

24.05 2359 

51 


Total 94307 22346 

■ SOYABEAN MEAL CUT (100 tons S/ton) 


HO* 

3340 

+17 

3340 

3Z70 

900 263 

Jan 

3383 

+20 

3395 

3315 

T3JH9 2708 

tear 

3346 

+10 

3386 

3300 

8J>&6 1.709 

•toy 

3330 

+9 

3336 

3275 

3J37 Z77 

Jri 

3300 

-3 

- 


1^59 

Sep 

3285 

-13 

3265 

3260 

1.465 60 

Trial 





28JB8 5017 

■ COFFEE *C* CSCE (37300n»; centettra) 

Drc 

180.70 

+2.40 

18225 

177 JS 

11,9*6 6,704 

ttw 

18555 

+245 

167.00 

18200 

12525 5,109 

to 

187.60 

+0.10 

18920 

18425 

5.150 550 

Jri 

109-00 

+0.50 

191 JO 

iwm 

1,788 36Z 

SK 

19080 

+060 

19200 

188.75 

987 203 

Dec 

192.50 

+1.00 

19250 

189JM 

915 63 

Tetel 





33,417 16,123 

tontowr 2 


Price 


Prei. toy 

Comp, dafiy 


.17204 


17856 

15 day map 


. 18264 


18323 

■ No7 PREMIUM RAW SUGAR LCE (oents/tori 

Jan 

1300 

- 

. 


- 

Mar 

1305 

- 



90 

■to 

1144 

-0.01 

1144 

1144 

400 160 

Jri 

1113 



- 

450 

Total 





940 190 


41200 +41225 42.750 41300 8.078 2>50 

42.400 +0025 42300 41.400 7.Z7B 425 

43.125 +0025 43300 42.750 313 42 

44J00 +4L300 44350 43.400 329 24 

43.400 -0.100 43.400 42300 76 4 

10370 3>45 


LONDON TRADED OPTIONS 

Strike price $ tome — Cato— — Puts — 
■ ALUMINIUM 


■ WHITE SUGAR LCE (S/larmo) 


0k 

1585 

•1.1 

1602 

1582 39^34 

7,784 

DK 

364BD 

-150 365.40 36300 

2,764 

134 

Ja 

1603 

-05 

1615 

1600 18524 

3503 

■tar 

35750 

-OB6 358.50 35650 

8535 

1,172 

Uar 

164.3 

•15 

1665 

164.1 15.733 

2050 

May 

354.40 

-200 ,155 nW 35180 

1056 

168 

May 

1605 

-05 

mo 

1682 8J95 

558 

to 

34950 

-260 351.00 350.00 

3,099 

85 

Jri 

1710 

■OS 

1733 

1722 9053 

1.131 

od 

326 SO 

-210 326.00 32500 

909 

13 

tog 

Trial 

1743 

-05 

175.4 

1745 1585 167 

9BUOO) 1SJMZ 

Ok 

Trial 

in an 

■210 

17 

18581 

1563 


(99.7%) LME 

Dec 

Mar 

Dk 

Mar 

1860 

90 

126 

56 

80 

1875 

77 

113 

68 

92 

1900 

■ COPPER 

65 

105 

81 

106 

(Grade A) LME 

Ok 

Mer 

Dk 

Mer 

2600.. . . 

155 

137 

41 

105 

2650 

123 

114 

58 

130 

2700 

96 

S3 

80 

158 

■ COFFEE LCE 

Jen 

Mar 

Jan 

Mar 

3400 

222 

305 

238 

357 

3450 ^ 

202 

288 

289 

390 

3600 ... 

186 

272 

302 

424 

M COCOA LCE 

Dk 

Mar 

OK 

Mar 

950 

13 

68 

IB 

44 

975 

5 

» 

35 

58 

1000.... . 

2 

45 

57 

71 

■ BRENT CRUDE IPE 

Nov 

Dk 

Nov 

Dk 

1660 ...... 

96 

91 

8 

40 

1700 

SI 

71 

13 

72 

1750 

25 

51 

32 

103 



LONDON SPOT MARKETS 

■ CRUDE OIL FOB (par txwroWJod -or 


Spot1512S 3 nxtixl.61 12 6ndhc1.6084 Btohsl.6050 
■ HIGH GRADE CORPS) (COMEX) 



Beta 

Olft 


km 

OPK 

to 

Vri 

tov 

12SJM 

-250 

12760 

125JXJ 

TJ6B 

241 

Dk 

12170 

-2B0 

12660 

12150 

40J21 

2.48S 

Jk 

12280 

-27D 

1ZS55 

124.10 

857 

157 

Frit 

121A0 

-290 

12390 

12190 

578 

5 

tear 

120.00 

-3.10 

12390 

120.00 

9901 

2203 

Apr 

1 19J2S 

-120 

- 

- 

702 

ID 

total 





GU81 

5964 


PRECIOUS METALS 


■ LONDON BULLION MARKET 
(Prices suppled by N M RottadiBd) 


GoM (T ray cc.) 


Opantflg 
Morning Bx 
Afternoon fix 
□ay's High 
Day's Low 
Previous doss 
Loco Lain Moon 

1 month 

2 months 

3 mo n t h s 

SOrer Rx 

Spot 

3 months 
6 months 
1 year 
Gold Coins 
Krugerrand 
Mopta Leaf 
Nmr Sovereign 


S prtoe 

383-50-383.90 

383.70-384.10 

38330 

38330 

38430-384.60 
3833038330 
38330-38330 
i Gold Landing Rata 

4.50 6 months 

— .4.83 12 mantr 


i(VsUS$ 

5.14 

I 5.63 



latest 

Oafs 



Open 



pfce 

dasgs 

Mgii 

Lew 

tat 

Vri 

Ok 

5190 

-890 

5195 

5075 

47,144 

17,688 

Jk 

51.45 

-0.17 

5190 

5190 

34944 

6^22 

Mi 

5195 

■817 


51.75 21978 

2990 

Mir 

51.50 

■812 

51.75 

5190 

11917 

675 

Apr 

5090 

■007 

5090 

5070 

7956 

246 

toy 

5020 

-8.12 

5020 

5015 

5967 

56 

Tetri 

M BA 

SOB. PE 

(Starm 


153906 29927 


son 

Iteyte 



OpK 



Mfca 

etringe 


Low 

to 

W 

HM 

15125 

+890 

15495 

152.75 

21751 

6764 

Ok 

15590 

+090 

15695- 

15590 

36940 

5.474 

Jk 

15790 

+190 

157J5 

15675 

20901 

2933 

FK 

15825 

+195 

15896 

15790 

8957 

968 

Mar 

15890 

+190 

15895 

15790 

9986 

733 

Apr 

15695 

+1^5 

15690 

15690 

714 

328 

Tetri 




103964 1797S 

■ NATURAL BAS NYMEX (10000 mnBhL: SAnrito) 


■atari 

itorte 



Opon 



rites 

etangs 

Mflb 

Low 

to 

Vri 

Dk 

1970 +8901 

1982 

1946 

20447 

15994 

Jn 

2920 

-0907 

2945 

2905 

16784 

4988 

Fab 

1970 

-0907 

1985 

1960 

12933 

2962 

Mar 

1920 

-0902 

1930 

1915 

12,482 

981 

Apr 

1980 +8908 

1980 

1970 

eiw 

306 

to 

1980 +0900 

1980 

1970 

8918 

211 

Tetri 




1 33JS9 2*160 

■ UNLEADED BASOIJNE 





■ POTATOES LCE (Ertonne) 


■ SUGAR 11’ CSCE (112,MX*»: centsflbs) 


tor 150.0 

tear 1060 

Apr 2253 +33 22S.S 2233 1.488 27 

Itay 235.0 -73 

Job 1073 

Tote 1/480 27 

■ FREIGHT (BtFFEX) LCE (SWmdax poM) 


Nov 1770 -30 1780 17G0 278 24 

DK 1995 -29 1710 1675 317 82 

Jn 1625 -33 1655 1625 1.055 51 

Apr 160a -37 1600 1595 893 6 

JH 1428 -12 1425 1425 137 5 

Oct 1443 -32 - - 17 - 

Total 2397 166 


Star 

1118 

■803 

1120 

111210092331939 

MW 

1116 

■093 

1121 

1112 27970 

7476 

Jri 

1103 

■008 

1107 

1100 

17975 

1061 

Od 

1294 

+091 

1298 

1250 

14946 

2938 

Itar 

1214 

+801 

1220 

1212 

2109 

322 

BiT 

1214 

+801 

1215 

1213 

81 

45 

Total 




1B1IW <1956 

■ COTTON NYCE pOOOtew cents/tos) 


Dk 

7194 

-893 

7260 

71.76 

21756 

4937 

Itar 

7129 

•826 

7195 

7120 

16943 

U52 

iim 

7440 

-827 

7490 

7426 

7.157 

608 

Jri 

73.15 

•820 

7590 

7495 

4963 

102 

Oct 

7842 

-093 

- 

- 

597 

36 

Dk 

89.42 

+092 

6955 

6995 

2963 

S3 

TOM 





54999 6926 

M ORANGE JUKE NYCE (1540afas: cente/too) 

Nov 

10690 

+1.15 

109.90 

10690 

770 

189 

Jn 

11295 

+135 

11160 

11190 

14,464 

1,026 

Mv 

11640 

+1.10 

11690 

11490 

5967 

152 

May 

11990 

+895 

12095 

11890 

19» 

11 

Jri 

12260 

+045 

12390 

12100 

910 

4 

top 

125.15 

+870 

12595 

17*90 

859 

62 

Trial 





2B927 1444 


Dubai SI 630-635= +035 

Brant Blond (dalod) *1731-7.93 +0385 

Brent Stand (Dec) Si 7.58-7.60 +0395 

W.TJ. (1pm esU *18 84-665= +037 

■ OIL PRODUCTS NWEpronjn detvary OF (tenna) 


Prornkm Gasoline 

bm OH 
Hoavy Pud Oil 
Naphtha 
Jet fust 
Diesel 


SI 82- 185 
*156-157 
$100-103 
Si 70-172 
S1B1-18? 
*182-184 


ACROSS 

l Alternative to stunted rela- 
tive holding on and opening 
island (14) 

10 Forever turning on brown edit 
(5) 

11 Parrot receives votes cast by 
Romeo and Juliet, say (4A) 

12 Heavenly harmony, ulti- 
mately, is reflected in flair <7) 

13 Clothes ripped without pur- 
pose (7) 

14 Not one to complain about 
beds with one in (5) 

16 Pre-empt disease with odds -off 
speculation (9) 

19 Get involved in worry about 
centre of Everest (9) 

20 Track records to order (5) 

22 Note inclusion of one such 
wild flower (7) 

25 Club that's after returning 
officer in Ill-kept house (7) 

27 Make decapitated bird come 
bock in to revive (9) 

28 Venetian leader catches Dan- 
ish leader with trick (5) 

29 Godfather's business, or dirt 
in wbich dance is choreo- 
graphed (9,51 


6 School that's about teachers 
holding up birds (9) 

7 Feature about love on the end 
of a rope (5) 

8 Deceased still in baby clothes 
(7) 

9 Pressure rising in dessert 
spoon (5) 

15 Crime writer's incomplete 
article of faith (9) 

17 Test’s not finished: go on a 
spree (9) 

18 Stream diverted by barrier 
into city (9) 

19 Deduce no scene of torment 
17) 

21 Girl edging into chaos (6) 

23 Extended family force reso- 
nant sound (5) 

24 Collect degree in dope (5) 

26 Her Majesty's Investigator 
are on top of drink (5) 
Solution 8,601 


PeMaum Alum. IM London (On; 3S9 8782 
■ OTHER 


WHg(423D0U5gfc:c/USgt«aJ 

LaM Dtefte 


»91 

p/troy az. 



rites 

ctoeys 

Hub 

law 

tat 

Vri 

US ds squ/v. 

Ok 

5830 

-192 

5890 

■arm 

31961 

21986 

328.10 

632.00 

Jk 

«H1 

•099 

5795 

5890 

16967 

8917 

332^5 

53820 

toh 

5695 

-094 

5825 

5690 

6JB7 

1919 

33820 

547.00 

Itar 

56-20 

-829 

HBfiW 

5890 

4.126 

796 

36090 

585.45 

Apr 

59JO 

-824 

5870 

5DJD 

4J75 

166 

S price 
386-388 
33345-398.45 
SO-S3 

8 equhr. 
238-240 

55-58 

m»t 

Tetri 

5835 

-894 

5890 

5890 

1,752 2 

68994 329M 


The wool market «Mch was accelerating very 
dk»e to a new seasonal peaks under me lead 
o* finer merinos In AiouaMa. turned easier Oita 
week. The merinos which previously had rtsan 
so Strongly eased most sharply, whto breeder 
types maintained steatflness. The week dosed 
wrlh soma un c ertainty about whether the worst 
was owsr or nOL The market tndfcator In Aus- 
traka fen from 802 to TSIc/kg. Marry In the 
trade sta aqnss long-term confidence In the 
supdyrttomond outlook as a oasis for firm 
prices, but when It conies to day-to-day bid- 
ing everyone agrees that price rices in recent 
months have been very tfifficuit to pass on. 
Thera is also talk of increasing use of 
man-made fibres (n Mends, as wool gats 


VOLUME DATA 

Open interest and VkAane data shown for 
co r ib a c ts traded an COMEX. NYMEX. CBT, 
NYCE. CME. CSCE and IPE Crude Ofi ®o one 
day in arrears. 


INDICES 

■ REUTERS (Base: 1679/31=109) 

Now 3 Nov 2 month ago yoor ago 

21043 2105.0 20M.3 1815.1 

■ CRB Futraws (Base; 1987=1001 

Nov 2 Novi monbi ago year ago 

23431 233.53 229.66 219.09 


Gold (per trey aztf 
Silver (per trey ojJ* 
Ptattaum (per trey az.) 
RaOacSum (per boy cu.) 
Copper (US prod.) 

Load (US prod.) 

Tin (Kuala Lunpw) 

Tta (New Yorit) 

Cattle (five wsrighot 
Snesp ffve wetgMlfA 
Pigs (five wfrighQ 
Lon. day eugor (raw) 

Lon. day sugar (wts) 
Tate & Lyle export 
Barley (Ena food) 

MoCre (US No3 Yetow) 
Wheat (US Dark North) 
Rubber (Deep 
Rubbor (Jan)V 
Rubber (KLRSSNol Jte) 
Coeoran CM (Phl)§ 

Palm 04 (MalayJS 
Copra (Phfl§ 

Soyabeans (US) 

Codon Outlook' A 1 Index 
Woo A nps (64s Super) 


DOWN 

2 Girl in agony proved model 
mate for Billy (5.-1) 

3 Not bad for a holy beast (5) 

4 Wine producer receives book 
on beer from saint (9) 

5 No time for original rock- 
steady comeback (5) 


QHHEina EEQaEDDB 

HQ 0 □ □ a C 

□□□□□a amEinnBGE] 
a a u q o h a a 
LJBuanaooi beejeee 

0 H H B □ □ □ 

saga HHaaaiaanBE 

Q B 0 0 Q 0 
□000000000 B0DE 
a ^ h □ a a 0 11 
□0OB00 □B0000QB 
□ 0 □ □ a Q 0 H 
aauBUQua BaHaon 
0 a o b 0 

HOBO00O0 DQ0OBB 


C oar lanm untaaa MlwnriH 004 . P pwaAg. c 
imn/la m USnOe anrs/hs. V OeiriJec. » NnoTXjC. il 
Oct/Hot. z Doc. t Nov. V London PfiyOcta. 9 CF IW»- 
Com. A Bttaon mnrfcM ckm. ♦ Shore 0 M wnWit prtc *4 ' 
Oungo on Mi O PiUr n to oerious day. 





-f V- • * ■ 
7. 


s ' - : '- 


i 4* 11 


IBS' ««?_•** 511 


3K -Or 

C ; c ; c . 

, w IB i ■3:V. 


v is-. .: <V . : : : ; 

2 *3j' :*!-. s ; 


-••it 

•••: • i ■? 


i 31v:3« 
s 5C-: ’ • : 

i lansmiFT-si -x .--ui' -•? ' • - 


sa x m i :zzi x 4 - 
b e. • : 35 - 

in akit iff. : : x. •: - 
2 IS;!-": "W- 

!7 &.£' ~ - 

.-li 37 : 

1 tui»*?.i: k • 

1^as-c-. 

IBBOSTyiErT-EE VS SSt '.Sc* ~ 


'toii-a' :n,v- ;.-n . j — .. . 


HH 


1 ■ 

i 'JBwai 

i 

■ «• I-. 7 -j-s - • 

^au-swrs 

1 fl-SE Actuaries Aii-Sharo 





0 ! ndu 


So, 


(> ! 






d 


Hd 


,] an 


FINANCIAL TIMES FRIDAY NOVEMBER 4 1994 

★ 



41 



LONDON STOCK EXCHANGE 



MARKET REPORT 



FT-SE-A All-Share index Equity Shares Traded 



* 


nwMUii vuM-vni 

FT-SE Index regains 3,100 towards the close 


By Terry Byiartd, 

UK Stock Market Editor 


... The reappearance of the Federal 

'■'■i- Reserve in the currency markets 

brought a hurried scramble for 
stock in the UK equity market 
towards the close of yesterday's 
trading session. The Footsie 3,100 
mark was recaptured for the second 
time in volatile trading which also 
inspired a strong list of Individual 
company features. 

The final reading put the FT-SE 
100 Index at 3,204.4. a net gain of 
23.1. The Footsie had Cleared 3,206 
at midsession as British govern- 
ment bonds responded favourably 
to the better performance overnight 
in US bonds and the dollar. But the 
rise of 25.3 on the Footsie was cut 
bad; sharply when news of a 16 per 
cent gain in US home sales for Octo- 


c. \ 

•I 'CJS 


ber weakened the dollar. The Fed’s 
renewed support for the US cur- 
rency came late in the London trad- 
ing day and triggered a swift 
response. 

UK strategists expressed satisfac- 
tion last night with the Fed’s evi- 
dent determination to support the 
dollar, but said that the market will 
focus closely today on the US Octo- 
ber payroll statistics. These are 
expected to show a sharp increase 
and could thus renew the threat to 
the dollar, and to European bond 
and equity markets. The Dow 
Industrial Average also turned 
round in UK trading hours to show 
a gain of around 15 points in early 
deals. 

The market was active from the 
opening of business, with Elf-Aqui- 
taine selling its near 10 per cent 
stake in Enterprise Oil as it bought 


a stake in Renault, the French car 
manufacturer, whose partial priva- 
tisation got under way yesterday. 

The 50.7m-share Enterprise stake, 
double-counted on the Seaq net- 
work as BZW and Cazenove passed 
the shares on, boosted the day's vol- 
ume total, 'which received a further 
.lift when a Swiss-based fund man- 
agement group purchased a stake in 
Northern Foods: without these 
deals, the day's trading volume 
would have remained unexciting. 

The day’s final Seaq turnover 
total of 683ra shares compared with 
558.7m on Wednesday, About 52 per 
cent of the day's business was done 
in non-Footsie stocks, somewhat 
below recent averages. 

The FT-SE Mid 250 Index, taking 
In a range of second line stocks 
which pay less heed to currency 
markets, added 8.8 at 3,530.8. 


The stock market continued to 
assess prospects for domestic inter- 
est rates in the wake of this week's 
inflation report from the Bonk of 
England. Fears of an immediate rise 
In base rates have subsided, but the 
market has not changed its percep- 
tion that base rates will move 
higher around the turn of the year. 
The UK Treasury's panel of inde- 
pendent economic forecasters yes- 
terday called for a neutral budget 
from the chancellor of the exche- 
quer in a few weeks time, but some 
members believed that further rate 
rises would ne necessary “in due 
course". 

Dollar stocks headed the rebound 
in the market. Oil shares were par- 
ticularly strong, still responding to 
the good trading results announced 
from the sector leaders. The Enter- 
prise Oil deal inspired activity 


among the second line issues. 

Pharmaceuticals also stood out 
well, although Boots failed to find 
favour in spite of a successful 
performance in the US by its anti- 
arthritis drug. 

Among the interest rate-related 
issues, store groups showed up 
firmly, with market traders hoping 
that the ail-important Christinas 
selling period would not be blighted 
by any upward move in domestic 
interest rates. 

The market sounded more confi- 
dent than for some weeks, with 
some analysts convinced that the 
US Federal Reserve would continue 
to support the US dollar success- 
fully over the period of the US 
mid-term elections. Stability in 
currencies would offer the opportu- 
nity for UK equities to stage a year- 
end rally. 



Turnover by volume (mflBon). Exdueftng: 
intm-njafcet business and overaaas turnover 
IflOO 



■ Key Indicators 
Indices and ratios 


FT-SE 100 

3104.4 

+23.1 

FT Ordinary Index 

2377J2 

+21.8 

FT-SE Mid iSO 

3 530.8 

+8.8 

FT-SE-A Non Fins p/e 

18.88 

(18.80) 

FT-SE- A 350 

1555.2 

+9.8 

FT-SE 100 FuJ Dec 

3119.0 

+22.0 

FT-SE-A AH -Share 

1540.02 

+91.0 

10 yr Gilt yield 

8.79 

(8-85) 

FT-SE- A AB-Share yield 

3.93 

1355) 

Long gHt/equity yld ratio: 

2J24 

(2.24) 

Beet performing sectors 


Worst performing sectors 


1 Pharmaceuticals 



+1.6 

t Textiles & Apparel 



-1 J3 



.... +1.5 



-i,i 



+1J2 

3 Water 


. .-0.9 



+1.1 




5 Electronic & Sec Eqp(..._ 

..... +1.1 

5 Pmperiy 


-—-0.4 



Northern 
Foods in 
big trade 

Leading Food manufacturer 
Northern Foods saw exception- 
ally heavy trade late in the day 
which prompted well-founded 
speculation that one of its big- 
gest stakeholders had sold out 
Large blocks of shares 
adding up to a total of 2im 
were all sold at 195p to PDFM. 
the fund management group 
which already holds 10 per 
cent of the group. 


Northern said it was unper- 
turbed by the change of owner- 
ship and unaware of the sell- 
er’s identity. If all the trades 
represented one side of the 
e x c hang e, they would amount 
to more than 3.5 per cent of the 
company’s shares. Several ana- 
lysts said the seller might have 
been Norwich Union, which in 
August was recorded as own- 
ing 3.52 per cent of the group. 
The East Anglian insurance 
group was unavailable for com- 
ment last night 
Northern Foods is expected 
to suffer in the short term from 
the recent deregulation of the 
milk industry - milk deliveries 
account for a large part of the 
company's business. On the 


other hand, Northern's shares 
have Gillen by a third over the 
past two years and PDFM has 
a reputation for buying shares 
on weakness. Northern's 
shares closed a penny softer at 
199p. 

Enterprise sale 

The long-awaited sale by Elf 
. Aquitaine, the French state- 
owned oil company, of its near 
10 per cent shareholding in 
Enterprise Oil, largest of the 
UK oil exploration companies, 
did little harm to Enterprise 
shares, which finished only a 
penny cheaper at 385p. Turn- 
over, swollen by double-count- 
ing of the placing, reached 


EQUITY FUTURES AND OPTIONS TRADING 


Stock index futures moved 
back on to the offensive, 
climbing confidently back 
above 3,100 and wiping out 
most of the previous two days’ 


losses, writes Jeffrey Brown. 

The FT-SE 100 December 
contract led the cash market 
for almost the whole of toe 
session, toe premium rarely 

■ FT-SE 100 IHQ6X fUTUHES (LffPE) E2S pw tUl Inctex pofcrt 


(AFT! 


It 
•s' , ^'.- 


, 





Open 

Sottprica 

Change 

High 

Low 

EeL V0l 

Open frtf. 

Doe 

3092-0 

3119-0 

22.0 

3128.0 

3076.0 

12382 

53273 

Mar 

3113.5 

3138-5 

21-5 

3135.0 

3113-6 

75 

3815 

Jut 


3160-6 

21£ 



- 

BO 


■ rr-se mid mo index fuiubbs (urfe) eio par m radax point 


Ok 


3S324 35400 


an 


35600 3532.0 


S2 


4217 




■ FT-SE MD 250 IHOeX FUTURES (OMLX) glO pw tufl index po+a 
Dec " 3540.0 I I 3 

At Dpw .kMrM Kgmt ire kr provnu* day. t Enact wtfunw shown. 


■ FT-SE 100 HDB( OPTION [UFFEj fCIQS} E1Q per tuB Index point 

2850 3000 3050 3100 3150 3300 3250 3300 

CPCPCPCPCPCPCPCP 
«W 175 5 cafe life Off 22 » 39 29 S5fe 10Pj S% 148 2 UP* 

Dec 1fl5>2 28 VSIh&hMNiSIh 90 73 G5 Wt 44*2 129 30 1641*17*2 205 

Jan 223 45 1102 50>i 15* 7*la 122 561/ 821*117127112 148 5Hj 178 38*2 216 

to Ml 52*2 204 65*2 171*2 84 142 104 M3 127 82 158*2 71 187 55*2 223 

Junf 280*2100*2 188*2 138 MOzISCMa 100 250*2 

CJfe *A13 Putt 5,138 

M EURO 3TY1E FT-SE 100 INDEX OPTION flJFFQ 210 per tu9 Index point 

2926 2978 3025 3075 3125 3175 3225 3Z7S 

Mo> ns*2 5 148*2 8h 188 17*2 ^*2 20*2 41 SO 21 80 #2 118 4 162 
DOB 215*2 22*z178*z&fe *38*2 45 1802 SZ 77% 83*z 8S*Z 1002 34*2f39*z 2t 178 
Jan 335*234*2 184*261*2 187 103 63*2 158 

Mar 282*254*3 1M 83 138 122*2 91 175*2 

Juat 302*2 78 237 108*2 178*2144% 128*2191*2 

Ms 14*4 Ms Z33 * Ueda rtytaQ todne (skis. fttnkna shun m MM an ssusnnt prim. 

T Inp riM ifly aod> 

■ EURO STYIE FT-SE BMP 350 INDEX OPTION {OfcBjq EIO pwrfuU Index pofrit 

3400 3450 3000 3880 3000 3880 3700 3780 

Oct 120% 58% 93% 80 s * 70% 107*s 

CM 0 Ms 0 SstMnnt prim aad saKnss an MM it 4J0pa. 


dipping below 20 points and at 
times moving out to 25 points. 

Trading volume was slightly 
short of Wednesday's level, 
but dealers sad their was a 
much better base to business, 
with a number of old feces 
putting in a reappearance. 

According to one trader, 
there were dear signs of 
Continental buying for the first 
time since micf-summer, with a 
number of sizeable Swiss and 
Austrian deals going through. 

The size and apparent 
durability of the premium over 
cash equities also triggered fair 
levels of arbitrage activity. 

At toe official 4.10pm close 
the December contract stood 
at 3,118, up 21 points. The 
premium to toe cash market 
was 16 points, or twice that of 
current fair value. 

Just about the only 
disappointment was the below 
average trading volume, with 
10,868 contracts dealt, against 
12,261 on Wednesday. 

Traded options turnover was 
also lower, dipping to 18,915 
lots from 28,484. FT-SE and 
Euro FT-SE volume was just 
above 12,000 lots. British 
Airways was toe busiest 
individual stock option, with 
1,041 contracts dealt 


128m shams. 

Elf sold 50.8m Enterprise 
shares, its entire stake plus 
some stock jointly owned with 
Enterprise, comprising overall 
10.3 per cent of Enterprise’s 
equity. The stock was placed 
with international investors by 
a syndicate led by BZW and 
including Cazenove and Dresd- 
ner Bank. The deal Involved a 
bought deal, with the syndicate 
believed to have paid 365p 
apiece for the shares and 
placed them at 369 p, realising a 
profit of around £2m. 

Mr Steve Turner of Nomura 
said: “In the short term there 
may be a bit of indigestion, but 
longer term it removes a major 
overhang from the shares." 


TRADING VOLUME 


■ Major Stocks Yesterday 
VoL Ckxtog Do/l 
, OOtti pnee tfwao 

at 

ASOAOnupt 
Abbey Nabonart 

Alien Rotor 
AHedOonwxit 
Afitffcei Water 
Argos 

ArWf 
*n°*. 

Assoc- 1 

Assoc. EM. Pons 
BAAt 
BAT mds.t 
BET 

ucc 
eoct 
aw 


art 

antf 

Bank ol Sconendt 

ammf 

Boast 

BtueCWst 

Barter 

Bootst 

H omeaaf 

&«. /tiwwpn oaf 

EMU* Alrwayst 

Qrtttf Oust 

MWUral 

Ertfeh Startf 
Bod 

Ehrmoh Cesnoft 
ttalon 

Cabla&lMrat 
Cadbury Scfweppnt 


215 

7A» 


•='j 

+1< 

t.400 

416 

>3 

294 

43 


1300 

»l 

-2 

26S 

550 

-1 

1300 

330 

+5 

9300 

208 

-4*2 

«N 

sra 

»7 

482 

587'j 

+10*2 

767 

276 

<2 

IJOO 

sec 

*7 

4^00 

439 

•6 

&300 

I15M 

+1 

jjno 

354 


738 

704 

+Tfl*2 

B^W 

429*2 

<6 

784 

294 

-2 

7.100 

3971* 

<0*2 

MOO 

305 

+3 

3.100 

207 

+1 

7.100 

395 

<9 

977 

B52 

+3 

2SOO 

204 

<3 

ISJ 

403 

<2 

7400 

519 

-10 

1.400 

447 

+4 

£000 

4S2 

*2 

3J3O0 

300*1 

*7 

7J100 

283*2 

*2*2 


[ FT - SE Actuaries 

Share Ini 

jices '' • ' 



The UK Series | 


Nov a 

o*r» 

cngMt Nov 2 Nov 1 Oa 31 

Yoor 

B(|0 

Dtv. 

y*o*d% 

Earn. 

ytaknfi 

P K Xd 94. 
ratio yid 

Total 

Return 

R-aeioo - 

3104.4 

. +0.7 30812 30952 3097^ 

31490 

4.10 

7-01 

15.55 111X68 

1177 A5 

FT-SC'Ud 250 

3530L5 

+03 36224 3524.3 36185 

35004 

3-55 

5.78 

20.07 111.52 

1319*6 

FT-SE UBd 230 ex In* TVurto 

36303 

4 02 3622.6 3523.5 3614.1 

85013 

3.71 

028 

1543 11534 131550 

FT-SE-A 360 

16652 

406 1545.4 1551.4 1661.1 

15608 

337 

073 

17^2 54.06 

120644 

FT-S6 SmaKap 

170028 

♦Ol 177088 177075 17B091 179061 

3.33 

4.90 

25.33 4079 

1385-65 

FT-SE SmaKap ex hw Tnwia 

174087 

174024 174038 174081 1783.11 

3-64 

ELS4 

23.09 51.78 

136517 

FT-SE-A ALL-SHARE 

154002 

+05 153092 153061 153031 155434 

093 

5.60 

1501 52.B3 

1215.68 


Cmmont 
Cjrtmo Cannib.t 
Coats VtyfMs 
Comm. Uruonf 
Cootowi 

CoMtnuWst 

Oatota 

Oeuftuat 

□bums 

Eastern Baer t 
East Midland Beet 
Bec tr o u jmps 
Eng CMna Cfeye 
Enterprise 0*1 
Bnotwmo! Un*» 

na 

Ftaens 

Foreign « CoL I.T. 
ftxteff 

Qan. Acodomt 
Canons Boat 
Gtaot 
Otynwed 
Qnsredat 
□rand MeLt 


Qutaaoat 
HSBC (73p duff 


*3 


FT-SE Actuaries All-Share 

Day's Year Dlv. Earn FVE Xd<4 Total 

Nov 3 ohgM Nov 2 Nov 1 Oct 37 ago yMd» yMtt% n&o ytd Return 


Hairtsona CtosMd 

HS&M. 

IMI 

IOt ^ 
tachcapflf 
Jatmon Maittoy 


150 
laooo 
1.400 
709 
fl.OOO 

w# 

3.100 

see 

1.000 

3.700 

2.000 

786 

622 

712 

017 

2.100 
IJOO 

005 

324 

700 

128.000 

568 

220 

2JXI0 

IJOO 

1000 

IJOO 

7500 

4jno 

706 

870 

4J800 

i^oa 

4.100 
663 

5.100 

moo 

102 

11,000 


367 
1S6 
lea 
BBS 
04 >1 
410 
435 
271 
B70 
180*2 
550 
247 
460*1 
420 
904 
183*} 
aoa 

710 
453 
966 
385 
229 
15 Th 
1 *7*2 
134*j 
238*z 
567 
287 
*»'} 
334 
023 
415 
561 
19B*z 
006 
471 
726 
336 
2271* 


-6 

*1 

tfi 

•a 

+7 

-i 

♦2 

t4 

-a'i 

.■12 

K* 1 * 

♦1 

•17 


The placing triggered heavy 
switching across the sector, 
with institutions selling blocks 
of Clyde Petroleum and Lasmo 
in order to buy into Enterprise 
on the view that the Enterprise 
stock was being sold at the 
year's low point. Lasmo was 
l‘/» firmer at 147‘/zp after turn- 
over of 5.4m. while Clyde, 
where a block of 4.7ra shares, 
or just over 1 per cent, was 
sold at 37p. held at 39p. 

Boots upset 

Stores and pharmaceuticals 
group Boots fell in reaction to 
disappointment over the 
group's half-year results and 
statement. There was also a 
sense of deflation when the 
company Tailed to announce 
details of the sale of its phar- 
maceuticals arm. 

However, the lack of disposal 
news failed to stop a welter of 
speculation on the timing of a 
disposal and the ultimate 
recipient. 

Most analysts have set a 
£900m price tag on the drugs 
arm and there were strong 
rumours that Astra would buy 
and Boots was planning a spe- 
cial board meeting today. How- 
ever, both the Swedish drug 
company and the Nottingham- 
shire retailer strenuously 
denied the talk. Other names 
mooted were Knoll, which is 
part of BASF, Menarini, of 
Italy, Ciba and Zeneca. The 
purchase was, however, said to 
be too dear for Zeneca. 

Boots fell 20 at first but ral- 
lied to close 10 off at 519p. 

Takeover talk and a strong 
dollar gave a fillip to the phar- 


NEW HIGHS AND 

LOWS FOR 1994 

KWHHHSm. 

CULTS [1J CHEMICALS m European Coxw. 
DISTRIBUTORS (2) REA. W2*rcn. 
ENGJM£EHNQ H Btk* 4 OtcMr, FR Group, 
040. VEHICLES (11 Attuv Pcneta. 

EXTRACTIVE Mis 09 hipua Planruni. Wesrem 
Metals. FOOO MANUF 0> VVfeunsM. LEISURE 
« HOTELS 0) Dimd Ltovd. OTHER FINANCIAL 
ft M. Inv. T*. Jtreey, Jupcw Tyndril OTHER 
SERVS A BUSHS (1) AneW-tm Plants. 
RETAILERS, GENERAL |1) QoKSnWu. 
SUPPORT SERVS a Cjpml. SJ(». WATER 01 
South Sums. AMERICANS (3 Amdahl. Lowe's. 
NEW LOWS (72}. 

BANKS (l| Esomlo Sonro, BREWERIES (1) Fuller 
ST A. BUnjNHQ s CMSTRN R) AMEC. 

Brfreneh. BLOO MATES A MCHTB0 Dukw p 
• J1 A. Haywood IVJLams. P tS TRIBUTORS (3) 
Optoma. SEP IndL. Do PfftL. DIVERSIFIED 
IHDL8 So3w ELEC1TWC A ELECT eOoP 
m Gestemer. ENOINCERINQ (6) FWn. GfiE 
mn.. Lodwr iT) A. MS WL. MeKeetma. Morgan 
CruOtie 7Wpc Cv Pit. FOOD MANUF (1) West 
Trust HEALTH CARE [I) Speoatoym. 
INSURANCE 13} F onuwi eh . Eiretaae Cofats, 
INVESTMENT TRUSTS (1R INVESTMENT 
COMPANIES (I) LEISURE A HOTELS (8} 
Arum 0H> Cv. Pf.. SuduigKim InTL, Oty 
Contra HoeTL. European Laeura. FamngfonJ. 

Fmn Lweuro. Ouadran-_ Thom EMI. MEDIA p) 
Trinity WL WMGO. Do VA^_ OTHER 
RI4ANOAL (2) E.CO, Towry Lw. OTHER 
SERVS A SUSNS CT E*«e«e. Heaowav. Lei|jh 
irnMwn. PNTNa PAPER A PACKO » AP*. 
BemiDM. PROPERTY (4) AM IML 5Hpe Pit.. 
Bradford FVojl DaJiaa Engitsh A Onorseea 
Prop*.. RETAILERS, GENERAL Bean* Ul A. 
Ryvq Rowers. KlnattJwt. MoenaN, Ortnamo 
imT. SUPPORT SERVS (2) JWnson CRwrere. 
QxhxGMolaeutar.TGXTBX8aAPPARB.pl 
Sortnum (AL Campart WX, OhnvnoniL 
FOvtUune. Sknma. TRANSPORT P5 Tkrth, 
CJcoan Group, AMERICANS (TJ OuoXr Oats. 

maceuticals sector. The main 
story was an old one that had 
been given a new coat of paint 
Dealers suggested that a bid of 
L70p a share would be made for 
Fisons, whose shares gave a 
late spurt to close 3‘/i higher at 
117Kp In spite of cynicism 
ftom analysts. There was also 
said to be some active buying 
of traded options. 

Zeneca was said to be either 
making a hid for Boots or 


receiving an offer from a rival. 
The shares were also benefit- 
ing from reports that it is con- 
sidering forming joint ventures 
or links with US healthcare 
suppliers and a deal is likely 
within four months. 

Vickers' City presentation 
confirmed all and more that 
analysts had been hoping to 
hear, with the group talking 
boldly of a partner for its 
Rolls-Royce Motor Cars unit 
before the end of the year, 
plus a big order back-log In 
defence where there could also 
soon be news of European col- 
laboration. 

The company would not be 
drawn on whether its prospec- 
tive Rolls-Royce partner was 
eitber Daimler-Benz or BMW, 
both German groups, but yes- 
terday the stock market had 
few doubts and the shares put 
on a further 4 at I83p in 1.8m 
volume for a four-day gain of 
close to 10 per cent 

A downbeat review of the 
property sector Gram NatWest 
Securities pushed the stocks 
lower against the day’s trend, 
with British Land and Brixton 
Estate among the hardest hit, 
shedding 6 to 397p and 3 to 
186p respectively. 

The securities house has 
moved its sector stance from 
neutral to underperform fol- 
lowing a reduction in its esti- 
mates for the growth of net 
asset values this year and next 
It singles out British Land, 
Brixton and Great Portland 
Estates (down 2 at 189p) as the 
most exposed stocks. 

Other features among engi- 
neers included Laird Group, 
best known for Its motor 


vehicle sealing systems, which 
jumped IS Vi to 370p In nominal 
trading volume. 

Legal & General, which held 
at 436p, was one of the mar- 
ket's most heavily traded 
stocks, with turnover reaching 
llm as one institution sold a 
block of 4m shares at 432p via 
an agency cross. 

Royal Insurance attracted 
strong support in the options 
market, as well as being 
boosted by broker recommen- 
dations ahead of next Thurs- 
day’s third-quarter results. 
The shares settled 8% higher 
at 309‘/ s p. 

Marley, the building materi- 
als group, moved up 3 to I35p 
after a UBS buy note, while 
Bine Circle hardened 3 to 234p 
after a recommendation from 
Robert Fleming. 

British Airways moved for- 
ward 7 to 366Kp following an 
increase in traffic flows for 
October substantially ahead of 
the 5 per cent or so that most 
analysts had been expecting. 
The airline's revenue passen- 
ger kilometres rose by 68 per 
cent, although the growth in 
premium traffic slowed 
sharply. 

The session saw 3m shares 
dealt, plus heavy stock options 
activity. Inevitably the excite- 
ment washed over on to air- 
ports group BAA, which 
gained 7 at 522p in advance of 
Monday's results statement. 

MARKET REPORTERS: 

Steve Thompson, 

Peter John, 

Jeffrey Brown. 

■ OUw statistics. Pane 24 


LONDON EQUITIES 




RISES AND FALLS YESTERDAY 


*6 

-a 

-a 

*4 

-1 

43*J 

n 

4 

410 

*4«a 

*3 

42 

4lh 

46 
4 5 
414 


ORton 


— CaBs Pus-.- 

J»n Apr 4uJ Jan Apr Jul 


SSQ47H BSMh B 13 22 
MV IB 39 38 37»34» 48 
SBO 18 24rt Zn HI 15 20 

2BQ 7 15 18*4 20H 2SH 31*4 

60 BJ4 BV4 9V4 2*4 4 5 

7Q 2 4 5>4 6 914 10*4 


- Cafc — .Puta — 

Mot R* Hot Mw FsO 


r»i ) 

Aiwa 

r268 ) 

ASOA 

r03i 


Ml Ainmys 360 
1*368 1 
SMBcTnA 
1*410 ) 

Berts 

r5i0» 


22 32V, 38V, 15 2014 27)4 
380 BV4 1814 25*4 33 37*4 68 

WO 29W 38*4 45 10*4 17 V 

430 14 23*4 » 24*4 31*4 37 

500 30 42 GO II 1644 23*4 

550 8*4 18*4 2E *2 44*4 50*4 


IQ MINERAL EXTRACTIONflfl) 273734 

12 BdnetfM <ndu8trfeafq 385026 

15 OS. Integrated^ 2712A1 

16 0» BrotaaMcn X ftpdfri) 1891.69 


+05 2723J10 2741X33 2774.56 2494J20 3^*5 5L0Q 25^9 8253 1102.13 

-1.1 389144 387&02 388228 814000 3JS &S3 2020 88.62 1082.45 

+<Lfl 268888271820 2754.70 2491^0 3JO 5L54 28.47 B&S8 1116+41 

+CL2 1887.41 1888,86 190X53 1S80L30 2.19 t t 38.03 1094.44 


20 OB* MANUnUnURERS(287) 1BB1.78 

21 BuBcIflS 8 ConatTuoOoop^ 1044^3 

22 9u9dng Mutts & Meret*6(3S9 1817^8 

23 Ownicalaes) 2313.15 

24 Dtvoniltod MuBtriatepq 176068 

25 Bactrenlc 4 Sent EqritfM) 1384.02 

28 1798137 

27 EnglnaBrina. V6Ne4e«tiq 226464 

28 Prfn&IQ, Paper & PcksXZS) 2808.91 

29 Teadflea a AdpbwIC2C9 156060 


+0.4 1883^4 18SSL21 1865.88 1929.30 4,10 

-06 1049.06 1044.79 1038.78 1182.60 3J0 

+4L31811J6 1614^01911^3 1873.00 4.10 

+1J) 2289.79 2306.94 2298^0 22 19 JO 4.01 
+02 1757.16 1771.60 177340 1996,10 &21 

+1.1 1883.12 185741 184748 2159.20 4.00 

+C4 1789.48 179841 178841 171R70 aiB 
+06 224740 2246.49 224742 1936^0 442 

+07 278848 280143 279645 244340 347 

-14 167036 1381.43 158046 1B8S.70 446 


6.17 

034 

544 

448 

644 

8.88 

543 


23.48 6741 
2448 3846 
22.72 06.90 
26.03 7056 
2241 82.75 
1747 6148 
2344 6349 
144 BOOOt 8244 
547 21.77 75.71 
648 1747 4948 


96248 

82245 

88060 

1020.48 

90646 

92347 

103145 

1107.82 

110748 

878.16 


. .. > Bovs 
Lrefflrofcwf 
Land Saortlwt 
Lapreta 

L agrt&Oenmtt 
Uoyda Abboy 

London Bad. 

Lorain 

Luca* 

MEPCf 

MR 

Manvreb 
Maria A 


7,000 

195 


1.100 

300 

+10 

3.100 

170 

*3 

758 

310 

+6 

1200 

791 

♦7 

■31 

434 

•4 

105 

575 

+9 

WOO 

466 

+3 

2200 

551 

•16 

i.a» 

ISO 

•1 

1,100 

(BO 

■0 

BOG 

097 

+6 

11 MO 

4» 


6,700 

3*5 

-2 

2.800 

G72 


&4t» 

147fc 

+*>* 


» «J 22H JTM 38 I1» 19H Z* 

r«fl 1 450 «H 14 22rt 38h 42*L 

MWl SW 140 1911 23V, V* 2 4*1 Bh 
1*156 ) 100 7 1211 15U 10 12Vi 15 

Baas 550 19*1 29W 38Vi 27*» 33 39H 
f*55l I 600 3 fZh 20H 65 66 72H 

QtaSM* 390 32V» 44 B3 1*1t17M25W 
T410 1 420 1014 2BV1 3711 28 32 40 

CourtauUs 460 20H 33 40 20M 25H 33^1 
C*bO l 500 7 17 23h 47H 51 68J+ 

Comm IMon 543 27 30 - 17V, 31 - 

rS48 ) 592 aw 17*4 - 48 63*1 - 


220 9*1 14 IB 2 6 11H 

240 1 6» 9 >3*5 ISM 23 

134 14% - - ti - ~ 
154 214 - - — - 

100 10 22M 2B 1 4« B 
200 3K 11 1615 0 13 17 

000 4S 62 TOW 2 (OK 26 
050 12 32M 42 18fe 30 48H 
180 16H IBM 23*1 *i «» 7 

200 3M BM 12M B 13M IBM 
300 IBM S 3ZM 14 7 14 

330 3 13 IBM IS 21 29*5 

050 1 9 45M S0U 13M 30 4SM 
300 3 2SH 34M 46 58H 78 

480 14M 32 40 7 IB 32 

500 1M 15 23 35 41 57M 


1*227) 

Lasmo 
047 i 
Lucas Dxk 

094 ) 

P« 0 
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PVdngun 
095) 

PiudauM 
1*3171 
HIZ 
fB53) 

(taftand 
085) 

Royal mce 300 IBM 2BM 33M 
1*309) 

Tcaco 
1*236 1 
vadsfcw 






Rtoas 

Falto 

Same 








Other Fbted Interest .............. 




0 

1 

13 

Mineral Extraction 




79 

36 

61 

General Manufacturers — . 




112 

108 

415 

Consumer Goods 




46 

34 

107 

Services 




96 

73 

326 








Rnancteta 




120 

43 

202 

tnvestmorrt Trusts 


_ m _ f| _, 


132 

42 

291 

Others 


— 


51 

15 

34 


Touts 


718 


383 


1484 


Dob bond on dnsa consmrta feted an tfw Londar anre Service. 

TRADITIONAL OPTIONS 

Fbst DoflUngs October 24 Expiry 

Last Oealnga 


Novomber 4 Sotttament 


January 2B 
PobmaryB 


mo ) 

fflilams 
r3J4 ) 
Option 


5 13 IB 
330 4 ISM ZOM 22M 29H 36 

220 17V4 MM 29% 1 4 BM 

240 4 12M IB TV, 13M 19 

200 I2M 79 2SM 2 8 lOh 

217 3V5 10M - 9h IBM - 

325 21 - - 1 - - 

354 3M - - 12M - - 

Jon Apr Jut Jan Apr Jul 


Calls: Arson htO. Jacobs (Jl), ftasnrt Com, TuCow CM, Windsor. Pula A Cab: BAT 
bids, BhMbfed Toys, TUBow OB, Wlffla Corraon, Whnpoy. 


LONDON RECENT ISSUES: EQUITIES 


* 


30 CONSUMBt 00008(971 97B&96 

31 BnawariesflT) 226&60 

32 Spbbs, Wines & CkfeKftQ 2864.14 

S3 Food ManuhctuiantZSI 228&30 

34 Household Gooda(13) • 2414^8 

38 Hesith Care(21) 1614J7 

37 Ptxvmac*uticsl8(123 3037.06 

38 Tobeeooft) 3882^1 


+0.9 2720^1 2741 J58 2748.81 2701^0 4J6 7J*9 15^8 106.73 962-4B 

+04 2247J7 2269.16 2269.49 2068^0 4.19 7.61 16.94 81.43 1011.14 

+4L6 2838.14 2885J92 2888.73 2078,90 3-91 6.77 1&99 101J73 960.67 

+1X6 227026 2282J0B 2m21 231050 *24 7.01 15^2 8&2S 98688 

-0.1 2417^8 242320 2417-53 2729.80 3.79 7-S2 15.91 59-88 874.52 

+ai 161324 180939 1814^8 1732.10 3.12 364 42.15 4824 94390 

+1jB 298921 2990.40 300582 3186.40 4.44 7J» 16J30 12828 971.77 

+12 864026366823 3662.B1 4015.80 526 023 11^1 317.07 54008 


NPC 

NMWaat Ba«4 
National tamt 
N a«t 

North Waat Watart 
Northern Bocl 
N orthern Focdat 


Poaraonf 
P A Of 
PKUnglgA 



40 aanvice8(2iw 

41 OtatrtbutorapO) 

42 LotaMO A HWatafffll 

43 Ms4a(B9) 

44 ReUfen, Foodpfi) 

45 RstaUara. Qsnem(4Q 
48 Suppcst Ssn4cn(4l) 

46 TTantportflSl 


1915,62 +02 1906^*8 19Q5>43 190224 1886.40 824 fl-37 

2810.46 +0.6 240628 248880 2608J1 2648.70 3.74 721 

2041.89 +4L5 2031.79 2062.13 2043.72 1967.10 329 429 

287825 +022660672882.78 2852.16 2842.00 2.41 621 

173322 +0.5 17WL72 1684.77 189427 155120 3.78 924 

162921 162926 1B31.68 163227 1696.70 326 6.BS 

162727 +02151326150624150222161220 2.78 623 

227628 +1.1 229227 225623 22SS22 232420 329 526 

183723 -41.1 1236,80 1233.92 1234.86 121360 429 316 


1824 62.10 942.66 
16.16 B826 87427 
2429 57.89 100923 
2228 6921 1001.47 
1338 52.00 103821 
18.79 4427 67229 
1626 35.92 93127 
2064 8122 694,71 
4729 2823 106630 


RTTf 

HaaS 


gwdlnjt 

FWdit 

RMAaref 


feda 

WBS 



345596 

+53 2452. IB 2467.29 240555 2603.90 

529 

7.68 

16.83 81.97 

96071 

82 BecJridtyC17) 

256560 

+ai 2886to 256028 2562.29 21 78J5D 

567 

560 

12.42 8546 

106522 

64 Cos Dbbfcutiontt 

1961 to 

+03 192X36 192227 193525 219430 

514 

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91553 

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208563 

+06 206596 2073^1208557 234540 

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88096 

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1021.96 

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500 

12-58 

586 8536 

980.76 


■L’TH 

+05 18S546 166510 165639 1664^7 

591 

5» 

1568 6590 

117577 

70 FffMN0(AL8(fWl 

2196.37 

+09 217588 218572 216500 2319,10 

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593 

12.98 88.69 

673.76 

71 BordtaOQ) 

2591 JM 

+1.1 2069.06 287520 287722 2882 JO 

4,17 

583 

11^8 11538 

‘503.28 


126571 

+1J5 125018 1257.67 1257.01 1484.00 

533 

0.29 

12J1 81-61 

B7564 


2382,13 

235559 2391.79 239507 27157D 

537 

7.80 

IBM 127.82 

921.91 

76 Morahant BantaA . 

2724.71 

452 271511 271590 2722,68 3222.90 

3^1 

12.10 

582 97.78 

82578 

77 Other nn»idaS(24) 

194500 

+02 183581 1B38.06 1B33A1 177570 

598 

0.48 

14.08 6531 

96582 

79 ProoertsMI) 

■ IffliSL- 

-04 148549 1480.72 1442.72 189570 

4.17 


2523 44.38 

63554 


ScMMi B Naw.t 
Scot. HytBo-ENct 
Bcsmn Rnrort 
8-nrt 


flfl NVBgTMBfT TWWftM 2734.76 *02 2721 46_g7a020.273B.77 2660.70 226 126 HAM 92042 ggSSis 


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South WWaa Ertot, 
South Weal Wator 
South Htat BM 
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Btewred CIWKLt 


99 FT-8B-A ALLrSHAHt|B69 


164022 +021593,92183821 163621 165424 923 620 16.01 B223 1213.06 


BuiAlwnit 

■raw 


OPM 

500 

1500 

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1500 

1500 

14M 

1500 

1510 

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Ttomao 

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90857 

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3074.7 

30751 

90651 

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3101.2 

3102.4 

31056 

3071-3 

9523.9 

35202 

3B15S 

38159 

99252 

39254 

3827.4 

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88951 

38358 

38179 

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18451 

15456 

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1563.9 

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18850 

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28912 


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88992 


9792 

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19272 

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9792 

89982 

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880.1 

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19844 


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89942 29202 WSJ 88872 


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tw SaaQ^rSe^uartw aao tfw rr-w 


322 

610 

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952 

1*00 

306 

6,100 

409 

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2.400 
2,000 
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313 

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21,000 

177 

2,000 

874 

1«0 

1,600 

3J00 

317 

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1.100 

970 

616 

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929 

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611 

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460 

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326 

470 

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792 

243 

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1.100 

4/100 

4.000 
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630 

3.000 

903 

f,«0 

018 

139 

3J00 

MOO 

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396 

9.400 
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BIB 

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099 

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1.700 

310 

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06* 

820 

1.400 
321 
104 
061 
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1500 

400 
036 

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1.000 


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100 Maa gomMue.it 


736 
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420 
131*J 
630 
419 
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102 
609 
490»j 
244 lj 
663 
826 
109 
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041 
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566 
310 
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669 
469 

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170*5 

4S2 

300*2 

413 

1363 

517 

329 

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140 

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879 

719 

944 

229 

492 

143*4 

410 

370 

490 

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926 

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786 

816 

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S*7 

337 

210 

HI 

422 

129 

236 

694 

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207 

83 

344 

1130 

612 
210 
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646 
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3 » 
606 
344 
142 
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750 52 66tt 75 14 

800 24V* 39 «*S 37 

460 29 44 48 15 

500 11 2B 30 35*4 


30 39*4 
50 B5 
24 31 
46 63H 


Land Sacu 600 30*4 42 48*4 12 *8 20*4 

f820 ) 650 0 IBta 2S 41 43*4 SS 

Italia 0, 5 3M 34*4 44 47*4 4 9 12*1 

r<lB J <20 15*4 2B 29 15 20*4 25 

Hflwnt 500 26 am 40i* tan aa 

[*504 ) 550 9 17V* 29 50 66 68*4 


BAA 500 31 V4 43 60 0*4 13 IB 

(-52? } 525 1714 28ft - 19 23H - 

Themes Rtr 500 31 46 51*4 13t4 18 28*4 

T523 ) 550 10 22 27*4 42 46*4 57*4 

Option Dec Mtar Jn Dec Mar Jtm 


Sahabury 390 31 43*4 6114 0*4 
r«*3 ) 420 1 314 27 3514 2114 

SM Trang. 700 3614 <7*4 64*4 UN 


14 21 
20 3514 
75 30 
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Snrataum 200 21 24H za*v 3 

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r»i»; rx 3o so 82 V, <j sa*4 so 

Zanra BSD 40 B1 72 21*4 30 48 

1*068 ) BOO 22*4 30 « 40)4 60*4 7314 

Option NM FoO May Nov Fed May 


Grand Mat 

390 

27M 

3BM 

42M 

m 

tl 

15 

l*41B ) 

420 

7 

191 

20M 

HM 

2SM 

2flrt 

Lsdbraha 

140 

12 

IBM 

21 

i 

5 

8 

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160 

2 

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12 

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14M 

19 

UU Btsoitto 

300 

IB 

27M 

33 

2 

7 

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rai4 1 

330 

3 

12M 

IB 

17M 

21H 

32 

Option 


Dec 

Mar 

JHl 

Dec 

Mar 

Jufl 

Ffconi 

110 

9 

ISM 

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4H 

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T20 

5 

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13 

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420 

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BAT tafia 

430 

23 

3BM 44M 

3 

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r*3B) 

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23 n 

31 

45M 

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300 

10M 

21 

26 

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IB 

DM) 

330 

1 

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I2M 

2fiM 

29 : 

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Bril retain 

380 

11M 

20 

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4M 

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IBM 

1*307 ) 

120 

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7M 

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23 

33M 

30 

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m 

ID 

X 37H 


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1*438 ) 

400 

1M 

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IB 

28*1 

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(*4l« / 

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1*29 l 
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1*591 I 
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390 3314 <114 4514 
420 13» « 29 
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30 2 3 4 

550 5114 £4 71 
600 1914 34 4314 


4 13 IBM 

15 28 33» 

M 1 2 

2*4 3*4 4H 

5 16 23 

22 38 45*4 

280 1414 2214 20 B 13 SQM 

300 a 13h IBM 19*4 Sd 32 

280 ISM 27 31 4 814 14*4 

300 TM 16V, 2014 12 17 25 

160 IBM 23 28V, 3*4 BM 11*4 

200 8 13 If 12 (0 21(4 

160 13M 17 21 2(4 5M 9*4 

180 3H 7 11(4 10 15M 18(4 
130 9 12M IB 4(4 BM 11 

140 4H BM 11*4 10 IBM IBM 


460 41 
500 IBM 


52 83(4 
29 4014 

38 40 


5 12(4 20M 
20 29 38*4 

BM 14 17V* 


Issue Amt 
plica paid 

P UP 

MM. 

cap 

(EmJ 

1994 

High Low Stock 

Claw 

price 

P 

W- 

Net 
■ dV. 

nv. Ora 
cov. ytd 

P/E 

net 

- 

FJP. 

0AB 

9*2 

4 APTA Wrnts. 

fl 1 ! 



_ 

- 

_ 

- 

F.P. 

10P 

160 

180 fAdare Pmio 

180 


Q255po 

8.1 


158 

- 

FP. 

9-83 

73 

53 Artmton Eats. 

73 


ta 

— 

- 

- 

100 

F.P. 

1742 

99 

851? SZW Comnodttto 

B7 

*1 

«- 

- 

- 

- 

- 

F.P. 

10-4 

47 

39 Do. Witt 

41 

+1 

aa 

- 

- 

— 

re 

F.P. 

456 

02 

6G ^C-sfuna 

90 

+3 

-re 

- 

•e 

- 

280 

FP. 

353 

267 

290 ChureMI China 

2BS 


RN0-88 

2-2 

4^ 

130 

63 

FP. 

125 

68 

B5 Ennsmt* 

67 


ANa7i 

53 


BA 

- 

F.P. 

652 

140 

108 FKrartc Ctek 

134 

♦1 

RN0.7B 

2-B 

a7 

46.1 

115 

FP. 

352 

126 

1i5 Qamss Woteanop 

123 


FM& 

22 

4.7 

llfl 

- 

FP. 

2-00 

35 

24 QiGup Dv Cap Wta 

24 

-2 

- 

- 

- 

- 

- 

F.P. 

29.0 

02 

58 HombitM Sra Aafan 

68 


re 

- 

re 

- 

- 

FP. 

2.70 

30 

27 Do Wananta 

27 


wm 

- 

re 

_ 

160 

FP. 

1652 

223 

206 Irtah Pernianent 

217 

46 

uN&O 

4A 

l& 

72 

180 

FP. 

434J 

191 

1G0 Mon BJ & F 

160 

-1 

RN8.0 

Iti 

BA 

9 2 

- 

FP. 

3450 

468 

475 Prattle tac. 

487 

♦1 

re 

- 

re 

- 

135 

FP, 

5TJ) 

149 

136 Swvtoair 

144 


RNad 

12 

M 

2X4 

re 

FP. 

528 

62 

57 WMtchureh 

82 


RN1-Z6 

30 

23 

13-0 

- 

FP. 

252 

360 

335 Wrexham Water 

338 


_ 

m 

re 

- 


FP. 

4.74 

330 

320 Da NV 

320 






RIGHTS 

OFFERS 








Issue 

Amount Latent 





Ctoetna +or- 

price 

paid Romm, 

1994 




price 


P 

v> 

date 

High Low Stock 




0 




too 

10 12M 14 

M 

3 5M 

IT 

Ml 

2/12 

2pm 

*4 pm 

APTA HaBRh 

%pm 


110 

4 7M 9 

4M 

7M 10M 

20 

N# 

9/18 

4ljpm 

2»2|ini 

Bultora 

2*jpm 

-ib 

22a 

21 27 31 

3 

5M 10M 

BOO 

NV 

12/12 

50pm 

22 pm 

Motthnw Clark 

22pm 

-6 

240 

8M ISM IBM 

II 

14 IBM 

26 

Mi 

82/11 

*4pra 

*4tm 

NOVO 

*4 pm 






180 

Nl 

9/12 

18pm 

8pm 

SUnw 

18pm 

+1 

130 

4 9 12 

11 

14 IB 

5 

w 

Wit 

2 1 2pm 

Jtpm 

•JUntart Square 

lipm 



950 46M 51 83M 12 27 3SI4 

1000 IB 35M 341* 34)4 52 69(4 

220 ISM 21 24M 4(4 IBM 14 

240 9 11 IBM 16 21*4 23 

200 13 IB 2214 8 9 12 

£20 4 8 13M 10 20*4 23 

600 S3 77 B9 SO 20H 3(H 

BSD 28 48 62 28 41 M MM 

Jan Apr jn Jan Apr Jd 


FINANCIAL TIMES EQUITY INDICES 


EaftmBee BOO 23 m « B3W 23(4 44M ggm 

1*808) B60 6 30M 43(4 51*4 73 B2H 

Gutnui 408 19 29 37(4 M (1 20 

[•471 ) 500 1 11 18 29 33*4 43 

EEC 200 ID 17 23*4 2U BM 11(4 

(*297 ) 300 3 Q 14 14 20*4 72(4 


Qua 000 37 SI BS 23 39 40 

rKffl) 050 IBM 2B43V4 M 0714 73(1 

lEOCTSpdD 700 54 71WB1M 22 MM M 

1*724) 761} 20 47 SB 47 72 BIM 

RouUhb 400 41 52 69 DM 10(4 21H 

r<B7) 500 18 30 31 27 36 40 

Op flBB Set fab May Hw M W 

IWMIlWO 100 IBM 28Z7M h 3 7 

rmt too 6 13 19 8 11 IB 


tov 3 

Nov 2 

Nov 1 

Ootfil 

Oot 2B 

Yrflpo 

•Hteh 

■tow 

2377.2 

23854 

23000 

2361.9 

2346.1 

83750 

271X8 

8240 2 

4,34 

428 

4.36 

4,37 

4JB 

3.B0 

4J11 

BM 

fl+M 

524 

522 

BS3 

fljo 

4.64 

561 

562 

17.47 

17.40 

17.82 

17Mt 

17.44J 

27.63 

9X49 

HUM 

1500 

17, W 

1506 

1501 

17.98 

26.98 

3560 

17.00 


OitiBnory Shore 
Ord. dh>. ytokl 
Eom. ykt W M 
P/E ratio not 
P/E radii rti 

■For 1604. Ordhay Qhreg imta mnaa cw npWart Nyh 37134 3/B77M: tow 49+4 WO 740 
FT Ordhary Uwrt Man traao 0/tu \f)m. ICamxfotl w*w. 


Ordinary Sharp hourly ctartflM 
Open 9,00 1000 HhOllCO 


1000 imp IMP IMP HWl LOW 


' UrKtaWnu aocuiiy price, PwnrtmM ahaap am 
(KMd an aamamanl pnem 
NuvciBn 3, Total urmnet*! I6JH8 Cafla; 7.000 
nun tO.OM 


imi 33&U 23B1.0 2Uto.fi 23 60.2 236S.fi 2372,0 23 74.7 2370*7 2377.7 3348,1 
Nova 






Up* 

%at 

tat Od Veer 

Oraea dhr 

M W»K 

2 

an day 

..J 31 age 

rte/dx 

m ii* 

218546 

-58 

213527 8111591 191509 

m 

mrMiwja 

34/013 

♦an 

3440.21 3 DM. 3) 2673.45 

4JS 

3711^7 2304.46 

3723.47 

•1.0 

3/88.68 8031.09 Wflri.T? 

1.00 

10I3J9 21/l.ffl 

1 IJ3 7.4B 

-0,0 

1651. K) 1666 00 1987 Ml 

as? 

203580 T468 11 


SEAQ bftflntw 23.926 

Eepaty lumow t&rfit 

Equity Oaqjnlnor 

Shoroa Iradad [irtjf 
fRmWtoa AUMwW burtwa anti mcnm to mow. 


Nov 2 

N0« | 

Oot 31 

00 23 

V/flQO 

10.1N 

84AW 

7tm\ 

22,497 

28.708 

11050 

10750 

1111.7 

11S4J 

17294 

27,622 

MJM 

28,117 

2581B 

33427 

471.8 

4352 

38?J 

4824 

8324 


GBMMnoD Index (34) 

■ Regtomd Mkrea 

AMU (19 
toalrtaBla 171 
Nadli Airalca [I I) 

CupyiflW, tee FIMiGua ILiVfl 1 Jinllnal IB84. 

I Kyjioa ki Oiartare enow number of correaum. data Ufi Onltais nano Virtasai 1000 W 3171-VB?. 
ftwJacaswv »lrtJ Mnna inhai Nm 3 28S 5 ; riw 1 * efisr^ei ,j i pckiHL Vu» 301,11 rWrtW. 
[•Mow poem aw) uravdtaife tia IMI 



*RfME SITE FOR YOUR 
C0MMERCiALPH0PEHTY_ADVERTI6INQ 

Advertise your property to approximately 
1 million FT readers in 160 countrle6. 

For details,’ 

Call Emma Mull&ty on -f44 71 873 3674 
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INVESTMENT TRUSTS - ConL 


LEISURES HOTELS -Cent 


LONDON SHARE SERVICE 


OfL EXPLORATION & PRODUCTION ■ Coirt PROPERTY- Cent 



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15 MB - - Ildar C JUG 

133 13U 41 9.8 IU.BWIW. _..4a 
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161 913 M - 
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TRANSPORT -COilL 


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Branm OE 

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BnwLand 

taCiBO..-. . 


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Sett Attftrtm . 1ST 183 i ml, 

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I6'j X7lC>? 745 - - iVnCapS MO 

171 132 142 IS 165 MOittiHume _ JO 510 

102 6£*j 65.0 15 * Anglo Am Im. _.+ nslj 

141 109 B4.1 11 18.5 BWDSecs..U1ICI 

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D5 47431 4« 

20,605 41 

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3313 5.1 


Dp 0 Beg. 541 jjj 

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4«01 2.9 311 SSL - - 

37450 45 l&J gjjfr-- 

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81 

BM 

13M 

204 

223 

23 

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488 

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235 217.1 
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198 


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114 835 

5 1.74 
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- - 387*2 -2», *447** 355*1 3J* 

05 - - 6*4f*CvP1 .... M8 -*1 164 127 3325 


- 624 Sll flegafHaW. lb 

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140 27.7 

132 90b 1028 

' 20*i 81.8 

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738 256.1 
109 9023 


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151 

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1 2 



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Pda - btah te Caofrn 

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88U 110 

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45 17.1 

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86 ._ 138 

04 

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1*7 

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498 617 

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171 

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Tiger Otti f BH -43 838 S38 1081 23 14 5 

TongftgMUett Il PS -3D fas 356b 8153 19 1X8 

GUIDE TO LONDON SHARE SERVICE 

Woe* tor the teuton Snare Salta Mama p, Extol Ramdal, a 
roernber o( the Rnsodat Tkm Group 

Otmgmy riiwerili jtwm wn bated a a note um tor (he FT-SE Aduartet 
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Syanws ndantog to dUknd aUa awew to Die notes cotaim tkdy » a 
pump ro rteftft and RE naks Otridenda and DMdend coven an pubdtnad 


Marta captukeMn mown ■ ratnodrd semtarey (nr each Ana of stock 


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316 Lowe (tog 

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256 


TOBACCO 


Noes Price 
t±i BAT tods. „ATNG 439M 

■Sr t2bpcwra«- £ii«b 

RaiunansUdlteJC' *20 

m TRANSPORT 

18* 

136 

123 N«a* 

3*8 AuLmaen . . £M 

- AlMpfunA* 

90 AHfwaOoisi.AMG' 

- AssocRPMs *tl*C 
1X5 BAA . ...JdL, 


Pries 
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715b 
187 
278 
622 

IS 6 KUQrt* *Lj lira 

135 Baisan Nrir .. .. - £13b 
12i BrooiAtowyi .HG 
1X1 c*p9bocCu_ .. 

1*B Camay raws. (PI 
10.1 OwksaniHi - BNG 
27 7 Dstl. . W 

■nr f tN 


-V 1994 IH 
- hiqti low Capte 

*5 970 372 13,530 

*b «38A mu, B6X4 
-I 489 337 2,788 


-or 1994 MU 
- Utah ton CapQn 

63 50 BW 

-b 777b 019*4 1013a 

107 127 SOB 

-2 *31 3b 2» 1B40 


17 
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18 - 
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32 512 

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30 IM 
17 76 
13 16.5 
04 117 
4.4 MO 

17 14.3 
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06 t 

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3-3 4X6 

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3 6 102 
37 IG* 
13 

55 133 
47 76 

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5.7 120 

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Z9 *3 
69 142 
39 125 
XI 1X0 
6 2 117 
09 57.1 

60 110 
7.3 &I 
39 10.4 
34 1SB 
3B 14.1 
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YU 

O-t PIE 
50 113 
10.7 

39 224 


YU 

Grts WE 
GS * 
03 ♦ 

X7 1X7 

22 22.0 


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sccaurts anX mwi posstte. *ro upttatod m kratoi Igura P/Ea ■» 
calcidatsd on *haT Omfinftn tads, santeae isr uwra betog conwnad 
onpnfit rtta taraun, sididtop skerodonet proffiarioeies and ismOftMd 
ACT where appdohle. Vtotos are taaaa an mid- prices, an gram, adludad 
tar a ^d Mflsnd ttx cred k n( 20 per cats and aoaw tor whw of dwtorod 
dsbiUdan and rigm 

Esamatad Nat Aeeto vuuae OUUto am mown Iw hrosimert Truss, tn 
panes per amt; Dong wtoi me pereenooe OBeomta tte) or pronWnm 
(Pro-) b the eurari ctaSag share pn ca. Th e HAV basts a ssumes pri or 
dura rr par vaba. ceiwium cetrwvtod and mmols era creed If 
dtoden acan. 

G kuScUBS toe most tttMfy traded aaxAs. Tlds taefades IJK stocks 
■hero rronsacnitosvUpricm are pubSmed corobMuOy Binatfi too 
sura Emwaga Wwnaied Chcodwi aymni (SWft anj rm*JX 
Oaeka through toe s£AD kdenBOma system. 

' tUghs and taws naked dais hare beat aQ)uaed to Ofew tor right* 
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* Hgoas w report areasd 

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nusonga 

5 Free mnuauncriro report mdsm. sb* deads below. 

U5U: not texed ob Start Enhmgs and carnpsny not sU*«M to 
same dovaft to leouBBon 3S isfed sacuWJes. 

If fede 4 JZn) UK & ran ncarpwated noufcusi conpsmes. 

6 Price ■ tbw of rapaheton 

H todtoaad Andend yMd Ofcr peiYSng *rto andftr rtgnts issue 
4 ttr'gar bkt v rrorgnnfsaar h po^ess 
8 Forecsai tSUdend yWO; pie based on earntogs wdsied try kM 
Wertn stotomert 

a Usro pd msd tedeaua westnam scheme. 


a Yield baaed no 
amuadsed NWbU 
b Flares based on 
• i or other 


c Cera. 

IRdtyUM. 
g Aftsunol tfltoenf 
?Wd after n*to fea*. 
b Adonari vxtKid 
ytett afttf echo boo. 
a fOght hafi purring 
q Esr*ra based on 
prehataanr Agroas. 
sDhusooyiSd 
amtodas a orctaf 

?^Satefl OMriand 
•lekL [Ya ratio based on 
boa emal ssrdngx 
p Fmast. or esttnaiH 
mnrtssd dMdend 
ybUptotea riDn. 
prawns year's earrings 


v Notated to ACT. 
z OwKtewl yUd Inc- 
tadas a apacH payornt 
FYktoftoadai 
uroswetusa other 
offlcfai eataura tor 
1994-95. 

G rissurnaf yfakf after 
penting 5041 aria 

rights r 
HYWd 


proaacfusc 
official eson 


brad on 
__dr«rrflr 
esonrisstar 

1891 

KYMd b ased on 
prospectus cr atoer 
tfic& astknara to 
VM 

L Esttraated anaua&sed 
ymd. pfs based an 
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MYrid based on 
._ a other 
GsMtvOk hr 


1893-94 

N Hgires bxed on Bit 
ritea*» EumtoQS' 

P fibres basod on 
promecbisor O0ier 
ortcU esttaiBUs tor 
1994 

R ferowsf aanuaBso 
yMd, pro baaad on 
pnBMcniat ~ 

SSSrtii 
rp 

■ I.. . 

Z Dtridand w3 to date. 


samples. 

aswmel 


Adbimtottarrc 
DndHidmt 
aex strip osuk 
«• gxrttfc; 
nasri; 

N! « opK uarfiifflBi 


♦7 "5*1 b 4*0 X34 0 22 2X2 

.... 128 103b 1513 *3 - 

£12 0479 05 


ireo 

252 


1 1 5 Bawsonoroup . . . 

3*z raoiwwiut □ 

44 112 Warrants 1W3 - - 

- - fieherUi- . « 

39 IX* Fgnh Pom -tNLJ 
12 12 3 GATjtS 

2 7 21 9 CRT BUS .A*MC 
42 164 130-AneaO ,AMN_ 
4J 107 Ooooe DufTonl ,$4L_ 

- 7 2 bBh Cmdncntal *tN 

- toMSWur v™ 
*2 239 ixwsifi .At*- 
37 376 UWOSeasfia 
32 r9 J MzynsNickAS 


358 1 ; *7 *4961, 

344 

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36 115 

1651. -2’4 230 

la* 

WU0 

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SZ'. rZ'a 132 

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18 14 4 

04U . ... 108 

n 

716 

23 236 

IS7 179 

1*0 

2SJ 

76 176 

3ZW 455 

310 

12X1 

19 176 

TO -4 *9S3V 

life 

1617 

- - 

7 -l, 421, 


S76 

- - 

50 „ 07 

50 

lift 

- - 

433d -10 508 

41b 

12X9 

22 202 

E25I1 £2912 

B4»i 

48U 

39 - 

227 ... 228 

156 

812 

21 176 

108 .. 101 

111 

XU 

31 198 

IBB ..„ 2D9 

175 

101.7 

46 14.8 

445d . . ’482 

JG7I, 

117-3 

1.2 17.2 

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,26 i 

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036 

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IMs santer is aiBlabte Id ceapdriri atone shun an ragiteriy 
bated bi tto IWbd Kfaploffl hr a tea ot El 235 a jaor f» each 
security atom, utertto be Edttort teentea 

FT Free Annual Reports Service 

You can obtain the current annuai/interlm 
report of any company annotated with 4 . 
Please quote the code FT2585. Ring 
081-770 0770 (open 24 hours including 
weekends) or Fax 081-770 3822. If calling 
from outside the UK, ring +44 81 770 0770 
or fax +44 81 770 3822. Reports will be sent 
the next working day, subject to availabilty. 

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omside the UK. annual subscription £250 stq. 
Call 071-673 4376 (+44 71 873 4376. International) 
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'V> ■ 

■■■' ■■■ ■ 

















































































































































t 


FINANCIAL TIMES 


CURRENCIES AND MONEY 



FRIDAY NOVEMBER 4 1994 


MARKETS REPORT 


Fed intervenes again to support the dollar 


The US Federal Reserve 

yesterday again intervened in 
the market to support the dol- 
lar, writes Philip Gaaith. 

Traders said the Fed, which 
started to intervene as Euro- 
pean markets were closing, 
was probably trying to under- 
line its seriousness by getting 
the dollar to finis h in New 
York above its Wednesday 
close. 

The Fed first bought dollars 
at DM1.5155 and Y97.90. On 
Wednesday it came in at 
DM1.4955 and Y96.10. The dol- 
lar closed in London two pfen- 
nigs up at DM1.5146, from 
DM1.4945. and at Y97.6050 from 
Y96.205. 

The markets were very quiet 
before the Fed came in, with 
most traders waiting for the 
release of the US payrolls data 
today before making their next 
move. The thin conditions 
allowed the Fed to achieve a 
measure of success, despite the 
absence of any support from 
other central banks, save for 
the Bank of Japan. 

In Europe, the main mover 


was the Swedish krona, which 

fell bock to close at SKr4J47 
against the D-Mark, from 
SKr4£02. This was a reaction 
to an opinion poll showing that 
52 per cent of Swedes would 
say no to EU membership. 

In the UK, the Bank of 
England dealt at established 
rates in its daily money market 
operations. This suggested that 
there had probably been no 
decision to lift interest 

rates at the monthly monetary 
meeting on Wednesday. 


■ Analysts agreed that Fed 
intervention had bought time 
for the dollar, without arrest- 
ing the negative sentiment 
towards the US currency. 

A number of reasons were 
suggested as to why the Fed 
had intervened. These 
included: concern that a weak 


Pound In He*> York 


Ho* 3 

Tmtti 
3 n® 
1 


I £130 
1.8122 
tans 

1.BD35 


-Pm. dose — 
1.8230 
1J32Z2 
14215 
14127 


dollar would feed into US infla- 
tion; si gnalling disapproval of 
the level to which the dollar 
had fallen; and wanting to sta- 
bilise the currency ahead of 
next week's quarterly treasury 
refunding, and the mid-term 
congressional elections. 

Today the key focus will be 
the non-farm payroll. If it 
comes in above market expec- 
tations, and the Fed does not 
respond with a firm tightening 
of monetary policy, traders are 
likely to sell the dollar a gain _ 

The market was again thick 
with explanations for dollar 
weakness. The most commonly 
heard is fin* fear that the Fed 
is moving too slowly to combat 
infla tion. Also much men- 
tioned is the US's large current 
account surplus, which is seen 
as creating a structural over- 
supply of dollars that can only 
result in dollar weakness 
unless offset by commensurate 
capital inflows. 

But according to Mr Paul 
Chertkow, head of currency 
strategy at UBS in London, 
these explanations don’t wash. 


DoBar 


Against the Yen (V per S) 

96.0 


©7.5 


97.0 


96.5 - 


9&0 



aa Oat 1994 Nov 

SouCKFTCk^Mte 


He says that the US current 
account deficit, of around 2 per 
cent of GDP, is no worse than 
Germany's, but the D-Mark is 
appreciating. He also recalls 
that the dollar was a strong 
currency in the 1985-7 period 
when the current account sur- 
plus was closer to 4 per cent 
Mr Chertkow says, instead, 
that the dollar's weakness is 


attributable to lack of confi- 
dence in the currency, and US 
assets, following the Clinton 
administration's policy of "dol- 
lar debasement". As a result, 
US assets were not bought, and 
the capital flows were insuffi- 
cient to combat the size of the 
current account deficit. 

For this reason, he said, the 
issue of whether or not the 
Bundesbank participated in 
the intervention was irrele- 
vant “The issue here is the 
US, whether the Clinton 
a dminis tration atones for the 
policy of debasement" 

Mr Chertkow said the dollar 
had been driven lower by 
short-term players. F inan cial 
investors and corporates had 
been largely out of the market 
The resultant illiquidity meant 
that the short-term operators 
had been able to exert dispro- 
portionate influence. 

He said institutional inves- 
tors were underweight the dol- 
lar because they were under- 
weight US assets. As a result 
they were a potential source of 
follow-on dollar buying, should 


the Fed succeed in getting 
short-term speculators to start 
pushing it higher. 

Mr Robin Marshall, chief 
economist at Chase Manhattan 
in London, said that interven- 
tion had recently been conspic- 
uously unsuccessful. "$25bn of 
Bank of Japan intervention 
through the year has mas- 
sively exceeded Fed interven- 
tion. without turning the dol- 
lar trend." 


■ Tight bill conditions in the 
UK money markets saw three 
month LIBOR rise to 6^ per 
cent, from 6% per cent In its 
daily operations, the Bank of 
England provided UK money 
markets with £635m of late 
assistance, after earlier provid- 
ing £406m of liquidity. The 
shortage was £L25bu. 


■ OTHER CUHROMCMS 


POUND' SPOTf^ftVv^F^ AGAINST THti POUND. 


DOLLAR SPOT FORWARD AGAiNST?T$ESDO!AAR'Hi.f ; ;P 


No* 3 

c 

e 


174393 • 174.663 

107650 - Hl7.t60 

ten 

3IK1® - 286200 

174200 - 1750JM 

Ktfvnrtf 

24820 - 2*831 

22981 - 02086 

PDiapO 

374719 375235 

231720 - 231320 

RjRTdl 

5007.78 - 501163 

309200 - 300200 

UAL 

59178 - 29287 

26715 - 26735 





Nov 3 


Ctodng Change BWOffor 
ndd-poM on day spread 


Day's mu 
htfi tow 


One month Three months Ona year 


Bank of 


No* 3 


Rata MPA Rate MPA Rate MPA Eng. Max 


dosing 

mM-poMt 


dungs BkVoffer 
on day spread 


Day's mid 
high low 


One month Three months 
Rata MPA Rate MPA 


One year J.P Morgan 
Rate MPA Index 


Empa 
Austria 
Belgium 
Denmark 
Finland 
Franca 
Germany 
Greece 
Ireland 
It aly 

Luxembourg 
Netherlands 
Norway 
Portugal 
Spate 
Sweden 
Switzerland 
UK 
Ecu 
SORT 
Americas 

Argent ina (Peso) 

Brad (H) 

Canada (CS) 

Mexico (New Peso} 

USA 9) 

Padflc/MfcfcBe East/Africa 


Europe 


(Scfl) 

17^482 

-0.032 

388 - 578 

173185 17.0517 

17.2439 

03 

17332 

04 

- 

. 

1153 

Austria 

(Pft) 

50^116 

-0^148 

887 - 344 

50.8410 54L2887 

502816 

0.7 

503118 

03 

50X1715 

0-6 

117.4 

Bcfgtum 

(DKr) 

9.5983 

-0.0137 

929 - 036 

9.6316 98929 

9.5953 

03 

9.6106 

-03 

93801 

0.1 

1173 

Denmark 

(FM) 

7.5109 

-0.0835 

005 -213 

7.0110 7.5005 

- 

- 

- 

- 

- 

- 

88.9 

Frtond 

(FFr) 

8.4025 

-0.0128 

07B - 071 

8.4336 03979 

8.4004 

03 

83927 

05 

83246 

03 

1105 

Franca 

(DM) 

2.4499 

-00049 

485 - 513 

Z-4825 2.4485 

2.4484 

0.8 

2.4444 

0.9 

2.4117 

1.6 

1263 

Germany 

(Dr) 

377 JS2S 

-0.511 

327 - 722 

379.951 377.327 

- 

- 

- 

- 

- 

- 

- 

Greece 

m 

1.0107 

_n nra 

099 - 115 

1X7184 1.0099 

linos 

02 

1X1102 

02 

1.01 IB 

-0.1 

1053 

Mand 

P4 

2S14L40 

-13.73 

241 - 639 

2529.31 2512.41 

2620 

-2.7 

2531.4 

-2.7 

25813 

-27 

743 

Italy 

(LFr) 

503116 

-OJM48 

887 - 344 

606410 KL2887 

602816 

07 

502116 

06 

500718 

05 

1173 

Luxambaurg 

(H) 

2.7477 

-0.0051 

480 - 493 

2.7590 2.7460 

2.7462 

06 

2.7419 

08 

27074 

13 

121.1 

Nattwteida 

(NKr) 

10.8877 

-0JI256 

819 - 934 

10.7361 106488 

10.8877 

ao 

10.BBS4 

-ai 

106883 

0.0 

883 

Norway 

(Eb) 

250228 

-4W79 

069 - 386 

261.619 260.069 

261.958 

-83 

255.138 

-78 

- 

- 

- 

Portugal 

(Pta) 

204.169 

-0.557 

065 - 273 

206.017 204X166 

204.499 

-12 

209354- 

-102 

207.779 

-13 

853 

Spate 

(SKI) 

11.8784 

+0.0884 

648-681 

11.9136 11.7459 

11X1964 

-13 

113379 

-2-1 

12X1824 

-1.7 

74,9 

Sweden 

(SFr) 

2.0502 

+0.0051 

487 - 516 

2X1599 2X1487 

2.0471 

12 

2X1396 

2.1 

13973 

26 

1223 

Switzerland 

ra 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

803 

UK 


1.2889 

-0.0023 

861 -676 

1.2929 1.2861 

1X287 

ao 

12872 

-Ol 

1381 

05 

- 

Ecu 


(Sch) 

(BFr> 

(DKr) 

<FM) 

(Ffii 

IP) 

(DO 

W3 

(L) 

(Lftl 

P) 

(NKr) 

(fa) 

(Pta) 

ISKr) 

(SFr) 

W 


SORT 


106635 

31.1045 

5.9340 

4.6435 

51948 

1.5146 

233.400 

1.8004 

155450 

31.1045 

1.6807 

8.6075 

154.700 

126225 

7.3424 

1.2675 

1.8175 

12570 

1.40305 


*0.1435 610 
+03445 000 
+0.0823 325 
+0.0323 385 
+0.0716 935 
+0.0201 143 
+3255 360 
-0.02 996 
+15.4 375 
+02445 000 
+0 0228 882 
+00854 060 
+1.95 550 
+1.59 200 
+01647 374 
+00225 670 
-00251 170 
-00172 566 


355 

485 

960 

150 


660 10.6730 10.6450 
090 31.9150 31.1000 

5.9415 5.9186 
4.6876 4.8363 
5.1990 5.1820 
1.5175 1.5120 
450 233.700 233.100 
011 1.6036 1.5852 

52S 1557.55 1552.70 
090 313150 31.1000 

1.7006 1.6950 
66180 65534 
750 155.000 154.660 

250 126.420 125.750 
72474 72305 
12710 
1.6265 
12595 


992 

090 


474 

680 

180 

573 


12620 

1.0170 

12556 


18166 -0.0248 160 - 172 

12680 -0.01B6 647 - 672 

2.1983 -00278 972 - 990 

55578 -02903 538 - 619 
1.6175 -0.0251 170 - 180 


1.6256 1.6180 
12713 12847 
22071 2.1972 
62887 52538 
12265 1.6170 


Hong Kong 
Indo 
Japan 
Malaysia 
New Zeeland 


(AC) 2.1777 -0.0363 763 - 791 


2.1906 2.1 7B3 
c straw 1Z4873 

(RS) GO. 7895 -0221 657-133 510720 50.7867 

-0.151 787 - 965 158240 157.787 157.428 
4.1614 4.1384 
2.8397 22250 


(VI 157278 
IMS) 

(NZS) 


41403 -0.0561 384 - 421 

22269 -02343 250 - 388 

(Peso) 40.1141 -0.7046 208 - 073 402073 400208 

(SH) 62873 -0.094 650 - 996 8.1007 62650 

2.3757 -0033 741 - 772 

52740 -0.0659 716 - 776 

6. 8237 -00946 054-419 

-222 859 - 955 129028 126829 
(TV) 42.1096 -0.6243 913-279 422524 422931 

(BO 403243 -05674 956 - 529 405490 402966 


21974 

06 

21956 

06 

21923 

03 

983 

13187 

06 

1316 

04 

130B8 

0.7 

61 <4 

21798 

-13 

21825 

-4.9 

21964 

-0.0 

_ 

124854 

03 

124896 

04 

124199 

07 

- 

157.428 

24 

150411 

3.7 

161.176 

43 

109.4 

23315 

-21 

26408 

-21 

26607 

-13 

- 


Argentina 

Brad 

Canada 


[Peso} 02995 
(R) 02445 


12591 


(G$) 

Mexico (Now Peso) 3.4360 
USA (V) 

Pacfflc/MUcSe East/ Africa 


+0.0003 994 - 995 
+0.001 440 - 450 
+0204 588 - 593 
-0.0026 345 - 376 


09995 02993 
02450 OB430 


12597 12560 
3.4375 3.4350 


Australia 
Hong Kong 
Intfta 
Japan 
Malaysia 


(AS) 

(HKS) 


12484 
7.7292 
(PS) 314000 
IY) 972050 
2.5587 


Saudi Arabia 
Skxnxre (SSI 

5 Africa (Cam.) (R) 

S Africa (Fin.) (R) 

South Korea (Wort) 128927 
Taiwan 
TTudand 


2288S 22741 
6.7062 52718 
6.6706 62054 


IMS) 

Now Zealand (NZS) 1.6241 
PhOppines (Peso) 242000 
Saudi Arabia (SR) 

Singapore (SS) 

S Africa (Com) (Ft) 

S Africa IRn.) (R) 

South Korea (Won) 796250 
Taiwan (It) 26.0338 

Thafland (Bl) 24.3300 


3.7511 

1-4UH7 

32083 

42950 


-0.0009 45S - 468 
+0.0016 287 - 297 
-O.Q2 050 • 050 
+1.4 800 - 300 
+0205 593 - 600 
+0.004 234 - 247 
-025 500-500 
+2.0001 508 - 513 
+0.0023 682 - 692 
+02135 075 - 090 
+0.005 850 - 050 
-1.4 900 - 000 
+2.0178 305 - 370 
♦0.0355 300 - 400 


1.3477 

7.7297 


180R retea Bor Nov 3. Hdtorter spreads in Dw Ptouid Spat tad* Wkm only tie tret Una decfcnal ptoow. Fbrared ntn me not (fractty quoted to tee 
but ae kitted by current » n w iei rates, Staring mdax cakatmad by tea Baft of E ngland. Baaa bukos 1965 - 10013d, Onar and Ifid-cataa h bate thfa ml 
tea DcOar Spot tabkn dartvad Van THE WMfflEUTERS CLOSING SPOT RATES. Serna vriiM are raundad by tee F.T. 


12459 
7.7262 
31 >4050 31.3950 
972500 972600 
22600 2.5575 
16260 1 8234 
242500 24.7500 
3.7513 3.7508 
1.4708 1.4682 
32105 32040 
4.1050 42850 
798.300 796.900 
262650 262305 26.0538 -O.E 
24.9400 242250 25.0025 -3i 

tSOR nter (or Nor 3. BkVoltar spreads m flw Deter Spot taeia show arty the last Uvea decanal places. Fonnad roles are nor (greeny rented » tee market 
but are kneted by currant kmreol rates. UK. InWnd 4 ECU on quoted n US cumncy. JJ>. Morgan rami Indcas Nov 3 Saw mrqr 1880*100 


106635 

0.0 

106633 

00 

103885 

07 

104.6 

31.107 

-0.1 

31X1645 

05 

303645 

05 

1083 

5.938 

-0.6 

5.9465 

-0.8 

5.985 

-09 

105.8 

4.8*42 

-03 

4.641 

03 

4 83 75 

Of 

826 

5.1961 

-03 

5.1937 

0.1 

5.1815 

03 

106.8 

1.S144 

03 

1.5127 

03 

1 5011 

09 

1073 

233.67 

-1.4 

234325 

-1.4 

236.475 

-13 

683 

1.8003 

00 

1.6005 

OO 

1.5874 

03 

- 

1558.75 

-33 

1560.5 

-3.1 

1607 

-3.4 

74.5 

31.107 

-0.1 

31.0845 

0.5 

303645 

06 

1063 

1.6987 

oa 

1.6088 

06 

1.6852 

08 

105.9 

8.6102 

-03 

8.623 

-03 

6.855 

-07 

90.7 

165.325 

-4.B 

156.45 

-4.5 

18095 

-43 

953 

126.555 

-3.1 

12732 

-33 

129.835 

-29 

809 

73571 

-24 

73664 

-24 

73264 

-25 

813 

13438 

12 

13622 

1.7 

13433 

13 

1083 

1.6418 

0.6 

1318 

04 

1.6066 

0.7 

893 

13736 

0.6 

1356 

03 

13542 

03 

- 

13589 

Ol 

13586 

0.1 

13641 

-04 

833 

3.437 

-03 

3.4388 

-03 

3.4462 

-0.3 

- 

- 

- 

- 

- 

- 

- 

94.1 

13467 

-43 

1.3474 

-0.3 

1.3547 

-0.6 

86.6 

7.7283 

01 

7.7279 

Ol 

7.7377 

-0.1 

- 

31.485 

-33 

3133 

-23 

- 

- 

- 

97.375 

23 

96.795 

33 

94.1 

33 

1509 

23505 

4.3 

23392 

33 

23127 

-21 

_ 

1.6251 

-07 

1.6269 

-07 

13322 

-03 

- 

3.7524 

-0.4 

37565 

-0.6 

3.7751 

-03 

_ 

1.4674 

1.1 

T.4655 

0.9 

1.4687 

07 

- 

33238 

-5.3 

33521 

-5X1 

3.6288 

-3.4 

- 

4.1287 

-99 

4.1875 

-9.0 

- 

- 

- 

799.95 

-43 

803.45 

-33 

821.95 

-3.1 

- 

26.0538 

-09 

26X1938 

-0.9 

- 

- 

- 

25.0025 

-33 

25.13 

-33 

2531 

-27 

- 


wnm d‘ INTEREST BAT ES 


, 


money rates 

Novembers O"* 
night 


One 

month 


Belgium 
week ago 


weak ago 
Germany 
week ago 


week ago 
Italy 

week ago 


Swtteeriand 
week ago 
US 

weak ago 
Japan 
week ago 


4ft 

4ft 

5ft 

54 

423 
4.68 

54 

54 

an 

8ft 

484 

424 
38 
34 
*8 
48 
2ft 

2ft 


48 

48 

54 

54 

426 

426 

5W 

6ft 

04 

84 

5.04 

524 

38 

38 

54 

54 

2ft 

2ft 


Three 

St* 

Ona 

Lamb. 

Ota. ' 

'flopo. 

. >• • -L ‘ 

niilfn 

mttis 

yw 

Inter. 

rets 

rate 


5ft 

5« 

64 

7.40 

430 


* a 

. - ‘r +r 

6ft 

64 

Bft 

730 

■430 

- :-i j 

f K'* ■ r - 

Sft 

54 

64 

6X10 


075 * 

y •• • 

Sft 

5ft 

6ft 

5X30 

. — . 

8.75 

* > •• 

5.16 

535 

6.00 

exn 

430 

435 


5.15 

630 

635 

630 

430 

436 

5. _ • — • 

5ft 

64 

7* 

• — 

- 

.635 ' . 

r- / ' ’ \ 

54 

Sft 

7ft 


- 

6L25 

ft -■ - - - * 

8ft 

9ft 

10ft 

— • 

730 

020 . 

> -i 

84 

84 

in 

-• 

.730 

830 


534 

536 

5.76 


535 

- • _ 


5.19 

534 

5.74 

— 

638 

— - 


4& 

4M 

4ft 

6fOfr . 

330 , 


-t; - 

4 

4K 

4ft 

6328' 

330 

- ’ 1 ' 

" • K l " - 4 

5« 

51 

84 

- 

4X» 

.■ 

& 4 _ V 

Sft 

59 

8ft 

- 

4X30 - 

- 

S i;*. — re ■ 

2ft 

24 

2ft 

- 

1.75 

- ■_ — 

!■' ' 

24 

24 

2ft 

- 

1.75 

. 

V. 1 % \ •' 


■ S LIBOR FT London 
I nt erbank F&dng 
week ago 
US DaBar GDa 
week ago 
SDR Linked Os 
week ago 


5ft 

5ft 

64 

6ft 

- 

-. ■ 


/ 1 ■■/. i • 

,*■ 

5ft 

64 

8 

64 




i ' , • ■ . 


5.04 

539 

5.78 

&45 

‘ - 

- : . 

- 

v _ A; - 

-- 

004 

535 

5.71 

631 

— 

• — 

— 

* ■!' ’ • v 


3ft 

34 

Sft 

4 

- 

- 

"■ - 

\ mK ~ 


Sft 

34 

Sft 

4 


- 


2 :■«: 7 :; * • 



■ nrt— ■ r mar B>fc 3 rrttw Sfc a mter BA; 1 ys«n 6ft. V UBOR HarbenkUng 

ECU Unfcad Da mM u tee irate* by low rafcrance bw*> at lien earn *cri*w 


XT* -nil Mn'm Baton TruaL Bark of Tokyo, Bnrctaya aid NaBenal MMnte 

Mona* Baton. US S COa and SDR LMosd Dsposte (CM. 


- 

: >*' 
l' 1 




EURO CURRENCY INTEREST RATES 

No* 3 Short 7 daya Ona 

notice month monHia 


Six 7 One' 


*.-* i j? 
£ £ 


Belgian Franc 
□erteh Krona 
D-Marii 
Dutch Gufcter 
French Fraic 
Portugutoa Esc. 


Swiss Franc 
Can. Dotar 
US ! 


Yen 

AdanSSHg 
Short Min i atm i 


4)2 

-41 

4)| ■ 

■41 

5- 

41 

51 

-51 

5ft 

-5ft 

8ft- 

6ft 

5*Z 

-s* 

SI' 

•a* 

sU- 

• sft 

81 

-61 

6» 

-sft 

7fi- 

71 

5 - 

41 

413 

4 a 

5 - 

41 

5ft 

-5ft 

51 

-61 

6fi- 

■6ft. 

5 - 

41 

5 - 

41 

5- 

41 

Sft 

-51 

51 

-61 

51- 

«1 

5% 

-51 

51 

-5U 

5ft 

6ft 

61 

-51 

5» 

-5fl 

81- 


9 *4 

-91 

91 ■ 

■9*1 

10- 

9>2 

101 

-10 

101 

-101 

101 r 

■ «1 

7& 

-71 

71 

■7,1 

71 

•71 

8 - 

7» 

81 

-81 

Bl 

-8 

5 h 

-sl 

5*2 

■6M 

SB 

Sfl 

6ft 

- 6ft 

61 

-81 

71- 

71 

4 - 

31 

3 V 

-31 

31 

■31 

4ft 

-3U 

41 

-41 

.41- 

41 

5>s 

-4B 

51 

-4)3 

51 

- S 

Sft 

-Sft 

81 

-8 

- 7- 

81 


.41 

<U 

-4H 

51 

-5 

51 

-51 

3- 

51 

61- 

61 

9 - 

Th 

81 

- 81 

81 

-Bl 

81 

-81 

91 

-91 

101 

-10 

2& 

-21 

2ft 

■21 

ail 

-2ft 

21 

-21 

21 

-2ft 

aS - 

21 

21 

-21 

2\ 

■21 

3- 

21 

31 

-31 

31 

-31 

41 

-4 




i cte tar tea US Octer and 


Yon. giant two d ftaT node*. 
(MOTIF) Parts Interbank offered rate 



Open 

Sett price 

Change 

Hgh 

LOW 

EbL vol 

Open int. 

Dae 

9430 

9437 

+0.01 

9428 

9424 

7308 

54391 

Mar 

9331 

9334 

+003 

9334 

93.78 

' 8338 

36391 

Jun 

9339 

9340 

+0.02 

9241 

9335 

5.060 

27358 

Sep 

9298 

83.00 

+001 

83.01 

9296 

2332 

19,700 

■ TIKE 

MONTH EURODOLLAR ((JFR^* Sim points of 100K 




Open 

Satt price 

Change 


Low 

Eat vol 

Open teL 

Dec 


9338 

- 



- 

2488 

Mar 


93.46 

- 



- 

1366 

Jin 


S3X» 

0.01 



• - 

. 350 

Sep 

9263 

9233 

am 

9263 

9233 

25 

56 


'-t 




m 1WB MOITTH EUHOMARK nnutu (LHTET DMIm points of 100% 


Dec 

Mar 

Jui 

Sep 


Open 

Satt price 

Change 

Hgh 

Low 

Eat vd 

Open fra. 

, 

9432 

9432 

- 

9483 

B480 

14128 

154501 


9433 

9454 

+002 

0435 

0447 

31864 

157057 

‘5 * 

9412 

94.13 

+0.01 

0414 

9405 

24651 

110754 

■S’ 

9272 

9274 

+0.03 

0274 

9285 

0044 

76053 



■ORTH BUROUMHTJUn FUTURES (LUTE) LIOOCTn pomts of 100M 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

No* 3 BFr DKr FFr 

DM 

K 

L 

FI 

NKr 

Ea 

Pta 

SKr 

8ft- 

E 

C$ 

II 

■ 

Ecu 

Batumi 

(BFr) 

100 

19.08 

1070 

4888 

2010 

4897 

5460 

2135 

4973 

406.7 

gas a 

4075 

1388 

4360 

3316 

313.7 

2558 

Danmark 

(DKr) 

5242 

10 

8.786 

2352 

1X63 

2619 

2882 

11.14 

260.7 

2126 

1237 

2130 

1342 

2390 

1386 

164.4 

1341 

Franca 

(FFr) 

5937 

11-42 

10 

2314 

1303 

2992 

3389 

1272 

2973 

2420 

14.13 

2440 

1.190 

2616 

1326 

1873 

1.532 

Germany 

(DM) 

2034 

2919 

2431 

1 

0413 

1027 

1.122 

4365 

1022 

8334 

4847 

0337 

0408 

0898 

0861 

6443 

0526 

Hand 

OQ 

40.76 

9494 

8312 

2422 

1 

2487 

2717 

1057 

2473 

2013 

11,74 

2028 

0389 

2174 

1.600 

1501 

1273 

Italy 

(U 

2001 

0382 

0334 

0097 

0040 

100. 

0109 

0.425 

9.962 

8.119 

0472 

0002 

(L040 

0087 

0.064 

6377 

0051 

Nottiertaads 

FU 

1831 

3.494 

2059 

0392 

0368 

0153 

1 

3392 

91.08 

7430 

4321 

0746 

0384 

0300 

0389 

57.44 

0469 

Norway 

(NKr) 

47X16 

8378 

7361 

2291 

0346 

2352 

2570 

10 

234,1 

1909 

11.10 

1316 

0335 

2056 

1314 

1473 

1304 

Portugal 

(Eel 

2011 

3338 

2359 

0379 

0404 

1005 

1.098 

4373 

100. 

8137 

4.744 

0319 

0400 

0378 

0647 

63.07 

0514 

Spate 

(Pta) 

2435 

4.703 

4117 

1300 

0486 

1232 

1348 

5338 

1223 

100. 

5319 

1X104 

0490 

1.077 

0783 

77.32 

0631 

Sweden 

fSKl) 

4238 

8X186 

7.079 

2063 

0352 

2118 

2314 

9.000 

2103 

1718 

10 

1.727 

0342 

1362 

1383 

1323 

1.084 

Switzerland 

(SFr) 

2434 

4682 

4089 

1.195 

0493 

1226 

1340 

6316 

1220 

99.56 

5.790 

1 

0488 

1.072 

0789 

7638 

0628 

UK 

B 

5031 

9.598 

8403 

2449 

1.011 

2614 

2747 

1039 

2503 

204.1 

1137 

2050 

1 

2198 

1.618 

1573 

1387 

Canada 

(C3) 

2269 

4367 

3323 

1.114 

0460 

1144 

1350 

4384 

1133 

9288 

5400 

0933 

0455 

1 

0.736 

71.79 

0388 

US 

m 

31.09 

5332 

5.193 

1314 

0625 

1564 

1388 

6307 

1543 

126.1 

7336 

1387 

0818 

1358 

1 

9733 

0.795 

Japan 

(Y) 

31.88 

0082 

5325 

13S2 

0341 

1593 

1.741 

0774 

1563 

1293 

7322 

1389 

0334 

1393 

1325 

100. 

0316 

Ecu 


39.09 

7.458 

8329 

1303 

0788 

1963 

2134 

8306 

1944 

1583 

9323 

1.G83 

0777 

1.708 

1357 

1223 

1 


CtanUft Kixrar. Fra rate Franc. M ywejpun Wow, and Aredbft Kronor pa tft SWgter Rare Van, EacuOa, Urn and Ram par 100. 


M D-MARK RnWB5 (PrlM) DM 125200 per DM 


(1MM) Yen 122 par Yen 100 



Open 

Latest 

Change 

High 

Low 

EsL vol 

Open bri. 


Open 

Latest 

Change 

High 

Low 

EsL vol 

Open Int 

Dec 

03605 

06602 

+00004 

03616 

00596 

63,170 

87362 

Dae 

1X1291 

1.0376 

-axnoa 

1X1312 

1.0261 

49.128 

63394 

Mar 

03615 

0.6615 

+03007 

03620 

03815 

350 

5355 

Ma 

1XB55 

13359 

■00006 

1X1373 

1X1355 

1361 

7305 

Jun 

- 

0.6830 

- 

03830 

- 

1 

1367 

Jun 

1XM80 

1X1475 

+00002 

10476 

1X1480 

148 

763 


■ SWISS FRANC FUTURES (MM) SFr 125.000 per SFr 


FUTURES (MM) CB2200 per E 


Dec 

07926 

07887 

■00024 

07939 

07891 

28,926 

40316 

Dec 

13200 

1.8210 

+00008 

1.6242 

1.8200 

25351 

45.422 

Mar 

07950 

07930 

-0.0010 

07950 

07927 

193 

2,149 

Mar 

13220 

13218 

+00022 

13220 

13218 

225 

636 

Jun 

07H74 

07976 

-0X1022 

0.7988 

0.7974 

8 

177 

Jun 

- 

1.6180 

- 

13180 

- 

3 

18 


U K INTEREST RATES 


LONDON MONEY RATES 

No* 3 Over- 7 days 

rtgm 


notice 


One 


Three 


Six 

months 


One 

year 


tototanic Sferfeig 7-5^ 5^-5^ SH-5^ 6 A-SS 6 *»- 6 l 2 7,5-71* 

Starting CCs - - 6 fl - 6 |S 6 /. - 6 6 * - Sft 7ft - 7 k >, 

Treasury B«a - - 5^ - 5^ 52 - 5H 

BrrkBto - - 5%-5»B6i-NJeta-BJB 

Local authority daps. 5,1 -5,4 55-5,4 5* ■ 5Sg - 8 05-6,4 7&-7& 
Docounv Martcet deps 5^ ■ 6 l 2 5^ - 5lj 


UK deaxtgg baft base lending rate 5\ per cent (ram Septsntrer 12. 1984 
Up tel 1-3 3-6 M 


9-12 

monfrta 


3% 


3«2 


Certs of Tax dep. (£100200) 1*2 4 34, 

Cats of Tax dep unde CiQO^oa a 1 laws. Dopouta ntthdemn tar esh Vpc. 

Am. tend* rstBcf dWcoun! iWapc. KCO fixed rate Sdg. Export Rnra. Maks 14 , day Oct 31. 
1S94 Agreed rata tor period Nov 20. 1084 to Dae 25, 1004. Schama n & B TJOpe. Rnteranca roa tor 
pwtodoa I. 1994 «> 00)31. 1904, Sctwnwa nr & V SJOSpc. Rnance Houae Baaa fWW Bpc hom tkxr 
1. 1094 

■ THREE MOUTH STEBUMQ FUTURES (UFFE) £500,000 pooits of 100M 


Dec 

Mar 

Jun 

Sep 


Open 

Sett pnee 

Change 

wgh 

Low 

EsL vo) 

Open hL 

9331 

93.58 

+006 

9330 

93.47 

38473 

146142 

92.70 

92.77 

+005 

92.80 

92.65 

24646 

73159 

02.06 

92.17 

+006 

92.10 

92.05 

7465 

57839 

9T.64 

91.74 

+0.08 

91.75 

9131 

5336 

54520 


Tmdad on MPT. At Open rnrani a t Sgs. me lor orawoua day. 


■ SHORT STCTXJMC OPTIONS (UFFE) CSOO.OOO ports a 1 100% 


Strike 

Price 





aiaa-m 

Dec 

Mar 

Jui 

Dec 

Mar Jun 

9390 

019 

007 

D3B 

OH 

060 1.41 

9375 

0.07 

002 

0X» 

024 

1.00 1.63 

9400 

0.02 

□ 

0X13 

0.44 

123 138 

EaL sol tottL Gofer 23«5i Pus 9682. Prartou* dqrtr span m. CdU 351323 Pure 211012 


EMS EUROPEAN CURRENCY UNIT RATES 

Nor 3 Ecu eerv Rale Change M */- from % spread 

against Ecu on day 


rates 


can. rata 


Dtv. 

ted. 


0.80862a a 790611 -0001251 


Germany 


2.19672 

402123 

124964 


Portug W 

Spate 


7.43679 

192254 

154250 


2.14800 

3&4121 

121623 

626742 

7.50309 

195284 

159.650 


+0.00124 

*00115 

+000115 

+000164 

+000377 

-004 

-0017 


-023 

-222 

-123 

-1.71 

0.44 

0.89 

1.57 

3.51 


527 
525 
521 
521 
3.06 
a 59 
121 
0.00 


-6 

-11 

-24 


NON BM MEMBERS 
Greece 2B4213 

ttaty 1793.19 

UK 0.786749 


295293 

196620 

0780171 


+0.062 

-1.1B 

-0201965 


11.64 

925 

-084 


-728 

-5.61 

428 


Ecu camrel retea aw by tea Baopaw, Comml ai lor t Cumnctea era In dtaoandtag r 


Paroanlaoachanpaowetor Eac a poaSwe cftmcp denoia a wiak eunancy. Dfvwgence 
■sflo buiaawi tvo aoraadk tea pancanwga dWmnoa betwean tee ttdual mortem wid Ecu 
lor a oxrency. and tea muraun parnmad perc e ntage dwWHcn of Bw tnnwiqFa inerlwt 
Ecucwwalme. 

(174MH) Stateg and RaSan Uca mdwnM Irom ERM. Adamant cWcutomd by tea 


ngte. 


hem Cl 

Tknao. 


BPtflLADELFMA SE V* OFTIOfCS £31 ^50 (dents per pound) 


Strifes 

Price 

Nov 

- CALLS - 
Dec 

Jan 

Nov 

— PUTS — 
Dec 

Jan 

1350 

7.03 

7.14 

7j43 

. 

013 

0.46 

1375 

435 

436 

5.44 

OOI 

0.44 

034 

1300 

223 

3X19 

173 

0.12 

1XS 

1 71 

1JS25 

0.63 

1.73 

2.43 

096 

2.12 

2.78 

1JB50 

006 

034 

1.47 

233 

367 

429 

1375 

OOI 

035 

032 

531 

5.58 

612 


Preeouiteqrs voL Cadi 9270 Pua 725T . Pre». day's opwi h. C ate 46O40S Puts 421248 


■ THREE MONTH TOROOOtXAR 0MM) $1m polms of 100M 


BASE LENDING RATES 


Adan & cenpany — 57S 

AAadTVuaBarft —5.75 

AIBBank 5.75 

•Herey Andtatfrer am 

BankofBamda — 5.75 

Banco BBtao 142caya_ E75 

Bonk of Cyprus 5.73 

Bank of Ireland a 75 

Bank of India -b.75 

BankofScnBand &75 

BardayeBonk a 75 

Bril Ek of Mid East 5.75 

eerown Shplay & Co 1U 2.73 
CL Bark Nsdertend ... a 75 

ObberftNA..- —275 

OydastUeBank S75 

The CcKporatw Bank. S75 

Courts 5 Co 575 

CmcB Lyonnais 5.75 

Clivus Popular Bank -276 


% 

Ctencan Lanrte — 075 

Bair Bank Urritad — 075 
Financial & Gen 8ank_ 05 
•Robert Fternng & Co „ 675 
Gboaarft — 5.75 

•Gu+mees MWvxi 5.73 

Hat* Bank M3 a*Wi . a76 

• H arttemaBaft a 75 

HoflaUe & Gen irw Bk SJ5 

awsarul __S75 

CHoareACo 5.75 

Hong ko ng a Shanghai 5.75 
Jiiai Hodge Bank . — 673 
•Leopold Joseph 6 Sana a7S 

Lloyds Bank — 57b 

Meghra( Bank Ltd 576 

MxtandBank 5.75 

■MounfBanfdng 6 

MatWe sc ntr ot ar 575 

•Rea Brateare 5.75 




8 


Royal Bk at Scofarvl _ a?S 
•SmHh 8 Wftnsn Seca . a7S 

TSB a7S 

•United Bk of Ki^nrt— 275 
UWy Thai Bank Be _ 275 

YVbstem Trust 275 

275 

275 


• Merrtoece of London 
Inwatment Banking 



Open 

Latest 

Change 

tt9h 

Low 

ESL vol 

Open InL 

Dec 

3338 

9338 

- 

93X19 

93.97 

82310 

411328 

Mar 

93.47 

3149 

+0.01 

93.31 

9047 

153347 

411.172 

Jun 

9238 

93X11 

+002 

9331 

92.97 

110332 

294.483 

■ US TRKMURnr SILL RmBB (IMM) Sim per 100% 



Dec 

9439 

9439 

+OOI 

9439 

9438 

1397 

17302 

Mar 

94.05 

9-1.06 

+0.01 

94X16 

94.05 

290 

10323 

Jun 

- 

9338 

- 

- 

- 

74 

5,946 


Al Open Hunt 


ega. an tar prenooa day 
OFTfOMi B2¥Q DMIm potnte oMOOM 



Open 

Sett price 

Chertpe 

Hflh 

Low 

EsL vei 

Open InL 

C*v 

•■fi 

Dee 

9033 

9086 

+0.11 

9097 

9081 

5903 

33159 

ri 

Mar 

90X» 

9023 

+0.14 

8024 

9035 

4558 

30007 

- ' tSr 

Jun 

8045 

8932 

+013 

6932 

89.45 

1454 

16266 


Sep 

8007 

an 00 

+0.10 

8933 

8007 

1258 

20703 


■ TMEE 

MONTH 

■UTOSMIS 

8 FRAMC Fimms (Uf¥q SFrlm petete oMOOM 

te* 


Open 

Sett price 

Change 

rtgh 

Low 

Eat vol 

Open ML 

i 1 - 

■ -r- 

Dec 

9534 

9537 

+0X12 

8538 

9534 

1509 

20537 


Mar 

9533 

9536 

+002 

0535 

9552 

1806 

17886 


Jun 

95.14 

95.14 

- 

96.14 

95.12 

128 

5206 

. i-. 

Sep 

94.75 

9439 

+002 

9430 

94.76 

108 

1860 


■ THUU 

MONTH KCU FUTUR8S PJFFQ Eculm ports of 100M 




Open 

Sen price 

Change 


Low 

Eel vol 

Open Ml 


Dec 

9333 

9338 

+003 

8337 

9332 

765 

7831 

sr 

Mar 

8339 

83.44 

+004 

93.45 

9336 

1343 

6910 


Jiai 

9236 

9233 

+005 

9233 

S232 

416 

3S96 

0 

Sep 

9238 

92.42 

+0XB 

0239 

9236 

55 

2436 

r. 

* UFFE hem bwted an apt 






■Sa 









xs 

p 

to- 



FINANCIAL TIMES 

Conferences 


THE PETROCHEMICAL INDUSTRY 
- PROSPECTS FOR THE 
MID-1990S AND BEYOND 


SHU 

Price 

Nov 

Dec 

CALLS — 
Jan 

Mar 

Nov 

Dec 

PUTS 

Jan 

Mar 

9478 

nna 

012 

007 

Oil 

002 

005 

028 

032 

9500 

OOI 

003 

002 

0.05 

019 

031 

0.48 

0.51 

9825 

0 

OOI 

0.01 

002 

033 

044 

072 

073 


aL Crda 73300 Puss nasi. Pnwtaa day's epm teL. Ctfa 2)0629 Pics 1BS732 
WmS FRANC OPTlOtW 02Tg SFr 1m pointa of 10PS 


Strflce 

Price 

Dec 

— CALLS - 

Mar 

Jun 

Dec 

— PUTS — 

Mar 

Jun 

9575 

017 

an 

007 

0X15 

030 

038 

9600 

004 

005 

n m 

017 

049 

039 

9623 

OOI 

0X33 

OOI 

039 

072 

1.12 


tec. voL BUL Ceas 300 PICS 30a Prawtoum Oaf a opm Inc, CaOa 240G Puts lias 


London - 21 & 22 November 1994 


This high-level FT conference brings together a most authoritative panel of speakers 
from Europe, the USA, Latin America, the Asia Pacific and the Middle East to review 
prospects for the industry in key markets. 


ISSUES INCLUDE: 

• Strategic Alliances - The Way Forward for Europe's Petrochemical Industry? 

• The Potential of the Asia-Pacific market - International Perspectives 

• Korea's Presence in Asian Petrochemicals 

• Expanding Petrochemical Capacity in the Middle East 


SPEAKERS INCLUDE: 

• Mr Bob Wilson 

President 

Exxon Chemical Europe Inc 

- Mr Julia Rantanen 
Chief Executive Officer 
Borealis Holding A/S 

• Mr Mohammad AI-Kathiri 

General Manager 

SABIC Europe Ltd 


Mr Bryan K Sanderson 
Chief Executive Officer 
BP Chemicals 

Mr Nyun Tae Kim 

Director, Chemical Business Planning 

Yukong Ltd 

Mr James E Fligg 

Executive Vice President, Chemicals Sector 

Amoco Corporation 


FINANCIAL TIMES CONFERENCES in association with CHEMICAL MATTERS 
There arc some excellent marketing opportunities attached to this conference, please contact 
Lynctte Northcy on 07 1 814 9770 for further details. 


THE PETROCHEMICAL INDUSTRY 
- PROSPECTS FOR THE MID-1990S AND BEYOND 

Please tick relevant boxes, 
d Conference information only. 

□ Cheque enclosed for £.SII4.HK. made payable lo FT Conferences. 

□ Please charge my Muslcrunl/Visa with E804.RR. 

cam™, □□□□ nnnnnnnnnnnn 

Nome of card holder 


Please return to: Financial Tunes Conference Organisation. 
PO BOX 3651, London SWI2 8PH. Tel: 081 673 9000 
Fax: 081 673 1335. 

The Petrochemical Industry 
- Prospect' for the Mid-1990s and Beyond + Vat 


Name Mr/Mrs/Mi ss/Ms/Othcr 

Job Title Qgpi 

Company 

Address 


Exp. dale Signature. 


Thr nfnm m pn. .[r +,B h, h, II, (ml m. hr uml k, 1 
°J ’rtred ■ire*'' In malwr l»lpr<». 


I al FT prodtrtJiated 


Tel. 


.PbsiCodc^., 

■Fax 





"t 


^*>13;:-+ 


■Tr 




























47 


FINANCIAL TIMES FRIDAY NOVEMBER 4 1 994 


WORLD 


MARKETS 




♦/- i— t uw in r/E 


><• w to w «= 


♦ /- ■*» 


♦ /- — Urn tw fit 


EUROPE 

ng1RK<Nov3/Sefy 


QodPt 

EAfen 

Sffl 

urang 

cSSh" 

WIZm 

ftadentH 

srffi 

MW 

WaaM 


1.835 

OS 

631 

2.770 

1JM 

1.070 

STS 

B75 

810 

<06 

185 

1.070 

3ta 

678 

<09 

1780 


-IS 4200 1,750 16 
*17 l JJTfl 780 IS 
+3 834 687 IS 
+50 4 J00 1430 06 
+1 1.713 1.180 14 
+SW1JM 0.5 
+4 744 558 ... 
+5 14)07 946 IS 
-51,050 
— 498 
-4 258 
*7 1.180 
-4 406 
+11 781 
800 


80S M 
385 75 
171 3.1 
874 _ 
312 18 
546 2.4 
430 1.7 


MKfl 370 +1 570 340 8.7 

mb tit S 709 500 6-5 

turn 818 +10 WJ 2 691 2.1 
18CDP 394 A) -1.1040MB >2 M 

« 

-issssfi* 

— LvrBnz 470 *£81 654 426 IS 

— MM MSL50 +460 274 2J7.10 1.0 

— Uauta 11870 -1 JO 18650 6M8 §J 

— IMH AGO *101:348 808 82 

— NrtSl 110.10 +1J01IBM11Z.1J 65 

•- OrtMl ZOO — £S8 154 

— mi mao +7J0 saa sis o? 


_ EalpMi 


_. 5*0 


_ Te&ssa 
._ Tenta 


8240 

8265 

10,110 

1208 

4.130 

21800 


+69 4210 2275 ,m 
- 1511/06 8,700 4.1 
-Ml IJJOO 9J0I 11 
+182.7301202 2.8 
+75 5.185 3263 2.1 

-503BJOOZZAOO lJ 


3SS 


„ iifr 11400 +1OO2MW150® 3.4 
" UMMII lolsoo — 187000255 12 


~ ffiTWBLA«*spJow3/RaJ 


350 

820 

180 

eas 

1280 

1.180 


4200 

181 

1245 

11226 


„ ■BMAmr 5040 *2073.70 MU 

Z Sam 10420 +.70 now as 

n-mn +i<>m .iih 53536128 72 — MM <170 +20 63.40 42SD 2.4 

- S!S - imsSz*! „ Scon 207*1 .620 zzawniT 

• - 0n5t? 909 40 +ML91 371 2SUD 7.4 ... MM B.W +-10 4720 3220 32 


M8 
RdimQr 
RdHU 
RdtoQl 
SGGBr 

Z amM 712 
SMKHB 19420 


+2S 4240 3211 12 


Pmftc 
Pwjtfl 

— PWY 

■ m 

nw*¥ 

— Ramcti 


tnMmJRanauiB (Nw 3/fts.) 


Mad 

BBL 

pwi« 

BtoLPl 

BnqMB 






82£ 

BMC 

Forts 

G8L 


GantoQ 

G+oorl 

GhM 


Psnlia 


Ffcttd 


£8 

4200 

i8S 

22.100 

38,700 

2210 


5220 

2.B39 

2.489 
3259 
3290 
1222 

7.490 


2290 

8270 

1220 

9200 

1280 

18250 

■ fen 


“» X, 


Asfcnra 4270 ... 4,<50 3.705 12 

+30 8290 7250 32 
+101300 4.000 ... 
+26 4200 3290 42 
-200192901500 22 

— 2SOU22.1GO 22 
+100 4227534 000 80 

+35 22509,165 12 
BMt 23.975 +5SD 282B0 2DA0 1.7 
CSRQm 12,100 +125 13215 11.775 32 
Ott 2245 +45 2,7002,100 3J 

5.400 tZOBJOO&JOO «J 
193 ... 215 194 17 

7340 +190 62000.100 1 7 

1298 +42 1.550 1.106 2.1 

+206220 5.110 72 
— . 3.7BI 2270 4 7 
-25 2,870 2280 ... 
+55 4.580 1623 6.1 
._ 4.470 3.550 SO 
+14 12901200 10 
+10 0.1 80 7.140 II 
9200 +1M Ht.«ao 8.720 12 
4,450 -50 5S5Q4.1U 22 

" +30 3.585 2.750 5.1 

-10 8200 1910 22 
+20 7260 8280 12 

— 8. <00 1800 4 A 
+10 1230 1250 BB 

+5oitj»}&ooa 

+BO TIL77S 1250 2.9 
2.B45 *115 3280 2220 4fl 
4TO _ 560 420 3.7 
4.740 +180 1200 4 .250 42 
4200 +50 5280 4220 42 

g ram 2.03 92 

— 2238 2215 52 
♦25 r5jnci=550 49 

+512791.450 82 
+75 1730 11750 4.5 
+7D 11200 1320 4.7 
+175 £8.10022200 2.4 
. 2230 2.440 44 


2.100 

SCllAFV 2,105 
Sotoa 13.000 
1230 
1527S 
0.750 

V 


UCB 


(H0V3/K0 


' 



600 


760 

56S 2.5 


187 

♦£ 

281 

178 22 


281 

-3 

333 

290 1.1 


MSO 

+50 7.600 =300 OS 

D/S12A 



SO* 




320 


427 

307 =B 


195 

-32CCL3S 

iso aa 

USB 

410 

+10 

815 



SS9 

-1 

643 

449 =1 


185 

+1 

278 

150 1J 


390 

+3 

425 

330 =1 


900 

-151850 

885 0-4 


325 

-3 

385 

2S2 =1 


550 

-27B3Jn 

468 =7 


470 

■ +2 

737 

418 1.1 


504 


BIS 

407 OS 

SOtfKfl 

ajrfc 

C12 

+2 

675 

413 OS 

388 



485 

321 =8 






TaoDon 

IMdnA 

830 

230 


1J72 510 IS 
26720=96 4J 




FINLAND (Nov 3 f Kka) 




Amor A 
DM* 
BflnA 
Em»R 
HiM I 
KOP ■ 
KtotiO 
KDnaB 

&SS? 


•iu 


u 


MK 

S? 

Vtabnct 


■ -4 154 09 1.0 

-3 178 121 12 

... 105. 54 — 

_ 4890 35.80 12 
_ 233 141 22 
-.14 1740 111 „ 
-50 60 46 12 

— 705 
—3 ISO 
-a 247 
-7 250 
_ 288 
-1 260 
+15 704 
-70 108 
-4 104 . „ 

-1 102 54.10 12 
. +90 5790 41 _ 

S5A0 -290 120 8420 19 
237 -7 

1690 -.80 
1390 .... 2060 


IDS 

138 

SB 

4090 

150 

890 

5690 

557 

128 

149 

147 

210 

207 

689 

0890 

74 

6150 

46 


502 19 
100 09 
140 19 
138 19 
200 19 
190 19 
287 0-4 
» _. 
59 19 


30340 * HUB 371 M0D - 
807 +19 OX 752 19 

tal -1 1905 785 — 

1907 +2213*0 KB1-3 
504 -8 604 35116 « 

flaonC 209 +4 767195.10 33 

ItaM 133.90 +9.401574011388 2.7 
RUM £03 +12 752 542 1.4 

BHJC 635 -3) 945 685 20 

Soosm 2,550 +S037901W0 19 

SKobn 850 +3 734 576 U 

— SUM 1.445 +6178919*0 16 

— Scmir 38490 +940*889 31710 2.7 

— SeftSA 580 -B 800 472 2.1 

— StAng 361.10 -■/? 61036850 7.9 

— SIM 411.90 +5.90 700 382 79 

~ SUsR 2.040 -10 2^701,790 _ 

— SocCon 593 +15 7W 523 39 

SnranrA 1970 -1 2,800 1.710 29 

— SptaO 27B+15J0 SamiO „ 

— 24490 +140 37722940 59 

— Symtt 206 -55O237801BSSO 2.4 

— THn 2.620 3.120 2J61 1 2 

— TnmCSF 144 +450 2141^'D 62 

— loU8 33590 +490 38450 233.10 14 

— u«* 13990 +440 mat ISM 12 

— UFBUx 374 +17 4B4 33S 49 

— Unoal <35 -* 950 C750 60 

— UnksFr 405.20 -490 M0 403 B.1 

— VMM 232 +7.BS 307 221 11 

— Wire 284 +2.10 335 740 13 

— Worms 250 .10,10 355227.10 


GEHttMtt (Nov 3 / Dmj 


— AEG 160 -.90HBJO 140 1.1 

— AOndW . 518 -690 635 <8® 2.3 

-• MMrAo 1900 .... 19461900 19 

— Mnz 2^80 +5 29111122 «-8 

— Mums 659 +1 69550 575 1.9 

— Alike 7m -10 1.191 700 _+ 

— ArtflPI 7V2SO -290 1925 C15 1.1 

— BASF 31+50 +3343M 276 29 

— Bora— V 498 +190 510 435 19 

~ BflMea 361 —.50 465 348 Z9 

— Bayer 34090 -1.70 +0+80 330.ID 32 

— StaMB-H 40190 +3.70 52835650 39 

— BMWBr 774 929 639 19 

— BofMV 441 SO +390 575 395 29 

— B-edor 1960 ._ 1.105 815 1.4 

— BMKr 209 —34850 236 2.1 

— BHF Bk 397 +5 528 374 32 

8+5 -b asi 750 10 

700 -101930 755 1.4 

CKA6 1286 _ 1930 1.140 09 

CmnuDk 31390 +190 38028250 39 
QMM 21590 +150 280 212 19 

— DLW 413 -2 E00 SOU 09 

— DsMr 768 +390 ®B4 688 1.1 

— Douaxs 441 -2 568 426 1 9 

— Df Bob 22420 +.702M50 210 — 

— Osrtk 738 +9 887 90 65050 22 

— DtflWrk 146 _ 188 131 29 

— Douds 480 -5 607 451 30 

-• Sa-gS. 300 +1 337 260 19 

— (biaefc 402.00 +4904GG50 348 34 

— GEHfc 530 +10 618 465 12 

— GRsnm 260 -1 307 34S 29 

— own 827 +7 628 HM 1.7 

— HunbB 220 — 245 190 30 

— HMOZai 1996 —319001,141 19 

— KnMUP 579 50 -350 681 562 1.7 

— KrtB 325 -2 440 310 3.1 

— HocNf 960 -81999 057 1A 

— ItcM 32090 +1 3C3502BU9 2 2 

852 -3 1915 7B7 12 

. 207-50 - 253 205 29 

— DO 258.50*1 +1J50 313 »4 3 .9 

— hdWh 340 -2 4M 329 14 

KB IBS 16250 +5.70 169 131 — 

Kntdt 618 -90 »4B 515 21 

K*Wl 507.50 +290 658 451 27 

no 12590 +901611011510 _ 
KkxMV 13490 +190 1791 02. 7D 3.7 

— LMnuyr 650 +15 K« B1 5 23 

_ UtOtt 650 — 850 640 19 

— Unde 006 +10 966 830 15 

— UnoH 325.50 -90 410 311 29 

__ Luntm 194.10 +1.10 21850 15790 __ 
_ lirtPI 18990 +190 200 151 19 

— MAN 400 +4 470 378 1J5 

MAN PI 308 +4 W 3» U 

406 +.20 *660 368 19 

880 +90 B22 650 — 

15290 -90 288 101 59 

2746 — 2517 2670 09 

_ 234 +&50 262 210 — 

— PnKMMI 505 — 630 493 39 

_ Pencil 632 +2 950 BZ2 0.4 

43090 +790G01J® 41 3 29 

— *«™ +«J£=»50 XB 29 

” RWEPr 367 -90 424 329 39 

— FUurinE 


„ MM 36-50 -1 52 34.00 20 

Z Si 77.50 6260 ._ 

Z 034 142 +90 15259 UK £0 1-1 

— DkNPS 19990 +190 20617170 25 
17 +.40 1990 1*90 


— FkkOpA 

— FAnwOH 


15 
69.70 

— Gamma 6250 
_ oerOofl 45 
„ Haomyr 136.50 

— HaEim 24990 

— Hnffie 

zKSgf 

— BtCGB 4290 

_ MGDpH 7690 
_ nuoa 9490 
... KLM 48 

— KM>BT E0 

— KPM 5200 

— KFhDpn 4590 
_ Maflid 5390 
_ MTeflC 8230 

— NUSDfl 8990 

— DcefVOr 7390 

Z SSr 


— 26 1390 69 

-.108240 0590 *9 
....1D6 50 09.10 49 
+90 5690 *1.*0 29 
+1 15790 123 — 
+4 25028250 14 
76250 -19033850 B|4 f* 
80.10+190 83*890 19 

7420 -1 9260 6690 24 

+.1045.7034.70 28 
+9004.707210 09 
+.70 969074.70 29 
+.70 57904090 21 
+90 625042.10 09 
+.7055.10 4790 — 
+90 5790 4230 39 
-90 8690 *7.70 69 
+.1010020 72 24 

-90 0240 65.75 — 
+20 Mia* 6590 21 
5690 +1J0 5B90 40 05 

7S5Q +240 8490 769D 10 


1935 
007 
354 

_ swehna 16990 
.„ MM 765 
SwfMa 765 
__ S-atfl 886 
VlnBkOr 1,140 
_. mnrfto B4i 
„ Zirtfl 1,186 


16 460 302 11 
-I 971 762 1.7 
_. 180 HUO 1.7 
-6 H01 660 19 
_. 1,075 1.400 21 
+4 1^371983 21 
138 +150 17611890 — 
1.420 -10 1.738 1980 42 

+» 5940 3970 — 
-3 263 176 69 
+2019401901 — 

-25 139*0 >0975 24 

5910 +180 79701160 09 
1975 +20 230019*0 25 

+T 1955 642 1.4 
+90 227 148 19 
+8 888 636 ... 
+11 870 608 ... 
•75 I960 1950 27 
+23 1,100 B46 20 
+1 531 391 49 

_ 250 MJD 4.7 
-10 815 584 1j4 
-6 772 516 14 
-12 888 735 _ 
+15 1903 1 955 29 
•71 832 564 26 

+2019151.126 1.7 


... Seflnu 

— 9«M 

— SBTO 
_ SUMS’ 

— SMnb 

— snatti 


PACIFIC 

JM>W|Nov27Yanl 


_ Baton 11390 *M 131 ill » 3.1 
_ RodUKO 50.70 +.10 B8 4690 02 
_ iuk n sun +rt>iB*5iise 28 
_ feral 6190 -9010650 61.»M 
HMEh 19220 +2903154018490 49 
SWMI 4390 -.70 5080 4080 19 

IMOD 1 09.60 +1 238 17140 29 

SHU 178 ^ 203 16*50 20 

VnOOpn 4BJ0 *20 5590 45 2 3 

__ WNDpR 130.70 +1.10 13X50 10190 19 


- NOmuT (Now 3 /Kroner} 


_ AJterAl 
_ BrosnA 

_. caw 

— Dynein 

— BkmFr 
.... HaWM 
... Kmrf 

— U6H 


_ am 

— DM 
_ SogsAI 
_ Snanm 
_ sama 

_- SMB 

l*l »» 

— 1AMA 
_ WMA 


77 
14080 
12 20 
175 
6550 
121 
26* 
85 
253 
178 
188 
137.50 
7890 
75JB 
77 
101 
114 
32.40 
57 


+1 112 B8 48 
+80 175 130 0.7 
-.10 1BAD 11.50 ._ 

186 126 l.l 
-80 114 6480 .... 

+1 1«3 IDO 38 
+2 285 
-.11550 
-4 27050 
-1 208 
-1 305 
_ IB* 30 130 39 ... 



Z KokSe 


nnom 

nmn 

Kum 

KiweM 

Kuna 

ream 

Ktosn 

Kynru 


■roer 

Manlm 

Man* 

UStaei 

MUSE) 

ntdsu 

MAM 


_. 720 801 - 
_ 615 515 .... 

._ 970 914 0.8 
... 1.633 1960 09 

„ 677 804 — 

._ 1980 1.120 

335 QSO — 

_ 850 737 — 

_ 2400 1JWJ .„ ... SicMu 

_ 2.780 2153 SlHKJl 

... 987 7^ ... ... aiwMu 
_ 767 60S ._ _ StnOen 
_ 963 B48 ... _ 5IMBW 

-- 2E !S ,“S - SrwSan 

- sp «S 19 .. a*SBS 
_ [S3 316 _ — Skvto 
-1^0 «9W - ■ SnSSai 
_ 645 408 - - Cm. 

...3900 2220 ... 

... 7930 5880 — 

_ 555 373 1.1 

._ BGO 730 _ 

_ 1950 905 _ 

_ 29002.420 — 

.1930 788 ._ ... IJ53S 

— SufuAtx 


— SumBM 

— Sums* 

— SumOvn 

— SumCo 
“ SumBa 


Men* 

MOB 


— MOOwn 
... MKup 


-■S - oSSfB 1880 


+80 91 70 28 

... 87 72 B.3 

-1 122 8680 18 
-1 161 114 29 

-.10 64 -SO 21 _ 
-1 88 56 181 


- SMM(MW3/Pt5j 


— sjt 

— BCntH 


+60 8*80 5.1 B0 20 
+56 6.700 4.700 5-2 
.50 3835 2.7B0 29 
+B 3.400 2.415 78 
+64976 3975 42 


- BSMd WXOsfl 


5,970 
4960N1 
3900 
lien 

4905 +5 4476 3975 

15930 +130l77W14jn 


_ CEPSA 3956m 

— CartMt 4.370 

— CuMa 8950 

— Dram 1920m 

... Bnm 1405 

— BWe* 2305 
6.710 

710 
618 
“■SS 

B20 

Koto 


z X&o 


= S S& 


— TaOacA 

— TMi 

“ Da Fen 

— UofMI 

— UraH 


♦20 9921 4.400 59 
+4 1935 700 238 
^ 3990 2410 21 
_ 5.110 2*00 27 
+250 11880 7910 27 
+66 27151,745 4.7 
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_. 2280 2900 39 
+30 8,100 S.1D0 25 
+4 1,100 703 3.6 
+30 924 418 145 
+25 5.140 383D 3.7 

+3 1.M0 790 78 

9900 +1390 9900 4JBD0 18 
5840 +30 7930 4900 29 

4990 +40 6.400 3800 24 

10900 +100 12900 9420 19 
2129 +80 2200 1900 — 

3970 +154800 3805 29 
118 +1 355 102 08 

455 „ 896 351 1W 

KM +1 815 6BE 69 
3920 +« 4460 2806 34 

1WS +15 2186 1966 8.7 
679 __ 739 640 79 

I960 +10 2400 050179 

I960 +88 1,710 1.150 59 

2.190 +5 2120 I960 28 

2160 +40 3880 2035 1.4 


_ Ukili* 534 

— DcttPn 1940 

._ fi-Wr 1.790 
_ DNpTor «1 

— Mwrf 627 
„ DTokFM 727 

DUMB 1910 
DabmH 1830 
_ DdmE 190 

= S53S. 

_ DovmMn 5BS 


„ 1.420 1/00 _ 

_ 737 4G8 
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UM 691 .... 

... 19901970 _ 

— 744 563 1 9 
_ 1.700 040 _ 

_ 534 402 18 
_ 8800 2010 .... 

... 5940 4970 09 
...19501920 _ 

_ 1850 1.000 ... 

_. B11 500 18 

_ 1800 1940 ... 

._ 820 410 09 
_ 913 380 18 
_. 678 550 .... 

... B96 855 _. 

1980 I960 09 
_. 801 415 _ 

_ 39*0 2410 — 

1820 842 49 

70S 436 .... 

_. 1920 1830 .... 

„ 3js;l 2500 ...408 MUI 

...1410 1.020 ID MIEnS 

.... 811 315 _ — MtfHjd 

482 337 1.3 „ MtMar 

_ 097 B41 _ ... irnin5 
_ 893 490 _ — MKOUi 
_ 1,440 1940 04 ... IHFOt 
_ 7B8 571 1.1 .._ IHSek 

_ 2970 2440 ... ._ MtfToa 
_ 1830 1.02D ... ... BWniB 
_. 2780 29JUJ — _ MUM8 

„ 1970 1810 _ _ MBnG 
... 9B4 772 19 _ MMr- 
696 738 __ — MzSmt 

„ 625 410 _ 

_ 50i m .... 

_ 1.970 1900 — 

... I860 1950 08 
_ 2960 1.7DO Mb 

_ 1810 1.400 ... NQCtn 

1920 600 _ _ N0K &p 

_1820 731 _ _ NHKSp 

„ 910 91 W« 

_ 570 415 — _ NON 

_ 1,270 903 _ ISC 

_ 2020 1800 - N1N 

__ S27 3*5 McMFu 

_ 1880 720 NtfUy 

_. BBS C87 1.0 - Naoeaa 
1.120 951 — — NtfOrt 
...1.710193) _ 519 Mawaa 
_ 1970 1830 0.7 .... No*Op 
... 4,550 3900 (L8 — NUU 

._ 705 545 1 9 — Mcnra 

_ 63B <89 ... ._ MtnCm 

_ 1910 1350 _ NdnlM 

... 1.9001930 ... — HtDnPk 
_ 1.180 9R3 - _ Mfftf 
.... 4940 3800 — — NK64> 
_. 708 521 09 — Wain 

— 2*501930 -- ._ NKml 

... 803 445 _ _ MOB* 

z^^ri z isas 

_ 19*0 710 ™ - 

Z 2M0 1,»0 Z Z JShSSi 

z 1 - 1 ^ K z = SSS 

= ,B w “ - ® 

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. 1940 £88 09 
. 980 512 

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— 483 321 — 

— 2.01 Q I42D 19 

— 29201.700 ... 
...1920 1800 — 

— 1920 990 1.1 

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— BBO 711 _ 
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B 82 B 8 S ... 

._ 732 S57 - 

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.... 19*0 1950 09 

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— SUIIMI 

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TFOome 


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253 ire 28 Z nhmrtB 27^50 +^ 1 ^ 1 ‘^|| Z sWHW(Nto 3 / Krenafl 
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36820280 — ~ 

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013 454 49 
330 217143 
718 670 49 
255 +480 2 8BM 227 18 
577 +18 683448.10 29 

2730 -36 3830 2980 14 

547 +8 738 003 M 

1,108 +3 1,4001,033 49 

846 +14 1.135 19*4.4 

1B890 +230226501*90 68 

^ 9. E ux ^ 

— BROOKI 1900 2450 19M 19 

Bitort 10890 +190 


21090 +190 
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737 +22 

467 +390 
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205 -13 270 


288 62 
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317 -2 47K 310 19 

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286 6-2 
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„ am 

— crM 
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Rdh 


10.700 

1.790 

1276 

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1920 

1980 

0900 

1238 

6.160 

3970 

3260 


211 


76 — 
518900 20 


EuOH 

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850 89 
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_ 38323890 29 
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FonSpa 11280 
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— GenAaa 38.150 +700 
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400 

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1.770 

2390 

990 

2050 

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1.110 

450 

508 

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562 

503 

1900 

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5950 

775 

720 

1.790 

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098 

1.410 

400 

411 


0*3 

475 

844 

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1910 

730 

1930 

4.700 

632 

1,780 

580 

776 

1.380 

1.170 

825 

555 

785 

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18.100 

2,480 

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1.180 

609 

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744 

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2.UJ0 

680 

589 

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483 
1.110 
416 
560 
640 
<15 
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1J30 
1.160 
1950 
910 
761 
1990 
1 .460 
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_ 8,560 7.430 — 

... 1.010 1 200 - . 

— 2860 - 
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— 1J04O B*0 ... 

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— filO 411 — 

_ 385 256 — 

— 700 500 ._ 

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290 

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273300 MBcmBi 
32090 MapnaA 

20B205 Moral 
70912 MKMWx 
27850 MIU 
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780 Z Z TORONTO (Nov 3 /Can S) 
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39290 HirtnEX 
382183 WHTal 
755*30 Nwai 
500 Nawace 
20100 NunincE 
138*0 Onex 
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11500 Ptanas 
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240891 AIBBE 
3130 AMOS 
430082 UaVU 
314813 AmBur 
8060 AlcoO 
271020 Awnor 
£5600 BCSuOAx 
15230 BC Till 
444717 BCt 
6105 BCE Mb 
6881 BGRA 
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31634 BeaiCx 
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18815 PaomA 
34S00 PanfeP 
10800 Pgasui 
36770 Wen 
154430 PMEn 
443264 RDora 
64065 PowrCo 
19650 PDWrfii 
10100 Pivtao 
28301 RniSY 
5300 ReflmS 

200 Ftolhnui 
18*700 fegOI 
3081 Raed6t 
111583 HenEn 
54600 Repv 
18090 mgel 

27100 r 

101190 

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28 -SO ... 31 20.75 2.8 

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■ TOKYO - MOST ACTTVB STOCKS; WetlneadBy. Nownbar= 1994 


Mitsubishi Oil 

Nippon Steel 

NWiO Sacs 


-.ID 


+8 

+ 01 


Kawasaki Steel 

Pacific Mtis 


Stocks 

Cloaing 

Chongs 

Tradsd 

Prims 

on day 

10 . 2 m 

980 

-60 

7.7m 

396 

-5 

4.4m 

1110 

-10 

4.1m 

453 

-4 

4.0m 

518 

-5 


NKK 

Qunma Bank 

HachtuniBank 

Httachi 

Sumitomo Mtl Ind — 


Stocks 

Traded 

3 _2m 

3.2m 

2.8m 

2.9m 


dosing 

Pricee 

297 

1100 

1200 

999 

363 


Change 
on day 
—4 
+10 
-10 
-11 
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=08 
150 
1.72 
113* 
356 
16.42 
250 
191 
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10 80 

_ 8.48 

__ NMicCp 585m 

9 NMh 3JB6m 

_ MortVS 2-32 

Wtoek =64 

_ PicDllfl 410 
_ Pancon l 80 
._. Psmncn =18 

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.. QBE to 4.75 
_ OCTRs 135 
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.... StUCP =80 


1.78 1.19 02 


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♦ 10 13.86 9.97 4.7 1=3 
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-04 6 28 =70 16 -- 
-08 =79 180 28 — 
... 4.15 3.05 38 248 
+ 04 5.02 380 5.5 .... 
„ =15 1J6 ... — 
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♦J» =46 280 4 6 1=8 
+ 485 =49 88 
-15 926 580 18 
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+81 1.74 1.15 ft.7 
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20091 

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20288 234980 3/2 
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2881.17 80 


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22068 253480 7/9 
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3*5480 5/1 


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144S87 VI 
10323 VI 

92B53 V4 


KOVWItn/WO)* 6342- 6372 8*99 6*890 2/11 

EmrtiBk 1D0EB/1MW 132553 131681 1331-23 16*8.19 3in 

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Opai Sett Price Change 
Nov 18BOO 1917JJ +38.0 

Dm 18878 1925-5 +385 

Mar . 19135 10515 +350 

Open totora* Hpurec tor (Katina dw- 


High 

1918.0 

1B2&0 

19110 


Low 

18780 

1887.0 

1913X1 


185=33 20/4 


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19*651 11/7 


98001 21* 


2507 23 9f3 


2B1280 20* 


82=28 4/4 


17*080 1V2 
544=00 19/1 


26/10 


133170 8/7 


11S8J2 27/10 
8K67 27/10 


519U3 19/3 


1298070 24/3 

5B1JB V4 

128848 5/10 
113M8 5/10 
90090 21/3 
M15S Z1M 


EsL vol. Open M- 
20.678 21.741 


Hume Bonk 


B48S 9482 95/1 

151884 1 52280 152689 


179.15 179.48 161 39 


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387038 

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307038 

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How do you keep up with 
an expanding Europe? 



Standard and 

GotnpMBB t 

hdusnttisV 

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456.50 

554.46 

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468.42 

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56=10 

CBriffl 

4094 

114/E) 

43892 

(4/4) 

51005 

(21/*) 

4139 

14/41 

48Z8D 

(2/2/94) 

56=10 

(28/10/94) 

*0*0 

(2B/9/93) 

4.40 

iiwra 

162 

(21/BfflZ) 

B.64 

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NYSE Corap. 

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25=98 

45118 

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256.74 

455 52 

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45857 

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80=93 

(16/3) 

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267.71 

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(2C/94) 

80=03 

(18/3/941 

4.48 

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2=31 

(an=/72> 

5407 

(31/10/72) 


■ RATIOS 


Dow Jones hid Dlv. Yield 

S 8 P hid. Dw. yield 
5 i P M. P/E ratio 


Ocl 28 
2.70 
Nov 2 
5.39 
20.95 


Od 21 

Cel 14 

Yam ago 

2.72 

= 71 

2.77 

Od 26 

Ocl 19 

Year ago 

=39 

2.3G 

2.41 

20.82 

21.11 

20.61 

FUTURES 

S500 tunas Index 


Open Latest Change 
Dec 466.00 467.B5 +1.00 

Mar - 48B.W 

Jun - 473.00 

Open mini m to <to» 

■ IffiW YORK ACTTYE STOCKS 


Htrti 

46855 


Low 

466-65 


EslvoL Open Ini. 


95.170 

1.824 

2 


205.154 

14876 

3,491 


■ TRADMC ACTIVITY 


469 

1 


26.785 

6,717 


WBdnestar 

Otncemax 

6en Uoton 
(Ms Tete 
fUR MttSCO 
N20 Send 
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QUBker (Me 


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rated 

14,114.400 

6,414X00 

4.750600 

3.483JOO 

3055,100 

1056800 

2.917^00 

=916800 

=88=600 

=747^00 


□Ott 

pnx 

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63 

7 

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Nov 3 


Nm YM SE 
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mm 


Nov I Od 31 
331.340 314.950 294.514 
19.060 1B830 15-&59 

330.87(1 2B9525 287.416 


+» 

+*7 

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KsuBB Traded 

2.906 

2.680 

•14 

fees 

946 

610 


Ft*s 

1J59 

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+to 

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703 

656 

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New Highs 

44 

25 

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170 

159 


2.893 

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1.157 

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99 


D 190386 VMM S/1 


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Nor 3 - 2061 J7 *2\M 


Alto a/ Ind. hdauaramto/ ma to—# wkra itol <to Inde* tas i*aa«» 

stock •tome»ltoeMualitoy , » eX*Zi» anew recdotonm. 


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Tel: 1 1)42 97 06 10. 


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I already use online O Yes O No 



PART OF THE FINANCIAL TIMES CROUP 


ii u‘“ 





4 pm dose November 3 


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5 3% Anx 13 ISO 

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20 15AM he 
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29% 21% ArehDnx 015 05 205042 2B% 27% Z7% -% 

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31% 32% ARM Coal 040 1 S 12 « 30% 30% 30% -% 

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s "5 

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lAaaHtGoa 012 03 25 1259 38% 


57% 49% ATST 132 14 11884 54% 54% 54% *% 

2EQ%225%Aanch2 180 1.1 2 255% 255% 255% 

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9% 5% AihDSda 028 42 7 8 8% 8% 6% 

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17% 17% 
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14% 10% Auto Ctap 
7% 5% MM 


38% 31% BCE 
0% 6% BET ADR 


5% 3BakncQ 
17% 15% Bator FeM 


22% 170MBHX 
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30% 2*% BsRSp 
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26 


TECHNOLOGY THAT WORCS F08 LIFE 


Samsung 

4 Head Hi-Fi Stereo VCR 



Jog & Shuttle 
Auto TVacking 




FINANCIAX. TIMES FRIDAY NOVEMBER 4 1994 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


MM M N Ik <*»■ 9m. 

MM ImM k ( [ to to la* (hob am 

17% 12% AW i 048 IB 29 34 12% 12% 12% 

18 12% A L Lib. A 018 1.1 39 97 17 16% 16% 

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!% 48% AMR M 5048 55% S3% 53% -% 

5 3%ARX 13 ISO 4 3% 4 4% 

1% 38% ASA 100 42 31 319 48% « 48 -% 

32 26% MOL 070 14 18 7073 31% 30% 31% 4% 

i%11%AHtoPr 090 38 IT T4 13% 13% 13% 

t% 17% ABM M 052 18 34 20% 20% 20% 

IB 11%AcptoEeh 31 522 17 1^2 17 4% 


Ml w Si 
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17 4% 

22 % -% 


48% 34% BkH) 

7% SBadfft 
59% «9BaUfl 
31 13% M In 
63% 50% BaEDl - 
55% 43% BeMA 
25% 20% Bands 
09 52% Banal 4JP 
44 34% Boner 
38% 24% BaneltaiA 


19% 13% Bactffr* 
18350 151 DO BlrtH 
10% BBvry P*r 
41% 19 Best Bur 
28% 20% as® SI 
55% 51%B*W»nPI 
24% 16% Bona 
B3% 42% BatzLx 
16% 11% BmEro 
21% 11% Boon 
32% 23%tonhto>3x 
25% 15%Rtadi 
22% ISBtackHR. 
10% 7%BMMeM* 
8% 8%BddttoK 
10% 0 BfcfcrckTot 

48% 37 Hot* 


8% 6% me Chip 
1B% 9% BMC M 
50% 42% BoRog 
30% IBBofeaC 
21% 10 BaKB 5M 

26% 9% Bonbon. 
18% Ti Bomcn 
24% 18% Booh CbB 
29% 20% BW* 

35% 18%BrazBM 
34% 29% BHE ftsp 
90% 66%B«a 
33% i9%Bn*erhr 
59% M % Brt**Sq 
74% 54% BrAfr 
54% 39 BittGaa. 

85% 55% OP 
27 i9%BPPnehoe 
27% l8BStaal 
71% 53% BT 

28% 22% WynU 

38% 32% BnmGp 
8 5%BwnSh 
31% 28% RidnuB 
32% 24% ftfm 


4% 3%BRT 
25% 17%BnWi 
18% 13% BruOi WeC 
41 35% Buckeye Ptx 

28% 12% Bui Con 
H5% 47% BwW 
49% 36% Burin Retc 
10% 15% BundamFc 


074 18 16 810 46% 
036 85 2 90 5% 
176 53 IS 1461 52% 
040 18 18 102 20% 
ire 54 24 4778 51% 
080 1.1 » 71 54% 

054 12 27 311 24% 

430 02 2 52% 

1.72 4.4 12 3C 38% 

0.47 18 15 15 25% 

004 53 15 381 It 

048 28 24 1060 18% 

54 Z7019000 
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2813557 U42 
250 8.1 9 27% 

580 04 73 53 

040 11 7 2959 19 

1.44 30 23 434 48% 
32 2855 14% 
010 06 27 164 17% 
040 18 54 1097 24% 
040 18 25 2015 25 

1.3Z 88 12 51 33% 
073 04 113 7% 

075128 556 6% 

010 88 500 8% 

185 18 2B 3770 44% 
012 18 45 7 

008 05 9 192 16% 
180 13 12 2721 44% 
060 14 5 2008 25% 
006 03 41 1434 20% 
106 10l2S03 4895 20% 

004 03 10 2485 13% 

185 58 7 4 23% 

050 14 27 74S 25% 
OZ7 0 8 553 33% 

140 78 7 43 30% 

184 17 11 208 88% 

2D 1084 23% 
282 58 15 5371 98% 
1J7 19 14 713 60% 
140 5.1181 5413 48% 
I.7B 11 27 2152 83% 
1.74 88 6 144 20% 
0.32 1.3 25 BBS 25% 
3.77 58 16 1573 64% 

185 58 13 164 23% 

180 48415 536 33% 
082 4.8 3 37 6% 

085 38 4 227 20% 
068 12 25 2924 31% 

38 33 4 

044 11 35 1005 20% 

05 18 41 116 16% 
280 78 10 10 35% 

9 931 13% 
180 25 15 3208 40% 

055 18 21 1670 41% 
184 02 20 225 15% 


46% 40% 

5i4 5§ 
20 20 % 
51% 51% 
63% 54 

M% 24% 
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38% 38% 
25% 25% 
0% % 
17% 18% 
loan 19900 
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4t}% 42 

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10% 18 
47% 47% 
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24 24% 
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20 20 % 
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dB 8% 


6 % 6 % 
18% 10% 
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25 25% 
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23% 23>2 


32% 32% 
30% 30% 
67% 57% 
23% 23% 
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50% 60 

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20 % 20 % 
24% 25% 
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22 % 22 % 
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6 % 6 % 
28% 29% 
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IS s 

40% 41 

15% 15% 


35% 22% CR 
72% 50% CBS 
25 19% CMSEnx 
B2% 50% QIA Ri 
54% 44% CPC 


21% 14 CPI Cap 

92% 65% CSX 
31 19% CTBCtxp 


048 11 27 3879 23% 22% 
040 07 2 4ZS2 58% 55% 
084 3.7 TI 4368 22% 22% 

10 96 82% 02 

186 28 17 28Z4 52% 52 

056 17 22 1091 21% 21 

1.78 15 20 1439 71% 70% 

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24% 17% CaUeUWa 0.6* 3J 18 883 19 


53 33CaUC>W1 12 2488 61? 

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15% 9%CalFM 


11 % +% 


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25% 17% CltoBI CB 0.40 10 S5 149 £3% 


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1.12 17 17 1330 41% 41% 

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032 ID 80 S50 16 15% 

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