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FINANCIAL TIMES 



Saudi bank ready 

*° a 9 *-ee $ 245 m 
BCCI payment 

^ >>' Cre^ and 

an oSSSS 1 ™ 1 ^ <m the verge of agree- 
from National r^ Sett em . eQt for more t* 13 ® S245m 
the Bank of Saudi Arabia, 

woiilri^ S farsest commercial bank. The deal 
ootstandKl en , d , 0 “ of the significant 

^tS^o!ithf^ S ° f htlgat,0Q “ BCCI saga 
33?5tt SJ ! * ^scnwmna. BCCI was closed in 

COncerted action «f global banking 
revelations of widesprSd 

"rajtei-ClT chairman dotarfne* Pierre 

^nfSh^ mDan ,?, AJcate, ' aT - telecoms equip- 
^tel Alsthom. the French 
n^nsport and telecoms group, was placed under 
detention in Paris by arTSvStigatiSgSSe 
^ a ^ se ^BUng and overcharging of 

SSJEo" 1, one 01 1116 ch- 

hlt ?? 1 ******** nttn rises: 

BaacOne, one of the biggest banks in the US. 

SSSSL^^ 4 ^ after tax loss of 51 TOm on its 
unties holdings, mainly because of the rise in 
us interest rates since February. Page 21 

Brussels may act on power station: The 

European Commission threatened to seek an 
JWjnction to prevent work starting on a DM4O0m 
(5268m) German power station following complaints 
of unfair competition over the contract Page 20 

Palestinian aid a failure, says UN: The 

international aid programme tor Palestinians was a 
foflure, the United Nations said, warning that 
unless donors changed strategy there would be fur- 
ther violence in the Gaza Strip. Page 4 

New election rules for Japan: Japan’s upper 
hous e of parliament approved a refrained electoral 
system, to come into force on December 25. Page 5 

Telekom decision p os tponed: The German 
government postponed until nert month the. deci- 
sion on which bank win handle die international 
side of the DMISbn ($lObn) privatisation of Deut- 
sche Telekom. Page 21 

Electrolux may spfai off metals iflvlslon: 

Electrolux. Swedish manufac turer of household 
appliances, said it might spin off Granges, its alu- 
minium and metalworking unit Page 22 

Enron bi Yemen j|as talks: A delegation from 
Enron of the US is in Yemen, to discuss investment 
in the gas sector, including a‘£2£jbn ($4.1bn) 
liquefied natural gas project Pago 6 


Russia urged to oaso trade curbs: Russia 
could increase its share of the world’s foreign direct 
investment from l per cent to 10 per cent within 
five years if it reduced itsinteraal barriers to trade 
and promoted a more fevourable image abroad, 

ABB r.haiiman Percy Bamevik said in Moscow. 

IMF accused of fmpegoatfng*: The 

International Monetary Fund keeps the public igno- 
rant of its program m es and acquiesces in a “game 
of scapegoating" to blame the IMF when things go 
wrong with a country’s economy, puny. Summers, 
US Treasury undersecretary tor international 
affairs said. Page 8 

Ensap looks at Maclean Hunter amu 

Emap,the expanding newspaper, m agazine and 
gyhtoi tio ns group, said it was “seriously interested” 
in the European publishing operatlms of Canadian 
madia group Maclean Hunter. Page 21 

Cfoa buys stake In Chiron: Ciha, the Swiss 
drug company, made the biggest corporate acquia- 
tion in biotechnology for almost five years with the 
agreed purchase of a 49.9 per cent stake in Californ- 
ia's Chiron for S2J.bn- Page 21; Les, Page 20 

US and Japan halt Australfan beef sates: 

Hie US grtf * Japan have halted the sate of A ustra - 
lian beef after tests showed that some consignments 
might be mpmminated with a chemical pesticide. 
Page 6 

German industrial spending set to rise: 

West Germany’s economic recovery will be even an 
extra push next year by the first increase m tadu&- 
Sd capital spending since 1991, the Munich-based 
Hb economics institute said. Page 2 

Britain’s non-EU trade gap «rttfenMjn» 

UK’TvSible trade deficit with countries outside the 
SnSSwoa widened slightly last month to 
£4I0m (? 672 m). Page 11 

, mn-^fi expects to win UK order: US 

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TUESDAY NOVEMBER 22 1994 


D8523A 


Heavy raid on Croatia launched in response to air attacks on Bihac enclave 

Nato bombs Serb-held airfield 


By Laura SBber in Beigrsda and 
Bruce Claric bi London 

Nato aircraft yesterday carried 
out a heavy bombing raid on an 
airfield in Serb-held territory in 
Croatia, in the biggest military 
operation In the history of the 
Atlantic alliance. 

The operation, launched in 
response to Serb air attacks on 
the embattled north Bosnian 
enclave of Bihac, involved 50 air- 
craft from the US, Britain, France 
and the Netherlands. 

President Bill Clinton 
described the Nato action as a 
“strong and entirely appropriate 
response” to the Serb assaults. 
“It was the right thing to do,” he 
told reporters in Washington. 

Admiral Leighton Smith, the 
Nato commander for southern 
Europe who directed the opera- 
tion, said the raid was successful 
and all aircraft had returned to 
their bases in Italy. 

He said the Udbina airfield - 
used by the Seths as a base for 
two assaults on Bihac last wed; 
- had been put out of action, 
although the Serbs could repair 
it The Nato force also struck at 
anti-aircraft installations and a 
missile site. 

Nato’s effort to police the skies 
over Bihac - in keeping with the 
“no-fly zone” proclaimed by the 
UN - had been made impossible 
by the proximity of Udbina. only 
a few minutes’ flying time from 
the enclave. 

O fficials in the Serbcantrolled 
area of Croatia claimed the Nato 
raid wrecked two villages near 
Udbina and said locals had 
briefly taken two Czech UN 
employees hostage in retaliation. 

In Belgrade, the government of 
rump Yugoslavia described the 
Nato operation as “unprovoked 
and irresponsible" and said it 
would “play into the hands of 



McDonnell Douglas F/A-18 Hornet fighters of the type used in yesterday's attack seat on the USS Saratoga in the southern Adriatic 


extremists and those who advo- 
cate a war option”. 

State-controlled Belgrade radio 
reported the Nato attack promi- 
nently and echoed the charge 
that villages barf been damaged. 
The Serbian media have, since 
August, been virtually blacking 
out news from the war front in 
keeping with the more moderate 
hue adopted by President Slobo- 
dan Milosevic. 

The raid, carried out by the 
Atlantic alliance after receiving a 


UN mandate, marked a dramatic 
act of international cooperation 
after a period in which the US 
and Europe had been at at odds 
over Bosnia. 

President Boris Yeltsin indi- 
cated that Russia accepted the 
need to take action against the 
Serb forces based in Croatia fol- 
lowing their intervention in the 
fighting around Bihac. 

Germany welcomed the Nato 
operation and announced that 
the international contact group - 


consisting of the US. Russia, 
Britain, France and Germany - 
would convene on December 2 to 
consider further moires in Bos- 
nia. 

Despite these signs of improv- 
ing international co-operation, 
Mr Yeltsin said Russia and other 
European countries were still 
strongly opposed to the recent US 
decision to stop enforcing the 
arms embargo against Bosnia. 

Mr Yasushi Akashi, the fop UN 
official in former Yugoslavia, 


said the Nato action was a “nec- 
essary and proportionate 
response” to the air raids 
launched from Udbina last week 
in which napalm and cluster 
bombs were used. 

UN officials stressed that they 
had approved the operation on 
Sunday morning, hours after the 
passage of an emergency resolu- 
tion by the UN Security Council. 
They said bad weather had made 
it necessary for Nato to postpone 
going into action by one day. 


Rolls-Royce buys US military engine maker 


By Simon Davies 

and David W&Uxm in London 

Rolls-Royce, the UK aero-engine 
manufacturer, yesterday 
announced its largest ever acqui- 
sition, which aims to bolster its 
competitive position against 
stronger US rivals. 

The $525m (£335m) purchase of 
Allison Engine Company, a mili- 
tary engine suppler, will give 
Rolls-Royce a US manufacturing 
presence and expand its product 
range to cover half the western 

militar y mar ket 

The company said the deal, 
contingent on US regulatory 
approval, will be funded by a 
share issue. Analysts expect 
Rolls-Royce to make a rights 
issue raising more than £300m 


when the deal is completed next 
year. 

Allison has a range of heavy 
military transport a nd small heli- 
copter engines, creating almost 
no overlap with Rolls-Royce. The 
US company has also just com- 
pleted a $13bn product develop- 
ment programme, leaving 
Rolls-Royce in a position to use 
its global sales and marketing 
network to boost sales for four 
new Allison engines. 

The acquisition was seen by 
London analysts as evidence that 
Rolls-Royce aims to expand inde- 
pendently, rather than through 
cooperation with its larger US 
competitors. General Electric and 
Pratt & Whitney. Sir Ralph Rob- 
ins, chairman, said: ‘This acqui- 
sition will give us a significant 


presence in the US, the world's 
most important centre of aero- 
space activity. Over time, Allison 
will become the centre of our 
operations in the US." 

He said the acquisition would 
increase Rolls-Royce's earnings 
per share in 1995 and 1996. It 
would result in Rolls-Royce’s sec- 
ond rights issue since its 1990 pri- 
vatisation. A £307m rights issue 
in September 1993 helped fund 
development of its powerful new 
Trent engine. 

Allison, a General Motors sub- 
sidiary for 64 years, was sold to a 
$370m management buy-out in 
1993, when an offer from 
Rolls-Royce was turned down. 

The workforce has since 
shrunk to 4300 from 7,000 in 1991. 
However. Sir Ralph told analysts 


that the level of costs that could 
still be taken out erf Allison were 
“almost unbelievable". 

Rolls-Royce employs about to 
4^00 people in North America, 
and there is some overlap in 
sales and marketing, and also 
research and development, where 
a restructuring could cut costs. 

Following completion of the 
Sl-8bn engine development pro- 
gramme, Allison's spending on 


R&D is expected to halve from 
$113m in 1993. This should bring 
it back to operating profits in 
1994, after three years of heavy 
losses. 

The Rolls-Royce link should 
help Allison break into the dvil 
aviation market, where it has 
limited expertise. 

Lex, Page 20 
A base for long haul. Page 27 


OECD 
says US 
needs to 
lift rates 
further 


By George Graham 
in W a shi n gton 

The US will need to raise interest 
rates farther to ease inflationary 
pressures coming to a head in the 
economy, warn economists at the 
Organisation for Economic 
Co-operation and Development. 

The OECD's latest report on 
the US economy, published yes- 
terday. says most indicators are 
now signalling the danger of a 
pick-up in inflation over the next 
year or two, and that the 2V» per 
centage point increase in short- 
term interest rates the Federal 
Reserve has made this year will 
not be enough to slow the econ- 
omy to a more sustainable rate of 
growth over the long term. 

The OECD, a Paris-based 
grouping representing 25 of the 
world’s main industrialised coun- 
tries, predicts that the federal 
funds rate, the Fed's principal 
short-term interest rate, will 
have to rise to &/* per cent by the 
end of next year. 

The projection was made 
before the Fed’s decision last 
week to raise rates by 94 of a 
percentage point to 5% per cent, 
and had not counted on such a 
sharp move. Nevertheless, OECD 
economists still expect further 
tightening will be needed next 
year. “Even though the case is by 
no means airtight, there is good 
reason to think that inflation has 
now reached its trough for this 
business cycle,” the report says. 

It forecasts gross domestic 
product growth slowing from 3£ 
per cent this year to 29 per cent 
in 1995, with inflation, as mea 1 
sured by the GDP deflator, accel- 
erating from 23 per cent to 29 
per cent in 1995. US Treasury offi- 
cials yesterday attacked the 
growth forecast as too high. The 
US official forecast is for 2.7 per 
cent growth next year. 

While last week's interest rate 
increase was welcomed by most 
Wall Street economists, it was 
harshly criticised by some manu- 
facturers who complained that 
the Fed could kill off the recov- 
ery in spite of the absence of any 
clear signs of foster inflation. 

The OECD, however, finds that 


Continued on Page 20 
Praise for US growth. Page 8 
Editorial Comment, Page 19 


Soros sells UK portfolio and 
pulls out of property market 


By Simon London in London 

Mr George Soros, the interna- 
tional financier, is pulling out of 
UK commercial property only 18 
months after announcing plans 
to make a “long-term" invest- 
ment of up to £2S0m (2390m). 

He is selling British Land the 
50 per cent it does not already 
own in their joint venture in the 
UK property market for £142m in 
f-aah Quantum UK Realty, the 
offshore fund set up as the 
vehicle for the investment, is 
effectively being wound up. 

The joint venture has spent 
£600m accumulating a commer- 
cial property portfolio since June 
1993. Mr Soros said yesterday: 
“Although we are satisfied with 
the real estate portfolio assem- 
bled in co-operation with British 

Land, as investment advisers 
we . . . consider that more attrac- 
tive long-term investment oppor- 
tunities have opened up since the 
joint venture was formed." 

Many of the funds run by Mr 
Soros have had a difficult year 
because of turbulence in cur- 


rency and bond markets. Shares 
in his flagship Quantum fund 
have fallen from $25,282 to $19,670 
during 1994. 

The 200 shareholders in Quan- 
tum UK Realty, mostly wealthy 
individuals and institutions 
which invest in other Quantum 
funds, are expected to receive 
around £109 for every £100 
invested last year. 

Shares in the fond had been 


Lex. 


.Page 20 


trading at around £ 102 , a dis- 
count to net asset value. Quan- 
tum funds have traditionally 
traded at a premium to net 
assets. 

Quantum said the discount was 
not acceptable to shareholders 
and had been an important con- 
sideration in the decision to wind 
up. 

British Land and Quantum 
originally planned to invest 
invest £250m each in the joint 
venture, which was expected to 
run until 2003. Quantum also 


bought a 5 per cent stake in Brit- 
ish Land which it said was a 
long-term holding. These shares 
were sold in July at a 35 per cent 
profit 

Mr John Ritblat, British Land 
chairman, said: “We have got the 
other half of a portfolio which we 
already know Inside out at a good 
price and with no acquisition 
costs." 

Included in the portfolio is a 
29.9 per cent stake in Stanhope, 
the property developer which 
owns half of London's Broadgate 
office complex and is in last-ditch 
refinancing negotiations with its 
banks. 

Although British Land's gear- 
ing is expected to rise to over 80 
per cent. Mr Ritblat said the com- 
pany had substantial credit lines 
and was still interested in buying 
Broadgate at the right price. 

Property shares, which rose by 
6 per cent when Mr Soros’s inten- 
tion to invest in UK property 
were announced in June last 
year, fell back yesterday. British 
Land's was among the hardest 
hit. falling 3 per cent to 384p. 


European News 23 

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2 




FINANCIAL TIMES TUESDAY NOVEMBER 22, 


NEWS: EUROPE 


Ifo economics institute forecasts first increase since 1991 in corporate investment budgets next year 

W German capital spending set to rise 


By Christopher Parkes 
in Frankfurt 

West Germany's economic 
recovery will be given an extra 
push next year by the first 
increase in industrial capital 
spending since ' 1991, according 
to the Munich-based Ifo eco- 
nomics institute. 

Despite complaints yesterday 
from the 6DI industry federa- 
tion that results and order 
books were not yet strong 
enough to support fresh invest- 
ment, the Institute said corpo- 


rate spending budgets would 
increase by a real 5 per cent to 
about DM78bn ($50bn). 

The BDl's latest economic 
report said that although there 
was no doubt recovery was 
under way, weak consumer 
demand in the home market 
meant it lacked dynamism. It 
remained to be seen if the cur- 
rent export-led upswing would 
lead on to a dynamic invest- 
ment cycle “typical of Ger- 
many's most recent economic 
past”. 

Reporting on its regular 


anfnmn survey of more than 
2,000 companies which account 
for almost half the region’s 
total capital expenditure, Ifo 
said most impetus would come 
from a 25 per cent surge among 
machinery makers and 10 per 
cent more spending in the 
automotive industry. 

New cuts of up to 5 per cent 
were planned in aerospace, 
data processing, precision engi- 
neering and shipbuilding. 

Although the expected 
improvement reflected rising 
profits and confidence follow- 


ing the aggregate 30 per cent 
slump from the spending peak 
reached in the year after 
unification, the institute 
pointed out that most of the 
new investment was desig- 
nated for restructuring, ration- 
alisation and replacement of 
old plant. 

Only 16 per cent would be 
spent on increasing capacity, 
compared with 18 per cent last 
year and 27 per cent in 1991. 

Restructuring had been the 
mam investment goal in the 

motor industry since the early 


1980s, the institute said, and 
this would once again account 
for more than half the sector's 
budgets next year. 

However, it also suggested 
planned sp ending on expansion 
could rise in the light of rising 
orders and capacity utilisation. 
Ifo data also published yester- 
day showed manufacturing 
plant use continuing to rise 
rapidly during the second 
quarter of the year. 

From 82-3 per cent in June 
the average rate bad increased 
to 83.7 per cent in September. 


Shaky future for wage talks system 

As the German pay round starts, fewer workers are covered, reports David Goodhart 

A fter last year’s fractious wage many, with a core of highly paid, secure Mr Joerg Barczynski, the I G Metall conducted Just before last year’s wage 
round in Germany’s trend-set- workers covered by union agreements spokesman, claims that the metal round - found little evidence of compa 
ting metal industry, the signs in big companies and a periphery of industry employers exaggerate the nies deserting the system. 


A fter last year’s fractious wage 
round in Germany’s trend-set- 
ting metal industry, the signs 
are that 1995 will be a comparatively 
peaceful affair. But the rhetorical blows 
are being exchanged with the usual 
gusto. 

The union, I G Metall, has demanded 
a 6 per cent pay rise following the 
restraint it it showed last year - accept- 
ing a 2 per cent rise which in turn led 
to a hefty drop in unit labour costs, 
thanks to big productivity increases in 
the economic upturn. 

Metal industry employers complain 
that the recovery still leaves German 
labour costs at the top of the world 
league. They are also making their own 
d pr n flnris for an agreement which runs 
for two years and a postponement of 
the 35-hour week due to be introduced 
in October 1995. 

Insiders on both sides expect a settle- 
ment around 3 per cent, a bit higher if a 
two-year deal is accepted. The pay nego- 
tiations usually begin in the autumn 
and end, sometimes acrimoniously, in 
the early spring. 

A smooth passage for the 1995 wage 
round does not. however, secure the 
long-term future of the German system 
of centralised pay bargaining system, as 
an increasing number of German com- 
panies, particularly in the east fall out- 
side its reach. 

Although the system has taken some 
of the credit for Germany’s post-war 
economic success it is now following a 
difficult path between flexibility and 
fragmentation. 

Not for nothing do union officials 
worry these days of a Japanese-style 
dual labour market developing in Ger- 


many, with a core of highly paid, secure 
workers covered by union agreements 
in big companies and a periphery of 
insecure, poorly-paid workers in 
smaller companies which are not cov- 
ered by agreements at alL 
A kind of two-tier system has long 
been in place. According to the 1DW 
economic institute, average hourly pay 
for a blue-collar worker is about 8 per 
cent above the agreed minimum. But in 
some companies - such as Daimler- 
Benz - the average rate has been closer 


Mr Joerg Barczynski. the IG Metall 
spokesman, claims that the metal 
industry employers exaggerate the 
number of companies who are not in 
the industry’s bargaining association or 
are threatening to leave it. “It Is 
employer propaganda to frighten us 
into accepting whatever they offer." be 
says. 

Mr Dieter Kirchner, head of Gesamt- 
metall, the metal industry employer 
association, disagrees. In a recent inter- 
view he warned that more and more 


Insiders on both sides expect a settlement 
around 3 per cent, higher if a two-year 
deal is accepted as employers want 


to 50 per cent above the basic. 

Officially, about 90 per cent of all 
employees in Germany are said to be 
covered by union-negotiated minimum 
rates, even though only about one third 
of employees are in unions. Privately, 
same union officials say the coverage of 
union agreements could now be as low 
as 65 or 70 per cent, with large parts of 
the service sector having grown up out- 
side the system altogether. 

“There are plenty of Handwerk 
[skilled trades] companies around here 
where people are getting paid about 
hair the negotiated minimum for the 
metal industry," according to one IG 
Metall official based near Hanover. The 
official said he did not wish his name to 
be quoted in case his comments should 
be interpreted as supporting employer- 
friendly arg ument s. 


companies were finding creative ways 
to avoid agreements by establishing 
subsidiaries outside the system. 

It Is hard to know who to believe. It is 
generally recognised that about one- 
third of metal industry employers are 
not in the association. Some are house- 
hold nam es such as Volkswagen and 
Hewlett-Packard, which still recognise 
unions and have their own house agree- 
ments. Most are small and medium- 
sized companies who have never been 
in the association. 

A few well known companies, such as 
Georg Fischer the engineering company 
in Baden- Wurttemberg. have left the 
metal industry association in recent 
years because of complaints of inflexi- 
bility over fringe benefits and working 
time. But a survey by the metal indus- 
try employers association in Hesse - 


conducted Just before last year’s wage 
round - found little evidence of compa- 
nies deserting the system. 

Also, the greater influence of medi- 
um-sized employers in the past two 
years in Gesaxntmetall has meant more 
stress on flexibility as well as strong 
downward pressure on some fringe ben- 
efits. An agreement - modelled on 
Volkswagen’s - for cutting the hours 
and the wages of employees to avoid 
redundancies has been used by about 10 
per cent of all companies in the past 
year. 

But if tbe line has been held in the 
west, it may he a very different story in 
the east. Mr Lutz Glasewald, an official 
of the DGB, the union umbrella body, 
in Cottbus, says a lot of companies are 
paying well under agreed rates. “It is 
part of our job to sift out those who are 
not paying because they genuinely can- 
not afford to and those who are simply 
trying to squeeze out more profit,” he 
says. 

Mr Glasewald says most of the bigger 
companies in the metal industry and 
chemical industry associations do pay 

the minimum rates but more than half 

of the Handwerk companies, often sup- 
pliers to the bigger companies, are not 
in any association. 

This may be part of tbe necessary 
flexibility in the east, a countervailing 
factor to the equalisation of wages due 
in 1996. 1 G Metall has agreed a system 
whereby east German companies which 
genuinely cannot keep pace with 
equalisation can be given an exemption, 
but only if they open their books to 
inspection. Few like to do that, and as a 
result there have been only about 30 
such exemptions in the past two years. 


ADVERTISEMENT 


The World’s Fifth-Largest 
Electricity Utility 

Alien Morgan, chief executive of Eskom, speaks to John Spira, 
Business Editor of a leading Johannesburg newspaper. 


Spira; WtaU are Eakom’s vital statistics? 

Morgan: Eskom is die world's fifth- ta-gea electricity utility, ft 
has fixed assets in commission (at cost) of R46 billion, annual 
sales of RI4 billion, about 40.000 employees and a nominal 
generating capacity of 39.746 MW. & supplies electricity to a 
million customers, distributors and neighbouring utilities. 
Eskom sells electricity at a price which ranks among the lowest 
m the work). 

Eskom supplies more than half die total electricity consumed in 
Africa. 

Tt is a self-financing utility managed on busines principles Tar 
die benefit of iu customers. It has no shareholders, is a separate 
legal entity and is funded entirely from debt and accumulated 
reserve*. 

Spira: It has been speculated that Eskom will be privatised 
m tbe near future. What form would tbe privatisation 
process take? 

Morgan: If Eskom is to maintain stability of supply and meet 
tbe needs of South Africa's recoostiuction and development 
programme, tbe privatisation process would probably need to 
be a gradual one. 

An alternative to the sale of shares in Eskom would be to go tbe 
route of independent power units, which would involve Eskom 
selling off its generating plants. Another option would be to pri- 
vatise tbe next ge n er a t i on of capacity. Yet another would be 
joint venture operations with companies in the private sector. 
Should die government decide to proceed with tbe privaiarkm 
of Eskom (and here J must stress that no such decision has been 
taken), these are ail options which would be considered. 

Spin: You've mentioned tbe recons tr uction and develop- 
ment programme (RDF). What is Eskom *s present and 
fafwv htvofvemenl? 

Morgan: I like to think of tbe RDP as a national marketing 
plan. The customers are the votes and the government must 
therefore deliver. 

Eskom 's up-front focus is to keep the cost of etectritiiy down. 
This gives us a competitive advantage in attracting mdnstty to 
South Africa, in tbe process creating jobs and enhancing oar 
airiliiy to export. Job creation, in turn, generates economic 
growth, which would enable Eskom to proceed even more 
rapidly with electrification. 

A cornerstone of the RDP is affirmative action. Economic 
growth will hasten tbe process of getting more pa rtic ipa tion by 
the disadvantaged in the economy. Eskom itself is a role model. 
Although we've gone a long way down this road, we are acute- 
ly aware of the need to continue placing emphasis on our skills 
base. 

Another area of focus is to assist small- and medium-sized 
enterprises by sharing the Eskom order book with a wider group 
of supplier. Thai’s another area where jobs win be anted. 
We've been closed in our approach in the past. Vfc'II perhaps 
pay a premium for adopting a more open strategy. Hopefully, 
however, it will be no more than a short term premium. 

Accordingly, by laying such great stress on the production of 
low-cost electricity and on escalated affirmative action pro- 
grammes. Eskom plays a key role m the RDP. 

Spiral Just how inerpeasiTe is Eskom ’s efectridty? 

Morgan; In 1991, Eskom undertook to reduce the real price of 
electricity by 20 percent by 1996. Eskom remains on track in 
honouring this commitment. This year's price increase was 7 
percent, which is tho lowest annual price increase since 19S4 — 
the eight consecutive year that it has been below the national 
rate of inflation. The 1995 increase is 4 percent. 

South Africa has the second cheapest electricity in tbe world, 
giving its energy-intensive industries a competitive advantage 
in international markets. 

Spira: Eskom hail been a leading player in the creation of > 
southern African power p4d. Has tbe normalisation of rela- 
tions between Sooth Africa and tbe rest of Africa created 
new opportunities? 


Morgan : Very much so. For example, Sooth Africa now has the 
scope to import hydro-electricity — a massive advantage to us. 
because we would then have access to every kind of energy 
source. When it cooks lo energy development, southern Africa 
is one of tbe best positioned regions in the world. 

Tbe southern African grid is already a reality. We have a loose 
power pool association in place of which roost of tbe region's 
countries are members, with South Africa, Zimbabwe, Zambia 
and Botswana the moat active. Several important links will be 
in place by the beginning of 1996. 

At that stage we could be exporting 500 MW of power The sys- 
tems to the north are not yet in a position to export to us, other 
than Namibia. 

Spira: What is Esfcom’s approach to caring Tor the environ- 
ment? 

Morgan: We are keenly aware of oar environmental responsi- 
bility. Hew wc have lo conduct a sensitive balancing act 
because there are tremendous social demands on tbe one hand 
and environmental demands on the other. 

We have in place a phased programme over the next Eve to ten 
yean to dean up emissions from our generating plants. 

Of coarse, electrification in itself helps greatly in cleaning the 
environment, as it reduces the demand for fossil fuels in domes- 
tic situations. It also achieves a considerable saving m terns of 
health spend. 

Spira: Does the pace of low cost bousing development (on 
important aspect of the RDP) determine the pace of 
Eskom *9 etectrificalion drive? 

Morgan: As long as we are dealing with a forma! township, 
bouses can be electrified. We'll electrify 250,000 houses this 
year. If the pace of housing increases, it wifi make everyone's 
life a lot easier. From Eskran’s point of view, well be supply- 
ing a market dial is permanent. 

Significantly, there's a further dimension to this issue, since 
community development programmes, particularly education, 
go hand in hand with the electrification of low cost bousing pro- 
jects- Over the post Tew years, Eskom has been spending in 
excess of R20 mill ton annually oo such projects. An important 
contribution has been the ekxtrificatkxi of some 200 schools in 
the past year or so. 

In total. Eskom 's community development initiatives have ben- 
efited more than fitXXOOO people. 

Spira: In the past, Eskom bus come up against the problem 
oT electricity cnuMinas reftt ri ng to pay far what they 
received as a form of polifkal protest. Has the situation 
improved? 

Morgan: Wie noted little improvement (even after the April 
election) until a month Of so ago. Wfc now have a Id more sup- 
port from civic organisations, the labour unions and the politi- 
cians. Tbe spirit of paying for what you get is beginning to take 
hold. 

Daring 1993, Eskom took over tbe distribution responsibility m 
a number of muncipaliiieg. since which time rt has devoted con- 
siderable attention to improving (he quality of supply, metering 
and billing systems — steps which which have produced posi- 
tive effects on payment levels. 

Assisting the improved situation is the growing acceptance or 
prepaid electricity meters. Where possible, all new insulations 
arc on a prepayment basis. 

Spin: What Is the nature of Eskotn's fixture fumcBig pro- 
gramme? 

Morgan: Eskom has enough capacity to take it through to (he 
year 2007. Add in the potential to import electricity and we 
have little need to borrow for new power stations for many 
years imo the future. 

Our spending will be ran fined mainly to improving our trans- 
mission systems and on electrification. So we have a modest 
capital requirement, especially relative to our needs of the early 
1980s, when we were heavily involved in the construction of 



Allen Morgan 

new power stations. 

Most of our new capex can be tunded from our own revenues. 
At tbe some time, Eskom will maintain a presence in the capi- 
tal mark lets in the form of new loans. But we certainly won't be 
the biggest borrower on the country's capital markets, as was 
the case in tbe past 

We’ll also tap international marten on a small scale — solely 
to keep a presence there in order lo maintain the associations 
we’ve built up over the years. 

Spira: What is Eskom 's relationship with the new govern- 
ment? 

Morgan: It's still good. What is important is lo be sure that 
government is in touch with what we are doing. When: we sup- 
port the RDP, we're very dear on what our intent ions are; on 
what our performance is going lo be and bow our performance 
can be measured. 

We also need to gel input from government, as ora: of our major 
stakeholdcra. on where they think we should be going and bow 
we balance it with wbat we are trying to achieve with regard (o 
our business efficiency, the cost of our electricity and the qual- 
ity of our supply. 

Ibis process has been taking place: it needs to be ongoing. 

Spira: Eskom ban bees ■ leader in terms of promoting peo- 
ple of colour lo senior management positions. Wbat is the 
current slate of play? 

Morgan: We have trade union representatives on our council. 
On our management board, three out of the ten executives are 
black. And there's potential to move further along this roraL Wc 
have several highly competent senior managers in Eskom who 
will move onto the board within a short period of time. 

Spira: How do you think South Africa has p rog ressed since 
tbe election? 

Morgan: The progress has been gratifying. I'm very positive. 
Tbe determination one sees in (he Cabinet lo make things wot* 
is remarkable. The commitment to da w fui's best Tor tbe coun- 
try is highly encouraging. The operates* 10 constructive criti- 
cism is laudable. 

Visible action might be lucking, but die new government has 
only had six months in which lo find ib feet. It takes a while 
before intentions sun unfolding into actions. A tot bos lo be 
dtanggd first. We need lo be patient. Turning the stop around 
isn't easy. 


ESKOM 

P.O. Box 1091. Johannesburg JiJOO 
TeU: IJHB) 800-RI I! Fax: iJHB) X00-4J90 


and would bare been higher 
but for a further fell in utilisa- 
tion of plant used for making 
non-durable consumer goods. 

Meanwhile, rising factory- 
gate prices for products such 
as aluminium, steel, chemicals 
and other basic production 
goods, reported by the federal 
statistics office yesterday, pro- 
vided further evidence of rising 
d emand economic revival. 

Even so, the producer price 
index rose only 0.2 per cent in 
October, and stood just 1 per 
cent higher than a year earlier. 


Cement 
companies 
face big 
EU fines 


By Andrew Tayfor, 

Construction Correspondent 

The European Commission 
this week may announce 
record fines against some of 
the region’s biggest cement 
companies after a five-year 
investigation into alleged ille- 
gal market-sharing agree- 
ments. 

European Union officials 
said yesterday they were very 
close to announcing a deri- 
sion, which some observers 
believe could come later this 
week. 

Some 30 companies are 
thought to be involved in the 
inquiry, which, under commis- 
sion rules, could result to fines 
of up to 10 per cent of the 
European turnover of tbe 
worst offenders. 

The investigation originally 
involved more than 70 compa- 
nies. The shortened list is 
thought to include all the big 
suppliers including British, 
French, German and Italian 
companies. 

It would be the fourth time 
this year that the fines would 
have been imposed by the com- 
mission for alleged market 
sharing or price fixing by 
European companies. 

The commission in July 
imposed record fines totalling 
Ecu 132. 15m (S167.Sm) on 19 
carton-board producers 
accused of operating Europe’s 
“most penurious” pricefixing 
cartel. 

In February, Brussels fined 
14 steel producers more than 
EculOOm for price fixing and 
market sharing. 

Fines against cement compa- 
nies, if imposed, are Hfcely to 
be staggered, with lesser 
offenders being fined smaller 
amounts, as occurred in the 
carton-board case. 

The EU investigations began 
in 1989 when officials staged a 
dawn raid on the offices of 10 
leading cement producers in 
France, Belgium and Ger- 
many. 

The raids were ordered after 
customers complained of a low 
level of cement imports in 
spite of large price variations 
between neighbouring Euro- 
pean countries. 

Imports have risen since the 
late 1980s but still provide a 
low proportion of total sales in 
most EU countries. 

• Renter adds from Brussels: 
Neither the names of compa- 
nies involved, nor the size of 
any fines have been disclosed, 
officials said. The list would 
be drafted at the very last 
moment to avoid turmoil In 
the companies' shares. 

The probe originally con- 
cerned the whole sector, 
including Holderbank of Swit- 
zerland, Italy's Italcementi, 
France's Lafarge Coppde, Bel- 
gium’s CBR, Britain's Bine 
Circle, Germany's Dyckerhoff. 
and Portugal’s Cimpor, along 
with national and European 
cement associations. Shares in 
Lafarge Copp£e fell last week 
on a press report that the com- 
pany had made no provisions 
for a possible fine. The French 
company denied the allega- 
tions. 


THE FINANCIAL TIMES 
Published by The Financial Times 
t Europe) GmbH, Nfbdungeaplatz 3 
60318 Frankfurt am Main. Germany, 
Telephone ++49 69 1S6 830, Fax ++49 
M 5964481, Tefal 416193. Represented 
in Frankfurt by J. Walter Brand, Wil- 
helm J. Brihsd, Colin A. Romani as 
GeschirufuhRT sad i u Loudon by 
David C-M. Bell and Atm C. MUlcr. 
Printer DVM Drudc-Veetrieb und Mar- 
keting GmbH, Admiral- Roscndahl- 
S [raise 3a. 63263 Neu-Eaenbure (owned 
by Hum yet Intemadonall. ISSN: ISSN 
0174-7363. Responsible Editor Richard 
Lambert, do Tbe Financial Times Lim- 
ited,. Number One Southwark Bridge, 
Loudon SEl 9HL. UK. Shareholders of 
the Financial Tunes (Europe) GmbH 
arc The Financial Tines (Europe) Ltd, 
London and F.T. I Germany Advertis- 
ing) Ltd, London. Shareholder of the 
above mentioned two companies is: The 
Financial Times limited. Number One 
Southwark Bridge, London SEl 9 HU 
Tbe Company is iarorporated under the 
laws of England and wales. Chairman: 

D.CM. Bed. 

FRANCE: Publishing Director: D. 
Good, 168 Roc dc RiroK. F-75044 Paris 
Ccdex 01. Telephone (01) 4297-0621, 
Fax (01) 4297-0629. Printer SA. Nord 
Eclair. 16/21 Roe de Caine, F-59100 
Roubaix Cedes 1. Editor. Richard Lam- 
bert. ISSN: ISSN 1 148-2733. Comma- 
Bon Psrioire No 67808D. 

DENMARK: Financial Times (Scandin- 
avia I Ltd, Vimmelsfcafted 42A, 
DK-1161 CopcnhageaK. Telephone 33 
13 44 41, Fax 33 93 S3 3S. 



and locate those responsible for ffiegally transferrmg fands to 

(ho vpcf * 

•We never received any feedback tom thejr ptuBslan) mte r- 
nal security people to whom we entrusted toe tesk «®flJW£ 
ing up our leads," Mr -KroU said. Tins was the first time th& 
Krofl Associates have publicly commented on the problems of 
one of their most prestigious and high-profile mrespgapcffls.jt,; 
is estimated that the apparent failure of toe. Russians to 
complete the contract may have cost Kroll up to <4.7to a: 
expected revenue Krofl Associates were contracted amm wide 
publicity-in 1992 by the then Russian government i£dbypnme. ; 
minister Yegor Gaidar, who is now toe leader of the reformist 
opposition party, Russia’s Choice. 

The Krofl. investigation, had strong support from toe OOF; 
and the Group of Seven leading industrialised countries, 
which were considering fresh aid - for Russia at tos_ixme 1M. 
were anxious about the issue of flight capital estimated to be 
running at $lbn. Mr Krofl told toe seminar organised, by fee- 
London-based financial think tank, tbe Centre tor tfeStirty cf 
Financial Inno vation, ■ that his investigators, had identified a- 
»»r ip s of suspect bank accounts and property holdings owned' 
by Russians in toe west “Unfortunately we cameup agatost a 
roadblock," he said. Jimmy Bums. London ■ ... _ ^ 

Spring suggested for Irish PM 

Labour, Ireland’s junior coalition party which foiled Mr Albert 
Reynolds' g o v e r n ment last week, yesterday suggested that its 
ipftHw should become the new prime minister. Holding the' 
balance of power between parties, that cannot rule alone, ' 
Labour is seeking to capitalise dif new popularity brought 
about by its derision to rink Mr Reynolds tn a row-over bis 
handling of an extradition case. Opinion polls show it is now 
the second most popular party behind Hanna Fail, which 
chose acting finance' minister Bertie Ahem to replace Mr 
Reynolds as its leader. Public approval of Labouris leader. Mr 
Dick Spring, has shot up. 

“Spring is an outstanding statesman! Few. in this country 
would not share the view that he would make an excellent 
taoiseach [prime minister L” said Mr Brendan Howlln, who 
represented Labour In toe last cabinet as. health : minister. 
Political co mmentato rs expect most or all of Ireland’s, parties; 
to propose their leaders for the premferahlp today. Mr Bow- 
lin's comments were a strong indication 'that Labour may 
pursue a demand for Mr Spring to .be prime minister when the 
horse-trading between parties gets under way later this week. 
Mr Ahem said he expected the formation of a new government 
to take' around two weeks. Reuter, pubtm • 

Lisbon reveals sell-off plans' 

Portugal plans to sell shares in three or four state companies 
direct to foreign investors in 1996, starting with a 20-25 per 
cent tranche of commit group Cimpor (Cimentos de Portugal), 
according to Mr Francisco Esteves de Carvalho, secretary of 
state for finance. He told toe weekly newspaper Espresso that 
the Cimpor shares would be offered in packages aimed specifi- 
cally at European, North Ameri can and Asian investors, prob- 
ably during the first quarter. 

The gove rnment sold an initial 30. per cent tr anche of Cim- 
por on the Lisbon stock exchange in July to mainly Portu- 
guese investors for Es39.6bn ($4iQm). He said tbe stage two 
sale would be followed by tbe more complicated privatisation 
of 20-30 per emit of the Portugal Telecom telephone company. 
About 70 per cent of the Portugal Telecom shades would be 
targeted at foreign investors, white the remainder, would be 
offered simultaneously to Portuguese investors at the same 
price. Reuter, Lisbon 

France proposes ‘stability’ fund 

France will use the forthcoming European Union summit at 
Essen to propose creation of a special fund to fnance mea- 
sures promoting “good neighbourliness and stability” in east- 
ern Europe, prime minister Edouard Bafladur said yesterday. 
Mr Bafladur made the proposal in a speech opening a seminar 
in Paris on his plan for “a European stability pact”. This is the 
French prime minister's main initiative in foreign policy and 
one which he hopes wIU conclude with a ministerial confer- 
ence next March, in the middle of France’s chairmanship of 
the EU and its presidential election cam p ai g n 

As part of the conference on European stability which 
opened last May, regional discussions have been held on 
political tensions in the Baltics and central Europe. The aim is 
that countries such as Hungary and Romania should to settle 
their minority disputes before joining the EU and Mr Balla- 
dur*s new fund plan is to help, tor instance, improve education 
facilities tor the large Hungarian minority in Romania’s Tran- 
sylvania province. David Buchan, Pans 

Corsica faces fraud crackdown 

The French agriculture ministry yesterday promised a crack- 
down on Corsican formers accused ctf defrauding Brussels of 
milhaiK of francs’ worth of subsidies. Contrary to reports from 
Brussels, toe ministry claimed there was no question of cut- 
ting off aid to toe whole, island because only a minority of 
formers were involved. The report by a European Commission 
team of inspectors which visited Corsica in September found 
widespread fraud. The report, leaked to Liberation newspaper 
yesterday, said one of the reasons for recurrent forest fires on 
toe lsimui was that farmers turned to arson to dear mountain 
bush for pasture. The Com missi o n has reco mmende d that 
rattle premiums, paid out of EU and national funds, should be 

no, ?J® to better protection of toe environment 

LKona. Buchan, Paris 

ECONOMIC WATCH 


Danish prices edge upward 

Denmark: Inflation Consumer prices in D enmark 

increased by 0.2 per cent from 
Annual* change in CPI September to October and by 

2.5 , 2 per cent over tbe 12 months 

to October, according to offi- 

ao — . rial statistics. The 12-monih 

■ —J*' ■ "*• rate of increase was 
, - unchanged from September, 

■ V ' "/ w ‘ but in the year to October, 

• 1993, the rate was only L5 per 

1.0 1 cent The price of coffee rose 

• . by 6 per cent from Sep temb er 

03 • to October and baa increased 

^ " by 35 per cent since June 

ft i.. 1IIM111 , • yea f> , fc be statistical office 

■ hkw - 1 1 M 1 ' 1 said- Tte rise in inflation is in 

sou^dJzL ‘ m accordance with government 
souf w: Batntneani. forecasts for this year, fa 1995 

on-year inflation to be a expects ***' 

« about n per cent on 

rate^o^ikf^pCT* Snt* tJn ^ n ^ at a provisional 
unchanged from Auanst a< ^ usted , in September, 

stat, the EU statistiS^IS ^ Wlier ' accord ^ to Eur * 

centM^ ^ (£rom u P* 

from 2.4 wait Kta * ^ revised to U per Sent 


. 1988 

Sou^o: Datwrean*. 











ted 






"V 





r- 


F| nancia,. 


■IMKn 


n 


■I’SDAV NOVEMBER 22 1994 


★ 


NEWS: EUROPE 


French right wing will study primaries 


By David Buchan in p arts 

Parties million 

Study thM rjrirtin^r? >estent(iv w 

aaaS£M» 

• w r Alam -luppe. i.,n-i-n 


minister ;ind interim president of the 
RPR Gaullisis. and Mr Francois Bay- 
ruu. education minister and secre- 
tary general of the centre- right llDF 
fedenilkm, agreed on a joint fcnsibil- 
ity study of primuries. 

The study group would report by 
Christmas. Mr Juppe said, on 
whether primaries could be held 
and. if so, how. The RPR leader said 
there was now no time to lose, with 
the first round ot the presidential 
election set for April 23 and the final 


round on May 7. Any primaries 
would have to be held "by January* 
February, at the outside”, he said, 

In the nflerraath of their second 
defeat at the liands of President 
Francois Mitterrand, the RPR and 
UDF did in Ciirt sign “a charter for 
primaries a la francaise " in 1991. 
This stipulated that their parties' 
members and loyalists should vote 
In primaries held by region and at 
weekly intervals ending no later 
than 13 weeks before the first presi- 


dential election round. But aU this 
remained a dead letter, until very 
recently. 

That primaries are now at least a 
possibility for the French right is . 
largely due to Mr Charles Pasqua, 
the RPR interior minister, who has 
been campaigning for them for 
months. But up to now the problem 
has been that proponents of prima- 
ries have been suspected of being 
closet supporters of Mr Edouard Bal- 
lad ur, because the RPR prime minis- 


ter leads his fellow Gauilist. Mr Jac- 
ques Chirac. In opinion surveys. The 
Chirac camp, as well as some CDF 
politicians, has therefore shied away 
from the idea of primaries as favour- 
ing the Balladur campaign. 

But the steady rise in the polls of 
Mr Jacques Delors. the European 
Commission president who is weigh- 
ing a Socialist presidential bid, at 
last seems to have convinced the 
Chirac campaign - of which Mr 
Juppfe Is co-president - of the need 


for an early end to their divisive 
civil war with Mr Balladur. 

Primaries for the RPR and CDF 
would require no legislation, 
because they would be an internal 
party matter. But by the same token, 
organisers would not be able to use 
state facilities, such as town halls, as 
voting booths. Mr Jupp6 said it 
would also be important to prevent 
outsiders infiltrating the ballot and 
for all candidates to pledge to 
respect the eventual result 


Curtain 
raised on 
Franco's 
final scene 

By David White In Madrid 

Nineteen years after the 
franco dictatorship ended. 
Spaniards have learnt in detail 
for the first time about the 
grotesque circumstances of the 
rfying general's departure 
from his El Pardo palace out- 
side Madrid. 

In a documentary by the pri- 
vate Anteoa 3 television sta- 
tion, members of General 
Francisco Franco’s medical 
team lifted a pact of secrecy to 
reveal how he underwent 
emergency surgery in primi- 
tive conditions in the palace 
guard’s disused infirmary. 

Although desperately ill, the 
82-year-old leader had stayed 
on at the palace for weeks 
while the Spanish public was 
kept in the dark about the true 
state of his health, in the last 
week of October. 1975. medical 
bulletins had disclosed the 
seriousness of his heart condi- 
tion. Bat Franco . who had 
ruled Spain for 36 years, still 
wanted to die in his own bed. 

Surgeons described how the 
general, suffering a stomach 
haemorrhage and bleeding 
profusely from the mouth and 
nose, had to be carried down- 
stairs in a rug since they could 
not negotiate the staircases 
with a stretcher. 

The infirmary, about a kilo- 
metre away, belonged to the 
first world war era, complete 
with original glass cabinets. 
According to one of the doc- 
tors, there was only a dirty 
yellow, towel to cover the gen- 
eral’s naked body when be was 



Franco: emergency surgery 


placed on the operating table. 

And then the lights went 
out The local electrician in El 
Pardo village had to be sum- 
moned from his bed to fix* 
improvised lighting. One sur- 
geon, holding up a lightbulb, 
received electric shocks 
because the floor was weL 

One astonished commenta- 
tor said yesterday it was "like 
the infirmary at a third-rate 
bull ring”. 

The general, who surpris- 
ingly revived once his wounds 
were sutured, was then finally 
moved to the modern La Paz 
hospital in Madrid, where he 
died more than two weeks 
later. The contrast provides a 
bizarre symbol for the mixture 
of the modem and the archaic 
which characterised Spain in 
the latter Franco period. 

The doctors denied that the 
general, whose final days coin- 
cided- with a mounting crisis 
between Spain and Morocco 
over Spanish-controlled West- 
ern Sahara, was kept artifi- 
cially alive for political rea- 
sons. It was just that old 
soldiers of his ilk do not die 
easily. 


Setback for Forza Italia in local polls 


By Andrew Hill in MHan 

Forza Italia, the political 
movement founded and led by 
Mr Silvio Berlusconi, Italy's 
prime minister, yesterday 
sought to play down the 
results of Sunday’s local elec- 
tions which indicated the party 
was losing grassroots support. 

The main national coalition 
parties - Forza Italia, the pop- 
ulist Northern League and the 
far-right National Alliance - 
split up to contest many or the 
242 regional and mayoral elec- 
tions, and suffered as a result. 
Of the government parties, 
only the Alliance was able to 
boast of increasing its share of 
the vote. The main opposition 
party, the former Communist 
PDS. also performed well. 

In spite of the difficulty of 
interpreting the scattered local 
results, analysts estimated yes- 
terday that Forza Italia's sup- 
port could have slipped by ID 
points since the June Euro- 


pean elections, in which the 
party received more than 30 
per cent of the- national vote. 
Mr Cesare Previti. Forza ItaJia 
defence minister, said a low 
turnout of voters had ham- 
pered the performance of the 
centre parties. 

Mr Gianfranco Fini. the Alli- 
ance's leader, said yesterday 
that the only way forward was 
for the rending members of the 
coalition to stick together. He 
pointed out that had they 
agreed to nm under a single 
banner they wuuld have out- 
scored the centre-left parties in 
many of the local polls. 

The most closely watched 
contest was in the northern 
industrial town of Brescia, 
where Mr Vito Gnutti, the 
League industry minister, sup- 
ported by Forza Italia, was 
beaten by Mr Mino Martinaz- 
zoli. ex-leader of Italy's former 
Christian Democrats, in the 
first stage of the two-round 
poll. With nearly all the results 


in. Mr Martinazzoli had 
received 41 per cent of the 
votes, and Mr Gnutti 26.8. 

Mr Gnutti and Mr Martmaz- 
zoli will fight the second round 
alone, on December 4, and the 
final result could depend on 
the choice made by National 
Alliance supporters. The Alli- 
ance's young candidate. Ms 
Viviana Beccalossi. won 12 per 
cent of the first-round votes. 
This was more than expected, 
to the irritation of Mr Umberto 
BassL the League leader, who 
considers Brescia and the sur- 
rounding region his party’s 
heartland. 

Mr Berlusconi, in Naples for 
the opening of the United 
Nations conference against 
organised international crime, 
was able to draw comfort yes- 
terday from news that his gov- 
ernment’s much-criticised 1996 
budget measures bad passed 
their first parliamentary hur- 
dle. winning the formal 
approval of tbe lower chamber. 



Italian prime minister Silvio Berlusconi (left) with UN secretary 
general Boutros Boutros Ghali in Naples yesterday before tbe 
start of a three-day ministerial conference on cross-border crime. 
The UN chief urged governments to fight back against the 
growing power of the world’s mafias. <v> 


West urges Russia to ease trade curbs 


By John Thornhill in Moscow 

Russia could increase its share 
of the world's foreign direct 
investment from 1 per cent to 
10 per cent within five years if 
it reduced its internal barriers 
to trade and promoted a more 
favourable image abroad. Mr 
Percy Bamevik. chairman of 
ABB. the Swedish-Swiss heavy 
engineering group, said in 
Moscow yesterday. 

"The world knows about 
Russian oil and gas but it does 
hot know of the advantages to 
be bad in Russia from educated 


people and high technology," 
Mr Bamevik said following a 
meeting of the Foreign Invest- 
ment Advisory Council, a busi- 
ness forum designed to assist 
Russia's reintegration into the 
world economy. 

At the two-day meeting, 
western business leaders 
expressed their concerns to 
senior Russian officials and 
discussed means of attracting 
greater investment into Russia 
and promoting its exports 
more effectively. 

The Russian team, headed by 
Mr Anatoly Chubais, first dep- 


uty prime minister, and Mr 
Yevgeny Yasin. economics 
minister, said they welcomed 
the contributions from western 
companies — including Ernst & 
Young, Mars, Coca-Cola, Thom- 
son, BP and Procter & Gamble 
- and would consider imple- 
menting the recommendations. 

Three working groups 
suggested Russia establish a 
more predictable tax and legis- 
lative environment for foreign 
investors and set up half a 
dozen business centres in for- 
eign capitals to promote Rus- 
sia's trade interests. 


Although many of the west- 
ern executives publicly praised 
tbe extraordinary openness of 
the Russian government at 
the meeting, they added in pri- 
vate that it was critical for 
Russia to act on its good inten- 
tions. 

Mr Robert Wilson, chief exec- 
utive of R1Z, the British min- 
ing company, said: “You can- 
not polish the image if the 
substance is not right One of 
the general concerns for the 
mining industry, in particular, 
is that we have to have access 
to world markets, we have to 


have world prices and we have 
to be able to use a fully con- 
vertible currency." 

After taking a telephone call 
from Mr Victor Chernomyrdin, 
the Russian prime minister, 
who is touring the Gulf states, 
Mr Chubais said: “It was 
decided that we will hold a spe- 
cial session of the government 
to discuss the working plan 
drawn up by this meeting.” 

That task will be compli- 
cated by the fierce opposition 
of Russian nationalists, who 
have complained about Russia 
selling itself to foreigners. 


Pay rise 
pressures 
grow in 
France 

By John Ridding in Paris 

Workers at the Belfort site of 
GEC Alsthom in eastern 
France will today vote on 
whether to end a strike which 
has halted production at four 
subsidiaries of the 
Anglo-French engineering 
group this mouth. 

It is one of a spate of indus- 
trial disputes over the past few 
weeks which have prompted 
concerns about a deterioration 
in labour relations and higher 
wage demands from trade 
unions. It follows a stoppage at 
Pechiney, the aluminium and 
packaging company, and 
comes 2 mid a call by unions 
for industrial action in the 
public sector later this week. 

Union officials say industrial 
action in support of wage 
claims is justified by the fact 
that salaries have not kept 
pace with improved company 
results and the recovery in the 
French economy after the 
recession of 1992-1993. 

Industrialists and economists 
play down the risk of wide- 
spread industrial action. "It is 
a situation of sporadic rather 
than general unrest," said Mr 
Francois Morin, director of 
Lerep, the economics research 
institute, citing the declining 
trend in the number of strikes 
and in union membership. 

However, employers express 
concern about the demands for 
higher wages. This is prompted 
by the rise in demands as a 
cause of industrial disputes. 
For the first time since 1990, 
pay demands have become the 
most common factor in stop- 
pages and strikes in French 
industry. 

At Pechiney, the strike at 
the company’s Dunkirk 
smelter was ended after man- 
agement agreed to increase 
monthly pay by between 
FFr450 (£54) and FFr600 (£72). 
At GEC Alstbom, unions are 
demanding that salaries for the 
7,400 workers at the Belfort 
site be increased by FFr1,500 a 
month. They are helping to 
organise today’s vote, but are 
urging a rejection of the man- 
agement’s offer to award pay 
rises of between FFr100 and 
FFr500. 



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INTERNATIONAL NEWS DIGEST 


Democracy call 
by Burma rebel 


Mb Aung San Suu Kyi, the detained Burmese pro-democracy 
> campaigner, yesterday urged the UN to support democratic 
movements and rejected the argument, popular among east 
Asian governments, that authoritarian rule is essential for the 
development of poor countries. Ms Suu Kyi, under house 
arrest in Rangoon Cor more than five years, made her com- 
ments in a speech to a UN conference in Manila read for her 
by Mrs Corazon Aquino, the former Philippines president. 

In the speech. Mis Suu Kyi criticised Asian and African 
governments for portraying democracy as a “western’' concept 
alien to other cultures and for suggesting that economic 
growth was the only important issue, a view that Ms Suu Kyi 
said could be “a recipe for disaster". "True development of 
human beings involves much more than mere economic 
growth,” she said. After years of dismissing Ms Suu Kyi as a 
troublemaker, Burma's military junta has recently held two 
rounds of talks with her in Rangoon. “Most totalitarian 
regimes fear change." Ms Suu Kyi said in her speech, “hut the 
longer they put off genuine democratic reform, the more likely 
it is that even their positive contributions will be vitiated.” 
Victor Mallet, Bangkok , 


S Africa may back peace force 


Mr Joe Modise, South Africa’s defence minister, said yesterday 
that the country would be prepared to take part In peace-keep- 
ing operations on the continent, provided such actions were 
carried out on a multilateral basis. Speaking at a conference in 
Johannesburg, Mr Modise said South Africa would support the 
establishment of regional security alliances to help prevent 
armed conflict in sub-Saharan Africa. But he noted that South 
Africa would not undertake any peace-keeping duties unilater- 
ally. The announcement, which marks the first time South 
Africa has publicly committed itself to a military role outside 
its borders, has fuelled speculation that the country, which 
has by far the most powerful army in the region, might be 
willing to share in a peace-keeping force in Angola to help 
bolster the peace treaty signed last weekend. Mark Suzman, 
Johannesburg 


Angola rebels warn on fighting 


Angolan rebels pledged yesterday to stick to the country's 
day-old peace accord but said any new government offensive 
would torpedo the pact. No reports of fighting had been 
received in Luanda in the 24 hours since the pact was signed 
in the Zambian capital Lusaka by government and Unita rebel 
representatives on Sunday. The pact, intended to end 19 years 
of ruinous civil war, was weakened by the failure of President 
Jose Eduardo dos Santos and Unita leader Jonas Savimbi to 
sign it personally. In Lusaka, delegations from the two sides 
worked feverishly yesterday to stitch together agreements on 
how to translate words into peace on the ground. A formal 
ceasefire is due to come into force around 1200 GMT today. 
Reuter, Luanda 
Editorial Comment Page 23 


Russia and Kuwait in accord 


Kuwait and Russia signed accords yesterday to Increase 
investment and trade of about S20m, officials said. The agree- 
ments were signed during talks between visiting Prime Minis- 
ter Victor Chernomyrdin and his delegation and Kuwaiti offi- 
cials, said an official who declined to be named. Mr 
Chernomyrdin said earlier that he would discuss his country's 
position on Iraq with Kuwaiti officials. Reuter, Kuwait 






FINANOALOTMES TUESDAY 


NEWS: INTERNATIONAL 


Palestinian aid programme ‘has been 




By Julian Ozenna In Jerusalem 


The international aid 
programme to Palestinians has 
been a “failure", the United 
Nations said yesterday, warn- 
ing that unless donors 
urgently changed strategy, fur- 
ther violence could erupt in 
the Gaza Strip, torpedoing Mid- 
dle East peace. 

In his strongest and most 
sombre assessment yet, Mr 
Terje Larsen, UN undersecre- 
tary -general far Palestinian: ter- 
ritories, said living standards 
in Gaza were falling “like 
lead"; donors were largely to 
blame for the looming Palestin- 
ian economic crisis. 

“The situation in Gaza is 
more dangerous today than 
before the peace agreement 
was signed,” Mr Larsen said in 
an interview with the Finan- 
cial Times. “The gap between 
expectations and delivery is so 
large, and unless donors get 
together to deliver, the peace 
process will fail- Time is run- 
ning out We are at the edge. It 



Fatah Hawks, loyal to Yassir Arafat, show support for the PLO leader in Gaza City yesterday auw 


could collapse any day.” 

Mr Larsen’s remarks came as 
tension between Mr Yassir 
Arafat's supporters and the 
Islamic militant opposition 
continued on the streets of 


Gaza. Up to 10,000 loyalists of 
Mr Arafat's Fatah faction, hun- 
dreds firing guns in the air, 
chanted warnings to Islamic 
groups they blame for last Fri- 
day's internal violence which 


left 14 Palestinians dead. 

Mr Arafat encouraged the 
demonstrators, calling the 
march a referendum on . the 
self-rule authority be controls 
and on the Palestine Liberation 


Organisation. “The state of 
alert continues. You are the 
protectors of security, no one 
can take away from Fatah and 
the Palestinian police/’- 

Leaders of Hamas and 

Islamic Jihad said they had not 
reached agreement with Mr 
Arafat on how to calm the situ- 
ation since Friday’s - killings; 
each s id e accused Ehe -other of 
being “traitors". 

Mr Larsen World Bank 
figures showed only $l40m dis- 
bursed to Palestinians this 
year of a total $7Qpm <£437m)' 
pledged for 1994. Most had 
gone for salaries mad running 
costs of the Palestinian author- 
ity; only one. project* fo clean 
up Gaza, had made any impact 
on living standards. 

“The donor effort is a failure; 
the strategy wrong, the priori- 
ties wrong and the timetable 
wrong. There has been an over- 
emphasis on long-term pro- 
jects, but the poor and hungry 
and sick can’t wait If there is 
no food for the children and no 
heat tor the winter, who will . 


support the authority and“Bje. 
peace process?” - ■ ' ' - t - 

Donors needed-toiefecwaat^- 
ott- public works to. geafinSteT' 
employment in Gaza ftfitttt-" 

> ployment 52 pet centX andi 
where at least one-third Offe^- •' 

flies Eve below the poverty ftp' 
of K70 a year. 

... a' public . works . progr am me; . 
worth up to JlOOm/.to provider. . , 
20,000 jobs for the -neft^aa; - 
months .- was 7 needed vmEjjEz' 
“weeks” to save the peace pap? ■ 
cess. Mr Larsen criticlsed 
IstaeL's closure of the Gaza hca\; ; 
der ' which stops thousands of ’ 
Palestinians reaching , their . 
jobs in tera& “The po&y.df ; 
closure is a collective purdah- , 
meat it undermines the peace . ; 
experiment, donor efforts and' 
Israeli interests- It must be - 
stopped immediately.” 

Palestinians were to Marne 
for disorganisaHan and tocba- ' 

sistency, but donors- should., 
have found ways id disburse'--., 
the money they promised!.:.. 
“Predominantly I criticise. \ 
donors, not the Palestinians.* . 


•'.i S - «.» '• : ! • ■* ' 

; ~ 

Jf.rtfllH 


Beirut property prices soar to sky-high limits 

Laws of supply and demand seem to have little effect on rents or prices, writes James Whittington 


T he price of property in Beirut 
is one of the most botly 
debated subjects in Lebanon 
today. Since the end of the country's 
17-year civil war, the cost of residen- 
tial and office space in and around the 
centre of the city has soared to 
unprecedented levels. 

Ar the top end of the market, a 500 
sq m apartment with a sea-view can 
be bought for 21.5m (£955,000) to $2m. 
Unlike similarly priced properties in 
the prime areas of London, Tokoyo 
and New York, this includes little in 
the way of extra facilities. 

There may be limited car parking 
space and a porter, but there is no 
guarantee that street lighting or tele- 
phones will work. The surrounding 
roads and pavements are rarely 
cleaned, and within short walking dis- 
tance there are likely to be huge piles 
of rubble from construction work 
which is not due to be finished before 
the year 2000. 

Even among the wealthy Lebanese 
returning from abroad, few are will- 
ing to pay such prices; the odd buyer 
tends to be from the Saudi and 
Kuwaiti super-rich keen to have a sec- 
ond home in an Arab country. As a 
result, most affluent Lebanese are 
renting houses in the eastern suburbs 


or in the surrounding mountains 
while they wait for the costs or mov- 
ing into central Beirut to come down. 

Estate agents estimate that about 
30.000 premium apartments, priced 
from $300,000 upwards, are empty in 
Beirut They are becoming concerned 
at the prospect of a huge property 
over-supply at the top end of the mar- 
ket which shows no signs of driving 
prices down, while housing needs for 
middle to low-income earners are not 
being sufficiently catered for. 

“There's a real estate crisis here in 
Lebanon." explains Mr Antoine Mar- 
oon. who heads the real estate divi- 
sion of the largest financial and ser- 
vices group in Beirut, Lebanon Invest. 
“There's a clear over-supply in resi- 
dential housing; prices have reached 
astronomical figures. ~ 

The main factor driving the supply 
side is the high expectation that Leba- 
non is on the road to recovery under 
the guidance of its billionaire prime 
minister, Mr Rafik Hariri. 

These have been fuelled by the suc- 
cessful launch of Solidere, the Sl-Sbn 
real estate and property development 
company which is rebuilding the cen- 
tre of Beirut, and more recently, by 
Lebanon’s over-subscribed Eurobond 
issue (its first ever), which last month 


raised S400m for the country’s recon- 
struction programme. 

“Private property developers are 
hoping to tap into this new-found con- 
fidence. They are rapidly putting up 
new units to meet a genuinely high 
demand far quality bousing," Mr Mar- 
oun says. 

The high prices are caused by the 
method of financing the construction 
work. Although there are more than 
70 commercial banks in the country, 
long-term credit facilities, especially 
mortgages, are almost impossible to 
come by. The banks deal mostly with 
dollar-deno ruinated, short-term finan- 
cing for trade and commerce. Most 
construction projects are self-fi- 
nanced. with little in the way of lever- 
age. 

“Because owners are financing their 
buildings from their own savings, 
prices are not coming down. They can 
afford to wait for a buyer. If they were 
borrowing from banks, the situation 
would be much different, there would 
be a crash," says Mr Henry Tyan, 
general manag er of Banque National 6 
de Paris Intercantinentale. one of the 
top four hanlfn in the country. 

On the demand side, the absence of 
a mortgage culture severely restricts 
the financing abilities of potential 


buyers. “Because of the lack of 
long-term credit facilities, people can 
either afford to buy property outright 
or are forced to pay short-term inter- 
est rates on a long- term loan, which is 
not very efficient,” Mr Riad Salameh. 
central bank governor, explains. 

In an attempt to tackle this prob- 
lem, the government has restructured 
the Housing Bank by reducing its 
stake to 20 per cent and selling the 
rest to a group of commercial banks. 


A t the end of (Ms month, Mr 
Salameh says that funds of 
2100m from Arab and interna- 
tional donors will be available from 
the bank in the form of competitive^ 
priced, long-term mortgages to smaE- 
property seekers. Estates agents In . 
Beirut have welcomed this move but 
say it will still exclude those who 
wish to have a mortgage of over 
$100,000 and, more critically, low-in- 
come and poor people. 

In the teeming suburbs of southern 
Beirut, for instance, where hundreds 
of thousands of people live in squalid, 
over-crowded conditions, there Is a 
huge shortage of proper housing. 
With high unemployment and an 
average income of less than $150 per 
month, they have little hope in paying 


rents, let alone becoming property , 
owners. 

Many families ccartinue to squat in 
disused and damaged buddings while 
they wait for the governments recon- 
struction programme to reach them. 
A six-year, 2260m plan has -teen 
drawn up to rehabilitate the area. 
Including $100m-wortii. of tends from 
the Eurobond issue! * '• 

. Meanwhile, the. fundamentalist', 
group HfoboRahhas capitalised on the 
situation by providing a basic welfare 
System in the form of schools, hospi- 
tals, BMwiHai supplies and «wu> low- 
cost housing. - 

Some Lebanese explain the cruel 
distortions in the property market as 
inevitable in a country recovering 
from a long and devastatmg civil-war.. 
Mr Maroun partly: blames .toe problem 
an a lack of info rmatio n on the mar- 
ket - 

“We need to develop a data base to 
put some discipline into the market 
The lark of good information is inhib- 
iting its development," he says. . 

Untiljhen, the Lebanese will have 
to live with the fact that too many 
luxurious apartments are sitting idle 
while hundreds of thousands of vic- 
tims of the war are still desperate for 
a secure roof, over their heads, 


Some companies say they’re 
joining forces to make international 


network communications simple. 



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— h ~ S riifcSDAY NOVUM BER 22 IWM 


7~ constitaencies 
— ^ll£ hallenge to LDP 

Japanese MPs 
vote to reform 
election rules 


B y William Dawkins in Tokyo 

mmlTV-,-' "** *** » 

whphrhi h Story Vesterdav 
int0 

finalises a comprehen- 
unJL j*L of r “' 1,t 'e>'l rules 
h??i r » Wh,Ch pohl,c >ans will 
Sif. t,: ' Cuttl P^le harder for 
E£t; a *l ar ? *MU than 

a threat in the conser- 
vative old guard of the Liberal 
Democratic party which has 
run Japan for most of the past 
Tour decades. 

It removes an obstacle to an 
early general election, at a 
time when Japan's fragmented 
opposition is weeks away from 
forming a single new party, to 
combat a potentially unstable 
government coalition of con- 
servatives and socialists. 

Parliament yesterday 
adopted a bill to redraw elec- 
toral boundaries for the new 
electoral system, a mixture of 
first-past-the-post single-seat 
constituencies and propor- 
tional representation, ft 
replaces a unique multi-seat 
constituency system, in place 
since 1925. which had made it 
possible for many politicians to 
get a seat with as little as 10 
per cent of the vote. 

Yesterday's completion of 
political reform is the starting 
signal for a power struggle 
within the main parties. They 
must now allocate candidates 
to the 500 seats of the new sys- 
tem, 11 fewer than than now. 

Because of the boundary 
changes, the three coalition 
parties have been left, awk- 
wardly, with competing candi- 
dates in 110 districts, while the 
opposition faces the same prob- 
lem in 40 constituencies, 
according to a poll by the 
Asahi Shim b un newspaper. 

One example is Gunma. a 
rural area north of Tokyo. 


NEWS: INTERNATIONAL 


Mieno dismisses fears over offshore output 


iL^Wifc 


Japan's household spending in 
the three months to September 
rose by 0.5 per cent in real 
terms from the same period a 
year before, according to 
figures published yesterday by 
the Management and 
Co-ordination Agency, Gerard 
Baker reports. The increase 
was the first in three quarters, 
and suggests the gradual 
economic recovery is lifting 
consumption. Household 
spending in the month of 
September alone increased 2.0 
per cent from a year earlier, 
following a 0.4 per cent fall in 
August, a 0.1 per cent rise In 
July, and Five consecutive 
monthly falls to June. Agency 
officials said the increase was 
largely due to special income 
tax cuts which took effect in 
the summer. 

where former LDP Prime Min- 
ister Yasuhiro Nakasone and 
the son of a former LDP leader. 
Mr Yosuo Fukuda, have ended 
up in the same single-seat dis- 
trict. One of them, clearly, has 
to offer to compete in a differ- 
ent constituency. That is a dif- 
ficult decision, given that close 
ties, patiently nurtured over 
many years, are the traditional 
method of getting a parliamen- 
tary seat. 

Yesterday’s parliamentary 
derision concludes a five-year 
debate on political reform, trig- 
gered by the resignation in 
1989 of former Prime Minister 
Noboru Takeshi ta. to take 
responsibility for the exchange 
of shares for political favours. 
This and other cases had pro- 
voked public distaste of the 
ruling class. 

In an attempt to rebuild 
credibility, the LDP then pro- 
posed the first of a series of 
draft reform plans. It has taken 
five governments and the 
LDP’s first period of opposition 
in 38 years to get the new rules 
on the statute book. 


£ '• - 





Mieno: room to open further domestic financial markets, 


By Gerard Baker 

and WiBiam Dawkins in Tokyo 

The shift of Japanese 
manufacturing capacity off- 
shore in recent years does not 
threaten Japan’s long-term 
industrial performance, the 
outgoing governor of the Bank 
k of Japan. Mr Yosushi Mieno, 
| said yesterday. 

& It merely reflects an emerg- 

■ ing division of labour within 

I Asia, and as such, is even a 
F healthy development, he 
L declared in an interview. "The 
jg| movement of production off- 
™ shore is j reaction primarily to 
the rapid industrialisation of 
Asia which is creating a divi- 
sion of labour between basic 
industrial work and high-tech- 
nology. lughly-skilled jobs. 

The changes would ensure 
growth prospects would 
improve for all countries, 
including Japan. Japanese 
industry would be "upgraded” 
as it focused more on the 
sophisticated sectors where it 

I is most competitive. 

Business and labour groups 
have expressed concern that 
the movement of Japanese 
investment to the rest of Asia 
,»p represents an industrial “hol- 


lowing out” that will reduce 
Japan's long-term employment 
and growth prospects. "I dis- 
agree uith the view that the 
new division of labour will 

reduce the potential rate of 
growth in the Japanese econ- 
omy. The dynamism of the 
economy has enabled the coun- 
try to overcome difficulties in 
the past and will do so again.” 

Mr Mieno. who retires next 
month, reviewed his five-year 
term, among the most turbu- 
lent in the bank's 100-year his- 
tory. marked by policies aimed 
first at bursting the "bubble’’ 
of rapid increases in asset 
prices at the end of the 19S0s, 
then at reviving the economy 
from the ensuing slump. 

The central bank’s main 
challenge remained the task of 
restoring soundness to the 
financial system as it contin- 
ued to be burdened by bad 
debts, accumulated by the col- 
lapse of asset prices in the 
early ISBOs. Mr Mieno said. The 
current trend of falling whole- 
sale and retail prices stemmed 
from three developments: 
declining asset prices, the 
high yen's impact on import 
prices, and changes in the 
distribution system that 


were reducing business costs. 

A risk existed import prices 
might have a deflationary 
effect in the short term, but in 
the longer term, if the commit- 
ment to deregulation was 
maintained, lower prices and 
costs would benefit producers. 

He addressed concerns that 
Japan was losing financial 
business to other capital mar- 
kets because of its rigid regula- 
tory environment Part of the 
explanation was purely cycli- 
cal. linked to the weakness of 
Japan’s economy in the past 
few years and the reaction to 
the “bubble" years. But “I have 
to admit room exists to open 
further domestic financial mar- 
kets, particularly by improving 
the ease with which foreigners 
and Japanese have access to 
capital markets.” 

He identified several mea- 
sures which should be taken to 
improve Tokyo’s attractive- 
ness, including faster deregu- 
lation and improvements to 
the financial infrastructure, 
especially Tokyo’s archaic set- 
tlements systems. 

If those measures were 
taken. Tokyo would continue 
its strong role as an interna- 
tional financial centre. 


Overseas production 

As percentage of total production 
30 - - 


20 ^ 

10 - .... 

Japan 

5 focal year 


1962 84 86 88 90 92 93 

Scuta Mill 1!W JJfttn «ao e. Mmond 

Mr Mieno repeated his pleas 
for the central bank’s greater 
independence, a theme of his 
governorship. He expected his 
successor. Mr Yasuo Matsush- 
ita, to share his view it was 
time to change the legislation 
governing the relationship 
between the bank and the 
Finance Ministry. 

The growing links between 
individual countries’ monetary 
systems "made it more impor- 
tant than ever for each country 
to pursue policy aimed at 
maintaining its own economic 
stability.” 


Lifetime jobs may hurt company competitiveness 


By WHfiam Dawkins 

Japan’s tradition of lifetime 
employment may impair the 
competitiveness and hence the 
creditworthiness of some its 
largest companies, a leading 
credit-rating agency warned 
yesterday. 

A report* by the Tokyo unit 
of Moody’s Investors Sendee 
says the agency has already 
"incorporated some negative 
credit implications" in its rat- 
ings of sectors where Japanese 
companies are carrying much 
heavier staff costs than inter- 
national competitors. 

These are banking, airlines, 
steel chemicals, cement, paper 
and pulp. If this led to a 
reduced credit rating, their 
funding costs would rise. 

Moody's suspects these com- 
panies wifi be tempted to allo- 
cate capital inefficiently and 
expand sales, at the expense of 
profits, to be able to continue 
paying surplus employees. 
“Without decisive changes. . . 


Unemployment 


Change In rate comparoU with previous year (%) 

2.5 _ 



-o.s sHr.. 
-1X1 


- 1.5 




1080 81 82 83 64 86 86 87 88 89 9091 92 

Sotnw n — w n 


93 ev 
-tttraH 


their positions within the 
global market will be threat- 
ened,” it warns. 

Lifetime employment. Jhe 
preserve of Japan's top 300 to 
400 companies, survived other 


recessions because it was seen 
as a competitive strength, as 
an aid to productivity and 
product quality. It may still be 
one for some car and electron- 
ics makers, the report says. 


But growing international 
(■especially Asian! competition, 
in both cost and quality, plus 
the legacy of excessive Japa- 
nese industrial investment in 
the late 1950s. has left many 
companies bloated compared 
with their closest competitors. 
Economists agree that Japan's 
economic recovery will not be 
strong enough to absorb the 
full surplus of capital and 
labdur. the report adds. 

As an example of bow the 
need to provide jobs for life can 
affect managers’ investment 
decisions, Moody's cites 
ja pan ’s bulk rhpmirais indus- 
try. There have been mergers 
in this formerly fragmented 
sector, but the resulting econo- 
mies of scale have been disap- 
pointing because the mergers 
were not followed by heavy 
redundancies. 

Steel companies' perfor- 
mance has been harmed by 
their strategy of launching 
often poorly performing diver- 
sifications, in theme parks. 


memory chips and food, for the 
sole purpose of employing sur- 
plus staff. General trading 
companies have foiled to dose 
unsuccessful diversifications, 
while h anks ’ earning power 
has been “dismal” over the 
past five years, partly because 
of their high employment 
costs, the report goes on. 

Hot all sectors have been so 
reluctant to cut costs, however. 
Several shipbuilders cut their 
staff by up to 80 per cent dur- 
ing the 1980s, some textile com- 
panies cut their work force by 
half, and steel companies cut 
head office staff by up to 60 per 
cent late in the decade. But it 
took several years of losses to 
force them to take the plunge 
and many staff were shifted to 
subsidiaries or affiliates, on 
salaries subsidised by the par- 
ent company. 

Despite the high cost of life- 
time employment, Moody's 
does not believe the system 
will quickly disintegrate. It is 
deeply entrenched because of 


the seniority-based salary sys- 
tem, whereby employees are 
underpaid for the first 20 years 
or so of their careers and then 
receive sharp pay rises, peak- 
ing in their 50s. In contrast, 
European and US salaries tend 
to peak when staff are in their 
30s or 40s. 

Several leading manufactur- 
ers tried to move away from 
the social contract in 1992, but 
this attracted bad publicity 
and attacks on managements’ 
credibility from the Labour 
Ministry. 

Others positively want to 
keep lifetime employment as a 
way of holding on to accumu- 
lated expertise. Unfortunately, 
argues Moody’s, that is only a 
competitive advantage in a 
small number of high val- 
ue-added sectors, where prod- 
ucts and services are sold on 
quality rather than cost That 
is patently not so in the sectors 
Moody’s has hi ghligh ted. 

LMomm Emokjymtnt and aOtd lnU CM Wi 
lor Japanned Corporation!; Moody's imM 
Samo a Ttl Takro 358? 0822 


We’d like to set the record straight. 


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line vet- Assumin'; they even hurt* affiliate?, in ili<»>e places. Bui the IBM Global [Network has 
5.000 network professionals ami provides arre«s to more than 'JO i-ntintries. iNow . So you can gel 
a head start on the high-speed networking tluil’ll make it .iriti like everyone in your eorporulion 
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6 


FINANCIAL TIMES TUESDAY NOVEMBER 22 1 994 



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FINANCIAL TIMES 
Newsletters 


Trade officials fear other nations may join sales ban after pesticide concerns 

Australia beef exports hit by US 


F.T. Bumn Eawynm LfcL Rcgniend Qflkr-. Momt«, f>*r loelfewart Bridge. London. SEI “HLfimmtnsd m Fn-lmJ Vi Hffldi 


By Nikki Tatt In Sydney 

Australian trade officials 
yesterday sought to lessen a 
threat to the country's ASttm 
(S2.2bn) a year beef export 
industry after a decision by the 
US to halt the sale of Austra- 
lian beef until further notice. 

The US action follows a tem- 
porary ban on the sale of Aus- 
tralian beef by Japanese retail- 
ers. Both countries acted 
following tests which showed 
that some beef consignments 
might be contaminated with a 
chemical pesticide used in cot- 
ton growing. The chemical. 

Contracts and ventures 

Enron in 
Yemen for 
talks on 
gas sector 

A delegation from Enron of the 
US is in Yemen to discuss 
investment in the gas sector, 
including a £2.5bn ($4.1bn) 
Liquefied Natural Gas (LNG) 
project 

Enron had signed a memo- 
randum of unders tanding with 
Yemen in December 1993 to 
exploit gas reserves estimated 
at between 20 and 30 trillion 
cubic feet in the Marib-Jawf 
area. But Hunt OH, leading a 
consortium Including Exxon 
and South Korea’s Yukong, at 
the time said it had not agreed 
to any other company’s 
involvement in the export of 
the gas it discovered In the 
Marib area. The issue was 
shelved during Yemen's two- 
month civil war which ended 
on July 7 with the defeat of 
southern secessionists. 

Yemen's Supreme Economic 
Council, which gives final 
approval for investment pro- 
jects, last week agreed to intro- 
duce new terms and conditions 
for gas contracts and 
instructed the oil ministry to 
re-evaluate bids from compa- 
nies. The LNG project involves 
a main pipeline from the Marib 
area to either the Red Sea or 
the Arabian Sea as well as a 
pipeline from Safir in the 
Marib area to the capftal Sanaa 
to meet local requirements. It 
also involves a liquefaction 
plant with an annual capacity 
of 5m tonnes of LNG and an 
export te rminal- Hotter, Aden 

■ A consortium, consisting of 
Kumagai Gumi of Japan and 
Cubiertas y Mzov and Entre- 
canales, both of Spain, has 
been awarded a HK?2.6bn 
($336-3m) civil engineering con- 
tract to build an underground 
railway station in Kowloon, 
part of the 34km rail link to 
Hong Kong’s new HKS15Bbn 
airport complex. Mass Transit i 
Railway (MTRC) announced. 
MTRC also said that a German- 
Spanish consortium, consisting 
of AEG AktiengeseDschaft and 
CAF, has been awarded a 
HK$1.6bn rolling stock con- 
tract to build 11 express and 12 
ordinary trains for the airport 
link. Thirty-one large contracts 
are expected to be awarded by 
MTRC. which is responsible for 
building the rail link. Reuter ; 
Hong Kong 

■ ABB Netztetttechnik, one of 
the German subsidiaries of the 
Swiss-Swedish engineering 
group, will supply a control 
system worth DM120m (S80.5m) 
for a Siberian gas pipeline. The 
system will manage a 76km 
stretch of the pipeline between 
Gubinsk and Yuzhny-Balyk, 
and includes features such as 
quality control and leak detec- 
tion. ABB hopes to supply sim- 
ilar systems for the 1,013km- 
long pipeline. The system will 
be paid for by Transneft, a fin- 
ancing company dealing with 
energy projects, and operated 
by Sibneftegazpererabotka. 
Michael Lmdemcmn, Bonn 

■ Bomhadler. the Canadian 
aerospace and transit equip- 
ment group, wiO supply 66 rail 
cars worth C$18Qm ($133. 3m) 
for a new 170km intercity con- 
nection in Guanajuato state. 
Mexico. A Mexican private sec- 
tor group will finance, build 
and operate the C$840m sys- 
tem. Robert Gibbens, Montreal 

■ Northern Telecom of Can- 
ada has signed a general sales 
agre ement worth $65m with 
GTE Telephone Operations to 
outfit GTE’s US network with 
DMS central office switching 
equipment The intitial phase 
of the contract includs DMS-10 
and D MS-100 SuperNode equip- 
ment which GTE will use to 
modernise its rural and subur- 
ban networks and develop an 
infrastructure to use advanced 
services. Reuter, Toronto 

■ Jacobs Engineering Group 
of the US has submitted a pro- 
posal for the US Department of 
Energy's Rocky Flats Environ- 
mental Technology Site con- 
tract, valued at $3Abn over five 
years. Jacobs has formed a 
unit, Jacobs Management, to 
execute the contract. Reuter, 
Pasadena 


chlorfluazuron. is found in cot- 
ton waste which waa fed to 
some cattle after the country’s 
severe drought led to limited 
grain supplies in September 
and October. 

According to the Cattle 
Council of Australia, the diem- . 
ical is non-toxic and only a 
very small proportion of -Aus- 
tralian cattle - those fed cot- 
ton waste from irrigated cotton 
- have any chance of being 
affected. All livestock from 
affected areas, predominantly 
in New South Wales, were 
being tested. 

Nevertheless, the CCA 


acknowledged that the trade 
consequences for the beef 
industry, Australia’s third larg- 
est export sector with overseas 
sales of A&2bn in 1293. could 
be serious. Australian officials 
were due to meet counterparts 
at the US Department of Agri- 
culture yesterday in an effort 
allay US concerns and resume 
trade. 

Japan and the US are the 
two biggest markets for Aus- 
tralian beef, accounting for 
three-quarters of total beef 
exports. But there are fears 
that other, smaller customers 
could follow the lead t ak en by 


the US and Japan. 

In Darwin, Mr Bob .Collins, 
the federal primary industries 
minister,' said testing had 
shown that “the actual levels 
of this chemical thathave been 
detected are very, very small. 
It's a question of satisfying the 
Importing authorities and 
health authorities in our cus- 
tomer countries that we’ve 
done everything that could be 
expected erf us in terms of con- 
taining the problem”. - 
• The enhanced agricultural 
export opportunities flowing 
from the Uruguay trade round 
could be eroded or even 


negated if countries are given 
“undue freedom" to pursue 
unilateral environmental pro- 
tection measures, the Austra- 
lia’s -National Fanners Federa- 
tion warned yesterday. 

The gain to Australian form- 
ers from the Gaff agreement 
has been estimated at about 
Aflbn a year in additional 
exports. However, there has 
been growing concern that 
these opportunities - the 
result of better market access 
and lower quotas - could be 
much reduced by non-tariff 
barriers dressed up as environ- 
mental protection measures. 


Asean under pressure to speed 
the pace of trade liberalisation 

Peter Montagnon on prospects following the Apec talks 


T o judge by the behav- 
iour of Dr Mahathir 
Mohamad, Malaysia's 
prime minister, at last week's 
Apec summit in Jakarta, one 
might think that Asean, the 
six-nation southeast Asian 
group to which his country 
belongs, was in disarray. 

Dr Mahathir took the gloss 
off the occasion by expressing 
public doubts about Apec’s 
plan to liberalise trade and 
investment in the Pacific Rim 
by 2020. That cannot have 
pleased his host. President 
Suharto of Indonesia, a follow 
Asean leader. & had set great 
store by agreement on this 
Issue. 

Had this been a meeting of 
the European Union the 
recriminations might have 
reverberated for weeks. Yet it 
Is a measure of both the 
strength and the weakness of 
Asean that there is scarcely a 

hint of amhgr r afimmnt - Asean 

countries, which also Include 
Singapore, T hailan d, Brunei 
and the Philippines, are used 
to the pragmatic view of con- 
sensus which characterised 
Jakarta. Apec’s other 12 mem- 
bers may find that this contin- 
ues to affect the pace at which 
they can move forward. 

The essence of Asean’s phi- 
losophy is that its members 
avoid coercion and collaborate 
only when they perceive it as 
being in their national interest 
to do so. This is in stark con- 
trast to the way others, such as 
the US, see Apec. Huey regard 
It as a vehicle for cajoling gov- 
ernments to bargain away 
some sovereign rights for the 
sake of the general good. 

Mr H a fl i Soesastro of Indon- 
esia's Centre for Strategic and 
International Studies admits 
that Asean’s lowest-common- 
d enominat nr approach has pro- 
duced a “dismal” record on 
economic cooperation, but he 
says that, by shying away from 
internal tension, Asean has 
come to enjoy a “great sense of 
togetherness”. 

Moreover, with a population 
of 340m, a fast-growing econ- 


East Asianjrade 

Ratto of trade to GDP {%) ' 

200 J. 




■ Newly industrialised economie*; 


the time-frame for liberalisa- 
tion. 

“We might be seen to be 
rather partial and weak, but 
we are making progress,” says 
Mr Supachai Panitchpakdi, 
Thailand's deputy foreign min- 



0j : 

. 1S70 . 

Sonar vtoUBwk* 


Australia yesterday urged the 
18 countries which signed the 
Asia-Pacific Economic 
Co-operation “free trade” 
agreement to instigate a regu- 
lar process to aisore that their 
trade policies were on track, 
writes Nikki Taft In Sydney. 

Senator Bob McMullen, the 
country's trade minister, said 
he envisaged a process similar 
to the Gaff trade policy review 
mechanism, which would help 
to “provide assurance that all 

omy and an import market of 
$226bn (£X38bn) Asean has 
assumed considerable eco- 
nomic signifi cance . “Asean is 
an entity that nobody can just 
posh aside," says Ms Rafidah 
Aziz. Malaysia’s trade minister. 

Founded in response to the 
communist threat at the time 
of the Vietnam war, Asean’s 
original concerns - typically 
for a group of small countries 
- were mainly to do with secu- 
rity. Over the years its collabo- 
ration has extended both for- 
mally and informally to a wide 
range of activities. Asean has 
endorsed the policy of con- 
structive engagement with the 
military regime in Burma, 
which is most heavily pro- 
moted by Thailand and Singa- 
pore. With the mid of the cold 
war, it has sought to refocus 
the debate on security through 
its regional forum which 
encompasses a range of inter- 


Apec participants are moving 
forward towards free trade 
and inv e st me nt ". . - 

He said that there were four 
main areas which needed dose 
attention if the declaration 
was to be turned in action. 
These were the review prooess; 
the development of a dispute 
settlement system; agreement 
on industry specific measures 
and timing; and a decision an 
how comprehensive the deal 
should be. 

national dialogue partners. 

Now it is also trying to put 
together its own free trade 
area, an effort often fligmi«»rt 
by outsiders because it Is basi- 
cally confined to tariff reduc- 
tion and is peppered with 
exceptions. Even after the 
sweeping tariff cuts In its 
recent budget, Malaysia still 
affords heavy protection to its 
domestic car industry. Indon- 
esia is reluctant to expose its 
petrochemical and aerospace 
industry to full international 
competition. 

U the bad news for Apec is 
that Asean is likely to resist 
outside pressure to spaed up 
the pace of regional trade liber- 
alisation. the good news Is that 
it shows signs of doing so for 
internal reasons. Already 
Asean has added non-processed 
agricultural goods to the range 
of products covered by its free 
trade talks and it is reducing 


Among the factors pushing 
Asean forward -is the gradual 
re-emergence of Indochina. 
Asean win not only find itself 
competing with cheap labour 
from this quarter, but will also 
come under pressure to 
broaden its membership, 
starting probably next year 
with Vietnam. Overarching the 
debate wfll be a need to offset 
tile growing economic and 
political power of China. 

According to Mr Richard 
Grant of London's Royal Insti- 
tute of International Affairs, 
pressure from the private sec- 
tor at home, as well as the per- 
ceived success of the North 
American Free Trade Agree- 
ment, will also drive Asean’s 
own liberalisation process fas- 
ter than many now expect 
wi thin seven to 10 years a 
“fairly complex” arrangement 
could be in place. 

There is no guarantee, 
though, that the group will 
thim warn to Apec’s ambitious 
programme. Same argue that 
Asean’s involvement in Apec 
mostly reflects a desire to 
dfinte the influenza of China 
and Japan in the region. lake 
the regional security forum, 
the intention is that It should 
remain little more than a 
talk in g shop. But the risk in 
the trade policy area Is that 
another powerful member, the 
US. will crane to dominate pro- 
ceedings. 

That goes a long way to 
explain both Malaysia's ambiv- 
alence and the predilection of 
most Asean countries for push- 
ing any bfod fo g decisions back 
to the General Agreement on 
Tariffs and Trade and the new 
World Trade Organisation. 
After all, the multilateral 
forum is where the influence of 
big brothers is most greatly 
(Stated. 


INTERNATIONAL ECONOMIC INDICATORS: MONEY AND FINANCE 

THs table shows growth rates for the moat wfcMy followed meaua of narrow and bread money, a representative short- and long-wm Ma ul rats t 
mufcet yield. AJI figures are pwLentuyas. 


I on average 


■ UNITED STATES 


■ JAPAN 


4th qtr.1S93 
latqtr.1994 
2nd qtr.1994 
3rd qtr.lW 

NowMTfear 1993 

De cemb er 

January 1994 

February 

March 

Aprfl 

May 

Jane 

July 

August 

Septa m ber 

October 


■ FRANCE 


■ ITALY 


■ UNITED KINGDOM 


4th qtr.1993 
lit qtr.1994 
2nd qtr.1994 
3rd qtr.1994 

November 19*3 
December 
January 1904 
February 
March * 

Aprff 

May 

June 

Mr 


am 

iaa 

PM 

13£ 

KM* 

14.34 

Mi 

13.71 

yMd 

ruL 

Ml 

4.7 

m 

13 2 

Mr 

1232 

M* 

1103 

TMa 

iu. 



ion 

62 

iaas 

11.47 

1.41 

44 

15J3 

11.02 

907 

4J5 



10.4 

98 

11.32 

10.58 

1.94 

4 J 

14.6 

9J7 

952 

3.60 



7& 

6.0 

1124 

1054 

271 

62 

170 

10/11 

289 

4.48 



7.1 

a 2 

\2A\ 

11.61 

248 

5-9 

17JS 

1298 

1020 

4J8 



sn 

0.1 

11.98 

11.87 

284 

23 

1R1 

14^2 

1103 

507 



ra 

8.0 

11.83 

1320 

3^45 

24 

BjO 

11.53 

10.04 

407 



8.7 

7 JS 

1326 

1329 

3.83 

24 

5.1 

9.73 

209 

401 


■ 

4JI 

7.1 

1022 

1123 

235 

4.8 

3.6 

5-99 

7-40 

401 


• ’ ; 

7A 

&1 

&S9 

8.10 

202 ~ 

£5 

A3 

5.81 

061 

275 



7J3 

7 A 

8.42 

809 

1.80 

5.4 

62 

5m 

6.72 

3-57 



B2 

7A 

7.98 

904 

1A4 

as 

62 

523 

212 

4.00 



an 

52 

Q A 

8J38 

a ns 

11.42 

a 44 

1.58 

q 4c 

6J 

C 4 

A3 

5-55 

557 

4.03 


; -• 

8.7 

0-0 

Sf-Uo 


Ala 

3.1 

AS 

506 

6.77 

284 


i . « 

7.8 

80 

8.72 

094 

1.97 

6j0 

A2 

540 

828 

281 


' j 

6.4 

7.1 

8.44 

8JS 

1.88 

5.1 

20 

5.44 

622 

3/46 



7& 

7.6 

ear 

8.78 

1.74 

5.4 

5 2 

5^7 

261 

249 



an 

8J0 

043 

9.46 

1.77 

28 

5jB 

523 

72B 

274 

L 

' ■ 

10.4 

BA 

8.11 

9.07 

1-58 

&0 

SA 

529 

7.68 

3,87 

'J 


9£ 

7A 

7.80 

9.38 

1.49 

6-9 

21 

52? 

213 

398 



7.7 

6.4 

8.03 

1046 

157 

09 

M 

5.18 

054 

4.16 



an 

ELS 

8.43 

10.70 

154' 

8A 

A3 

529 

238 

4.11 



an 

5.1 

8.93 

11A9 

1-58 

23 

4.6 

5^8 

8.52 

284 


ST-AJ. 

55 

4,0 

886 

1203 

1.81 

72 

A* 

5JB 

580 

4.04 





8.76 

1208 

1.71 

72 

3A 

5-38 

071 

4»14 




September « -OS ifi 3.10 SA 4,0 SOB 12JJ3 1.81 12 4A 5J8 &80 4.04 

October 5.85 8.17 3.18 . 8.76 12.08 1.71 7A 3J) SLS8 8.71 4.14 

Monetary growth mtw! show tha parentage chonga guar fta coffiBPondtnn period In tha pwfau year, and me pea «h» trtaaa Qgwtyfea waMtt. AH growth r-rfa to 
seasonally ad^ated lories tor Japan and Italy, Oamqn monetary sntibbes now totm a continuous pan-Garmon serin. Manatary dNa aupofled bv Doteobcrtm aid VUEFA 
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TUESDAY NOVEMBER 


22 1994 


NEWS: THE AMERICAS 


OECD praises US on economic growth IMF 


But warns of both macroeconomic and structural problems in the future, writes George Graham 


nuirm; 
lirmmmnn 


(nY^Qm The Organ- 
iaation for 
Economic 
Co-operation 
and Develop- 

(oYudYB ment ttie 

vi-Ablz/LS us high marks 
in its annual survey* for eco- 
nomic performance over the 
last two years, but warns of 
both macroeconomic and struc- 
tural problems in the years 
ahead 

“The fundamentals seem 
sound for the immediate 
future. The expansion has 
become more firmly estab- 
lished. and job creation has 
accelerated without the re- 
emergence or any wage and 
price pressures thus far," the 
OECD says in the survey, pub- 
lished yesterday. 

The organisation says policy- 
makers have recognised that 
there is very little slack left in 
labour or product markets and 
have acted early, by standards 
of the past, in order to head off 
a clear acceleration in inflation 
- although the OECD still 
believes that the Federal 
Reserve will have to raise 
interest rates further over the 
next year. 

“Only if such action suc- 
ceeds will the expansion be 
sustained for a longer period, 
avoiding the bust which inevi- 


tably follows a boom,” the 
report says. 

The OECD forecasts gross 
domestic product growth slow- 
ing from 3.8 per cent in 1994 to 
2J9 per cent in 1995, with infla- 
tion. as measured by the GDP 
deflator, accelerating from 2.1 
per cent this year to 29 per 
cent in 1995. It projects a cur- 
rent account balance worsen- 
ing to $147bn or 11 per cent of 
GDP this year and to $161bn or 
29 per cent of GDP in 1993. 

But the Paris-based organisa- 
tion sees cause for alarm both 
over the US’s fiscal health in 
the longer term and over wors- 
ening social problems. 

“Many of these problems are 
related to inequities: between 
those at the top end of the 
income distribution - who 
enjoy some of the finest health 
and education services in the 
world - and those at the bot- 
tom - who lack access to even 
minimally adequate social ser- 
vices. Only if these inequities 
are attended to will the 
long-term economic ftftore of 
the nation be secure.” the 
OECD says. 

On the fiscal front, the 
OECD applauds the “gratify- 
ingly si gnifican t deficit reduc- 
tion” undertaken by the Clin- 
ton administration, but warns 
that much of this improvement 


is largely cyclical 
In the near term, the admin- 
istration's budget projections 
may be too rosy, the report 
says, because they rely on real 
interest rates remaining 
extremely modest in compari- 
son with the 1980s and lower 
than the current reality. In 
addition, a number of popular 
tax provisions such as the 
research and experimentation 
tax credit are due to expire, 
and will have to be paid for if 
they are renewed. 

The OECD also questions the 

nffi eial budget assumption that 

federal pay rises will average 
less than 3 per cent a year for 
the six years from 1994 to 1999, 
a cut in real terms of more 
than 8 per cent, which is incon- 
sistent with the declared goal 
of eliminating the estimated 26 
per cent pay gap between gov- 
ernment non-defence employ- 
ees and their private sector 
counterparts over the next 
nine years. 


US economy: near-term outlook 

Annual % change V. 

Total domestic demand 

Exports of goods and services 

Imports of goods and services 1 

GDP at constant prices 

Private consumption deflator 

Percent H 

Unemployment rate 
Household saving rate 
Three-month Treasury bill rale 

Curent account balance 1! 

Sbn 

% of GDP - 

Source- OECD estimates 


1993 

1994 

1995 

3.9 

4.4 

2.7 

4.1 

7.8 

10.1 

10.7 

11.8 

7.3 

3.1 

3.8 

2.9 

2.5 

2.3 

3-4 

1993 

1994 

1995 

e* 

6 2. 

SA 

4.6 

AO 

4 2 

3.0 

4 2 

. 6D 

1993 

1994 

1995 

-104 

-147 

-161 

-1.6 

-12 

-2.3 


entitlement spending. 

”1116 longer that action is 
delayed to deal with these sol- 
vency problems, the more dra- 
conian the solutions wili have 
to be." the report says. 

The survey also provides 
some support for suggestions 
by some leaders of the new 
Republican majority in Con- 
gress for s c ra ppi n g taxes based 
on corporate and personal 
income in favour of a consump- 
tion-based tax. 


of ‘game of 


By Nancy Dunn® 
in Washington 


I n the longer term, the 
OECD warns that much 
more needs to be done to 
cut the budget deficit. 

“First and foremost, the 
United States remains at a seri- 
ous disadvantage with respect 
to the rest of the world in 
terms of its lack of investment 


and especially saving, and 
there seems little prospect of 
the private sector providing 
much relief in this respect” 
since federal borrowing, 
although down from a peak of 
87 per cent in 1992. still 
accounts for more than three 
quarters of total net credit 
market borrowing. 

“There is, therefore, wide- 
spread agreement that the 
surest way to alleviate the 
shortage of saving is for the 
public deficit to be cut.” the 
OECD says. 

While noting the Congressio- 
nal Budget Office's doubts 
about whether the Clinton 
administration's proposed 
reform of the healthcare sys- 
tem would in fact bring down 


the deficit, the OECD warns 
that an overhaul c ann ot be 
avoided much longer. 

“Differences of view on the 
design of healthcare reform 
must not become a stumbling 
block to the enactment of any 
significant reform programme. 
For without a comprehensive 
overhaul or some sort, spend- 
ing pressures are likely to 
remain unabated, while 
inequality of access to ade- 
quate care will continue to 
increase." the report says. 

Noting the worsening finan- 
cial projections for Social Secu- 
rity and Medicare, which 
respectively provide pension 
payments and health insur- 
ance to the elderly, the OECD 
also urges action to control 


T his might expand the 
tax base, the OECD 
says, because all the 
credits, loopholes and tax 
expenditures contained in the 
current system will cost the 
government as much as $486bn 
this year. 

“To put it another way, as 
much as 37 per cent erf the tax 
base has been eroded. Revers- 
ing that erosion would allow 
the same revenue to be raised 
with lower statutory rates 
which presumably would be 
less distortionary,” it notes. 

* OECD Economic Survey of the 
United States. Available from 
OECD, 2 rue Andre Pascal, 
75775 Paris Cedex 16, France; or 
HMSO. PO Box 276 London 
SW8 5DT, UK; or OECD Publi- 
cations, 2001 L Street NW, Suite 
TOO, Washington DC 20036-4910. 


Report highligh ts inequalities in education 


By George Graham In Washbigton 


The US federal government needs to 
take on more of a role in compelling 
Individual states to iron out the 
inequalities in the US education sys- 
tem, the Organisation for Economic 
Cooperation and Development says in 
its annual survey of the country's 
economy. 

Primary and secondary education 
are “mediocre at best”, the report 
says, and inadequate funding for edu- 
cation in economically deprived areas 
has contributed to social problems 


requiring costly intervention in areas 
such as welfare and law enforcement 

“The states have imposed signifi- 
cant costs on society through their 
decades-long neglect of the education 
of children from less-advantaged com- 
munities. US society now finds itself 
in a situation where whole communi- 
ties experience massive educational 
failure at a rime when the economic 
penalties for such failure are grow- 
ing,” tiie OECD says. 

International comparisons show US 
school students' performance is gener- 
ally lower than other countries, espe- 


cially in mathematics, where the aver- 
age US student at 13 lags an average 
French student of the same age by 
about 18 months of schooling. 

But the disparities within the US 
are much wider than the gaps 
between the US and other countries. 

Children in Iowa and North Dakota 
rank second and third to Taiwan in 
international comparisons of mathe- 
matics skills, with Minnesota. Maine 
and New Hampshire not for behind. 
But Mississippi ranks at the bottom of 
the OECD's listings, behind Jordan; 
and i^nisiana. Alabama and Arkan- 


sas fared only a little better. 

The OECD suggests the US is 
looking in the right direction with 
recent attempts to define national 
educational standards in the Goals 
2000 programme first agreed between 
the state governors and former Presi- 
dent George Bush and turned into leg- 
islation under President Bill Clinton. 

Such standards are important, 
although “little can be taken for 
granted in the debate on curriculum 
content in the United States”, the 
OECD says, noting in a quizzical foot- 
note the continued efforts of Christian 


fundamentalists to block the teaching 
of the theory of human evolution. 

It is, however, sceptical of how good 
the results will be. Goal 5. the OECD 
notes, calls for US students to be first 
in the world in science and mathemat- 
ics achievement by the year 2000 - 
which would require them to Tnaln* up 
a lag equivalent to two years of 
schooling in just six years. 

More particularly, the OECD notes 
that there will be virtually no change 
in the amount erf money spent on edu- 
cation under the Goals 2000 law, and 
little difference in its targeting. 


.The International Monetary 
Fund conspires with its client 
governments to keep the pub- 
lic ignorant of its programmes, 
and in a- “game of 

scapegoating” to blame the 
IMF when things go wrong', 
according to Mr Larry Sum- 
mers, US Treasury under-secre- 
tary for international affairs. 

In a speech prepared, for 
delivery before a group of par- 
liamentarians from 18 coun- 
tries yesterday, Mr Summers 
rafipri on the IMF and member 
g o vernments to forgo the tradi- 
tional secrecy of Fund pro- 
grammes to build public sup- 
port for difficult adjustments. 

“Adjustment programmes 
are negotiated in secret,” he 
noted, “The governments’ 
letters of intent are not made 
public. Background documen- 
tation is never released. For 
the poorest countries, the 
medium-term economic scenar- 
ios prepared by Fund analysts 
have not- been given to the 
public either.” 

The advantage of working 
behind closed doors was that 
governments could blame the 
IMF, portray it as a “cabal of 
foreign capitalists", when the 
pam of adjus tment hft- 

The parliamentarians have 
oversight responsibility of 
their governments’ contribu- 
tions to the multilateral lend- 
ing institutions. The meeting 
was hosted by Congressman' 

Harney BVanTr rfiairmfln nf the 

F jo g gp hanking sob-committee. 
He will lose that job when the 
new Congress convenes under 
Republican control next year,, 
but numerous Republican 
members are suspicious of the 
multilateral hanks and will be 
demanding reforms. 

Mr Summers said IMF 


reviews of its members’ macros 
. economic policies should be 
marie public. “Government pol- 
icies- only change when the 
public understands the need 
for change and. participates in 
the dialogue.” The IMF should . 
release background documents 
related to completed adjust- 
ment programmes, to let out- 
side experts, “evaluate and 
improve the. quality of its pro- 
gramme design and policy 
.advice”." 

to contrast to the Fund, the 
World Bank had made strides ' 
in efforts to open up. Since the 

c ont r o v e rsy pver the Narmada 
dam project In India, the bank 
had opened information cen - 
tres in London, -Faria and 
Washington, which are sup- 
posed to provide assessment of 
" projects two years before they 
came to a vote. This gives non- 
governmental organisations an 
opportunity to work construc- 
tively with it 

But there is still resistance 
“within some Bank quarters”,: 

. Mr Summers said. “The Bank 
is still not meeting deadlines 
far making the project assess- 
ments available. Too many of 
the are superficial 

and are not updated regu- 
larly.” Furthermore, the Trea- 
sury. is. hearing from groups, 
which have had difficulty get- 
ting project assessm e nts. 

New evaluation procedures 
established by the Bank have 
raised questions about the pro- 
posed Arun dam in Nepal, Mr 
Simmers said. A new indepen- 
dent inspection panel, created 
by .the Bank to. 1993, has been 
asked to investigate the pro- 
posal- The World . Bank had 
committed itself to zero real 
growth and slashed its soaring 
expense accounts, but still too 
much spending occurs that can 
be traced to its “formerly 
bloated culture", he declared. 


Dole disowns 
Helms remarks 
on abilities 
of president 


By Jurek Martin in Washingto n 


Senator Robert Dole and other senior 
Republicans have distanced themselves from 
weekend comments by Senator Jesse Helms erf 
North Carolina that President Bill Clinton was 
unfit to be US commander-in-cbief and that thin 
view was shared by leading members of the 
military. 

Mr Dole said that, whatever reservations he 
may have held earlier about the president, “he’s 
up to the Job now.” 

Senator Orrin Hatch of Utah said that the 
president had “been doing better for a while” 
a nd tha t it was incumb ent to support the com- 
mander-in-chief, whoever it was. 

Mr Helms, probably the most right-wing mem- 
ber of the Senate, is likely to take over as 
chairman of the foreign relations committee. 

He has already threatened to make trouble for 
the president’s foreign policy if a vote on the 
Gatt treaty is not postponed until next year. 

His weekend Interview drew an instant rebut, 
tal from General John ShaUkashvili, chairman 
of the joint chiefs of staff, and an even more 
incendiary reaction from Mr Leon Panetta, 
White House chief of staff. 

Mr Panetta described Mr Helms as an extrem- 



Governors warn Congress on ideology 


By Jurek Martin In Washington 


Senator Jesse Helms; said President Hill 
Clinton was unfit to be US commander-in-cbief 


1st with “reckless” views and recalled his long 
support for apartheid in South Africa. 

His remarks, he said, sent “terrible signals" to 
US enemies overseas, to US servicemen and “to 
kids in our country who are taught to respect 
the president". 


The ascendant new class of 
Republican governors have 
begun warning their party col- 
leagues in Congress not to pur- 
sue an ideological agenda to 
the point of undermining their 
ability to manage their states. 

The specific message from a 
weekend meeting of present 
and newly-elected governors in 
Williamsburg, Virginia, was 
that the Republican congress 
should not be sidetracked by 
issues such as voluntary 
prayer in schools, draconian 
welfare reform and the consti- 
tutional amendment to balance 
the budget 

Governor Pete Wilson of Cal- 
ifornia raid the states “are not 
colonies of the federal govern- 
ment”. Governor John Engler 
of Michigan put it more 
bluntly. “If we don't deal with 
tiie economic issues, we’ll need 
more than prayer to solve our 
problems.” 

Republicans gained 11 gover- 
norships in the mid-term elec- 
tions two weeks ago and now 
control 30 of the SO states and 
eight of the largest nine, with 
Florida the single exception. 
Republicans are also now in 


the majority in about half the 
state legislatures. 

In a joint press conference 
and in other interviews, sev- 
eral seemed concerned that so 
much attention has been 
focused in the past two weeks 
on the legislative agenda pro- 
mulgated by Congressman 
Newt Gingrich, likely next 
Speaker of the House. 

Governor Christie Whitman 
of New Jersey thought a con- 
stitutional amwirimpnt to rein- 
troduce voluntary prayer into 
schools was a poor idea, while 
Mr George W. Bush Jr, gover- 
nor-elect of Texas, though not 
opposed to the idea in princi- 
ple. objected if it were imposed 
on his local school districts by 
Congress. 

Governors Whitman and Wil- 
son also urged the Republican 
Party not to adopt strong anti- 
abortion positions, both in any 
legislation before Congress and 
in framing the 1996 party elec- 
tion platform. 

Governors George Voinovich 
of Ohio and Bill Weld of Massa- 
chusetts were openly nervous 
that a constitutional amend- 
ment to balance the budget 
might merely constrain state 
financial resources further. 


Both said that any amend- 
ment should contain language 
freeing the states of the obliga- 
tion of enforcing' federal pro- 
grammes for which insufficient 
funds were marie available. 

Governor Tommy Thompson 
of Wisconsin was critical erf Mr 
Gingrich’s notions on welfare 
reform, which would severely 
limit the time spent on public 
assistance and which would 
deny benefits to unmarried 
teenage mothers, and their 
children, who, he has said, 
might be placed in orphanages. 

Mr Thompson expressed a 
preference for more extensive 
block grants to states to 
administer programmes as 
they thought best “Each of us 
ta our own way has gone to 
Washington on bended knee, to 
get a waiver in order to do 
something." This “mating 
dance," he suggested, should 
come to an end. 

There is nothing new in the 
Republican desire for greater 
state autonomy. President Bill 
Clinton has often spoken of the 
states as “the laboratories of 
the nation” and has, not 
always at the margins, encour- 
aged them to develop their 
own social programmes, espe- 





Govemor Pete Wilson of 
California: states “are not 
federal government colonies’ 


Michigan governor John 
Engler: “We’ll need more than 
prayer to solve our problems” 


dally in healthcare. 

But the present crop of gov- 
ernors, new and old, have not 
been reticent in pointing out 
that they won office on their 
own records and ideas, and not 
by wholehearted embrace of 
Mr Gingrich’s radical 10-poinl 
“Contract with America” 
designed- for candidates of the 
House. 

Some of them, including 
Governors Wilson, Whitman. 
Weld and Thompson, are seen 
either as possibilities for the 


party's national ticket in 1996 
or as influential in shaping 
both the ticket and its policies. 
Control of . the larger states is 
an immeasurable Republican 
advantage in the next presi- 
dential election. 

Governor- Whitman, a rising 
star since hear election last year 
and her subsequent implemen- 
tation of tax-cutting initiatives, 
said; “I hope Congress under- 
stands that what got everyone 
elected this year was fiscal 
issues." 


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TUESDAY NOVEMBER 22 1994 


NEWS: THE AMERICAS 


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wit h prices stoking inflation 

Brazil under 
pressure on 
indexation 

ByAnaus Foster lnS5o Paulo 


Ecuador determined to open public sector 

Government is pushing ahead with a host of opportunities for private investors, says Raymond Colitt 


D espite considerable 
political opposition 
and legal obstacles, 
the Ecuadorean government is 
pushing ahead with measures 
to open its public sector to pri- 
vate investors. 

While strategic sectors such 
as telecommunications and 
electricity still require legisla- 
tion before state monopolies 
can be put on the block, a host 
of concession contracts will be 
offered to private investors in 
other sectors traditionally 
operated by the state. 

One such move Is to have 
the private sector manage the 
country’s principal roads. A 
request for tender to operate 
huge tracts of the Pan-Ameri- 
can highway, which connects 
the country with its northern 
neighbour Colombia and with 
Peru to the south, will be held 
in December. 

The contracts for 10 of the 
most profitable sections of the 
road could be worth in excess 
of $10Qm in annual revenues. 

The government says it can 
no longer afford to maintain 


deologj 


Brazil is expected 

& - 

nn/w 1Ces w hich keep salaries 
Prices^* 68 rlsing m ““with 

TJ« private Pipe research 
“jstmite announced yesterday 

b t tween 

3 45 ^. Nov , eraber IS rose to 
r£f M B ? r “ nt . compared to less 
1 per cent in September 
after the introduction of a new 
currency, the Real. 

inlSf government’s official 
uiflation figure for the period, 
due to be published later this 
week, is likely to show infla- 
fion rising from 1.86 per cent in 
October to about 3 per cent. 

The rise stems partly from 
one-off factors such as rent 
reviews and higher food prices 
after a drought, and the infla- 
oon rate is expected to fall 
shghtly next month. 

Congressmen 
oppose dropping 
indices because 
they believe 
many workers 
lack sufficient 
bargaining pow er 

But unexpectedly high infla- 
tion in the government wider 
known as the IPC-r, is worry- 
ing because, according to law, 
salaries have to be increased in 
line with the index. 

The IPC-r has risen nearly 20 
per cent since the Real’s 
launch, leading to a bumper 
pay rise for workers with pay 
reviews. The increased salaries 
are also probably adding to 
inflation by stoking consumer 
demand. 

Before launching the Real, 
the. government was farced by 
Congress to accept the Tmk 



the road, which is in a dismal 
state and requires an estimated 
$45m in annual upkeep. Less 
lucrative routes are later to be 
offered to public/p rivato joint 
ventures. 

Some 14 enterprises, most of 
them foreign, have shown 
interest in the bid, but there 
are concerns that protests by 
motorists against road tolls, a 
novelty in Ecuador, may well 
cause repeated closures. 

The state modernisation 
council, Conam. also 
announced bids In coming 
months for several municipal 
drinking water projects. This 
opens a host of opportunities 
for the private sector to build 
and operate water purification 
plants in some 200 municipali- 
ties throughout the country. In 
the coastal city of Esmeraldas 
a private company has already 
been granted the operation of a 
drinking water plant it had 
constructed. 

The Guayaquil port facilities, 
currently operated by the mili- 
tary-dominated port authority, 
are to be offered in concession 


in the first half of 1995. The 
port of Guayaquil, which 
moves some 4m tonnes of 
cargo annually, is the first of 
several Pacific ports on the pri- 
vatisation list 

Despite considerable opposi- 
tion to the construction of a 
5600m oil pipeline, one of the 
largest infrastructure projects 
in the history of the country, 
the government remains deter- 
mined to go ahead with the 
15-year build -ope rate-transfer 
concession. 

After the impeachment of 
one energy minister and par- 
liament’s intention to vote out 
of office a second over the 
issue, the government has had 
once again to postpone the bid- 
ding process until January 
1995. 

A consortium of Prudential 
Securities and the interna- 
tional airline consultant SH&E 
is to launch an iwtpmaHrmal 
road show, promoting the sale 
of a 50.1 per cent stoke in the 
Ecuatoriana airline via a spe- 
cial auction to a preselected 
group of buyers. It is hoped to 


sell an additional 25 per cent 

stake on the stock exchanges 
in Quito and Guayaquil. 

ffrinam rvffiriwta ijwailwf that 
Prudential’s recent settlement 
of charges brought by the US 
government related to the sale 
of high-risk limited energy 

"With basic 
political stability, 
we’re on our way 
to becoming 
Latin America’s 
next emerging 
market’ 

partnerships to small investors 
in the US during the 1980s 
would not affect diminish its 
ability to promote Ecuatoriana. 

Meanwhile legislation that 
would allow for the sale of a 45 
per cent stake in the telephone 
company Emetel is awaiting 
congressional approval. This 
proposal is more likely to be 


approved than the govern- 
ment's own telecommunica- 
tions law, which was rejected 
in July. The current proposal 
was presented by the opposi- 
tion. S ncfol Christian Party, the 
strongest faction in parlia- 
ment Mr Maurido Pinto, presi- 
dent of Conam, says he expects 
to offer Emetel shares 16 
months from now. 


M r Pinto is equally 
confident that a good 
portion of the state 
electricity sector can be priva- 
tised before the government’s 
term runs out in mid-1996. 
“The electricity sector is less 
controversial than telecommu- 
nications or petroleum,” he 
says. 

One advantage is that sev- 
eral public power plant opera- 
tors are already constituted as 

limited companies. 

Ecuador's overall investment 
climate has improved consider- 
ably since the administration 
of President Sixto Dux&n Bal- 
lon took over two years ago. 
Macroeconomic stability, liber- 


alised foreign in v es tmen t regu- 
lations, and a recent debt 
agreement have restored confi- 
dence among foreign investors. 

The recent bids for conces- 
sion contracts in the explora- 
tion of oil and the installation 
of a cellular phone system 
suggested strong interest 
among some foreign investors. 
The securities market has seen 
dramatic growth in recent 
months. The Quito stock 
exchange has seen its trading 
volume increase by 70 per cent 
over last year while its price 
index fin the month of October 
alone jumped by 30 per cent 

Government statistics con- 
firm growing foreign capital 
inflows. Direct foreign invest- 
ment is to nearly double this 
year while significant amounts 
of repatriated capital continue 
entering the country. Mr 
Augusto de la Torre, general 
manager of the central hanic l 
says: Tf we can maintain basic 
political stability in the near 
future, we're on our way to 
becoming Latin America’s next 
emerging market” 


Fernando Henrlque Cardoso: 
advisers studying how to 
remove or modify tndtp»»« 

between salaries and the index. 
Congress feared inflation 
would otherwise eat away at 
workers' spending power. The 
government was worried about 
its tax revenues and ruled that 
overdue tax payments would 
be increased in line with infla- 
tion, as measured by a sepa- 
rate index. 

Advisers to Mr Fernando 
Henrlque Cardoso, due to take 
over as president on January 1, 
are now starting to study how 
to remove or modify these indi- 
ces, which most economists 
agree fen inflation. One idea is 
to allow companies to negoti- 
ate wages directly with theta- 
workers, instead of relying on 
industry-wide union agree- 
ments and indices. 

However, persuading Con- 
gress to accept such measures 
will be difficult, especially 
since the government had 

aime d for monthly inflati on of 

only about L5 per cent for this 
year. Many congressmen, and 
some ministries, oppose remov- 
ing indices because they 
believe Brazilian workers 
do not have sufficient bargain- 
ing power against their 
employers. 


Mexican union cries foul at paper’s tactics 

Vendors of the daily Reforma are no respecters of tradition, reports Ted Bardacke 


I n Mexico City - where a 
population of 18m buys a 
mere 500,000 daily newspa- 
pers - a peculiar kind of circu- 
lation war has erupted. 

The war is not over price. 
Nearly all 32 papers In the cap- 
ital charge the same high price 
of 60 US cents per copy. Nor is 
better information the main 
weapon: competition among 
reporters at most publications 
still consists of seeing who mu 
most elegantly transcribe a 
government press release. 

The struggle is instead 
between an aggressive new 
daily from the north of the 
country and the politically 
powerful Union of Newspaper 
Hawkers, whose 17,000 mem- 
bers Haim to hold the exclu- 
sive right to sell newspapers in 
the city. 

The fight between the 
Reforma newspaper, which has 
just celebrated Its first birth- 
day, and the union is one 
example of how th e old meth- 
ods of doing business are 


breaking down in Mexico. 

In the latest twist in the 
campaign. Reforma sent its 
own vendors out into the street 
last Sunday - the day Mexi- 


lished newsstand owners in 
recent weeks, Sunday passed 
off mostly peacefully. 

Selling on the holiday mark- 
ing the Mexican Revolution is 


those in Mexico City, live off 
fiat-fee government advertising 
rather than sales or circula- 
tion-sensitive private advertis- 
ing and therefore see nothing 



cans mark their revolution. 

It is one of five days in the 
year when union members do 
not work and, therefore, news- 
papers normally do not circu- 
late. 

Reforma’s owners claimed 
the paper sold 100,000 copies on 
Sunday, its highest-ever sale. 

And while their motley sales- 
force of columnists, politicians, 
jour nalism students house- 
wives have suffered violent 
attacks and theft from estab- 


just one of several things that 
thp nninn J behind *h» power erf 
its quasi-monopoly status and 
violent reputation, refuses to 
do. Its distribution methods do 
not allow publications to 
choose where they want to tar- 
get their sales. Most newsstand 
operators do not open until 
after 8am. When they do open, 
they are loaded down with 
stacks of papers that have no 
market. 

Many dailies, perhaps half of 


wrong with a distribution 
monopoly that allows them to 
be at least seen in the street, if 
not purchased. 

The in-iinn has been a favour- 
ite of the government, which 
in the past has used it as a last 
line of defence against rene- 
gade or independent publica- 
tions. 

President-elect Ernesto Zedil- 
lo's first public campaign 
appearance was a Sam greeting 
of union members as they 


queued up to receive their 
stock. 

But for a paper like Reforms, 
the union is a hindrance. “We 
are fi ghting for our right to 
free expression and to work 
when and how we want,” rays 
Reforms publisher, Mr Alejan- 
dro Junco, who claims circula- 
tion is back now to normal 
after falling initially by 40 per 
cent when the new distribution 
system was introduced at the 
start of this month. 

Mr Junco argues that his 
paper has been designed for an 
61ite audience. 

He wants to send most of his 
newspapers to wealthier neigh- 
bourhoods where be can reach 
his target public, something he 
cannot do thmrigh the nninn. 

Mr Junco also runs El Norte, 
Reforma's highly successful 
sister publication in the indus- 
trial capital of Monterrey, 
which through aggressive mar- 
keting and skilful distribution 
has raised per capita newspa- 
per readership to the bi ghAgt 


levels in Mexico. 

Along the way El Norte 
effectively destroyed the Union 
of Newspaper Hawkers in Mon- 
terrey. “This freedom of 
expression stuff is all just a 
publicity stunt,” says Mr Nes- 
tor de Buen, a lawyer for the 
union. “The problem is com- 
mercial and what they really 
want to do is destroy the 
union.” 

Reforma seems to agree, pla- 
cing more hopes on its case 
before the monopoly-busters at 
Mexico's recently created Fed- 
’ eral Competition Commission, 
than in negotiations at the 
Interior Minis try, which regu- 
lates the media. 

“This isn’t about freedom of 
the press. Quite the contrary,” 
argues Mr de Buen. “The union 
provides a service to many dif- 
ferent publications. . . and if 
Reforms were to kill off the 
union, other papers in Mexico 
City who depend on its distri- 
bution would suffer a serious 
adjustment." 










10 


Tory woes deepen in 
row on executive pay 


A Conservative 
party campaign 
strategy docu- 
ment says that 
"excessive 
executive pay 
_ packages, espe- 
cially is the privatised utili- 
ties, cause real offence” and 
calls tor increased taxation of 
executive share option 
schemes, Robert Peston and 
David Owen write. 

The disclosure of further 
details from the draft paper, 
excerpts from which were first 
published yesterday by the 
Financial Times, is likely to 
embarrass the government in 
the wake of the £205,000 
($336,200) pay rise given to Ur 
Cedric Brown, the chief execu- 
tive of British Gas, privatised 
in 1986. 

The strategy for improving 
the party’s image in the run-up 
to & next election, prepared 
for Ur John Major, the prime 
minis ter, and Conservative 
headquarters, Is based on 
interviews with SO disen- 
chanted Conservative voters 
with average incomes. They 
are said by the paper to see the 
government as 'Ineffectual and 
unable to deliver on promises". 

Mr Jeremy Hanley, party 
rTiairnian, said last night that 
headquarters had been "no 
more than doing our job” in 
compiling the document 

A political furore was also 
caused by the suggestion that 
the government should con- 
sider “postponing some of 
April's proposed tax rises if fis- 
cal conditions permit'’. The 


British Gas yesterday 
attempted to paint the contro- 
versial pay rises of op to 75 
per cent awarded to two of its 
top directors as compensation 
for a shake-up in the execu- 
tives* perks and pay structure, 
as wen as bringing their pay 
op to the level of comparable 
companies. 

The company argued the 
Increases were part of a pay 
restructuring involving 
shorter contracts, abolition of 
annual bonuses and the 
replacement of a share option 
scheme with a long-term 
incentive plan. 

“They have gained some- 
thing,” a spokesman said. 
“They have lost something. 
There is an element of com- 
pensation in there.” 

British Gas said a long-term 
incentive scheme in place of 
an annual bonus would help 
make managers “perform on a 
long-term view”. 


paper says: “Delaying imple- 
menting the second instalment 
of VAT on fuel would be dra- 
matic. 

Many Tory backbenchers 
backed this proposal and 
voiced support for the main 
thrust of the paper by Mr John 
Maples, party deputy chair- 
man. “The last thing the coun- 
try wants is another tax hike, 
just as the economic situation 
appears to be improving." said 
one Conservative MP. 

However, Mr Kenneth 
Clarke, the chancellor, is 
thought to be determined to 


FINANCIAL TIMES ' TUESDAY NOVEMBER * 


221994 


NEWS: UK 


press on with the increase - 
from 8 per cent to 17.5 per cent 
- in the belief that a postpone- 
ment would add to the govern- 
ment's difficulties by allowing 
Labour to prolong its attacks 
on the issue. Though the 
Tories insist Mr Maples has a 
brief to advise only on commu- 
nications strategy, his paper 
also proposes “making some 
fhang p-s to the pace of NHS 
{state health service] reform, 
eg not pursuing further perfor- 
mance pay for doctors”. 

Mrs Ann Taylor, shadow 
leader of the House of Com- 
mons, last night wrote to Mr 
Major urging him to “categori- 
cally repudiate the tactics pro- 
posed by Mr Maples" for 
improving the party’s image. 

Another previously unpub- 
lished section of the paper says 
that “we really must use the 
parliamentary timetable, 
debates, ministerial statement 
etc" to control the political 
agenda. 

Mrs Taylor's letter says that 
this and other suggestions - 
that Conservative backbench- 
ers metaphorically beat up the 
Labour leader, Mr Tony Blair, 
and that legislation should be 
introduced with the express 
purpose of splitting the Labour 
party - are “an abuse of both 
Parliamentary procedure and 
the principle Chat Government 
should govern in the national 
interest". 

Miss Betty Boothroyd. the 
Speaker, served notice that she 
would “deprecate" any behav- 
iour which could be described 
as parliamentary yobbery. 







IRA is urged to return robbery cash 


Stewart Dal by in Belfast 


Sir Patrick Mayhew. Northern 
Ireland secretary, yesterday 
called on the Irish Republican 
Army to return the money sto- 
len in a post office raid on 
November 10, during which 
postal worker Mr Frank Kerr 
was killed. 

Sir Patrick, speaking in Bel- 
fast after the IRA's admission 
Of responsibility for the rob- 


bery. said the IRA “cannot 
bring back the life of Mr Kerr 
but they ran mark their sincer- 
ity by returning the money 
they stole". 

It is thought that £130,000 
(8213,200) was taken in the 
raid. The IRA said its members 
killed Mr Kerr but the robbery 
had not been sanctioned by the 
leadership. 

The IRA remained commit- 
ted to the peace process, the 


statement added. Asked 
whether the IRA admission of 
guilt would damage plans for 
exploratory talks between Brit- 
ish officials and Sinn P fein, the 
political wing of the IRA, 
before Christmas, Sir Patrick 
said: “It is important that 
whether the attack to Newry 
took place or not, the timetable 
laid down by the prime minis- 
ter should be adhered to.” 
Northern Ireland nffiraais said 


Stock Exchange unveils blueprint to boost efficiency 


The London Stock Exchange 
has unveiled the key elements 
of the technology which it 
hopes will secure its future as 
a world player in equities mar- 
kets. 

It yesterday announced the 
availability of Loudon Market 
Information I .ink (LMIL), the 
most important phase to the 
Sequence programme of elec- 
tronic trading and information 
services. Over the next two 
years, Sequence will replace 
the Exchange’s present ineffi- 


Alan Cane on the new generation of technology which will monitor equities trading 


cient collection of incompatible 
computers and software 
systems which have grown up 
since the “Big Bang” in 1S85. 

LMIL provides traders and 
independent information pro- 
viders with tr ading data in dig- 
ital (computer code) form. It 
also provides the infrastruc- 
ture to support future services. 
The intention is that it will be 
run in parallel with 


MarketLine, the gristing com- 
puter readable service until 
March 31 next year when the 
older service will be closed 
down. 

Some 30 customers - chiefly 
the larger market makers such 
as BZW and Information pro- 
viders such as Reuters - are 
already receiving the new data 
feed which has.-so far cost the 
Exchange about £30m to 


develop. They have had to 
develop their own software to 
receive the feed. 

The software was developed 
under contract by Andersen 
Consulting which also has a 
contract to manage the 
Exchange's computer systems 
Mr Hugh Morris. Andersen 
partner with responsibility for 
the Exchange account, said 
LMIL was the foundation stone 


of a programme which would 
give the City the opportunity 
to cut costs and simplify its 
systems. 

The short timescale for the 
implementation of Big Bang in 
the 1980s forced the Exchange 
to build systems on an ad hoc 
bads, resulting to higher costs 
and lack of flexibility for its 
users. Through Sequence, it is 
determined not to repeat the 


experience. Customers will 
receive information and be 
able to trade through a singfe 
digital interface. New services 
will be capable of addition 
without altering the interface. 
Changes to Exchange rules 
will be possible by simple 
amendments to existing soft- 
ware. There are as yet. how- 
ever. no firm plans for imiring 
the new electronic trading 


systems to Crest, the electronic 
settlement system under devel- 
opment by the Bank of 
England. Unless the two 
systems can be linked, infor- 
mation will have to be keyed 
in twice at higher cost and 
with grader risk of errors. . 

Not an the Exch ange mem- 
bers are convinced about the 
new service. ADP, the US- 
based information provider, is 
providing software which will 
convert the new service into 
the old format 


V" 


16 




r rcs: 

# iiad 

■ ** 


for 


By Charle® BatcWor, f t 
T ransport Correspondent 


Nicholas Serota, director of Loudon’s Tate Gallery, in the disused Bankside power station next to the Thames about two jnHes east of 
the gallery. The station is to be converted to become the Tate ’s Gallery of Modern Art, and the shortlist of architects for .the design 
was announced yesterday. They are David Chipperfleid (UK), Herzog & de Meunm (Switzerland), Office for Metropolitan Architec- 
ture (Netherlands), Rafael Moneo (Spain), Renzo Piano Building Workshop (Italy) and Tadao Ando Architect & Associates (Japan) 


yesterday that talks were' still 
most likely to take. place before 
Christmas. 

Unionist leaders reacted 
angrily to the news that . the 
IRA was behind the Newry rob- 
bery. Mr Peter Robinson, dep- 
uty leader of the Democratic 
Unionist Party, said: “John 
Major should now wipe from 
his winil any thoug hts Of talks 
with Sum Ffin following the 
IRA statement” 


Sixteen ships including five 
Bulgarian fish factory vessels 
or JOondykers were detained 
in UK ports last month after 
frHihiff safety inspections, the 
Department of Transport said 

yesterday- f 

The five detained vessels, all 

flying the Bulgarian flag and 
owned by a Bulgarian com- 
pany Okeanski Ribolov, 
revealed a catalogue of defici- 
encies. They were infested 
with cockroaches or . rodents; 
had unhygienic crew accom- 
modation, galley and store- 
rooms; and bad inadequately 
qualified crews. 

AH had insufficient: stores 
while three had. insufficient 
ftiel and water. One vessel, the 
Afala, had a damaged lifeboat, 
an inoperable emergency fire 
pump, out-of date charts and 
missing fire hoses. . Another, - 
the Afcrinia, had a lifeboat 
wi ghie which did sot work. ; 

All five vessels had been 
inspected and approved, by the 
Bulgarian Register classifica- 
tion society. 

Evidence of .a crackd o wn on 
fish factory sMpscameless 
than three weeks, after the 
government announced other • 
measures to tighten controls. 
Next year Xlo&dyfcars will 
have to apply in. advance for 
licences to operate In British 
waters. - 

.Many . gover n m e nts have 
introduced toimfaer controls on 
vessels entering their ports 


tion with the quality of super- 
vision exercised , by “flag" 


Apart from the Bulgarian 
vessels, five ships were held 
because of inadequate safety 
gear, four because their crews 
were insufficiently qualified 
and one because of severe 
structural faults. 

Apart from the five Bulgar- 
ian flagged vessels, the “flags” 
to reveal the largest number of 
defects were Cyprus and Rus- 
sia with two detained vessels 
each. One Russian-flagged ship 
had holes in its bulkheads and 
rotten cords on its lifeboats. 










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1 , l,isl) AV NOVEMBER 22 1994 



II 


NEWS: UK 


Demand growth 
Puts pressure on 

manufacturers 

Recent growth in irv 

S^terpressure on cawcitT^LT^? 8 ■ is even 

clothing, paper and printing ' parl,cu l a rly in sectors such as 
Trade Indemnity. thecStm, ey The survey by 

Per cent of clothing G™ 1 * faun * that 48 

optimum capacity anuractu rers were operating at or above 

cenTthf S r d a hi-lS i t n of n L CO “5 anies ““ ratl ° wos 45 per 
cent of the 687 eomn™L?^ y **•&*** ““or- In all, 42 per 
they were operating ne J tw 6y ^ m 1116 t l uarter said 

<*nt claiming to^.S^sSTShS^ 13 " 111 * lth 7 ** r 

are grating °£low SnS" 1 ^ “r 10 k?* 5 report 0131 they 
compared with 26 per renMn? of their optLm um capacity 
Indemnity sug^u Inst year. Trade 

capacity reduetton-s }*“* lre . nd 1S the twin result of 
shows that demand ^ l "'j5. easu, E demand." The survey 
although companS^K pIC £ ,ae U P across most sectors, 
esperteKing K^L a ^ over 

optlSSSu?^tm- C wifi? « 9 f00d dis ^ ribution groups are the most 
“Pectlng activity to pifk^p SL"* - “ ^ " nt re * peBtlTOly 

Visible trade gap widens 

y* 4 “ontries outside the Euro- 
lachirinp IS"® 1 f^tly last month as the recent manu- 
TOhmS? sucked m m0re raw materials. But export 

vommes rose to a new record, and the underlying trade 

P ^fhT 1 rw2l U S *? P 0 ” 1 to a relatively benign trend 
nrm Statistical Office said the trade deficit with 

non-EU countries - which account for almost half of all UK 
trade - was £41 Om in October, up from a deficit of £333m in 
September. A surprising deterioration in the oil balance 
for “me of the increase. In the three months to 
October the value of oU exports fell 17 per cent compared with 
the previous three months. 

The office said the drop partly re flected the fact that oil 
ex ports to north America had surged in the summer. Mea- 
sured without oil, the trade deficit fell sli g htly last mnnth 
Excluding oil and erratics, and calculated on a three-monthly 
basis - a measurement that represents the best guide to the 
underlying trend - the deficit was £1.09bn in the three months 
to October, down from £1.44bn in the previous three months, 
A rise in imports was the other reason Dor the deficit 
widening. The total value of imports rose 1 per cent in October 
compared with September while import volumes grew 4 per 
cent The total value of exports, by contrast fell 0.5 per cent in 
the month, while export volumes grew only £5 per cent 

VALUE OF TRADE WITH NON-KUCOUNTRlES 
Balance ot p a yment s baafa, awisoaaflya^iiaied (Cna) 

’•v . :/ & OB; WKt WTOSca* ;• 

• Ehpotfq. frapo-rt? Baianpe. EjxpoftB- totports Balance 



■ 57^469 58,224. -9^56 50.038 ■ S7.41& ■ -7,379 

. V . - •. - * • • ;* ■■ ■ * 

■riw - . 

.-••.-iswas* i?/no/; *aatar: 

.15^365 . ... -LSft ■ l X3.sn , 


14,969 

i'Mff 

.1*178: 

15,098 

, .SMBS’- 



. .SUMO. 

October' ..; fc wSSaav >\ y^.-go..-,. «,7S$ yjBjtst 


•appwrrtwr' 




>1,388 
, -1.95* 
■>Lfi07. 
r-ijaBr 
V-#40fc 
‘ -inwo: 

-397 

• ‘,-358. 

iV'W 

-400' 


fiJ^ctomiconM Md«AwvS«WMc.C80 

Cash windfall for government 

he Treasury has been banded a crock of gold with news that 
or the past 18 years it has been sitting on a pile erf banknotes 
rhich could contribute modestly to cutting the UK's expected 
32bn budget deficit this financial year. 

The £300,000 ($492/100) of notes has been booked in the 
Yeasury’s nam e in a secure deposit in the vaults of the Bank 
f E ngland deep under Threadn ee d te Street in the City of 
«ndon since 1976. Customs & Excise officers seized the money 
rhile enforcing foreign currency controls designed to stop 
irge cash being channelled in and out of Britain. The 

ontrols were dropped in 1979. 

A Treasury official welcomed the F inan c ial Hines's discov- 
ry of the existence of the cash, and said it would look into the 
natter. “Every little bit helps,” the official said, referring to 
he assumption that the money could be used to fUndpublic 
ppTirKng The cash was seized from a Swiss-based “middle- 
nan" who had a business allegedly spiriting money from UK 
odlviduals out of the country. The Swiss agent was airated 
a London by Customs officers acting on behalf of the Trea- 
ury and a suitcase containing the notes was confiscated for 
ise as evidence in court proceedings. But the suspect later fled 
o continental Europe and has never stood tnal, with the 
•reasury later abandoning Interest in the matter. 

lapanese companies expand 

'wo Japanese companies are to invest a total of £l4m ($22m) 
HmS^Slr factories in Wales with the expected creation 
xp^P e n.u«» nnn ic in 1 twwhi$u> production of 


?£?%£: ySa^Batteiy (UK) is to increase production of 
L1S J W-addtoS^^ Ebbw Vale in Gwent Llanelli 
SfeLifb to twisto technology from Japan to its 
SSSfS make evaporators and condensers tor air^ondition- 
ffpSS-tTare supported by Wdsh Office grunts 

stalling £1 -99m. 

Vineyards reach total of 436 

- jm active vineyards in the UK covering 103556 

*«* “■g.^iiSSy of Agriculture's Wine Standards Board 
^ ar ^? 5£JnftEe 43&148 had wineries producing L75m 
STSualta cSlal under European rules 


Lockheed optimistic over Hercules order 


By Bernard Gray, 

Defence Correspondent 

Lockheed, the US aerospace manu- 
facturer, said yesterday it was opti- 
mistic that tho UK government would 
buy its latest generation Hercules 
C-130J transport aircraft to replace 
half its ageing Hercules fleet used by 
the Royal Air Force. 

The order for up to 30 aircraft has 
been bitterly fought between Lock- 
heed and British Aerospace, which 
wanted the government to buy the 
European Future Large Aircraft. 


Lockheed said: “Because the FLA is 
not available in time, the decision is 
between refurbishing the existing 
Hercules or buying now C-i30Js. 
Refurbishment does not stack up and 
no other country has backed it.” 

The Ministry of Defence refused to 
comment beyond saying a final deci- 
sion had not been made. It is under- 
stood that a ministry evaluation com- 
mittee has recommended purchase of 
the C-130J. That recommendation will 
go to ministers and a cross-Whitehall 
committee with a final decision expec- 
ted before Christmas. The committee 


is likely to recommend that if the 
ministry chooses the C-130J, Britain 
should rejoin the European project 
which it left in 1989. It is undmstood 
that Mr John Major, the prime minis- 
ter, came under pressure from Presi- 
dent Francois Mitterrand at the Fran- 
co-British summit at Chartres last 
Friday for Britain to rejoin the Euro- 
pean Future Large Aircraft project. 

If Britain rejoins, development 
tends might be provided by the gov- 
ernment as launch aid, which would 
not be in breach of Gatt rules cover- 
ing government funding of aircraft 


projects. BAe has argued that it needs 
to replace all of the 66 Hercules air- 
craft with FLA if it is to gain suffi- 
cient work to build the aircraft's 
wings. That objection may be over- 
come if Britain agrees to replace its 
tanker and maritime patrol aircraft 
with the FLA. 

BAe said it was mn^imiing to lobby 
for refurbishment of the existing Her- 
cules fleet until the FLA becomes 
available in 2002. 

BAe has submitted a proposal to the 
Ministry of Defence under which it 
would maintain the Hercules fleet, 


including a baric refurbishment, at 
around 20 per cent of the costs esti- 
mated by the ministry. 

BAe has also asked that any deci- 
sions be deferred until March when 
the full results of a year-long FLA 
study will become available. 

The UK defence ministry is thought 
to be sticking to Its 1994 deadline, 
effectively ruling out the FLA for the 
current competition. 

A delegation of BAe apprentices 
and engineers will lobby members of 
parliament tomorrow to argue the 
case for the FLA. 


As many as 30% of pupils fail to attend some inner-city schools 

Police comb streets for truants 


By WBUam Lewis 

Police patrol tho streets of 
Manchester in unmarked cars 
in search of pupils playing tru- 
ant from school, Mrs Yvonne 
Keen, headteacher of the city's 
Ellen Wilkinson High School, 
said yesterday. She was speak- 
ing after government league 
tables named her school as the 
worst in England for truancy. 
The tables stated that at any 
Lime only about 70 per cent of 
pupiis would be present 

The school has hired a 
school liaison teacher to check 
on children with poor atten- 
dance records. Some of its gov- 
ernors have been involved in 
searching the local shopping 
centre for absent pupils. 

She believes the problem is 
mainly a function of the disad- 
vantaged backgrounds of most 
of the school’s pupils, who live 
in the central districts or the 
city, one of the largest In 
England. 

Several municipal authori- 
ties questioned the accuracy of 
the truancy figures for 
England. Manchester council 
said nearly a third of Us 


Smaller 
banks top 
survey of 
services 


By Alison Smith 

Britain’s four largest clearing 
banks are generally seen by 
small businesses as providing 
worse services than those 
offered by smaller banks, says 
a survey published yesterday 
by the Forum of Private Busi- 
ness. 

The findings, produced by 
the University of Nottingham 
on the basis of 5,500 question- 
naires, showed Allied Irish 
Banks with the highest rank- 
ing at 57.1 points, while TSB 
scored the lowest at 4-L2. 

Two years ago, a similar sur- 
vey Bank of Scotland scored 
the highest and Lloyds Bank 
the lowest. Lloyds is now 
equal second with Yorkshire 
Bank, while Barclays Bank is 
at 48.5 and National Westmin- 
ster Bank at 50. 

Mr Stan Mendham, forum 
chief executive, said the sur- 
vey showed that small busi- 
nesses were deterred from 
changing bank because they 
saw few differences and were 
concerned about the difficul- 
ties of switching accounts. 

• Midland Bank revealed yes- 
terday that it has paid more 
than £21,000 to dissatisfied 
customers since launching a 
scheme to attract new busi- 
ness. The bank promised in 
July to pay customers £10 for 
each failure to meet four stan- 
dards of service when opening 
a Midland account - or when 
transferring accounts between 
branches. 

Since the launch date, Mid- 
land says that 97.5 per cent of 
accounts were opened without 
error. Some 2,141 compensa- 
tion claims had been made by 
the end of October. 


Tm viromnentalists fear measures may be ineffectual 

Caution on ‘green’ agenda 


while pressure groups fear that 
taxation could be used to 
replace regulatory measures. 

Most groups expect the chan- 
cellor to continue raising duty 
on fuel. But some analysts 
argue that Increasing fuel 
iftees - especially for cars - 
jnay make little or no impact 
wn pollution- 

Alternative options for 
addressing this problem wjuU 
need a longer timescale than 
^mdSTaad would entail 

Considerable capital wyest- 
ment One such might be con- 
SSofl pricing" - taxing car 
UJSre based on thenmount of 
STe they sP®d in fraffic jams 
ZZ target the envirminmital 
problem directly, rather than 
f-Sug activities associated 
^Environmental damage, 
such as the use of fori. 

S ^uch a charge would require 

Sri he fitted with a smart 
^ to Sly minutes spent idl- 


ing in traffic, with the owner 
charged accordingly, encourag- 
ing travel at different times, or 
the use of public transport. 

The Institute for Fiscal 
Studies, which produced a pro- 
spectus for possible inclusions 
in the Budget, discussed one 
mechanism for direct taxation 
of pollution: emission taxation 
on individual sources. Units of 
pollution would be measured 
much like gas or electricity 
use, and taxed proportionately. 

Setting up a new tax system 
may entail high costs, but is 
more likely to be specifically 
levied on sources of pollution. 

The government plans to 
push . through schemes to 
Increase recycling. One way of 
encouraging this Is a landfill 
levy - a charge on landfill 
owners in the hope that the 
extra cost would be passed on 
to customers, encouraging 
alternatives, mainly recycling. 


For the second year running 
the official tables for Rn giteh 
schools show sharp improve- 
ments in GCSE and A-level 
examinations. Schools logged 
a 5.35 per cent Improvement in 
the numbers passing at least 
five GCSE exams at the 
median grade C while the per- 
formance of pupils taking 
A-levels in the sixth form 
Improved by 4 per cent Pupils 
take several GCSE papers, typ- 
ically eight, at the age of l& 
The more specialised A-level, 
on the basis of which universi- 
ties choose their students, is 
taken two years later. 

schools had failed to return 
absenteeism figures to the gov- 
ernment, which left the valid- 
ity of the tables in doubt 

The government recorded a 
total of 48,566 pupils of compul- 
sory school age in Manchester, 
but according to the authority, 
the actual figure is just under 
60,000. 

“We do recognise that Man- 
chester does have a problem 
with truancy, but we are tak- 
ing active steps to deal with 


Top schools In tho truancy league . 

Schooi Truancy rate' 

1. Ben VtiMnson High, Manchester BOW 

2. Agnes Stewart High. Leeds ■ - - 30% 

3. Matthew Humberatone, Cfeethorpes 29% 

4. Morion Brook High. Manchester - 27%. 

5. St Alban's Church of England, Birmingham 26% 

6. George Dixon. Birmingham 26% 

7. Speke Community, Liverpool 25% 

8. ShorefMds Community, Liverpool 25% 

9. Kings Norton High, Birmingham 24% 

10. Norton Priory County High. Runcorn 24% 

* K of days mined through unauthorised absence 


it,” the council said. “The over- 
all picture presented by the 
tables is very misleading." 

The authority stressed that, 
of the 11,000 pupils omitted 
from the table, there were 
“some very good schools that 
would have had a very good 
record on attendance.” The 
local education authority for 
the west London borough of 
Kensington and Chelsea, which 
was close to Manchester in the 
truancy tables, al«n criticised 


the accuracy of the govern- 
ment's calculations. 

The authority said one of its 
schools had filled in a form 
incorrectly. “The department 
has admitted it has got the 
wrong number, but they are 
being bloody-minded and are 
refusing to change it," Mr 
Mike Stolen, the borough's 
head of education. 

Tabs on truancy, Page 16 
Editorial comment. Page 19 


State officials 
scramble to join 
‘superhighway’ 


By Paid Taylor 

Parents could be given online 
computer access to school 
inspectors' reports and other 
information collected by the 
Office for Standards in Educa- 
tion under proposals outlined 
yesterday. 

Mr Mark Gladwyn , head of 
strategic programmes at 
CCTA, the government centre 
for information systems, 
suggested that the information 
collected and held by Ofsted 
may be made available to per- 
sonal computer users over the 
Internet - the system of com- 
puter networks which connects 
databases and computers and 
is merging as a de facto infor- 
mation superhighway. 

Mr Gladwyn said the records 
of births, deaths and marriages 
since 1837 could also be made 
available online - a move 
which he said would be 
immensely valuable to histori- 
ans and other researchers. 


Earlier this month the Trea- 
sury confirmed that Mr Ken- 
neth Clarke's Budget speech 
will be made available over the 
Internet shortly after the chan- 
cellor delivers it to the Com- 
mons on November 29. 

“Information superhighways 
present us with a new and 
exciting opportunity to 
improve the way we share and 
access information," Mr 
Gladwyn told a consultative 
meeting on information super- 
highways organised by CCTA 
and attended by more than 800 
public and private-sector 
delegates. 

Mr Robert Hughes, minister 
for public service and science, 
said at the conference that the 
information superhighway 
“means government is open for 
business around the dock. The 
individual citizen can ask ques- 
tions when it suits them, their 
school or small business rather 
than when it suits a civil ser- 
vant". 



0 

1 

E 


.5 

s 

e 


u 


The Moors didn’t cross the Sierra Nevada on skis. 

But don’t let that stop you. 

They were busy creating countless courtyards and squares throughout the cities of Andalusia. 
Masterpieces of cultural fusion like the incomparable Alhambra in Granada • Set against 
the startling backdrop of the Sierra Nevada mountains where the snow lingers deep and 
long from November until late May on the ski slopes of Sol y Nieve, the resort chosen to 
host the ’95 World Ski Gup • This southernmost ski paradise in Europe has the facilities 
to attract the best in the world and the sunny climate, as its name suggests, to appeal to 
those more normally prone to water ski-ing • And a mere 28 kilometres and forty minutes 
down the road, in the timeless tranquillity of Moorish Spain, you can look back on 
die snowy triumphs of a morning on the piste. 


cSfPL 

Passion 
for life 



12 


financial times Tuesday November s 1994 


BUSINESS AND THE LAW 


Ruling on EU’s 
competence 



EUROPEAN 

COURT 


The European 
Union has exclu- 
sive competence to 
conclude interna- 
tional agreements 
relating to goods, 
but its competence 
in respect of agree- 
ments on services 
and intellectual property is to be 
shared with the member states, 
the European Court of Justice 
ruled last week. 

The Court’s opinion had been 
sought by tbe European Commis- 
sion in the oontext of tbe General 
Agreement on Tariffs and Trade 
Uruguay Round agreements. 

At the start of tbe round in 1386, 
the Commission was granted the 
power to negotiate on behalf of 
the European Community and the 
member states. However, it was 
stated that this did not prejudge 
the question of the competence of 
the Community and the member 
states on particular issues. 

The final act and the WTO 
agreement were signed by the 
Council of Ministers, the Commis- 
sion and the member states. Prior 
to the date of signature, the Com- 
mission sought the Court’s opin- 
ion as to the EU’s competence in 
concluding agreements in three 
areas - goods, services and intel- 
lectual property. 

The Court said it was generally 
clear the Community had exclu- 
sive competence to conclude inter- 
national agreements relating to 
goods. Such goods included prod- 
ucts under the Euratom Treaty. 

For products covered by the 
European Coal and Steel Treaty, 
member states had exclusive com- 
petence. The Community had 
exclusive competence, on the 
other hand, for international 
agreements which covered differ- 
ent types of goods, including those 
within the ECSC Treaty. 

For agricultural products, while 
it was true that a specific Treaty 
of Rome provision relating to agri- 
culture served as the legal base 
for the agreement on agriculture, 
this feet did not impede the inter- 
national commitments relating to 
agricultural products from being 
covered by the EC treaty provi- 
sions relating to the common com- 
mercial policy. These gave the 
Community exclusive competence. 

In relation to services, the Court 
first reiterated that the common 
commercial policy provisions of 
the Rome treaty were to be inter- 
preted widely and the examp les 


given in the relevant treaty provi 
sions Created as nan-exhaustive. 

Thus services were not excluded 
as a matter of principle from the 
scope of the common commercial 
policy. Insofar as the relevant 
agreement on services - the GATS 
- wa s concerned, the Court said 
there was no reason why trans- 
frontier supplies of services 
should not be treated in the same 
way as goods and therefore be cov- 
ered by the common commercial 
policy, for which the Community 
has exclusive competence. 

Other types of services - where 
the beneficiary of the service went 
physically to the state where the 
service was provided, where a sub- 
sidiary was established in the 
state where the service was to be 
provided, and where Individuals 
supplied services to other states - 
did not come within the scope of 
the common commercial policy. 

The Court also held specifically 
that transport services did not fell 
within the common commercial 
policy. The mere fact that 
embargo measures taken by the 
Council which affected transport 
services were taken under the 
common commercial policy did 
not change this position. 

However, the Court did hold 
that the C ommuni ty shared com- 
petence with, the member states to 
conclude the GATS. In making 
this finding, the Court relied on, 
among others, the internal market 
provisions of the Rome treaty 
which allowed any related har- 
monisation measures to limit the 
powers of the member states to 
negotiate with third countries. 

In respect of intellectual prop- 
erty, the Court said provisions in 
the TRIPs agreement concerning 
the prohibition on counterfeit 
goods were covered by the com- 
mon commercial policy. 

Other provisions not so closely 
connected with external trade 
were not wi thin the Community’s 
exclusive competence. However, 
as with the GATS, the Court said 
the Community shared compe- 
tence with the member states to 
conclude the TRIPs. 

Finally, the Court said, notwith- 
standing its opinion, it was neces- 
sary to bear in mind the obliga- 
tion on member states and the EU 
to co-operate closely in interna- 
tional matters. 

Opinion 1194. ECJ PC, November 
151994. 

BRICK COURT CHAMBERS, 
BRUSSELS 


I n the two and a half years 
since Mr Gerald Corrigan, then 
president of the Federal 
Reserve Bank of New York, 
warned bankers to take a very hard 
look at their off-balance sheet activ- 
ities or risk tighter derivatives regu- 
lation, relations between regulators 
and the derivatives industry have 
improved markedly. 

In March this year, the US Securi- 
ties and Exchange Commission and 
its Commodity Futures Trading 
Commission, with the UK Securities 
and Investments Board, issued a 
statement on the regulation of over- 
the-counter derivatives - financial 
instruments such as futures and 
options - calling for the industry 
and regulators to work together. 

The industry welcomed the initia- 
tive. The International Swaps and 
Derivatives Association (ISDA), an 
industry-backed organisation set up 
by dealers in New York in 1984 to 
standardise derivatives documenta- 
tion to reduce credit risk and 
increase legal certainty, wrote to 
the regulators offering help. 

Suddenly, however, this spirit of 
cooperation is threatened by pend- 
ing litigation in the US. Bankers 
Trust, a leading derivatives dealer, 
is being sued by two US companies, 
Gibson Greetings, a greeting cards 
manufac turer, and Proctor & Gam- 
ble, the consumer goods company, 
for losses on derivatives contracts 
sold by the New York bank 
Gibson alleges it was misled by 
Bankers Trust on the risk of a com 
plex interest-rate swap and Proctor 
& Gamble that it was sold financial 
instruments without a full explana- 
tion of their risks. 

Bankers Trust denies liability, 
claiming Gibson and Proctor are 
sophisticated clients which entered 
into the transactions with their 
eyes open and, in Proctor’s case, 
that it formally suggested the com- 
pany limit its risk by unwinding all 
or part of the transactions when 
changes in market rates began to 
affect its position adversely - 
advice Proctor ignored. 

Few derivatives lawyers believe 
the banks have anything to fear 
from these actions. But there is a 
nagging concern that, if either com- 
pany wins, other dealers may find 
themselves in court and a rash of 
derivatives litigation would lead to 
calls for tighter regulation. 

For ISDA. tighter regulation 
would be a big reversal. One of 
ISDA’s legal advisers. US deriva- 
tives lawyer Jeffrey Golden, now a 
partner with City solicitors Allen & 
Overy, says broad-based litigation 
should not obscure how hard a lot 
of people in the derivatives industry 
have worked to reduce risk and 
increase legal certainty over the 
past 10 years. 

Regulators have spent a great 
deal of time worrying about largely 
theoretical legal problems which 
might affect the derivatives mar- 


A question 
of standards 

Robert Rice on resistance to further 
regulation of the derivatives industry 


AS ft DEcmr; HbftESr DERIV/rnveS J>Efli£R 
] wouldn't want to /mislead or 
CONFUSE V6u OVER TWE RISK 
INVOLVED... now, WATCH 
-we HAMPSTER 




V 


kets. he says. But the search by 
regulators for absolute legal cer- 
tainty can be overdone. 

Further regulation, rather than 
co-operation with ISDA to reduce 
legal uncertainty and credit risk by 
encouraging wider use of standard 
documentation, could prove count- 
er-productive, he says. 

Mr Ernest Goodrich, managing 
director of Merrill Lynch, New 
York, and an ISDA board member, 
says that, against the growth in the 
global derivatives market - an esti- 
mated Sl3.000bn in notional value 
this year - the amount of litigation 
has been minimal over the past 10 
years. 

Standardised documentation will 
not prevent a Drexel Burnham Lam- 
bert or British & Commonwealth 
insolvency. But standardisation 
may make it easier to find a white 
knight or help evaluate the swap 
portfolio of a troubled market par- 
ticipant, Mr Golden says. 

In the early days, before ISDA 
was formed, lawyers used to draft 
individual swap agreements for 
market participants which resulted 
quickly in a battle of the forms. 


As the inter-dealer market devel- 
oped, dealers began to enter several 
swaps with the same counterparty. 
Looked at gross, their exposure to 
each other based on each transac- 
tion was misleading. A more sensi- 
ble picture of their exposure came 
from netting the results of all trans- 
actions with each other, setting off 
obligations a gains t sums owing. 

N egotiating a new con- 
tract for each trade no 
longer made sense and 
dealers poshed for mas- 
ter agreements which would facili- 
tate such things as netting of 
counterparty exposure. 

ISDA’s first efforts at standardisa- 
tion came in 1985 with a Code of 
Standard Wording, Assumptions 
and Provisions, a menu of provi- 
sions for dealers in drawing up con- 
tracts. It produced a revised code in 
1986, followed in 1987 by forms far 
master agreements for dollar rate 
interest swaps and for multi-cur- 
rency interest rate and currency 
swaps, plus definitions and an ISDA 
agreements user’s guide. 

Other documents followed and 


H»n in 1992 a new generation of 
ISDA documents were produced. 
These included a master agreement 
for multi-currency cross-border 
deals and one for local currency sin- 
gle-jurisdiction deals, . foreign 
agrhfing g and currency options defi- 
nitions and confirmations and a 
confirmation for over-th&counter 
equity index option transactions. 

gtnrfl then the pace has hardly 
slackened. ISDA has produced a 
bilateral credit support annex to the 
master agreement, where collateral 
will be held in the US under New 
York law, and an OTer-th&coonter 
single share option confirmation 
where it is thought the option will 
settle by physical delivery. 

Obstacles to JSDA’s attempts to 
reduce legal uncertainty and credit 
risk through standardisation have 
included a preference by some inter- 
national dealers to document deriv- 
atives under separate master agree- 
ments for different products, such 
as the international foreign 
gychang p master agreement which 
caters exclusively for spot and for- 
ward foreign exchange transactions, 
rather than using a single, multi- 
product master agreement such as 
the 1992 ESDA master agreement 

ISDA members find it hard to 
fathom why any dealer should g6 to 
the expense and difficulty of negoti- 
ating and handling several master 
agreements with the same counter- 
party. Mr Golden says multiple 
masters waste time, cost money, 
invite documentation backlog, 
increase the risk of mistakes in 
agreements, divert management 
attention, and potentially Increase 
credit risk and capital costs. 

ISDA has powerful allies. The 
study in July 1993 by the Group of 
30 top industrial countries of deriva- 
tives concluded market participants 
should use one master agreement 
with each counterparty, which pro- 
vides for closeout and settlement 
netting to document existing and 
future derivatives transactions 
including foreign exchange tor- 
wards and options. A single master 
agreement creates the greatest legal 
certainty that credit exposure will 
be netted, it said. 

Yet tbe G30 survey found only 
two-fifths of dealers documented 
derivatives transactions under a 
si ngle multi-product master agree- 
ment. 

There will be cases where parties 
want to use separate master agree- 
ments. But ISDA is not saying a 
single multi-product master should 
always be used; amply that using 
separate masters as a matter of 
course is inefficient and costly. 

If regulators are tempted tty an 
upstage in litigation (unconnected 
with attempts to reduce legal uncer- 
tainty) to extend the regulatory 
regime, they might do better to 
think again. More could be achieved 
by working with the Industry to 
increase standardisation. 


LEGAL BRIEFS 



Linklaters aims 
to win US 
securities business 

L inklaters APaines, the (Sty 
sotidtars, has appointed 
Edward Fleischman. former 
cfwrrniiggio nar wltli the. US 
Securities and Exchange ^ . 

Commission, to help give the firm a 
US securities law capability. 

Linklaters plans to develop the 
methods and resources necessary to 
provide US legal advice on 
international securities 
transactions. This way, it hopes to 
offer clients a full service, making 
it unnecessary for them to me US 
law firms when they want to access 

American markets. 

The need for US securities law 
expertise has arisen mainly in the 
past three years, as US investors 
have shown an increased appetite 
for foreign securities, and the 
SEC has liberalised Us rules. 


issuers to gain access to the US 
markets. 

Linklaters says that, while this 
has eased part of the compUance 
burden on issuers, clients have 
remained worried abort potential 
liability under the US Securities 
Act and the risks of litigation in 
the US. As a result, even when tbe 
clients were placing only part of an 
issue in tbe US, they have been 
advised to approach the whole 
transaction according to US 
domestic practice, and have nsed 
US low firms to handle the 
business. 

After the bomb 

C ity solicitors Norton Rose, 
bombed out of Bjshopsgate 
by the IRA in April 1993, 
will return to base an November 27 
after a £20m refit The firm has 
taken advantage of its enforced 
absence to redesign its working 
environment 

Roger Birkby, manag i ng partner, 
says the use of the latest 
information technology and . . 

c ommunicati ons systems should 
improve efficiency and keep down 
costs. 


PEOPLE 


NFC’s Ian Barr hits the road 


Purslow doffs his hat 


lan Barr, 44. has lost his job as 
NFC’s human resources direc- 
tor following a decision to slim 
down the London head office of 
Britain’s largest road transpor- 
tation group. 

Barr is the second NFC exec- 
utive to go within the past 
three months. At the end of 
August Peter Sheriock, 49, the 
chief executive, quit after only 
18 months in his job and a 
month later NFC announced 
that James Watson, 59, the 
company's chairman and for- 
mer finance director, Intended 
to retire on December 19. 

Watson, who joined the 
group in 1968, took over as 
chairman in 1991 from Sir 
Peter Thompson, tbe man who 
masterminded probably the 
most successful employee 
buy-out of a nationalised 
industry. However, Watson did 
not inherit his predecessor’s 
luck. NFC's profits have disap- 
pointed, its shares have per- 
formed miserably since last 


year’s £263m rights issue, and 
the decision to recruit an out- 
sider as chief executive has 
demoralised what once was a 
highly motivated workforce. 

Sherlock, a former director 
of Bass, was the most senior 
executive to be brought into 
NFC’s close-knit top manage- 
ment team. Barr, who joined 
NFC from Chloride in 1989, 
was the only other outsider. 
His departure at the end of the 
year reduces the number of 
NFC executive directors to 
four - Robbie Burns, 48, Tre- 
vor Laituan, 49, Denis Qlliver, 
50, and Graham Roberts, 44. 
They are all NFC veterans and 
have been with the group for 
an average of 27 years. 

The timing of Barr’s depar- 
ture - following a review of 
the corporate head office role - 
is unusual since NFC is still 
looking for a new chief execu- 
tive. However, It is understood 
that Sir Christopher Bland, 
who takes over as chairman 


next month, is already playing 
an important role behind the 
scenes at NFC. IBs next big 
test will be to find NFC’s next 
chief executive. Robbie Burns 
is thought to be the most 
favoured internal candidate 
but there is some concern that 
NFC’s top management 
remains too inbred. William 
Ball 

■ Julian Hirers, formerly head 
of retail marketing at 
Thorntons, has been appointed 
commercial development 
director at PENTOS. 

■ David Freeborn. Henry 
Lafferty, finance director, and 
Geoffrey Shaw have been 
appointed to the board of 
JARVIS. 

■ Robert Solberg, former 
vice-preside nt and deputy 
chairman of TEXACO Ltd, has 
been appointed chairman; he 
succeeds Glen 1111011, who 
becomes president of Texaco 
USA. 


Non-executive 

directors 



Will a future Argos catalogue 
feature tanks and Rolls-Royce 
cars? The next chairman of the 
catalogue retailer is to be Sir 
Richard Lloyd (above), chair- 
man Vickers. 

Sir Richard, 66 next month, 
will join the board of Argos as 
deputy chairman on January l. 
He is expected to take over as 
chairman at the annual gen- 
eral meeting in May, when 
David Donne, who will be 70 


next year, plans to retire. 

As well as chairing Vickers, 
Sir Richard is deputy chairman 
of Hill Samuel bank and a non- 
executive director of Harrisons 
& Crosfield. Siebe and Simon 

ftn gina»ring 

Mike Smith, chief executive 
of Argos, yesterday described 
Sir Richard as "an ideal person 
for us to take on board". Smith 
did not believe that experience 
of the retail sector was a neces- 
sary prerequisite. “Sir Richard 
has a wide range of experience 
in areas where we feel he can 
add value." David Blackwell 

■ David Heywood, chairman 
of Remploy and former deputy 
phalrm pn of BAT, as chairman 
Of NESTORrBNA. 

■ Derek Bncknail, retired 
director of British Aerospace, 
and Peter Mead, group chief 
executive of Abbott Mead 
Vickers, at GARDNER 
MERCHANT. 

■ David Rutledge at 
UNIDARE ENVIRONMENTAL, 
having retired as chief 
executive of (Jnidare. 


Most fathers would be pleased 
if their sons got a job in 
investment banking - espe- 
cially if tiie post was a direc- 
torship at CS First Boston and 
the son was only 30. Most 
fathers would be pleased; but 
not Christian Purslow’s. “He 
was disappointed,' says Pur- 
slow junior. 

For the Purslows own Gren- 
son Shoes and royal hatters 
Herbert Johnson. Christian 
Purslow sits as a non-exec- 
utive director on the family 
board, where be will remain, 
but his father Terry had 
wanted him to take on an 
executive role. 

Christian Purslow did once 
work for Grenson Shoes, but 
not as an executive. Id his hol- 
idays from university he 
worked in the Northampton 
shoe factory. One eight-week 
job was to empty a shed of 
wooden lasts, the blocks from 
which Grenson artisans stitch 
the shoes. Christian Purslow 


did the work “for love” and 
about £l an hoar. 

From then on, Christian Pur- 
slew’s career has gone up and 
up. He left Cambridge in 1986; 
he worked first for the Lek 
Partnership and then for Sir 
Ralph Halpem of the Burton 
Group, where he advised on 
corporate strategy. 

That is where he met Step- 
hen Hester of CS First Boston. 
Hester tried to entice him into 
banking then bat Parslow 
went to Renters Holdings to 
head global new business for 
tbe financial information 
group, ft is only now that he 
has been tempted away. “I 
have been trying to get Chris- 
tian Purslow to join us for the, 
past five years and he finally 
accepted on Friday night” 
Hester said last week. Nicholas 
Denton 

■ Nigel Russell has given up 
leadership of James Capel’s 
Scottish investment trust oper- 


ation to set up business alone 
as NJR Research. 

James Capel says that Rus- 
sell, 36, who is described as an 
entrepreneurial character, 
wanted to- branch out Into 
research for fund management 
co m pa n ies. Capel says It wiQ 
be NJR Research’s first and 
largest cKent “I don’t feel I 
have lost him," says Bob Ben- 
ton, managing director. *m 
probably see him more than j 
used to." 

Russell worked as an analyst 
at Commercial Union before 
joining Capel In London. He 
later moved to Edinburgh, to 
build a successful operation 
sponsoring investment trust 
flotations. His departure has 
prompted Capel to bring its 
investment trust operation, to 
London. Michael Cuthbert will 
move with it to London but 
three more junior staff win 
remain in Edinburgh. 

James Capel made the move 
to London to bring Us invest- 
ment trust business closer to 
sales aud market-making of the 
products. Nicholas Denton. 


VEBA INTERIM REPORT AS OF SEPTEMBER 30, 1994 

RIGHT ON COURSE 



The upward tread which was already evident in the first six 
months has continued daring the fluid quartet In a climate 

of economic recovery, the restructuring measures imple- 
mented by the VEBA Group are clearly bearing frait 

Notable increase in sales 

In the first nine months of 1994. VEBA has increased its 
sales by 55% (excluding petroleum taxes). Significant growth was 
adhered in tbe Electricity and Services Divisions. 

Income before taxes up. by 4i%. 

RESTRUCTURING MEASURES IN 
CHEMICALS PAYING OFF 

In addition to tire dreamHniiff measures taken, the upturn in the 
economic dimate also contributed to the significantly improved 
earnings. Earnings in the Electricity Division have increased again 
In the Chemicals Dtrison, operating earnings improved noticeably. 
Extraordinary expenses associated with the restructuring program 
continue to have a negative impact oo earnings In this dimon. . 
Earnings in the OH Division, although up on tbe previous year, are 


Still unsatisfactory. This Division has therefore implemented the 
necessary measures to reduce costs. The Trading/TransportaUon/ 
Services Division was able to build on the good results of tbe 
previous yeat 

Personnel: further reductions 

IN CHEMICALS, RISE IN ELECTRICITY, 
TRADING AND SERVICES 

A1 the end of September, the VEBA Group had 129315 employees, 

up compared wife the previous yeac A twticeable increase was 

recorded in the Electricity Division as a result of tbe consobdatfoo 


of the eastern German distribution companies, as well as in the 
Thtdiug and Services Divisions. The cutbacks in personnel In tire 
Chemicals Division continued. 

Capital expenditures focus on 
ELECTRICITY 

The hard coal-fired power plant in Rostock (DM L3 billion Invest- 
ment) came on stream to September, while the power station proj- 
ects to Kirchmfiser and Scfakopau will continue on schedule. Invest- 
ments in the Chemicals Division were decreased as planned, while 
to the Oil Division, expenditures focused mainly on the exploration 
and production of crude oil and natural gas, as well as the expan- 
sion of the service station network in eastern Germany. In Hading/ 
Transportetion/Servfces, expenditures were concentrated In particu- 
lar on new DIY supply markets and tbe building materials, chemi- 
cals distribution, transportation and real-estate sectors. 

If you would like a copy of the latest Interim Report please contact 
VEBA AG, Public Relations, Bemtigsenplatz 1 40474 Dusseldorf, 
Germany, Ttek +49 211 4579-367, Fax: +49 211 4579-532. 


Group Highlights U-30.9.B94 U-30. 9.1993 Change 

Salas DM million : 52.433 48,199 + 6.696 

Income before Income taxes DM motion 1502 1,064 

Employees (30. 9. 94] . . . 120.815 (31.12. 93] . . . 126.348 + 

Investment in fixed assets DM rralfion ! 3.097 3.085 0.4% 



&X ■ I : 





financial I IMKs 


TUtSDAY NOVEMBER 22 IW4 


★ 


13 


Astronomical cost 
has kept the future of 
personal communications 

up in the air. 


Weve just 
brought it 
down 
to Earth. 


Today’s market is clamoring for 
truly portable, global personal com- 
munications. But the costs of such a 
system - costs that will ultimately 
come out of the consumer’s pocket - 
have remained dauntingly high. Until 
today. Because today we launch the 
Odyssey'™ system, a constellation of 
medium-earth orbit (MEO) satellites. 
In a world in which most people lack 
access to even basic telephone service, 
this satellite-based mobile communica- 
tion system will provide convenient, 
effective, consistent communications 
to subscribers around the globe. And it 
will do so at a price that compares 
favorably with cellular service. 

k. A'- ■'■>■■■» 



MEO virtually eliminates the voice delay of geostationary 
(GEO] satellites and minimizes the shadowing effect of 
buildings and other obstacles that interrupts low-earth 
orbit [L£OJ and cellular systems. 



Directed antenna coverage concentrates service on land 
masses worldwide. Dual- satellite coverage provides even 
greater assurance of reliable communications. 


FROM URBAN CENTERS TO 
THE MOST REMOTE CORNERS 
OF THE GLOBE 

The Odyssey handset, essentially a 
palm-sized earth station, will operate 
in both cellular and satellite modes. 
Where terrestrial service exists, the 
Odyssey system will augment it, regard- 
less of regional or carrier compatibility. 
Where it is absent or interrupted, 
your handset will link you directly 
- and transparently - to an Odyssey 
satellite. 


JOINT VENTURE OF TRW AND TELEGLOBE 

For more than three decades , TRW Inc. has stood at the forefront of space communi- 
cations . , enjoying a worldwide reputation built on innovation, reliability and techni- 
cal excellence. Teleglobe Inc., through its subsidiaries, operates one of the world’s most 
extensive digital telecommunication networks and is a quickly emerging leader in the 
global mobile arena. 

Together, TR W and Teleglobe create the driving force behind Odyssey. 


and components derived from proven 
TRW technology. Initial start-up costs 
will be 60 percent lower than for the 
two other major systems in a recent 
study.* And Odyssey’s constellation 
price will be fixed. Estimating over a 
10-year period, replacement satellites 
for the other systems evaluated will 
give Odyssey an even more dramatic 
cost advantage. Just as importantly, 
subscriber projections indicate that 
Odyssey will offer the best value for 
the end-user. 

Today, TRW and Teleglobe forge 
a new alliance to launch Odyssey. 
For more information, please contact: 

North America & South America 

(New York) Tel.: 2 12 903 4267 
Europe (London) Tel.: 081 247 0123 
Asia (Hong Kong) Tel: 852 845 1008 


THE BEST VALUE FOR THE USER 

Simpler technology and faster 
start-up are scheduled to bring Odyssey 
into global service in 1999, before any 
other system. Superior service and 
minimal user cost will attract sub- 
scribers worldwide. 

RELATIVE COST OF SATELLITE SYSTEMS 


1 

3 

lay 





IS MEO 

1 






1 

60 

1 





LEO 


10-YEAR COST 


Licensing authority for the Odyssey 
system is expected in early 1995. Unlike 
other systems, it will use frequencies 
already allocated for this type of service 


.. Q»Tirriunicnuvit. Dyswmfi 

reto9to “" 

~TPWb«1 C»Y s&cv 
hcerawJ us®" 


the adventure is just beginning 




14 


FINANCIAL TIMES TUESDAY NOVEMBER 22 1994 


MANAGEMENT: THE GROWING BUSINESS 


Richard Gourlay on a successful 
merger in the food industry 

A tale of two 
serial investors 


A dolf Winter had almost no 
sales team and no finance 
director. And yet from a 
standing start. Winter built Beni 
Foods over five years Into a 
company with sales of £85nL Last 
week he sold it to another 
well-known name in the 
meat-processing industry, Ron 
Bandall. 

For a start-up, this is 
impressive stuff. What is more, 
Randall believes Winter has said 
at a time when the business - 
preparing and packaging quality 
meats for supermarket chains - Is 
still packed with potential. 

Beat’s next phase of 
development is being entrusted to 
a kind of businessman and 
woman which is becoming 
increasingly important to venture 
capitalists - a serial investor who 
puts up equity alongside the 
venture capitalists and who either 
brings the deal to the financiers 
or is brought in as part of a 
management buy-in team. 

In this case, Randall brought 
the deal to the venture capital 
community. After a beauty 
parade, he says, be chose a 
partnership with Morgan Grenfell 
Development Capital because of 
its ability to underwrite a deal of 
this size and its ability to react 
quickly. 

Randall had been cutting up 
meat as a butcher’s boy since he 
was 16, and put together his first 
meat processing company, 

Meadow Farm Produce, in 1972 
when he was 21. 

In 1984, he floated Meadow 
Farm Produce on the Unlisted 
Securities Market at a value of 
£6m. Two years later HUlsdown, 
the food group, bought it for 
£62m. He then reversed a 
company into Sms Catering 
Butchers, built the Sims Food 
Group before resigning in 1991 to 
build two more food packaging 
companies, TS&W ami Randall 
Parker. 

When Randall approached 
Winter earlier this year, Beni 
Foods was not for sale. “My 
initial approach was, would he 
consider being part of my ideas," 
Randall says. His suggestion that 
the groups merge was politely 
declined. "But he said maybe it is 
time to consider what to do with 
the rest of my fife." 


Winter’s background is equally 
steeped in the food industry. He 
too built a meat company before 
selling oat to the Trent Meat 
Company in 1984. He then spent 
three years researching the 
market before launching Bail 
Foods. 

But it was quite a start-up. On a 
green field site in MDton Keynes, 
he bufit a 45,000sq ft factory and 
started selling finely sliced 
quality meats to supermarket 
chains feeding the consumers’ 
growing appetite for sandwiches. 

Since then Winter has invested 
£36m and built the factory to 
190.000sqft 

R andal] says that Winter had 
realised that he needed to put in a 
top management team. While 
more junior management was in 
place, a business that Randall 
says is heading for £ 100 m of sales 
next year was clearly not 
manageable much longer by 


'Maybe it is time 
to consider 
what to do 
with the rest 
of my life' 


Winter alone. 

The market is rapidly growing 
in the UK, with 85 per cent of 
cooked meat going into 
sandwiches and the market for 
healthy convenience foods 
growing apace. 

Then there is the Continental 
market Randall believes the CK 
could become an important source 
of prepared quality meats for 
chains in other European 
countries. But attackmgthese 
markets would only be possible 
with more management, Randall 
believes. He win therefore be 
recruiting a finance director, a 
managing director, a procurement 
director and a sales team to work 
alongside htm. 

And Winter? He will be retained 
as a consultant for a year but has 
declined to take a public bow. A 
p rivate man, he has taken a “life 
style" decision and is understood 
to be returning to his native 
Austria, leaving two sons with 
.small shareholdings and as active 
managers in Beni Foods. 


M any small and medi- 
um-sized businesses in 
Scotland now have a 
special advantage over 
their counterparts elsewhere in the 
UK: they are able to take out loans 
from their banks for up to seven 
years at a rate of interest guaran- 
teed not to go up by more than l 
percentage point. 

The cost of the guarantee is borne 
not by the borrower but by Scottish 
Enterprise, the official development 
body, under a scheme developed 
with the four Scottish clearing 
banks, which had to overcome 
strong Treasury opposition. Scot- 
tish Enterprise reckons it will cost 
it £5m over the next two years to 
guarantee the £100m of loans which 
the hanks are making available. 

The small business loans scheme, 
which is available to businesses 
employing up to 250 people in man- 
ufacturing, construction and busi- 
ness services, is a product of Scot- 
land's Business Birthrate Initiative. 
The initiative, which was lauched 
on November 1, is aimed at raising 
the rate at which new businesses 
are formed in Scotland, and at 
increasing the number that survive 
to become significant companies. 

It focuses on encouraging more 
people to start businesses, removing 
some of the financial impediments 
to launching and expanding a com- 
pany. and eventually changing a 
national culture which accords a 
low status to the entrepreneur. 

It was started by Crawford Bever- 
idge. a Scot who returned from a 
senior post at Sun Microsystems in 
California to run Scottish Enter- 
prise. He was baffled by the con- 
trast between the endeavour dis- 
played by Scots outside Scotland 
and the apathy exhibited at home. 

Studies he commissioned showed 
that while Scotland's business bir- 
thrate between 1978 and 1990 was 77 
new companies employing more 
than so people per lm of population, 
the equivalent number for the West 
Midlands was 86: and for the south- 
east of England it was 116. Massa- 
chusetts in the US dwarfed them 
with 333. 

It was calculated that if Scot- 
land’s business birthrate since 1978 
had matched that of the West Mid- 
lands an extra 70,000 jobs in inde- 
pendent businesses would have 
been created on top of the 125.000 
people in Scotland already working 
in thpm 

Yet the proportion of the Scottish 
population interested in creating 
new businesses was found to be 
around the UK average. People 
were apparently being held back by 
the difficulties in raising finance 
faced by businesses everywhere, but 
also by a pervasively anti-entrepre- 
neurial environment 
According to an opinion survey, 
people in Scotland rated entrepre- 
neurs below manual workers such 
as plumbers and bus drivers on 


Constraints on enterprise 

Main problems entrepreneurs face in getting started 
Obtaining finance 

Finding customers 

Inexperience 

hack of advice 
Obtaining grants' 

Bad economic cfmste 



Raising the 
birthrate 


James Buxton reports on a 
Scottish initiative to increase 
the number of start-ups 


their list of admired professions. 

Scottish Enterprise decided that 
raising the business birthrate 
should not be a top-down affair. The 
strategy was thrashed out in semi- 
nars with businessmen, professional 
advisers, bankers, officials and jour- 
nal ists. This 

resulted in a doc- 
ument listing doz- 
ens of desirable 
schemes and 
objectives, but it 
was expected that 
the drive to 
implement most 
of them would Mm^^maai^m 
come from others. That includes the 
local enterprise companies in the 
Scottish Enterprise network, some 
of which were already talcing a lead 
in trying to encourage more entre- 
preneurship. 

For example, Dunbartonshire 


People in Scotland 
rated entrepreneurs 
below bus drivers 
on their list of 
admired professions 


Enterprise, north of Glasgow, runs 
a training programme namwi Team- 
start for professionals and middle 
managers interested in forming 
their own businesses. 

People in middle-class neighbour- 
hoods are targeted by ™n About 

30 people go on 

each two-month 
course and the 
aim is to produce 
between 10 and 12 
businesses, even- 
tually employing 
between 20 and 30 
people, some of 
which could 


become significant companies. 

David Pearson, in charge of enter- 
prise development, points out that 
Teamstart is separate from the gov- 
ernment's enterprise allowance 
scheme which in Dunbartonshire 
results in the formation of about 400 


single-person businesses a ye ar- Hi s 
start-ups include a nascent shipping 
line, an airline hoping to operate to 
London’s Ctty airport, software 
companies find a manufacturer of 
sub-sea vacuum cleaners. 

In Lanarkshire, which is wes- 
tfing with the problems causea.by 
the closure of the Ravenscraig steel- 
works. an Entrepreneurial 
Rircbang e is being set up by a busK 
n ragma n helped by the Lanarkshire 
development agency. Established 
entrepreneurs will encourage aspir- 
ing businesspeople and give their 
time free to advise them. - - 

The chairman is Bill Elsnfng who 

founded and later sold tbe Smiley 

tyres and exhausts repair chain and 

is now p™ of Scotland’s business 
fmgdfl - wealthy individuals who 
invest in new and expanding ven- 
tures, Scottish members of the HE 
an gpjft organisation Line (Local 
Investment Networking Company), 
last year invested £l3xn in new and 
wparviiTig businesses. 

One manifestation of the 
birthrate initiativ e organised by the 
private sector is the business forum . 
- evening sessions where business- 
people explain their projects to 
their peers and face questioning. 
The first forums have proved so 
popular that Russel Griggs of Scot- 
tish. Enterprise ihom “the only 
meetings in Scotland you can’t get 
into". So ter no business idea 
expounded at the forum has meta- 
morphosed into a trading company, 
but equity has been raised and con- 
tracts made. 

Alastair Balfour, managing direc- 
tor of Insider Publications, which 
has just launched a monthly maga- 
zine for new and growing busi- 
nesses, believes about 300 different 
schemes are under way as a result 
of the birthrate initiative. 

He says it has touched a chord in 
the business community and stimu- 
lated cooperation between the pub- 
lic and private sectors. He cites as 
an example the small business 
inane scheme, dependent on Wwka 
between Scot tish Enterprise and the 
banks, winch should soon be fol- 
lowed by a scheme to provide capi- 
tal to projects too small far normal 
venture capital providers. 

The initiative’s target is to raise 
Scotland’s business birthrate to the 
UK average by 2000, which implies 
achieving a 50 per cent increase in 
the number of new businesses 
started every year and which would 
create 25,000 extra jobs. But it is too 
early to measure its success in prod- 
ucing start-ups, partly because no 
satisfactory way has been devised 
to measure thpm. 

As for changing the attitude to 
entrepreneurs of Die average Scot 
Pearson urges patience. “We are 
seeing more favourable coverage in 
the Scottish media than we used to. 
There is a lot of enthusiasm around. 
But we are trying to maicp cultural 
shifts that will take 10 years." 



M ost private businesses 
would prefer to invest 
oat of retained income 
rather than with debt or fry rais- 
ing equity/ It allows them to 
retam control and is ultimately 
cheaper. 

Bnt many, small businesses 
fail to retain: enough <tf those 
earnings. Partly because of 
favourable personal tax incen- 
tives, small business owners 
tmid to take more money out of 
their businesses than is healthy 
for their financial stability. 

Barclays' bank' believes they 
heed to be encouraged to keep 
more in their businesses for 
future investment It has asked 
the government to consider 
introducing a Business Tessa 
account for all businesses In this 
year’s Budget 

The account would function 
like the personal Tax Exempt 
^edal Savtogs Aceount, mak- 
ing Interest on retained earn- 
ings saved for a minimum 
period free of tax. . • 

"It is small, low-cost, targeted 
tax incentive/* says David 
Lavarack, head of Barclays 
Small Business Services. Bar- 
clays has discussed the proposal 
with the DTI and other depart- 
ments, whose reaction has been 
“favourable", Lavarack says. 

Ihe Tessa would be focused on 
small businesses which have a 
chance of surviving and gro win g 
over the medium term but 
w hich, fail to achieve their 
potential because of low rein- 


vestment 

Incorp or ated and unincorpor- 
ated businesses with sales 
between £50,000 and £lm would 
benefit most from a Business 
Tessa. Bat an businesses would 
be allowed to invest up to 
£20^000 a year, for five years. At 
this level, tbe cost to the Trea- 
sury in lost tax on interest 
would build to about £20 0m 
after five yean and would bene- 
fit over 350.000 businesses. 

Barclays says the small-busi- 
ness sector is characterised by 
nigh rates of closure and low 
average growth rates. “Bednc- 
ing the level of closures would 
provide a real boost to the. UK 
economy," it says. 

Richard Gourlay 


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COMPANY AIRCRAFT - IS IT RIGHT FOR YOU? 
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Costs, capacity* performance? Operation and maintenace? 
So many qaesUons _ 

AJS ASSOCIATES LTD wtcndbc ia bdpiag wmrtd-be *ncn 

CALL OR FAX: 0462 433945 


Save on 
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USA only 24p per min 
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to other conn fries. 



Call USA 1«206>284-866o 

Fax USA 1-206-282-6660 

<19 Soicmd Avt. W. Seattle, WA 981 13 USA 


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1 %! +44(0)181-490-50141 
Fax +44(0)1 8 1 -568-2830' 
Dial Int. Tel scorn UK , 


P ERSON AL. VOICE MAIL * FAX BOX; 

2* hre. nw reau t u tf. woridwtta. 
■doCas. Ita' 484M 5M M f«: 4000. 
9579998 


UNPAID OVERDUE 
LETTERS OF CREDIT 

No idea of when you will get 
paid? We may be able lo belp. 
Brief derails to: 
Claremont limited 
Fax: 01952 727846 


BUSINESSES WANTED 


TT TRAINING COMPANY WANTED 
TURNOVER film - £10m 
PROFITABLE 

Preferably authorised by some major software houses 
e.g. Microsoft, Lotus, Novell, Borland. 

All replies will be treated in strictest confidence. 
Please forward to: 

Box B2585, Financial Times, 

One Southwark Bridge, London SEI 9HL 


SOOTH WEST HOUSEBUILDER 

National House Building company based in Avon seeks to 
expand in the Soutfi West and South Wales regions by tbe 
purchase of sites or a complete company acqufefflon. 

Write lo Box: B3558, Financial Times, 

One Southwark Bridge, London SEI 9HL 


MANAGEMENT COURSES 


PHOTOLOPIERTACMMILF. NAU > AND SERVK. i ; 

BUSINESS WANTED 

Keen put chaser will buy n-seLs ;md youduill of all 
” r P; lrt °[ U business *>r will acquire share capital. 
Coufidenlialits letter will be issued to you on reply. 

IV|,I\ Iliirl'.'.-lil Piet. Clin” i M.JU; 

C'.r". Kmh Is'shm-. Uuuvii l.rot-n Ea:-i. Keritliteli. \V.,ri.vMcrsltiro l-l'ls SIS 


ExecutryeBcecutonsLtd f" 

1 Northwnbertand Avenue, Trafalgar Square, London, WC2N 5BW I 


We Manufacture & Export 
all (duds of 


Fashion Garments 


Good quatity on reasonable 
price 10,000 Pto. Skirts always 
available. 4 panel, Bagroo 
Prints, voile 80-100. 
Price 23 US $ F.O.B. 
Madhnr Exports Jaipur India 

Ux - Trfc it)) 91-1410 12549 
mRoL 91-141-540934 


AUCTIONS 

MAJOR COMPUTER AND IT 
AUCTION HOUSE Seeks kwbucltana to 

SSroTi pc-b - 

Ma MflA pum as, tartwato. Funtn* 
ete. OKtocSon arranged. Enqutrtea and 
Btarait Jonra^T S 
W:0734 844777 


ATTENTION 
MEDIUM OR LARGE 
GROUPS IN THE RETAIL 
MOTOR OR LEISURE 
INDUSTRY 
If yoa have a problem 

sobs diary we are boyere of problem 
companies at 
FAIR PRICES 
Quick and Confidential negotiations 
GUARANTEED 
Calh CfoverCoart InlernatiwiaJ' 

4A West Field Terrace 
l U g h i un Ferrers, Nonbants 
let 8933 411401 F«x: 0933 4U43I 


WTERNA3IONALUK 
BASED ENGINEERING PLC 

jccles to aeqaire p rooeagg/ p a ertg ia g ' 


*’ith hnnovnr of between £2m - £lQm. 
Fd«ip»b please reply 10 : 

Box HJ52&, FinflaetalUma, 

One Sowhwuk Bridge, London SEI 9HL 


OFFICE EQUIPMENT 


office furnitiipf 


n«^h ave ".!' rect Irom ,he manufacture! 

new high quality executive and system ran 
conference and receptions. Lange choief 
ygneere, melamine and/or gte fi nfe 


with discount of up ,0 40 % , rom R . R .p., 


H J- ondon Showroom for view 
Ane House . 76 Charlotte Streep 
Tel: 0374 741439 



4 


















Vl 


't.C, 



FlN ^Cl\|. , 


TVESDAY NOVEMBER 22 1«U 


15 


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Kk'hard Gourk 


ESSES WANTED 


i Ct ‘MiViV.' WANTS' 

sYKU i:~ - tU»ni 
tOH I'AK1.E 



;ST MOL'SEBU!^ 


ii'( n 

r ftSf-'w 


BUSINESSES FOR SALE 


SWAN ^tUSTTER 

ONE OF THE MOST FAMOUS 
SHIPYARDS IN HIE WORLD 

For sale on the instructions ol the faint administrative receivers 
*■ M -Homan re*. G. C-HmsUetd iu and A. E. James ic*. 
e Wat Is end Shipyard: birthplace ol such famous ships as SS Mauretania. 
HMS Ark Royal and Atlantic Conveyor. 

• The Swan Hunter name 

• 39.5 acres H6 hat site 

• 4 slipways 

• 560 metres nver frontage 

• Substantial engineering and 
fabrication facilities 

• Extensive plant and machinery 


H Sanderson 

V-. T ®“«*e®a *. Gilbert 

i— < |1 * y | u |f | j, , , |# \ j ^ ,||pip 

Contact Robert Patterson 
NEWCASTLE 

TbI: *44 |0ii9i ?f.i 268 1 Fa*: > 44 {01191 261 4761 


• Deop waier berth 

(8 metres below chart datum) 

■ North East England - River Tyne 

• Close to Newcastle upon Tyne 
- Excellent access to European 

market 

• Cianeage includes 2 ol 180 tons 



J > HENRY 
JJU BUTCHER 


Contact Richard Corby 
LEEDS 

Tel: t44 (0)113 245 7356 Far .44 <0)113 246 7364 


Reliant Motors Limited 

(In administrative receivership) 

Tamworth, Staffordshire 

Tiie Joint Administrative Receivers oiler lor sale the business and assets 
of Reliant Motors Limited 

Principal features include: 

■ Manufacturer of the Robin Rialto and Scimilar Sabre Sporls Car 

■ Annual turnover of approximately C5 million 

■ Skilled workforce ol 95 experienced in handling glass reinforced 
plastic mouldings 

■ Freehold premises of 35 acres rn Tamworth 

■ Excellent links with motorway network 

For further information contact the Joint Ad min is Ira live Receiver. 

Mark Hopton. KPMG Corporate Recovery. 

Peal House. 2 Cornwall Street. 

Birmingham B3 2DL. 

Telephone: 0121 232 3000. 

Fax: 0121 236 2833. i \r~tYl%3 





. Lycett Fabrications 

The Joint Administrators offer tor sale the business, capital assets and stock of Lycett Fabrications, 
a division of Lycett Industries Unified. 

Principal features of the business Include: 

• specialist in metal fabrications 

• BS 575CWSO 9002 approved 

• turnover of approximately £4.0 million per annum 

• two leasehold sites In the East and West Midlands 

• established customer base principally In the mining and materials handling sectors 
■ stable, experienced workforce. 

For further Information, please contact Richard WhltweH or Keith Pickering at Coopers & Lybrand. 
35 New hall Street, Birmingham B3 3DX. Telephone: (021) 200 4473. Fax: (021) 200 4484. 

Coopen & Lybrand it auchorued by the Instill* oT Clunenrf AecoBnemis in England and Wales to earn rot 
Investment B mines* 





MANUFACTURER OF 
TOILETRIES AND SOAPS 


French & Scott Ltd 


The Joint Administrative Receivers. S P Hotgafe and J M Iredate offer tor sate as a going 
concern the business and assets of French & Scott Lid., a manufacturer of toiletries and soaps 
based In Kingsley. Hampshire. 

Principal leatures of ttie business include: 

• freehold premises 

• turnover c£lm per annum 

• established customer base 

. trade names including French at London. Tempura. Queens etc. 

hlrt h« information please contact Sieve Hotgafe or Robert Coyle at Coopers & Lybrand, 

!«* <*»*>"• a™*'* 0 2NE - T8l ^ on9: (08,) 081 5252 ' 

Fax: (081) 686 6906. 

Cooper* A Lybroad * —« , * d * ^ Am " nUa ' in ^ *** " ^ " 

Investment Business. 


COMMERCIAL BAKERY 

Hornton Cavell Investments Ltd 
T/A A J Batten 


, RasW8 s,SPHol 9 iil 8 cnlJM traJole olteflor sols os o going concern, 

1KS2S3SS - «■" w£di nl 

principal features 

• jBehdd bak«Y ^ jy^bte business 

. n^nover c^Bni ^T^gsJ^pptying to toe tast-tood (ndustiy 

• dhrt * ss CUSWT ^S>a md *** Dreod ’ aml ri( ^ d09 ^ 

. pradUdro^'^^ ^ s ^Halgate O rl^^0rtCoope R & 

fwnsmer ^ CR0 2NE ' TeWOT8! (081) 681 5252 
Melrose House, 42 wng 
pot (081) 6866906. 

, ... tafliii* oTCtoncnrd Ascountmrv m E* S tnnd -«l Wat* mem, «. 

bneMmeBt Bndoe»- 





Beans Engineering Ltd. 

(in administrative receivership) 


Tipton, West Midlands 


The Joint Administrative Receivers otter for sale the business ar-c asseis 

01 Beans Engineering Ltd 

Principal ieaiures include 

■ Annual turnover of approximately ElO million 

■ Remanulacture ol enjmes and gearboxes 

■ Medium sue machine shop -jw:h both CNC and corv.enhcna: 
lechnoiogv 

■ Blue chip customer base 

■ Skilled engineering workiorce of 250 employees 

■ Freehold premises or some 8 acres 

Foi further information contact the Joint Administrative Receiver. 

Mark Hopton KPMG Corporate Recovery. Peat House. 

2 Cornwall Sireet. Bumingnam B3 2DL 
Telephone- 01 2i 232 2000 
Fa-. 0121 23E. 2833 


KPMG 


BOOTH WHITE 

GUARDLINE LIMITED 

(In Liquidation) 

The Joint Liquidators. Patrick Harttgan of Booth White 
and Anthony Benedict of Benedict McQueen offer for sale 
the business and assets of the above Company. 

The Company manufactures and supplies disposable 
biohazardous waste sacks through the United Kingdom 
and Europe. 

- # Tu mover £250.000 p.a. 

Patent rights 

- Leasehold premises In Hemet Hempstead 

- Innovative product in rapidly expanding market 

For further details contact Stephen Cork or Sarah 
Harmsworth of Booth White. NEM House. 3/5 
Rickmanswonh Road. Watford, Hertfordshire WD 1 7HG. 
Telephone No. 0923-236622. Fax No. 0923-245660. 


NOTH. LESJftE X UCENSEO MOPERTr SPECIALISTS 


ROBERT BARRY© o>. 




VIDEO RENTAL BUSINESS FOR SALE 

The business and assets of this going concern business ore being ofteivd for sale. 

The chain ol shops art- loci led mainly in the North London area and have 
the following principle features:- 

- Ann i tut turnover approximately £3 million 

- Fully stivkiil libraries, including new releases 

- Outlets are equipped with TV's/lhiiOS and computerised sleek control system. 

- All stores art fitted out to a ztry lush standard. 

In addition there is a fully fitted office with a stock of back catalogue tides. 

For Further information and particulars, principals only should write to : 

Box No. B3551. Financial Times, One Southwark Bridge, London SE1 9HL. 


i SECOND MORTGAGE] 
COMPANY 
For Sale 
Broad Geog. Spread 
Advances - £4.6m 
Net Equity - £3ra 
1954 Forecast PBT 
£500,000 

Write u>: Box B3535. Fnunrial Tones. 

! One Soubwar k Bridge. London SE1 9HL I 


On instructions Jotnt Administrative Receivers 

NORTHWICK ARMS HOTEL, 
EVESHAM, WORCESTERSHIRE 
An all round 3 star hotel 

Busy position on edge of town centre opposite 
nverside garden 

30 en suite letting bedrooms, bar. restaurant, 
conference room & function suite, parking (85). 
Major upgrade to exterior completed Sept ‘94 
£100,000 profits on T/O £440.000 (Y/E 27.1 94) 
Enormous scope to increase following upgrading 

OFFERS OVER £700,000 FREEHOLD COMPLETE 

CONTACT: MERVYN CULLY. 

TEL CIRENCESTER OFFICE (0285) 641642 



Established Nursery 


m 


Cambridgeshire 

JSuttons of Wisbech Limited, (In 




i 

o 


c 


K . 

6 t 
U 


V 


3 


a 




< <t> 


Receivership), is a major supplier of 
shrubs, bushes and trees to the retail 
and wholesale market: 

■ 24 acre freehold nursery site - 
comprising2 large glasshouses, 

1 05 Polytunncls and 50,000 sq ft 
covered warehousing 

■ Annual turnover £1.7m 

■ 30 employees 

■ Blue Chip client base 

■ Self sufficient water supply 

For further details please contact 

the Joint Administrative Receivers, 

Maurice Withal! and Andrew Conquest, 
Grant Thornton, 

Grant Thornton House, 

Melton Street, Huston Square, 
London NW1 2EP. 

Tel: 0171 383 5 100 Fax: 0171 383 40 77 

Grant Thornton • 

The U.k. nienibn ftn>i Gram Thomiun Imcrruiii-aaL 
Aujluirucvl In ilie I tin mile tJharii.Ted Accnununu in 
tingljiul jnd Bilet £!• um itn imotirwtrt btitinees. 


I 

y. 

& 

Kf 


FOR SALE 

Profitable Frozen Food 
Manufacturing Company. 

West Yofksbirc Based T/O 
£1 Million +. Excellent Well 
Eq uip pe d . Leasehold Premises. 
Write to Box B3554. F m i mri il Tinea. 
One Scmhvrut Bridpe. Londoa SEI 9HL 


BERMUDA 

THE PINK BEACH CLUB 

One Of The Island’s leading Resort Hotels 

• 81 letting units in 25 cottages. Owners' spacious 
house. Restaurant for 190. Pool-side bar. 

• 16.3 acres & 450 yards of sea frontage & beaches. 

• Good profits on $5.6 m sales (1994 estimate) 

Offers invited for the shares of the company 
owning the freehold and all assets complete 
Robert Barry & Co, 

LONDON. TEL: 071 - 491 3026 (RICHARD WOOOHEAO) OR 
Cirencester tb.: (0235) 641642 (Hugh guillebaud) 

Pannell Kerr Forster, 

London Tel: 071 - 831 7393 (Bob lewis or Jonathan Worse ey) 
PKFA Is authorised by the Institute of Chartered Accountants In 
England and Woles to carry out investment business. 


ALUMINIUM & COPPER EXTRUSION 

Non-core activity producing coounnoirs lengths of extruded alu m i n ium and 
copper, including internationally regarded development capability. Tor sale. 
Total turnover in excess of £1M. major customers in the cable, electrical and 
telecommunications industries. 

The activity is for sale as a going concern with full order book, patents, and 
intellectual property. Disposal to include plant, goodwill and stock at 
valuation. 

Principals only need apply in writing to: 

Ross Houghton, Chartered Accountants 
Abacus House, 35/37 Wilson Patten St 
Warrington WA1 IPG 
FAX 0925 444776 

Hass Houghton are moabers of Clark WhitMIl Associates 


GREEK EXPORTS SjA 

Ikooadrd omJ owned by ETRA iA.1 
INVITATION FOR EXPRESSIONS OF INTEREST IN 
PURCHASING THE ASSETS OF AGRO-INDUSTRIAL OF 
PIER1A - IGE.V1.) SA. NOW UNDER SPECIAL LIQUIDATION 

GREEK EXPORTS S.A. i-i.Oilpbod in Athcm u IT Pancpisnmiou Sitm. in it& 
capacity jx ipcLul bquidiiu/ nf AtiKO-ltfDUSTfUAL OF ffiXLA ■/CE.VIjSA 
(in aecunbjtce with Dcvumko N«i. Klll'IW’ rf ihe TYwr.alrtmlu Court ot Appeal, 
by which CiF-VI. S.A hat i«d pljcnJ urvicr special Ii^uidaiionl and within (be 
tranmxicL of jjuclr Hew i’f Law Itrtiwu. as supplemental by article 14 of 
LawiUKWI and complrmcnicd by jrusle S3 of law 222 -W‘H combined with 
Dccninn No. 24tr7;l'tMa ,.f (tic riicssjloaiLi Ciwrt >if .Vppejl 

INVITES 

iniensted buyer, ro erpress (hrir mrcrrsi in puictusin^ rhe tidal ass ets of CE.VI. 
SA now under special li^uuLuMin.hs ■ utsmiuiiK; a nisn-hiiuhn^, writren expression 
of inlet esi within Iwcflly Oil days Horn lodav 

AC iKG-lNDl 'RITUAL OF PILRIA IGL.V1 I SaA. was founded in IT76 (GovL 
Ga/tnc Ni- ’IJ>W7/7r>} and ul up a modcra indusinaJ urul in (be Mclbani rrpoo 
ot Pieru for pn.a.'essine. canning and Irucjn^ frail and vcjjclables In paralleL tbc 
Coai|xiay iruuoiaiiK. a friiil snrliim uml in rbr Nalplion area. 

The company's industrial cumpJet is situated im scll'siwneU land ‘<8.444 nr in area 
with a Knli-ovci area i>f r:.i G‘> m on Ihe utd Thessal<<idi-Kalerilli nattonal i-jad. 
Ot VI. SAS a.-art> lot sale can he sold as a whole orasibc functional units listed 
hereto (rat- 
al Katerint indusuial a«upJ« x 

hi l-naii win tap jt>] patkirp fact, ay in i(k Nafpli.m aica on a plot of land 4^00 nr 
rhuilMivcr area 1112 ni ). 

p) A iwn-siiery txiildinp in Vhc^alumki i22 Ac-xpuu Street and rrotnithcos) each 
fluw wiib an area «f ITt-a? m ; and a hascroeni I.H bS nr' in area. 

Details concerning tbe public auction 

Piuspective buyers, after siprung a wmieti unJeruking of conTwle n tial i ty. may 
receive (be OflcrinK Memorandum Hum Ilie hiVcs of the Liquidating oompony. 
They will also have access in any other inl'ormaiioa diet may seek and may visit ibr 
premises of the dmpmy uniln liqutdaliori 

The Ollcnof! Men* itandunt will <Icw.tH« ,n *ktail the tool assets of GE. VI SA. 
tor sale and any iithci mlormalion ciavadcred uvlul fot tin: prospective buyer. 

The annnunCTtneni ihe puhin. aueliun will be published within the prescribed 
time limits and in Ilie vimr new'-pipcrs. 

Fur (he rrfferinp Memieandum any further dctaiLs or inl'uniuliOD please apply to 
a) Athens - tiRILK HA PORTS SA. 17 Pinepwimroii Street, (Is floor) 
Tel: t30-l-.134.tlll Fas: *3» l-JillltS 
hi Thessaluoiki - 7 NtkisAse lei , .its 31-27S 623 A *300 J-239 J71 
2. The bead ufike ITU A SA. Hsd>linj;s DcparuncoL S7 Syngrou Avenue (4th 
dotuX Alton.. t.itM lei tVM-'ri'i 4M1 and t2*).4hl3. 


GIFT OPPORTUNITY 

XAfcll established fim gift importers and distributors with prune “Hall 5” 
space at International Spring Fair, NEC. Birmingham and International 
Autumn Fair, Birm in g h a m , seeks companies/individuals who have strong 
original products and wish ro show them at this world class prestige event. 
We offer a wide range of services from simple ‘space only’ to a foil sales 
marketing and administration service, including warehousing and 
distribution, pick and pack, accounting, credit control, etc. 

Write to: Box 3559. Financial Times. Our Southwark Bridge. London SEI 9HL 


CD-ROM 


FOR SALE 

ferUtifti W-MBinb 
Wrilfeb MiAfi talalgia agaq: 

SPADE 8c 30N Raymond 

ARCHER “B 



CaBfonna911® 

USA 

id: 818-584-1 150 
fioc 818-584- 048 
irtcrnct 
■W Braam 


LEGAL 

NOTICES 


SL'CCESSFVL. PRIVATELY OWNED. EAST MIDLANDS BASED, 
AUTOMOTIVE ENGINEERING BUSINESS OFFERED 




rtcsco! fi-nnolluig DoecKns wish to retire Nfcried range of own products and m-bousc 
ifcjgjt factUty. New freehold betory on large rite, suitable foe further Jcvcloixoem 
Turnover cunetnJy £am per annum with profits esubleJted al over £l.lm per annum. 
Write to: Bos BJStt, Financial Haws, Oue Sotabwark Bridge, London SEI SUE 


Businesses & Property in Receivership 

Ihe p# ji-.-iviati: • - • — 


PINK PACES 


HR OP ERr Y 

PACES 


FuDy HKJeiOd weekly pads to co s kt nquiaaUon & recewersNo. CO'S 
in tniuHe. Insolwncv wsm. Ounnonaos tor sale Hum Sections. 
Piotftsotvency & LP» Recelvorsmps 

me UK Giade to c ommercial property *n recohrorslup and lor stfc ■ 
100 '3 at property bargains • Holds. Mursune Homos, Land. Offices. 
Retag & Industrial romes. Oeveloqmem opportunities etc 


SELLS fOWL=R GREGORY 


rot (0273) 826881 Fax; 698861 


Node* it q *dtt e > »' owto uadcr 
Secttou 4M3I lUMNeary Ad l«K 
Compn; Kk 1413351 
IqilmdhbihriiriMB 
Shenpafau LMIed 
tla Ma UBwibi Rri il i rn M p i 
Phnnpol of buslncn: 

PimtB Quay. ShBngh™nie. Km. 

Natter U horthy fjriia pumas ID Section 48(2| 
towtrency Act l«Sh. dot a mee t in g of the 
creihtm at the above noted company wdl be 
brfdu tbc irflexaafCVilipcrsfi lytuaod. Octard 
Horae. PO Box MX IU Albion lU StaidnecE. 
Kao MEN 5XG pa Wednesday 30 Nrwcotor 
l^J-t al 3nOpm bi the purpm: of weenr ac a 
report picked by I be totu Adminstrativr 
Rnrncn rail it tboughl fit to ntthUsh a 
cnamuec Cibe onbwi curammre '1 to eutac 
toe (aaetwra coederred uo it by at under the 
faBufveucy Act I1S6. 

A pnny tout) b et re tool Gcdkao nhmr 
rlvrai are wholly uuired are nea rnlirtcd to 
aacod « to be lEpracnied at toe meeting, tuber 
aedikn are boly eabUcd to erne if: 

(al They hive defivaol to u» a) tor addiera 
dune bckxe. ne lurr ihan inn oa Ibeedey ?i 
Novrmhn pna, tvnttco detoU at toe debu they 


rixraaanya 

claim ban been duly ndmioed mnlrr me pnmucen 
ot Rate 3 II Insoheacr Rule, l%etand 
iM Thcrr bn been lodged with oa an pony 
which toe credaee uucndi m be toed oe ba ee bo 
behalf. 

Hcee aeK toil toe udpnal proxy rigaod by or ue 
behalf of toe credhns moat be lodged al Ibc 
aibot le mrtw id. 

SignctoEM Store 

knot AtomumihT Reccricr 

riant 14 November IW. 

A copy c< toe iraon a tom* tot b cnlara Uaewah 
AAfaena tor 'aib mm io u of pmy (onus: 

Ucrfenrd Home. PO Bee UZ. lOAMoa Ptaer, 
' u MEM 5XC 


ON-LINE BUSINESS FOR SALE 

PC on-line information and transaction business for sale 
6000 BUSINESS SUBSCRIBERS, 
wide ran^e of services and weJJ knovn brand name. 
Write lo: Box B3553. Financial Times. 

One Southwark Bridae, London SEI 9HL 


FOR SALE 

Established 
Construction Company 

with good protossional 
management. Operates in 
southern England Irom yrei! 
located offices near London 
Turnover approx. C22m pa 
with good current order DOOk 

Please wnle to. 
tin, I mra-Bl Giro- 

One Siauhvt ail. rit-'l" I ‘«"k' n ■*' 1 ' ll1 


BUSINESS 

OPPORTUNITY LOG 

Uk's nui cumptiuc and op to dale 
JeUib on: 

* Reedy crshipa/LiguidatiOQS 
■ Companies in Ttxmble 

* Auctions 

* Duhtsat Far Sab 
Pruduced by experienced 
protessioiiBls with serious 

hubiness people in mind 
Hundreds of Cos. and contacts 
in each issue. 

Tel- 071-353 5O0J 
Kelt: 071-353 SOW 


Book Pubfishmg 
Company 

Privately owned. Old Established 
distinguished Central London 
Publishing, House seeks 
purchaser /investor for 
expansion plans. 

Write la Bax B3557, Financial Times. 
One Souibwatfc Bridge. London SEI q HL 


KNIGHTSBRIDGE 

Presage family business 
Esi. 35 years 
Prime site 

Specialist Chandeliers 
Period Lights & Furniture 
7b include a.‘c freehold 
pnmisa. as a titofc or separate. 

Tel/Fax: 071 589 8305 


FOR SALE 

COMPUTER 
PERIPHERAL SERVICE 
& REPAIR COMPANY 

Turnover for current year expected 

to be £J.0m+. Very profitable 

Net 14%. Strictly PRINCIPALS only. 

Please Rrapood u>: Bm B3SS6, 
Finneial Times, One Southwark Bridge. 
London SfcT 4HL 


FOR SALE BY PRIVATE TREATY 
txropiolb hugnned taco mafdng fadhy. 
an*y 4k» and taaay effects at tamer 
Arhnan Lacs Fncny. Co. dam. Fergus 
ssmtwy Tel: mo 3S3 1 6EBS444 


!■ ibc uucr ellhe 
Cyprus Cao i p ra lu Law Cap 113 
Nance to hereby anen tore the credben ot the 
ahonwaamed cnmpjoy i^hidi Is brief vohubrilv 
wouoJ ep me required oa or before toe 22ad (by 
of Drormhet LW4 u reed in ihrdi fall nmucs. 
torir kUreaes and dtaanpum. Ml |enohn of 
lhcto defcc <K iliims aad toe «mo rad eddremw, 
e * ihcir eatiraoa lit rayt to ihe nedenigned Mr 
r«m L Hnnanbln. ACAof Juris Hass. J 

ThnMacks Dcrvis Swti. POBcx ibli 
Nicau, Cjpetre. Ibc Uqniilata of the sent 
eeuquny. red if so requuwl by item m wrutog 

bom said hqnidaMc. to come in sal prove »tw» 

sud debtom cbkto al mdi time and place is atoll 
be spcaftal in aacb outicc. or In ilrtati aaeot 
they wdl be eiduded frara the benefit at any 
dtsntnuna made trim such debts arc purred. 
Dated lbs 22st! ton id November 1994 
Codas L MtoMUdUH 


too* uve Businesses for sale 
Ms3ki at esses fcnnigWy 071 263 1W 
Fax: 071 706 3464 


All Advertisement bookings are accepted subject to our 
current Terms and Conditions!, copies of which are 
available by writing to The Advertisement 
Production Director, The Financial Times, 

One Southwark Bridge, London SEI 9HL 
Tei: +44 71 873 3000 Fax: +44 71 873 3064 







FINANCIAL TIMES TUESDAY NOVEMBER Z 


22 1994 


TECHNOLOGY 


Keeping 
better 
tabs on 
truancy 

T he widespread truancy 
highlighted in today's 
educational league tables 
is likely to heighten the debate 
in schools about the use of elec- 
tronic technology to monitor 
pupils’ attendance records. 

Merely checking up on pupils 
more rigorously can make sub- 
stantial cuts in truancy figures, 
according to research by the 
Truancy Unit at the University 
of North London. Nearly two- 
thirds of truants would not skip 
lessons if they believed there 
was a risk of getting caught 
Monitoring systems such as j 
swipe cards electronic regis- 
tries are seen by many teachers 
as expensive, complex and : 
unproven. But the schools that 
have pioneered their use are fre- i 
quently enthusiastic about 
them. Don Vickers, head of Hes- 
keth Fletcher High School in 
Manchester, reports that tru- 
ancy rates have declined dra- 
matically since the introduction 
of an electronic register in Sep- 
tember 1993. 

This system, which was pro- 
duced by Bromcom, a Kent- 
based computer company, sup- 
plies the teacher with a small 
computer in an A4-sized folder 
instead of a paper attendance 
register. The compnter folder 
includes a radio transmitter and 
receiver, which transmits data 
to a radio tranceiver unit 
mounted on a nearby wall or 
roof. These units, the number of 
which depend on the layout of 
the school, are linked to a PC in 
the school’s office. The system 
has been installed in 80 schools 
at an average cost of around 
£ 20 , 000 . 

The advantage of this system 
is that it reduces teachers' 
administration, allows regular 
and more accurate monitoring 
of absences and produces letters 
to parents about the absence 
qnickly. It also allows the 
school to check attendance at 
every class, cutting down tru- 
ancy after pupils have regis- 
tered. 

Vanessa Houlder 


W hen the Treasury 
Insisted that all UK 
life insurance sales 
agents and advisers 
should give customers more infor- 
mation about their policies, it also 
delivered a bonus for makers of lap- 
top computers and mobile phones. 

Some life insurance companies 
were already emphasising technol- 
ogy when the Treasury made its 
move in July last year. But the new 
requirements to give more informa- 
tion to potential investors on the 
products, the costs of selling them, 
and the returns to the customer if 
long-term policies are surrendered 
in the first few years, have forced 
the whole sector to give the issue 
greater priority. * 

The disclosure regime, which will 
be compulsory from the new year, 
has focused attention on the appro- 
priate technology in two ways. 

Firet, having to reveal the cost of 
selling a policy has put even more 
importance on cutting costs for sell- 
ing and for processing the sale. Sec- 
ond, having to provide customers 
with more information that is spe- 
cific to their circumstances creates 
a need for more sophisticated 
systems. 

“I think there will be no escaping 
technology from January." says 
Nigel Smith, sales computing man- 
ager at Axa Equity and Law. 

The scale of the challenge facing 
the sector is underlined by the fact 
that even NatWest Life, which 
opened for business at the start of 
last year with computer systems 
costing £40m, is having to make 
some changes. 

NatWest Life had provided its 
sales force with Toshiba laptops 
Linked to a Unisys mainframe, 
where the information keyed in by 
sales agents is automatically down- 
loaded. Adam Walton, head of life 
and pensions, says the systems will 
be modified to take account of the 
disclosure requirements both when 
a policy is sold and when it is 
issued. 

The company, a subsidiary of the 
National Westminster Bank group, 
has had some benefit in making a 
late start, since it could set up a 
system from scratch and decide to 
sell only a limited and relatively 
straightforward range of products. 

For other life companies, with 
wider product ranges and more 
established systems, meeting the 
demands of disclosure requires a 
greater response. 

For example. Legal & General, 
one of the UK's largest insurers, is 
upgrading the laptops it provides 
for its sales force, as will be Axa 
Equity & Law, which will also pro- 
vide printers for all its sales agents 
who use laptops, so that documents 
can be produced in the customer's 
home. Other insurers expect 
upgrading the process to take place 
over some months next year. 
Prudential Corporation, the UK’s 




under threat 

By David Roberts 


Figuring it out raw Treasury nJes acted as a catalyst for using computers and portable phones to provide better information 

Life catches up 
with laptops 

New disclosure requirements for insurers have placed 
greater importance on detail, writes Alison Smith 


biggest life insurer, is taking a dif- 
ferent approach. Instead of buying 
laptops for the 7,000-strong sales 
force. Alan Smith, marketing direc- 
tor for its home service division, 
has placed the largest-ever single 
order in the UK for mobile phones. 

The phones will be programmed 
to Prudential’s "quoteline" where 
the 200 operators will key in to the 
computer what the sales agent says 
about a customer's circumstances 
and provide the detailed informa- 
tion. It is backed up by a freephone 
number for the areas of the UK 
where mobile phones do not work. 


A lan Smith believes that in the 
future laptops will be the 
answer - but says Pruden- 
tial’s decision for the current 
changes is based both on cost and 
the sales process. 

The company estimated that buy- 
ing laptops would cost £25m ini- 
tially, and then an annual cost of 
£llm. The mobile phone solution is 
estimated to cost £3m as a one-off 
expense and then £5m a year. 

Smith adds that trials on how the 
laptop fitted into the sales process 
showed it was an encumbrance. 
Simply by flipping the screen up. 


the sales agent created a barrier. “If 
I'm a sales agent, when 1 concen- 
trate on keying in information. 1 
lose eye contact and the customer is 
back watching EastEnders.” 

For life companies with more 
diverse distribution than Pruden- 
tial. using more technology can be a 
more complicated process. 

Axa Equity & Law. for example, 
sells its products in three ways: 
through a direct sales force, 
through “tied agents" - separate 
companies that agree to sell only 
the life insurer's financial services 
products - and through indepen- 
dent financial advisers. 

Nigel Smith says that Laptops are 
not compulsory', and though nearly 
all tied agents use them, only about 
half the direct sales force does. 
These sales agents have a choice of 
machines they can rent: all are 
capable of connecting with Elvis, 
the company’s main system, but the 
cheaper ones take longer. He thinks 
the company will probably review 
early next year its policy of allow- 
ing laptops to be voluntary. “It is a 
cultural issue in many respects." 

Independent advisers can also 
access the Elvis system, but there 
are regulatory limits to the support 


that individual life companies are 
allowed to give independent advis- 
ers. 

One way through this for life 
companies, and for advisers who 
want information about the compa- 
nies’ products, is the Exchange, 
owned by Origo and AT&T. 

This project was launched in 1991, 
and is a way of giving independent 
advisers electronic access to infor- 
mation about life companies’ prod- 
ucts. Advisers pay £250 and an 
annual charge of £65 for the soft- 
ware, while life companies provide 
an annual subsidy of £4m. 

The system does not yet cover 
every life and pensions product, but 
within two years Paul Lindsey, its 
managing director, expects to have 
all products except group pension 
schemes available. 

As for the new regulatory require- 
ments. Lindsey says: “From Janu- 
ary we will be giving independent 
advisers the ability to calculate spe- 
cific commission at the point of 
sale, and to be able to print out 
client-specific illustrations’’. 

He is in no doubt that the disclo- 
sure regime has acted as a catalyst 
in speeding np the use of technol- 
ogy. 


The fate of the 
■I p rp-yir l “ J European - Union 
Draft Directive on 
legal protec-. 

2g|jy&-»tion of biotechnol- 
rS^gLil ■■ogy inventions 
77 will he known 
shortly. An EU Contailatifin Com- 
mittee is due to meet on Novem- 
ber 28 to see whether deferences 
between the Council of Ministers 
and the European Pa rl ia m ent can 1 
be worked out 

Unfortunately, if: the Parlia- 
ment’s amendments to the direc- 
tive are adopted, the impact oh 
biotechnology in Europe will he 
worse than being left with the 
uncertainty of a patchwork, of 
national legislation. Industry 
research, medical science and the 
prospects of finding new medi- 
cines will be worse off than they, 
are today. 

First introduced in 1988 with the 
intention of defining, clarifying 
and harmonising patent law for 
the biotechnology industry in 
Europe, the draft directive has 
recently undergone a number of 
mutations, mainly stemming from 
a well-intentioned but under-in- 
formed concern with bio-ethics. 

While no one would disagree 
that patenting parts of the human 
body in situ should be banned, it 
is vital that patent p rotection be 
available for isolated products 
derived from the human body if 
new biotechnology-derived medi- 
cines are to be developed, in the 
pharmaceutical industry, products 
will simply not be developed if 
R&D costs cannot be recouped 
during the period of exclusivity 
that the patent system provides. 

The European Parliament does 
not seem to have realised the 
importance of this distinction and 
has voted in an amen dmen t 
( Amendm ent 3) which mould effec- 
tively re v e r se the original inten- 
tion of the directive. 

The amendment means there is 
now a grave danger that isolated 
human genes, proteins and 
enzymes could be rendered unpa- 
tentable in Europe. This would be 
a retrograde step compared with 
current patent laws. Mare impor- 
tant Europe would be placed at a 
competitive disadvantage with 
respect to other countries with a 
major biotechnology industry, . 


esp ecially the US and Japan. The 
consequences for investment in 
Europe would be devastating^ 

The fault - and the solution- 
lies with the’ Etiropean Parlia- 
ment. 3y Ftebruaiy:af ttds year^ 
most of the issues raised' bp the 
directive hadbeen addressed, arid 
the Council of Ministers had 
reached a “common position” 
which was acceptable to industry. 
However, a committee of Members 
of the European Parliament pro- 
posed a number of amendments, 
many of vritich the European Com- 
mission agreed with industry 
would be potentially lethal for bio- 
technology development in 
Europe. 

It is universally felt within the 
industry that adoption of the 
directive in its presemt .form would 
have far-reaching consequences, 
creating an incentive for pharma- 
ceutical companies to - leave 
Europe rather than, invest' here. 
Equally serious would be the 
impact on the development of new , 
biophannaceuticals and on the, 
treatment of genetic diseases such 1 
as cancer, cystic fibrosis, Hunting- 
don’s chorea, schizophrenia, Alz- 
heimer’s. arthritis and: atheroscle- 
rosis. 

The membership of the Concilia- 
tion Committee, which meets on 
November 28 to try to find a way ! 
round the problem, Consists of 12 
MEPs and 12 -members of the 
Council of Afinistera. The Council 
has made it clear that ft refuses to 
accept Amendment 3_and wants to 
establish a legal, framework that 
enhances Europe’s competitive- 
ness in this important field. 

Therefore, the ultimate outcome 
will depend largely cm the attitude 
taken % the MEPs. ft is still possi- 
ble that MEPs and the Euro- 
pean Pa rliament as a Whole can 
put the directive back on trade 
before it.is too late. 

If not, industry: is unanimous 
in its feeling that it would be 
better to have no directive at 
alL _ ’ 

The author is dunrman of the bio- 
technology committee of Interpat, 
an organisation representing the 
world's research-based pharmaceu- 
tical industry. He is also senior vice 
president, corporate intellectual 
property, at SmithKHne Beechftm. 


BUSINESSES FOR SALE 


GREEK EXPORTS S A. 

(Founded & Owned by ETBA SA) 

SECOND REPEAT PUBLIC AUCTION FOR THE 
HIGHEST BIDDER FOR THE SALE OF THE ASSETS OF 
GENERAL INDUSTRIAL 
ENTERPRISES - VEPOL &A- 

GREEK EXPORTS S.A.. established in Athens and legally represented, in 
its capacity as liquidator of GENERAL INDUSTRIAL ENTERPRISES - 
VEPOL S.A. following Decision No-7820/ 1 902 of the Athens Court of 
Appeal, and in accordance with article 46a of Law 1892/90, as 
supplemented by article 14 of Law 2000/91 and complemented by article S3 
of Law 2224/94. 

ANNOUNCES 

a second repeat public auction for the highest bidder with sealed, binding 
offers for the sale, as a whole, of the assets of GENERAL INDUSTRIAL 
ENTERPRISES - VEPOL S.A. now under special liquidation. 


VEPOL S-A^ based in Athens, set up a factory in the Episfcopi area of 
Naonssa in the province of Imaihia (on the Vfcnia-Edessa National Road) 
for processing and standardising fruit and gardening products. 

The fbctoiy is built on a plot of land 47,451 ra* in area. Near it, there is 
another plot of land belonging to VEPOL S.A. 13.476 nr' in area (the plots 
arc separated by the paved road that leads to Episfcopi). 

The total area of the buildings owned by the company is 9.279m2. 

The company's basic factory equipment includes: a) a tomato paste 
production line, b) processing lines for peas, cherries, strawberries, apricots 
etc, c) a complex for re fining and concentrating tomato pulp, etc. It should 
be noted that the existing machinery was bought about 20 years ago and has 
remained inactive for many years. For this reason, part of the machinery is 
obsolete of has suffered serious wear as noted in the description of 
existing machinery which has been added to the Confidential Offering 
Memorandum. 


r » 3 arm -T.KikifiiKLo -v, i j»ki 


1. Prospective buyers are invited to receive from the Liquidator the 
Confidential Offering Memorandum and (he draft Letter of Guarantee, in 
order to submit a scaled. Unding offer to the Athens notary assigned to 
the public auction, Mrs. Andriani-Dunitra Zapheiropoulou- 
Economoponlou ( IS Voolconrestiou SL, 5th floor (eL +30-1-321.8249) 
np 1400 boors on Ibesdaj 13 th December 1994, Bids should be 
submitted in person or by a legally authorised representative. 

2. The bids will be opened by the above notary at 1200 boms on 
Wednesday 14th December in the presence of the Liquidator. Persons 
having submitted a a offer within the prescribed time limit can also 
attend. 

3. On a penalty of invalidity, bids most be accompanied by a letter of 
guarantee from a bonk legally operating in Greece, valid np until its 
return to the prospective buyer, to tbe amount of fifty million drachmas 
(50,000,1100) for VEPOL S A. 

4. The company's assets and all Axed and circulating dements that 
comprise them shall be sold and transferred “as is and where is” and. 
more specifically, in their actual and legal state and where they ore on the 
day the sales contract is signed. 

5. The Liquidator. VEPOL S.A. and VEPOL’s creditors are not responsible 
for any legal or actual defects of the objects for sale and their rights, nor 
for any incomplete or inaccurate description of them in (he Offering 
Memorandum. 

6. Transfer expenses of the assets (VAT on the value of movables, notary 
fees, mortgage fees, etc.) are to be borne by the buyera. 

7. Participation in the auction implies acceptance by tbe prospective buyer 
of all the terms contained in the announcement. For the rest, legal 
provisions by which the company is being liquidated are in force. 

For the Offering Memorandum and any additional information of 

Clarification interested parties should apply to: 

a) CREEK EXPORTS SA, 17 Paneptstimiou St, Athens, Greece, 
1st Floor, teL +30-1-3 24JI1MI5 and 

b) ELBA Holdings Dept 87 Syngroa Ave. Athens, Greece, 

4th floor, 

(eL +30-I-924J290(L929A611 & 929.4613. 


INVITATION TO TENDER FOR THE HIGHEST BID 
for the purchase of the assets of Kassandra Mines of the Company 
“HELLENIC CHEMICAL PRODUCTS & FERTILIZERS COMPANY S.A.” 

“ETHNIKi KEPHALEOU SA Administration of Assets and Liabilities - in its capacity as Liquidator of "HELLENIC CHEMICAL PRODUCTS & FERTILIZERS COMPANY 
SA.” of 20, Amalias Avenue, Athens, G ree c e (“the Company - ), which has been declared by virtue of Decision No. 4299/1942 of the Athens Court of Appeal (in conjunction with 
Decision No. 7714/20.7.1992 of the same court, allowing the separate sale of the production units of the Company) under special liquidation, upon instructions of the National Bank 
of Greece SA. and Hellenic Industrial and Development Bank SA_ being creditors rep res e n ting more than 51% of tbe claims against the co mp an y pursuant to paella of article 
46o of Law 1892/1990 (as supplemented by article 53 of Law 2224*1994) 

INVITES TENDERS 

for the higl**— bid by snbmisrion of sealed binding offers for the purchase by a third public auction (the "Auction - ) of the assets of the production unit of Kasrandra Mines of the 
Company and for the establishment of a gold plant. 

BRIBE INFORMATION: Kassandra Mines are located in the region of Smroni and Olympic villages in the ChaUtidDd Peninsula (Northern Greece) and cover an area of L660.400 
aqjn. Including workers* bouses, three tifierential flotation ore plants with an annual capacity of 70QJM0 toos for tbe lint two plants and 400,001 ions for the driid one. (ti should 
be noted that tegsl pro cee din gs against the Suatoui Community with respect to tbe possession r« an area of 16 srpkm are pending). There are proven mixed sulphide (Fb-Zn-Ag- 
An) ore reserves amounting to IOlS nuffion ions (mdudfag 9.8 milli on tons of Auriferous ore 1 . and 4.5 million tons of probable reserves (of winch approximately 4.1 milfo il tots 
of Auriferous oral as well as 11 mfflioa ions of Pyrite, 4 millioo tons of Chaloopyriie. 12! million loos of PyrolousiieA Rodocfaraate and 90 million tons of poor porphyry copper- 
gold ore reserves- There are especially mratiuctoJ shipping loading facilities directly into the Aegean Sea. The Company holds mining concession aver a total area of 314 sqJCm. 
The mines are currently in operation with a personnel of 916 employees. 

OFFERING MEMORANDUM • FURTHER INFORMATION: Inacresied parties may obtain an Offering Memorandum describing the assets of Kaawtdra Mines and any farther 
information, upon execution of a confidentiality agreement. 

TERMS AND CONDITIONS OF THE AUCTION 

1. GENERAL: The pre s en t Auction oranuilut r u tbe third one to lake pfaax, according to paragraph I la of article 46a of L_ 1892/1990 (as supplemented by art. 53 of Law 2224/1994) 
and is subject to (he (cans and conditions scr forth herein and in (he "linns and Conditions of Sale' curtained in the Offering Memorandum. Such provisions and other terms and 
conditions shall apply irrespectively of whether they are mentioned herein or not. Submission of binding offers shall mean acceptance of soch provisions and other teens and 
conditions. 

2. BINDIN G OFFERS: In order to pertidpatc hi the Auction- inmcsied parties ate hereby invited submit sealed binding offers, nor later than 19rh of December 1994, 13-00 hours, 
to tbe Athens Notary Public Mrs. Ioanna Gsvrieli - Anagnoatatafci. address; 18, Fiction Str. Athens, Greece, tel: +30-1-3619728. fax: +30-I-36Z-M.9L 

Blncfing offers should expressly state the offered (nice and the detailed terms of payment (in cash or instalment . mentioning tbe another of installments, the dares thereof and tbe 
poposed annual interest rate, if any). In the event of not specifying a) the way or payment, b) whether the installments bear interest and cl the Int e rest rate, then it shall be deemed 
thal a) the offered price is payable imm e diatel y fa cash, b) the itrealhneuts shall bear no interest and c) the interest rate shall be the legal rare in force. Binding offers submitted later 
than the above date and offers not acc om p an ied by a Letter of Guarantee (see below Term 3} shall neither be accepted nor considered. The offers shall be binding until foe 
adjudi c a ti on- Should any offer be made on behalf of a third party, this will be valid ooly if it has already btsea stated so at the time of submissioa, as well as on condition that tbe 
party submitting the offer guarantees that the ibtrd party will carry out tbe obligations, contained in the offer and in tbe contract of sale. 

3. LEU Cisfi-QE-GUARAN I E£ Each binding offer must he accom pani ed by a Letter of Guarantee, issued in Accordance with foe draft form contained in the Offering 
Memorandum by a bank legally operating in Greece and valid mail the syndication, for the amount of DRS. THREE HUNDRED AND FIFTY MILLION (350.000.000.-). Letters 
of Guarantee shall be returned after (be adjudication, fa foe event of non -compliance with foe provisions and other terms referred to in paragraph l hereof, foe Letter of Guarantee 
Shall be forfaited as a penalty. 

4. SUBMISSIO N OF BUSINESS PLAN AND INVESTMENT PLAN Offers submitted should be accompanied by: 

A Mata aim *»» -"- 1 *- ertabtitited - f" 1 - 1 plant. Among other things the Business Plan should in clude foe foltnwm g - 

- Development strategy of (he undertaking. 

- Short and Long term plans. 

- Lines of business. 

- 10 year ffnanrial and cash flow forecasts. 

- Internal Rate erf Return (LR.R.) on the Investment turd on the invested own funds, and 

- Sources and uses of funds. 

Abo incl u ded should be 0 brief description of the proposed product Lou method and of the environment measures which will be applied at foe gold plant to be 
b) An invcJtiuenr pb n f amonat and type of investment, lime schedule for its bnplcnieiilatioa. financing) 

4) A ftoggsrt regarding warranties ogfeted as to a poralble payment by fcw ailments and the implementation of foe Business, the Investment Md foe Erapfoymem Flans, as above 
e) Information r eg a rdi ng the fina nci al position of the interested parties, os well as. a review of thdr business activity 

5. 5UBM1SIWS Binding offers together wuh the Letter of Guarantee, foe Investment Pino, ibe Business Plan and the other documents referred to in term 4 bcreinatxjrc shall 
be sub mitted shall be made fa person or through a duly authorised agent. 

5. Envelopes comafafag foe binding offers shall be unsealed by foe above mentioned Notary Public in bw office on the 20fo of December 1994 at 9.30 boars tun. An* patty having 
duly submitted a butting offer is entitled to attend and sign foe deed airing foe unsealing of the brad mg offers. 

7. As highest trickier sfasO be conasdered the participant, whose offer will be judged, by Creditors repres e nting more than 5 1% of foe cfcrims against (be Company (the -Creditors") 
upon suggestion by tbe Liquidator; to be tbe most favourable. 

In assessing the offers snhminrd. the follow big points will be taken into account: 

- Offer Price 

- Business Plan 

- Investment Plan 

- The cavim umcu t imp l ic ation s of the proposed production methods 
-Vtannties 

- Investors tr ustwo rthiness (according to banking criteria) 

It should be noted (hat: 

- for the purposes of evaluating (be present value of payment by install meats, a 22% annual discount rale shall t* employed. 

- fof foe pupae* Of wafaanng offers wbmftred in a foreign currency, these shall be con wired fafo drachm* on Ibe basis of foe fating exchange rale as ret by the Bank of Greece, 
pertaining m the I9fo of December 1994 

8. Tbcli»p«to»5toil give written notice to foctoghcfl bidder to appear on tbe dale and pias racaliooed therein end execute the contract of «le hsrmtotelfe mm. 
canabred fa bis hinting offer and/or any other unproved terms, which may be suggested by tbe Creditors and agreed upon Adjudicating shall be tirmed to take (Sha upon 
cxcafoon of the contract of sale. 

9. to view of the fact that the Kasantbs Mina are being sold as an on-going concern, foe level of current assets change daily. In this respect, certain special terms ue iododed to 
foe assessment of offers in rdahori to the level of entreat anets, foe transfer of ownership thereof and ibe possible need to enrae to some anunKroem with regard to foe variation 
of current assets during foe time intervening between the asaesament of ttifera and adjudication. 

10. AD costs and expenses of any nature, including Bny tu fomes, aotom duties, any charges >a favour ot Ok Sale or third parties, which may need to be out (Otto that those 
exempted by the apptksMc Law) ut rrjpcct of Ibe paitkipfifoa in Ibe Auction and foe Icanfcr or the arms offered hereby for sale, the sale contracL as well as any other aa prior 
or subsequent to foe transfer of assets shall be exclusively bonte by die participant* and the purchaser respectively. 

lLTbc UquHator and foeOedirera shall have no kbflityDor rtligatioa whatsoever towards foe participants in relation to me evaluation of foe off era or foe sppointmem of the 
highest bidder or any dedsfon to repeat or aned the Anoka or any derision whatwever in oonnediun whb the proceedings of the Auction. The Licuidatot. Ibe Crcditoo and fa 
uolHiy shall have no KaWHty for any legal or actual defects of tbe assets. Subiniswxi of binding offers shall not crcoic any right towards adjudication nor do pamcipana acquire 
any right power or claim fttm this mvimtion and/or their participation in the Anafan against foe Liquidator andfoi the Creditora for any w hatw wr 
12. This Invitation has been ihafted m Greek and translated into English. In any event the Greek version shall prevail. 

ANNOUTtCEMENT BY A WED PARTY 

The Uquukhu has been asked by the Deputy Mlnisan of Industry, Enragy and TK±nokjgy acting an he half 0 f foe Greek Gavcnuucm to make 'the foQowinfc smmuceincnts: 
i. TTie estdrioftment of a gold plant project has been indoded m the Business Ran for Industry" of the 2nd Community Support Framework already awfoved by the E.C. 
h. The Greek Government guarantees the granting of all necessary insallanon koerces coocesioac and other State approvab required by law 
A copy of a letter Bo the above effect, signed by the Minister in charge will be given to all interested putlics together with foe Offering Memotaidtm. 


MMC IWITKS BVIDENCl' ON 
THE AQf fSmON BY Ti IO MAS 

Cook Group Limited or 

I NTERPAYMEXT SERVICES 

Limited, Tin- Travellers' 
Cheques BrsiNE'O or 
Barclays Bank plc. 


The Secretary of State for Trade and Industry has 
asked the Monopolies and Mergers Commission to 
inquie into the aquisition by Thomas Cook Group 
Limited of Irueipiymea .Senders timiiwl the 
travellers' cheques txisiness of Barclays Bank PLC 
Die MMC wfl] be srodyiog the povahle effects of the 
proposed aquisition on competition in the operation 
of the travellers’ cheques issuing nv»A»«t 

Any one wishing to obtain a copy of the full terms 
of reference, or to submit evidence, should write to: 
Tbe Reference Secretary (Thoau* Coak/lSl) 
Monopofiw and Mergers Commission, New Court, 

48 Carey Sum, London WC2A ^JT. 

Any evidence should he submitted in writing as 
soon as posdble, and not kater than 7 December 
1994. 


r \V. 


L o, ;. MX.; O' 




HOTELS & LICENSED PREMISES 


PORTFOLIO OF 33 TIED 
PUBLIC HOUSES 

Midlands to Northwest 

Current MAT’s Barrelage 4150 
Rent £161,433 
AWP income £42,521 

£2.99m ^Subject io Contract) Named Principals Only 

Write to: Box B3753, 

Financial Times, One Southwark Bridge, ’ 
London SE1 9HL 


FU K IH E B I NFPRMfi l lQN i ft* farther faformaliOB, * a ^ ^ cr !° a CD *y **** Offering Memorandum, please euntaci the Lionicfaxor of dm Oampeny: “EniNnO 

KEFHALBOU SA. AdmimBration of Assets and Liabffltha". at 1. SfawJcmw Street, Arfama 105 61 C.rwxt. tel: +30-1-323. 1 4. 84 rt/tvT, faxT+30^ I 32t.79^fam. Mn_ Marika 
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,NlK - s Tuesday novfmhhr 22 1994 


17 


ARTS 


F 2I2n5triftf£ ,h ' 

s,iS- ar« » «s 

eorlv crm , broucht hi ® 
enfled in Hines' ‘S 1 SUcc(,Srt b «t 
oeglect. He was ™ dnd comparative- 

SUished anrs? u ^° mnscd 35 a *»«- 

Academiciali Sf L?- a p,,ini " Rova l 
Sculps at the ? ^ '?r Professor <* 
that And he hid °r 3 ColltKe and all 
“"*» his last Work 

responsible for i!S r ^ I S** d he WJS 
which happiiv shi? Zod,acal c|oc h 
served *££ the ** 

old headqiM rt ?rs B ^? K , e h House - *** 
beside St RaSrs Flnanc,al 

in that v^n^Brirf L° r* m * mo rialised 

^ way .ffJSSS 1 fauill >' P^on*. 
been unsSSn^f iic' huSe ^ ent 11311 

filled WithTvIUi j h,s Premise unfuj- 
£y in l feii? BB,ent ljr bis obitu- 

why thiT s e ho ^ r s - 3 S nl .“ t0 

5 5“ -ffisaass 

Sat if r“? e S tha£ 

Yes inri^? e of .bis contemporaries.” 
i? nv l "SS* ® d “ * by the nicest 

eri?ical h lih km presem exercise in 
JJSKl rehabilitation - which is 
entwely welcome - should be under- 
tahen under the aegis of the Henry 

fJ??^,i F ^ Ulldabon 2111(3 its Institute 
for Sculpture at Leeds. 

_ JJjT was of the generation of 

artists that immediately preceded that 
or Henry Moore, trained in the years 
before the Great War and declaring a 
nrst creative maturity in the first 
2“*,* th* when the Moores, 
the Hepworths and the Skeapings 
were still at art school. His immediate 
sculptor peers were such artists as 
Jacob Epstein. Eric Gill and Gaudier- 
Brzeska. and like them and their pre- 
war contemporaries abroad - Kir- 
chuer, Matisse. Picasso. Modigliani - 
he was already well aware of the 
invigorating creative possibilities 
opened Up by the example of primi- 
tive and ancient sculpture. 

The earliest piece in this show, a 
crouching figure carved in sandstone, 
arms crossed and head laid back flat 
upon the shoulders, dates from 1915. 
and openly declares the clear if gener- 
alised influence of pre-Columbian 
carving, a source which a dozen years 
later we find Henry Moore tacitly 
reserving to himself. It is easy to for- 
get just how general the interest in 
the primitive was even by the turn of 
the century, with Gauguin away in 
the South Seas, and how strong its 
effects upon both painting and sculp- 
ture across Europe. It is equally easy 
to forget quite how effective Moore 
and his critical apologists, Herbert 



‘Reclining Nude*. 1924/25 by Frank Dobson, who produced some of the most beautiful and accomplished carvings of his time 


Primitivism given the nod 

William Packer on an overdue retrospective of Frank Dobson's sculpture 


Read and Adrian Stokes, were in 
rewriting the critical history of Brit- 
ish Sculpture, AM as it were, and PM. 

The reputations of Gill. Gaudier, 
and Epstein especially, have been 
reappraised and much restored in 
recent years. That of Dobson, who in 
the early 1920s was widely considered 
the best of them all. alone has contin- 
ued to wither in neglect almost until 
now. There is no need for us to swing 
back to the adulatory excesses of 
Roger Fry. who considered Dobson's 
to be the first true and pure sculpture 
ever to be attempted in England, or 
Clive Bell, who thought he “promised 
to became the best (sculptor) we have 
produced for centuries”, to find such 


neglect, on the evidence of this beau- 
tiful exhibition, both gross and unfair. 

But we can also begin to under- 
stand quite why be fell so out of 
favour. He would always be safe 
enough for a public commission here, 
an offical exhibition abroad there, to 
be chosen for the aborted Venice 
Biennale of 1940. for example, or in 
1951 to be given a co mmiss ion for the 
Festival of Britain. But we can see 
now that even at his most popular 
and celebrated moment in the 1930s, 
be never was a truly avant-garde or 
experimental artist That nod towards 
the primitive was no more than a nod. 
and his truer sympathies lay with 
that more classical strain in modern 


European sculpture represented by 
Maillol and Bourdelle. 

And why not? Dobson was ever 
intelligent and sensitive in his mod- 
ernism. looking to such as Matisse 
and Picasso as it suited him but never 
self-consciously or artificially. And if 
the natural development of his work 
led him away from abstraction or an 
extreme formal distortion, it should 
never be a criticism of an artist to 
accuse him of not being avant-garde. 

But our age would seem to require 
it. Dobson was never the greatest of 
our sculptors, his example more use- 
ful Tor the probity of his craftsman- 
ship than for any conceptual innova- 
tion. Do the reclining figures of the 


1920s show a way that Moore would 
follow yet never admit? Do the com- 
bined heads and figures offer a link to 
Gaudier and Modigliani? Do the little 
bronzes look to Matisse and Degas? 
The arguments go round and round. 
It should be enough that in the works 
shown here, notably an exquisite 
torso of 1328, and the larger figure, 
“Cornucopia" of 1927. in both of 
which the figure turns with the easi- 
est of grace, he produced some of the 
most beautiful and accomplished 
carvings of his limp. 


Frank Dobson - Selected Sculpture 
1915-1954: Henry Moore Institute, 
Headrow. Leeds, until December 31. 


Goals for ABSA winners 


L eyton Orient are not 
winning many soccer 
matches this season 
but they scored at the 
annual prize giving of the 
Association for Business Spon- 
sorship Of the Arts yesterday, 
the jolly when corporate spon- 
sors are rewarded for their 
commitment to the arts. 

The “0"s won the award for 
increasing access to the arts. 
The club commissioned Arc 
Theatre to write a play about 
racism and tour local schools 
with it The aim was to attract 
more young blacks and Asians 
to its matches. 

The ABSA winners were the 
usual mix of the imaginative 
and the predictable. The Royal 
Bank of Scotland deserved rec- 
ognition for its corporate pro- 
gramme which has kept the 
arts afloat in Scotland, most 
notably the Edinburgh Festival 
and Scottish Opera, and Lloyds 
Ba nk won again, this time for 

youth sponsorship through its 
Film Challenge. 

Other deserving cases were 
Manchester Airport, which 
took the International Sponsor- 
ship prize for taking Contact 
Theatre and Tara Arts abroad, 
and Ernst & Young, which, as 
a first time sponsor, committed 
a great deal of cash to the Pio- 
asso show at the Tate. 
Underlining that sponsorship 


now positively embraces the 
avant-garde were the prizes for 
Beck's Beer, which preserved 
Rachel Whiteread's concrete 
"Honse" beyond its demolition 
date, and Ibstock. which took 
the new category of sponsor- 
ship in kind by providing the 
50 tonnes of clay sculptor Ant- 
ony Gonnley needed for the 
43,000 figures in his work 
-Field for the British Isles." 

Dartington Crystal won the 
Long Term Commitment 
award; Allied Domecq the Sin- 
gle Project, for its £3m support 
for the RSC; and Barefoot 
Books was the small business 
winner for helping Polka Thea- 


tre. The Guinness Award went 
to the Grand Theatre, Black- 
pool, which has acquired 12 
new sponsors in the past year, 
while the Business in the Arts 
Adviser for 1994 is Mike Stal- 
lard of London Underground. 

Arthur Andersen sponsored 
the Awards along with The 
Times, whose critics' award 
went to the New Contempo- 
raries touring arts exhibition. 
After five years BT has done 
its bit and this annual show, 
which lifted the careers of 
David Hockney and Damien 
Hirst, needs a new backer. 


Antony Thomcroft 

New link for the Bankside Tate 


The Tate Gallery yesterday 
announced the six architects 
selected as finalists in the com- 
petition to design the proposed 
Tate Gallery of Modern Art on 
London's Bankside. 

They are David Chipperfleld 
(UK); Herzog & de Meuron 
(Switzerland); Office for Metro- 
politan Architecture (Nether- 
lands); Rafael Moneo (Spain); 
Renzo Piano (Italy): and Tadao 
Ando (Japan). The winner will 
be announced in February. 

The Tate will be applying to 
the National Lottery financed 
Millennium Fund for much of 


the £8Gm needed to convert the 
disused power station into the 
nation's leading museum of 
modern art. The gallery space 
available of at least 120,000 
square feet is larger than the 
current Tate at Millbank: this 
will continue as the Gallery of 
British Art 

The FT has offered to organ- 
ise a competition for the design 
of a footbridge linking the new 
Tate with St Paul’s, which is 
immediately opposite across 
the Thames. 

A.T. 


Theatre/Alastair Macaulay 

A Song at Twilight 


W e tend to think of Coward as a 
playwright of the 1920s. '30s and 
'40s. Congratulations therefore to 
the Greenwich Theatre for reviv- 
ing his 1966 play A Song at Twilight. As it 
begins, it reminds you of sundry other Coward 
plays. Bat, as it develops, it also reveals a gift 
for suspense that Coward had seldom 
employed. Then, seriously, it addresses a sub- 
ject that had underlain all Coward's earlier 
oenvre bnt round which be had always, child- 
ishly, skirted. 

One of the several ways In which A Song 
takes your breath away is the hostile light in 
which the male protagonist - Coward's own 
role - is viewed. The role has wit and a certain 
urbane charm, on the surface: and no doubt 
Coward himself made the most of those. But 
then the play peels that surface away. 

We see Sir Hugo Latymer. an eminent elderly 
writer living in Switzerland, being beastly to 
his wife Hilde. She doubles as his secretary, 
and their relationship is a development of tbat 
of Garry and Monica in Present fjxug filer. We 
see him being charming to bis young butler. 
Felix. But all this, wc sense, is preamble to the 
arrival of his old liame. Carlotta. Carlotta turns 
oat to be a well-preserved and much-married 
lady aged abont 50; and the degree to which she 
skirmishes with Hugo and reminds him of the 
past makes her a successor to Garry’s wife Uz 
and tbe seductress Joanna, both in Present 
Laughter. Bat all this is also preamble. 

The most daring feature of Tom Smith’s 
excellent Greenwich production is how 
uncharming and unsympathetic it makes Sir 
Hngo from tbe first John Quentin, who plays 


the role, is testy, acid, defensive. His lack of 
charm makes hhn an unnatural Cowardian, bnt 
has the advantage of ensuring tbat we (ace 
head-on Hugo’s unpleasant hypocrisies, cruel- 
ties. evasions. Gideon Davey. tbe designer, has 
given Hugo's sitting-room a glacial air. Lois 
Baxter, as the elegant Carlotta. has both the 
rapier conversational technique and the wom- 
anly charm to point np all the more dearly 
what Hugo lacks. Alison Skillbeck, as Hilde, 
neatly catches tbe dowdiness, forbearance, and 
pragmatism that have been necessary to live 
with this man for 20 years. 

If you are inclined to see this play, read no 
further, just go. For the best fun of .4 Song is 
its suspense. Tbe skeleton in Hngo's cupboard 
which Carlotta finally addresses is his own 
homosexuality. We reach it. melodramatically, 
just before the interval. But the beauty of the 
piay is that Carlotta is not blackmailing Hugo, 
though he presumes she is. She simply wants 
him to admit not merely that he has a homosex- 
ual past, not merely that his thoughts have 
been homosexual a If his fife, but most impor- 
tantly his own capacity for loving anyone. 

It is this link between Hugo’s sexual repres- 
sion and his misanthropy that is the play’s 
most exciting feature, ft illumines everything; 
the preamble, we see, was not preamble at all. 
And the play's wordless conclusion - Hngo's 
gasping reaction as he re-reads the letters he 
once wrote to the man who was his one true 
love - suggests that his own ice is indeed about 
to crack. A Song at Ticilight is Coward’s most 
adult play, and so this rerival does him honour. 

At the Greenwich Theatre. SE10. 


Concerts/David Murray 

Virtuoso cellist 


T he Huddersfield Con- 
temporary Music Fes- 
tival, which continues 
in foil spate through 
next weekend, has assumed 
the mantle of the former 
Almeida Festival. All the 
Almeida virtues are trium- 
phantly reproduced. Hudders- 
field's artistic director. Richard 
Steinitz, is as tireless as Pierre 
Audi and Yvar Mikhashoff 
used to be about bawling new 
music for anything seriously 
interesting: original forms, art- 
ists with unheard-of talents, 
ambitious new ensembles. 

The current festival differs 
from the Almeida one only in 
having more venues and 
tighter programming - and 
being in Huddersfield. If more 
music students got modest 
grants to spend a week at tbe 
festival each year, the 
long-term effects on the codec 
five Imagination would be pro- 
found. On Sunday, a recital by 
the extraordinary cello virtu- 
oso Frances-Marie Uitti was a 
perfect case in point. 

In arcane new-music circles, 
Miss Uitti is notorious for hav- 
ing developed a way of playing 
the cello with two bows at 
once, permitting full four-note 
chords and much more besides. 
Contemporary composers are 
constantly anxious to do more 
with less: the Uitti style 
expands the range of the cello 
into untested possibilities. But 
she proved also to be a formi- 
dable. intrepid musician; none 
of her boggling feats seemed 
mere tricks, but were laden 
with sense and feeling. 

Half of her recital consisted 
or short solo pieces composed 
or adapted for her. each of 
them addressed with fervent 
conviction. The second half 
consisted of one premiere: 
Advaya. with electronics and a 
“midi-keyboard", by Jonathan 
Harvey - one of the festival's 


featured composers this year. 
The interplay between ITitti’s 
cello and the extra electronic 
voices and sounds was sensa- 
tionally effective, and some- 
times built to massive climaxes 
on a near-orchestral scale. It 
made a unique experience, one 
tbat seized the imagination by 
main force. Harvey's wild inge- 
nuity and Uitti’s acrobatic 
finesse left us awestricken. 

P eter Maxwell Davies is 
also featured, still in 
the throes of celebrat- 
ing his 60th birthday. 
Tonight tbe Royal Philhar- 
monic plays an all-Davies pro- 
gramme at Huddersfield; on 
Sunday it ventured only part 
of it in the Royal Festival Kail, 
together with of Vaughan Wil- 
liams’s evergreen Tallis Fanta- 
sia and John Ireland’s jolly, 
ropey Piano Concerto, played 
for more than its worth by the 
excellent Kathryn Stott. 

Since Max is the RPO’s 
“associate conduct or ■com- 
poser''. it seemed odd that his 
London birthday concert 
should be so mingy. He was 
represented only by a suite 
from the first act of his 1991 
ballet Caroline Mathilde (com- 
missioned by the Royal Danish 
Ballet) and by one of the dim- 
mest little pieces he has ever 
composed. “A Spell for Green 
Corn: the MacDonald Dances" 
for violin and orchestra. 

Since the ballet music 
sounds disappointingly like, 
well, ballet music - naked 
tunes-with-accampan unents, 
simple, unam bitious dramatic 
effects, much of it reassuringly 
tonal in a style that does not 
fire Max’s inspiration - the 
new “Spell for Green Corn" fol- 
lowed it with a particularly 
dull thud. It was hard to credit 
that he should put his name to 
such a feeble folk-fantasy, 
devoid of any inventive spark. 


Opera in recital/Antony Bye 

Purcell’s King Arthur 


A part from bis one real 
opera, the seemingly 
indestructible Dido 
and Aeneas, Purcell's 
theatre works sit uneasily on 
tbe modern stage, where, to be 
taken seriously, austerity is 
more to be prized than frolic- 
some glamour. Dryden and 
Purcell’s King Arthur has little 
to do with the stuff of Athu- 
rian legend: lacking Camelot. 
the Lady of the Lake of the 
Knights of the Round Table, it 
focuses on Arthur the forger of 
Britain’s imperial destiny and 
his campaign against the 
Saxon invasion, culmination in 
a dramatically feeble though 
rousing enough glorification of 
Britain's greatness - an occa- 
sion for some of Purcell’s most 
uneven music, veering 
between the sublime “Fairest 
isle" to tub-thumping fanfares. 

King Arthur demands a lav- 
ishness of presentation avail- 
able to only the most generous 
of budgets and, if Dryden’s 
play is enacted in full, a com- 
parable stamina from audi- 
ences. Concert performances of 
the music alone are an obvious 
alternative, yet however won- 
derful Purcell's music, it does 
need some kind of broader con- 
text for it to make its dramatic 
impact A favourite solution - 
a narration to link the more 
than 40 musical numbers - 
was adopted at the King Arthur 
conducted by John Eliot Gar- 
diner at the Queen Elizabeth 
Hail on Saturday as part of the 
South Bank centre's ongoing 


Henry Purcell: the English 
Genius series (which has 
already boasted an outstanding 
Fairy Queen from Roger Nor- 
rington - due on CD shortly 
from EMI). 

The narration proved a 
mixed blessing, however. 
While Dryden's flowery rheto- 
ric certainly has its attrac- 
tions, its hammy delivery by 
Edward Petherbridge (replac- 
ing the advertised Simon Cal- 
low) in tone more appropriate 
to the Death of Little Nell 
jarred with Gardiner's pol- 
ished, fluent, often spirited but 
generally bland account of the 
score. Neither the secure 
playing of the English Baroque 
Soloists nor the robust delivery 
of the Monteverdi Choir could 
hide the fact tbat for all Gar- 
diner’s command of Baroque 
style there was dangerously lit- 
tle interpretation. Does not 
Purcell's music need as firm a 
guiding hand as any other 
great composer's? 

Nonetheless, there were 
some outstanding moments: 
the Frost Scene with Stephen 
Varcoe an anguished, eloquent 
Cold Genius and Nancy 
Argenta an exquisite, vibrantly 
reassuring Cupid; and some 
fresh, ardent singing from Paul 
Agnew in his tenor solos, 
including the impossible 
stratospheric “I call you all to 
Woden’s Hall”. But on the 
whole, Dryden’s subtitle to 
King Arthur aptly summed up 
the general tone of Gardiner’s 
approach: “British Worthy”. 


1 YfNTEmATIONAlM 

AF 

GU 

ITS 

IDE 


■ PARIS 

OPERA mALLEr ^ n|47 23 3 7 
Champs Elysees iei- in 
21/47 20 08 24 

• Kitege: opera by Ujlteiv 

Gergiev at 7.30 pm; N<WZ3 

J^5aBsttyat7^0pm;Nov29,30, 

Dec 3, 4 


■ BERLIN 

S32W*»* ,41!B 

Dialogues des Carm^a^y 

SsgSs-T 



m BONN 

OPERA/SMhE* ?z81 


Italian with German surtities. 
Conductor John NescWing, 
production by Werner Herzog at 8 
pm; Nov 30 

0 La Fanciufla del West: by Puccini, 
in Italian with German surtities. 
Conductor Eugene Kohn, production 
by Gian -Carlo del Monaco at 7 pm; 
Dec 2 (8 pm) 

0 La Traviata: by Verdi. A new 
production conducted by Eugene 
Kohn, with production by JOrgen 
Rose. In Italian with German surtities 
at 8 pm; Nov 22, 26 (7 pm) ; Dec 4 
(7 pm) 

0 The Sleeping Beauty: a new 
production of Tchaikovsky's ballet. 
Produced and choreographed by 
Youri Vdmos at 7 pm; Nov 27; Dec 

1 (8 pm) . 3 

■ BOLOGNA 

OPERA/BALLET 

Teatro Comunate Tel: (051) 529999 

0 II Turco in Italia: by Rossini. A 
production directed by Evelino Pido 
at 8.30 pm; Nov 26, 29; Dec 1,4.6 

■ ROME 

Teatro Defl' Opera Tel: (06 481601 
0 L’Ariesiana: by Bizet at 7 pm; 

Nov 25. 26, 27 

■ AMSTERDAM 

galleries 

Riiksmuseum Tel: 020 673 21 21 
0 Art of Devotion 1300-1500: major 
winter exhibition focusing on the 
spiritual function of objects m the 
SevaJ period; from Nov 26 to Feb 
26 (Not Sun) 

OPERA/BALLET 


Het Muziektheater Tel: (020) 551 89 
22 

• Rosa: new production of the 
opera by Andriessen. Directed by 
Peter Greenaway at 8 pm: Nov 22, 
25. 28 

■ LONDON 

CONCERTS 

Barbican Tel: (071) 638 8891 

• Mozart: Idomeneo: Sir Colin 
Davis conducts the London 
Symphony Orchestra at 7 pm; Nov 
25. 27 

Festival Hall Tel: (071) 928 8800 

• Philharmonia Orchestra: with 
conductor Charles DtAoil and pianist 
Peter Jablonski play Tchaikovsky 
(piano concerto No. 2) and 
Shostakovich (symphony No. 5) at 
7.30 pm: Dec 6 

• Royal Philharmonic Orchestra: 
with conductor Vladimir Ashkenazy 
and pianist Shura Cherkassy play 
Rubenstein’s piano concerto No. 4 
and Tchaikovsky’s Manfred 
Symphony at 7.30 pm: Dec 7 

• Russia Old and New: Royal 
Philharmonic Orchestra with the 
Brighton Festival Chorus, London 
Choral Society and conductor 
Vladimir Ashkenazy perform 
Schnittke. Prokofiev and 
Rachmaninov at 7.30 pm; Dec 5 
Garrick Tel: (071) 494 5085 

• Koninklijk Concertgebouworkest: 
conducted by Sir Georg Solti, play 
Beethoven, Bartok and Kodaiy. With 
pianist Evgeny Kissin at 7.30 pm; 

Nov 23, 26, 29; Dec 2. 7 

Oueen Elizabeth Hall Tel: (071) 92B 
8800 

• The Fall of Icarus: Multi-media 
event inspired by Bruegel's, 
'Landscape with Fall of Icarus'. 
Belgian director Frederic Flamand 


collaborates with Italian artist 
Fabnzio Plessi and composer 
Michael Nyman at 7.45 pm; Dec 2. 3 

GALLERIES 

Barbican Tel: (071) 638 8891 

• A Bitter Truth: a multi-media 
exploration of changes in attitudes 
towards World War 1 throughout its 
duration: to Dec 1 1 

National Gallery Tel: (071) 839 3321 

• Allegory: selection of paintings 
from the permanent collection on 
the theme of allegory; to Dec 4 (Not 
Sun) 

Royal Academy Tel: (071) 439 7438 

• The Glory of Venice: a major 
survey of Venetian art in the 18th 
century: to Dec 14 
OPERA/BALLET 

Barbican Tel: (071) 638 8891 

• The Kirov Opera: director Valery 
Gergiev bnngs his entire company to 
the UK for just one night to give the 
first complete British performance of 
Rimsky- Korsakov's opera. The 
Legend of the Invisible City of Kitezh 
at 7 pm; Nov 28 

Royal Opera House Tel: 071 240 
1200 

• An Ashton Celebration: The Royal 
Ballet Company pays tribute to its 
founder choreographer with a short 
testival of his work, consisting of 12 
ballets and divertissements. 
Performance includes a new 
production of Daphnis and Chk» by 
Ravel at 7.30 pm; Nov 28, 30 

6 La Traviaia: by Verdi. A new 
production by Richard Eyre. Georg 
Solti conducts for the first five 
performances, then Phillipe Auguin. 
fn Italian with English surtities at 
7.30 pm; Nov 25. 29; Dec 2. 5 
0 Mwed Programme: includes the 
World Premiere of Michael Clark’s 
New Clarke Ballet. Fearful 
Symmetnes choreographed by 


Ashley Page, and Symphony in C by 
Bizet, choreographed by George 
Balanchine at 7.30 pm; Dec 1 . 6, 7 

• The Sleeping Beauty: a new 
production of Tchaikovsky’s ballet 
Produced by Anthony Dowell, set 
designed by Maria Bjomson at 7.30 
pm; Nov 23. 26 (2 pm) ; Dec 3 (2 
pm) 

THEATRE 

Gielgud Tel: (071) 494 5065 

• Hamlet: by Shakespeare. 

Directed by Peter Hall, designed by 
Lucy Hall. With Stephan DiHane, 
Michael Pennington, Donald Sinden 
and Gina Bellman at 7.15 pm; to 
Feb 4 (Not Sun) 

National, Cottestoe TO: (071) 928 
2252 

• Rutherford and Son: by Githa 
Sowerby, directed by Katie Mitchell. 
Sat and Th ur mats at 2.30 pm: to 
Nov 26 (Not Sun) 

National, Oliver Tel: (071) 928 2252 

• Racing Demon: by David Hare, 
the first of a trilogy of plays. Sat mat 
at 2 pm; to Nov 22 (Not Sun) 

0 The Seagull: by Chekhov, in a 
new version by Pam Gems. Sat mat 
at 2pm al 7.15 pm; Nov 23, 24, 25. 
26 


■ NEW YORK 

GALLERIES 

Museum of Modem Art Tel: (212) 
708 9480 

• A Century of Artists’ Books: 
Exhibition of 140 books from some 
of this century’s foremost artists; to 
Jan 24 

OPERA/BALLET 
Metropolitan Tel: (212) 362 6000 

• Don Giovanni: by Mozart, sung in 
Italian at 8 pm; Nov 25. 28; Dec 2, 6 

• Lady Macbeth of Mtsensk: by 


Shostakovich (Russian) at 8 pm; Nov 
22, 26, 30; Dec 3. 7 
0 Madams Butterfly: by Puccini at 
8 pm; Dec 1, 5 

0 Rigoletto: Italian opera by Verdi 
at 8 pm; Nov 23, 26, 29; Dec 3 
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performed by the NY City Ballet 
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at 8 pm; to Dec 4 

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4600 

• Los Angeles Philharmonic: 
Conducted by Esa-Pekka Salonen, 
plays Lutoslawskl, Ravel and 
Sibelius at 5 pm; Nov 26 
GALLERIES 

PhiBfps Coflectibn Tel: (202 ) 367 
2151 

• Pictographs of Adolph Gottlieb; 
exhibition of one of the founding 
members of the New York School; 
to Jan 2 

OPERA/BALLET 

Kennedy Centre Tel: (202) 467 

4600 

0 Le Nozze dl Figaro; by Mozart 
sung in Italian with English sur-tities 
at 8 pm; Nov 22. 25. 27 


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T his has not been a 
happy year for UK 
investment banks. 
Since the tightening 
of US monetary policy in Feb- 
ruary started to disrupt finan- 
cial markets and deny the 
banks easy trading profits, 
firms such as S.G. Warburg 
have disclosed sharply reduced 
profits and announced plans to 
tighten their belts. The upset 
has renewed doubts that any 
UK investment bank has either 
the capital or the expertise to 
rival large US firms such as 
Goldman Sachs. 

Yet Barclays de Zoete WeddL 
the investment banking arm of 
Barclays, has survived the tur- 
moil with p lans for expansion 
intact Its trading technology 
and innate caution have 
brought profits of £lS4m in the 
first half of 1994, despite the 
difficult trading conditions. 
And it has started a review 
that is likely to lead to a push 
into the US capital markets. 

Created in the run-up to the 
Big Bang deregulation of the 
City of London in the mid- 
1980s, BZW started a long way 
behind established UK mer- 
chant banks, such as Warburg. 
However, it could yet emerge 
with the best claim to be a 
global investment bank. 

It has been helped by three 
strengths: 

• Innovation: the firm was 
formed when Barclays 
acquired stockbroker de Zoete 
and Bevan and equity market- 
maker Wedd Durlacher and 
combined them with its own 
relatively weak merchant 
bank. As a newcomer, BZW 
had to devise and sell new 
products to gain business. 

“We were not able to grow 
like a classic UK merchant 
bank, so we had to do it the 
other way round," says Sir 
Peter Middleton, BZWs chair- 
man. 

Rather than waiting for com- 
panies to ask it to raise debt or 
equity on their behalf, BZW 
approached them with ideas 
that it believed would attract 
Institutional investors. Last 
year, for example, it advised 19 
UK companies on issuing 
enhanced scrip dividends to 
reduce their tax bills. 

“You sit at the cross-roads 
between issuers and investors 
listening to the babble, and 
you try to pick out strands.” 
says Mr Amir Eilon, joint head 
of BZW’s debt capital markets 
group. 

• Consistency: it has not 
attempted to establish tr ading 
arms outside the UK except in 
countries where it has built up 
a business in originating and 
underwriting securities. 

“There is no point in setting 
up a huge, powerful infrastruc- 


Ambitious for 
global growth 

John Gapper on the success of 
UK investment bank BZW 

BZW: coming good at last? 


, >■»». 

' ..." ■■■■■•. X 

' ; jjiwr Xrfwl! Vyv J ' 

- ij*/ 

'■■i ■ "i". * *S'. * 

■ | [wv , «* «%•••• 

A ■ ■ * * 

- ... >: v , 

« - 
** '* ' ■*.*'•* :: , "* ; 

} - ■ ,^; V ’ ■ 


Pre-tax profits (£m) 




Return on net assets (96) 
50 



1991 92 93 94 

ScurWK Conpanyoceouits 

tore for selling equities if you 
do not have a sensible flow of 
primary business." says Mr 
Graham Pimlott, BZW’s head 
of merchant banking. 

This has limited opportuni- 
ties in some of the fastest 
expanding markets, but means 
that once BZW has moved into 
a country, it is likely to stay. 
In Japan, for example, it has 
maintained its presence despite 
making poor returns after the 
downturn, in equity markets. 

“We do not believe in pulling 
out of things because of a tem- 
porary loss of business or 
momentum, so we are careful 
about entering in the first 
place,” says Mr Jonathan 
Davie, head of equities. 

• Risk management: BZW bas 
powerful software to manage 
risk that helped prevent trad- 
ing losses in this year's diffi- 
cult conditions. “This year, we 
have been very good at manag- 
ing risks down in uncertain 
markets,” says Mr Andrew 
Bruce, head of risk manage- 
ment 

The technique should also 
help allocate capital to activi- 
ties with the highest returns, 
one reason why Barclays has 
brought its lending to large 


1991 92 83 


companies outside the UK 
under BZW's control, and is 
moving towards the same 
approach for UK companies. 

Yet for all these strengths. 
BZW also faces obstacles. The 
largest one is its weakness in 
advising big UK companies on 
corporate strategy, an activity 
that generates income in sec- 
ondary activities. 

Mr Pimlott assesses BZW’s 
position in the field as being 
“at the bottom of the first divi- 
sion, but very much in it". Mr 
David Band, chief executive, 
admits progress has been 
slower than originally expected 
because of entrenched loyalties 
to other banks in the UK mar- 
ket. 

Comparing BZW with War- 
burg. Mr Band says: “We have 
got the products and are build- 
ing the clients, while they have 
got the clients and are filling 
in the products.” But displac- 
ing old-established firms such 
as Warburg as advisers is a 
hard task. “There is a system 
of appointed merchant bankers 
and brokers, and you usually 
only get the chance to dislodge 
them when they have mucked 
something up, or there is a 
conflict,” says Mr Band. 


Winterthur Group 
expects higher profits in 1994 


• We once again expect an increased consolidated 
profit for the 1994 business year. The reason for the 
positive profit perspectives lies primarily in the good out- 
look with regard to existing business. The claims ratio 
in non-life business is likely to improve and the expense 
ratio in both non-life and life operations is expected to be 
reduced further. Despite the volatile financial markets, we 
are expecting a good financial result In addition to the 
gratifying prospects in existing business, a positive con- 
tribution to profits will be made by DBV insurance 
(Germany), which wilt be consolidated for the first time 

in 1994. 

• In 1994. gross premiums of the Winterthur Group in 
existing business will grow by more than 9% (in original 
currency); together with the contribution made by DBV. 
they will increase by more than 2096 to approximately 
20 billion Swiss francs. 

® The integration of the organisations of DBV Insurance 
and Winterthur Germany is progressing according to 
plan. In the interesting growth markets of Spain and 
Italy, we can further develop our market position by 
means of acquisitions. We are strengthening our global 
network of services by establishing companies in the 
Czech Republic and by opening representative offices 
in China. 

Key figures for the first half of 1994 


• With new customer-oriented products, we have again 
been able to pul our innovative drive to the test. We have 
taken up cross-border life operations in the EU using 
Luxembourg as our base. 

• An important factor contributing to our success is the 
superior quality of our products and services. The inter- 
nationally recognised ISO 9001 Certificate of Quality 
Assurance awarded to the Safety Engineering Division 

l risk consultancy for companies ) is a reflection of our 
ceaseless efforts to enhance further the quality and pro- 
fessionalism of our services. 


Winterthur Group 
Gross premiums 


30.6.94 in GBP m 

(GBP I - Ctlf ZO0] 

4.891.3 


Dr Peter Spatti 
Chairman of the Board and 
Chief Executive Officer 


30.6.94 in CIIF m 


Investment income 


10.076.0 

1.509.8 


31.12.93 in CHK m 


16.391.7 


3.087.6 


Investments 


24.543 . 7 


50.560.0 


49.429.2 


Winterthur in Great Britain 

9 Churchill insurance. Bromley 
9'PmvKfepi.D\Bas/rigstoke. . .. 
9 Winterthur International London 


Winterthur insurance 

Head Office . ■ 

General Guisan-Strasse0- ;■); 

CH-84Q1 Winterthur , ; Switzerland 

Phone (0)52 261 77 11 ~~ _ 7 

Phone ( 0)52 2612371 (Investor Relations) 


Winterthur 


FINANCIAL TIMES TUESDAY NOVEMBER 22 1994 


Another difficulty is BZW’s 
lack of a strong arm issuing 
and trading US equities and 
bonds, which limits its claim to 
be a global player. At the 
moment, it has small US bond 
operations, and sells only 
European and Asian equities 
there. It has just launched a 
review to find a way of correct- 
ing this, and must choose 
between trying to grow the 
business organically, forming a 
partnership with a US invest- 
ment bank, or possibly acquir- 
ing a smaller US securities 
house. 

However. BZW has one 
advantage over competitors: 
access to capital from the par- 
ent bank. This gives it the 
strength to expand through 
acquisition, and allows it to 
operate with less day-to-day 
capital than free-standing 
rivals. Mr Chris Ellerton, a 
bank analyst at Warburg, esti- 
mates that BZW would require 
more than twice its level of 
equity capital if it operated as 
an independent firm and 
wanted the capital strength of 
J.P. Morgan, the US bank. 

I ts ability, as a subsidiary 
of Barclays, to operate 
with less day-today capi- 
tal tends to flatters its 
profits. BZW reported a 42 per 
cent return on net assets last 
year, making it hugely profit- 
able. But the figure would have 
been lower if it had operated 
with the amount of capital 
needed to stand alone. Rivals 
also argue that profits are 
inflated by the integration of 
Barclays' money markets and 
foreign exchange operations 
within BZW. 

Its dependence on Barclays 
for capital backing creates a 
further obstacle in establishing 
a clear image for BZW with 
potential customers. Mr Band 
says that it has further to go In 
this regard, including disclo- 
sure of more finan cial informa- 
tion than the bare pre-tax 
profit published at the 
moment. “1 think we’d be per- 
ceived as more valuable if peo- 
ple knew more about how we 
were made up." he says. 

Yet BZW’s greatest weapon 
against US investment banks 
may be outside its control. If 
European capital markets be- 
came less fragmented, and a 
stronger pool of institutional 
investment funds developed. 
Europe could start to rival the 
US as a target for companies 
raising capital. This would 
help leading European invest- 
ment hanks drum up business 
from those companies. 

Until that happens, BZW and 
its European rivals will find it 
a struggle to become true 
global players. 


Joe Rogaly 


The odour of rising 


If they had 
privatised the 
Conservative 
party its board 
would be in a 
right old 
pickle. Think 
about it. There 
1 they would sit, 
the dignitaries of Tory Promo- 
tions pic. dog-eared copies of 
the latest consultants' report 
spread out before them. 
Report? That is not the word. 
The note prepared by Mr John 
Maples is the most devastating 
indictment of a sinking enter- 
prise since Noah was informed, 
following in-depth qualitative 
research, that there was a dis- 
tinct odour of rising damp 
about the place. 

The deputy chairman of the 
party did not intend that his 
charge-sheet should be pub- 
lished He might have known 
better. My colleague Robert 
Peston reproduced its main 
points in yesterday’s FT. It 
says, very nearly in so many 
words, that the government 
has been seen through by a 
significant proportion of the 
voters who supported it in 
April 1992. “We must deliver 
improved results in the four 
key areas of the economy, law 
and order, education and 
health," writes Mr Maples. 

Quite so. But does he tolly 
appreciate what he is saying? 
Sure he does. He is as an affa- 
ble and apparently straightfor- 
ward fellow. He is telling Mr 
John Major, for whose perusal 
the note was intended, that 
after 15 years of Conservative 
rule, four of them under the 
prime minister, people feel 
insecure about jobs and living 
standards. They doubt the gov- 
ernment’s competence, and 
suspect its motives. They are 
nervous about the prospects 
for treatment in hospitals. 
They deplore the collapse of 
families, values and morality, 
wince at school closures, and - 
unkindest cut of all - believe 
that Labour would be more 


likely than the Tories to 
restore law and order. Nor is 
the boss himself spared. “Spe- 
cial consideration and plan- 
ning is needed for the prime 
minister's activities to give 
meaning and focus to every- 
thing else we do,” he writes 
circumspectly on page 12, echo- 
ing page 2’s can for “purpose 
and direction". 

There we have it. Mr 
Maples’s thesis is a cry of 
despair. He has analysed the 
results of detailed interviews 
with 80 people who voted Tory 
last time, but who doubt that 
they will again. Every Tory MP 
with a majority under 20,000 
knows why. “So, wbat can we. 

do . . wails 

the deputy . 

chairman. He A ptivai 

hopes that bet- Tory Pn 

ter news man- - 3 * 

agement will board V 

help the party tr emhli 

explain that . j 

"four or even WOillQ 13 

five years or whether 

recovery with 

no rise in Uv- Or QOtll 

ing standards” OWE 

is “good for the 
longer term”. 

You can appreciate the diffi- 
culty by noting one particular 
paragraph in the appendix to 
his memorandum. Voters, it 
appears, have come to believe 
that “although in the 1980s the 
Conservatives seemed to prom- 
ise a classless society of oppor- 
tunity*. the reality is now that 
the rich are getting richer on 
the backs of the rest, who are 
getting poorer”. 

Funny about that Fate has 
so arranged matters that Rob- 
ert Peston's scoop appeared on 
the same day as the announce- 
ment by British Gas that its 
top managers are to pay them- 
selves up to To per cent more. 
This self-improvement plan is 
exceeded in the modesty of its 
aspirations only by the deli- 
cacy Of its timing and the tact 
with which it has been con- 
veyed. It follows the latest 


A private-sector 
Tory Promotions 
board would be 
trembling. They 
would not know 
whether to resign 
or double their 
own pay 


round of gas price increases, 
which wffl be higher for those 
who fail to pay by direct debit. 
Clearly, British Grab Ukes to 
have its hand in your pocket- It 
feels more comfortable there. 

The voters who told Mr 
Maples that they .worry about 
their jobs will note that the 
performance indicators upon 
which privatised ' industry 

directors are basing their 

handouts to themselves move 
sharply upwards whenever 
employees are sacked. Hence 
the motto of the 1990s: down- 
sizing equals upbonusing. 
Lab our cannot lose cm this one. 
All it has to do is. remark in 
t pnpg of injured Innocence that 
the govern- 
ment. could 
‘-Sector give, the regular 

motions tors °? 

monons 

Quid be lies stronger 

S TheV Powers. Mr 

■ Major bas time 

)t know -in which to act 

o resign His publicly 

| - s owned adroims- 

le tneir tration is sit- 

nay ting on a five- 

“ 3 year contract. 

w—m—m A private-sec- 

tor Tory Promotions board 
would feel less secure. Its 
members would be trembling 
at their deputy chairman's 
report The poor boobies would 
not know whether to resign or 
award themselves double pay, 
triple bonuses, and universal 
options. 

Do not misunderstand me. 
Labour could yet lose the next 
election, even against this 
imperfect government. It is 
good at losing. Bear with me as 
I shuffle my files. Yes. Here it 
is. Any Southern Comfort ?, the 
mirror-image of the Maples 
report, was published in Sep-, 
tember. This Fabian pamphlet, 
by Giles Radice and Stephen 
Pollard, noted the failings of 
the people's party. It, too, drew 
on focus-group research into 
potential Labour voters. It 
found that while Labour is bet- 


ter regarded than it wasy ft is 
still on probation Whitecofiar: 
and skilled manual employees 
are worried about, crimes jobs,” 
health care, their children's 

futures. Labour hasnot.yet' 
convinced sufficient potential 
converts that it wflLmatotftie. 
streets: safe and enhuge the, 
employment market without 
raising taxes or restarting 
inflation! ..TV". 

See? - Mr Tony Blair's repoai- 


only begun. Yesterday Mr Pol-, 
lard, he of the. RadicerPollani 
pamphlet, argued, in a paper 
published by the Social Market 
Foundation, that Labour 
should explicitly mbtdict fhe 
market : In Themarkd'and 
Clause JVhe offers anideafcst's 
version of the statement s 
a ims that wfll.shbrfly .be pot 
before Ls^wur’^narional exeat 
five. He -wants references to r 
trade unions and nationalisa- 
tion out, and. a statement that . 
the market Is the only efficient 
means of allocating resources 
in. Mr Blair may do all that, 
but not so starkly. He could 
waffle on about ethics and lit- 
tle else, but thpt would be to . 
dodge the issue. He could, 
resort to cloudy talk of public 
ownership in. auspicious, cir- 
cumstances, but then he might 
as well keep the present qussl- 
Man rist fn mnikrfjo tl .V. 

Whatever he does he had bet- 
ter not (fifty-daily. Next week 
the chancellor will deliver 
what may become the last bud- 
get before tax. cuts are backin' 
fashion. That will lay the. 
groundwork for a “responsi- 
ble” act of brigandage. Next 
year, or the year after, or In 
both, years, Mr Kenneth 
Clarke, finance director of - 
Tory Promotions pic, will try - 
what has worked so well in the 
past He wfli bribe the share- 
holders with their own money. 
The Maples memo can then be 
shredded. Glued to the 
national lottery, this nation of 
sockets may once again get the 
government It deserves. 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fox for finest resolution 


Poor case 
against soft 
commission 

From Mr Andrew Smithers. 

Sir. Lex’s comments on soft 
commission (November 17) 
were ill-considered. There is no 
case against soft commission 
that is not also an argument 
against all forms of commis- 
sion and. while payment for 
services via commission leads 
to abuse, it certainly needs not. 

Payment for research has 
traditionally been made 
through commissions. Forcing 
these payments to be restricted 
to houses which offer dea lin g 
services as well as research 
will reduce the ease of entry 
and restrict competition. Mea- 
sures that contribute to 
reduced competition are 
clearly in the interests of inte- 
grated securities businesses 
and it is fair to point out that 
Mercury Asset Management is 
part of a large integrated secu- 
rities business. 

It is important that commis- , 
sions payments of all kinds 1 
should not be abused, but it is 
equally important that abuses 
should not arise through fund 
management companies being 
owned by broker/dealers. The 
regulations designed to achieve 
these ends should not, how- 
ever. serve only to reduce com- 
petition. 

The Financial Times does 
not normally support anti-com- 
petitive measures and it is sad 
to see Lex doing so. 

Andrew Smithers. 

Smithers & Co. 

20 St Dtmstan s Hill 
London EC3R SHY 

Beating the 
system 

From Mr Seppo Raisanen. 

Sir, Emma Tucker’s article 
(Perspectives: “Welcome to 
Soviet Belgium", November 12) 
about Soviet Belgium’s burro- 
crada (as the Brazilians write 
It) in the strongest way indi- 
cates the need for the so-called 
developed countries to adopt 
the Brazilian despachante 
(expeditor) system. 

Despachante is the full-time 
professional interface who, for 
a modest fee, makes ail direct 
contact between an expat or a 
native and officialdom (cus- 
toms, police, tax men. includ- 
ing the paying of fines and 
buying of “presents") unneces- 
sary. The only thing he cannot 
do is provide his customer's 
fingerprints. 

All this without a treaty 
against bureaucracy - written 
by whom? The bureaucrats? 
Seppo Raisanen, 

Caste l des Loups, 

Les Selves. 

Houle de Taradcau. 

S33QQ Draguignan. France 


Share dealing risks 
in Russia eliminated 
by new systems 


From Mr Karen Antonyan. 

Sir, Your article, “Fears over 
share security deter investors 
in Russia" (November 16), 
merely encourages investors’ 
belief that all share transac- 
tions in Russia cany a high 
risk of fraud. In practice, expe- 
rienced, reputable brokerages 
have developed procedures 
that all but eliminate the set- 
tlement and custodial risks 
referred to. 

The Sirius computerised set- 
tlements system, currently 
being adopted by a number of 
the latest Russian enterprises, 
including Surgutneftegaz and 
Yuganskneftegaz, provides 
buyers and sellers with a 
secure and auditable mecha- 


nism. Electronic trading 
systems are being introduced 
by KPMG while DCC is devel- 
oping a secure custodial sys- 
tem. 

Russian securities law may 
be in its infoncy, but it still 
provides strong and clear 
redress for investors who find 
themselves in conflict with fac- 
tory managers and their regis- 
trars. The main deterrent to 
increased investment in Russia 
may well be the disproportion- 
ate publicity afforded to inci- 
dents such as Trans world’s. 
Karen Antonyan, 
director. 

Centrelnvest Securities, 

12 Vrubel Street, 125080, 

Moscow. Russia 


Positive part 
of pyramid 

From Mr Charles Griffiths. 

Sir, The FT particularly will 
realise that there are losers In 
all types of business endea- 
vour. Why should network 
marketing be any different? 

It is very sad that Be than 
Hutton’s article (Weekend 
Money: “Inside the pyramid 
game”, November 19) foils to 
mention any of the positive 
aspects of the Am way busi- 
ness, the important part Bris 
and Kerry Bovtll have played 
in developing that business 
and, in so doing, the opportuni- 
ties they have created for hun- 
dreds if cot thousands of peo- 
ple facing a bleak and 
Uncertain future. 

Charles Griffiths, 

Lansdowne House, 

Fairfield House, 

Fairfield Road, • 

Winchester S022 6SG 


Expediency in Euro airline decisions 


From Mr Geoffrey Lipman. 

Sir, Paul Betts's article on 
European airline competition 
(“Struggle at the airport 
gates”, November 10), under- 
plays one important ritmunsirm 
of the issue. Fifteen months 
ago the European Commission 
appointed its “Co mite des 
Sages” (Wisemen’s Committee) 
to propose a way forward for 
Europe's floundering airlines. 

The Comite’s report, widely 
hailed as a beacon for future 
development, 

concluded that only elimina- 
tion of state protectionism, and 
creation of a genuine “level 
playing field" in the European 
market, would force European 
airlines to restructure to be 
cost-efficient, global competi- 
tors. 

Shortly after the report was 
published, the Air France deci- 
sion was released - paying lip 
service to the detailed Sages 


conditions, but qualifying each 
with legal or bureaucratic 
nuances effectively to remove 
the teeth. 

Take a few examples: 

• The report said: "A privati- 
sation plan must be in place.” 
The decision acknowledges: 
“Best efforts will be made for 
privatisation.” 

• The report said: “There 
must be a published indepen- 
dent assessment of any 
restructuring plan before 
implemention." The decision: 
“Has no prior Independent 
assessment." 

• The report said: “The 
restructuring should be moni- 
tored by independent experts.” 
The decision says: “If the Com- 
mission considers it neces- 
sary." 

Of course the Sages’ recom- 
mendations were not sacro- 
sanct - the Commission was 
free to accept, reject or amend 


the proposals. But what is 
regrettable for Europe is that 
the objective analysis and 
pragmatic safeguards of the 
Sages' report have been neatly 
side-stepped, and political 
expediency has played a large 
role - the very thing which the 
recommendations sought to 
overcome. 

Unless the courts ampnrt this , 
decision, or new transport 
commissioner Neil Kinnock 
revisits it, the liberalisation., 
cause will have been set hack 
five years, and with it the 
thousands of jobs riding on. the: 
travel tourism output and 
export revenue that a compete 
five air transport system can 
deliver. ;. 

Geoffrey H Lipman, 
president. ; 

World Travel & Tourism . 
Council, 

4 Suffolk Place. 

Haymarket. London SW1Y4BS 


Nicaragua hindered by stabilisation programme : 

ix- . n> I 'il , _ . ■ *■ 


From Mr Trevor Evans. 

Sir, Edward Orlebar’s article, 
“Nicaragua limps back to life” 
(November 1), is mistaken in 
saying there has been no eco- 
nomic growth in Nicaragua 
since the 1970s. In feet, follow- 
ing the Sandinista revolution 
in 1979, the country's gross 
domestic product expanded at 
an average rate of 4.8 per cent 
a year from 1980 to 1983. 

One important reason for the 
decline horn 1984 onwards was 
the lack of access to foreign 
finance, mainly due to the eco- 
nomic boycott of Nicaragua 
Instituted by the US govern- 
ment. Since the UNO govern- 
ment took office in 1990, 
though, the country has 
received exceptionally large 
amounts of foreign finance. 


with loans and donations 
amounting to almost 40 per 
cent of GDP a year. 

However, much of this 
finance was conditional on the 
government implementing one 
of the most hard-hitting stabi- 
lisation and structural adjust- 
ment programmes in Latin 
America This has led to a situ- 
ation where, according to gov- 
ernment figures, 55 per cent of 
the population is now without 
a proper job. and poverty has 
increased strikingly, especially 
in rural areas. 

Mr Oriebar gives the impres- 
sion that little has yet changed 

m the public sector, but thU is 
not true. Government con- 
sumption has been cut by a 

*?*-?*!« has been 
reduced by 20 per cent, and 


nearly ail the country's 356. 

nationalised companies have 
been privatised. 

The key problem in Nicara- 
gua is that, despite all the for- 
eign finance, after three years' 
of structural adjustment p<& 
cies, the economy has stiDnot 
demonstrated any s ignifi cant 
growth. • ' ■ 

Imports of expensive, con*-: 
sinner goods have flourished 
to the benefit of a small minor- 
ity. but the balance of pay- 
ments has deteriorated and pri- 
vate investment is now £ven 
tower than it was in 1990. 
Trevor Evans, 
regional centre for economic 
and social research, 

Apartado 3516, t 

Managua, 

Nicaragua 




out' 


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T, Mss 


Tuesday November 22 1994 


FINANCIAL times 

TeHm S? So “ihwaric Bridge, London SE1 9HL 
" S7J 300u Teles: 922184 Fas: 071-107 5700 

Tuesday November 22 1994 


A different 
US outlook 


to Econl 5 ,"^ 1 ' °tototolon 
D" e iop me “'^°X ra “ 0n “ d 

always reports are 

feed m t jMrl? ercy of somewhat 

^aswt 

menf 6 ffV® from 1331 assess - 
SEqkw?* ™ Ufl ^" s progress. 
rfthi E S D f erdlcl resembles that 

Wh^re ^^n te: harder - 

th*f Lit C ^ 7ers 15 “> believing 
P ^* sident ^ Clinton 
^ Greenspan, chairman 
of th e Federal Reserve, must 
deliver more of the same in the 
years ahead for the economy's 
ftiture to be secure. Much of the 
authors short-term analysis has 
been overtaken by the events of 
recent weeks. Their sobering 
long-term prescriptions for the 
economy have not. 

Hie US economy, in the OECD's 
view, has performed “remarkably 
well over the past two years. 
“The expansion has become more 
firmly established, and job cre- 
ation has accelerated, without the 
re-emergence of any wage and 
price pressures thus far." Unlike 
many us voters, the organisation 
awards some of the credit for this ■ 
achievement to Mr Greenspan and 
the administration. 

By rai sin g interest rates before 
any visible hints of inflation, Mr 
Greenspan was quicker to ti ghten 
the monetary screws than his pre- 
decessors. Many in the business 
community, predictably, griped. 
Yet, as the authors point out, he 
was acting to slow a recovery very 
much of his own making. 

Domestic demand 
Low interest rates have played 
an unusually large role in driving 
the present upturn. The report 
notes that, by the end of the sec- 
ond quarter of 1994, the interest 
rate-sensitive components of 
domestic demand — fhrad invest- 
ment and durable goods consump- 
tion - had risen 30 per cent since 
the recovery began at the start of 
199L This' helped to deliver the 10 ' 
per cent rise in gross domestic 
product over the same period, 
despite the fact that other damawd 
components rose only 5 per cent 
The organisation is duly scepti- 


cal about the possibility that cur- 
rent growth rates can be sustained 
without a pick-up in Inflation. 
Manufacturing productivity has 
improved dramatically 1990. 
Some, including Mr Greenspan, 
hope that factors like computerisa- 
tion and continued low inflat ion 
may produce a structural improve- 
ment in the economy's efficiency. 
But the OECD, at least, would not 
rely on it. predicting 2.8 per cent 
inflation in 1995, up from this 
year's 2.1 per cent 

Interest rates 

To judge by last week's mone- 
tary tightening, Mr Greenspan has 
decided to be similarly cautious. 
Indeed, by raising interest rates 
by three-quarters of a percentage 
point, he has already surpassed 
the half-point rise by year-end 
which the authors expected when 
the report was written. Mr Green- 
span's decisiveness appears to 
have had a favourable impact on 
market expectations. But the extra 
V« per cent will give the OECD 
little reason to revise down its pre- 
diction of 23 per cent growth in 
real GDP for 1995, down from 
around 3£ per cent this year. 

Updating the report's careful 
analysis of Mr Clinton’s legislative 
efforts will present more of a prob- 
lem. Uncontroversially, the report 
singles out the 1993 deficit reduc- 
tion package as something of a 
landmark, crediting the adminis- 
tration for two-thirds of the tell in 
the overall US budget deficit In 
fiscal year 1993. This was 3.4 per 
cent of GDP in 1993, down from a 
record 43 per cent in 1992. 

The federal budget deficit is 
expected to fall to a low ctf $173bn 
in 1996. But, as the authors point 
out, it will then begin to rise 
again, topping gaoobn by 1999. Mr 
Clinton’s other legislative pro- 
grammes — health care, welfare 
reform, "reinventing government” 
and others - receive plaudits from 
the authors, for addressing, if 
only on paper, the country's 
long-term social and economic 
weaknesses. 

Of course, these are all thing s 
which Mir Clinton foiled to deliver 
in 1994 Republicans in Congress 
might justifiably argue that the 
voters elected them to achieve 
more, in these areas, than Mr Clin- 
ton. The danger is that they will 
see it as a mandate to do less. 


Better schools 
for all 


a the government first 
shed league tables of school 
college performance in 
sh public examinations two 
; ago,, the move was highly 
overslaL Enlightenment has 
triumphed, and the Labour 

I has renounced its apposition 

e publication of performance 
ticks. The challenge now is 
joliticians, irrespective of 
r, to develop policies to 
Dve the lamentable results 
ved by the bottom fifth of 
in’s schools. , 

^tended to other government 
ational reforms, Labour’s 
je of heart may foster a wel- 

! consensus on the basic 
tore of England’s education 
m. League tables are the first 
The next should be a Labour 
nltment to preserve the 
iomy of grant-ma in ta in ed 
,1s, while vesting the govem- 
■s necessary reserve powers 
:al education authorities, 
.ahmir also bites the bullet erf 
mt finance, it could even lead 
duration debate for the first 
in the past decade. The 
it report of the party's social 
•e commission nghtly recom- 
led that students sboddeon- 
te to the cost of their tuition. 

II not be possible to 

tv higher education without 

a reform - unless other vitai 

: of the education itfstenL 
jly schools, are to be starved 

KrtsaSS 

improvements to both GCSE 

- performance. 

that weUund^batfJ* 


s C grades at GCSE- 


tiou in jobs requiring basic numer- 
acy and literacy. The publication 
of exam results has helped to 
focus attention on the problem: in 
some cases that attention alone 
has been a stimulant to improve- 
ment- But in more it has simply 
exposed a failure which continues 
from year to year. 

What is to be done? A host of 
government policies is on the 
table or in operation, notably the 
rapid development of vocational 
qualifications to cater tor the less 
academically able, greater auton- 
omy for school bead teachers and 
governors, more nursery educa- 
tion, more frequent school inspec- 
tions with the threat of task fences 
for schools which foil to improve, 
and the provision of greater finan- 
cial incentives for teachers. 

Greater autonomy 

Greater autonomy is valuable to 
successful schools; but it often 
exace rbates the failure of the less 
successful. For that reason, the 
principle behind the plan to send 
task forces into schools which are 
seriously falling is sound. The 
government has yet to use its 
powers to do so. It should not 
flinch from taking such action. 

Only a small number of schools 
can be tackled by task forces. For 
the rest, the development of nurs- 
ery education and vocational qual- 
ifications are vital priorities. It 
-will not be easy to fund universal 
nursery provision, and there are 
valid concerns about the new Gen- 
eral National Vocational Qualifica- 
tions. But it would be a mistake to 
slow the pace of reform: all four- 
year-olds should have access to a 
nursery place, and all secondary- 
age pupils should have the option 
of taking rigorous vocational 
courses instead of more tradi- 
tional academic routes through 
school and college. 

However, there is no use in pre- 
tending that educational reforms 
alone will improve the lot of foil- 
ing schools. The problems they 
face are as much social as educa- 
tional - rooted in poverty, family 
breakdown, racial tension and 
urban blight. Most of the areas 
affected are run at local level by 
Labour councils. A new partner- 
ship Is needed between teachers, 
councils and central government 
to improve inner city schools. If 
political parties could exploit their 
new common ground to that pur- 
pose, they would deserve a higher 
ranking in the public's estimation. 


* 


19 


Stitched together 
for better or worse 


Baby Bel] phone companies and US cable TV operators are 
increasingly chasing the same market, says Tony Jackson 



A cross thB US, telephone 
companies are dubbing 
together to get into 
cable television. Cable 
companies are dubbing 
together to get Into telephony. Tele- 
phone and cable companies are get- 
ting together with each other - and 
with the entertainment business. 

Next month’s SlObn-plus auction 
of mobile phone by the US 

government is triggering a transfor- 
mation of the communications 
industry. But the strategic Issue is 
wider than a race tor licences. Com- 
panies are positioning themselves 
to supply America's homes with an 
enormous range of services, from 
simple phone calls to dial-a-video 
and armchair shopping. 

The two main groups of contes- 
tants are the regional phone compa- 
nies, otherwise known as Baby 
Bells, and the cable TV operators. 
Technically, each group is now 
capable of doing the other’s job. But 
as regulated local monopolies, they 
have been kept apart by govern- 
ment decree. 

Now technological change is 
creating new opportunities for them 
to sell each other's services that are 
outrunning government’s ability to 
police their separation. The barriers 
between them ore breaking down. 

In the short term, the results 
could be damaging for both indus- 
tries. As Salomon Brothers' tele- 
coms analyst Mr Jack Grubman 
points out. neither local telephony 
nor cable is a growth market in the 
US. 

Annual turnover in US local tele- 
phony is put at $90bn (£S5hn), cable 
at $20bn. More. than 90 per cent of 
US homes have a telephone, and 
local telephone sales are rising only 
in line with inflation. The cable 
companies pass 90 per cent of 
homes and serve 75 per cent 
"Anybody who doesn't have 
cable.” says Mr Grubman, "doesn’t 
want it, cant afford it or has a 
satellite dish.” 

If these two powerful industries 
invade each other's territory with 
investment pi«n« totalling billions 
of dollars, the Inevitable result will 
be vastly increased supply and 
plunging prices. Yet both industries 
are planning to spend $1,000 per 
customer to duplicate each other's 
business, says Mr Grubman. 

Some would dispute the figure - 
the cable companies, in particular, 
argue their investment will be 
smaller. They already have sophisti- 
cated networks in the ground that 
can carry both TV and telephony, 
while the phone companies* net- 
works still consist mostly of old 
copper wire that cannot carry TV. 

But a battle between the two is 
now inevitable. Mr Fred Salerno, 
vice-chairman of New York regional 
phone company Nynex, says: "We 
see two fiill service providers pass- 
ing bouses in America: one a cable 
company that looks fifrp a telephone 


company, the other a telephone 
company that looks Uke a cable 
company.” 

And, be concedes, it will be 
costly. "There’s no doubt the mar- 
ket win be somewhat bloodied for a 
while. Marg ins will shrink and mar- 
ket shares will shift” 

The telephone companies, he 
argues, have three basic advan- 
tages. Pint since they need to mod- 
ernise their networks anyway. 
adding the capacity to carry enter- 
tainment services comes virtually 
free. "We can almost justify patting 
broadband networks out there just 
on grounds of cost reduction, so the 
incremental cost of new services is 
correspondingly low." 

Second, he says, the phone com- 
panies have much stronger balance 
sheets. This is true in most cases: as 
long-established monopolies, the 
Baby Bells have enormously strong 
rash flow; cable is a relatively 
young industry, still carrying debt 
from its start-up investment and 
facing the costs of a new round of 
competition. 

The cable companies retort that 
their shareholders know all about 
that As the chief executive of one 


large cable company puts it: " Our 
investors permit us the luxury of 
big capital investments for future 
growth. The Baby Bells are income 
stocks and are expected to pay divi- 
dends, which is a huge capital 
requirement every year.” 

Third, Mr Salerno says, customers 
prefer the telephone companies for 
reliability. Historically, the cable 
companies were created to enter- 
tain. not to provide an essential ser- 
vice. Understanding wifwfciinBpwtf 
gives them a valuable edge in the 
coming battle with the phone com- 
panies. But their record in provid- 
ing service and fixing faults has 
been correspondingly poor and, 
while they claim to have made 
great strides lately, their image may 
still tell a gainst- them. 

The telephone companies, by con- 
trast. are utilities with a statutory 
obligation to provide universal ser- 
vice. If a phone line goes down in 
the small hours of a Sunday morn- 
ing, it is their job to fix it. 

"Our primary research suggests,” 
says Mr Salerno, “that if we can 
offer the same services as a cable 
company, we'll get the business.” 

However, the battle between tele- 


phone and cable companies will be 
complicated by the growing compe- 
tition in mobile telecommunica- 
tions. 

In the past, mobile telephony in 
the US has been restricted by stat- 
ute to two networks per region. 
Typically, these are old-fashioned 
analogue systems with limited 
capacity, as they are upgraded to 
digital technology, their capacity 
will increase at least threefold. 

On top of that, th> government 
will next month auction broadband 
mobile frequencies for personal 
communications services (or PCS), 
which will cany mobile telecommu- 
nications but also other data. There 
will be as many as six per region by 
1997-98. 

The result, says one cable execu- 
tive, is that "we wfil be awash with 
wireless capacity”. Charges for 
mobile telephony are likely to foil 
as a result 

At present says Mr Grubman of 
Sa l omon, mobile telephony does not 
eat into conventional local tele- 
phone services. "When It costs 50 
per rant less [than now]," he says, 
"it could start to.” 

Yet both telephone and cable 


companies are forming alliances 
with each other, with the 
long-distance operators and with 
the entertainment business to bid 
for the new networks. One might 
therefore ask why the telephone 
and cable companies are so keen to 
join the bidding. 

It is here that one runs up against 
a bus-phrase in the industry: the 
value chain. A continuum, it is said , 
has developed all the way from 
wires in the ground to Hollywood 
movies or interactive video games: 
or. as the jargon, has it, between 
conduit and content. 

The telephone and cable compa- 
nies fear that the value will migrate 
from the conduit end of the chain to 
the content end. Hence last month's 
alliance between three erf the Baby 
Bells and a leading Hollywood tal- 
ent agency, the aim being to secure 
a supply of films and other enter- 
tainment to put thr ou g h the Baby 
Bells’ new cable networks. 

At present, this is understand- 
able: the explosive growth in the 
cable/phone networks is running 
ahead of the entertainment indus- 
try’s ability to toed it. The logical 
safeguard against such uncertainty 
is to be in everything at once. As 
Mr Salerno of Nynex puts if "Since 
you don’t know where the value is 
in the chain, you need to be all the 
way up and down it." 

T here will be two notable 
absentees from the bid- 
ding: MCI, the second- 
biggest US long-distance 
phone company, and 
media giant lime Warner. Amer- 
ica’s second biggest cable company. 
Both are working on a simple prem- 
ise: that as overcapacity develops, 
they will be able to pick up mobile 
phone licences cheaply in their own 
time. 

For the industry as a whole, how- 
ever, the flourishing alliances 
involve much duplication of 
resources. Inevitably some of the 
investments now being made will in 
toe ftiture Look to have been a mon- 
strous waste. 

Mr Richard Bodmin, head of strat- 
egy at AT&T, the biggest US 
long-distance phone company, says 
that the duplication is necessary. 
"The way we get more efficient in 
this country is through experi- 
ment,” he says. "It’s only wasteful 
from the standpoint of a philoso- 
pher king with a view of how it 
ought to work out” 

Mr Bodmin adds that the risk 
of industry overcapacity is prob- 
ably not serious over a 15-year 
period. 

"You're going to get periods of 
oversupply in given areas, and if 
you take any one part of the net- 
work, there might be a year or two 
when it looks kind of black. But 
over 15 years, we're nowhere near 
the end of good ideas to put down 
the line." 


Importance of Nordic influence in EU 


Now that Finland 
and Sweden are 
firmly set to join the 
European Union 
next year, and Nor- 
way is more Hkely 
than not to follow, 
the character of 
European coopera- 
tion is bound to chafe. Assuming 
Norway votes Yes in the referen- 
dum on November 28, one person in 
four around the EU discussion table 
will come from a Nordic country. 
The northern perspective will have 
an important impact on the future 
of the Union. 

This applies not least to efforts to 
build a common foreign and secu- 
rity policy that can actively contrib- 
ute to stability in areas that were 
formerly part of the Soviet bloc. It 
Is often overlooked that Russian 
power in Europe now directly meets 
the west and its different institu- 
tions only In the areas of the Baltic 
and Barents Sea. 

The region around St Petersburg, 
by far the largest European city 
north of London, Paris and Moscow, 
is set to recover its old role as the 
window to the west of the Russian 


lands. The city’s impressive indus- 
trial and scientific talent, derived 
from the concentration of military- 
industrial resources In the region, 
will give it a key role in the trans- 
formation of the Russian economy. 

Yet there will be difficulties as 
well as opportunities. In coming 
decades the Nordic countries will be 
forced to concentrate a large part of 
their foreign and security policy on 
present and potential problems in 
the area stretching from Kalinin- 
grad in the south to the Kola penin- 
sula in the north. 

These border lands between Rus- 
sia and the west may become the 
most impressive growth region in 
Europe in coining decades. But we 
cannot ignore risks for the reform 
process in Russia and for political 
stability in and around the three 
Baltic countries. The revanchists of 
the extreme right and left are far 
from dominating Russia's political 
scene. Yet any sign that their influ- 
ence is growing will send shock 
waves into the Baltic region and 
then the entire European system. 

In their own interests, as well as 
those of the wider Europe, the Nor- 
dic countries will want early prog- 


ress towards bringing the Baltic 
states firmly into the structures of 
European co-operation. With EU 
agreements on Baltic trade and eco- 
nomic co-operation now in place, 
the new Nordic members will be 
pressing for the Baltic countries to 
take part in the Ell's future enlarge- 
ment towards eastern and central 
Europe. The Baltic states share in 
many respects the same reform poli- 


New Nordic members 
will be pressing for 
the Baltic countries 
to take part in the 
EU’s enlargement 


cies and western orientation as 
countries like Poland. Hungary and 
the Czech republic 
Along with a desire for further 
co-operation in the Baltic and Bar- 
ents Sea regions, the Nordic states 
will bring to the EU a sharpening of 
the debate on reforming welfare 
systems. Although Nordic economic 
growth in 1995 Is likely to be above 
the OECD average, the structural 


problems of the welfare stale have 
left Denmark with appalling 
long-term unemployment and Swe- 
den with a huge public debt 

Achieving solutions to these 
issues will not be easy. The debate 
on the Swedish EU referendum, and 
the recent general election, demon- 
strated the strength of “welfare iso- 
lationism” in Sweden. There is still 
an unrealistic belief that the now- 
extinct "Swedish model" has given 
us a society generally superior to 
those in other parts of Europe. 

Early next year, under procedures 
laid down by the Maastricht treaty, 
the new Nordic members will have 
to present to the EU their economic 
convergence programmes. Norway 
wifi not have any difficulties. But in 
Sweden the deep split over the EU 
in the Social Democratic party, 
combined with the coming elections 
for the European parliament, may 
exacerbate political tensions. 

If Norway rejects the EU on 
November 28, the effects on Sweden 
and Finland - and Norway as weD 
- will be limited. Nonetheless a 
Norwegian No would mark the end 
of the important work in recent 
years for the renaissance of Nordic 


co-operation in a European frame- 
work. Perhaps wavering Norweg- 
ians in rural and northern areas 
can be persuaded in time that EU 
membership is a safer option than a 
weak link within the European Eco- 
nomic Area. 

The Nordic countries must make 
clear the importance of their north- 
ern perspective. Perhaps most 
important of all is the Nordic states’ 
attitude to the larger questions of 
European cooperation that will be 
on the agenda at the 1996 intergov- 
ernmental conference. In the Hear 
term, psychological and political 
ififfimltteK brought to the surface 
during the referendum debates 
might make them appear somewhat 
reluctant partners. But over the lon- 
ger term the Nordic states' national 
interests and natural abilities will 
drive them in the right direction: to 
play a full part in toe wider process 
of European integration. 

Carl Bildt 


The author was Swedish prime min- 
ister between 1991 and 1994 



PERSONAL 

VIEW 


Observer 


Phillip Thorpe 
- viticulteur 

■ Regulating the UK fund 
management industry is not an 
occupation typically seen as long on 
fizz, so Phillip Thorpe, chief 
executive of the seif-regulatory 
body Imro, must count as an 
exception. 

It seems he is the proprietor of 
about 1,000 cases of last year's 
Cr&nant de Loire, a sparkling wine 
made from a mixture of Chenin and 
Grolleau grapes which emanates 
from just outside Saumur in the 
Loire Valley. It has recently 
appeared on the list at The Alba 
restaurant in the City of London - 
thanks to the efforts of Thorpe and 
Ms wife Melinda Lowis, from whose 
vineyard it hails. 

Appropriately enough for this 
New Zealand lawyer. Thorpe is 
applying antipodean techniques and 
has hired a New South Wales 
winemaker to produce a tipple - 
retailing at £6.50 a bottle - which 
he describes as "recognisably Loire 
with toadies of fruit and oak”. 

The vineyard he and his wife 
bought four years ago, and which 
was last in production some 40 
years previously, now turns out 
5,000 cases a year - of toe sparkling 
wine, a still red (Cabernet) and a 
still white (Chenin). So Thorpe, who 
spends weekends in France in his 
capacity as "chief financier, odd job 
man and unqualified taster”, 
reckons he has enough to permit 


the first tentative steps into the UK 
Observer hears he has yet to 
make purchase of two cases of the 
Ctemant a condition of Imro 
membership. 


Representative 

■ Update on last week's item about 
Axa. the French insurance group, 
whose name unfortunately means 
"It stinks" when translated into 
Japanese. Apparently James 
Hawken, head of Axa's new 
Japanese operation, has something 
going for him. Hawken is Japanese 
for insurance. Talk about giving toe 
industry a bad name. 


Future imperfect 

■ Whoops. The Bank of England is 
just about to lose its top economic 
forecaster. Paul Mortimer-Lee, 41, 
bead of the Bank's economic 
forecasting division, is off to be 
chief economist of Paribas Capital 
Markets in a couple of months' 
time. 

Most Bank economists jump ship 
at a much earlier stage in their 
careers, and the loss of an official of 
Middleton-Lee's seniority could be a 
hit of a blow for the Bank. The 
operation of UK monetary policy 
depends very much on his type of 
skill. Decisions on whether to raise 
or lower hose rates are based on a 
judgment of inflation 18 months to 
two vears ahead, and the Bank has 
sought to set the framework for 



of money* 

such decisions through its quarterly 
inflation reports. 

Unless the Old Lady moves 
convincingly to plug the gap. it 
could find its expertise challenged 
by toe clever clogs at the Treasury 
and elsewhere. 


No more amoving 

■ It would seem that China's 
lapdogs are destined to stay right 
there. Beijing’s City officials, 
having failed in repeated attempts 
to ban dogs outright, have now 
drafted a law that prohibits their 
appearance from markets, hotels, 
parks, schools, lifts, subways 


and public buses. 

The poor pooches must only be 
exercised at night, by an adult and 
with pooper scooper in-hand These 
draconian restrictions are soon 
destined to include an annual 
licence fee of 6,000 yuan - which is 
more than double China’s average 
annual urban income. 

Dog peddlers are barking mad; a 
snowy white Pekinese that just a 
few months ago would have fetched 
over 20,000 yuan ($2^50) is difficult 
to sell for 500 yuan ($60). “We can’t 
even give them away.” said one. 


Shopped 

■ Who was that bubbly lady taking 
copious notes during yesterday's 
luncheon at Mayfair’s Naval dub in 
honour oi ace gumshoe Jules Kroll? 
Penny Vtocenzi, author of many a 
bodice ripper, and The Centre for 
the Study of Financial Innovation 
would not appear to be normal 
soulmates. But it seems that she is 
researching a sew novel about a 
woman who discovers her husband 
hag committed fraud and calls in a 
private investigator. No doubt it 
would not take Kroll long to find 
out who suggested that she tail 

him. 


Political fallout 

■ Democracy is proving to be a 
pretty exhausting business in 
Ukraine. The country has just had 
its third go at filling its 450-member 


Verkhovna Rada, or parliament, 
and is still more than 40 short. Only 
nine new members were voted in 
after last weekend's elections 
because rigid election rules, 
Inherited from the Soviet era, 
require at least a 50 per cent voter 
turnout. 

Most Ukrainians, buffeted by 
pcntimp fe hardships and an 
exhausting two-step presidential 
election, have lost interest 
Elections for the remaining seats 
have now been put off indefinitely 
to give voters a rest from the ballot 
box and to save money. 


Deuce 

■ Two years ago, SAS International 
Hotels came up with an acceptably 
ageist wheeze. Provided there were 
vacancies, guests over 65 could get 
a discount equivalent to their ages. 
So 70-year-olds had 70 per cent 
knocked off their bill: anyone 
arriving in their hundredth year 
would get the room tree. 

Kurt Ritter, chief executive of 
Radisson-SAS, as the company is 
now called, says aH went well until 
a Swedish guest turned up recently 
at one of the company's hosteiries 
in Vienna ami announced that he 
was 102. He demanded to be paid 2 
per cent of tiie room rate to stay the 
n ight The hotel agreed. The 
sprightly guest then demanded a 
game of tennis with the general 
manager -and got that, too. It is 
not known whether he took the GM 
to five sets. 


i 


20 




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IV Aavih 


1SEMOR 
\ FLEXOMCS 


-A world leader in 
•“ flexible connectors 

7TB/.* 0923 775547 
-4 Ofcr&KJrt of Senior Engineering Group pte 


FINANCIAL TIMES 

Tuesday November 22 1994 


MADF 


m 




Foreign bidders complain of unfair competition Head of 

Brussels warns Germany . 


THE LEX COLUMN 


over power plant contract 


By Andrew Taylor in London 
and Judy Dempsey In Bonn 


The European Commission is 
threatening to seek an injunction 
to prevent work starting on a 
DM40Qm ($257m) German power 
station contract following com* 
plaints of i mf”” - competition. 

Germany has been identified 
by the European Union as one of 
the worst offenders for failing to 
apply directives designed to 
ensure equal opportunities for 
foreign companies bidding for 
public sector contracts. 

The Commission, separately, 
has started legal proceedings 
against the German government 
in the European Court for failing 
to incorporate properly into Ger- 
man legislation two of eight EU 
public works directives. The 
Commission is understood to be 
considering court action against 
Germany for failing to apply four 
other directives correctly. 

It has also asked Veag. the 
recently privatised eastern Ger- 
man electricity company, to 


reopen bidding to supply a 
DM400m steam turbine for a 
DMSbn power station at Lippen- 
doif, near Leipzig in Saxony. 

The contract was awarded to a 
German subsidiary of Swiss 
group Asea Brown BoverL The 
German offshoot of General Elec- 
tric of the US has complained 
that it was “unfairly excluded 
from the final round of price 
negotiations”. 

The Commission, which 
believes tender procedures were 
unfairly applied, has warned it 
may seek a European Court 
injunction to prevent work 
starting unless the bidding is 
reopened. 

The issue may be complicated 
by GE’s failure last month to per- 
suade the Berlin district court 
that the relevant EU public 
works directives should have 
applied, although these had not 
been transposed into German law 
when the contract was awarded. 
This judgment is likely to be 
challenged by the Commission. 

GE told the Berlin court that 


the invitation to tender for the 
turbine contract had been tai- 
lored by Veag to favour the Euro- 
pean companies, ABB and Sie- 
mens, which traditionally had 
been treated by the German 
power sector as “court suppli- 
ers". 

It claimed Veag bad changed 
its requirements after putting the 
contract out to tender. Ms Pat- 
ricia Sherman, counsel to GE’s 
international trade department, 
said yesterday; “As we found out 
in the past in trying to enter the 
German market, there will 
always be technical reasons for 
not awarding the contract" 

Veag, which was recently sold 
to a German energy consortium 
led by RWE, Preussen Elektra 
and Bayemwerk, said it had 
adopted an “open” attitude in its 
negotiations with GE. 

Mr Gerhard Briunlein. of 
Veag's legal department, said GE 
failed to win the contract “for 
technical reasons" and its bid 
was considerably higher than 
ABB’s. 


Alcatel 
subsidiary 
held in 
bills probe 


Engine for expansion 


By John Ridding In Paris 


Saadi bank poised to agree 
$245m BCCI settlement deal 


By Andrew Jack in Paris 


Liquidators to the collapsed Bank 
of Credit and Commerce Interna- 
tional are on the verge of agree- 
ing an out-of-court settlement of 
more than S245m from Saudi 
Arabia's largest commercial 
bank. 

National Commercial Rank of 
Saudi Arabia, and Sheikh Khalid 
bin Mahfouz, former chief operat- 
ing officer, are to pay the cash 
and waive their own c laims of 
S600m against the bank. In 
exchange, the liquidators will 
drop all further charges against 
them, according to sources close 
to the negotiations. 

The deal would end one of the 
most significant outstanding 
pieces of litigation in the BCCI 
saga. The bank was closed in 
July 1991 by global banking regu- 
lators following revelations of 
widespread fraud. 

The settlement follows the 
launch of five civil actions by the 
liquidators of BCCI at the 
accountancy firm Touche Ross 


against Sheikh Khalid and NCB 
in five countries. These sought 
damages in excess of S30bn. 

There would be no admission 
of responsibility with regard to 
the allegations made in the 
actions, which claim Sheikh 
Khali d made false statements 
about loans from BCCL The 
actions further allege that he 
conspired to conceal the sale of 
shares in BCCI and elsewhere. 

It is understood the deal has 
been discussed by BCCI’s credi- 
tors' committee, which is super- 
vising the liquidation. The 
money could be released in the 
new year. It still requires 
approval from the courts moni- 
toring the liquidation, and signa- 
tures from NCB and the liquida- 
tors. 

At the end of last year. Sheikh 
Khalid and NCB made a settle- 
ment with the US authorities to 
pay 5225m in exchange for the 
dropping of criminal charges 
brought against them by Mr Rob- 
ert Morgenthau, the New York 
district attorney. 


As part of the latest agreement, 
$lSQm of the earlier US payment 
will be released to the liquidators 
for distribution to creditors. 
Sheikh Khalid will provide addi- 
tional cash of S245m and is expec- 
ted to waive c laims for S330m in 
capital notes and more than 
S270m in deposits he was owed by 
BCCI at the time or its closure. 

Sheikh Khalid took a stake in 
BCCI in 1986 on behalf of NCB, 
but withdrew the following year. 
He resigned from BCCI's board in 
1989, and later from NCB. 

The new settlement will leave 
outstanding three principle legal 
actions by the liquidators: 
against the Bank of England, and 
also the Luxembourg Monetary 
Institute, the banking regulator, 
for failures in their regulation 
duties towards BCCI, and against 
accountants Price Waterhouse 
and Ernst & Whinney for failures 
as auditors to BCCI. 

liquidators say creditors will 
receive a final dividend of 30p-4Dp 
in the pound for every pound 
lost. 


OECD cautions on US rate rise 


Continued from Page 1 


“consistent evidence that the 
economy is operating at levels 
where it is vulnerable to an accel- 
eration in inflation can be found 
in the recent behaviour of the job 
vacancy rate, slower vendor 
deliveries, spreading capacity 
constraints and spot shortages in 
certain sectors and for certain 
types of high-skilled employees.” 


Many analysts believe that the 
economy will probably slow in 
any case, because of the interest 
rate increases already pushed 
through, as well as the progres- 
sive satisfaction of pent-up 
demand for cars and houses that 
built up during the recession. 

But the OECD points out the 
risk of wage inflation as the 
unemployment rate has dropped 
well below the &6V* per cent level 


at which it estimates wage 
increases start to accelerate. 

Even if the US economy has 
more capacity than the OECD 
estimates, the report says, “err- 
ing on the side of restraint would 
appear to be the best policy pos- 
ture at this point in the business 
cycle," particularly as raising 
shortterm rates would comfort 
financial markets and wight ]p ad 
to lower long term rates. 


Mr Pierre Guichet, chairman of 

Alcatel-CIT, the telecoms equip- 
ment group, was yesterday 
placed under detention by an 
invest! gating magistrate probing 
alleged false billing aud over- 
charging. 

Alcatel-CIT is a subsidiary of 
Alcatel Alstbom. tbe French 
transport and telecoms group. 
France Telecom, one of the com- 
pany’s largest clients, is alleged 
to be the victim of overcharging. 

Company officials indicated 
that Mr Gnichet. who bas 
rejected allegations of wrong- 
doing, could step down as chair- 
man after a board meeting 
today. They said the move would 
be aimed at limiting damage to 
relations with France Telecom 
and would not imply any admis- 
sion of guilt 

The resignation would be tbe 
second in the past week by a 
company chief involved in a 
spate of corruption investiga- 
tions that have rocked French 
indastry this year. Last Friday. 
Mr Michel Mauer resigned as 
chairman of Cogedim. the prop- 
erty developer and a subsidiary 
of Paribas, tbe merchant bank. 
He quit to answer corruption 
charges in a case involving illicit 
financing of political parties. 

The departure of Mr Gnichet 
would be a further blow to 
Alcatel Alsthom. which has been 
shaken by corruption investiga- 
tions this year. In July, Mr 
Pierre Suard, the chairman, was 
placed under investigation after 
allegations that he used com- 
pany funds for construction 
work on private properties. 

The investigations, combined 
with a warning of a fall in prof- 
its this year, have prompted a 
sharp drop in the company's 
share price. Alcatel’s shares are 
currently about 40 per cent 
below their level at the start of 
the year. 

The prohe Into the alleged 
overbilling of France Telecom is 
a complex case dating back to 
last year. Alcatel says two for- 
mer employees, who have left 
the company, manipulated prices 
for equipment supplied to France 
Telecom to their own advantage. 
In November last year, Alcatel 
paid the state telecoms operator 
FFr62 m to compensate for the 
losses and the damage to rela- 
tions between the two compa- 
nies. 

Since Mr Guichet was placed 
under investigation in May, how- 
ever, the investigation has 
broadened. The original probe 
centred on overbflling concern- 
ing transmission equipment, 
involving an estimated FFrSOm 
($I5m) of damages to France 
TMecom. Mr Jean-Marie D’Hny, 
the investigating magistrate, is 
now examining whether false 
hilling extended to switching 
systems and switchboards. Judi- 
cal sources say damages could 
exceed FFr400m. 


Rolls-Royce's proposed acquisition of 
Allison Engine makes sound indus- 
trial and commercial sense. It takes 
the UK company into new niches 
within the defence market - for exam- 
ple large turbo-prop engines and small 
engines used by light helicopters - 
and broadens its offering in civil mar- 
kets. The dag] appears to make finan- 
cial sense as well, even if Allison has 
an uninspiring sales record and is 
only now m aking a nominal operating 
profit after three years of losses. For 
next year, there is little danger of dila- 
tion: Rolls-Royce's shares are rated at 
about 25 times next year’s expected 
earnings and recovery at Allison need 
not be too pronounced to enhance 
earnings overall Thereafter, it may be 
trickier, as for 1996 the rating drops to 
more modest levels in line with an 
expected upsurge in Rolls-Royce prof- 
its. But Rolls-Royce bas done its sums 
and predicts “unbelievable” cost 
savings, as it cuts research and devel- 
opment expenditure further and 
extract s operating and administrative 
efficiencies. At the same time, reve- 
nues are set to rise as four new 
engines go into production. 

The transaction will give 
Rolls-Royce greater clout with its pow- 
erful North American customers, and 
reduce its vulnerability to fluctuations 
in the dollar. But the deal does not 
answer the big question hanging over 
Rolls-Royce's future, which is whether 
the UK group has the financial and 
market muscle to compete with Pratt 
& Whitney and General Electric over 
the long run. Nor does it do anything 
to remove scepticism about the 
Rolls-Royce share rating, which is tak- 
ing rather too much in the way of 
cyclical recovery for granted. 


MIHhqree 


FT-S&AflFSftare index 
140 / ■ ' 


freeze would carry greater mar^et 
credibility is hard to understand, 
unless it is seen as a ploy to aetteve a- 
higher quota. The sooner the overall - 
railing fo. reviewed, the better: the, •* 
chance of increasing its own aharesBy - 
contrast, the Saudis want to keep Ihe 


120 -PVr 




I860 91 ' SZ 

Saves: FT GnpMts 


invasion of Kuwait and so have ah 
m e rest in freez ing t he regime. -'* r \ 
With, two of OPEC's largest menh 
hers struggling for market share, the ! 
cartel looks iB-prepared to cut produo- 1 
tion in 1995 should that be needed.' At 
the moment, with - world demand grow- 
ing, restraint is unnecessary. But that 
outlook could be challenged from sev- 
eral angles: the mfldstart to winter to 
Europe and North America may coo- : 
tinue; non-OPEC suppliers ofay 


eluded the best hope for its pharma- 
ceuticals business was innovation and 
the best route to innovation was 
through the biotechnology revolution. 
Chiron, the biotech group with the 
largest drugs portfolio in development, 
will provide Ciba more than adequate 
access to that revolution. 

Doubts about the deal centre on the 
high premium paid. Ciba bas plenty of 
cash, but diarms the purchase is earn- 
ings enhancing are at best disingenu- 
ous. Ciba, normally proud of its pro- 
bity in applying accounting standards, 
has decided not to run $L3bn of good- 
will through the profit and loss 
account. Whether the deal makes 
financial sense depends on Chiron’s 
future earnings growth, a subject 
about which there is little consensus 
in the market However, the poten- 
tially extravagant price. paid should 
not tarnish dba’s strategic boldness. 


tiaDy; and UN sanctions on Iraq may 
be lifted. The manoeuvring in Bali 
suggests the cartel will find it hard-fo 
accomm odate such shocks. 


Ciba/Chiron 


OPEC 


Ciba yesterday insisted its deal with 
Chiron was good for both groups. Chi- 
ron and its shareholders would not 
disagree. Financially, the move gives 
Chiron access to Ciba’s capital back- 
ing. That means Chiron will be able to 
fund its best drugs without befog as 
concerned about quarterly earning s 
results. Industrially, there is an 
undoubted fit between the companies’ 
operations, while Ciba can also pro- 
vide development and marketing 
expertise. The danger of a cultural 
Hash between stilted Swiss manage- 
ment and Californian working prac- 
tices has been reduced by Ciba’s 
efforts to alleviate such problems. 

Strategically, the deal also makes 
sense for Ciba. The management con- 


At one level, the dispute between 
Saudi Arabia and . Kuwait ' over 
whether to roll ova' OPEC’s produc- 
tion ceiling for a year or only six 
m onths is purely tactical After all, 
both countries have a shared objec- 
tive: higher crude prices. The Saudis 
believe a year-long freeze would be 
more effective. In this case, the mar- 
ket would know there was little 
chance of the ceiling’s being raised in 
mid-1995 to meet expected increases in 
world demand. Arguably, it would 
therefore be unwilling to run down 
stocks next spring. Yesterday traders 
responded to the Saudi plan at the 
cartel’s meeting in Bah by pushing up 
crude prices. 

Kuwait’s view that a six-month 


UK property f;'- 

When Mr George Soros decided last 
June to invest in UK commercial prop- 
erty, such was the American finan- 
cier's reputation that the sector rose 6 
per cent in a single day. Yesterday, 
when he pulled .out, it fell just l^per 
cent Mr Soros argued the decision' - 
was based on asset allocation: with 
interest rates moving up the opportu- 
nities for .sharp, increases in asset val- 
ues were likely to be fimited. However, 
the move probably says more about 
how Mr Soros' property fund , has ; 
traded than about prospects -Tor. UK' 
property per se. Followers of Mr Sores, 
are not used -to steins their; share' 
trading at a discount to. net assets. 

Despite the sector's muted-foil; tee 
decision is clearly a setback for British 
Land, the company -wite which- Mr 
Soros had fanned the joint venture. Its 
disappointment is likely to be moti- 
. voted less by yesterday's ^ per emit 
drop in its share price than the lass _q£ 
Mr Soros’ magic at opening bankers’ 
doors. Mr Soros’ “long-term invest- 
ment” was supposed to run until 2004 
but lasted justlS months. ... 

By spending £142m to acquire its 
joint-venture partner, British Land 
has raised its gearing to more than 85 
per cent Interest cover is still comfort- 
able. But the rise increases the risk of 
a rights issue if British Land wants to 
buy Stanhope Properties and its 60 per 
cent stake in Broad gate Properties. 
That fear, rather than the loss of Mr 
Soros, probably accounted for yester- 
day's share price fall 



I 


FT WEATHER GUIDE 






Europe today 




Most of Europe wffl be settled and autumnal 
A complex area of high pressure over central 
and south- west Europe will cause stable 
conditions over the Benelux, Germany, 
France, Spain, Italy and eastern Europe. Fog 
wiD develop easily overnight and low cloud 
wflJ persist dining the day, especially In the 
north-west Meanwhile, a band of 
windswept rain will linger over the UK, 
partkxriariy in the north. Scandinavia wifl 
also be breezy. Cloud and rdn wOI affect 
western Scandinavia and there will be snow 
in the north. Central and southern 
Scandinavia and eastern Europe win have 
sun Interspersed with cloud. Showers, some 
with thunder, will occur over Cyprus and 
south-east Turkey but other pteis of Europe 
wffl be manly dry. 


-w vu _ • rep • 





J 


l\ | t 

f t i 


1 


1 ! 


;■ ^ 1 - 


.V: v, V-. \ 

t'\\ - 

■'%V 

v v - .. \ 

y&A ' \ 

V- \ '.v-. 


,1010 44 








Five-day forecast 

High pressure will remain over central 
Europe for several days and a new high will 
build over the UK towards the weekend. As 
a result, the British Isles will ba settled. 
South-west Europe w91 be sunny. As the 
weekend approaches, a new depression wffl 
develop over the Mediterranean, bringing 
rain and thunder showers. 




Without us, 
Nissan wouldn’t run 
so smoothly. 






\S ” 


Warm --out S fc m . Confront ^ Wind »Po«rf In KPH 


TODAY'S TEMPERATURES 


SSurtfan af 1 2 GMT. Tempetatures maximum for day. Fomcasts by Afofoo GomuttofthaNettieHands 



Maximum 

Beflng 

cloudy 

7 

Caracas 

ttiund 

3C 

Faro 


Celsius 

Belfast 

rain 

13 

CenSfl 

Shower 

13 

Ranfdurt 

Mm Dhabi 

sun 

32 

Belgrade 

sun 

10 

Casablanca 

fair 

21 

Geneva 

Accra 

fair 

34 

Bcrfln 

fog 

B 

Chicago 

ft* 

1 

Gibraltar 

Algiers 

fair 

23 

Bermuda 

tfcmd 

25 

Cologne 

tog 

12 

Glasgow 

Amsienten 

fog 

12 

Bogota 

shower 

21 

Dakar 

fair 

29 

Hamburg 

Athens 

fair 

18 

Bombay 

Brussels 

fair 

34 

Gains 

fair 

11 

Helsinki 

Atlanta 

91H1 

17 

tog 

11 

Deft! 

sun 

26 

Hong Kong 

B. Aires 

fair 

26 

Budapest 

sun 

g 

Dubai 

sun 

32 

Honolulu 

BJan 

dandy 

13 

CJtagai 

fair 

8 

DubUn 

ndn 

15 

Istanbul 

Bangkok 

Ur 

33 

Cairo 

ft* 

19 

Dubrovnik 

sun 

19 

Jakarta 

Barcelona 

Ml 

16 

Capetown 

fair 

23 

Edtabuigh 

rain 

13 

Jersey 

Karachi 

Kuweit 


More and more experienced travellers 
make us their first choice. 


Lufthansa 


L. Angeles 

LsPofenu 

Lima 

Lisbon 

London 

Luxbourg 


sun 

20 

Madrid 

sun 

18 

Rangoon 

Mr 

*00 

9 

Majorca 

sun 

20 

Reykjavik 

rubi 

tog 

11 

Malta 

SV*l 

21 

Rto 

doudy 

cloudy 

20 

Manchester 

shower 

13 

Roma 

sun 

rein 

14 

Mania 

doudy 

31 

5. Fraco 

fair 

fair 

8 

Melbourne 

cloudy 

18 

Saoul 

loir 

shower 

5 

Mexico City 

lair 

23 

Singapore 

thund 

fair 

24 

Miami 

shower 

29 

Stockholm 

doudy 

fair 

30 

Man 

doudy 

12 

Strasbourg 

doudy 

shower 

12 

Montreal 

snow 

0 

Sydney 

doudy 

thund 

32 

Moscow 

fair 

1 

Tangier 

sun 

cloudy 

12 

Munich 

doudy 

9 

Tel Aviv 

fair 

fair 

32 

Nairobi 

fair 

26 

Tokyo 

doudy 

lair 

24 

Naples 

Hr 

20 

Toronto 

snow 

aun 

19 

Nassau 

Mr 

28 

Vancouver 

rain 


Sunderland boasts Europe's most efficient car production line, thanks to _ . 

B ”* ,s * 1 "■* d “ ,o s^ d n is 

■ brake and fuel lines direct ,o the line 16 ^es.dayiosynchronise with car pioduciioa!^ 

Bundy receives information direct from Nissan’s mainframe computet esrahluw . 

the nsrquiitd exponents in just* minutes. Them Is ^ 

no paperwork. Thanks to Bundy’s smooth operators, Nissan has been able to ^ n ° ms P ecnon ! 

RntlHv . n(i fT7r , , , , uadn nas oeen able to improve productivity and operating efficiency- 

Bund,, ts une of TI Gtuup s toe speasksed^guteertng businesses, the others being Do^ and JA ucLk, 

Each one ts a technolpgtcal and market leader in its field. Together then speciZZlfc 

Tl Group to get the critical answers right lot i B customers. Wotidwide 




26 Now Yak 
23 NIob 
19 Nicosia 
14 Oslo 

10 Paris 

11 Parth 
23 Prague 


13 Varies 
17 Vienna 
12 Waraaw 
S W a shington 
1^ Wefingtgn 
27 Winnipeg 
8 Zurich 


fair 13 
sun 8 


fair 6 

sun 15 



Tl GROUP 


fain IS 
snow -2 


cloudy ii 


WORLD LEADERSHIP IN SPECIALISsn 

ED ENiNEeniNfi > 

ror timber information about ihe U Group, contact ihc Department of Public Afiairs, Tl Grmin rsL- i £ 

P Court .Abingdon, Oxpn CK 14 1UH, EngM- y 


■ii u*’ 


/: 




21 


°$&,.9,Ruppe 

Hei£ung S grof3han,jftf' r,3r ,m Sanuar. und 



FINANCIAL TIMES 

COMPANIES & MARKETS 

Tuesday November 22 1994 


SHEERFRAME 

Specified 

Worldwide 

LJg LB-Ptestics Limited 

Tel: 0773 852311 


brief 


Electrolux may 
spisi off metals arm 

lea ^»s 

nau t>j noy.i year. Page 22 

batu ”or r!? 8 * to „ securln 9 Reliance 

ics comS Vn^ ? nce E,ectric - ** US electron- 
with an^ i rea£S‘S d l r ° havc been won vesterdny 
of $31 a share ^ & e 2? fr °“ Rockwel1 International 

mobile telephony bids 

license in^n r£,v? ^^ today for a mobile teiepbonv 
th ■ firsl bi e in ^rsion mto the * 

commiiIS? ted f*!? mon °P°l>'-run Spanish tele- 
communications industry. Page 24 

fIock to Indonesian market 

Whde local investors actually own most of the 

bsted ,:om Patues on Indonesia's stock 
inarKet. foreigners do most of the trading. Page 25 

Kyocera lifts sales 8% 

JSSfJS t ? e worlds largest maker of ceramic pack- 
~ ** ect f°nic parts. Lifted consolidated sales 8 
per cent, thanks to buoyant demand for cellular 
pnones and electronic components. Page 25 

Diploma rises with electronics growth 

strong growth from the electronics and buildin g 
components divisions of Diploma helped the UK 
group, which has interests in special steels, to lift 
pre-tax profits almost 23 per cent in the year to Sep- 
tember. Page 27 

Wbro plant shares fell after warning 

Vibroplant, the UK plant hire group, lifted pre-tax 
profits 88 per cent in the six months to September. 
However shares fell after the chairman warned of 
recent softness in its UK markets. Page 28 

Santa receives a call tor rapid gr ow th 





Electronic games and multimedia computers 
seem set to take a back seat this winter as a new 
British appetite expresses itself. It win be the 
Christmas of the mobile phone. Page 28 

European gr owt h helps FUofax 

Strong demand from continental Europe helped Fil- 
ofax Group, the UK stationer to report a 68 pm* cent 
rise in Interim pre-tax profits. Page 29 

Companies In this issue 


ABSA 

AEG 

ATST 

Airbus Industrie 
AUed Dunbar 
ASson 
Amcor 

America Onttw 
Amgen 

Apple Computer 
Argos 
Austrafis 
BCE Holdings 
BZW 

Bailey (T) Forman 

BancOne 

Bank of Montreal 

Bark of Nova Scotia 

Baynes (Charles) 

BtoCbem Pharma 

Bradford Property 

British Inv Trust 

Buflera 

CJBC 


CeBnet 
Chiron 

Christiana Bank 
Ciba 
Cntchloy 
Cropper (James) 

DMGT 

David (S) Smith 
Deutsche Telekom 
Diploma 
Bectrohjx 
Emap 
Enron 

FSC Emerging Markets 
FS.C Burotrusl 


as 

F&C Special Utite 

29 

30. 22 

Ferrarta Group 

29 

19 

FBofax Group 

29 

30122 

Fisher (Albert) 

29 

22 

Flexible Hokfings 

23 

27 

Glaxo 

23 

23 

Harbome Tenants 

29 

23 

Hewetson 

29 

23 

HoSinger 

28 

23 

Hunt 03 

6 


Incentive 

22 


fcsatan 

23 

29 

18 

27 

21 

23 

23 

26 

23 

29 

Kyocera 

MCI 

Maclean Huntar 

Merflor 

Mkfland Independent 
NFC 

Nintendo 

Norcros 

NyfcredH 

Nynex 

25 

23 

21 

23 

27 

12 

25 

29 

22 

19 


Paramount Pictures 

25 

29 

Pietsrcll Basta 

SB 

23 

Rockwell 

22 

23 

Rolls-Royce 

27.1 

SB 

Royal Bank of Canada 

23 

21 

Samax 

28 

22 

Sony Ptaturaa 

25 

SI 

South news 

29 

37 

Synergen 

23 

28 

TOE 

22 

27 

Teietdrvca 

24 

27 

Telewest 

27 

21 

The Telegraph 

28 

27 

Time Warner 

19 

22 

Triplex Lloyd 

28 

21 

Untgroup 

28 

6 

Universal Ptahxas 

25 

■ 29 

Vttxoptant 

28 

29 

Vodafone 

28 


Market Statistics 

XAnnual reports service 

Benchmark Sovttion® 

Bond Mures end options 
Bond prices and yWds 
Commodities prices 
DMdaxts announced. IK 
BBS currency rates 
Embond prices 
Rxed merest Mces 
FTtA Wdrid 6efcW 8«# 

FT GoW WBnes ifldes *1 

FTAEMAWbondsw • 

FT-SE ActoariBS lncflcae 31 


32-33 

ZB 

as 

26 

3D 

27 

36 

26 

26 


Foreign exchange 
Ms prices 
Ufte equity options 
London share service 
London kadi options 
Managed funds service 
Money marten 
New inti bond Issues 
New York share service 
Recant issues. IK 
Sturt-term int rates 

os interest rates 
Worid Stock Markets 


36 

26 

31 

32-33 

31 

34-35 

36 
26 

38-38 

31 

38 

2 B 

37 


Chief price changes yesterday 


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45 

4E« 


6.7 

801 

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IB 

9905 

- 

&£ 

83 0 

— 

15 

1206 


as 

row 

♦ 

3 

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3W 

row 

+ 

1* 

row 

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55 

- 

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- 

9 

1220 pm. 


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nvUctt 864 

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sue . m 

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825 

507 

302 

061 

45! 


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CSJpis Food 

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JMmeSw 

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40 

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a««y 5 

BW ngfl 

made 125 


EbM** 0 * Iso 
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Bao«» 
Stan Lend 
RsndaMBw 

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HanMO 
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Norths 


Sunum Odd 
wn*b« 


415 + 

262 - 
383 - 

41 - 

287 - 

230 - 

381 - 

120 - 
187 - 

2S8 - 

120 - 


Germany postpones Telekom decision 


By Andrew Fisher In Frankfurt and 
Michaol Undemann In Bonn 

The German government yesterday 
surprised the world's leading investment 
banks by postponing until next month 
the decision over which of them will be 
chosen to handle the international side 
of the DM15bn i$i0bn) privatisation of 
Deutsche Telekom. 

A decision had been expected yester- 
day after a meeting of postal und finance 
ministry officials. But strong lobbying 
from European banks which were con- 


cerned that the position of global coor- 
dinator might go to a US institution, 
appears to have persuaded the govern- 
ment that more time was necessary In 

view of the share issue’s political and 
financial sensitivity. 

Banks close to the talks said that the 
government was now leaning towards a 
more balanced solution in which both a 
US and a UK investment bouse would 
work with the German batiks - expected 
to be Deutsche Bank and Drosdner Bonk 
- leading the issue. The US and UK are 
expected to provide most foreign, institu- 


tional and private interest in the issue; 
banks estimate that these countries will 
account for some DM3bn worth of share 
purchases each compared with the 
DMS.sbn or so likely to be sold in Ger- 
many. 

Government and Deutsche Telekom 
officials had talks in Washington with 
the Securities and Exchange Commis- 
sion last week about a US listing by 
means of American Depositary Receipts 
(ADRsi. Because of their strong placing 
power and teams of analysts. US invest- 
ment banks have been prominent in the 


list of candidates for the lucrative global 
coordinating role. 

European hap w have been arguing in 
Bonn that a UK-based bank, experienced 
is large privatisations such as those of 
British Telecom and energy- companies, 
should also be chosen; the Deutsche 
Telekom issue, likely to take place early 
in 1996. will be one of the biggest in 
Europe. 

US banks with the strongest chances 
include Goldman Sachs, Merrill Lynch 
and Morgan Stanley. In the UK, they 
include S.G. Warburg, Kleinwort Benson 


and N.M. Rothschild. CS First Boston 
has put itself forward solely for the role 
of adviser to the government, though it 
is not the only one in the r unning . 

Altogether, 22 banks took part in 
“beauty contests” in Bonn to help the 
government and Deutsche Telekom 
decide which should play the main for- 
eign roles. 

The share issue, involving a quarter of 
the company’s capital, will be split 
between regional consortiums for Ger- 
many, the rest of Europe, the US and the 
rest of the world. 


Swiss deliver response to shake-up in world healthcare business 

Ciba clinches deal 
to secure 49.9% 
holding in Chiron 


By Daniel Green bn London 

Ciba, the Swiss drug company, 
yesterday made the biggest cor- 
porate acquisition in biotechnol- 
ogy for almost five years with a 
deal which boosts its stake in 
Chiron of the US to 49.9 per cent. 

The transaction which values 
the holding at S2.1bn gives Ciba 
access to Chiron's strong 
research and development pro- 
gramme and a range of products 
in areas including diagnostics 
and ophthalmology. 

It means stronger finances and 
the end of an era for 13-year-old 
Chiron. It is one of the most suc- 
cessful biotechnology companies 
and the only large one with its 
founding management still in 
place. The deal, finalised over the 
weekend. Is our response to fun- 
damental changes in healthcare", 
said Mr He ini Lippuner. Ciba's 
chief opmating officer. 


Mr Lippuner said drug com- 
pany profits are under pressure 
from governments keen to cut 
healthcare costs. Other compa- 
nies have responded by purchas- 
ing drugmakers or distribution 
networks. However, Ciba had 
found no suitable candidates in 
its areas of expertise and had 
therefore chosen the Chiron deal. 

Hr Dennis Winger, Chiron's 
chief financial officer, said that 
the deal "brought financial stabil- 
ity" to his company. 

Chiron's product sales Tor the 
first nine months of 1991 were 
worth $187.7m, compared with 
3147.9m for the whole of 1993 and 
less than $40m in 1988. The com- 
pany faces increasing costs in 
drug development and in sales 
and marketing. 

Under the terms of the deal, 
Ciba will increase its 4 per cent 
stake by making a tender offer 
for 11.9m Chiron shares - 37.3 



AaMey AatMood 

Deal done: Chiron's Dennis Winger (left) with Ciba’s Bemi Lippuner 


per cent of the company - at S117 
each. The price compares with 
analysts' estimates of $100-a- 
sbare. Chiron's share price rose 
yesterday by §2% to 881*4. 

Chiron will also issue 6.6m new 
shares to Ciba in return for the 
Ciba Corning Diagnostics busi- 
ness and the half of Biocine, a 
vaccine joint venture between 
the two companies, that it does 
not own. 


Ciba will guarantee S425m of 
new debt for Chiron and invest 
up to 8250m, repayable in cash or 
shares, in research and develop- 
ment there over five years. 

The transaction is expected to 
reduce Ciba's earnings per share 
by 4 per cent in in 1995. 

Mr Bill Rntter. Chiron's presi- 
dent, will join Ciba's main board. 
Lex, Page 20; Friendly Amgen, 
Page 23 


BancOne caught 
out by rises in 
US interest rates 


By Richard Waters in New York 

BancOne, one of the biggest 
banks in the US, announced a 
one-off after-tax loss of SI 70m on 
its securities holdings, mainly 
because of the rise in US interest 
rates since February. 

The bank said the loss 
stemmed from the sale of $5.7bn 
of fixed income securities which 
have an average maturity of 
three years. 

The bank, based in Columbus, 
Ohio, hrd been one or the most 
aggressive in its use of fixed-rate 
instruments to lift earnings. 

BancOne had used bonds and 
interest rate swaps to increase 
fixed-income earnings, while 
keeping a large portion of its lia- 
bilities tied to floating interest 
rates. The policy enabled it to 
report one of the best net inter- 
est margins of any US bank last 
year, but earnings contracted as 
rates moved against it 

Shortly before US rates began 


to rise in February, BancOne 
estimated that a gradual l per- 
centage point increase in short- 
term rates over the following 12 
months would reduce its earn- 
ings by 3.3 per cent In the event 
rates have risen 21 = percentage 
points since February 4. 

Yesterday, Mr John McCoy, 
chairman, said: "We are deter- 
mined to take the necessary- 
steps in 1994 to pnt the issue of 
interest rate sensitivity behind 
ns." In addition, the bank said it 
would take an after-tax charge of 
365m to reflect restructuring 
costs. 

Last week PNC, a large 
regional bank based in Pitts- 
burgh, said that the faster-than- 
expected rise in interest rates 
would reduce its net interest 
income by around 7 per cent in 
toe fi nal three months of this 
year, and by 15 per cent next 
year. The bank attributed this to 
losses on securities and slow 
growth in its loan portfolio. 


Flattening yield curve squeezes profits at securities firms 


Interest 
rate rises 
threaten 
earnings 

While companies across the US 
this past week have been worry- 
ing about what the latest 
increase in interest rates by the 
Federal Reserve will do to the 
economy and their earnings over 
the next year. Wall Street securi- 
ties firms have been busy focus- 
ing on a more specific concern - 
the flattening of the yield curve, 
and what it is doing to their earn- 
ings right now. 

The yield curve, a graphical 
depiction of interest rates on 
securities with varying maturi- 
ties. has been steadily flattening 
since the Fed started raising 
interest rates in February. At the 
start of the year, the curve was 
relatively steep because of a wide 
spread between yields on 
short-term and and long-term 
government securities. At the 
time, the spread between the two- 
year and the 30-year bond was 
210 basis points. 

Since then, the Fed’s aggres- 
sive tightening of monetary pol- 
icy has pushed short-term yields 
up Caster than long-term yields, 
so the spread has narrowed and 
the yield curve has flattened. 
Last week, the yield spread 
between two-year and 30-year 
bonds fell below 200 basis points 
for the first time since December 
1990. 

The curve has flattened 
because investors in long-term 
government securities have 
begun to believe that the Fed’s 
anti-inflation measures will 
work. This has restrained bond 
yields because the less fearful 
investors are of inflation, the less 
likely they are to demand a 
higher yield. 

Investors at toe short end of 
the bond market, however, 
remain worried that toe Fed may 
want to tighten policy further, 
and so have been pushing up 
yields on short-term government 
securities in anticipation of 
another rate rise. 

The flattening of the yield 
curve has Important Implications 
for earnings of financial compa- 
nies. inc lu di n g commercial banks 
and securities fines. It is the lat- 
ter, however, who are being most 
affected by toe trend. Between 
1991 and 1993, when spreads 
between short and long-term 
rates were wide (the peak was 
372 basis points in 1992) and toe 
curve was steep. Wall Street's 
biggest firms were borrowing bil- 
lions of dollars cheaply In the 
short-term market and using that 
money to buy longer-term bonds 
paying rich yields. The result 
was interest earnings which 


Declining spread contributes to Wail Si downturn 

rim*- 'v. 



Yield spread 

30-year bond against 2-year role 

as — 



Emap bids for Europe titles 


By Raymond Snoddy in London 

Emap. the UK newspaper, 
magazine and exhibitions group, 
is “seriously interested" in the 
European publishing operations 
of Maclean Hunter, the Canadian 
media group. 

Emap. which yesterday 
announced a 31 per cent rise in 
pre-tax profits to f25L2rn ($36.4m) 
for the six months to October 1. 
is believed to be one of five 
groups bidding for the Maclean 
Hunter business titles in the UK 
and continental Europe. Rogers 
Communications, which recently 
acquired Maclean, is selling the 
assets which are expected to 
raise more than £50m. 


Mr David Arculus, managing 
director of Emap. said toe com- 
parer regards the Maclean titles, 
which include UK Press Gazette, 
as a “bolt-on” to its existing busi- 
ness titles. 

“Our next tranche of deals will 
be bolt-on deals and we are 
looking at quite a number of 
them," he said. 

During the first half. Emap 
spent £197m on acquisitions 
including £l06m on acquiring 28 
magazines from the French pub- 
lishers Editions Mondiales and a 
further 10 consumer titles from 
companies within the French 
Hersant group. 

The company also spent £5Gro 
on Trans World Communications 


with commercial radio stations in 
Manchester, Preston, Leeds and 
Cardiff. 

Emap is the second-largest 
player in commercial radio in the 
UK after Capital with about 12 
per cent of the market 

Emap said the French pur- 
chases had cost about 75p-77p for 
every £l in turnover. Margins 
were about 5 per cent compared 
with 17 per cent for its UK con- 
sumer magazines but the com- 
pany experts them to improve. 

Underlying growth was 24 per 
cent Turnover was 38 per cent 
up at £234 .?.m 

Earnings per share rose 31 per 
cent to 7Jp and the intermim at 
2J5p was up by 13 per cent. 


1993 


NYSE member firms' quarterly results 
After-tax profitless (Sbn) 

2.0 — 


19M 


T.5 — 
1.0 — 
as — 


-0.5 -t 


1993 


Source: OattsttMm, NVSE 


helped Wall Street to record- 
breaking profits. 

Mr Guy MoszkowskL securities 
industry analyst at broking firm 
Sanford Bernstein, says: “When 
firms carry longer-term debt 
securities and fund those posi- 
tions with short-term money, 
they are earning an attractive 


“A flattening 
curve makes it 
difficult for us 
to carry 
securities’" 


spread. That spread is going to 
contract in a situation where the 
yield curve is flatter." 

Today, such profits are not so 
easy to come by, he says. For 
example, Salomon Brothers - the 
biggest bond trading firm on 
Wall Street - earned $l.4bn in 
net interest income last year. 
This year, with a flatter curve. 
Salomon’s net interest income is 
estimated to fall to around $940m. 

Other factors - the deteriora- 
tion in trading and underwriting 
results sparked by rising interest 
rates and volatile markets - have 
hit earnings, but the decline in 
interest income is important 
because it made up such a large 
part of earnings during the 
1991-1993 boom. 

Marketmaking anil broking 
revenues are also nf footed, as a 


1994 


treasurer at a large securities 
firm explains. “A flattening curve 
makes it difficult for us to carry 
securities, and forces us to shrink 
our inventory' positions. This 
means that the willingness of 
brokers to bold positions [for cus- 
tomers 1 will decline, which gener- 
ally hurts liquidity in the market- 
place and discourages customer 
activity." 

For the immediate future, the 
situation can only get worse 
because the yield curve will 
almost certainly get flatter, and 
may eventually become inverted. 
The curve inverts when yields on 
short-term securities are higher 
than on long-term securities, 
which usually occurs when inter- 
est rates have peaked and are 
about to head lower. 

The last time the curve inver- 
ted was 1989. before the Fed 
starting cutting interest rates, 
and given that the Fed may be 
near to ending its tightening 
"some believe that an inverted 
curve is inevitable soon”, says Mr 
Moszkowski. 

An inverted yield curve would 
play havoc with Wall Street he 
says. “Firms would begin shrink- 
ing their balance sheets substan- 
tially as inventories would 
become very - expensive to cany." 

Companies would widen the 
spreads between their buying 
and selling prices to make up for 
lost interest earnings, which 
would only further undermine 
liquidity and reduce trading 
activity. 

Patrick Harverson 



Rothschild 

ASSET M -WAG t: MEN' 


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911122ATT 







FINANCIAL TIMES TUESDAY NOVEMBER 22 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Electrolux may spin off metals arm 


By Christopher Brown-Humes 
in Stockholm 


Electrolux of Sweden, the 
world's leading manufacturer 
of household appliances, says 
it may spin off Granges, its alu- 
minium and metal-working 
unit, in the first half of nest 
year. 

Analysts believe it could 
fetch up to SKi3.5bn ($477m). 
excluding debt The company, 
which was bought by Electro- 
lux In 1980, has a book value of 
about SKr2bn. 


The group wants to sell the 
unit to Swedish, European and 
US investors and list it on the 
Stockholm stock exchange, 
subject to market conditions. 

The sale is In line with Elec- 
trolux's strategy of concentrat- 
ing on core business. The com- 
pany has sold three industrial 
operations this year, with total 
capital gains of SKr2.78bn help- 
ing to infla te group nine-month 
profits to SKrS.OSbn. 

Granges is the biggest unit 
in Electrolux's industrial prod- 
ucts division, with 1993 sales of 


SKr7.6bn. About half of its 
sales are outside Sweden, with 
the UK being the largest single 
market 

Its four business areas 
comprise aluminium, recycl- 
ing. automotive and distribu- 
tion. Operations include a 
smelting plant at Sundsvall 
with production capacity of 
100,000 tons. 

Granges has benefited from 
the recovery in aluminium 
prices and the weakness of the 
krona. Both factors helped lift 
operating profits after depreci- 


ation to SKr295m from 
SKrl82m in the first nine 
months as sales expanded to 
SKr6.«bn from SKr5.7bn. 

Electrolux has been disman- 
tling its industrial products 
division. Earlier this year it 
sold Autoliv. Europe's leading 
supplier of car safety equip- 
ment. and two US operations. 
Copes- Vulcan and Blaw-Knox. 

Apart form Granges, the 
division comprises materials 
handling equipment, a goods 
protection operation, and 
Granges Metalock. 


Rockwell 
offer close 
to securing 
Reliance 


expects FFr500m 


By John Ridding In Pais 


By Tony Jackson in New York 


UK insurer 
simplifies 


pensions plan 


Incentive surges to SKrl.54bn 
after sale of 43% stake in Esab 


By Alison Smith 
in London 


By Christopher Brown-Humes 


Allied Dunbar, tbe UK life 
insurer which is owned by 
BAT Industries, the tobacco 
and financial services group, is 
to replace its range of pension 
policies with a single adaptable 
plan designed to give custom- 
ers greater flexibility. 

From tbe beginning of next 
year, customers will be able to 
decide on a specific payment 
term for regular contributions, 
and to switch between differ- 
ent types of personal pensions 
within a single plan. 

Tbe commissions Allied Dun- 
bar pays to its sales force and 
to independent financial advis- 
ers for selling its products will 
be cut slightly. 

The payments will also be 
spread over a longer period of 
the policy instead of being 
taken entirely from tbe initial 
premiums paid by the cus- 
tomer. ' 

The company's sales force is 
being briefed about the new 
pension this week. 

The move is a farther sign of 
how the UK life insurance 
industry is responding to the 
new regulatory regime 
imposed on it from next year. 

Companies will have to dis- 
close to customers more infor- 
mation about products, Includ- 
ing the cost of paying 
commission and the payment 
back to investors who surren- 
der long-term policies after just 
a few years. 

Standard Life and TSB are 
among the insurers who have 
announced changes in their 
products related to the new 
disclosure regime. 


Incentive, the Swedish 
industrial and investment com- 
pany controlled by the Wallen- 
berg family, saw profits surge 
to SKrl.54bn ($210m) in the 
first nine months, compared 
with SKr66m in the same 1993 
period. 

The figure, which excludes 
associated companies, was 
swollen by a SKrSOOm capital 
g ain from the sale of the com- 
pany's 43 per cent stake in 
Esab. the world's leading sup- 
plier of welding equipment to 
Charter, the UK industrial 
group. Tor SKrl.4bn. 

The performance benefited 


from economic recovery, 
increased market shares, and 
acquisitions. These helped to 
offset higher financ ial costs. 

The group’s purchase of 
Gambro. a medical equipment 
specialist, and MacGregor- 
Navire, the world's leading 
supplier of shipboard cargo 
handling equipment, belped lift 
sales 49 per cent to SKrl2.4bn. 
The underlying increase was 12 
per cent 

Orders were up sharply, ris- 
ing 70 per cent in real terms 
and 22 per cent in underlying 
terms to SKrlS^bn. 

Including income from 
Incentive's stakes in Asea. 
Electrolux and Esab. included. 


profits rose to SKr2.71bn from 
SKr642m. 

Mr Mikael Lilius, president, 
said he expected earnings to 
continue to develop favoura- 
bly. He added that the group 
had seen a “distinct recovery” 
in western Europe, while 
North America and Asia con- 
tinued to develop favourably. 

Incentive gained a majority 
stake in Gambro through an 
SKrSbn bid for Cardo, an 
investment company, during 
tbe summer, it has sold about 
SKrl.Sbn worth of equities 
from Cardo's SKr2.7bn portfo- 
lio and plans to relist the 
remainder of the company 
early next year. 


Christiania Bank sells 


part of loan portfolio 


Airbus extends 
chiefs mandate 
to March 1998 


By Karen Fossil 
In Oslo 


Christiania Bank, Norway's 
second largest bank, has dis- 
posed of one-third of the bank's 
loss-making US fisheries loan 
portfolio in Seattle. 

Although terms of the deal 
were not disclosed, the bank 
agreed to sell Trust Company, 
of the West one-third of the 
troubled portfolio, estimated at 
$323. am in December. 

As a result the portfolio has 
been reduced to $127m and the 
bank's exposure to the fishing 
Industry on the north-west 
coast of the US has been 
reduced. 

Christiania said it would not 
now have to report further 


loan-loss provisions for the 
fourth quarter, as it bad 
warned earlier this month. 

The bank said international 
loans to the fisheries sector, 
particularly in Seattle, consti- 
tuted the most troubled sector 
of its overall loan portfolio. 

About 94 per cent of the loan 
portfolio sold was classified as 
non-performing or doubtful 
loans, according to the bank's 
risk-classification system. 

It said it intended to reduce 
the net loan portfolio in Seattle 
to about SlOOm. 

In the third quarter. Christi- 
ania made provisions of 
NKr93m to cover fisheries loan 
losses which, for the nine- 
month period of this year, 
reached NKr384m. 


Airbus Industrie, the European 
aircraft-building consortium, 
has extended the mandate of 
Mr Jean Pierson, president and 
chief executive officer, to 
March 31 1998 from March of 
next year. The decision follows 
a motion from its supervisory 
board, agencies report from 
Paris. 

Mr Pierson. 54, has headed 
Airbus Industrie since April 
1985. His mandate was renewed 
for five years in 1990. 

Airbus Industrie's supervi- 
sory board has been headed by 
Mr Edzard Reuter, former head 
of Daimler-Benz, since last 
March. The consortium con- 
sists of Aerospatiale of France, 
British Aerospace. Dasa of Ger- 
many and Casa of Spain. 


The bid battle for Reliance 
Electric, the US electronics 
company, appeared to have 
been won yesterday with an 
increased offer from Rockwell 
International of $31 a share. 
This values Reliance at $1.6bn. 
Rockwell said It expected a 
definitive agreement by late 
yesterday. 

Tbe $31 offer, up from an 
earlier $30, capped an agreed 
bid from General Signal. 

Reliance must now pay Gen- 
eral Signal a break-up fee of 
$50m. plus $5. 15m in expenses. 
In recent weeks, Rockwell had 
attempted various legal 
approaches to have the fee 
waived, but without success. 

This weekend, Rockwell said 
61 per cent of Reliance's stock 
bad been tendered under its 
original offer. Negotiations 
bad continued throughout the 
weekend, with an original 
deadline of Monday noon EST 
extended at the last minute by 
a farther six hours. 

At lunchtime yesterday, a 
Rockwell executive said: “We 
have an agreement in princi- 
ple. and we're very close to 
making it definitive.'' 

The original bid from Gen- 
eral Signal, worth only Sl-3bn, 
had been widely expected to 
fail. General Signal is a mnch 
smaller company than Rock- 
well, and its offer was in paper 
rather than cash. Reliance’s 
shares rose 50 cents on yester- 
day’s announcement to S30.75. 

Rockwell plans to merge 
Reliance with its Allen- Brad- 
ley division, creating a world- 
wide industrial automation 
business with sales of about 
S3.5bn. Rockwell intends to 
sell Reliance’s telecoms busi- 
ness, which made about a 
third of Reliance group sales 
last year. 


Thomson Consumer Elect- 
ronics, a division of Thomson, 
the French state-owned elec- 
tronics group, expects to 
record a net loss of about 
FFiSOOm ($9l3m) this year, m 
spite of a sharp improvement 
in operating results, according 
to Mr Alain Prestat, chairman. 

Mr Prestat told Les Echos, 
the French financial newspa- 
per, that operating profits for 
this year should rise to 
FFrfjQQm, compared with 
FFrl55m in 1993, but the costs 
of financing a debt burden of 
about FFrlObn would puB the 
company into loss. For 1995, 
Mr Prestat said the company 
was on target for operating 
profits of FFrlbn. 

The chairman indicated he 
might seek a capital injection 
to strengthen the balance 
sheet “I have always been hos- 
tile to the idea of asking for a 
capital injection to cover oper- 
ating losses. But things can 
change when these losses have 
disappeared." 

Mr Prestat described an 
upbeat scenario for the group’s 
products. He cited the success 
of Direct TV, the first digital 





Alain Prestat debt financing 
will pull company into loss 


television service broadcast by 
satellite in the US, for which 
TCE supplies the reception, 
kits. 

The company aims to sell 
380,000 kits this year and to 
double production capacity to 
build 1.8m units in 1995. Mr 
Prestat said he hoped for simi- 
lar projects in Europe and 
Asia, from next year or 1996. 

In multimedia, Mr Prestat 
raised the prospect of new 
partnerships. 

In June. TOE concluded an 


alliance with Sun. Microsps- 
tems, the US workstations 
manufacturer.' 41 We. don't- 
exclude other partnerships; 
notably in' the field of takeout 
munfeations," he .said. But he 
said he did not envisage afly- 
- ingjrith a personal computer 
manufacturer bec ause the 
future home .termfiial for. taut .. 
fimpdfa would be the television 
rather than the computer. 

He appeared sceptic^ about 
the prospect of a large Invest- 
ment fin: an information super- 
highway, as spelled exit in a 
report to the French govern- 
ment by Ur Gerard Thfiry, the 
former managing director of 
France TdlGcom. 

The ' report calls for m 
Investment of up to FFribQbn 
by 2015, with, much of the 
expenditure devoted to the ; 
development of a national 
fibre-optic cable network. 

The concept of a highway 
leads people to think of St in 
terms of infrastructure, said 
Mr Prestat ‘1 t hink , on tbe 
contrary,. that we should pro- 
ceed by considering first the 
market We must work on the 
interactive services to study 
the needs and behaviour of , 
consumers." 


Nykredit takes 15% 
holding in Bikuben 


By H3ary Barnes 
in Copenhagen 


SNCF studies sale 


SNCF, tbe French state-owned 
railway, is assessing the possi- 
ble sale of its 12.3 per cent 
stake in state-owned Air Inter, 
Reuter reports from Paris. 

"The relationship between 
Air Inter/SNCF is no longer 
one of partners but more one 
of competitors." SNCF said. 


Nykredit the largest of the 
Danish mortgage credit institu- 
tions, is to take a 15 per cent 
stake in Bikuben. the country’s 
third largest bank. 

The mortgage group will 
invest DKr540m (SS8.5m) to 
acquire a 5 per cent stake from 
Bikuben, which will offer a fur- 
ther 10 per cent through a 
direct share issue at DKrl68 a 
share. 

The agreement means 
Bikuben will use its branch 
network to recommend Nykre- 
dit 's mortgage loans. 

In return. Nykredit. which 
has similar arrangements with 
54 banks, will refrain from set- 
ting up a retail banking opera- 
tion. 

Bikuben recently announced 
a programme to cut its staff 
and branch network to 


This .wnounccmcnt appears as a matter of record only. 


dti 


Department of Trade and Industry 


PolyGram 


FILMED ENTERTAINMENT 


US$200,000,000 

Film Financing Facility 


THE LABORATORY 
OF THE 

GOVERNMENT CHEMIST: 


PRIVATE OWNERSHIP 


PolyGram Film Productions B.V 


US$24,000,000 

Equity Interests 

Provided By 

♦ Sumitomo Bank Leasing and Finance, Inc. 
INC Jtf) BANK 


US$176,000,000 

Secured Notes 


The Department of Trade and Industry intends to transfer the Laboratory of 
the Government Chemist (LGC) to private ownership by April 1996 either by a 
non-profit distributing company or through a commercial sale of the business. 
The DTI’s aim is ro ensure that LGC transfers as a financially and scientifically 
viable organisation, retaining its statutory role and its reputation for independence 
and impartiality, and continues to support the National Measurement System and 
other major public sector programmes. 

The Laboratory 

LGC has been an Executive Agency within the Department of Trade and 
Industry (DTI) since October 1989. It employs about 300 people and has a 
turnover of about £16 million. 

The Laboratory is the focus for analytical chemistry and related sciences 
in Government and the centre for the development of the chemical 
National Measurement System. It provides high quality services and advice to 
underpin the work of Government, commerce and industry related to forensic 
science, trade and revenue, the environment, food and agricuirure, health 
and safety, and innovation and quality. 

Basis of a Sale 


Guaranteed By 


PolyGram N.V. 


Lead Managers 


The Sumitomo Bank, Limited 

L*w Angelo- Branch 


INGBank 

Dublin Branch 


Managers 


Banque Nationale de Paris 

Arasteidam Branch 


Barclays Bank PLC 


Bayerische Vereinsbank A.G. 

LonJnn Brandi 


Credit Suisse 


Credit Commercial de France 
London Branch 

Rabobank Nederland 


Agent 

The Sumitomo Bank, Limited 


Arranger 


♦ Sumitomo Bank Leasing and Finance, Inc. 


Co- Arranger 


ING Aft) BANK 


An essential feature of the Laboratory's work is its independence from 
influence by any other party. This includes in particular the statutory 
responsibilities of the Government Chemist and the Laboratory's role to carry 
out analyses to discharge these responsibilities. 

The remaining work of the Laboratory, including its commercial work 
for private sector customers, makes use of che skids and facilities associated 
with these responsibilities, while strictly observing the independence required 
by LGC s customers. This position will need to be maintained in the future as 
new commercial opportunities arc pursued. 

While the DTI is pursuing the establishment of the Laboratory as a company 
limited by guarantee, it would like to hear from relevant organisations in the 
private sector with experience of meeting a strong requirement of independence, 
who would be interested in a commercial sale of the business. 

Expressions of Interest 

If you would like a copy of LGC s Annual Report for 1993/4 and a note 
with further information, please write to Bob Collier, DTI Laboratories Unit, 
Room 314, 151 Buckingham Palace Road. London SW1W 9SS. (Telephone; 
071-215 1989. Fax: 071-215 J4»Ki). 

Organisations interested in purchasing the Laboratory as a business should 
write to Bob Collier at the DTI no later chan 9th December 1994, setting out 
their initial qualifications and che rationale for their interest. 

The Department reserves the right not to pursue further the commercial 
sale ot the business if it is not sat.sfied that a purchaser can remain free from any 
conflict of interest and preserve LGC s independence and impartiality. If the 
Department can be so satisfied, it will decide which intending bidders to 
include on a short list and will send them further details in an Information 
Memorandum as the basis for preparing bids. 


November, 1994 


& 3 t d* 1 ' 


strengthen its earnings over 
the next three years. 

The agreement between Bik- 
uben and Nykredit is a 
response to the challenge by. 
the two big tranks, Den Dan&ke 
Ba n it and Unibank, which 
together have a two-thirds 
market share in Danish bank- 
ing services. 

Both have set up their own 
mortgage credit subsidiaries, 
which are growing fast, 
airhnngh their market shares 
are still in low single-digit 


AEG sees sales 
drop in 1994 
for Electrocom 


The purchase will make 
Nykredit the largest single 
shareholder in Bikuben, and 
give it the maximum stake a 
single shareholder may own hi 
the bank, according to 
Bikuben's articles of associa- 
tion. 

Nykredit will also obtain two 
seats on Bikuben’s supervisory 
board. 


AEG expects its Electrocom 
postal sorting machinery bust 
nesses in Germany and the US. 

to g enerate rrwihtnari gales nf 

DMB04m (|519m> in 1994. down: 
from DM967m last year, Reuter 
reports from Frankfort ' 

Sales would stagnate in 1995 
before growing by up to 10 per 
coat in the following yearn as 
the US postal service caught 
up on delayed investment in 
automation, Mr Eberhard Zur, 
managing director of the Ger- 
man Electrocom, said yester- 
day. 

AEG completed its takeover 
of Electrocom Automation, the 
US company and licensee of 
AEG Electrocom, in September 
and plans to integrate tbe two 
companies under a US-based 
holding company on January 1 
1995. 

AEG spent DM450m on the 
purchase. 


FT CONFERENCES 


DOING BUSINESS WITH SPAIN 
Madid, 23 & 24 November 1994 

The FTs *94 conference, to be arranged with Expansion and Actual (dad 
Econdiriica, wB take as to theme 'Spain C om peting In Europe*, focusing on 
economic recovery, compstMvty and Hberalrsing markets. D. Nereis Sena i 
Sena, Deputy Prime Minister of Spain has joined the distinguished panel of 
speakers to give the dostag address. 


FINANCIAL REPORTING IN THE UK 
London, 28 November 1994 

This year's conference wlU provMe essential guidance for prapareis and users 
of accounts on interpreting the complexities of existing and emerging ASB 
standards, issues to be covered wflJ Include: Accounting for off-balance sheet 
finance; merger and acquisition accounting; valuing intangibles end brands; 
accounting tar derivatives. Speakers include: Sir Sydney Upworth QC. 
Financial Repotting Council; Mr Chris Swmson. BOO Stay Hayward; Mr Nigel 
V Turnbull, The Rank Organisation pic; Mr John H Ketias, KPMG Peat 
Norwich; Mr David H Cairns, International Accounting Standards Committee; 
Mss Mary Keegan, Price Waterhouse in Europe; Mr Peter A Hotgale, Coopers 
& Ly brand; Mr Michael Birkin, interbrand Group ptc; Mr Michael 
Renahafl, Financial Reporting Review Panel; Mr Km WBd, Touche Ross & Co. 


VENTURE PORUM EUROPE *94 
London 1 & a December 1984 

Arranged iointiy by the Financial Times and Ventura Economics, mis annual 
meeting brings together recognised experts from Europe and North America to 
<fi8CUSS lwy . l8s y s tacJr> ® * ndu8fr yi identify the investment strategies and 
assess how Institutional investors now view venture capted as an asset class. 


WORLD TELECOMMUNICATIONS 
London, 6 & 7 December 1994 

Trends changing the shape of the telecommunications industry, Including 
international alliances, the construction of 'superhighways’ and the regUation 
of competition will be addressed by Dr Martin Bangemann, European 
commb^on; Dr Michael Nelson, The us Office of Science and Technology 
Policy; Mr Don Crulckshank, Office of Telecommunications (OFTElTmt 
R onald T LeMay, Sprint Long Distance Division; Sir lain Vedlance, BT. 


alll* 


Thomson’s consumer unit ^ 


PROGRAM, * E ~ OPPORTUNITIES FOR 
PRIVATE FINANCE AND INVESTMENT 
Warsaw, 12 & 13 December 1994 

arranged in association with The Institution 
the ajmmencemrmt of to 

Wgftwsy Con^rvcttar Progranwe with this Ngh-tewl forum to explore the kay 
challenges - financial, technical, managerial and operational - tamouritina 

ln P0land ' SP**™ Include: Or BogusJaw 
Libaadzkf, Polish Minister of Transport and Maritime Economv- Mr Ruamnt 

SSfalr P Qr^ < SHSL Mini8lBr 01 Rnance: Mr An^STSalas^Wb 

Mraataw Gretik Agency tor Motorway Construction; Mr Paul Knottier The 

SchrodeTSS^S 

Ba " k AG: Mr Nordin, European Bank for 
Reconstnictton and Development; Mr Waiter Cemola Eurooenn i.. „ j 

P*ka. Mr Durtoz StoWn*. Draw* M r OhtarBonrtn. BmjwJT' 


JOrgert Drews, Professor Dr 

Agency; Dr Alan G wnUAn r*. r ” _ ' Medicines Evaluation 

SS3L *-**"■«» Dr John Katter. 

irmwoiions M snd Tooh Yon, Sss. Sin^pore fllfr 


nSnmHNATO l iSl.'^J||^° LVING UK progh a«me and 

London, 8 February 1995 

w«i Dtr0ctor Qwwai. 

cofTterence w*i also address irttBraxfn^S^^ pf ° 9ramma ™ B l oW 
with Com P«Wan in International 

Commission, the European rnmmi.r- 05 Pftderal Communtcations 

and the SwecfiGfi National Poet and TeT° n * ^^^ nmun ' cati0r,s Directorate 


c ° nfareftces - p ° ^ 


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INFERENCES 


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FINANCIAL T 


l ' ,l ’- s TUESDAY NOVEMBER 22 1994 


23 


INTERNATIONAL COMPANIES AND FINANCE 


MCI launches service to 
provide access to Internet 


?y Louise Kehoe 
m 33,1 Francisco 

MCI, t h f* lie I 

telephone L LmlT" distan<:o 
launched a c ®mpany, has 
easy and -*f erV1<?6 ' lo provide 
S* 3 ™ sw «re access lfJ ^ 

S55Sfw 

H on -; ;„vf cap * Loinniunica- 

ware aLri^v!^ hrovl ‘*«r soft- 
ware and high-speed network 

as *2. ^ Otaking the internet 
^ to use. as aconsible 
and as critical to businesses 4 
S y ' g !S bjl Phone network." 
sa!d Mr Timothy Price presi- 
dent of MCI's business markets 


arm. "Businesses of all sizes 
will now be able to sell their 
goods and services over the 
Internet," he said. 

Leading telephone compa- 
nies in the US and Europe are 

expected to bunch similar ser- 
vices over the next few 
months, according to Mr Jim 
Clark, chairman of Netscape 
Communications, which devel- 
ops software for the Internet. 
This will lead to a huge expan- 
sion in the use of the Internet 
for electronic commerce, he 
says. 

"By the year 2000, MCI 
expects commerce on the Inter- 
net will exceed S2bo and be as 
common as catalogue shopping 
is today." said Mr Price. 

• Another venture addressing 


the emerging market for elec- 
tronic shopping was 

announced yesterday by Apple 
Computer, the !*C manufac- 
turer, America Online, an 
on-line service provider and 
Medior, a small software com- 
pany. 

The companies have formed 
a joint venture called ^Market, 
to deliver multimedia CD- Rom 
and on-line shopping cata- 
logues. 

By 1998. commercial on-line 
services will reach an esti- 
mated 19m subscribers, says 
Forrester Research, a market 
research firm. On-line shop- 
ping on these subscriber net- 
works are expected to generate 
about $5bn in revenues, mar- 
ket analysts predict. 


Friendly Amgen approach 
wins Synergen’s support 


By Richard Waters 
•n New York 

Mr Gordon Binder, chairman 
°[ Anigen. is clear about why 
the biggest US hiotechnology 
company is not about to suc- 
cumb to an unwanted take- 
over. “There’s never been an 
unfriendly takeover in the bio- 
tech industry. It’s never been 
attempted, let alone suc- 
ceeded," he said in an inter- 
view earlier this year. 

Friendly takeovers, though, 
are very much in fashion - and 
last week Mr Binder himself 
conjured up one of the biggest 
yet On Friday, Amgen said it 
had reached agreement to pay 
$240m in cash for Synergen, a 
Colorado-based company. 

The lack of hostile takeovers, 
according to Mr Binder, is due 


to the fact that the success of 
biotech companies is built on a 
relatively small number of peo- 
ple: a hostile bid could alienate 
these people, destroying the 
value of the company being 
acquired. 

It is not difficult to see wby 
Amgen's approach to buy 
Synergen won the support of 
the company. At $9'/, a share, 
its offer was about 70 per cent 
higher than the stock market's 
valuation of the company. 

Yet even that is only about 
one-eighth or the peak hit by 
Synergen ’s share price in 1992. 
It fell from grace in early 1993, 
though, on the failure of its 
most promising drag, Antril, a 
treatment for sepsis. 

The acquisition will boost 
Amgen’s pipeline of new prod- 
ucts under development with 


Synergen’s own range of can- 
cer. inflammation and neurobi- 
ology drugs under develop- 
ment. 

The deal should help to 
counter doubts expressed by 
some analysts about the scar- 
city of new products due frum 
Amgen In the near term. In 
spite of Mr Binder's protesta- 
tions, these doubts have helped 
to turn Amgen itself into a 
potential takeover target, in 
part explaining a rise in the 
company's share price from a 
low in April of less than $40 to 
$57% yesterday morning, close 
to a 12-month high. 

Amgen has this year main- 
tained a high rate of revenue 
growth. Third-quarter reve- 
nues reached $426m. while full- 
year sales are expected to rise 
some 20 per cent to $1.6bn. 


Aids drug lifts BioChem shares 


Shares of BioChem Pharma, 
the Montreal-based pharmaceu- 
ticals group, rose strongly yes- 
terday following reports that a 
drug discovered by the com- 
pany has contributed to prom- 
ising results in combating 
Aids, writes Bernard Simon. 

BioChem is 17 per cent 
owned by Glaxo, the UK phar- 
maceuticals group which has 


the licence to develop and mar- 
ket the drug, known as 3TC. 

Clinical trial results, which 
were released at a conference 
in Glasgow, Scotland, last 
weekend, indicated that 3TC, 
in combination with rival UK 
pharmaceuticals group Wel- 
come's AZT drug, sharply 
reduces the level of the HIV 
virus, which causes Aids. 


BioChem’s shares were trad- 
ing at C$17.88 at midday in 
Toronto yesterday, up 13 per 
cent 

The company said yesterday 
it had renewed Us development 
and marketing agreement with 
Glaxo. 

Under the agreement, 
BioChem will receive royalties 
based on sales. 


Black ink leaves Canadian banks red-faced 

Profits at the ‘Big Six' are likely to be almost too good this year, writes Bernard Simon 


E ven the most inhib ited 
public company can 
usually be relied on to 

trumpet record earnings. Not 
Canada's "Big Six" banks, 
which today start their annual 
reporting season Tor the fiscal 
year to October 31. 

Several of the banks are 
expected to announce the high- 
est profits in their history. 
Royal Bank of Canada, the big- 
gest, is almost certain to 
become the first Canadian 

financial institution to post 
annual earnings of more than 
CSlbn <US$730m>. 

Yet the banks want to make 
their performance seem as 
unexceptional as possible. In 
an internal memo, Royal Bank 
suggests that its public rela- 
tions department should 
encourage the media to "look 
beyond the total dollar amount 
and use standard financial 
measures of profitability like 
return on assets, return on 
equity and return on business 
to realise our profits are very 
reasonable". 

According to Mr Peter God- 
sot;. Bank of Nova Scotia's 
chairman: "If there ts a prob- 
lem, it's probably that things 
look too good." 

The banks' sensitivity is 
understandable. Often por- 
trayed as corporate fat cats, 
the Big Six have not merely 
improved their financial per- 
formance over the past two 
years, but have tightened their 
grip on Canada's financial ser- 
vices industry. 


Canadbn bank landing 

tan-performing foam as % of total Joans 



Q1 1900 Of 1991 

-Jcuca. I to amai Ocamnnue. Torarro 

Deregulation in I9S7 opened 
the door for each of the banks 
to buy on interest in a large 
securities dealer. 

Mr Alan Kibben, analyst at 
Richardson Greenshieids in 
Toronto, estimates that securi- 
ties subsidiaries contributed 
9.7 per cent of total bank prof- 
its in the second quarter of fis- 
cal 1994. and about 5.4 per cent 
in the third quarter. 

The banks have also become 
powerful forces in the mutual- 
fund industry. Royal Bank is 
Canada's second-biggest mutu- 
al-funds distributor. 

Although they took heavy 
write-downs during the 1990-92 
recession, the bigger problems 
suffered by other institutions 
have given the banks an oppor- 
tunity to spread their wings. 

They picked up the pieces of 
the imploding trust and loan 
industry, which was unable to 


1992 


1993 Si 


withstand the slump in the 
North American real estate 
market. 

Most recently, several banks 
have begun to move into insur- 
ance after the collapse of Con- 
federation Life. Canada's fifth - 
biggest life insurance com- 
pany. offered a cheap entry 
into the sector. 

B usiness conditions have 
improved dramatically 
in the past 18 months. 
In contrast to the difficult days 
of 1990-92, the banks now have 
the wind behind them. 

“The economy is doing well, 
inflation is low. companies are 
producing profits which reduce 
loan-losses, and retail borrow- 
ings have been relatively 
strong." Mr Godsoe says. 
“ Rank ing across the board in 
Canada is a pretty good busi- 
ness right now." 


The banks are also benefit- 
ing from closer attention to 
costs. Royal Bank, for instance, 
cut its payroll by 7 per cent 
and dosed 132 brandies and 
other offices in the first nine 
months of 1994. 

The outlook for the year 
ahead is more of the same. 
Canada's economy is set to 
grow by about 3.5 per cent, and 
loan-loss provisions charged 
against income will almost cer- 
tainly be lower in 1995 than in 
1994. 

Although real estate remains 
a headache, most of the banks' 
other problems - notably the 
forest-products industry - are 
receding. 

Mr Hibben estimates that 
Bank of Nova Scotia will more 
than double earnings to C$3.60 
a share in fiscal 1995. 

He expects that Bank of 
Montreal, which will be first 
out of the blocks today with Us 
1994 earnings report, will lift 
earnings per share to C$3.25 
from C$2.32. 

There is one wrinkle in these 
rosy forecasts, however. The 
loosening of ownership barri- 
ers and other regulatory curbs 
is gradually eroding the mono- 
lithic facade of the Canadian 
banking industry. 

Instead of marching in lock- 
step. as they tended to do in 
the past, the banks are each 
carving out a character of their 
own. 

Royal has put the emphasis 
on personal financial services, 
mainly through its purchase 


last year of foundering Royal 
Trust, the second-biggest trust 
company. 

Canadian Imperial Bank of 
Commerce <CIBC) has made 
the most energetic moves away 
from traditional lending to 
investment banking. 

Through a fast-expanding 
presence in New York, CIBC is 
aiming to join the top league of 
players in international deriva- 
tives markets. 

B ank of Montreal is the 
only Canadian bank 
with a strong full- 
service presence in the US. 
through its wholly-owned sub- 
sidiary. Harris Bankcorp of 
Chicago. 

BoftI aims to expand its mid- 
west base to the point where 
half its total earnings come 
from the US. Last month. It 
became the first Canadian 
bank to list on the New York 
stock exchange. 

Alone among the Canadian 
banks. Bank of Nova Scotia 
sees a future in the emerging 
markets of Latin America and 
Asia. Through acquisitions and 
joint ventures, it has secured 
footholds in the Philippines. 
Chile. Mexico. Malaysia and, 
most recently, Argentina and 
India. 

As these divergent strategies 
take hold over time, the indi- 
vidual b ank s' performance 
may vary more widely. Some 
may even have cause to cele- 
brate their achievements with- 
out a red face. 


Caparo, Bank of Nova 
Scotia in India move 


By Bernard Simon in Toronto 

Caparo, the UK-based 
industrial group controlled by 
Mr Swaraj Paul, the prominent 
expatriate Indian industrialist, 
and Canada’s Bank of Nova 
Scotia have sought approval 
from India's government to set 
up a jointly-owned bank. 

The new bank, which will 
provide a full range of retail 
and commercial services, is 
expected to have an initial cap- 
ital of about US$1 00m. 

Mr Peter Godsoe. Scotia- 
bank’s chair man , said the part- 
ners hoped to obtain official 
clearance "relatively early in 


the new year”. The venture is 
the latest in a series of moves 
by foreign financial institu- 
tions to take advantage of 
India's economic reform 
programme. 

The UK’s National Westmin- 
ster Bank recently unveiled 
plans to buy a 20 per cent 
stake in HDFC Bank, which is 
promoted by India’s Housing 
Development Financing Corp- 

Scotiabank, which has the 
most international ties of Can- 
ada's "Big Six” banks, last 
week opened its second branch 
in India. Its business there has 
so far comprised mainly trade 
and shipping finance. 


Amcor acquires 
stake in US 
packaging group 

By Nikki Tait in Sydney 

Amcor, the Australian paper 
and packaging group, has 
acquired a 64 per cent stake in 
Flexible Holding of the US for 
an undisclosed sum. The US 
company makes flexible pack- 
aging and multi-layer blown 
film, and has annual sales of 
about A$55m (US$41.6m). 

The move is the latest in a 
series of acquisitions by Amcor 
aimed at building up its con- 
tainers and packaging divi- 
sions. Earlier this month, it 
announced plans to buy RIG 
Rentsch, a Swiss-based folding 
carton packaging business. 


Isetan ahead sharply 
despite drop in sales 


By Emiko Terazono 
in Tokyo 

Isetan. a leading Japanese 
department store, posted a 
sharp rise in interim recurring 
profits - before extraordinary 
items and tax - as a result of 
cost-cutting, including a reduc- 
tion of advertising and trans- 
portation spending. 

Recurring profits for the first 
six months to September rose 
43 per cent to Y935m ($9 .5m). 

Sales, however, fell 2.6 per 
cent to Yl95.4bn, and Isetan 
officials said purchase value 
per customer continued to 
decline. 


After-tax profits jumped 1033 
per cent to Y463m. 

Sales of clothing fell 2_3 per 
cent to Y90bn while food sales 
declined 2.4 per cent to 
Y353bn. 

Sales to corporate customers 
fell 7 per cent from the previ- 
ous year. 

For the full year to next 
March. Isetan expects current 
profits to rise 263 per cent to 
Y53bn, the first increase in 
four years. 

Sales are expected to fall 13 
per cent to Y413bn and 
after-tax profits are seen 
declining 52.2 per cent to 
Y2.4bn. 


These securities have not been registered under the Securities Act of / f LT> and may not be offered 
or sold in the United States or to a United States person absent registration nr an appli- 
cable exemption from the registration requirements. These securities having been 
previously sold, this announcement appears as a matter of record only. 


NEW ISSUE 


October 28, 1994 



Banco Comercial S.A. 

(incorporated in the Republica Oriental del Uruguay as a sociedad anonirnaf 

59,000 Non-Voting Shares with a par value of Psl,000 each 
represented by up to 1,475,000 Global Depositary Receipts 


CS First Boston 

Chemical Investment Bank Limited 


Deutsch-Sudamerikanische Bank AG 

— Dicstincr Bunk Ornup — 


Every day, 
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Continental (Bermuda) 
Limited 

US$250,000,000 
Floating Rate Notes due 
2006 

Guaranteed by Hungarian 
Foreign Trade Bank Lid 

Notice is hereby given that a* ai ibe 
valuation date Ifto November IW, die 
value of ibe aio-coupon obligations (nr 
cenifkaiO) representing interests in 
obligations) of Ihe United States of 
America was US UUijaKJZOM. and 
the vahie of ihe Company's reserve (uiu) 
was US $63.501 .559.5 SI The aggregate 
value of ibe Noteholders stearin was 
thus 6S.6S percent of the principal 
amount of Notes outstanding al the 

valuation dote. 

The dclmniiulioa and jwbticaifon nf 
these figures is solely for the 
convenience and information of the 
Noteholders and shall not be binding 
for any purpose on the Trustee or tbe 
Reserve Fund Manager or (he Reserve 
Fund Repotting Agent nor shall rt be 
taken os iccooimenitation on ihe part 
of lb e Company, (be Valuation Agent 
the Guarantor, the Trustee, ihe 
Reserve Fund Manager or the Reserve 
Fund Reporting Agent to buy, sett or 
hold ro volute n la similar to the zero- 
coupon obligations of ibe United 
States of America or the Reserve Fund 
Investments. 

Valuation Agent, 

Giro Octiil Bank Akttengjsclkcb.it! 
tier SpaxkasBcn, London Branch 


Banque lndosuez 

U.S. $125,000,000 

Floating Kate 
NmimIuc 1997 

liii iltc m- iii, .mb- . I'( Nrnirm- 
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i lie N.»n» will v. irry .in micro! 

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.III* -ill* iH U.S $12$. til 

(■Cl U v SlC.OCOM.ee 

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Ctiniranv.LuDJun An°i Bank 


Cheflsnham&Gtoucester 

BuMngSodety 

CI7F.000.0W 

Float ine Bale Nules due I4 «Mi 

In ari’yJj ii»i- »iih the or 'be 

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Luodsn Hraiu+i \ 1 V 1 H IU* 

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* Managing foreign cxdungr risk 
is lough cnough.Thn last thing you need 
10 worry about is a risk-management 
tool that's too risky in its own right. 

_ » That's whv the 

Q. 

Worried obouf Philadelphia 

dci ivuhvns risk Stock Exchange 

in foreign exchange 

,nt? (PHLYj has cre- 

ated the United Cur- 
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24 


FINANCIAL TIMES TUESDAY NOVEMBER 22 1994- 



this announcement uppers as a matter of rerotri only. 


THE BANK OF NEW YORK 


is pleased to announce 
die esr-.iblishmcnr of a 


SPONSORED 144A GLOBAL DEPOSITARY 
RECEIPT (GDR) FACILITY 


for 



THE EAST INDIA HOTELS LIMITED 

(Incorporated in the Republic of India u a Public Company with Limited Liability ) 


THE 

RANKOF 

NEW 

\OKK 


For further information regarding The Bank of New York's DR Services, 
please contact Kenneth A I^opiun (212) 815-2084 in New York, Gary Pteck 
(852) 840-9806 in Hong Kong, or Bhaskar Ghosc (91-22) 204-4941 in Bombay. 


To the Holders of 


SHEARSOH LEHMAN CMO, IHC. 


Series F, Class F-I Floating Rate Bonds 
Due February 20, 2018 


Purs lo the Indenture dated as of February 1. I9SS 
between Shears on Lehman CMO, Inc. os Issuer and Texas 
Commerce Bank as Trustee, notice is hereby given that 
the interest rate applicable lo the above Bonds for the 
interest period November 20. 1994 through February 19, 
1995 as determined in accordance with the applicable 
provisions of the Indenture, is 6.562 5% per annum. Amount 
of interest payable is U.S. $24.404253657 per U.S. 510,000 
principal amount. 


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FT Surveys 


INTERNATIONAL COMPANIES AND FINANCE 


Battle begins for Spanish telecoms prize 

Bids for licence to operate a second GSM mobile service open today, writes Tom Burns 


T he final countdown in 
one of the biggest corpo- 
rate contests to be held 
in Spain will begin today. 
Under television lights and 
closely watched by some of the 
bigger names of Spanish busi- 
ness and the international tele- 
coms community, Mr Jose Sor- 
rell. minister for public works, 
transport and telecommunica- 
tions. will open two bulky 
envelopes. 

The envelopes will contain 
rival bids for a mobile tele- 
phony licence, the first signifi- 
cant incursion Into the highly- 
regulated and monopoly-run 
Spanish telecommunications 
industry. The licence will be 
awarded before the end of this 
year. 

After examining the bids, Mr 
Borrell will give one of the two 
rival consortia the go-ahead to 
develop a second pan-European 
GSM (global system of mobile 
communications) digital net- 
work to compete with the one 
to be installed by Telefonica, 
the large government-con- 
trolled telecoms group. 

The prize is subs tan dal The 
betting is on start-up figures 
that, including the initial cash 
fee to the government, will be 
upwards of Pta200bn (Sl-5bn). 

Initial Investment for the 
network - which, under the 
terms of the tender, must offer 
GSM coverage for all Spanish 
cities of more than 10,000 
inhabitants wi thin five years - 
will be at least PtalQQbn. 

As for the opponents, in one 
corner is a group called SRM. 
It Ls headed by Mr Jordi Mer- 
cader, a former chairman of 
the Institute Nacional de 
Industria (INI), the public-sec- 
tor conglomerate, and has the 


UK's Vodafone as its principal 
operator. 

In the other corner stands 
Airtel-Sistelcom-Reditel (ASR), 
headed by Mr Eduardo Serra, a 
former senior INI executive 
who went on to become junior 
defence minister. This group is 
backed by AiiTouch, the US 
telecoms group. 

Vodafone has a 23 per cent 
stake in Cometa-SRM and Air- 
Touch has a 16 per cent hold- 
ing in ASR. 

Spain, with a mature basic 
telephony base, lags compara- 
ble economies in the mobile 
business. Mr Borrell claims be 
is setting Spain on a deregu- 
lation course. Once he has 
decided which second operator 
is to deliver a mobile service, 
the minister will introduce leg- 
islation that will both create, 
and liberalise, the cable televi- 
sion business in Spain. He also 
promises that basic telephony 
will be liberalised by 1996, with 
the award of a licence to the 
private sector. 


Telefonica 



5butt^FTGroptifi* 

- v V . *■ ■*. 1 


A ll eyes - and a lot of 
money - are now 
focused on the mobile 
telephone contest and on the 
referee’s role that Mr Borrell 
undertakes today. 

But even before the bids are 
opened, the contest has its crit- 
ics. The chler criticism is that 
the government has distorted 
the competition with its own 
greed: the two consortia are 
being forced to bid above an 
initial expensive opening price 
set by Mr Borrell. 

Mr Borrell's department has 
said a minimum of Pta50bn 5) 

must be delivered in advance 
to obtain the GSM licence. 

The rival bidders are likely 


to come dose to doubling' that 
sum. 

Td be surprised if the win- 
ning cash bid is not dose to 
PtalOObn," says Mr Fernando 
Pardo, a partner of Price 
Waterhouse in Madrid and the 
consultancy firm's local tele- 
communications expert. 

The government is clearly 
anxious to earn as much as 
possible from the second 
licence in order to lower Us 
public deficit. 

It is also, according to critics, 
placing an exceptionally high 
burden on those bidding for 
the second licence in order to 
defend Telefonica. 

A clear consequence of such 
an attitude is that the cost of 
the contest has crowded out 
several domestic companies. If 
the government wanted to 
encourage a wide network of 
Spanish enterprises to invest 

in the t*4arnnirniTTiif»aH rins sec- 
tor, it has singularly failed to 
do so; only a reduced contin- 
gent of blue chip companies 


remain in the second licence 
contest 

Mr Borrelb when awarding 
the licence, will be looking at 
which of the rival bids offers 
most in terms of job creation; 
which would offer additional 
industrial investment uncon- 
nected with the mobile busi- 
ness; and which pots a pre- 
mium on Spanish-based 
research and devdopment, as 
opposed to Imported technol- 
ogy- 

“The driving force fof the 
tender] ls the creation of. a 
good GSM system for the coun- 
try^ maintains Mr Claudio 
Boada, managing director in 
Spain of the US Investment 
hank Lehman Brothers, which 
is advising the transport and 
communications ministry over 
(he award. 

Telefonica, which already 
operates, an analog cellular 
phone network, expects to earn 
Pta40bn from 400,000 subscrib- 
ers this year. Price Waterhouse 
confidently expects that the 


mobile business, will have 2m 
users with file devdopmenl of 
GSM by 1988 and that the mat 
ket will be worth PtaZIQbn by 
that date. « 

It - is- hot . surprising, there- 
fore, that the big guns in Span- 
ish banking 1 have 1 lined up 
behind the two consortia: 
Banco Bilbao Vizcaya (BBV) 
has taken a 3<i per cant stake 
in Cometa-SRMr Banco San- 
tander and Banco CentraTHfo- 
pauib, (BCH) share a 27 per cent 
holding in ASR. Argentaria, 
the state-controlled ; financial 
group and the. other of Spain's 
big four high-street banks, is 
understood to be backing 'Hete- 
f&nlca’s GSM venture. . - - r . : 

The other shareholders in 
the two consortia c o ns tit ute a 
. revealing list of who has final* 
rial muscle tn Spain and a wSi-; 
m griPRK bo-bet on new teefamd- 
ogy. Barcelona's La Cafxa, the 
biggest domestic savings, bank, 
is hwhfad the Cometa-SRM bid, 
while five middle-ranking 
regional savings institutions 
have teamed to back ASR. The 
big electrical utilities, Endesa, 
Iberdrola and Sevillana, have 
sided -with Cometa-SRM, wirife 
the smaller Fecsa and Untoa 
Fenosa utilities support ASR. ; 


B ut just as interesting is 
the roll-call of those 
who avoided the cote 
test Both consortia suffered 
last minute withdrawals. 

Among the big names that 
pulled out were Repsol, the 
government-controlled oil, 
chemical and gas group; El 
Carte Ingtes, the cash-rich 
retail -stare group; and Prfea, 
the lftwWrig mn’iHwiaflia com- 
pany which publishes the 
newspaper El Pals. 


Mexico waits for OECD borrowing benefits 


By Stephen Rdler, 
Latin America Editor 


Mexico, which was admitted to the 
Organisation for Economic Co-opera- 
tion and Development last April, has 
yet to enjoy one of the important fruits 
of membership. 

Became of a little-noticed rule 
change agreed by International bank 
supervisors m Basle in July, Mexico 
has to be treated as a non-OECD coun- 
try by banks and securities traders. 
This means they must set aside more 
capital than for other OECD member 


countries when they lend to the Mexi- 
can government and Mexican banks, 
and when they hold their securities 
Previously, the rules defined the 
so-called Zone A countries - those ben- 
efiting from the most generous capital 
treatment - as members of the OECD. 

The July decision from the Basle 
Committee on Banking Supervision 
meant that Zone A now “excludes 
any country within the group which 
has rescheduled its external sovereign 
debt in the previous five years.” 

Mexico, the only member in that cat- 
egory* signed a debt restructuring 


agreement in March 1990, which means 
it should enter Zone A in March 1985. 
This should help lower the cost of bor- 
rowing ami of issning short-term secu- 
rities and eurobonds by the govern- 
ment, public-sector entitles and banks. 

“Other things being equal, this 
change is likely to increase the demand 
for Mexican sovereign risk by reducing 
the cost of carrying Mexican assets. 
This would lead to some compression 
of Mexico’s credit spreads," said Mr 
David Lubin of HSBC Markets in Lon- 
don. The shift will mean a zero-risk 
weightin g - that is, no capital has to 


be set aside - for chums against the 
Mexican government or Its central 
bank. 

The risk weighting for short-term 
government securities and floating-rate 
notes issued in foreign currency drops 
to 10 per cent, while that on euro- 
bonds, claims on lulw and public sec- 
tor entities drops to 20 per cent. 

Previously the risk weighting on all 
Mexican entities was 100 per cent, 
implying 8 per cent of the value of the 
claim bad to he set aside hi capitaL 
Claims on Mexican corporate entities 
will remain unchanged at 100 per cent 



Formula for a Better Tomorrow 



Leading -edge technology can take an infinite number of 
shapes. To grasp just how many, you need look no 
farther than UBE Industries. We are a manufacturer of 
chemicals and plastics. And of cement and construction 
materials. A supplier of coal. Clients also rely on us for 
products and services involving machinery — mainly die- 
cast and injection-molding units— plant engineering as 
well as the environment Although diverse, our activities 
in all of these areas represent a commitment to tech- 
nological progress. And to progress in Industry and in the 
home. 

To propel future growth, UBE is focusing on business 
sectors where its competitive edge is sharpest Among 
them are caprolactam, nylon resins, fine chemicals, 


cement, construction materials and environmental 
technologies, particularly those related to Industrial waste 
treatment 

This strategy is backed by formidable resources. As of 
March 1994, our consolidated assets stood at ¥889,065 
million (US$8,631 million) and sales for the most recent 
fiscal year were ¥585,504 million (US$5,684 millon). Our 
manufacturing and research faculties are among the most 
advanced in the world. And our international network of 
offices and subsidiaries enables us to serve customers 
worldwide. 

Core strengths. Diversification. A commitment to 
progress — and growth. This Is the UBE formula for a 
better tomorrow. 


Serving growing markets in Japan, and around the world, 


UBE INDUSTRIGS.LTD. 

UBE Building, 3- 11, Higashi -Shiiugawa 2-chome. Shinagawa-tu, Tokyo 140, Japan Phone: ({0)5460-32 10 Fax: (03)5460-3384 


Overseas Safes Subsidiaries 

• UBE Europe GmbH /tinmemwum Hof, Immermannsir. MB, 40210 DflsseUoif l.Genrewy Phone: (0211)336085 Fax: (021 1)3613297 
•UBE Industries (America), Inc. / 666 Fifth Avenue, New Yort NY 10103. U$A Phone: (212)765-5865 Fax: (212)765-5263 
•UBE Maddner; Saha, Inc. / 620 Avis Drive. Am Arbor, MI 48108. ILS.A. Phone: (313)741-7000 Fax: (313)741-701? 


Overseas Manufacturing Subsidiaries 

• Produdos Qumicos dd MedHerrineo, SJl (Spain) / P.O. Box 1 18 , 12060 CasteDon. Spain Phone: (9)64-280000 Fax: (9)64-280013 
Activities: Manufacture of caprolactam 

•A-Mofd Corp. (USA.) / 4600 Mason-Mbnigornciy Road, Mason, OH 4504a UAA. Phone: (513)439-1760 Fax: (513)459-7060 
Activities: Manufacture of automobile aluminum wheels 

•ATC Inc. (U&AJ/ 3050 Sidco Drive. Nashville, TN 37204, U5 A Phone:(615)244-8994 Fax:(615)244-8997 
Activities: Manufaaurt/saks of plastic composite materials 

•ATC Mexicans &A. de C.V. (Mexico) / Alamos #20. Fraco. Pulgas Pandas, Aguasca liases, AGS- Mexico Phone: (49)124425 Fax: (49)124435 
Activities: Manufacture of plastic composite materials 

• ETC Ltd. (ILK.) / Warrington Road. Manor Fade. Industrial Estate, Runcorn. Cheshire WA7 I SB, U.K. Atone: (0928)579476 Fax: (0928)579475 
Activities: Manufacture/sales of plastic composite materials 


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AssiDoman 
Interim Report 
January-September 1994 


O Gross sales MSEK 12^22 (10,876) +13%. 

O Profit after depredation MSEK 1,444 (800) +81%. 

O Profit after net financial items MSEK 1,285 (568) +126%. 

O Equity/assets ratio 57% (50%, 31 December 1993). 

O Number of shareholders as per 7 October 1994, 463,525. 

O In November, AssiDoman signed an agreement in principle with 
MoDo AB regarding the acquisition of MoDo Packaging. 

O Also in November, AssiDoman signed a letter of intent with 
Rottneros AB regarding the sale of the pulp mill in Vallvik to 


Rottneros. 

Consolidated profit and loss account 


MSEK 

Jan-Sept 

1994 

Jan-Sept 

1993 

Invoiced sales 

12,065 

10,750 

Operating profit before depreciation 

2,129 

1,482 

Depreciation according to plan 

-689 

-693 

Shares in earnings of associated companies 

4 

U 

Operating profit after depreciation 

1^444 

800 

Net financial items 

- 159 

-232 

Profit after net financial items 

1,285 

568 

Elimination of Neb's Jan-Maxch earnings 

-24 

Tax 

-23 



- 32 

Net profii/loss after tax 

IJ238 

536 

*Qnup»ralivc figures tor 1993 are catailmed on a pin fantm hn«i« 

AsilOiKafiii AB, S- 105 22 Sloddwlm, Swedes. Pfaooe +44 (S) 728 68 N. Euc . 

kK ( 8 ) 728 M 16. 


AzriDom&n bone of Europe's to, larger, 
art in Sweden. The Group U Sweden 'jr largatfifnal owner 
products, packaging 


«pprwdmauty 72JJOO dauptogaew. p/^om 7.000 
cessing of ctefmrmcuerni/iajBim timber 
flWCMM lo about SEK /? hinfa, 


. oRfj. 



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mF8qo.oao.ooo 


In accordance with the 

If Conditions 

of the Notes, notice is 
, hereby alven that the 
interest. Payment Dates 
in 1995 in respect of the 
subject Notes shall 
be as follows ; 


March 15, 1995 
„ June 21, 1995 
SfHrtenAer 20 , 1995 
20 , 1995 


SOCEft GQNERAU GROUP 

15 - A Lu e r M isii^ eirter 


^SOOET EGBEWF 

AgaEPTANGEBLv. 

SiSSS 

DECEMBER 17, 1997 

T-^l^rdanee with the 
IrtTf Conditions of g 

|the Notes, notice is herebyi 
S^tbatthelnterest^l 
Dates In 1995 11 
JJL^R^i of the subject 
Notes shall be as follows : 

IB, 1995 
June 21,1990 
“•Ptambar 20, 199B 
D® 1 *"** 30, 1995 

GENffiALE GROUP; 

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25 


INTERNATIONAL COMPANIES AND FINANCE 


Mario Brothers 5 
maker warns of 
weakened profits 


KT 03 " 1 *” 

are feeling 
forecast SS Qf e ' a ac £ 0fd ing t H 

C,s ech “'™‘". 

„"J® pan ’ s largest maJier of 

SSSd l S t Bames yesterday 
wwned that recurring profits - 

before ta* and extra 0r Zary 

» *llMbn (Sl.Onbm in the year 
53,65 would be 

ST*? per cent to Ywobn 

over the same period, it said 

UJ!L,Zf n 5 stren eth has 
squeezed margins on the some 

55_P er " nt of sales Nintendo 
makes abroad, while European 
markets have been hit by 
pnce-discountlng and a fell in 
demand 


Nintendo's report for the 
first half of the year showed a 
fall in recurring profits of 16.4 
per cent to YSlbn, in line with 
market expectations. Sales 
declined even faster, by 36.! 
per cent to to Ylffehn. 

Nintendo's forecast Is less 
gloomy titan the outlook last 
week from its rival, Sega. 
Unlike Nintendo, it is exposed 
to the amusement hall trade, 
where business has been as 
poor as in computer g^mpg 

Like its rival, Nintendo is 
pinning its hopes on a new 
generation of products to stim- 
ulate Sagging: demand for com- 
puter games. These include a 
16-bit game. Super Donkey 
Kong, a version of an existing 
Nintendo line wiLh new graph- 
ics. to be released shortly. A 
32-bit hand-held game called 
Virtual Boy is due out in April. 


Kyocera improves 
at operating level 


By Mlctnyo Nakamoto 
fri Tokyo 

Buoyant demand for cellular 
telephones and electronic com- 
ponents supported an 8 per 
cent Increase in consolidated 
sales at Kyocera, the world’s 
largest maker of ceramic pack- 
ages and electronic parts. 

Kyocera, whose broad prod- 
uct range also Includes micro- 
processors, karaoke equipment 
and artificial bones, enjoyed a 
27 per cent rise In operating 
profits in the first six months 
of the fiscal year, to Y2&8bn 
(3292.3m) from a previous 
Y21.ibn, on sales higher at 
Y2289bn from Y21I.2bn. 

However, recurring profits - 
before extraordinary items and 

tax - slid 24 per cent to 
Y33.lbn compared with 
Y43 Jhn last year. The year-ago 
figures were boosted by gama 
from the listing of DDL the 
telecommunications company 
in which Kyocera owns 22 per 
cent, and a share offer ing from 
two companies in which 
Kyocera is a leading share- 


holder. Net profits were also 
down by 19 per cent to Yl&6bn 
from Y23bn because of last 
year's gains. 

During the latest period, 
Kyocera benefited from the 
surge in world semiconductor 
markets, which supported ris- 
ing demand for its compo- 
nents. As a result, sales in the 
fine ceramics division rose 12 
per cent. 

Electronic components sales 
climbed 2 per cent on the back 
of strong sales to the PC and 
mobile telephone markets. 

Surging demand in the 
domestic cellular telephones 
market since liberalisation in 
April also boosted the com- 
pany. In addition, the popular- 
ity of its karaoke equipment 
combined to Hft sales in the 
electronics equipment division 
by 9 per cent 

The company is forecasting a 
14 per cent rise in parent sales 
to Y344bn in the full year; a 43 
per cent increase in recurring 
profits to Y50bn; and a 22 per 
cent rise in net profits to 
Y26Jftm. • 


Moving to right Jakarta’s lop-sided stock market 

The government wants to encourage local investment, write Peter Montagnon and Manuel Saragosa 


Jakarta Stock Exchange 


T here Is something lop- 
sided about Indonesia’s 
fast-growing stock mar- 
ket. While local investors own 
most of the shares in listed 
companies, foreigners do most 
of the trading, accounting for 
as much as 80 per cent of turn- 
over. 

The problem l s not uncom- 
mon In Asia, but U is particu- 
larly acute in Indonesia, where 
the shore-owning middle class 
remains relatively small and 
the richest Individuals tend to 
hold a high proportion of their 
assets offshore. Indonesian offi- 
cials acknowledge that, as In 
other countries of the region, 
they badly need to develop a 
broad domestic base of institu- 
tional investors if the capital 
market Is to play a full role In 
financing the country's eco- 
nomic and infrastructure 
development. 

The authorities plan to intro- 
duce two changes which they 
hope will propel the market 
into the modern world. A new 
securities law, currently in the 
final stages of draft, should 
allow for tighter regulatory 
supervision when it takes 
effect next year. In a move 
which must make the London 
Stock Exchange blush over its 
Taurus fiasco - the planned 
paperless system abandoned 
last year - Jakarta is prepar- 
ing to have fully-automated 
trading when it moves to new 
premises in early 1995. 


Jakarta Composite 
Index 



g00 U l I MULWJA. 1 1 1 1 .1,1 I I 

1880 93 84 

Sauce: Datewwn 

Though the two moves are 
not directly connected, the 
authorities hope both will 
enhance market liquidity and 
broaden the domestic investor 
base. The stock exchange reck- 
ons automated trading will 
enable it to handle up to 50.000 
transactions a day compared 
with the current 3.600. Tighter 
regulation should improve 
market integrity and pave the 
way for greater institutional 
participation. 

Brokers agree that the mar- 
ket - already capitalised at 
more than $50bn - is set to 
grow exponentially. Doily trad- 
ing volume has tripled to S47m 
in the last two years. “We 
think that volume is going to 
grow ten-fold in the next four 


Turnover by whan** 

US Non 

aoo 



[years].” says Mr Anthony 
Davies of Baring Securities. 
But there remains scepticism 
about the direct impact of the 
new securities law. 

So far, only the outlines are 
known. Mr Bacellus Rum, 
chairman of the capital mar- 
kets supervisory agency In 
charge of the draft, says the 
law will reinforce existing bans 
on indripr trading .mfl share 
manipulation by giving his 
agency the power of subpoena 
and search. It will also tighten 
standards of disclosure, partic- 
ularly of material change in a 
company's fortunes. 

Mr Ruru says he is deter- 
mined to use the law to raise 
standards of integrity in the 
market, even if it makes him 


MwtwtcaptalkTlart* 

Sbn 

80 - 


40 


20 




III 


1882 83 94 

•D uu M M i Tctu Mwmt man 


unpopular. "Once the law is 
effective, we will have no other 
choice but to carry it out.” he 
says. Automated trading will 
also Increase the transparency 
of the market, making it easier 
to detect abuse, he says. 

B rokers say it remains to 
be seen how much 
thing *; fh.mg p in prac- 
tice in a country with a finan- 
cial system still dominated by 
vested interests. Other Asian 
countries which have intro- 
duced similar improvements in 
regulation have witnessed only 
a slow reduction in share-price 
volatility. It is also unclear 
how far the law will go in forc- 
ing full disclosure of directors' 
dealings and in setting a mini- 


mum amount of shares which 
must be made available to the 
public in any flotation. 

In the view of many brokers, 
It is the lack any ruling in 
the latter area that makes for 
the greatest barrier to liquid- 
ity. Says Mr Ruru: M I appeal to 
issuers. Please, you have to 
float more shares, not just a 
token." 

However, as in many mar- 
kets at this early stage of 
development, such a sugges- 
tion is contentious with com- 
pany owners worried about 
loss of control. 

Moreover, many would like 
the authorities to go further 
and drop the 49 per cent limit 
on the portion of a floated com- 
pany which may be owned by- 
foreigners. This further 
restricts liquidity, they argue. 
Though there are indications 
that the regulatory authority is 
sympathetic to such a move, it 
could only be decided at the 
highest political level. 

As evidence of their determi- 
nation to increase liquidity, 
tiie authorities have, however, 
scrapped capital gains tax on 
securities transactions from 
next January, and plan to per- 
mit the launch of open-ended 
investment trusts under the 
new law. They are also talking 
about using the market auto- 
mation to reduce the minimum 
lot. This is currently at 500 
shares, which means the small- 
est transaction in the recent 


Indosat issue would be more 
than S3m. 

Mr Ruru hopes such mea- 
sures will attract pension 
funds out of bank deposits and 
into equities, and that wealthy 
Chinese investors, traditionally 
tiie main players in the equity 
market, will repatriate funds 
from abroad. One way or 
another the interest of domes- 
tic investors has to be nur- 
tured, given the huge supply of 
stock that looms over the next 
few years. 

The government has already 
announced three privatisations 
- the telecoms group Telkom, 
the PLN electricity company 
and the Jasa Marga toll road - 
to follow Indosat. Further 
down the road, large issues 
from the state airline Garuda 
and the oil company pertamina 
are expected. At some point, 
the market will have reached 
the size where tighter regula- 
tion has to be enforced, if it 
has become sufficiently robust 
to absorb so much new paper. 
That point has not yet been 
reached, even among foreign 
Investors who are sticklers for 
proper behaviour at home. 

Few foreigners complain 
about the current situation, 
where company results may be 
dribbled into the market as 
much os six weeks before any 
official announcement. "They 
just gravitate to the brokers 
who are best informed," says 
one smirking analyst. 


in US studio deal 


SA bank ahead 16% pre-tax 


Australis 


By Nikki Talt In Sydney 

Australis, the Australian 
company which has pledged to 
become the country’s first sup- 
plier of pay-TV services next 
year, announced yesterday it 
had reached agreement with 
three Hollywood studios for a 
supply of films to air on its 
two movie channels. 

Paramount Pictures, Sony 
Pictures Entertainment and 
Universal Plctnres/MCA have 
entered the partnership with 
TCI, the 178 cable company 
which already has an invest- 
ment in Australis. The link-up, 
in which all parties have an 
equal share, will have exclu- 
sive Australian rights to the 
studios' output and libraries 
for five and a half years. There 


will be an option to extend 
this agreement for a further 
five years after that 

The movies will feed two of 
the channels which Australis 
proposes to launch next year: 
one will be for first-run films 
and the other for films 
released over the past three 
decades. The two channels will 
be run by a TCI affiliate at the 
outset, and then be transfered 
to Australis “after the start-up 
phase”. 

The Australian company 
said it had agreed to allot the 
studios options to acquire Aus- 
tralis convertible debentures 
at Agl.40 each. The options, 
which are exercisable within 
27 months, will not exceed 10 
per cent of the company's con- 
vertible debenture stock. It 


has also agreed to allot 
875,000 shares each to TCI and 
Mr Gerry Lenfest, head of the 
company through which TCTs 
Australis stake is held. The 
price will be AS1.33. 

Australis, a new company 
running only small-scale 
narrow-cast subscription ser- 
vices at present holds one of 
the two commercialiy-avail- 
able satellite licences in Aus- 
tralia, and has said it will 
start offering pay-TV services 
from the beginning of 1995. 

However, some of the coun- 
try's established media players 
- such as Mr Rnpert Murdoch 
and Mr Kerry Packer - have 
recently signed alliances with 
telecommunications compa- 
nies developing rival cable 
networks. 


By Mark Suzman 
In Johannesburg 

Amalgamated Rank*} of South 
Africa, the biggest and most 
troubled of South Africa's lead- 
ing banking groups, has 
reported a 16.6 per cent rise in 
pre-tax profit to R6l0.7m 
(Si 73m) for the six months to 
the end of September, up from 
R5239m for the same period 
last year. 

Net interest income rose 82 
per cent to RL.98bn from 
Rl.SSbn. while the provision 
for had and doubtful loans 
dropped 6 per cent to R262.7S1 
from R279.4m. 

However, attributable 
income rose only 10.7 per cent 
to R337.9m from R305.3m, 
largely due to a 21.5 per cent 


rise in tax paid, to R280.5m 
from R262.7m previously. 

Loans rose 12.5 per cent to 
R75.2bn from R66.9bn, 
reflecting an improvement in 
the core hanking sector. This 
helped boost total assets to 
R91.4bn from R84-3hn, a rise of 
8.4 per cent 

However, the share of associ- 
ated companies’ retained 
income dropped sharply to 
R7.7m from R12.3m, largely 
because of continued difficul- 
ties in the short-term insur- 
ance market. 

Earnings per share rose 10.7 
per cent to 59.7 cents from 54 
cents, but the dividend was 
only increased 8J1 per cent to 
18.5 cents. This means the 
payout Is covered 3.2 times, 
consistent with the group’s 


goal of a consistent dividend 
cover of three times. 

Although the results con- 
tinue to lag ABSA's main com- 
petitors, analysts say they rep- 
resent a significant 
improvement on the last two 
years, when rivals gained mar- 
ket share from ABSA as it 
struggled to integrate its con- 
stituent parts following merg- 
ers in 1991 and 1992. 

• Foschini, the South African 
clothing and jewellery retailer, 
has announced a 262 per cent 
rise in attributable earnings to 
R672m for the six months to 
the end of September, up from 
115329m previously. 

Pre-tax income also rose by 
26 l 2 per cent to Rlll.5m from 
R88.3m, reflecting a 28.5 per 
cent rise in turnover. 


t 

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rtT 1994 


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£ 200 , 000,000 

MFC Finance N o. 1 P LC 

UOrncE OF nfcDEMi* TKJN 

Backed Hooting Bala Nona 

Srnfo* *A* to •F «gj2StSSr2023 

. ^ S^ineccordanM with Conditions He) oMiw 
Notice JshereWB''^- 188a tfw >»*u*r founds to radoom 

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3S YEARS OPfflSTWfttL HOCUS HM 
CASH, FUTURES, OPTIONS AND 

INDEX MARKETS. 

AV&USCFRJNEaMSOTALlNIOKMATXM 

QNOVmUHXMMCaiG& 

Cbmmndhy Year Book, ifacHUc 1 elite 

tUWEitadBMiy. la idtiMon ta 
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H fto Sam, Luataa EC*Y lHY 
T* *44 (Dl 118C 400 


SO Cl ETC GENERALE 


FHF 500,000,000 

SUBORDWATB) 

FLOATING rate notes 
DUE 2001 

In accordance with the 
. Terms and Conditions of 
the Notes, notice is hereby 
aiven that the interest 
Payment Oates in 1995 
in respect of the subject 
Notes shall be as follows : 

March 15, 1995 
June 21, 1995 
September 20, 1995 
December 20, 1995 

' mePrin I i (5g|'NSL 9A9ent 

SOCETE GENERALE GROUP 
15, Avenue Emile Reuter 
LUXEMBOURG 


This announcement appears as a matter of record only. 


November! 994 



Smurfit International B.V. 

Guaranteed by Jefferson Smurfit Group pic 

FF 3, 110, 940, 000 

Term Loan and Letter of Credit Facility 


Arrangers 


Bankers Trust International PLC 


Chemical! Bank 


Lead Managers 

Allied Irish Batiks pic 

Bank of Ireland Bankers Trust Company 

Uubiiri Bn 

C1C Banques 
Irish Intercontinental Bank Limited 
Rabobank Nederland, London Branch 
The Royal Bank of Scotland pic Scotiabank (Ireland) Limited The Toronto-Dominion Bank 


Bayerische Landesbank Girorentrale 

London Branch 

Citibank, N.A. Credit Lyonnais ENG Bank 

(Dublin Brunei,} Dublin Branch 

Lloyds Bank Pic NationsBank 


Bank of America NT & SA 

Dublin Branch 

Banque Nationale de Paris S.A. 

Dublin Branch 

Chemical Bank 


Bank of Montreal 
Barclays Bank PLC 

Dublin 


Arab Bank pic 
Banco Bilbao Vizcaya S.A. 
BBL Ireland 
Midland Bank pic 


Managers 

The Bank of Tokyo, Ltd. 


Banque Paribas 
Soci£t€ Generate 


Co-Managers 

BACOB Ireland p.|.c. Banca Nationale del Lavoro S.p.A. 

London Branch 

Banque Francaise du Commerce Exterieur Banque Indosuez 

London Branch 

Credicanstalt-Bankverein Credit National 


The Nippon Credit Bank, Ltd. 

Agent 

Bankers Trust Company 

Member of SPA 


The Sumitomo Bank, Limited 







FINANCIAL TIMES TUESDAY NOVEMBER 22 1994 


INTERNATIONAL CAPITAL MARKETS 


Further wave of short-dated eurodollar offerings 


By Graham Bowley 


Continued strong investor 
demand for US dcdlar-denoml- 
nated bonds prompted another 
wave of short-dated eurodollar 


The dollar sector has wit* 
nessed a flurry of activity since 
last week's higher-than-expec- 
ted rise in US short-term inter- 
est rates by three-quarters of a 
point to 5.5 per cent 
"European investors now 
believe the process of mone- 
tary tightening in the US Is 
nearing an end, and with US 
Treasuries weakening despite 
the rise, investors now see 
good value in the US market” 
said one trader. 

Confidence in the sector is 
also being supported by a 
belief that the dollar is set to 
appreciate against the yen and 
D-Mark, traders said. 

Toyota Motor Credit Corpo- 
ration, the financing arm of 
Toyota's operations in the US, 
launched a 8250m offering of 


three-year bonds, which was 
greeted with very strong 
rigmaTiri. lead manager Paribas 
said. 

"This was exactly what the 
market wanted. There are no 
triple-A rated corporate names 
out th^e at the moment ofier- 


INTERNATIONAL 

BONDS 


ing such an attractive coupon," 
a Paribas official said. 

The bonds offered a coupon 
of 7% per cant and maintained 
their initial launch spread of 14 
hade points above US govern* 
ment bonds after the bonds 
were freed to trade. 

Paribas expects a large part 
of the offering to be placed 
with Swiss retail accounts 
although there was also strong 
demand from retail Investors 
in Germany and the Benelux: 
countries and from UK institu- 
tional accounts. 

The proceeds from the offer- 


ing were swapped into floating- 
rate dollars. 

Both UBS Finance and SBC 
Finance reopened earlier offer- 
ings due to the strong investor 
d emand for dollar assets. SBC 
launched a 8100m offering of 
seven-year bonds priced to 
yield three basis points above 
US Treasuries. UBS launched a 
$100 offering - later increased 
to 8250m - of two-year bonds, 
priced level with US Trea- 
suries. 

"We saw constant buying in 
the Swiss retail network of the 
origin issue, driving the price 
in the secondary market down 
to 10 basis points through 
Treasuries," a UBS syndicate 
official said. The bonds had 
been launched at five basis 
points over US Treasuries. 

Also in the two-year dollar 
sector, Bank Nederlandse 
Gemeenten launched a S200m 
bond offering, priced to yield 
two basis points over US Trea- 
suries. Mainly targeted at 
Swiss and Benelux retail inves- 


tors, the bonds also found firm 
demand from UK institutions, 
lead manager J.P. Morgan said. 
The proceeds were swapped 
Into guilders, market sources 
said. 

In the the sterling sector. 


Deutsche Bank Finance 
launched a £l00m offering of 
two-year bonds, priced to yield 
20 basis points over German 
government bonds. 

• Standard & Poor's, the US 
credit rating agency, yesterday 


assigned a B+ rating to 
the Islamic Republic of Pakis- 
tan's planned first-ever euro- 
bond. 

The outlook an the country's 
foreign currency debt rating is 
positive, S&P said. 


East Midlands a«U 
shows pricing trend 


By Martin BHM 


NEW INTERNATIONAL BOND ISSUES 


D emurer 
US DOLLARS 

Toyota Motor Oradt Cora 
Bank America 
Urfbanco Looting 
UBS flnancotb) 

SBC Finance (CaymanXc) 

Bank Nedartandn Gamearoen 


Amount Coupon Price MUwty Faaa 
m. % 


STERLING 
ESI SAt 

Deutsche 8k. Finance 


D-MARKS 

Himgartan Foreign Trade Eft. 
KFW Intt RnancaM 
Dautache Auafliak**£urtct 


GUILDERS 

Dautache AuagMchabank 
Baden Wuentemberg L-Hn. 


m. 



2EO 

7.75 

99-6325R 

200 

6376 

8905SR 

ISO 

11.185 

99.75R 

100 

7.00 

99.35R 

100 

7.126 

9903R 

200 

7.60 

99.371 R 

200 

(a) 

99.580 

100 

0.00 

100.1 OR 

150 

90S 

10126 

GOO 

7.75 

100050 

BOO 


100 

250 

7.625 

B9.325R 

250 

7.375 

99.675R 


Spread Book ronmr 

hp 


The keenly-priced £350m 
syndicated loan for East Mid- 
lands Electricity was signed 
yesterday, highlighting the 
trend to cheaper lending- 
censed by intense competition 


pushed prices of loans dose to 
the level of bogds and the 
Swedish government,' the big 
east borrower on the world's 
bond market, has turned is a 
syndicated loan for a $Sbn five 


Doc. 1997 40.188R - Paribas 

Doc. 1999 Q27GR +60 (M fiyi S a l om on Branham 
Now. 1997 10H +370 (7tt-S7) CS Hrc Boston 

Doc. 1996 Q.12GR +1 (Bft%-86) UBS 
DocSOOt 0.1253 +8 QM 2yi) Swiss Bank Cop. 

Dec.1996 0.1253 +0 (Wl 2yi) JPAkvsan 


Doc.1998 0.1253 


CS Rm! Boston 


D#C0OO1 

OcL2004 

Dac0OG2 


225 4-195 Beyer LB 

20OR +24 (6H%-04} JLP-Mogan / West LB 
020 * ABN AraramMous & B. 


Final terms and non-caflsble uni sea stated His yield spread (over relevant flOvSnMWit bond} at bunch ta BU ppMd by Vw laid 
manager. jFloatlng rate not*. R: fixed re-cWar price; fees are shown at the re-offer [aval a) Raya 3 month Libor plus lObp. Short feat 
coupon, b) Amount Increased to CJ50m c) Amount Increased to E350m. d) Pays 3 month DM Ubor flat, e) Amount to CtatiB id to 
□Ml .Son. Issue frngUe SO days after pay date. 


SFE to appeal against 
ruling on new ‘option’ 


Treasuries steady ahead of auction 


The five-year loan, arranged 
by Chemical Bank, .was priced 
at 15 bads points aver the Lon- 
don interbank offered rate 
(Libor) which other loan syndi- 
cates regarded as unprofitaMy 
low. They suggested that 
finance for the UK regional 
utility could not be raised, and 
one said at the time: "This may 
be a deal too for.* 

However, Chemical Bank 
said yesterday that Europe a n, 
non- European and Japanese 
banks had joined the deal. 

Pricing levels for syndicated 
loans have fallen this year as 

hanks haro fought fl ggrWMtv p.Ty 

for assets wMLe borrowers 
remain wary of ifehts This has 


ing debts. Citib ank, and 
J-P- Morgan are currently arr- 
anging syndication of -that 
loan, which is priced atu basis 
points over Libor. 

One farther said: "Sweden is 
getting a fantastic deal" 
Further evidence of compel 
tion among banks driving 
down prices for loans came 
when rHpir^ai Bank errengad 

a keenly-priced SSOOmflrB-yehr 

syndicated loan signed, lest, 
week . for Na tional Power, tios 
-UK power generator. • ' 
That deal was priced at 17 
basis points over Ubor and 
National Power said the. loan 
was oversubscribed with. 25 
banks prepared to lend it a 
total of £lbn. double the 
amount required. 


By Nikki Talt In Sydney 


The Sydney Futures Exchange 
is to appeal against a recent 
Federal Court ruling which 
permitted the Australian Stock 
Exchange to trade "low exer- 
cise price options" (LEPOs), a 
new typ e of derivative which 
the SFE claims is essentially a 
future s con tract 
The SFE's move is the latest 
development in a long-running 
battle between the two 
exchanges over who should be 
allowed to run the market for 
individual share futures. The 
SFE introduced futures con- 
tracts on individual shares in 
May, becoming the first 
exchange worldwide to do so. 
However, the ASX countered 
with LEPOs, very deep "in the 
money*’ call options. 


The SFE then mounted a 
legal challenge, stating that 
these amounted to futures con- 
tracts, and hence could not be 
traded on the ASX. Under 
Australian corporations law, 
there is a strict divide between 
the exchanges' territories - 
with the ASX allowed to trade 
securities and the SFE, 
futures. 

Varlipr this month, a Federal 
Court judge sided with the 
ASX. 

However, yesterday Mr Les 
Hosking, the SFE's chief execu- 
tive. reasser ted the exchange's 
belief that LEPOs "are, in real- 
ity, futures contracts . . . they 
function as a futures contract, 
have the risk profile of a 
futures contract and should be 
regulated as a futures con- 
tract". 


By Lisa Bransten In New York 
and Martin Brice In London 


US Treasury prices were 
mostly flat yesterday morning 
as traders held their positions 
in advance of the afternoon 
auction of two-year notes. 


HI 

BONDS 


By midday the benchmark 
30-year government bond was 
down A at 92ft, yielding 8.126 
per cent At the short end of 
the market, the two-year note 
was down tk at 99ft, yielding 
7.223 per cent 

With little economic news to 
be released this week, Wall 
Street was looking to this after- 
noon's auction and an auction 
of five-year notes tomorrow for 
a measure of investor senti- 


ment Few expect the market 
to shed its generally bearish 
outlook, but there is optimism 
that there will be modest 
demand for the two-year notes 
because the yield is expected to 
be about 120 basis points 
more than the Federal funds 
rate. Uncertainty In the 
market should also main* the 
shorter-term notes more attrac- 
tive. 

Volumes are expected to be 
extremely low all week, how- 
ever, as traders and investors 
take the Thanksgiving holiday 
on Thursday. The market will 
close early at 2pm on both 
Wednesday and Friday. 

Also, the market has already 
begun to look forward to an 
additional increase in the tar- 
get Fed ftmds rate. Although 
the Federal Reserve boosted 
the rate by a greater-than-ex- 
p acted 75 basis points last 


week, the language of the com- 
munique announcing the 
increase left open the possibil- 
ity of another near-term 
Increase. The market seems 
convinced that inflationary 
pressures will warrant a 
higher target rate. 


strong showing last week. He 
said that the strong GDP data 
released on Friday meant "an 
interest rate rise is on the 
cards”. 


EVC shares at premium 
on Amsterdam debut 


By Richard Loppor 


■ The UK government bond 
market was largely unmoved 
by an October non-EU trade 
deficit which was larger than 
expected. The trade gap was 
£4l0m compared with forecasts 
of between £40Qm and £275m. 

In late trading the December 
long gilt future moved up ft of 
a point to trade about 102%. 
The yield spread over bunds 
had widened out slightly by 2 
basis points to about 120. 

Mr Stephen Dulake at Ptri- 
neWebber in London said that 
some underperformance of 
gilts was inevitable after their 


■ German government bonds 
shifted up in lacklustre trading 
as investors waited for the 
money supply figures due out 
this week. The December bund 
futures contract traded at 
around 90.10 late in the day, a 
rise of 0.24 of a point, which Ms 
Alison Cottrell at Kidder Pea- 
body attributed to technical 
trading before holidays in 
Japan on Wednesday and the 
US on Thursday. 


■ Italian government bonds 
were unmoved despite the 
unpopularity of pension reform 
as evidenced by the poor show- 
ing of Mr Berlusconi's party in 
load elections. 


The shares of EVC, western 
Europe’s largest manufacturer 
of polyvinyl chloride, rose to a 
premium in their first day of 
trading in Amsterdam follow- 
ing a s uccessf ul tntra-mrHrmgV 
equity issue. 

Id Of the UK and Rnlfthfftn . 
of Italy each sold 35 per cent 
stakes, raising a total of 
FI 800m, including FI 100m 
through the exercise of a 
so-cafied greenshoe option. A 
greenshoe option allows under- 
writers to compensate for any 
variance in an offering's price. 
Id and Erdchem retain 15 per 
cent rnfnnrily interests. 

The shares, initially priced 
at FI 77, closed yesterday 


at B1 7840, Up^Fl W0. - - : . . .. 

Two European banks - 
S.G. Warburg and UBS - were 
joint global co-ordinators for 
the deal, and sold the shame 
through “book-buIMlng”. 

Although UK . companies 
have sometimes sold US sub- 
sidiaries through this method, 
the technique has rarely been 
used for the sale of domestic car 
European units. 

Forty per cent of the new 
equity was raised train inves- 
tors in the US, 20 per cent from 
continen t al Europe and 40 per 
cent from the UK and the rest 
of the world. 

Warburg- said that the issue 
was well received in the US, 
where investors see EVC as a 
strong cyclical play. 


WORLD BOND PRICES 


Australia 

Belgium 

Canada* 

Denmark 

Fr a n ca 


0.000 09/04 

7.760 10/04 


6000 08/04 

7.000 12/04 


Franca STAN 
OAT 

Germany Bund 
Italy 

Japan No 119 

Japan No 164 

Netharfanda 
Spam 


6000 05/98 

8.760 1MJ4 


88.6300 

96.9000 

83.4500 

88.4000 

101.4400 

80.8800 


-0.220 10.73 1664 10.17 

*4X200 &37 B27 M7 

+0.050 9.14 9.12 9.11 

+4L2S0 8.79 8.78 800 

+0.080 7.47 7A7 7J53 

+4X250 8.15 8.18 80S 


Open Sett price Change High Low Eat. voi Open Ire. 
100.80 100-89 40.11 101.1B 100.60 22911 53092 

10008 9905 44X09 10008 99.77 1529 12436 


■ ITALIAN OOVT. BOND (BTF) FUTURES OPTIONS (LIFFg) Llre200m IQOtha of 1QQW 


1 Up to 3 yeara(23) 

2 5->5 yearn (23) 

3 Over IS yearn (8) 

4 hredewnabiM (8) 

5 AD stocks (60) 


12028 4002 12025 2.08 

140.31 +015 14010 1J1 

157.27 +4X21 15094 233 

177-27 +4X51 170» 058 

13756 +0.12 137.40 212 


9.83 5 yre 
11.49 15 yre 
1087 20 yre 
13.47 tnedt 
1093 


8-500 

08AM 

81.8600 

-0040 1107T 

1105 

1104 

Strim 

Price 

Dec 


Deo 

Mar 

4.900 

06/99 

10201 BO 

+O05S 

4.05 

404 

4.14 


4.100 

124)3 

950090 

+4X033 

4.74 

4.74 

4.71 

10000 

0.51 

100 

0.12 

205 

7JSO 

1QA34 

07.7600 

+4X210 

708 

753 

705 

10100 

002 

1.05 

0.33 

2.80 

8000 

05/04 

910700 

+4X230 

11.17 

1101 

1101 

10100 

ao4 

1A8 

0.65 

3.14 


Indea-toteed 

6 Up to S years (2) 

7 Over 3 years (11) 
0 All stocks (13) 


644 

644 

604 

046 

800 

808 

800 

801 

640 

E43 

846 

606 

604 

806 

708 

BJO 

801 

704 

8.41 

a48 

844 

803 

704 

7.1* 

804 

80S 

7.13 

800 

672 

708 

— 

— Inflation &% — 

_ 

__ 

Marital urn- 

_ 



■ Nov 23 Nov 18- Vr. aQO 


Nov 21 Nov 18 Yr.aoo 


18088 +002 18084 089 

174.08 +4X02 17453 1.16 

174.49 44X02 174.48 1.10 


557 Up to 8 yre 
458 Over 5 yre 
451 


359 350 217 
355 356 3.12 


254 254 159 
358 356 294 


UK GCts 

8000 

09790 

80-28 

-1/32 

807 

640 

800 


6760 

11/04 

88-04 

+2/32 

803 

801 

673 


9000 

ions 

103-22 

_ 

804 

683 

671 

US Treasury" 

7075 

11/04 

09-00 

- 

602 

703 

703 

7000 

11/24 

92-29 

+3/32 

614 

608 

802 

ECU (French Govfl 

8000 

04/04 

830600 

+0040 

658 

654 

660 


Eat voL M, Ctas 716 Putt 1364 Pievtous day's open fat. Cafe 28523 Pun 35697 


Debentures and Loam 


— — -8 year yfaM — 
Nov 21 Nov 18 Yr. i 


— -ISyMrytald — 

Nov 21 Nov 18 Yr. i 


— - -25 year yield - 

Nov 21 Nov 18 Yr. 


9 Debs & Loans (77) 12010 4056 127.82 203 1027 95S 953 752 953 068 853 950 . 958 8.18 

Avaraoe gran m dwrp Uu n yfakb an anoMi above Coupon Bands: low: OM-niM: Uadfeic BM-10NM; Hghc 11% and Ms t fita yWU. ytd Ylaar to data. 


london tioafag. *New York mU-day 
t O ran (faduifea wWw M faB tax at 185 oar 
Prices US, UK fa 32nd*. odres to decfata 

US INTEREST RATES 


YMda: Locta matat standard. 
Cant payabU by nonrea k fan fa ) 

Sams.- uua Mamtaftmri 


8% Ttia north. 
Mi Daaarmfii 
5% month _ 
- Qaaym_ 


Treestay BHs and Bond YMtfe 

551 Pro yaw 

353 itaaajnr 

549 RWyav 

6M 10-jaw 

6-90 30-yaw 


Spain 

■ NOIWNAL 3PANMH BOND FUTURES (MEFF) 
Open 3et> price Change high 

Dec 87-20 8753 +4X24 87.44 

Mar 8856 8850 +025 8080 


Low Eat. vd. Open kit 
87.19 23,698 81593 
8049 373 4502 


FT FIXED INTEREST IlflMCES 

Now 21 Nov 18 Nov 17 Nov 16 Nov 15 Yr i 


MB W Low* 


GILT EDGED ACTIVITY INDICES 

Nov 18 Nov 17 Nov 18 Nov 15 Now 14 


Govt Sace. {UK} B 1.74 9159 9152 9158 9153 103.45 10744 8954 Oft B*atf btagaUm UBJO 174 A 1065 9S A 755 

Rxed kifareat 108.18 108.19 10854 10822 107.92 124.05 13357 10650 average 1185 106.0 B7A 820 804 

- tor 1BB4. Qawerrananl Securittaa Mgh afaoe oompaadan: 12740 p/1/34. to* 49.18 (3/1/TBi. Rxad fatweat Ngh afaca ooraiferiare 13357 RIAIA4) , fat* 8063 V/7N . BtofelOOS OwamrnM SaeuWM 16ftcy 
28 and Ffaad fatweat 1828. SE aafwtty fadcaa ribaaad 1874, 


BOND FUTURES AND OPTIONS 


Franc® 

■ NOTIONAL FBB4CH BOND FUTURE8 (MATIF) 


■ NOT1QNA1. UKQB.T FUTURga (UFFg £50.000 32nde Of 100% 

Open Sett price Change Hgh Low Eat wol Open Ire. 
Dae 102-14 102-13 40-02 102-22 102-10 24012 104541 

Mar 101-24 101-21 40-02 101-27 101-22 2368 14578 


FT/ISMA INTERNATIONAL BOND SERVICE 


■ LONG GILT WnUREB OPTIONS (UFFE) 25040084818 ot 10ON 


tre tie tauet fatamaBonal bonds far wNtii there b an adaqma aaoondsy mwkat. Latest prioaa at 790 pm on November 21 


Issued EM Oder Ctip. Yfaid 



Open 

Sett price 

Change 

Hfeh 

Low 

Eat uoL 

Open Int 

Strike 

Price 

Dec 


Dec 

PUTS 

Mar 

Dec 

11688 

11108 

+634 

111.14 

11684 

108087 

129.791 

Mar 

Mar 

11610 

11628 

+004 

11000 

11610 

2082 

15020 

102 

005 

1-39 

008 

1-81 

Am 

10628 

10642 

+004 

10908 

10906 

2 

2084 

103 

(MM 

1-10 

0-44 

2-32 








104 

0-01 

0-50 

1-39 

3-08 


Bb. voL KM. Ctifa 2167 Put* B81. Pmitaua days open M_ Cafe 77427 Puts 63373 


■ LONG TERM FWBICH BOND QPI10N8 (MATB=) 


Strike 

Priae 

Dec 

— CALLS — 
Mar 

Jial 

Nov 

— PUTS — 
Dec 

Mar 

110 

111 

112 

1.18 

001 

604 

1.15 

675 


0.01 

60S 

624 

1.02 

108 

- 

113 

114 

001 

647 

007 

* 

006 

- 

- 


Ecu 

■ ECU BOW> FUTURES piATTF) 

Open Srtl price Change Mgh Low Eet voL Open kit 
DSC 80.78 8098 +050 8152 80.78 1577 8495 


Ebl VOL total. Cafe 1&M8 Pub 1W88 . ftavtaue day 1 * opan ht. Cafe 314508 Pun 277 3B& 


1600 

ft 

10 


907 

1000 

tee 

Wft 


704 

-500 

as 

89% 


904 

.1000 

83% 

83% 


942 

-100 

100% 

10ft 

ft 

704 

_ 300 

w*% 

105 


ais 

1000 

94 

94% 

ft 

709 

- 000 

87% 

88 


000 

- 193 

10ft 

101% 

ft 

778 


Germany 

■ NOTIONAL GERMAN BUND FUTURES (UFFB- DM2SO.OOO lOOtha (X 1D094 


. 100 101 101>4 


■ US TNEA3URY BONO FUTUBE8 <CBT) <100500 32nd8 of 100W 

Open Latest Change High Low EeL voL Open ire. 


Sett price 

Change 

High 

Low 

Eat val 

Open kit 

Dec 

96-26 

96-29 

+0-04 

68-31 

88-23 

342013 

399.928 

0608 

+602 

9020 

8802 

86048 

188234 

Mar 

96-07 

98-06 

+0-02 

06-10 

9604 

6406 

60272 

8803 

+604 

8000 

8698 

5985 

38510 

Jw 

- 

8500 

+0-02 

- 

- 

434 

11085 


i 500 8B>g 003, +ls B33 


■ BUND RTTUWB8 OPTlOata (LlFFg DM250500 pafcita of 10086 


. 1500 W* 95), 


Strike 

PMoe 

Dec 

Jan 

CALLS — 
Fab 

Mar 

Deo 

Jan 

PUTS 

Fab 

Mar 

8000 

626 

039 

087 

006 

0.18 

1.18 

1.44 

103 

9050 

607 

004 

650 

668 

0.49 

101 

1.77 

103 

9100 

602 

616 

638 

000 

694 

1.92 

2.13 

207 


E*L voL toM. CA 2BBB4 PuU 1SU1. PlWfeua days opan Inu Cafe 280990 PUIS 2+1878 


Japan 

■ NOTIONAL LONG TEKM JAPANESE OOVT. BOND FUTURES 

(UFFQ YIQOm IQOtfM Pi 10095 

Open Ctoae Change High Low £sl vot Open Hit 
Dec 108.13 108,19 109.13 807 0 

Mar 107J4 107-40 107.43 2048 Q 

* LFFE cenweta vadad on APT. At Opan hfaraat Age. era far prarioua d«. 


UK GILTS PRICES 


— YWfl — JB9*~ 

Mm tat Had Mcag+ar- HM> Lew 


_7S84_ 

w Hod Meat ♦ or- Hpn Uw 


„iwd._ _ raes _ 

Hflaa fl) p) Priest +ar- Ugh Low 


Stati" (Uvn nta Rib VaaaO 

Him fee 18M# 859 

ia»19e6 1157 

Sctl 3pe feel 900-85 _ 354 

10^1995 11X00 

Tn»« 12\pc 1995# — 1256 

1 4()C 1900 1250 

1SV9C100SM 1173 

fete I31*pe 1998» 1222 

Comenkn iQpc 1996 958 

TraMCnvTpc 1307# 7.13 

TtM813«apcl997» — 1157 

Boh 10>tfe 1907 956 

■tafe8Vpci007tt BJO 

&A15PC1W7 1278 

OtyeigSB 937 

Tfeas7l4pcl998tf 7.40 

ItaHSfeiciaOM&tt-. 758 

I4pc 1988-1 1158 

Tie* ISijpc ■88ft 1256 

Bti!lfeC18BB 10.71 

nw9i29eia99tf an 

Etdl IZ'+pe 1999 10.70 

TteM IIP^K 1988 978 

Treat fee 1999# 850 


-itW&d 
573 101& 

556 834, 

829 1021], 
857 106U 
887 18751 
7.14 1I1£ 
7.i9 ioea 
7.00 104% 
7-73 96A 

778 11DH 
752 1M3, 
854 101S 
613 117 g, 
524 104& 
872 SR\ 
526 965, 

538 nm 
328 133% 
540 112 

B3E 1D3\ 
854 11% 
843 1W% 
537 80% 


lOSB 

1074 

— 9BJJ 

107H 

113% 

-i H7d 
-& 12112 
-i* 117B 

M2d 

168% 

— izifl 
-A 1144 

— 1104 

— 1»13 

= :ig 

— 131° 

1164 

— 128* 
J-. 121* 

1* toil) 


fendag3i»c 1999-4™ 
1004 Camtian9>afK2004_ 

1£1d TVbmMhjg 2004ft 

8 ‘ape 2009 

S? OM*9 | a pe2oaB 

Sr Th*s12«2jsWB-6__ 

rh*zxm 

1064 fec2003-ett 

1^ rm 11%K 2003-7— 

96% Tfeaa4%pc2ll07tt— - 

1104 13%flC 2004-8— 

t 04% Hare 9pc 2008 

Itaaa 8pc 2009 


758 744 

552 105H 

553 8B4d 


850 122 

LSZ 94% 
858 9® 

580 110% 
554 999 

591 128B 
553 103% 
562 B5U 


864 

+4 1254 
4% 105% 
+4 1004 
+% 128% 
+% 143,; 
4ft 11211 

111 % 

*A 13S4 
+4 1194 
+4 1514 
+4 IWil 
1154 


SMVB P74 251 4JXJ 2004 203% 19731 

VttK'Wt; — (1366) 277 505 107% +4 1134 1064 

afecW 1(755 534 57B 180% +4 178% lS% 

2%pe'03 (75« 3.45 551 1B2A 173% 159 A 

4%cV4t* — TI36JQ 54B 352 IDflil 118% 107% 

acW- (BL5) SfiO 1ST 163% *4 184JJ 1854 

2%pcV0 (78a Lfil 384 192% W, 140% 

2%pC11 <7*3 354 354 1B7% 176% 154% 

2121**13 Q94 186 354 130 148% «B% 

2%flClB 0151 35a 356 1384 157A 134% 

Z^pe-a)- IB8J8 571 357 132% 152$ 128% 

2%pe%*t± (07.7) 570 534 1104 1297. 106% 

4%ec-8® (135.1) 3J3 357 1094 — 128ft 105% 


203% 197J1 


173% 1504 

118% 1CI7% 

*4 1B4ii 1854 
— 1594 140% 


ftnfeHnNfl Vws 
Qmrelan 10%4* 1999. 

TVmsrao Rita 1989 

65c 2000 

Com fee 2000ft 

Treat 13pc 2000 

1 0pe 2001 

7pc2O01tt 

9%PC20O2 

fee 2003ft 

TOpc 2003 

Tbs 11*5*2001-4 — 


HH 

H5H . 

122 Oim nfejuu raws 

1104 TrtfeB l/4pe2O10 

Itna Carr fee La 2011 # — 

111S Two fee 20i 2ff 

1054 TiMS 5%pC 2008-1 2ff_ 

B8U Tram fee 2013# 

7%pc 2012*1 3ft 

Treat 0%pc an 7ff 

Bdilfec 2013-17 — _ 


758 5* 31 %M 

853 851 1044 
851 M9 1044 
7M 877 744 

854 643 95ft 

628 8.44 934 
647 652 1034 

610 855131 4N 


+4 «4 
+ft lass 
+ft 127% 
+% 93% 
+4 1178 
+4 114% 
+■4 128% 
+ft 150% 


Pnapedha rati redemption rate on prafectodMafionorfii 10 % 
and ra m. n Ffeuraa In FHr^Sao«i ahew RPIbewlor 
tndexlni) (fa 8 months prior to Iegub) end hove been aduatad to 
nflect rebeatno of RPI to 100 fa Fotauaiy 1937. Corwalon 
factor 3545. HPl far Match 1894; 1425 and fa October 1994; 
1432. 


115. DOLLAR STRAIGHTS 

Abbey NM Tnaeury 8% 03 — 1000 87% 87% 

ABxria Rwtace 7% 9B 1000 38% 08% 

Austria 8% 00 400 101% 101% 

Bwik Nad QonaoM) 7 90 1000 95% 98 

Bn* d Tokyo 8% 98 WO 100% 101% 

Ba|tfuni5% 03 1000 01% 81% 

BFCE7%97 150 99% 100% 

Bftflah Qaa021 1500 0% 10 

carafe BBS 1000 102 102% 

Cnaunp Kano Rn 5% 90 K)0 09 88% 

0*00% 04 1000 83% 83% 

Courf Bifea 8 98 100 100% 100% 

Crefe Fonder 9% 99 300 104% MS 

Dmwfc6%Sa 1000 94 94% 

East Japan MwByS% 04 000 87% 80 

ECSCB% SB 193 100% 101% 

EEC 8% 96 100 101 101% 

BB7%BB 250 100% 100% 

BB9%07 WOO 103% 103% 

BscdB FtaneaS 98 200 102% 100% 

Breftna9%90 100 102% W2% 

EHn Bo* Japan 8 02 500 9B% 98% 

Egret Dev Cop 9% 98 ISO t04% 104% 

Federal Nad Mat 750 04 1500 94% 04% 

Rntend 8% 97 3000 97 97% 

Ffad Motor Oedl 6% 98 1500 94% 95% 

Gen Bee CfaAti 9% 90 300 102% n£% 

GMAC9%98 — 200 101% 101% 

tad Be ifexn fin 7% 97 200 99% BB% 

Mr Airar Dw 7% 98 200 100 10(ft 

My9%23 SCO 78% 77 

Japan Dev Eft B% 01 500 100 100% 

KnedBecFtarlOOB 3S0 103% 103% 

Kma Bac Raw B% 03 1360 84 34% 

LTCSfiB8B7 3D 99% 100% 

MsaaMaBac7% 02 1000 93% 94 

Nonwy 7% 97 KB) 99 99% 

Onbrt>7%03 3000 93% *3% 

ONr Kataribanfc 8% 01 200 10(ft 101 

PefaftCareta 7% 98 200 99% WO 

ftrt^5%03 HOT 6ft 03% 

(ferine Hyfej 9% 98 150 104% 104% 

Quebec Ftar99B 200 101% 102% 

8afaebuy9%90 ISO W2% 102% 

SA31089 200 103% 10ft 

9MCF 9% 90 180 104% 104l 2 

5petaB%99 1500 83% 93% 

ftaaEftNSW6% 98 200 101% 101% 

Sa«fenS%95 2500 90% 98% 

awxtti Export 8% 96 TOO 101% 101% 

Tokyo Bee finer 0% 03 1000 05% 0ft 

Ttiqe MakapoEe 0% 98 200 101% Wi% 

Toycfe Mfer 5% 08 1600 93% 9ft 

Unfed Kingdom 7% 02 3000 94 94% 

World &»* 8% 99 1500 101% 102 

WoUBank8%97 1600 102% 102% 


1500 94% 94% 646 Bsi0kni5! 

3000 97 97% ft 604 BB6%00 


.200 101 % 101 % 

. 200 99% 6S% 


.HOT 99 99% ft 759 
■ 3000 8ft 93% 859 


. 200 101 % 102 % 


1500 93% 93% 

200 101 % 101 % 

2500 90% 90% 

700 101% 101% 

1000 05% 0ft 

200 101% Wl% 

1600 33% 8ft 

3000 94 94% 

1500 101% 102 


totatad 

Unfed Kngdom 7% 87 

_ 5500 

VbfeangenMRi7tQ 

— 1000 

Vtorid&rtsO 15 

2000 

WaWBatift 03 

_ 3000 

WMBMkftOO 

— 1260 

SWISS FRANC STRAIGHT?) 


Mai Dim Betti S 10 

— 100 

NdtaftOO 

— WOO 

Canid Europe 4% 9B . 

— 250 

Dannotk 4% 09 

— 1000 

BO 8% 04 



ICO 

FHmd 7% 99 

— 300 

Hyuidai Mato Fk)B% 97 __ 

— 100 

toSand 7% OP 

— 100 



Quabac Hydra 5 06 

— 100 

9*3=7 04 


WMdBeti503 131 

Watt Bark 7 01 

— 000 

YEN STRAIGHTS 


Brigkmfiftft 


BBAhno ____ 


fiitind6%9S - 

50000 

MarArrwrDw7%00 

-30000 

My 3% in 


Jean Dw BiBOO 

1000® 

Japan Dav 9t 6% 01 

1200® 

PfeponTtiTfllft 96 60000 

Nareay5%97 

1500® 

WCFftaO 

. 3mm 

fetai S% 02 


GwadanftSB _ 

1500® 

Wald Bank 5% 02 


OTHER STRAIGHTS 


OenSnanCD Lut 9% 99 LR _ 

— 10® 

ra Oauc hdtadti a% 03 uv 

-30® 

*Va*f sura a 98 Lfr 

um 

ABJAmoftOOR 

-10® 

Bonk Ned Gsmaentan 7 03 FI 

-IS® 

Ataafaftwfaee 10% SB CS _ 

— 0® 

Bti Orate 1ft B9CS 150 

BridiOtaatife lOOBCS 

SOQ 

BB 10% sees 

— 1® 

Bacfefivto*9%99CS 275 

GaiBscCfeWlOSSCS — 

— 300 

KIWMfinlOOICS 

_ 400 

IfepcnTMTel 10% 99 CS 

— . 200 

OnbrioBOSCS 

- 15® 

Oifario Hyfej 1ft 99 CS 

— 5® 

Otaar KOmttitffiti 10% 09 CS 

— 1® 

CksbecPIw W%8BC$ 

— 2® 

BtiaiMftnEcu 

-12® 


leaued 9d 0«ar Chg. YWd 


lowed Md otfar Chg. VMd 


678 Abbey NaflTmiy 803 £ 1000 92% 02% ft 958 


100 wft wft 


7J4 Denmadtft 9B£ , 


.ia 80% aft ft 1038 


«ta»%97£_ 
Haacn 1ft 97£ . 


.037 103% 10ft ft 617 


552 Rtiy10% 14£ 

SOT fepoi Dev Bk 7 00 E 


1000 90 B0% ft 620 Lend Sica 9% 07 C 
.300 100 108% 593 0nbrio11%01£_ 


100 we 107% -1 609 H*yo Bac Power 11 01 £ 

100 ^ 5J2 Abbey KtaomlO 98 NZt. 

240 103% 104% 572 TCNZ Hn 9% 02 NZS 

■400 100% 101 ft 613 CnrttLocti601 FFr 


.100 104% 104% 828 

-500 10ft 104% 650 

. 1S3 109% 1HJ% ft 678 

.400 107% 107% ft 685 

. 200 92% 92% 678 

- 200 98% Oft ft 970 

-WO Wft 108% ft -.923 

.250 87% 87% ft 925 

. 150 108% Wft 608 

.150 Wft 109 ft 619 

. WO 
_ re 

7W0 88% 88 ft 820 


^ 9000 fi* 85% ft 693 


501 SNCF9% 97FFr 


4000 104 104% 


BM Otfar Ccpn 


— 1 nw 

638 QWkLyomris^OO. 
653 Dwmakft 9B___ 


4>44 ™bqylWIiw*iy-A99 1000 9642 0652 <9375 

451 200 5807 10603 52012 

118 930 W12 10023 61260 

W SSJyjL-S 350 89JB 9909 47300 

** 1® 9903 WOlOS 61000 

450 2000 «■» 8904 66B2S 

473 °CCE00BEai 200 0690 99.19 60229 

138 300 8^01 «UJZ 50125 

353 WOO 9BL57 9607 5JJB25 

^ 10tB ’9607 62188 

484 22JS2“ ai0W - « 999S 10612 6TO00 

^ SJSfSrS ~ W0 8994 10603 5373) 

480 ®° 8909 10609 62500 

Umnata.Uta l ' .a. 1 mi — 1tnia 10ft1B 50°°° 

uq BadavWtart Hn ft9B_ 1QQQ 9943 gB^ 63750 

70S 000 8322 S442 S412S 

5AB y qktii»0 6^ — 950 9928 993 68325 

70S N* Zfe tafa ft gg 1000 auff an 7c 

rM 500 9641 9900 Mm 

700 »tWa <fe«ianfe09B goo 9658 gam 53701 

a* ^*^*i-ao590DM _ooo° 9604 warn S 

»» 126 9948 9986 

1500 0008 9604 60000 

«]° 12000 9801 G0875 

ais IfasdianadomftDB 4000 9979 9604 SOTOO 


OlttCBpU098 


DBJ7ECHE MARK STRAK3H1S 


Other Fixed Interest 


rid— _ — 1994 _ 

Red PMcaE+er- Hon \m 


048 1074 
- 99%al 
048 97U 
646 KEA 
600 1194 
801 108% 
058 Bill 
068 108 
080 96tist 
806 108% 
679 112U 


12U3 104U 

— 104 99% 
ti WS 88 
+& 1164 8ft 

— 130B llffl 

t4 1224 10ft rr 

1064 8ffl W0rin3%pi!¥f— — 

3 Si 

+& T13H 92% HertfecSB Aft 

+4 1Z7A 104% Cwidi1 1 « .... 

+% 1294! 109B haai2%pc 


♦4 39% 
+4 54J3 
ft 71 
— 44% 
t4 3ft 
-ft 37% 


AtiM Dev 10%pc 2009 623 

8feWl1%flfl2D12 675 

MfedOpStalO — 679 
BpcCapISBOu^.^— » 096 

lfecW-2 1201 

Hydra OwbKlGpc 2011. 1004 
l«di13 1 a*B«— 1001 
Umpgti3%pe tried. „ 640 

ICC fee 30 Aft 623 

UaBrinfe11%Pc2007. 1002 

Mti.Wr.3peT 402 

1fwtaflAn^a3%|K2Q21, 

4%peL2Q24 

IHIIta SOM Iftpc 2003 12JH 


807 1114 
941 118 

- 97 

- 100 % 
- 100 % 

878 1«4 

- 1W% 

- 37 

- 82% 

900 114% 
802 8ft 
401 133 

448 120 

- 187% 


+41 138% 107ft 
+1% 142 118 

*1 lift 83% 
ft Wft 99% 
ft 115% 108 


AutitaftM 

QkK Ruder 7% 03 _ 

DannrekftSB 

DepfaHna*0ftO3_ 
Dwtcha Bk ni 7% 03 . 

meftoo 

SB 6% 00 

Onto* 7% 00 

a*7%9s — __ 


Qafel^ntisOOBEu 


1100 101% 102% ft 668 


2000 91% 01% ft 619 BB 10 97 ECU 

2000 96% 06% 708 Fan del Swift 98 Ecu 


- 125 101% 102% 
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COMPANY NEWS: UK 


Providing a base for long haul 

D^id Wilton and Simon Davies 

of v 

r»f =. t To° yce s $525m acquisition 
01 a US aero-engine maker 


GS^^^sss 

iisaKgss 

33n3™?: ? aCl Vs «ac- 

^ remar} wb]y positive 

(eSSfto?® 18 * S2 ®“ 

1 company that 
y ™°* r » P« cent less a 
Md that has lost 
m 2If t ^ n 5370m since 1990. 

£30oS Sh^ 11 ** fundfid ** a 
SJS? "S* 14 ® issue which will 

SlS5». 0ver i. tlie for 

S^isS 6 Rolls-Royce 
US i regulatory approval 
j^its shares ended up 2p at 

had t0 »ork 

hard to convince analysts that 
? e 5 e ? [ made short-term 
financtal sense. But there were 

benefit? *""*** tte strategic 

Allison will broaden Rolls- 
Royce’s product range in aero- 
engines, a market where the 
company itself admits it is dif- 
ficult to predict winners. 

Allison also provides a US 
^auufecturmg base which is 
seen as important boost to 
Rolls’ chances of involvement 
in future US defence pro- 
grammes. 

Sir Ralph Robins, chairman, 
commented: “Getting' on new 
programmes such as Astovl 
and JAET will require a con- 
stituency in the US.” 

More fundamentally, the 
deal provides further evidence 
of Rolls' determination to go it 
alone, rather than ally itself 
with with one of its US rivals - 
General Electric and Pratt & 


Whitney. 

Rolls-Royce has increased, its 
market share significantly over 
the last decade but in group 
terms it remains much ^nw 
than its rival's parents. Many 
analysts believe it is too small 
to bear the risks huge 
costs of developing new gngtnn 
families. The acquisition of 
Allison and the associated 
rights issue, though a sign of 
management's confidence, will 
do little to address those con- 
cerns. 

It does however give Rolls 
exposure to some strong sec- 
tors of the aeroengine market. 
It may not be easy to predict 
which type of aero-engine is 
likely to show the best growth 
over the next decade. But most 
observers agree that large tur- 
boprop engines, where Allison 
has a near monopoly, is one of 
the most promising military 
markets. 

Allison's other strong mar- 
ket position Is in small helicop- 
ter engines, where growth 
prospects are also good given 
the swing in defence budgets 
towards rapid response and 
surveillance. 

But of the four new Allison 
engines about to reach the 
market, it is the AE21Q0, large 
turboprop, that is likely to be 
its mainstay over the next few 
years. The AE2200 powers the 
CZ30J, the soan-tobe-launched 
successor to Lockheed’s hugely 
successful Hercules transport 
plane 

Although Sir Ralph denies it, 
tiie proposed purchase of A1H- 



■r- • ••sk 

' . .■ \ 



Hercules: soon to be succeeded by the C130J 


sou may make it more likely 
that the RAF will plump for 
the C130J as replacement for 
half its ageing Hercules fleet 
Rolls, however, will continue 
to press for the RAF to support 
the proposed European rival, 
the Future Large Aircraft. 

Rolls is hoping it will be cho- 
sen by the FLA consortium to 
supply the engines. It is offer 
However Rolls and British 
Aerospace believe they will be 
frozen out of the project if the. 
RAF chooses to go with Lock- 
heed. 

Some observers even suggest 
that Rolls’ French rival, 
Soecma, will use the acquisi- 


tion of Allison to argue against 
the FLA using Rolls engines. 

For the moment analysts are 
more concerned about Rolls’ 
prediction that, despite its 
recent financial record, Allison 
Will enhance group earnings. 

Rolls argues that recent cost- 
cutting has yet to show 
through fully in Allison's fig- 
ures while research and devel- 
opment spending has fallen 
sharply following the comple- 
tion of the four new engines. 

"One has to take on trust 
Rolls-Royce’s assurance that 
the business has turned," said 
Mr Chris Avery, aerospace ana- 
lyst at Paribas. 


DIVIDENDS ANNOUNCED 


Current 

payment 


Date of 
payment 


Cones - Total 
ponding for 
dividend year 

British Jnv Tst . Int 2.1 Jen 13 2 I 435 

Critchtay Int 3f Jan 31 2.8 - 8.1 

Cropper (James) Jnt 1.1 Jan 13 1.1 33 

Diploma fin 93 Jan 13 83 133 12 

Emap Int 23t Jan 13 £22 - 8.65 

F%C Emerging fin nl 027 nfl 0.27 

FAC Eurotrust fln 1.23 Dec 30 1.23 1.23 123 

F&C Spec litAs fln 134 Jan 7 - 3.74 

Forraria Gro<*> fin 1.4 Jan 20 125 225 2 

Rtofax § bit 1.06 Mar 31 0.75 - 1.75 

lla w ataon Int 0.75 Mar 31 03 - 125 

Moron* Art S3 Feb B 33-7 

Souttmvws Int 1.35 Jan 13 OSS - 295 

VBwoptant :-lnt 1-35 Jan 9 122 - 3-6 

Dhridenda shown pence per share net except where otherwise stated. tOn 
increased capttaL §USM stock 


David Smith sets sights 
on £12m Italian deal 


By Richard Woffle 

David S Smith (Holdings), the 
paper, packaging and office 
supplies group, has entered an 
agreement which could see it 
buy an Italian corrugated 
board company for an esti- 
mated L30bn (£12m). 

Smith said it had obtained 
an option to buy Toscana 
Ondulati, the family-owned 
corrugating company which is 


based near Luccain Tuscany. 

Mr James Fraser, Smith’s 
communications manager, 
said: “We have always said 
that we are looking to improve 
our coverage across Europe on 
the corrugating front. How- 
ever, we are not necessarily 
saying we have to be pan-Euro- 
pean in every market" 

Toscana Ondulati reported 
turnover of L27.9bn in 1993 and 
net assets of LS.3bn. 



Asset Management 

Corporate Finance OT* 

Ran 


^S^Fowig n Exchange 

^^Funuw 


C 

--- Hnintn 


Bank Finance 


Commodities 


Development Capital 


Equities 


Research 


Fixed Income 




^ Money Markets 

Risk Management 


New Issues 


Primary Markets 


Structured Finance 


Midland 
Independent 
asks MMC 
to block 
bid by rival 

By Raymond Snoddy 

Midland Independent 
Newspapers, publishers of the 
Birmingham Post and Mail, 
has told the government it 
should continue to block the 
proposed £92m acquisition of 
TJBaRey Forman, publisher of 
the Nottingham Evening Post, 
by the Daily Mail and General 
Trust, publishers of the Daily 
Mail. 

The Monopolies and Mergers 
Commission unanimously 
opposed DMGT's proposed 
acquisition of T.Bailey 
Foman. 

It said the deal would give 
DMGT too high a concentra- 
tion of newspapers in the East 
Midlands area. 

In written evidence to Mr 
Tim Eggar, trade secretary, 
MIN argues that the only way 
to address concerns about the 
deal is for DMGT to sell daily 
titles in the region. DMGT has 
described this as “wholly 
unacceptable”. 

The Birmingham group con- 
tends that it is impossible to 
devise a form of words that 
will ensure that the concentra- 
tion of power involved in the 
acquisition would not operate 
against the public interest 

mttv also says that the 
amount offered, nearly 29 
times the earnings of the Not- 
tingham titles, suggests that 
“DMGT will have to follow 
policies to remove smaller and 
weaker competitors, to allow 
it to capitalise on a monopoly 
position and so maximise its 
return from local advertisers”. 

DMGT has been given a 
December 5 deadline to con- 
vince Mr Eggar that the deal 
Should go nliead- 

Mr Peter Williams, finance 
director of DMGT has made it 
dear the company wfil demon- 
strate the diversity of editorial 
views exhibited by its regional 
titles. 

Both BUN and Emap, the 
newspaper and magazine 
group, are understood to have 
bid between £70m and £75m 
for T-Bailey Forman last time. 

Both will bid again if the 
titles come back on to the mar- 
ket, but probably with lower 
bids. 


All-round growth lifts 
Diploma 23% to £25m 


By Pater Pane 

Strong growth from the 
ft lPdrwmiRs and budding com- 
ponents divirions of Diploma 
enabled the group, which also 
has interests in special steels, 
to lift pre-tax profits almost 23 
per cent in the year to Septem- 
ber 30. 

Profits of £25m (£20.4m) pre- 
tax were struck on turnover of 
in 92m (£i58m). Operating prof- 
its grew to £23.8m (£20 2m) 
while interest receivable 
slipped to £lm (£L3m) as the 
group had £24m cash at the 
yearend, a arinst ssam 

The group places great 
emphasis on strong cash flow, 
which financed the 21 per cent 
sales increase. 

Mr Christopher Thomas, 

cbflt rmaw Hurt i»Wrf awmtiw i, 

said Diploma was "not as 
aggressive in acquisitions as 
we may well become", adding 
that the group’s culture was 
one of "slow diversification”. 
About £4m was spent cm acqui- 
sitions in the year. 

‘Green shoe’ 
option for 
Telewest float 

By Paul Taylor 

Kleinwort Benson, joint global 
co-ordinator for the Telewest 
share flotation, has confirmed 
that the which is priced 
today is covered by a ‘green- 
shoe’ option, to meet excess 
demand awl stabilise the share 
price. 

Kleinwort formally notified 
the stock exchange yesterday 
that it may vrerinH-alwi stabilis- 
ing transactions in connection 
with the offer far SO days after 
the shares begin trading on 
November 30. 

The flotation covers a com- 
bined total of 216m shares in 
the UK and overseas and is 
expected to be priced at 
between 165p and 190p, sug- 
gesting a total value far the 
cable television company of 
between £i.6lbn and £L86bn_ 

Under the terms. Telewest 
has granted Kleinwort and 
Morgan Stanley options to 
acquire up to an additional 
32.4m shares for the purpose of 
covering any over-allotments. 


The electronics division 
made £l&3m (£l?..9m) an turn- 
over of £127m (£2 04m). The 
main engine of growth 
remained the PC market. The 
expected downward turn of the 
UK semi-condtictor cyde bad 
been deferred, he suggested, by 
the recession In continental 
Eurooe and bv the B iTna fl ing 
potential In “bridging devices” 
for multi-media applications. 

Sales at Macro, the semi-con- 
ductor business, achieved a 29 
per cent increase in sales to 
£78m, outstripping the mar- 
ket's growth by 8 percentage 
points. Nortrcmic, the other 
electrical components distribu- 
tor, lifted revenue 14 per cent 
and operating profits 10 per 
cent 

Profits In the building com- 
ponents side bucked the cycli- 
cal trend and grew by 23 per 
cent to £833n (£7m) on turn- 
over at £50.4m (£42_8m). 

The special steels division 
benefited from the recovery in 
the oil industry, winning 
orders by being “able to 


respond from stock and with, 
service”. 

Bantings per share rase to 
28. 9p (24.4p) and a final divi- 
dend of 93p (83p) lifts the total 
to 133p (I2p). 

The shares gained lOp to 

448p. 

• COMMENT 

The stock has underperformed 
the market by 23 per emit over 
the past 12 months in anticipa- 
tion of a cycle-induced profits 
slowdown. However, while 
these figures are at the lower 
end of the expected range, they 
are perfectly solid and show, 
most impo rtantly , that demand 
for semi-conductors and budd- 
ing components is not slowing 
as the cycle dictated. Diploma, 
cautious and conservative as 
ever, is also gradually diversi- 
fying, to remove risk further. 
Forecast pre-tax profits of 
£27 -5m give earnings of 3L8p 
for the current year and a p/e 
of 133, a slight premium. The 
shares have scope for further 
progress. 


Acquisitions help 
Critchley to £2.35m 


By Geoff Dyer 

Two acquisitions in May 
helped Critchley Group, the 
electrical cable accessories 
manufacturer, show a 47 per 
cent jump in pretax profits in 
the half year to September 30. 

The pre-tax figure rose from 
n.6m to &35m on turnover 25 
per cent ahead at £17.2m 
(£l3.fim). The share price 
firmed I5p to dose at 459p. 

Idea to, a German manufac- 
turer, and CCA, a UK distribu- 
tor, contributed £382,000 to 
operating pr ofi ts and £1.72m to 
sales. Total operating profits 
went up 50 per cent to £2iJ3m 
(£135m), with an underlying 
increase of 26 per emit. 

The proportion of the group’s 
sales from outside the UK rose 
to 46 per cent, compared with 
.38 per cent in the first half of 
last year. However, Mr Ian 
McCallum, chief executive, 
said there was “still scope for 
improvement” in UK sales, 
which rose by 10 per cent 

Sales in the core business of 
identification and cable acces- 


sories rose 20 per cent to 
gjg-im on the back of strong 
flwnanri in the US and France. 

Mr McCallum said margins 
were improving independently 
from the acquisition of Idanto 
and that low-margin products 
continued to be shed. 

Sales at Critchley Wound 
Components, which produces 
transformers and inductors for 
the telecommunications indus- 
try, increased by 65 per cent to 
£3.49m. 

Fully diluted earnings per 
share were lL6p (9p) and the 
interim dividend is 3P (2-Gp). 

Critchley said it proposed to 
cancel its share premium 
account and transfer it to a 
special reserve. Goodwill from 
the two acquisitions would 
then be offset against this 
account rather than the profit 
and loss account reserve, 
which had fallen into a £3 36m 
deficit as a result of the trans- 
actions. The company stressed 
that this did not affect net 
assets or trading. Shareholders 
will vote on the proposal at an 
EGM In December. 


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28 


FINANCIAL TIMES TUESDAY NOVEMBER 22 1994 


COMPANY NEWS: UK 


Vibroplant 
shares fall 9p 
after warning 


By Peter Pearse 

Vibroplant, the plant hire 
group, lifted pre-tax profits 88 
per cent in the six months to 
September 30. However, the 
share price fell Sp to I20p fol- 
lowing a warning by Mr Jer- 
emy PilMngton, chairman, that 

after a good summer the past 
six weeks had seen some soft- 
ness in the UK commercial and 
indus trial markets. 

October, November and 
December were usually the 
group's strongest months, he 
added. 

Pre-tax profits climbed to 

£2.78m (£ 1.48 m) in the first 
half, on turnover down slightly 
at £35.7m (£36.9m). An 11 per 
cent fall in US turnover to 
06.1m (£l8.2m) disguised a S 
per cent increase in the UK to 
09.7m (08.8m). 

Mr Pilkmgton attributed the 
decline in the US to the 
reduced size of the US fleet, 
fewer machines sold and the 
adverse effects of a 6 pa* cent 
change in the exchange rate. 

However, between group 
trading profits, which slipped 
to £9.6m (£9.67m). and group 
operating profits, which rose to 
£3.47m (£2 .51m), depreciation 
costs fell from £7. 16m to 
£6. 13m. 

Mr Pilldngton said the group 
had changed its method of 
charging depreciation. Previ- 
ously it had made a full year's 
charge in the year of purchase, 
regardless of whether a 
machine had been bought in 



Jeremy Pilkington: warning 
on current markets 

the first month or the twelfth; 
now it charged on a monthly 
basis from the date of pur- 
chase. 

Interest charges dropped to 
£690,000 (£1.03m) as borrowings 
fell to £20m. for gearing of 35 
per cent against 45 per cent a 
year ago. 

UK pre-tax profits grew 86 
per cent to £2.64m due to 
increased volumes and prices, 
with capital spending of more 
than 00m. In the US. where 
profits doubled to a "very mod- 
est" and “unsatisfactory" 
£144,000, capital spending 
totalled g6m (£3.6m). Group 
capital spending is expected to 
total £25m this year. 

F-amtnpc per share rose to 
3.87p (2.08p) and the interim 
dividend is L35p (1.22p). 


Lower interest helps 
Cropper edge ahead 

we do not see an end to the 
current shortage of pulp and 
its ever increasing cost”. These 
problems, together with disrup- 
tion through moving the con- 
verting division, would makp ft 
difficult to improve on last 
year's record £L56m profit, he 
«aiii 

Turnover rose 10 per cent to 
£23.6m. Earnings per share 
were again 9p and the interim 
dividend is held at l.lp. 


A fall in interest charges 
helped James Cropper, the 
paper and board manufacturer, 
to raise pre-tax profits by 5 per 
cent from £1.14m to £1.2m in 
the half year to October L 

Rapid price increases in 
pulp, the papermaking side's 
main raw material, had 
affected trading in this division 
after a good opening quarter. 

Mr James Cropper, chair- 
man, warned that “at present 


Samax is 
latest 
new issues 
victim 


By Kenneth Gooding, 

Mining Correspondent 

Weak conditions in the 
London new issues market 
have claimed another victim. 
Samav r which is developing 
mines in Africa, said yesterday 
it was postponing its flotation 
until early next year. 

Samar planned to raise 
£16m by the end of November 
via a placing by stockbrokers 
Credit Lyonnais Lalng, on 
toms that would have valued 

the company at about £50m. 

A pathfinder prospectus was 
issued at the end of last month 
am i the company toured 
several financial centres 
making presentations to 
potential investors. 

Mr Michael Martin eau, 
managing director, said the 
response, particularly in the 
US, was generally favourable, 
but “the directors did not 
believe that the anticipated 
proceeds of the flotation, given 
conditions in the new issues 
market, would enable the 
company to capitalise on all of 
the opportunities available". 

He said shareholder support 
had given the board flexibility 
to delay the issue until market 
conditions allowed the 
company “to achieve a larger 
issue size rather than proceed 
on a scaled-back basis”. 

Samax also suffered because 
mining companies worldwide 
have been highly active in 
raising new money this year. 
By the end of June, at least 
S5.6bn (£3.41 bn) had been 
raised, topping the $4-8bn they 
collected in the whole of 1993, 
and there were warnings then 
about the danger of 
“indigestion” in the new 
mining equities market 

Saniflv was set up in 1989 
and is developing a graphite 
mine in Tanzania and a gold 
mine in Ghana. 

The flotation was to allow it 
to complete the financing of 
its mining operations, repay 
short term loans and expand 
its exploration efforts. 

Its activities so far have 
been financed primarily by the 
Addax Oryx Group, described 
in the pathfinder prospectus 
as a private. Europe-based 
group involved in trading and 
related operations in Africa. 


Santa receives a call for rapid growth 

Alan Cane predicts mobile phones will be popular gifts this festive season. 


Electronic games and 
multimedia computers seem 
set to take a back seat this 
winter as a new British appe- 
tite expresses itself. It will be 
the Christmas of the mobile 
phone. 

“It is going to be huge” said 
Mr Charles Duiistone, manag- 
ing director of the Carphone 
Warehouse. “The cellular 
phone market is taking on the 
characteristics of the brown 
goods business. The shops are 
busy on Thursdays. Fridays 
and Saturdays and quiet for 
the rest of the week." 

The UK mobile phone mar- 
ket is growing with a buoy- 
ancy Tew would have predicted 
a year ago. In the past 12 
months, almost lJ2m new sub- 
scribers have joined the mar- 
ket bringing the total to more 
than 2.8m. or ab out 5 per cent 
of the potential market. 

More significantly, new cel- 
lular phone connections in the 
UK are continuing to outstrip 
connections to fixed networks. 
Only Sweden has proportion- 
ately more mobile phones 
among northern European 
countries. 

Analysts are now talking 
about a total of almost 10m 
subscribers to cellular services 
by the first months of 2000. 
Only a year ago. the prediction 
was less than 8m. 

And there has been remark- 
able price stability since Mr 
Gerry Wbent, chief executive 
of Vodafone, the UK market 
leader, said in June that the 
company would make no cuts 
to its mobile phone tariffs this 
year. Competitors would risk 
profitability if they cut theirs. 


he said. Cellnet, Vodafone's 
principal but smaller competi- 
tor. agreed there was no need 
for further price cutting. 

This gave a signal to the 
market newcomers, Mercury 
One 2 One and Hutchison 
Microtel’s Orange service, that 
there was no need for a price 
war in a fast growing market 

Overall, it was the right pre- 
diction even if most of the 
growth in the market favours 
the traditional analogue net- 
works provided by Vodafone 
and Cellnet over the new, high 
technology digital offerings 
from One 2 One and Orange. 

Mr Dunstone believes a com- 
bination of lack of familiar fea- 
tures and limited geographic 
coverage is acting against the 
digital networks. Cellnet, in 
particular, has performed 
strongly. 

However One 2 One and 
Orange are experiencing 
strong sales and stocks of 
Orange equipment are in short 
supply. Mr Dunstone said. 

Vodafone's interim results, 
expected today seem unlikely 
at first glance to reflect this 
strength with pre-tax profits 
only a little above the £175m 
recorded last year. 

Mr Kevin Langford, telecoms 
analyst with Flemings 
Research said there were three 
reasons for this apparently dis- 
appointing performance. 

The company has experi- 
enced higher than expected 
start-up losses abroad. It now 
operates networks in Austra- 
lia. South Africa, Hong Kong, 
Sweden. Denmark. Malta aid 
Greece and has lost an esti- 
mated £50m to date in estab- 


Forecast share of gross connections* 1 

. • ResWentiai 


Butinww 
60 


80 




■— Ca9nat 

Oanga 



1995 96 97 98 
Sonca: Haodngs Reaearc*> 


3000 1995 96 97 ‘ 98 .98 -2009 V- 

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lishing these businesses. 

In addition it has experi- 
enced higher than expected 
“chum”, jargon for the number 
of subscribers who leave a net- 
work during the year 
expressed as a percentage of 
the average number of sub- 
scribers. 

Vodafone seems to be exper- 
iencing chum of about 29 per 
cent. Cellnet is seeing only 
about 24 per cent, according to 
Mr Langford. He said: -High 
rates of chum can be a conse- 
quence of aggressive market- 
ing by service providers to cus- 
tomers who then find little 
need for the service.” 

It can also be a consequence 
of fraud. Soane 15.000 mobile 
phones are stolen in the UK 
every month. “Rechippmg” or 
chang ing the electrical identity 


of a phone by switching silicon 

Chips SO that «aH« ran be made 

at somebody slse's expense is 
already a serious problem. 

And finally the rapid growth 
of the UK marke t carries its 
own costs in the form of high 
payments for acquiring 
subscribers. Cellular phone 
operators generally help to 
pgpanrf the market and keep 
the cost of handsets to a mini- 
mum by paying manufacturers 
a subsidy on each telephone 
sold. 

Stripping out the overseas 
losses leaves Vodafone with a 
more convincing underlying 
growth rate of about 20 per 
cent 

How is the new competition 
faring? 

The principal development 
over the past few months has 


been the launch in April -of 
Orange, a ssrvtcabased. on dig- . 
ital technology. K competes 
directly in technical terms 
with Mercury's One 2 Qne; The 
Mercury service was initially, 
limited to the south-east of 
England where it has. taken 
market ■share with the bold 
stratagem of: offering free pS- 
’peak calls. • . ^ ' ; • 
Awarding’ to One 2 One, its 
share of the mmhetlias^ntwn 
from 3.per4»ht ai the begirt- 
ning of toe year to almost 5 per 
r-qnt. With, mere than 150,(300 
subscribers/ It . has now 
extended coverage -to the: West . 
Midland s and expects to .reach' 
60 per cent of the UK popula- 
tion by,«uriy 1997. . 

It pT^hshes no.-prx^ 
or estimates ■_ of revenue per 
subscriber. Neither, after aidy 
six months of operations, does 
Orange. 

Orange’s' approach ia todif- 
ferentiate Itsdff from the com- 
petition' by 'including separate ' 
lines for private and- business 
use from, the same phone and 
“free" features such as caller 
identification. Orange expects 
to have 70 per cent of the coun- 
try covered by the L end of the 
-year. •“ 

Nobody expects today’s hec- 
tic growth to continue for long. 
The business market Is dose to 
saturation and. much of the 
new growth is coming from the 
residential sector Which makes 
lower use of {he phone. Rental ' 
prices, inevitably, must start 
falling a pfa, adversely affect- 
ing profits. 

It will be a Meny Christmas . 
but there' may be headaches 
ahead in the hew year. -. 


Charles Baynes makes 
acquisitions for £7.2m 


Charles Baynes, the engineer, 
is spending £7 9m . in rash , to 
expand its aerospace compo- 
nents and valves activities. 

Its Kent Aerospace Castings 
subsidiary has bought the busi- 
ness and assets of Deritend 
Aluminium Cas ting s and Tri- 
ton CNC from Triplex Lloyd 
and toe aluminium investment 
casting order book of Sterling 
International Technology for a 
total of £5 Am 

The group has also bought 
Rana. a Belgium-based maker 
of specialist valves, with turn- 


over of about £3m. from a pri- 
vate vendor for £L4m. 

The acquisitions have been 
funded by a medium-term loan 
facility and gearing at Decem- 
ber 31 this year is expected to 
be about 25 per cent 
Triplex Lloyd will use the 
proceeds to reduce net debt 
and fund restructuring costs. 

DAC and Triton made pre- 
tax profits of 000.000 in the 
year to March 3L 
Sterling's aluminium invest- 
ment castings sales were 
£L25m in the year to March. 


Hollinger lifts 
Telegraph stake 

Hollinger, through its 
subsidiary First DT BnHmp, 

has lifted its hnlriing- in The 
Telegraph, the newspaper 
group, to 5823 per cent with 
the purchase of a further 
400,000 ordinary shares. 

On Friday, it bought 200JXX) 
shares at 348p and 200,000 at 
347p, bringing its holding to 
78 An ordinary shares. 

Last month, Bollinger, a 
Canadian publishing company 
controlled by Mr Conrad Black 
who is also chairman of The 
Telegraph, said it was seeking 
to lift its 57 per cent state. 


Unigroup offers itself as 
reverse takeover vehicle 


Unigroup, the sUmmed-down 
air curtain m«wmftn ri n r » r and 
wind farm operator, is offering 
itself as a vehicle for a reverse 
takeover for a company 
looking for an alternative to a 
float. 

The group is seeking to 
acquire a UK-based business 
making pre-tax profits of 
between £3m and £5m. 

The group has cash 
resources of available 

as part of the consideration 
and to invest in the business. 

The acquisition will be pur- 


chased tiring the group’s ca«h 
resources together with new 
shares,” said Mr Jonathan 
Mervis, chief executive. 

Unigroup made a -prate 
profit of £364,000 in the year 
to end September, against 
£4-4 lm for the previous 15 
mouths, from turnover of 
£&59m (£3&5m). 

Continuing activities con- 
tributed a pre-tax profit of 
£333,000 (0.21m loss). 

Losses per share were O.lp 
compared with earnings of 
&5p. ' 


SCHRODER INTERNATIONAL SELECTION FUND 

Sod£l£ d’iiirHlmwifBl A capital variable 
R eg is ter ed Office 13, me Goethe L-1637 Luxembourg 

ILC Luxembourg 8292 

EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS 
of Schrader Interna rktml Selection Fond will be held at its registered office at 13, rue 
Goethe, Luxembourg on Wednesday, 7th December 1994 at 10 bju. for the purpose of 
waw iiVy lng and voting upon ltwfpllO B, h t MfWir 
AGENDA 

1. A men d men t of AniA 16 of the Articles of Incoqtor iri on of the compmy . repbejng 
■) the wonting of pac^npb 3 of this artido by the fcdknriog text: 

-In ebs de tomi wioa and of the bncBsKat policy (he board nmy 

cause die assets of any eks erf riwra id be invested ia sccmides Used on ■ node 
ewtiugE or ocher regained muta which operates regnlafy and a recognised iad 
open to the public (» "Regulated Marta") within the European Union and in 
tniwfaaHc aacntUtS or dealt in on a atoclt excha n g e or other Regained Market 
qualifying as an Eligible Marta"; 

b) the wording of paragraph 4 and 5 of tMs article by die fallowing tea: 

"An Eligible Marta means any nock e xchange of Regulated Marta ia Europe. 
Alia, Oceania, the American Conthma and Aina"; 

c) the wording of pan g raph 7 of ddaartde by the Mowing rose 

The company may footer invest op eo 100 percent of In act assen in transferable 
inanities lamed or gn aia n BiwI by a Member Slate at the European Union, by it! 
local anthocMea, by a member we of the OECD or by pribUc tatoniaboaal bodes 
of which one or more Member Stares of the European (Mm are members, subject 
to investing jo abi fSfferesr lames and securities front any one issue do not account 
far mote than 30 per am of the total amounT, 

2. Appointment as anpp hn a m t rey dheetore ip the company ot 

- Keith M. Niven, Chairman of S ch rode r Unit Trans Limbed and Director of 
Schroder Investment Management (Lmcmbonig) SA, residing in London; 

- Slcen Svembea, Msmgiog Director of Schroder Investment Management Limited 
(London), raiding fa Copenhagen; 

. John HaU. Managing Director of Schroder Investment Management (Lmre m bo rng) 
SA, currently residing In London. 

VOTING 

Resolution on the tan of the agenda of the Extraordinary General Meeting will raqtrire 
a quorum of 50% and a majority of 2/3 shareholders present or represented at the 
meeting voting in favour. 

Registered aharehoJdera who cannot attend the meeting in pe r son ore invited to scad a 
duly completed and signed proxy farm to the regjatered office of the company to arrive 
trot later than December 5th, 1994. 

Proxy forms will be rem to registered shareholder* with a copy of this notioe and can be 
obtained by bearer shareboMeis at [he registered office of the company. 

The Board of Directors 17* November 1994 


Signal 


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O REAL TWE DATA FROM SIOAQAYO 
O Signal SOFTWARE GUIDE O 
Cafl London ® 44 + (0) 71 231 3556 
for your guide end Signal pries Oat 


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Petroleum Argus 

FREE TRIAL :o T".is news'sttsr i44 71 ; 357 37 


BRITANNIA 
BUILDING SOCIETY 


£125,000,000 
Floating Rate Notes 
Due 1995 

In accordance with the terns and 
conditions of the Notes, notice is 
hereby given chat for the 'three 
month interest period from (and 
induding) I8lti November 1994 to 
(but cxdudiai:) 20th February 1995 
.the Notes will cany a rate of 
intercil of fik. per cent, per 
annum. The relevant interest pay- 
ment dale will be 2fhh February 
1995. The coupon amount per 
£10.0ft) Note win be £157.10 diki 
per £100.000 will be £1-570.% 
payable against surrender of 
Coupon No: 24. 

Hambras Bank Limited 
Agent Bank _> 


INTERNATIONAL 
GAS REPORT 


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WflKnr 

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Financial Times Newsletters, 
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NOTICE OF EARLY R 




m 


SRF MORTGAGE NOTES 1 PLC 

(the "Issuer*) 

Class A Mortgage Backed Floating Rate Notes 
Due March 2021 (the “Class A Notes") 
and 

Class B Mortgage Backed Floating Rate Notes 
Due March 2021 (the "Class B Notes") 

NOTICE 15 HEREBY GIVEN that, pnntunt to Condition 6fr!XU and 
Condition 6(eX>) of ike Chat A Notes and the Class B Notes respectively, the 
Issuer will red e em ell outstanding Class A Notes and due B Notes at their 
principal amount on December 22, 1994 (the *Redemptioa Dale 1 ). 

In respect «£ the Bearer Chet A Notes and the Clam B Notes payment of 

R rincipu w31 be made upon presentation and surrender of such Class A 
otes and Class B Notes, together with, in the case of Bearer Class A 
Notes, aU nnmatared Coupons appertaining thereto, on or within a period 
of tea years, in respect of Notea, and fire years, in respect of Coupons, 
after the Redemption Date. The Class A Notes and the CLua B Notes may 
be surrendered for redemption at the specified office of nay of the Paying 
Agents Bated below. Such payment, in respect of the Bearer Class A Notes, 
will be made (i) ia sterling at the specified office of the Paying Aren! in 
London or (ii) at any specified office of any Paying Agent listed below by 
eteriing cheque drawn on, or at the option of the holder by transfer lo a 
sterling account maintain ed by the payee with, a Town Gfenrbg branch at 
a bank in London. Payment ia respect of the Class B Notes will be made in 
accordance with Condition 7 of the Clan B Notes. On the Redemption Date 
interest shall oeaae to accrue on the Qua A Notes and the Class B Notes . 
Mor^n Guaranty Trust Company Morgan Coorasty Trust Company 
of New York of New York 

60 Victoria Embankment Avenue des Arts 35 

London EC4Y 0JP B-1040 Brussels 

Banqne Paribas (Luxembourg) S.A. 

10a Boulevard Royal 
L-2093 Luxembourg 

SRF MORTGAGE NOTES I PLC 

By: Morgan Guaranty Trust Company 
os Principal Paying Agetu 
Dated: 22nd Novemhcr, 1994 


IS INTERNATIONAL 
INVESTMENT 




NOTICE OF EARLY REDEMPTION 
To the Holders of 

OIL INDIA LIMITED 

(the “Issuer - ") 

K.D. 20,000,000 8Y-> per cent. Guaranteed Notes due 1996 
(the “Notes") 

NOTICE IS I IEREBY GIVEN that, pursuant lo Condition 7(b)(1) of 
the Notes, the Issuer w31 redeem aU outstanding; Notes at their principal 
amount on December 2L WH (ihc^ ‘‘Redemption Dale") together at each 
case with Imenea accrued to (but excluding) the Redemption Date. 

Payment of principal and interest will be mode in Kuwaiti dinars 
against surrender of the relevant Note or Coupon, as the case may be. at 
the office of Morgan Cuoiantv Trust Company of New York 60 Victoria 
Embankment, London KC4Y QJR Payment in Kuwaiti dinars will be 
made by transfer to a Kuwaiti dinar account maintained by the payee 
with a bank in Kuwait. Notts should be surrendered for payment 
together with afl unmanned Coupons. Where any such Note a 
surrendered for payment without all unmanired Coupons relating: 
(hereto, (he face value of any missing unmatured Coupon will be 
deducted from the sum due for payment. Any amount of principal so 
deducted will be paid against presentation and surrender of the relevant 
missing Coupon' at any time before the expiry of a period uf five years 
after the Relevant Date (as defined in Condition W of the Notes) for the 
payment of such Coupon. Notes and Coupons will become void unless 
presented for payment within the period of 6 years or 3 years respectively 
from the respective Relevant Dau* thereof. 

OIL INDIA LIMITED 

By: Morgan Guaranty Trust Company 

as Fiscal and Paring Agent 

Dated: November 22, 1994 


A ■> OX 

A-..:. ...:, . . . : • • 7^: .-:ii . . Cl V - . • 

“ - V- * _ I- ■ ' 


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29 


COMPANY NEWS: UK 


takes 
step into 

electronic 

games 

^ David Blackwell 

SSMjssar- 

k^£k£ 5“ 

shares at IlpS" , ° 0n ■ new 
Shares in the group were 

HR*** last ™™th 
«*™?r the group announced 
that U was acquiring two 
compames engaged in the 
^velopment of video and 
com P nt er games. The 
MqudtloM «in qnadruple 
the sixe of the group, which is 
veined at £24m at the issue 
price. 

JjJ fa Pay***? £3.8Sm for the 
entire issued share capital of 
Rageand £9.98m for Software 
Creations. The consideration 
for both companies is made np 
ofa mixture of sham, loan 
notes and cash, with Rage 
18.2m shares and 
Software Creations 36.1m 
shares. The loan notes are 
subject to penalties if profit 
targets are not met 
kage has among its games 
Striker, a soccer-based game, 
and includes Sega among its 
easterners. Games developed 
by Software Creations include 
Term in a t or 2 and Spiderman, 
and it has Nintendo and Sony 
among its customers. 

The placing - of which 
7441m shares will be firm with 
the remainder subject to a 
2-f<nv5 open offer to existing 
shareholders - will raise 
£llm. Of file total, about £i m 
will be taken np with 
expenses, while £5m will go to 
the company and £5m to help 
finance the acquisitions. 

After the deal is completed, 
there will be more than 217m 
shares in issue. The group will 
operate with two divisions - 
multimedia, which Is expected 
to account for 75 per cent of 
profits, and leisure. 
Shareholders will vote on the 
proposals at an extra ordinary 
meeting on December 14. 
Dealings in the ordinary 
shares are expected to begin 
on the USB! the following day. 

Hr Robin Jones, manag ing 
director, said yesterday that 
the revamped group would be 
seeking a full listing as soon 
as possible, probably in 
autumn next year. 


Purchases 

boost 

Southnews 

Southnews, the London 
regional newspaper publisher, 
lifted pre-tax profits by 61 per 
cent from £874,000 to £1.41m. 
Turnover for the six months to 
October 1 was 53 per cent 
ahead at £11 .4m, compared 
with £7.4lm last time. 

Mr Gareth Clark, chairman, 
said titles acquired in 1893 had 
been integrated quickly and 
had achieved forecast perfor- 
mance sooner than expected. 

Operating margins improved 
to 13J2 per emit (11.4 per cent), 
with gearing falling from 49 to 
31 per cent in the period. 

Earnings per share came out 
at 6.14p (3£2p). An interim div- 
idend of L35P (0.95p) has been 
declared. Southnews acquired 
two new titles last month fbr a 
consideration of £l.3m cash 
and £300,000 in shares. 

Hewetson picks up 

An all-round improvement at 
Hewetson, the flooring and 
building materials concern, 
meant pre-tax profltsjumped 

from £158JJ0O to £916,000 m the 
six months to September 30, on 
sales 48 per cent higher at 
eo9. !tm. a ga inst £15- tin. 

Mr Peter Priee. chairnunu 
said the result reflected the 
tenefite of investments made 

in the business during the^^ 

three years and some unproved 

rfifficuit to predict, out as 
£ a lower profit level was 
expected in the second half. 
^Earnings per share came 
5.2ip (O.lfiP loss) and the 


Shares fall 7% as exceptional gain cushions pre-tax profits 

Rising costs squeeze Norcros 


By Richard Wotffo 

The rising cost of raw 
materials squeezed operating 
margins at Norcros, the build- 
ing materials and print and 
packaging group, in the six 
months to September SO. 

The shares fell 9p to 120p 
yesterday as the company 
announced a 14 per cent 
decline in operating profits to 
£10.7m (£12. 6m) on turnover 
ahead by 3 per cent to £194m 
(£189m). 

Pre-tax profits, however, rose 
to £8.9Sjn (£ 7.36m) after an 
exceptional profit of £) 35m on 
the sale and leaseback of a 
property. The group still has 
£24m of property, which it 
intends to dispose of within 18 
months. 

Norcros 

Share price (penes) 

200 Jk 


180 «— 


160 


140 


120 



Source: FT GrapNto 


The rise in profits was 
underpinned by a 40 per cent 
redaction in net interest costs 
to £3. Um (£5.2m) after last 
year's £49.7m rights issue 
helped to cut group borrow- 
ings. 

However, gearing at Septem- 
ber 30 climbed back from 44 to 
49 per cent 

Mr Michael Doherty, chair , 
man. said: “The cost of virtu- 
ally every raw material we use 
has gone up and it has been 
almost impossible to pass on. 
The overall impact of the costs 
we have had to absorb is 2 per 
cent of sales, or between £3m 
and £4m. 

“There is a marked reluc- 
tance on the part of retailers of 
any sort to accept price 
increases,” he added. 

Timber price rises of up to 40 
per cent helped to cut profit 
before interest at the core 
buildings division to £i.64m 
(23.9m) on turnover of £91 .2m 
(£B3£m). Price rises have lev- 
elled off in the current period. 

Crosby Sarek, the timber 
door and window manufac- 
turer, bore the brunt of a £lm 
group reorganisation as its 
workforce was cut by 100 to 
700. Five years ago the com- 
pany employed 1.600 people. 

Weak demand in the UK and 
falling export levels left the 
ceramics division with turn- 
over down to £49.4m (£52.3m) 
while profit before interest 



AsMyMMOd 

Michael Doherty: retailers are reluctant to accept price increases 


rose marginally to £3 .21m 
(£3.08m). 

However, the specialist print 
and packaging division 
reported a 16 per cent rise in 
profit before interest to £5.97m 
(£5. 15m) on turnover of £53. 6m 
(£5L9mX 

Eamlngs per share rose to 
3.3p (2.8p) and the interim divi- 
dend is being maintained at 
3Jjp. 

• COMMENT 

Norcros needs to grasp the net- 
tle at its building products 
division. Crosby Sarek is lan- 


guishing in a sector which is 
oversupplied by about 40 per 
cent, thanks in part to Spring 
Ram’s expansion in capacity. 
The company claims to be the 
victim of raw material costs, 
but that Is hardly supported by 
the performance of businesses 
such as John Carr, the Rugby- 
owned joinery business, which 
enjoys margins of about 1Z per 
cent. Analysts forecast full- 
year pre-tax profits of about 
£ia5m, which gives a p/e of 18. 
Given the flat demand in the 
borne improvement market, 
that seems a little optimistic. 


European growth helps 
Filofax advance 68% 


By Geoff Dyer 

Strong demand from 
continental Europe helped Fil- 
ofax Group, the USM -quoted 
personal organiser concern, to 
report a 68 per cent rise in 
interim pre-tax profits from 
£l-27m to £2.i2m in the six 
months to September 30. 

Turnover rose 65 per cent to 
£13.7m (£8.3m). Excluding 
Henry Ling, the greetings 
cards business bought in July. 
and Drakes Office Systems, a 
manufacturer of carbonless 
message books, bought last 
December, sales grew by 29 per 
cent 

Mr Robin Field, chief execu- 
tive, said: “The outlook for 
both organic growth mid fur- 
ther acquisitions is exciting.” 
The group would continue to 
look for manufacturers of per- 
sonal stationery products that 
could be sold through existing 
distribution channels. 

Sales in continental Europe 
rose 65 per cent. The group's 
four wholly owned continental 


subsidiaries showed increased 
sales of 50 per cent in the 
original organiser business, 
compared with a 20 per 
cent Increase in the UK. 
Including the Drakes brand, 
UK sales increased by 60 per 
cent. 

Demand in the US and Japan 
was flat In the US Filofax has 
reduced the number of outlets 
to concentrate on the top end 
of the market. 

Henry Ling contributed £2m 
in sales and £429,000 to operat- 
ing profits of £2.16m in August 
and September. A large part of 
its revenue comes late in the 
year from Christmas cards. 
Sales In businesses other than 
the original organisers now 
make up 28 per cent of the 
total. 

Mr Field said that there was 
considerable scope tor growth 
in countries such as France 
and Germany where sales per 
capita of Filofax Group prod- 
ucts was 7p and 5p respec- 
tively. compared with 50p a 
head in Sweden and Norway. 



Robin Field: exciting outlook 
for growth and acquisitions 

RamingQ per share increased 
by 50 per cent from 4p to 6p 
and the interim dividend is 
raised by 40 per cent from 0.75p 
to 1.05p. 

The shares rose 4p to 233p. 


Harborne Tenants fights Bradford takeover 


Harborne Tenants, the property 
investment company, has again urged its 
shareholders to reject approaches from 
Bradford Property Trust 

In a letter sent to shareholders yester- 
day, the board says it is prepared to con- 
sider a “fair offer” for Harborne. but con- 
siders that BPT is trying to acquire the 
company at an undervaluation. 

It believes that the net asset value of the 


ordinary shares in the company is prop- 
erly stated at 345p per share. BPT has 
offered first 230p and then 260p, and Har- 
bome finds it “surprising” that BPT feels 
fiie need to “cast aspersions” upon the 
valuation. 

Harborne also warns shareholders that 
BPT is focusing on the full potential taxa- 
tion liability on properties that is not 
expected to arise unless it is BPTs inten- 


tion to dispose of the properties. 

• BPT had yesterday received valid 
acceptances for 4.76 per cent of the Har- 
borne ordinary shares and 6.33 per cent of 
the preference shares. Incomplete accep- 
tances had been received for a further 3£4 
per cent and 3.64 per cent respectively. 
When the offer was announced, BPT held 
28.1 per cent of the ordinary and 23.7 per 
cent of the preference. 


Ferraris up at £l.lm 


Ferraris Group, which designs 
and produces instruments for 
the medical and precision engi- 
neering industries, saw a 56 
per cent rise in pre-tax profits 
for the year ended August 3L 
up from £681.000 to £1.06m. 

Acquisitions contributed 
£87,500 to an operating profit 
ahead at £1.07m (£907,000) and 


NEWS DIGEST 


interim dividend has been 
raised by 50 per cent to 0.75p 
(asp). 

F&C Emerging 

Foreign & Colonial Emerging 
Markets Investment Trust 
reported net asset value per 
share of 137.8p at September 
30, taking prior charges at 
nominal value, against 10L7p a 
year earlier. 

For the year to the end of 
September there were attribut- 
able losses of £869.000 (£164,000 
progits). Losses per share were 
0.87p (earnings O.lGp) and the 
dividend has been passed. 
There was a single final pay- 
ment of 0.27p last time. 

F&C Spec Utilities 

Foreign & Colonial Special 
Utilities Investment Trust 
reported net asset value per 
capital share of 64J25p at Sep- 
tember 30. 

Net revenue from its incorpo- 
ration on August 23 1993 to the 
end of September was £lA3m 
for fla y run g s per income share 
of 3.85p. A final dividend of 
i.54p is recommended for a 
total for the period of 3.74p. 

F&C Eurotrnst 

Foreign & Colonial Euro trust 
reported fully converted net 
asset value of 227.7p at Septem- 
ber 30, against 21ZSP a year 
earlier. 

Net revenue for the year to 
the end of September was 
£812.000 (£751.000) for earnings 
per share of 1.35p (L26p). A sin- 
gle final unchanged dividend 
of l-23p is proposed. 

Brftish Inv Trust 

The British Investment Trust, 
which aims to achieve 


the result also included a 
writeback of £125.000. 

Turnover was £11. 3m 
(£10. 6m), of which £692.000 
came from acquisitions. 

Earnings per share came out 
ahead at 7p (6.1p). The recom- 
mended final dividend of 1.4p 
(L25p) makes a total of 2^5p 
(2p) fbr the year. 


long-term capital growth and 
regular dividend increases 
through an international port- 
folio, had a net asset value per 
share of 231p at the end of the 
half year to September 30. 

This compared with 220p a 
year before and represented a 

1.3 per cent decline from a 
restated 234p at March 31. Dur- 
ing the six-month period the 
FT-SE-A All-Share Index fell by 

3.3 per cent and the MSCI 
World Index by 1.8 per cent. 

Net revenue for the half year 
was £l4m (£10.6m). Earnings 
per share rose to 3.7p (3.0Ip) 
and the interim dividend is 
2.lp (2p). 

Mr Colin Ross, director, said 
the trust continued to invest in 
strongly capitalised companies 
with good prospects for 
long-term growth. 

Albert Fisher sales 

Albert Fisher, the food process- 
ing and distribution company, 
has sold Delby’s and Quality 
Food Products to Pietercil 
Rests Foodbrokers, a Belgian 
broker, for BFr2I3m <£4Jhn) In 
cash. Delby’s has also repaid 
intra-group debt of BFr2llm to 
Albert Fisher. 

Delby’s and Quality Food are 
importers and distributors of 
branded and own-label grocery 
products in Belgium and Lux- 
embourg. 

Boilers rights result 

Bullers, the giftware and 
media concern, has received 
acceptances of its £1.26m rights 
issue in respect of 4 2m new 
shares representing 59.9 per 
cent 

There were 910 applicants for 
the l-for-7 rights of 7.02m new 
top shares at 20p each. The bal- 
ance has been taken up by sub- 
underwriters. 


The Top Opportunities Section for Senior 
Management appointments 

For advertising information, 
please call: 


Philip Wrigley on +44 71 873 3351 




Appear in the 

Financial Times on Tuesdays, Fridays and Saturdays. 

For further information or to advertise in this section please 

contact 

Karl Loynton on +44 71 873 4780 
or 

Melanie Miles on +44 71 873 3308 


FINANCIAL TIMES 

tutor* i 



— 

Nestle S. A. 


AB Sandvik Steel 

— 

Joint venture with 

Goplana S.A. (Poland) 


Acquisition of the 

Precision Tube Division of 

Vafcovny Trub (Czech Republic) 

— 

Advised by 


Advised by 

__ 

Samuel Montagu 


Samuel Montagu 

— 

January 1994 SWITZERLAND 


March 1994 SWEDEN 




Pick Szeged Rt 


Pharmavit Rt 


US$23.4 million 


US$37 million 


Public Offering 


Initial Public Offering 


and 


and 


Private Placement 


Private Placement 


Structured and underwritten by 


Structured and underwritten by 

'*'[■ -;E5 

Samuel Montagu 


Samuel Montagu 

N:-"= 

June 1«94 HUNGARY 


July 1994 HUNGARY 

• = 


Samuel Montagu: one of the most active advisers in Central and Eastern Europe throughout 
1994. In a market in economic and political transition we provide innovative and technically 
competent solutions to meet the disparate objectives erf private and public sector interests. Our. 
operations in Budapest, Prague and Warsaw are fully conversant wife their home markets. They 
liaise effectively between Western and Central European parties, both corporate and 
government and are supported by a dedicate execution resource based in London. As a 

member of the HSBC Group, they are pan of ore of the largest financial services organisations Samuel Montagu 



in the world. 


'• Samuel Montagu & Co. Limited '• 

10 Lower Thatues Street. London EC3R 6AE. A member of The Securities and Routes Authority. ' 
Mtsnbe- HSBC <!► Group - 




AB9l.V : ;-‘ 










30 


FINANCIAL TIMES TUESDAY NO VEMB ER 221 994‘ 


COMMODITIES AND AGRICULTURE 


Extended quota roll-over 
opposed at Opec meeting 


By Robert Corzlne and 
Manuela Saragosa in Bafi 

Opposition emerged yesterday 
to Saudi Arabia's proposal that 
the Organisation of Petroleum 
Exporting Countries rolls over 
its production ceiling for the 
whole of 1995. 

Delegates meeting in the 
Indonesian resort of Bali said 
Kuwait would oppose the plan 
when ministers met today to 
discuss various extensions of 
2152m barrels a day produc- 
tion celling, which has been In 
force since September last 
year. 

The Kuwaitis are said to 
question whether the Saudi 
proposal would lead to lasting 
price increases. They favour a 
six-month roll-over, a position 


that Saudi Arabia also sup- 
ported as late as last week but 
dropped in a surprise move at 
the weekend. 

The Kuwaitis believe the six- 
month option would give min- 
isters full freedom to decide 
next June whether market con- 
ditions warranted making 
changes to the ceiling. 

It is also likely to be credible 
to international oil markets, 
according to Kuwaiti officials. 

Saudi Arabia, Opec's largest 
producer accounting for about 
a third of total output, believes 
a one-year roll-over would send 
a strong positive signal to oil 
markets. 

There were suggestions yes- 
terday, however, that Saudi 
Arabia was prepared to be flex- 
ible and might agree to modify 


its proposal if other member 
states voiced strong opposition. 

An alternative approach 
could include a commitment to 
a one-year extension, with the 
proviso that ministers would 
have the option to review the 
celling and individual national 
quotas at the June meeting. 

Kuwait is believed, however, 
to be adamant that a six month 
roll-over would be sufficient. 

Proponents of the one-year 
option say it would reduce the 
possibility of an acrimonious 
meeting in June over output 
levels and quotas, the most 
troublesome topics for Opec. 

Other Items on today's 
agenda include discussions on 
a successor to Dr Subroto, the 
Indonesian Secretary-General 
who stepped down last June. 


Russian nickel plant 
problems ‘serious’ 


By Kenneth Gooding, 

Mining Correspondent 

Production problems at Norilsk 
in Siberia, which supplies 
120,000 tonnes a year of the 
world's nickel, or 15 per cent of 
total output, appear to be seri- 
ous. according to Macquarie 
Equities, the Australian finan- 
cial services company. 

Mr Jim Lennon, Macquarie's 
metals analyst, said last night, 
however, it had still to be 
determined how serious the 
production losses would be. 
“Some people say the problems 
can be solved quickly but oth- 
ers say they will have a 
long-term impact" 

Nickel is used mainly in the 
production of stainless steel for 
which demand is booming. 

While the Reuter news 
agency last Friday reported a 
senior official at the Norilsk 
plant had denied the problems 
were serious, Mr Lennon said 
that "usually reliable" Russian 
sources told a different story. 

Mr Lennon said he under- 
stood that there was an explo- 
sion at a transformer at the 


Norilsk thermal (gas-fired) 
power plant on November 4 
which took about two weeks to 
repair. The plant supplies heat- 
ing and power to the town of 
Norilsk and also to the smelt- 
ing and refining plants. A 
power failure stopped pumping 
and cooling systems at the sta- 
tion and this caused damage to 
three of its four turbines. 

The power "outages" and 
restriction of heating then led 
to major damage to uninsu- 
lated pipes and other equip- 
ment at the metallurgical 
plants because present outside 
temperatures at Norilsk are 
minus 30 to minus 35 degrees 
Centigrade. "There are reports 
that a pipeline carrying con- 
centrate to the metallurgical 
plants froze and then 
exploded," said Mr Lennon. 

"One source expects prob- 
lems throughout the winter, 
with full repairs not being pos- 
sible until next summer. If this 
is correct - but it is difficult to 
confirm at the moment - there 
could be a substantial fall in 
nickel exports from Russia 
next year." 


Advice agency 
set up to aid 
UK livestock 
producers 

By Deborah Hargreaves 

Tbe Meat and Livestock 
Commission, the British meat 
industry’s promotion and mar- 
ket monitoring agency, has set 
up a joint venture partnership 
with the Scottish Agricultural 
College to provide genetic and 
breeding advice to livestock 
farmers. 

The company, which is to be 
called Signet Farm Business 
Consultancy, will begin trad- 
ing in January next year, it 
also plans to build on the col- 
lege's expertise to offer busi- 
ness consultancy services to 
fanners. 

The venture will include 
breeding programmes that are 
already being offered sepa- 
rately by the commission and 
the college. 

Mr Peter Redshaw, chairman 
of the new venture, explained: 
"The company will enable us 
to operate more efficiently and 
offer an improved service to 
farmers". 


International coffee market distortion attacked 


Coffee futures prices in London plunged by over 
$200 a tonne to their lowest levels for four 
months as traders sold out of long positions in 
the absence of buying interest from roasters. 


Loudon's January robusta contract fell ?208 
to $3,075 a tonne. In New York, Mardi arabica 
futures were down 9.35 emits at 163 cents a 
pound in late trading. 


By Alison Maitland 

The international coffee sector 
should be allowed to take full 
advantage of higher earnings 
resulting from this year's 
surge in prices. Mr Celsius 
Lodder, the new executive 
director of the International 
Coffee Organisation, said yes- 
terday. 

Addressing a meeting of the 
Interafrican Coffee Organisa- 
tion in Lome. Mr Lodder 
attacked producing countries 
that held down domestic prices 
artificially or imposed export 
taxes "without any regard to 
overall world supply”. 


He said such actions limited 
exports and increased interna- 
tional price volatility at a time 
when traders and roasters 
were trying to defend their 
market shares and build new 
markets, for example in east- 
ern Europe and Asia. 

"Many producers have accu- 
mulated losses and debts, and 
export companies, only 
recently acting in a tree-mar- 
ket, liberalised economy, have 


not been operating . long 
enough to build up solid work- 
ing capital," he added. 

Mr Lodder, who took up his 
post last month, said the lCO 
had to find a new role in a less 
interventionist world, where 
the private sector played an 
increasingly important part 

"The end of the large govern- 
ment coffee authorities, in Bra- 
zil and Mexico for example, 
together with the privatisation 


of internal and external trade, 
have contributed to ma ki n g 
the private sector virtually 
dominant in some countries," 
he said. 

The ICQ’s goals were to 
increase membership, in volve 
the private sector in its activi- 
ties, raise its public profile and 
produce more statistical infor- 
mation and country reports, he 

said. 

Among specific projects, he 


said the ICO would be ticked* 
into the. Internet, the emsrtfng 
informatron stqjQhighway that ■■■ - 
connects about 2m comforters 
and 7,000 dateb&sesarotmd the 
world ’. ‘^7. ■.*:/’ 

It would also coordinate. 
assistance for countries such 
as Angola and Rwanda, whose 
coffee sectors have been DaBy: 
damaged , by war or climatic 
disasters. . ■ ' r\ 

On. production policy,; -it 
would develop guidelines for 
toe "rational seff-regulation’’ of 
output, jRtfting an emphasis' on 
incentives ' to improve quality 
rather than .quantity-' .' 


Going for quality at farm machinery show-case 

Organisers of London’s Smithfield Show are seeking visitors with spending-power 


T he Royal Smithfield 
Show, which opens its 
four-day run at Earl's 
Court exhibition ball in Lon- 
don next Sunday, is rooted in 
the traditions of the meat 
trade. But for many years the 
viability of the event has relied 
heavily on the farm machinery' 
industry, which uses it as a 
winter showcase for equipment 
which it hopes to sell to deal- 
ers and their farmer customers 
for use on the land in the com- 
ing year. 

A few years ago. the show 
appeared to be on its last legs. 
Attendance was falling a little 
further each yean machinery 
manufacturers were pulling 
out. leaving unoccupied floor 
space for probably the first 
time in the show's long his- 
tory 1 : fanning and its ancUliary 
trades raced declining margins 
resulting from a combination 
of shrinking European Union 
support and a run of unfavour- 
able weather. Almost the 
entire industry was in the dol- 
drums. 

But the buoyancy is back 
and the organisers have every 
expectation of a lively and suc- 
cessful show. They base their 
optimism on a variety of fac- 
tors. First, the marketing of 
the event has been revamped 
to concentrate on the “quality'" 
of those attending rather than 
mere numbers. A survey taken 


FARMER'S VIEWPOINT 



By David Richardson 


at last year's event, for 
instance, indicated that 
although attendance was less 
than 44,000 it was made up 
almost entirely of decision- 
makers in farming and the 
machinery' trade. 

Moreover. 67 per cent said 
they were likely to place an 
order for some kind of equip- 
ment as a result of their visit 
to Earl's Court. Exhibitors 
have accepted the logic of this 
approach and many prestigious 
companies have returned, espe- 
cially after the show’s organis- 
ers introduced low-cost modu- 
lar stands to replace the flashy 
creations of the past. 

The confidence and the cash 
behind those changes, how- 
ever. came about as a result of 
EU area payments in compen- 
sation to farmers for setting 
land aside, which were higher 
than anticipated. The devalua- 


tion of sterling in the autumn 
of 1992 and the fact that such 
payments are calculated in 
Ecus saw to that and gave UK 
farmers an advantage over 
most of their European neigh- 
bours. Further, market prices 
for many farm-produced com- 
modities have been higher 
than expected and well above 
apparent support levels 
because of shortfalls in sup- 
plies. 

This situation has continued 
through 1994 and tractor sales, 
which are always a good 
barometer of formers’ confi- 
dence, were running margin- 
ally ahead of 1993 at the end of 
October. Total UK registrations 
were 16,044 compared with 
15,433 in the corresponding 
period of 1993. 

T his small advance, the 
Agricultural Engineers 
Association believes. Is 
likely to be eroded by tbe end 
of December to give a whole- 
year figure of about the same 
as last year’s 17,899 units. That 
would still compare very 
favourably, however, with the 
low reached in 1992 when only 
13,454 tractors were sold to UK 
formers. 

How long this relatively 
lively trade will continue is, 
however, the subject of much 
speculation. Some industry 
pundits believe it will prove 


only a brief interruption to the 
downward trend that appeared 
to be estab lishe d before' the 
sterling devaluation. 

Certainly, the machinery 
trade seems to regard the cur- 
rent situation as a temporary 
window of opportunity which 
it can exploit. Many formers 
see it. in a similar light and 
have grabbed the chance to 
replace old and unreliable 
machines so as to be able to 
batten down the hatches when 
funds became tighter. 

Far there is widespread con- 
cern that the good times can- 
not last. Thinking formers and 
machinery manufacturers look 
at the budget-busting pay- 
ments to an mrirat ry that ts 
supposed to be getting used to 
world prices and the free trade 
of the Gatt accord and wonder 
how they be Twarntfrinpri 

Then there is Franz Flschler, 
the ECTs new agricultural com- 
missioner, who takes over the 
portfolio on January 1. This 
Austrian clearly remains an 
unknown quantity. Bui his 
background among small 
mountain forms and ultra- 
green policies may not make 
him sympathetic to the rela- 
tively larger and mainly inten- 
sively managed forms of toe 
UK 

Paradoxically, the UK’s agri- 
cultural industry is already 
responding to anticipated pres- 


sures by increasing the size' of 
farms so as to benefit from the 
economies erf scale. One com- 
mentator has estimated that . 
up to 1m acres (400,000 hect- 
ares) of Britain are now con- 
tract-formed. This almost Cer- 
tainly means that the owners 
are -earning sign ifi cantly more 
from this land than they -could 
have done under their own 
management • • . _ , 

Machinery manufacturers 

have. been rrimflar thing s 

for years. Takeover, mergers 
and joint ventures are increas- 
ingly characterising what is 
naw.a tharcnigUly international 
business. And when the multi- 
national, companies that serve 
formers find it. necessary to 
rationalise tt is pretty dear 
that their clients, whose busi- 
nesses are tiny in comparison, 
should do likewise. 

Indeed, the way the Smith- 
field Show is now organised 
. reflects cut in the number 
of decisionmakers at all levels, 
the need to rationalise and 
economise and the increasing 

frrtflgnafinnaltfiffi of the trade. 

This will be the last Mtacale 
Burma! Smithfield Show. In 
fixture, it will be held every 
second year, alternating with 
the Agritechnica Show in Ger- 
many. Pleasingly, an annual 
lifestock and meat show will 
continue to be hdd in London 
just before Christmas.' 


COMMODITIES PRICES 


CROSSWORD 


BASE METALS 

LONDON METAL EXCHANGE 

(Prices (ram Amalgamated Metal Tracing) 

■ ALUMINIUM, 99.7 PURITY g per tonne) 



Cash 

3 mitts 

Close 

1987-68 

1988-89 

Previous 

19652405 

19702-71.0 


1391 5 

2001/1980 

AM Official 

1991.5-92.0 

19912-922 

Kerb dose 


1982-3 

Open irrt. 

250207 


Total daily turnover 

55275 


■ ALUMINIUM ALLOY (S per tonne) 


Close 

1860-70 

1900-905 

Previous 

1860-70 

1895-900 

HsMow 


1920/1905 

AM Ofltda! 

1B7O-0O 

1910-13 

Kerb dose 


1905-15 

Open Int 

2,991 


Total dally turnover 

299 


■ LEAD (S per tonne) 


Close 

6722-732 

890291.0 

Previous 

6702-77.5 

694-95 

t-flgh/tow 


094/B67 

AM Otfldal 

674-742 

689-892 

Kerb dose 


6882-89.0 

Open InL 

43.020 


Total dally turnover 

S.7H1 


■ MCKEL (5 per tonne) 


Ctose 

765265 

7780-90 

Previous 

7595-805 

7720-25 

HtgMow 

7703/7700 

7906/7780 

AM Offldd 

7702-3 

7820-30 

Kerb dose 


7810-20 

Open Vn. 

68.186 


Trtal daBy turnover 

16,780 


■ TIN 3 Pw tome) 



Close 

6240-50 

6330-40 

Previous 

6196-205 

B290-9S 

HghAow 


6345/B24Q 

AM Official 

6250-60 

6346-50 

Kerb dose 


632230 

Open M. 

21.302 


Total drily turnover 

4>M 


■ ZriC, special Wgti grade (S per tonne) 

Close 

11752-762 

1201-3 

Previous 

11752-762 

1203-4 

Hgh/low 

1173/1172 

1200/1196 

AM Official 

1172-73 

1197-872 

Kerb dose 


119296 

Open frd. 

110,902 


Total daBy Hanover 

14210 


■ COPPER, grade A {$ per tome) 


Ctose 

2875-77 

2831-32 

Previous 

2879-81 

2827-28 

HghAow 

287 S/7870 

2838/2808 

AM Offldd 

2872-74 

2835-38 

Kerb dose 


2832-33 

Open InL 

234,355 


Total daBy tunover 

53,228 



■ LME AM Offidri Of rate: 1.5677 
LME (Hoeing C/3 rate: 1JS75 


Soot 1.5664 Sntftxl jG68 Bmta196S4 9 Otlts; 1-5640 


■ HIGH QRADE COPPER jCOMBQ 





Open 



Ctose ctooge HU tow 

M 

TM 

Nov 

137.00 

+1.70 137.10 13520 

785 

138 

Bee 

136.35 

+120 137.05 13380 26,819 

5.404 

Jn 

132.50 

+121 13220 13105 

935 

106 

Feb 

131.35 

+12) 131.35 131.00 

766 

200 

Har 

129J0 

+155 129,70 127 ,5C 17^02 

zm 

V 

I2&35 

+1.15 

669 

s 

Tab) 



69JS37 

HBU 


PRECIOUS METALS 

■ LONDON BULLION MARKET 

(Pitea suppfed by N M RottacWd) 


Gold (Troy Ot) 

S price 

E equtv. 

Ctose 

333.0038320 


Opening 

383.70-384.10 


Momkig fix 

38320 

244288 

Afternoon lb 

383.40 

244.640 

Day’s Wgh 

383.80-38420 


Day's Low 

382.40-382.80 


Previous ckne 

383.80-38420 


Loco Ldn Mean Gold Lending Rates (Vs 

1 month 

— 4.97 6 months . 

541 

2 months 

— 6.10 12 months 

520 

3 months 

—2.15 


SMrflx 

fvTroy az. US cts equ/v. 

Spot 

328.40 

614.90 

3 months 

33325 

S02AS 

8 months 

338.45 

530.30 

1 year 

35120 

549.45 

Cold Com* 

S price 

t equfrr. 

Krugerrand 

385-388 

245^48 

MapteLeaf 

393.8039620 


New Sowrign 

89-92 

5T& 


Precious Metals continued 


■ BOLD COMEX (IPO Troy gz^ S/troy oz.) 



Sett 

DjrT» 



Open 



Price 

ckange 

Mt* 

tow 

U 

VoL 

tow 

383-2 

-07 

. 


- 

- 

DSC 

3832 

-09 

364.2 

382.4 

85,605 30728 

Ju 

3853 

■0.9 

- 

- 

- 

• 

Feh 

387.4 

-09 

3800 

3860 

32034 

8.752 

tor 

3912 

-OB 

381 J 

3915 

12.939 

1X3 

Jan 

3951 

■08 

395.7 

3915 12,881 

1025 

Trial 




188,109 45,872 

■ PLATINUM NYMEX (50 Tray ozz S/troy ozj 

Jn 

411.6 

-2.4 

413C 

4092 

15X7 

1X9 

Apr 

416.1 

-24 

417^ 

41441 

7^15 

181 

Jri 

4205 

-2.4 

4205 

420.0 

1076 

3 

Oct 

425J6 

■2.4 

4264) 

425.6 

507 

- 

Jn 

4206 

-2.4 

4200 

4280 

10 

- 

Total 





2B^®. 

1X3 

■ PALLADIUM NYMEX (100 Troy az.; S/tray ozj 

Dec 

193.73 

-ISO 

15000 

15175 

2X2 

861 

MV 

15475 

-1^6 

155.75 

154.75 

4224 

947 

Jn 

155.75 

-1.85 

157.X 

155.75 

574 

28 

Sap 

156.25 

-1.85 

- 

- 

96 

- 

Total 





7JH6 

1X6 

■ SILVER COMEX (100 Troy oz.; CentsAray az.) 

tow 

515.1 

+1J! 

. 

_ 

. 

. 

Dbg 

516.7 

+1JJ 

5175 

5110 50,794 21X8 

JM 

ffl&O 

+1.0 

- 

- 

90 

3 

Hw 

5343 

+1.0 

53B5 

S2O0 

44X1 

8,780 

tof 

5303 

+M) 

5314) 

526.5 

5,606 

57 

Jri 

5308 

+1JD 

537* 

5350 

7X7 

133 


Total 133911 2M14 

ENERGY 


■ COUPE OB. NYMEX (42J00 US gate. S/barrel) 



Soft 

n*> 


Qpn 



prtea 


Mgfa 

Low tat 

Vol 

Jn 

17.82 

+032 

17X 

17.75 15.804 MJ132 

Fefr 

17.79 

+024 

17X 

17J4 114,780 

51855 

Har 

17.75 

+023 

I7-B3 

17.69 50,553 

15X1 

Apr 

17.70 

+020 

17.75 

17.70 30,701 

4819 

HW 

17 JO 

+022 

17.75 

17.70 17X5 

3.825 

Jon 

17.75 

+028 

17.75 

17.75 1B.B7G 

1.482 

Trial 




392821 118.732 

H CRUDE OL ITC (S/barreO 




Sea 

Days 


Opn 



price daw 

Hgfr 

Low lot 

W 

Jan 

1707 

+035 

17.13 

17.00 BZ.B41 

26,191 

Ft* 

1082 

+0X 

1&85 

16.75 28856 

98« 

■tar 

1803 

+037 

16.64 

16JG 16,180 

2822 

Apr 

1050 

+039 

16-50 

16.46 5X7 

89 

Maf 

16.42 

+039 

1042 

16.40 3885 

770 

Jn 

1035 

+032 

1035 

1685 3X1 

939 

Total 




15SL41B 38887 

■ HEATING OLMYSK (42X0 US gals.; dUSgafcJ 


Srit 

Daya 


Opn 



price 

duiys 

Hgh 

Low H 

Val 

OK 

4085 

+077 

4090 

48.45 30X4 13,482 

Jan 

49X 

+082 

4054 

4ai0 43.471 

7,083 

Ml 

50.10 

+077 

5013 

4flLflO 25X9 

4.485 

Star 

5025 

+077 


50.05 14,426 

4.133 

Apr 

4069 

+062 

4065 

49X 9868 

939 

Hay 

<9-00 

+047 

4000 

49X 5.107 

399 

Trial 




IBB, 837 

31804 

■ GAS OK. IPE CSftome) 




Sea 

Day* 


Opn 



prica 

ctaaga 

«8*> 

IM U 

Vol 

Dae 

14050 

-050 151.75 14050 35777 

1279 

Jra 

151.25 

- 

154.00 

16125 24.550 

3878 

Fab 

152.25 

-050 

155X 1SZ25 12X0 

1X8 

tor 

152.75 

- 

155.00 

152.75 B.546 

586 

Apr 

151J50 

+025 

16025 15160 1048 

214 

Bay 

151 JS 

+075 

15280 

151 JS TBS 

143 

Totri 




94X6 14,759 


■ NATURAL OAS NYMEX (10JW nnnflUL; S/tamBtaJ 



sea 

oafs 



Open 



prtea 


IM 

low 

tat 

IM 

Dec 

1.S35 

-0050 

1X0 

1830 16846 31.194 

Jra 

1.810 

-0031 

1845 

1X5 32.050 

9X3 

tot 

1X0 

-am 

1845 

1820 16J9Z7 

5X8 

Her 

1.620 

-0018 

1845 

1818 14.1X 

2724 

Apr 

1.785 

-0019 

1808 

1.785 

7X8 

1708 

Har 

1.780 

-0017 

1810 

1790 

7815 

SOI 

Trial 




148835 B&231 

■ UNLEADED OASOUNE 




NYIO (42X0 US gafe; c/US fffisj 





Srit 

Day* 


Open 



price 

rhongri 

m 

Law tat 

M 

Pec 

5585 

+087 

5570 

5(85 ?U17 11870 

Jn 

5475 

+0.42 

5480 

54.05 24.716 

7819 

M 

54.15 

+0.41 

5445 

5480 10X8 

3747 

1 tar 

54*40 

+041 

5480 

5475 5X3 

1X7 

Apr 

67X 

+081 

5785 

5775 5X7 

892 

May 

Total 

57X 

+0X 

■ 

• 1X8 226 

74825 28,340 


GRAINS AND OIL SEEDS 

■ WHEAT LCE (£ per tunnel 


SOFTS 

■ COCOA LCE (EAonoo) 


MEAT AND LIVESTOCK 

■ LIVE CATTLE CME (40.000113s: cente/bs) 


He* 

Jan 

Har 

May 

Jri 

Sep 

Total 


Open 

M 

196 


Srit nafe 

price d ange High Low 

10450 -0.75 10550 10450 

105.40 • 105.65 105JO 1.984 

1(77.25 -0.15 197.25 107.10 1.033 

109-30 -0.10 I09X 109.10 1567 

11090 -0.10 11(190 110.80 119 

- 9400 94.00 


Vot 


Sett Day'a 

price dniqje High Low 


Open 

let 


Vol 


Sen Bay's 
price dram * Np 


Open 

M 


W 


94.00 


01 

<vM0 


106 

Dec 

979 

+16 

979 

953 18X2 2.447 

Dec 

G&825 

-0350 70425 69500 25X8 

3,443 

136 

llv 

998 

+14 

999 

XI 43873 4728 

Mi 

EOT#} +0.025 88725 89875 26X6 

2X8 

9 

May 

1002 

+9 

1003 

989 15X8 1X8 

Apr 

58875 

•0.150 70700 B9X0 

17425 

1757 

1 

Jri 

1009 

+6 

1012 

1001 6.798 288 

Jn 

65575 

-0025 65800 65435 

5X6 

300 

10 

S«P 

1019 

+7 

1022 

1009 12759 559 

AX 

B3X0 

-0075 64.150 63750 

1834 

332 

3 

Dec 

1035 

+9 

1035 

1028 10,014 208 

Oct 

84X0 

■0150 64X0 64X0 

561 

87 

285 

Trial 




114813 9,679 

TOW 



78X4 

8X0 


WHEAT Cgr (S.OOObu rain: centa/BOto bushel) ■ COCOA CSCE (10 tonnes: S/tonoos) 


UVE HOGS CME (40,000tos; cents/fes) 


Dec 

374/2 

-3/2 

378/4 

373/4 21,405 

7,445 

Dec 

1305 

♦24 

1310 

1298 

1,406 

411 

Dec 

WMI 

-0.400 32900 32975 13X5 

2703 

liar 

386/5 

-1/4 

390/2 

386/4 32,121 

5X9 

Har 

1X7 

+13 

1347 

1335 43<434 -U17 

Ml 

34X0 

-0475 35900 34.750 11818 

2X8 

H»» 

368/4 

-1/0 

371/4 

368/2 4,9TB 

968 

»«y 

1360 

+13 

1370 

1360 

9X5 

235 

Apr 

35X0 

-0X0 30600 35X0 

BX5 

629 

Jri 

336/0 

-0/2 

337/5 

335/2 11.1X 

1X8 

Jri 

1384 

+13 

1390 

1384 

3,911 

338 

Jra 

41X0 

-0950 42900 41.150 

3941 

172 

Sep 

342/0 

- 

342/4 

340/4 405 

112 

Sep 

1408 

+10 

- 

- 

1870 

44 

Aag 

41825 

-0.423 41900 41900 

690 

a 

dec 

353/0 

+2/4 

- 

- IM 

B 

Dac 

1438 

+10 

- 

- 

M32 

25 

Oct 

38750 

-0X0 39.100 38750 

515 

X 

Total 




70X0 14,796 

Tatar 





78 872 5879 

Total 



3BJH7 

6743 


■ MAKE CST (5,000 bu min; cemsTSflto bushel) 
Dae 


21072 
Har 227/4 

Mar 23445 

jh zm 

SBp 243/2 

Dec 248/2 

Trial 

■ BARLEY LCE (E per tonne) 


-170 217/0 216/0 07.432 21/487 

-1/0 228/4 227/2 01.621 11145 

-I/O 235/4 234/4 30550 2,457 

-1/D 240/0 238/0 41342 2.401 

- 244/2 243/2 3,878 288 

40/4 248/4 247/0 21,722 998 

20,728 37/838 


Mov 

10190 

+035 

- 

- 

13 

Jn 

10240 

-ax 

10250 10240 

473 

Mar 

104.75 

-ox 

- 

- 

IX 

IMP 

107X 

- 

- 

- 

44 

Sap 

won 

-050 

- 

- 

20 

tow 

9690 

- 

- 

- 

08 

Trial 





755 


10 


■ SOYABEANS CUT ROOMiu min; cartt/BOB) txst»3 


Jan 

583/4 

■in 

589/0 

563/0 190 

2924 

Har 

572/8 

-6/4 

578/0 

572/2 51,040 18,070 

■ay 

50072 

-8/0 

585)0 

57WJ 28991 

2998 

Jri 

588/0 

-4/8 

590/0 

5830 14,722 

1X8 

Aog 

588/4 

-A/6 

593/0 

588/0 22X3 

2958 

Sep 

560/0 

-5/0 

993/0 

589/0 1.750 

112 

Trial 




131X5 27,183 

■ SOYABEAN 06. CUT (60,0001 ter. COTts/to) 



Dec 

2EL21 

-OX 

2041 

27.98 

30996 

6.4*1 

Jan 

2792 

-DL46 

27X 

26.87 24X8 

4.780 

Har 

2597 

-OX 

2892 

25.80 

20,177 

3978 

Hay 

25X 

-OX 

25J32 

24X 

15915 

675 

Jri 

2490 

-OX 

24.75 

24,40 

0521 

1.441 

Aoft 

24 32 

+L13 

2490 

24.30 

1.830 

132 

Totri 




111X4 

10014 

■ SOYABEAN MEAL C8T (100 tons; Srton) 


Dec 

1589 

-04 

1602 

158.6 26.726 

4X8 

Jaa 

100.7 

-03 

162.0 

1606 22941 

4947 

Bbr 

164.4 

-08 

1659 

1649 

19923 

1,979 

Hay 

1BB9 

-1.1 

1704 

1605 

10,781 

631 

Jri 

173.4 

-1.1 

1759 

173.3 

10978 

937 

Aug 

1759 

-19 

1769 

175J 

1370 

330 

Trial 




100347 

13X8 

■ POTATOES LCE (E/torme) 




Mar 

1059 

. 

# 

_ 

. 

_ 

Apr 

2769 

-AS 

2879 

2799 

1X1 

147 

UJ 

2869 

-19 

- 


1 

- 

Job 

2509 

- 

. 


_ 

. 

Tata) 





1X2 

147 

■ FREIGHT (HFFEX) LCE (SlOflndax po tat) 


KM 

1885 

+5 

1880 

1884 

248 

25 

Dec 

1889 

♦19 

1900 

1888 

376 

38 

Jan 

1805 


1830 

1805 

1984 

61 

An 

1705 

-15 

1730 

1705 

1912 

X 

Jut 

1500 

• 

1500 

1500 

133 

2 

jn 

16)0 

-IS 

- 

- 

17 

. 

Total 

Ossa 

Prw 



Z971 

IX 

8H 

1882 

1855 






There was good general demand Sib week 
reports me Tea Broken* Association. Landed 
cotoury Assam* ware wefl supported at hm 
fates, wide ptabi North IraSara often gamed 
several pence. Brightest East Afr ica ns were 
strong and fufly Arm to dearer. Colour? 
medons were steady but plainer sorts were 3 
to Sp lower. Plain Burundte ware a weak Ma- 
ture. Ceyions met iafttp wide enqutoy but at 
lower levels. Offshore met lees demand at 
easier rates. Ouottttorac best avaiatta i7Spf 
kg; nom good WSp/kg; good modem 120 frtg; 
medium 11 Op/kg; low medium 85p/kg; tin 
highest price realised mb week was 177p/hg 
tor an assam pd. 


m COCOA PCCO) (SPR’a/tonnc) 


No* 18 

Daly- 


Prior 

.88558 


■ COFFEE LCE S/tcnneJ 


Pm*. Pay 
987.63 


Ns* 3033 -220 3180 3033 369 48 

Jn 3075 -208 3235 3075 10043 2,728 

liv 3M3 -206 31S0 3040 8.604 1,966 

Hay 3020 -205 3155 3020 3,823 B13 

Jri 3018 -IK 31X 3016 1,231 58 

Sap 3003 -165 31X 3003 2X3 106 

Totri 2BJB07 6X4 

■ COFFEE 'C CSCE (S/^OOtos: cantsftb^ 

Dec 

15895 

-ax 

10590 

15GX 

1X0 1X9 

Har 

163.70 

-8.65 

16+50 

16090 

17X8 5,107 

■ay 

168.30 

-6.00 

17190 

16890 

6,289 

438 

Jri 

1?0X 

-690 

17390 

170.30 

2X0 

255 

sap 

17190 

-6.M 

174X 

17190 

1913 

30 

Dec 

17290 

-890 

174.70 

173.10 

BOO 

05 

Total 





29X3 7X8 

■ COFFEE (ICO) (us centa/bound) 



tow 18 



Prt» 


Prev. day 

Comp, dtfy 


185.48 


16137 

15 (by average — 


174X 


175.14 

■ No7 PREMIUM RAW SUGAR LCE (cantsftbs) 

Jn 

1390 

- 

- 

. 

. 

- 

Har 

1393 


- 


X 

- 

Har 

14 X 

+0.22 

- 


860 

- 

M 

13.78 


- 

- 

450 

- 

Total 





ixo 

- 

■ WHITE SUGAR LCE (S/tomxd 



Har 

39190 

+5X 

39290 

383.00 

10.634 

.158 

Hay 

38690 

+590 

#690 

3/aoo 

4X2 

.OX 

a«b 

37890 

+4.70 

37BX 

37190 

2X7 

194 

Oct 

351X 

♦2.00 351 X 

347.50 

1,452 

72 

Doc 

349X 

+270 

- 


100 

_ 

Har 

34890 

+270 

- 


199 

. 

Total 





199M 2<28 

■ SUGAR 11* CSCE (HZ.OOOIba; cantaftb^ 


Har 

1398 

+0.18 

1497 

1262101,79811942 

Hay 

1491 

+9.17 

1496 

1167 30X8 2X1 

Jri 

13.78 

♦0.13 

1281 

1148 

<9.826 1972 

Oct 

13.16 

+0.14 

13.19 

1294 

6.674 

815 

Har 

1298 

+099 

12.72 

1245 

4X7 

418 

May 

1247 

+0.03 

1247 

1234 

353 

50 

Total 




173X217,195 

■ COTTON NYCE (SOJXXSn; oentaAbd 



DM 


74.13 -022 7455 
7BX H1 13 7690 

7735 +020 7700 
78JM +027 7145 
71 .55 +0.J5 7200 
7033 -002 7060 


M>r 
JU 

Del 
Dec 
Teu 

■ ORANGE JUICE NYCE (15, 


7190 10.049 5.591 
75.72 2S£» 6295 
7695 7.771 745 

77.45 4X7 128 
7195 BBS 34 
7090 3225 62 

62^611^878 

.OOPtoe; cams/lbs) 


Jan 

Bar 

■ay 

JU 


Tetri 


10755 -10.00 11350 
11620 -600 11675 
-5JJ0 1185Q 
-5.00 12ZOO 
12425 -500 124.80 
12225 -5.00 1I5L35 


11856 

121.45 


10756 17,106 22 

1)620 8,747 1,088 
11855 1,066 628 
121.45 1036 227 
124 50 1.875 650 
12225 UOO 7 


VOLUME DATA 

^enWerwtand Volume data rivtwn tor 
contracts traded an COMEX, NYMEX. CST 
NVCE CME. CSCE anSracraSTorSreS 

day ki arrears. 


INDICES 

■ REUItftS (Base: Ifi/W31=10Q) 


mon **i ago year ago 
2071.7 1Q292 


Mot 21 Not IB 

2159.8 2144.7 

■ CUB Futures {Bata: 1987^100) 

ng» y«r ago 

232.72 233.61 231.63 223,43 


■ PORK BELLIES CME (40.000tog; centariba) 


M 

Har 


tag 

Trial 


361900 -0900 38200 362Q0 
37.160 4X800 38250 37005 
38.450 -0750 38730 38400 
38525 -0550 40500 38425 
38200 -0525 38550 38100 


8025 2264 
1212 358 

434 84 

377 32 

83 7 

10141 3J158 


LONDON TRADED OPTIONS 

Strike price S tonne — Cels— — Puts — 
■ ALUMINIUM 


(99.7%) LME 

Feb 


Fab 

Apr 

ionn 

141 

154 

57 

101 

io*ai 

113 

129 

78 

125 

5000 

88 

108 

103 

162 

■ COPPER 





(Grade A) LME 

Feb 

Apr 

Fob 

Apr 

2750 

14B 

110 

74 

181 

2600 . 

122 

PS 

08 

191 


87 

/5 

122 

223 

■ COFFEE LCE 

Jan 

Mar 

Jan 

Mar 

mnn 

70 

155 

305 

412 

3350 

68 

1« 

343 

460 

3400 

59 

132 

384 

450 

■ COCOA LCE 

Dec 

Mar 

Dec 

Mar 

950 

6 

74 

3 

26 

975 

- 

59 

22 

38 

1000 

118 

46 

83 

48 

■ BRENT CRUDE IPE 

Jan 

■Apr 

Jar* 

Apr 

innn 

106 

110 

11 

68 

1BSO- . . 

73 

84 

28 

S3 

1700 

43 

es 

51 

121 


LONDON SPOT MARKETS 

■ CBUDE CML FOB (per banri/Jag) +o r. 

Dubai SI 5.73-551 z +0.145 

Brent Blend (dated) Si 707-728 +0680 

Brent Blend (Jan) *1622-034 +0200 

W.T.I. |1pm asp 517.B6-7.eaz +1X060 

■ OIL PROOUCTS NWE prompt deBvaty CIF (tonne) 


Premium GasoBne 

Gas Ol 

Heavy Fuel OD 

Naphtha 

Jet fuel 

Diesel 


*175-177 
SI 60- 153 

$106-109 

*173-176 

*167-189 

*157-158 


kWhra At gm. M Imfcn f>71) JS3 era? 
■ OTHER 


-05 

+1 

+05 

-65 

-1 


Gold (per boy ce£ *383.15 

SHvw (per troy 5155c 

Plafintm (per troy ozj 5408.75 

Peflacflum (per boy az.1 *153.75 

Copper (US prodj 14/LOc 

Lead (US prod.) 40.75c 

Tin (Kuala Lumpur) 15.7Qr 

Tto (New Yotig 2825c 

Cattla (Bve wrighQt 11655p 

Sheep (Hva weight))* 107.18p 

FSgs (Dwe weight) 73.7Bp 

bon. day sugar (raw) S333.00 

Lon. day sugar (wte) *30750 

Tate & Lyle export £329.00 

Barley (Eng. toad) Unq. 

Main (US No3 YoOow) £1325v 

Wheat (US Dak North) £165.0* 

Rubber (Dee)* 8750p 

Rubber (Jan)? 87.25p 

Rubber (KLRSSNoIJifl 3455m 

Coconut OB (PW0§ S697J5q 

Palm OB 0Mor.fi S717Jiu 

Copra (Ptiq§ $4605q 

Soyabeans (US} E165.W 

Cotton Oudook’A’ index 78.10c 

Wodtops (64s Super) 460p 

C pw tare irtea otherwne afated. p pancWkg. c centaXb. 
r rinmfr/kB. m MraqmWn centaAn y Jonftfar. + NoWDao. u 
Owl z jwl I Non. q DtcUan T London Physical § OF 
Rmenbm. Z BUrim mikat dose. 4 Sheep fjm weight 
IwwL ' Change <jn week O Prices are tor peutoue day- 1 
• 14/11/84 Contacted Pgura tar WT1 >1720-752 


-ass 

-25 

-4.50 

-250 


-059 

+ 2.0 

+4,72" 

+158* 

+020 

+020 


■020 

-020 

+ 1.0 

-172 

-222 


No.8,617 Set by ALAUN 



across 

l Said "Take a couple” and you 
can’t get out of it (4,2) 

4 An excellent toot but mad (8) 

9 Got weaving and closed the 
gap (8) 

10 Fetehing or finding fetching 

12 Contrary, fight against letting 
it through (8) 

13 Get as far as "an old plane 
holed in the tail” (4J!) 

15 Can’t hold even a wry little 
liquor? (4) 

16 The old chap before that had 
coped 17) 

20 Getting even with Reg, per- 
haps? (7) 

21 Back, too. that’s no longer 
tender (4) 

25 What happened to the key- 
holes? (6) 

26 Put out the fire (8) 

28 Nothing marvellous and I'm 
not surprised (2,6) 

29 Rather on the quiet, direct to 
you (6) 

30 Then made a ridiculous to-do 
about being punctual (22,3) 

31 The tail that knocked it off 


DOWN 

1 Wasn't silent, one argued (3^5) 

2 Being terribly embarrassed is 
rotten (4,4) 

3 Fly as arranged in the outset 
( 6 ) 

5 Space to dig in (4) 

6 Means it’s not for money (8) 

7 Smoked and was short of 
breath (6) 

8 The act now showing will 
exdte you (4JX) 

11 Take the helm one momhw 1 
in the vessel (7) 

14 Performed a song that’s mpA* 
a comeback, popular in Spain 
(7) 

17 It tells you how much Hma 
you have (8; 

18 Coming into money (5,3) 

19 Liable, having smoked out- 
side, to get caught (8) 

22 Had taken care of and was 
witnessed so doing (4£) 

23 Sta nding in mini* is a little 
bird (6) 

24 *niere are two vacancies left 
m a foreign city (6) 

27 Up again an ounce, about? 
That’s nothing! (4) 


the ashtray? (3-3) 

as 5 aa&siga- aara^ar? 


0/ broking and jobbing the Peliknns fond. 
See ho w sweetly he puts y m<r mtg 


I 


JOTTER PAD 








t o* 


\\ 



how 


case 


"NANC.ALT.ME8 



31 


LONDON STOCK EXCHANGE 


market 


report 


Institutions hold back as Wall Street falters 


By Stevo ThompBor 

Cityof KiSn'-TT around 
at the iacklustr£ nS t !! adin g rooms 
UK equities at t lK- Pe / formailce b ? 

which traditinnau 6 &tart a week 
down toa 22 y 8668 us hi teres t 
annua] Thank«u»+?^ m °f the 
holiday - 

to be rpma!*-' nst ^ tutions were said 
trying 5? the sideli nes, 

swsSS*s?» 

off at Ste lndex settUn » 61 

Ji&ir* sector did its 

to bolster the equity market, but 


early firmness in longer dated 
issues was quietly eroded in a simi- 
larly subdued session and foiled to 
provide much support for share 
prices. 

Dealers refused to adopt a bearish 
attitude to the market, however. 
"Today was not too discouraging," 
said one leading trader. “We have 
gone easier on very small volume 
and the selling pressure has been 
minimal. The undertone remains 
solid and there are no scare stories 
about the Budget doing the 
rounds." 

Some traders expressed surprise 
at London’s refusal to respond to a 
hnn opening on Wall Street and a 
good performance by European 
stock and bond markets throughout 
the session. And a better showing 
by the US currency should have bol- 
stered the big dollar earners. 


Share prices were always strug- 
gling, with marketmakers, con- 
scious or Wall Street's rather fragile 
performance lost Friday, unwilling 
to run bull positions at the start of 
the week. Early deals were mostly 
on the sell side and the FT-SE 100 
fell away to the day's low point, 
down 14 J at 3.116.7. within as hour 
of the opening. 

There was some unease In the 
market with news that the UK's 
non-RU trade deficit came in 
slightly worse than expected, but 
analysts said the news played little 
part in the day's performance. 

Activity was down to a trickle 
over the lunchtime period, and 
gradually picked up In the early 
afternoon. It was partly stimulated 
by the higher opening on Wall 
Street but later petered out as 
the US market began to falter. 


Turnover, which has unproved 
strongly over the past couple of 
weeks, proved a major disappoint- 
ment yesterday, r ea c hing a dismal 
487.4m shares. The lack of institu- 
tional Interest was plainly evident 
as non-Footsie stocks accounted for 
67 per cent of the day's total. Deal- 
ers are hoping that trading picks up 
as the week wears on; the value of 
customer business in the market 
last Friday was £1.28bn, continuing 
the recent run of strong institu- 
tional activity. 

"It was a typical Monday In the 
market,” said the head of market- 
making at one of London's leading 
securities bouses. "Low volume, 
despite good performances from 
gilts, bunds and bonds.” He added 
that London needed Wall Street to 
hold last night 

The drugs sector provided the 


FT-SE-A All-Share Index 


FT-SE 100 with its best performers. 
Glaxo and Wellcome sped ahead fol- 
lowing the Glasgow Aids conference 
at which it was disclosed that a 
cocktail of Close's 3TC compound 
and Welcome’s A2T drug produced 
the best results in clinical trials. 

Allied Domecq, on the other hand, 
suffered from yet more downgrades 
in front of Thursday’s interim fig- 
ures. Hanson moved ahead as a big 
line of stock overhanging the mar- 
ket was cleared. 

Oil shares gave ground early in 
the day, but made good progress 
towards the close as it became clear 
that the market expects the Opec 
meeting in Bali to agreee a rollover 
of the current 24.5m barrels a day 
output ceiling for 12 months. Crude 
oil prices were up around 40 cents 
yesterday, and above the important 
$17 a barrel leveL 



■ Key Indicators 

Indices and ratios 

FT-SE too 3121.0 

FT-SE Mid 250 3569.5 

FT-SE-A 350 156S-5 

FT-SE-A Alt-Share 155001 
FT-SE-A All -Share yield 3.92 

Best performing sectors 

1 Pharmaceuticals 

2 leisure & Hotels 

3 Retailers, General 

4 Health Care — 

5 Textiles & Apparel ..... 


-TC.0 

- 8.1 

-4.5 

-4.21 

P.91) 

.. +0.7 
_ +0.5 
.. +0.3 
.. + 0.2 
.. > 0.2 


Equity Shares Traded 

Turnover by when* (ml ion}. Excluding: 
Intra-marKm buaJru+w and overeiwa turnover 
1,000 ■ 



FT Orednary index 2399.8 -72 

FT-SE-A Non Fins p/s 18.77 (18.7CQ 

FT-SE 1 00 Fut Dec 3128.0 -12X1 

tO yr Gilt ytekJ a 60 (8.60} 

long Qih/equity ytd ratio: 2J22 (2.23) 

Worst performing sectors 


Banks 
Spirits, Wines & Oder. 


-1.3 

,..-1.0 


Property ..... .... ..... -0.9 

Engineering. Vehicles -0.0 

Merchant Banks — -0.8 


5SW0RD 





Hanson 
bucks 
bad news 

Internationally traded 
conglomerate Hanson saw Its 
shares ignore some disappoint- 
ing news and forge ahead as 
investors finally noted their 
recent underperform ance. 

The company announced 
that it had been forced to drop 
the planned flotation of US toy 
maker Ertl because of poor 
stock market conditions. The 
news put paid to hopes that it 


EQUITY FUTURES AND OPTIONS TRADING 


would raise some $200m for a 
63 per cent flotation. 

However, a large line of 
some 8m shares which had 
been washing around the mar- 
ket was finally cleared, and 
several specialists pointed out 
that the Hanson share price 
had underperformed the broad 
market by 7 per .cent over the 
past quarter 

Investment houses have 
been expressing their confi- 
dence ahead of full-year figures 
due next Thursday. Company 
broker Hoare Govett was in 
Scotland mikin g to Investment 
institutions following a posi- 
tive review and Lehman 
Brothers was discussing a buy 
note with clients. Hanson 


Stock Index futures snoozed 
through much of the session 
on duff trading volume, unable 
to extract inspiration from 
lifeless cash markets In both 


London and New York, writes 
Jeffrey Brown. 

Activity was very thin. Just 
6,867 contracts were dealt 
during pit trading - down from 

■ FT-SE 100 MO EX FUTURES (UFFE) E2S par Ml Index pofrri (APT) 



Open 

Sett price 

Change 

High 

Low 

EsL vol 

Open Int 

Dec 

313&0 

3120-0 

-12.0 

3140.0 

3120.0 

7223 

54208 

Mar 

3150.0 

3144.0 

-12.0 

3150.0 

3140^ 

1122 

5621 

Jut 

31 63.5 

31B7.0 

-mo 

31B3J5 

3103-5 

5 

145 


■ FT-SE MID 250 INDEX FUTURES [UFFQ CIO par ftjfi Index print 

Dae 3580.0 -7.0 0 4155 

■ FT-SE MID 250 IND EX FUTURES (OMLX) £10 par hi! index point 

DOC - 3585.0 .... a 

M apart merest Rpm era tor previous day. t Exam volume shewn. 

■ FT-SE 100 INDEX OPTION (UFFE) (*3120) glO per fufl Index point 

2960 3000 3030 3100 3150 3200 3250 3300 

CPOPCPCPCPCPCPCP 

Dac IKft 12*i 162 20> 2 112 33 7ria 50 50)2 74 31 107*a 17) a 144^ 9*2 I87«a 

Jan 223 35*2ia>248>2 1* 62 l^aSI^ 83 102 64 131 163 32*1 281 

Feb 237 42 30ViS5h 185 70 136 flPzKUfe l»2 » 141 0&2 17fi 2 « 2 07*2 

Mar 245)2 50)2 20812 69 177^ 87 1« 108121b 120 Mfe 159 70^ 189>2 G2<2 2»l z 

Junt 252 94 ' 183 134 145 185 102 244 

Gan afiu rut 1*10 

■ EURO STYLE FT-SE 100 INOEX OPTION UFFE) g|Q per ful Index point 


2976 30% SOTS 3125 317S 

Dec 109 17 120)i 27 94^2 41lj M 61 40 B7 

Jan 194)2 35 19B>2 48 128)2 68 9B>2 67>2 74^ 113 

ftb . 181*2 60)2 122*2 IDO • 

Mar 181 7*h WJa 11* 

Jurf 238 101 180*2 148 

Can esa Put] *467 • Uodenytig index ndua. m band «n Wtianem prion. 

t fMel enptor marata. 

■ EURO STYLE FT-SE WD 350 INDEX OPTION (OMIX) CIO per 1u8 Index point 


3226 3275 3325 

23 tttfi 12 158*2 a 

55 143 30*2 177 27*2 214*2 

78 153)2 48 220»j 

06 184*2 52*2 220*2 

132 188 92*i 245 


3400 


3450 


3S00 3650 3600 3860 3700 

Dee 87*2 4fl*a 61*2 73 41*2 10Z *2 

Orta 0 Pus 0 Moment prices and memos era Wan * tiJOpm. 


3750 


gained 4 at 237p, with turnover 
reaching 12m. the heaviest 
among leading issues. 

Allied downgrade 

Spirits group Allied Domecq 
tumbled 13 to 583p as dealers 
said Cazenove, the company's 
broker, had downgraded profits 
expectations just ahead of 
Allied's interim results. 

There was no confirmation 
from Cazenove, but the specu- 
lation led to strong activity in 
the shares and turnover rose to 
5.1m, making it the stock's 
busiest session for nearly 6 
months. Allied reports interim 
figures on Thursday. The mar- 
ket range is £310m to £340m. 


10,236 on Friday - and more 
than 1,000 of these stemmed 
from spread trading as 
investors rolled over Into the 
March contract. 

At the 4.10pm official close, 
the FT-SE 100 December 
contract was at 3.130, down 
10 points. The premium to 
cash equities was around 10 
points, three points more than 
fair value. 

Traders said the market 
looked to have gone on hold 
ahead of the long Thanksgiving 
weekend in the US and with 
the UK Budget - due on 
November 29 - rapidly 
approaching. 

The local, or independent, 
traders had the session largely 
to themselves and deal sizes 
shrank dramatically. The 
premium on the December 
contract narrowed to a couple 
of points on occasions, but 
there were few real attempts to 
lead the cash market lower. 

Stock option volume was 
also slack, slipping to 21 ,653 
lots, against 35,055 on Friday. 
FT-SE and Euro FT-SE trading 
accounted for less than 10.000 
contracts dealt. 

Hanson was the busiest 
stock option, with 1,492 lots, 
followed by BT and Lonrho. 


FT - SE Actuaries Share. Indices 


The UK Series ] 


Day’s 

Nov 21 chfl»% Nov 16 Nov 17 Nov IP 


ago 


ctv. Earn. 
ytakM y*a«% 


PTE 

ratio 


Xd adj. Total 
yld Return 


FT-SE 100 
FT-SE MM 250 
FT-SE MM 260 ex Im Trusts 
FT-SE-A 330 
FT-SE SmaRCap 
FT-SE SmaiCop ax hw Trusts 
FT-SE-A ALL-SHARE 


3121.0 -03 3131.0 3127.5 3140 5 3070J» 4.11 7.03 

3589.5 -03. 3576.6 3S78J 3582.8 34304 300 5.70 

3570.5 -0 2. 35763 3677.0 3583a 3435.4 3.66 624 

15665 -03 1670.0 1588.7 15767 1532.7 3.97 674 

178810 -07 17BO.10 1709.38 178607 174503 631 4.09 

1754.83 -61 175671 1755*5 175394 1724.88 3.52 5.55 

155001 -03 156422 1563.02 156020 1517.41 692 682 


1678 11623 110630 
20.92 12232 1337.00 
19.47 127.35 1335.75 
17.58 5725 1217.48 
25.33 52.08 
23.06 53.95 
17.97 55.61 


1383.57 

1371.90 

122600 


■ FT-SE Actuaries All-Share 


Days 

Nov 21 chQo* Nov 18 Nov 17 Nov 16 


Year 

99° 


Dtv. Earn 
y*eM% yteldtt 


P/E 

ratio 


Xd ad), 
yld _ 


Total 

Return 


10 MINERAL EXTBACIWNtia) 
12 Extractive IndusiiesW 

15 OH, intagratadW 

16 at Exploration 5 Ftodfll) 


2708.10 -at 2711.70 270920 272000 239100 
387062 -03 388689 3839.70 3885.47 3135.50 

207672 -0.1 2070.70 2680.56 288620 235640 
1878.33 1B765B 1873.10 187679 1B8Q.30 


3-4fl 

5.05 

25.03 39.83 

109331 

332 

530 

2333 

86.02 

1068.07 

3.64 

5.62 

22.18 

96.44 

1104.14 

231 

t. 


38.03 

1087.1 1 


20 004 MANUFACTllRfcR 8 t 2 fl 7 ) 

21 Bufcflng & C«wtructfaiip3) 

22 BuUdfng Matte & MerctB(32J 

23 ChwdalsCS) 

2* Dhrarafled IndustrtateflB) 

25 Bee Ironic & Sect EqulpP41 

26 Englnmrtngffl) 

27 Engineering. VohhdesQ?)^ 

28 fWfflng, Paper & Pc*g(2e) 

29 Textiles 6 AoparelpO) 

30 CONSUMER QOODS{97) 

31 Brewanfee/TT? 

32 Sptfta. Wines & CMera(10) 

33 pood MartAcMorapa) 

34 Household Doodad 3) 

38 Heeith Cere(21) 

37 Pftarniaeeuiicntap2j 

aa Tobaocod). 


1897.49 

1041.03 

1680.08 

230678 

180664 

1B9&07 

183654 

2352.79 

2870.44 

157520 


-0.1 1899-27 1894.49 1907.46 1879.90 

4.07 

5.18 

2336 

70.99 

97236 

. . 1041.26 1040.87 1057.80 11 HUM 

331 

5.39 

24.44 

30.57 

820.72 

_ 187083 1872.88 1092.69 187730 

3.96 

5,19 

23.37 

7a 5 7 

89237 

-0.7 231932 2312.08 2331-93 207930 ■ 

4.08 

4.57 

2731 

89.87 

102638 

+03 1802.02 179339 182036 1863.80 

538 

5.10 

23.57 

82.92 

92838 

-03 1903.00 1891.66 1898.44 2032-50 

3.08 

861 

18.04 

51.88 

930.45 

...... 183239 1838.58 1832.51 1072.80 

338 

538 

21-80 

5739 

1054.53 

-03 237239 237B37 2388.83 1971.90 

4.25 

1.4B 

80.001 

9234 

1150.79 

2870.44 2857.45 2852.38 2437.40 

3.07 

5.40 

21.57 

8135 

1133.84 

419 1572.06 1S77.46 1S73.43 185930 

438 

833 

17.95 

8333 

900.08 


2781.00 -0.1 270604 2777.01 2799.13 2720.40 

2221.01 -63 222669 2214.99 222658 201690 

2804.77 -1 JO 283614 284607 2877.75 2040.10 

2311.42 -0* 232382 2307.00 2309.30 2265.50 

237654 -02 2375X5 2364.71 2357.81 2022.70 

1590.80 +02 1007.21 158697 1593.84 1071.50 

3114.35 +67 3091X0 308690 311687 3015.60 

3887X7 -65 388634 388617 391651 4141X0. 


433 

7.23 

15.95 11239 

96335 

438 

7.82 

1Sl44 81.47 

995 12 

3.98 

039 

18.70 10230 

94438 

434 

7.59 

1532 94.55 

97938 

3.86 

7.65 

15.75 89.08 

858.48 

3.1 B 

3.40 

41.35 48.70 

927.67 

433 

6.91 

1373 133.07 

999.05 

531 

839 

12.08 217.07 

882.18 


40 SERVlceS(219) 

41 DtetrftnjioraOO) 

42 Latere* & HotoKCZE) 

43 Medl8p9) 

44 ReiaBers. Fooddffl 

45 Retailers. Ganerwts) 

48 Support Sarvteeef41| 

49 Trafteportf*® 

51 OOwr ^wvlcas 5 Bus>ne33(U_ 

so urtrnespfl 
62 Beciricityfih 
M eas Dtetributtonp) 


+61 1934.70 1936X0 JS30.44 1070.60 
-63 2569.47 255688 2561.49 2087.00 
+65 2092J22 208852 208824 190670 
+62 2884X3 2891.47 2902.10 255620 
-0.4 170454 1780 44 1787.41 1572.70 
+05 162633 1834.30 1538.09 170120 
+62 162616 152641 152663 1588.70 
-63 229617 2274.19 2291.01 2308X0 
138698 126676 1207.87 119600 


332 

6.48 

1564 

5580 

95520 

3.70 

7.16 

1551 

69.19 

893.68 

3.30 

4.70 

25.06 

5739 

1039.61 

2.41 

5.19 

22.47 

70.14 

1005.99 

3.67 

9.01 

13.72 

5544 

106539 

338 

639 

1733 

52.76 

879.12 

2.78 

6.46 

1838 

38.43 

932 68 

3.72 

ai7 

IB. TO 

87.01 

901.18 

430 

3.08 

49.10 

2563 

1092.23 


-05 2439.10 2449X4 2454X4 2443.10 
-66 2571.70 2602.69 2577.14 2109X0 
-62 1993.13 200693 201656 2114.60 
-67 202655 2034.76 204679 2256X0 
+61 105657 1072X4 1002JM 1057,70 


438 

7.79 

1533 91.17 

942.10 

588 

8.67 

1238 105.79 

1073.14 

502 

t 

t 11932 

934.65 

4.19 

7.77 

1535 5032 

869.67 

533 

13.13 

529 6031 

036-24 


73 insurance*!?) 

74 Ufs AsauranoeW 

75 Merchant 
77 Other BnandaK24) 

raQHGSa ; 


-n.1 1H74.74 167679 1681.73 182632 351 640 1677 59.74 11 B673 

-1 X 2234X9 222642 2240X3 224670 
-IX 298053 2974.40 2997.94 2021.10 
-67 125631 124662 124669 1309X0 
-66 240660 2391 .09 2399.91 2572.00 
-60 287694 2069X7 2337.00 3015.50 
-OX 1891X3 1997.77 1902X1 1697.40 
-69 1430.73 1432.19 1434. FI 1685. Ml 


^.H7 -02 276602 2770.46 2772X4 265610 


-63 1554X2 1553X2 1560X0 1517.41 


4.38 

BJ85 

1510 

9584 

880.76 

4.10 

9.65 

11.87 11539 

884.77 

5.46 

9.80 

11.63 

51.95 

86512 

535 

7.80 

1533 12732 

924.97 

3.64 

1034 

1133 

97.76 

86516 

339 

8.37 

1439 

87.63 

1012.68 

431 

437 

27.41 

4537 

814.41 

233 

134 

51.99 

5544 

93135 

332 

552 

1737 

5531 

1226.00 


emetic 

a M 

1030 

1130 

1230 

1330 

1430 

1530 

1510 

HghUoy Lmr/day 

OP«* 

31251 

35750 

15673 

^ a-*"* 

31339 

35731 

15859 

31213 

35755 

15657 

3123.4 

35723 

15857 

31243 

3672.6 

1587.1 

31223 

35750 

15653 

3122.6 

3571.8 

1586.4 

31283 

35723 

15856 

31203 

35693 

15653 

31254 

3573.4 

15857 

31157 

35855 

15833 


14X0 1600 1618 Ooma PraMorat Change 


FT-SE 100 
FT-SE NW 250 

FT-SEA350 ' ^ aiS-n. FT-SE 1«J r93+ SSaOS IV? 1 Uvr 2S7&3 (34^ 

- ^ hi /** iD« pm Dnif " “■ 

^ c,FTSe ^ aso Industry baskets 

pt-SE Actuaries jw ^ 11JX » 12x0 i6» 

mob 5 soma 

end '22^. th* WU OonTWW- T 



Sentiment was hit further by 
news that Morgan Stanley had 
placed the stock on its “sell'' 
list from a previous “hold" 
recommendation and weighed 
in with a sharp profits down- 
grade. The broker scaled back 
its profits forecast for the year 
1994-95 by £2 6m to £646m and 
that of the following year by 
£36m to £778m. Analyst Mr 
Charles Winston cited destock- 
ing in the Mexican market, dif- 
ficult trading at Carlsberg-Te- 
tley, the brewing joint venture, 
and a revised interest charge. 

Nervousness ahead of this 
week's figures led to the initial 
retreat in the stock last week 
when Smith New Court down- 
graded current year earnings 


TRADING VOLUME 


■ Major Stocks Yesterday 

Va. Ctastog Day's 
000 b Wen d— 

at es 332 

ASOAGraupt 1.400 051, 

AKay Norton*) l, BOO 412 -71g 

Albert FWwr 327 4J .1 

ANed OoiMcqt 6.100 583 -13*] 

Anglia, Wut» 128 503 -2 

Aioo« 14fl 

AiWtOnupl 6200 


1^00 


Anowtaomit 

ASSOC, an Foods! 

Assoc. Brt Potts 
BAAf 
BAT bids, t 
BET 
BICC 

“ft 

BPf 

BPB torts. 

Bit 3.000 

BTRf MOO 

BarttoTSCOrtBnrft 801 

Berttevst 3.600 

Basst 573 

Btus Ctolst 3.100 

Bookar SOB 

Bootat 532 

Bowojsrf 90S 

BnL Aoraapocef 2.400 

BrttBh Alrwoy«t 1.700 

BrtttshaaSt 2.600 

Briltsh Land t^XX) 

BiflWl fitsdf 4X00 

Bund 1.100 

Bumah Castrarf 209 

Burton 1500 

Cobte&Wtrat MOO 

Cwftury SdrorttxwBT 3X00 


351 

see 

Ml 
571 
442 282 

1X00 506 

JXOO 481 
3.600 108 

178 350 

475 711 

4200 422 
50 310 


GffltKfcrtt 
Carton Comma, t 
Casts Vlyerta 
Coran Unkmt 
Cookson 
CoislairtdS t 
□olgaiv . 

Os Ui RoeT 
Dam 

Eastern BacLf 
East Mkttwd Beet. 


47B 
1,100 
941 
080 
175 
403 
17 
500 
1X00 lB8»i 


388 

300 

215 

500 

533 

an 

413 

514 

483 

442 

985 

300 

383 

16S 

187 

847 

72 

387 

445 
285 
888 
203 
525 
245 

446 
424 

1013 


Enttrprim ODf 
Eurotunnel Units 
FN 

Rsor» 

Forotoe 6 CM LT. 
Fortif 

Gmv Acddsmt 
•nrt BeoLf 


8B8 

144 

885 

338 

04 

585 

770 

3.700 

320 


8M 
777 
472 
364 
378 
258 
154 
120 
138 
370 232'a 

1X00 504 



Qulnnswt 
K38C (75p s tmt 
Hojnmtraoa 

Hsrewrtt 

Hsnwns CrosBew 

Haw 

Hldadown 

M 

ert 

tochcapet 
Jchnsan Msnftoy 
WnQflBtisrt 
KwrttSava 
Lodhrahst 
Land 5«a«tt»est 

Upcrftf 

Legal 8 Oatwrart 
Lloyds ABbey 
Lloyds BsnKT 
LASMO 
London Baa 
Lonrtw 
Locoa 
MEPCt 
MR 

htonwetj 

Mst+s 4 5ponce<T 

Mktanda&w. 
Mown IWm) 
MFC 

MMW8S1 Bar+t 
NaUonal Poaart 
Next 

North West Wsiert 
Mormon, Boa. 

Nottftsrti Foodst 

Norneb 

Pooraont 

PiOt 

reMnaion . 

PowHOent 

BudantMf 

RMCt 

m?t 

Honk Orat 

RacUu 5 Cotount 
Itoamrtt^ 

Hard mat 
FVsnfoMt 
RnJdlBt 
Borta Roycat 
ftyl BkScortandt 
Ftoyet Uuirancet 


674 

1700 

220 

3X00 

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1.100 

1209 

221 

2X00 

1.200 

340 

12X00 

B53 

473 

B44 

1X00 

BI3 

370 

92 

T.9CC 

1X00 


286 
820 
340 
520 
405 
587 
194 
wi 
484 
755 
3*0 
237 
182 
281 
174 
338 
783 
445 
574 
489 

851 

2X00 165*1 
975 508 

197 718 

41 430 

190 337 

1X00 689 

904 149 

532 713 

12X00 152*2 

2900 20S 

1X00 401 

787 IM 
15 814 

3X00 414*2 
K 774 


J/tOO 

412 

4,000 

1.800 

192 

293 

272 

194 

217 

359 

1X00 

1.100 

1X00 

2X00 

252 

1.700 

557 

1.100 

«9 

903 

465 

229 

2.100 

2X00 

1X00 

1,100 


142 

174 

523 

SOB 

254 

553 

812 

212 

800 

811 

035 

IBS 

957 

323 

1003 

055 

231 

417 

575 

485 

7«J 

237 

483 

105 

452 

282 


3X00 417*2 
1415 


1.400 

1X00 

004 

103 

887 

100 

2X00 

1.300 

64 

335 


513 

301 

385 

107 

160 

422 

589 

711 

571 

225 

472 


375 147l 2 

1.00 0 428 

300 
1X00 457 

344 an 
33 812 

57 503 

11 788 

227 588 

2X00 206 

000 210 
507 333 

597 223 

120 375 

1.300 227 

999 128 

1X00 447 

477 127 

1.500 249*2 
045 +94 

307 997 

2X00 227*2 
83 


-3 

42 

+1 

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H 

-h 

-3 

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-5 

-» 

-18 

-3 

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42 

44 


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42 

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45*2 

♦1*4 


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>3 

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♦ 1*2 


- 0*2 
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— *2 
-1 
-9 
-2 
-12 


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42 

-3*2 

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Scotrtati & Nsn.t 
Soot. HydnHBea. 

Socman PoMrf 
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Saaboairt 
Sayan, Tiar*t 
Shed Tnmaporrt 
Stobat 
Stoucfi EsS 
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StrtO BeectBun LH»-t 1X00 
Smith* tods. 

Sou them QecLt 

Saudi Wales Elect. 

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Toscat 

Thames Whtarf 
Thom EMt 
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Vathahaa Bart. 

VivMNra Wbm 

reiwcat 

Bkm on Vaang votumc to, a saloetKn fA mapr 

aacurtM daJt irro'jgh n» SEAQ sys»m 

wasntey unit • 3upm Trados cA <*» m«l»n or 
mote am rsnlM down, f Vdcaw 40 FT-SE 

ICO Kiel cOtBUUM 


42 


-5 


43*2 


-*2 


■3 

43*1 


1.000 

33o 

414 

400 

4X00 

318 

2.100 

178 

130 

171 

245 

I ,0U 

195 

150 

Ml 

1.000 

1.400 


354 -3 

ina -io*2 

328 -I 


519 

306 

681 

875 

668 

315 

5S1 

357 

162 

1J3 

781 

733 

549 

057 


-1*2 
s 
♦ 12 


per share and moved the stock 
from a “buy’* to a "hold" 
stance last Thursday. 

Drugs fizz 

Leading pharmaceuticals 
groups Glaxo and Wellcome 
were the star performers in 
London following encouraging 
reports from a conference on 
Aids. 

Wellcome opened weaker as 
Glaxo decided to backtrack 
from licensing its Aids product 
3TC to the company and con- 
tinue to develop it ln-house. 
However, some brokers argued, 
that the benefits coming out of 
the conference outweighed the 
disadvantages. Lehman 
Brothers said sales of both 
products would be boosted and 
every additional SlflOm of Ret- 
rovir sales would add 2p a 
share to Wellcome's gamin gs . 

It will be some time before 
trials on the Retro vir/3TC 
cocktail are translated into 
Increased profits. But the news 
gave a lift to sentiment and, 
with the help of a firmer dol- 
lar, Glaxo advanced 13% to 
626p while Wellcome improved 
12 to 675p. 

VSEL gained 30 at 1518p fol- 
lowing widespread weekend 
press comment on the possibil- 
ity of an early reply in the bid 
battle for the submarine maker 
from electronics giant CSC. 

British Aerospace eased 4 to 
446p, which shaded the value 
of its all-share offer for VSEL 
to under 1459p. According to 
analysts yesterday, GEC could 
shortly step up its I400p a 
share cash bid to 1550p. GEC 
dipped iVt to 286p. The situa- 


NEW HIGHS AND 
LOWS FOR 1994 

NEW HK3HS (28). 

CULTS (1| Trau. Bpc 2000. BUILDUM A 
CUSTOM (1] Andrews SyLos. BUO MAILS 5 
MCMTS H) HbwoBwi. WSTOtERJTORS P) 
MKMsmx. TWasb ELECTHNC & ELECT COUP 
(1) Uagnan Pnwtt, CNdNEE»MO 0 Fiwi 
(QML HadWgh Incls- Uncai. Ronqld, VSO. 
Consortium, ENO, VEHICLES (1] Honda Motor, 
BCVeSTMBCT TRUSTS M Brazilian kw.. 4F Aata 
S«tecL QUIUulSA. SeMrs Zw> Dv ftL. 
LEISURE A HOTBX (2) Nantam Lm. Db 967 
01. VO. MEDIA (1> Sounnttn. CM. 
EXPLORATION A PROD (1) Jnfl PMrofeun\ 
OTHBt SERV8 A BU8NS 65 F4efcn. Crewway. 
PffT MQ, PA PER 8 PACKS (0 Swpl, 

PROPERTY (2) Durtoa House. Freeport Letoure. 
RETAILERS, GENERAL (If Obrtr. TRANSPORT 
(1) Apcrted OaMiurtan. WATBt RJ South Smfls 
Water. 

MEW LOWS (71). 

BANKS 10 Own™ Bonn. BREWERIES (I) 
Young Brew A. BUILDING ft CMSTRN W 
Bamar Homos, Boot M. CounUyairte Flaps. 
Wfenpsy (Q(. BLOd MATL8 8 MCKTS (f| Mayor 
WX. Pl t lWHUTOM HI to w, Cart 
Mater Aucacns. Hsarttni. Hsnaga. 

DiVBISnED INOLS (U Sovatay Ms.. 
ELECTHNC 8 ttECT EQUP « FOMted. Ort*. 
ENGMEERWO « ANi 8 Lacy. Coepv (FI 
Prospect torts., BM, VEHICLES (1) Inglwn. 
EXTTMC77VC INDS (If A4fnon», FOOO KANUF 
(I) Pascoo-S. HEALTH CARE R) Aimaftam tofL. 
Eyecare Products. INSURANCE (1) Domnaac & 
Gens*. INVESTMENT TRUSTS (10) MEDIA (3| 
Btetxiur tortttc, CMma Compwnnrionsb hKfand 
M. News. OIL BIPUHIATXM 4 PROO (S 
OTHER RWNCIAL (4) Mn Dolphin. Hemoro. 
Jotnaon Fly, Stwntnk. PHARMACEUTICALS (t| 
Ransom (WnvJ lOp, PRTMX PAPER a PACKS 
68 Benatae. Cropper H. PROPE R TY P) MEPC. 
Tope Eatalae, RETA6ER6 FOOD 69 Apptoby 

Westward. Uy Farm ML RETAILERS. 

GENERAL (a Esssx FumM e. SUPPORT 

SERVS (0 CRT Omip. Mbys. Paraia. Warner 
Hand, TELECOMMUNICATIONS (f) Nippon T 
a T. TEXTILES A APPAREL (4) Bard (Wm). 

PCX. Rnrldand. Stlnwne, TRANSPORT (t) Sea 

CanUkm 6 AMBUCAN8 H CANADIANS 69 - 

tion provoked very little turn- 
over BAe was the most active 
of the protagonists yesterday 
with just 2.4m shares dealt 
Rolls-Royce firmed 2 to 185p 
as the market embraced the 
strategic strength of the com- 
pany's $S25m agreed purchase 
of Allison Engine, of the US. 


The deal gives R-R a signifi- 
cant stake in US aeroengine 
manufacture and, with Allison 
clawing back to a modest oper- 
ating profit in the 1994 third 
quarter, London analysts 
wanned to its timing. 

What Sir Ralph Robins, R-R’s 
chairman, had to say about a 
possible share placing or rights 
issue next spring took some of 
the gloss off the occasion. But 
both NatWest Securities and 
Credit Lyonnais Laing see the 
deal as earnings enhancing, 
and expect Rolls* preferred fin- 
ancing route take shape 
through a one-for-six rights at 
165p a share. 

Shell Transport traded up 4 
at 71 lp as the market 
responded to a company pre- 
sentation at the City's Chiswell 
Street Brewery. Ms Irene 
Himona of SGST said the com- 
pany gave a positive and reas- 
suring performance and 
focused on hefty cost cutting. 

Regional electricity group 
East Midlands attracted atten- 
tion as traders started dealing 
in the company's new shares 
after the well signposted share 
consolidation took effect. The 
shares closed at 777p. 

There was good buying in 
three of the smaller water com- 
panies which report interim 
figures this week. Yorkshire 
put on 10 to 549p, Welsh 5 to 
668p and South West 2 to 503p. 
Dealers are looking to see if 
the three will follow Northum- 
brian, 723p xd, which reported 
a 16 per cent dividend increase. 
One market watcher said: “The 
three are likely to announce 
favourable payments. They are 
aware that the government's 


golden share expires at the end 
of this year and they may be 
vulnerable to takeovers.” 

Mobile communications 
group Vodafone remained 
weak ahead of today's inter- 
ims, dipping I 1 /* to 206p in 
turnover of 3.3m for a decline 
over the past five trading days 
of almost 6 per cent Whispers 
about possible customer fraud 
provisions also bit the shares. 

The half-time results are 
expected to be held in check by 
heavy overseas start-up costs 
which for the foil year could 
get close to £60m, according to 
Hoare Govett. The brokers see 
interim profits of £180m. 

High street banks suffered 
profit taking with Barclays 
sliding L3 to 590p, Lloyds 9 to 
586p and National Westminster 
Sft to 523p. 

Abbey National fell 7% to 
412p ahead of a quarterly trad- 
ing update today. 

British Land fell 12 to 383p, 
after a surprise announcement 
that the company is to buy the 
SL5 per cent of Quantum Prop- 
erty fund It does not control 
from financier Mr George 
Soros. 

Dealers were particularly 
concerned by the sharp 
increase in the company's 
gearing following the deal, 
given the current rates of 
interest 

Well-received figures from 
publisher Emap saw the shares 
Improve 5 to 405p. 

MARKET REPORTERS: 
Peter John, Joel Klbazo, 
Jeffrey Brown. 

■ Other statistics. Page 28 


LONDON EQUITIES 


KiEFE EQUITY OPTIONS* 


RISES AND PALLS YESTERDAY 





Cate 



Ms 

. 

Option 


Jon 

*9* 

Jul 

Jan 

Apr 

Jtd 

/Ad DBM 

550 

36 

48M 

58% 

7 

14 

24 

(*S83J 

GOO 

10 

22 

30 

31% 

38 

50 

Aigjfl 

760 

16 

2314 

29 

7 

13% 

18% 

(-268 1 

280 

614 

14 

19% 

1B% 

24% 

30% 

ASOA 

60 

a 

9M 

11 

1% 

3 

4 

1*66 > 

78 

214 

4M 

5% 

6% 

8 

0 

Bit AlfAoya 

360 

20 

4014 

47% 

7% 

13% 

21 

(-383 ) 

380 

1114 

2414 

32 

21% 

27% 

36 

SridhteA 

420 

21 

3214 

40 

13 

22 

27% 

r«s ) 

460 

BM 

ISM 

23 

38 

44% 

50 

Boots 

500 

2714 

14M 

4fl 

10 

15% 

23 

rsi3i 

550 

814 

17 

25 

41 

43 

49% 

BP 

420 

IBM 

Z7M ; 

35% 

11% 

20 

24% 

r«3 ) 

4G0 

4 

1114 

19% 

38 

44 

47% 

Brtttel Stort 

140 

1714 

2214 

2S 

1% 

4 

6% 

ns5j 

160 

5 

11W 

14 

9% 

12% 

15 

Baa 

500 

36 

4214 

61 

10 

18% 

23 

CS32 ) 

560 

8M 

iom: 

27% 

38% 

43% 

50% 

CrtMANte 

380 

28 

34 

41 

14 

23 

27% 

C3S6 ) 

420 

814 

21 

28 

32 

3B% 

44 

OM—lMi 

420 

3114 

4314 ! 

S0 14 

8 

13 

n 

(M45) 

460 

10*4 

23: 

30% 

28 

3254 

41% 

Cowm Union 

493 

44 

St 

» 

5 

16% 

- 

rS27) 

543 

14M 

23 

- 

26 

43 

- 

a 

750 

54 

BOH 

77% 

8 

25 

33 

r7B7 1 

BOO : 

24M 

37W 

51 

28% 

49% 

57% 

Kkignshef 

460 

2B*4 

3814 

42 

12 

19% 

30 

r«a J 

500 

9 

21 2514 

15*4 

42 1 

52% 

Land Sear 

550 

014 

6714 1 

84% 

3 

7% 

15 

(■597 / 

GOO 

im 

27 : 

M* 

19% 

27% 

38 

Marks & S 

390 

32 

*214 ■ 

*7% 

3% 

8 

13% 

1*415 | 

420 

12 

2414! 

29% 

14% 

18% 

28 

NMWW 

500 

36 

48141 

58% 

BN 

24 

30 

(*K2 1 

550 

11 : 

2214 33*4 

33% 

52 ! 

57% 

Sahstwy 

390 

35 

47 

S3 

5 

11 

17 

r4i7 1 

420 

I5H 

29 3514 

15 : 

23%: 

30% 

Snel Tree. 

TOO : 

Z8*4 

39 

47 

12 

27 : 

30% 

nto) 

750 

714 

10 

24 

42 1 

57% 

60 

Suehousa 

200 ; 

2114 

2514 

29 

2% 

4% 

6 

P219 j 

220 

a 

1314 1714 

10 ' 

12% 

16% 

Trafalgar 

BO 

8 

0 

11% 

3% 

S% 

7 

(*83) 

90 

2 

4» 

7 

9% 

11 

12% 

IMW 

1100' 

45WI 

66% 7914 

17% 

36 i 

17% 

(*11191 

H50 : 

2014 

41 

55 

43 

63 ; 

73% 

Zeneca 

850 

37 

62 

64 

21 

40%' 

18% 

raw ) 

900 

15 : 

ZBVi 

42 

50 

70 77% 

Option 


N0« 

Fob | 

Kay 

Not 

Feb 1 


Grand Uei 

390 

15 : 

25% 33*4 

1 

14% 

19 

1*404 ) 

420 

l 

10% 19% 

16%: 

11% 35% 

ladProke 

160 

714 

14% 

19 

1 

8 ■ 

MK 

(*165 ) 

*B0 

*4 

8 ' 

10% 

t4% 

17% : 

23% 

UW Btecuc 

300 : 

2714 

35 40% 

- 

3% 

10 

1*327 ) 

330 

IM 

IB 22% 

4% 

13% 

24 

Option 


Dec 

Mar 

Jrai 

Dee 

Mar 

Jun 

Neons 

*20 

11 

16% 

20 

4 

8 

10 

H28 1 

130 

8 

12 15% 

8% 

13% 

15 

Option 


NOV 

Foil Kay 

Nov 

Feb l 

May 


Bit Aura 

43) 

21% 

41% 

S3 

% 

18 

28 

(*440 ) 

460 

1 

20%: 

34% 

20 

36 

49 

BAT torts 

43) 

39 

49% 

57 

_ 

5% 

IS 

(*459 J 

460 

2% 

23 

32 

4 

10% 

12% 

BTR 

300 

a 

1B%: 

21% 

2 

11% 

19 

C300 ) 

330 

- 

a 

to ; 

39% 

31% 

39 

BA Telecom 

360 

28 

21%: 

38% 

- 

5% 

9 

r368 » 

390 

2% 

12% 

21 

4 

18 

22 

CaNWy Sdi 

420 

» 

36% 

42 

% 

B% 

14 

(*445 j 

460 

% 

14% 

21 

17 

24%: 

34% 

EastenBec 

800 

11 

44 

62 

5 

42% 

64 

raoa » 

aso 

_ 

24 

41 

44 

71% 1 

81% 

Gtemwse 

460 

S% 

23 30% 

1% 

12 

23 

T463 ) 

500 

- 

7 

14 36% 

38 

46 

GEC 

Sjflfl 

8 

is% : 

21% 

1 

9 

11% 

rtB8 > 

300 

% 

7 : 

12% 

14 

20% 

23 


Option 


Cabs Pub 

Nov Hi Hay Nor Feb Hay 

Hanon 

220 

18 18 22% 

- 4 8 

1*238 ) 

240 

1 8 12 

4% 13 17% 

Laemo 

134 

15 - - 

%■ - - 

n« J 

154 

1 - - 

8 - - 

Incan bub 

200 

8% 18 20% 

1 7% 12% 

(*206 ) 

220 

- 711% 

14 18% 23 

PS 0 

800 33% 32% 63 

- (0% 26% 

r«33) 

650 

1 23% 36% 

17 11% 52 

PUUngun 

180 

5% 11 16 

1 6% 8% 

n»> 

200 

- 3% 7% 

15 19 20% 

Prudential 

300 

21 29 32 

% 6 12% 

ran ) 

330 

% 12% IB 11% 19 28% 

mz 

850 

9 42 54 

4 28% 44 

(*855 1 

900 

- 19% 31% 

45 55% 73% 

netaand 

460 

25 41% 48% 

- 10 23% 

(■484 ) 

500 

1 19% 28% 15% 27% 45% 

Royal trace 

280 

12 28 31 

- 11 16% 

1*291 ) 

300 

1 15% 21% 

9 20% 26% 

Tesoo 

240 

B% 18% 25 

% 5% 12% 

1*249 1 

250 

- 8% 14% 

11 16 23 

VtxMona 

200 

7 14 20 

1 8% 12 

(■205 ) 

217 

% 7 - 

11% 18% - 

Wmarns 

3S4 

4% - - 

1% - - 

1*356 ) 

384 

- - : 

77% - 

Option 


Jan Apr JN 

Jan Apr Jtd 

BAA 

500 

19 32 38 10% 16% 22% 

raw i 

525 

8% 19% - 

25 30 - 

Thames Wr 

460 

43 54% 03 

4 9% 17% 

r«&» 

500 17% 30% 39% 17% 25 36% 

Option 



Annoy K* 

380 

2738% 41 

4% 13% 20 

(Mil ] 

420 

7% 18% 25% 14% 29 35% 

Amstrad 

30 

3 4 5% 

1 2% 3 

(■32 ) 

35 

12 3% 

3% 5% 5% 

Ba/days 

550 49% 60 66% 

2% 14 21 

rs® ) 

600 

13 30 39 

IS 38% 44 

Blue Circle 

300 

17 26 33 

5 12 18% 

1*310 ) 

330 

3% 12 19 

22 28 35% 

British Gee 

300 

8 17% 23% 

7 tl% 20 

1*300 ) 

330 

% 8 10% 

30 31% 39% 

Dtnra 

180 11% 17 23 

4% e 14 

(*186 ) 

200 

3 6« T4 

(6 23 25% 

Htedumt 

160 16% 18 22% 

T 4 7 

(*173) 

180 

3% 811% 

8% 12% 18 

Lonrho 

160 

8 13% 18% 

6 11% 14 

(*102 ) 

ISO 

1% B 1% 

19 24% 28 

(ton Power 

500 15% 33 45 

12 22 32% 

1*508) 

S50 

1% 13% 24 

47 52% 61% 

Scot Power 

360 

IB 26 38% 

9% 20% 28% 

(*364 ) 

390 

5 13% 23% 28% 38 44 

Seen 

100 

8% 11W 13% 

t 3 5 

1*107 1 

110 

2% 6 8 

S 7% 10 

Forte 

220 15% 23 28 

2% 6 11% 

(*222 ) 

240 

4 11% 15% 11% 15% 21% 

Tarmac 

120 10% 18% IB 

2 6 9 

(M3B ) 

130 

55 11 14 

6% 10% 13% 

Ttwm EM 

950 53% 89% 92% 

4% 18 26% 

(-996 ) 

1000 21% 39% 63 

20 39 47% 

TS8 

220 

12 17% 21% 

3% 10% 14 

1*227 ) 

240 

3 8 12% 14% 22 25% 

Tomkins 

220 

11 18 24 

3% 9 12% 

(*227 ) 

240 

2% 9 13 14% 20 23% 

Wefcoma 

650 41% 62% 77% 11% 26% 40% 

("STS ) 

700 

IS 38% 52% 35% 50% 65% 

Option 


Jon Apr Jd 

Jen Apr Jul 


Gbra 600 44H 57 71 U 23W 37!rt 

{■82* ) 850 JSJ* 32 47 3R4 SB B3» 

OCBffln 750 38 55 68 Z7 49 6DM 

(-755 ) 800 16W 33» 47 58W 80*4 9014 

Autos 480 35 45 54% 7*5 17U 22*4 

(-483 ) 500 1 JW 2414 34 2655 37* 

Option Bav Fab War Nos Fen May 


Hocs-flof* 

r*M ) 


180 4Vi 13V* 18 1 T* 12b 
300 - Si* 8U IS T9 24 


■ Unfertylng Bony pneu. Premuna shown ore 
bosort on SOMsmsrS prices. 

November 21 To ZA! wot iacM: 30.778 Cals; 
10X28 Pus 9X50 


ft gold Mines index- 


«eha »>• 

m dm 17 






-a 

♦i 

GaUItttra tad* pq 
■ Regional Indices 

2018.18 

-13 

JU48J4 2B9L09 2O48J90 

2.14 

2387.40 1762/02 

-i 

-s 

Africa ()Q 

3301.54 

-!J 

3344 21 3327.70 2K8L32 

4.15 

3711.87 2304.45 

no 

Australasia (7) 

2847.41 

-0J 

2551.42 2691.08 2271.17 

1.90 

3013^ 2171.66 

-i 

North America (ID 

154436 

-20 

157559 159418 177135 

197 

2038.65 1408.11 


Copynjju. Tht FtosrOai Hw UfMtad 1094. 

Ftoums to travels show nurrfcev o* cempwfes. Oasis US Oak#*- H»so Valuers 1000.00 31712^2. 
Preaecosscr QoU Mkiu inane Nov 21: 2S0X ; dsyS ehane* -SX po«k Yew ago. 247X t PsnM. 
Leuwt prices wore unsesiabls lor this eeUan. 


Wteas 


FaSa 


Same 





33 








80 

377 



130 




111 


82 

79 

331 




10 

180 







Others 

— 18 

53 

38 

Totedn 

453 

644 

1481 


Data based on dans oampankn Had an tha LorxJon Share Barries. 


E«p«y 

Satttemant 


F«biuacy23 

MarctiS 


TRADITIONAL OPTIONS 

Hrst Oooringa Novwntrer 21 

Last DaBflnga Decambor 2 

Cate: Anglo Easton, Black Arrow, Monarch Rea, Ovoca Res, Smra» UU TUtew OO, 
WBstiaw. Puts: BiR Aarospaca, Ovoca Rea, TuHow 08. Put* & Cain: WoOconw. 


LONDON RECENT ISSUES: EQUITIES 


Issue Amt 
prase paid 

P up 

Mkt 

cap 

(Emj 

1684 

High Low Stock 

Close 

price 

P 

W- 

Net 

dhi. 

Div. Gm 
co v. yrid 

WE 

net 

_ 

FJ». 

082 

6>9 

4 APTA Wmta. 

6 


_ 

_ 

- 

_ 

- 

FJ>. 

17j4 

as 

70 fibtnol Latin Am 

87 


— 

- 

— 

re 

- 

F.P. 

SO 8 

S3 

51 Do Warrants 

52 


- 

- 

- 

- 

_ 

F.P. 

115 

190 

180 ^Adtra Pmifl 

190 

+4 

02694 

8.1 

\A 

11.1 

100 

FP. 

68JB 

93 

85 *z BZW CommodMas 

88 


- 

- 

- 

- 

- 

FJ>. 

110 

47 

39 DO. Wrts 

39 


- 

- 

- 

- 

- 

F.P. 

51 J) 

104 

65 *CnAuna 

96 

-3 

- 

- 

- 

- 

260 

FJ». 

313 

287 

280 OiurciiB China 

285 


RN9.S8 

Z2 

4J 

110 

63 

FJi. 

12.1 

88 

65 Enftardx 

66 


WW.71 

S3 

1.4 

02 

- 

F.P. 

491 X 

495 

491 FWeHy Spec Unto 

491 


- 

- 

• 

- 

- 

KP. 

72.6 

176 

108 Ftitrantc Ok 

173 

+5 

FB+17S 

2,6 

OX 

582! 

100 

FP. 

11.1 

101 

100 Finsbury Sndr C 

101 


- 

_ 

- 

- 

100 

F.P. 

29 J) 

102 

101 For & Cal Emrg C 

101 


- 

- 

- 

- 

- 

F.P. 

1.91 

35 

22 Grom Dv Cap Wts 

23 


- 

- 

- 

- 

- 

F.P. 

200 

62 

56 Hflmbros Sm Aston 

66 


- 

- 

- 

- 

- 

FP. 

2.70 

30 

27 Do Warms 

27 


- 

- 

- 

- 

100 

F.P. 

303 

102 

aa Hearn Govett 1000 

101 


- 

_ 

- 


. 

F.P. 

29.7 

100 

90 INVESCO Korea C 

89 


- 

- 

- 

- 

180 

FP. 

167.5 

223 

206 toGti Permanent 

220 


UN9-0 

ZB 

55 

7.7 

2T5 

FP. 

eo2 

232 

229 J/B Sports 

231 

+1 

HN6.0 

2.4 

32 

14.1 

- 

FP. 

50.1 

483 

475 PrtjWte Inc A/L 

464 

-1 

- 

- 

- 

- 

120 

FP. 

815 

125 

120 SaaPeriect 

125 


- 

- 

- 

- 

135 

FP. 

62.7 

158 

138 Sravtsair 

156 

+1 

RN3-8 

1.3 

3.0 

26.3 

ITS 

F.P. 

224.4 

126 

117 TLG 

126 


WWL5 

2.0 

35 

18.1 

170 

FP. 

19.7 

173 

187 Tete-One Cell 

167 

-1 

RN6-44 

22 

4.1 

IIP 

" 

FP. 

601 

62 

67 Whitchurch 

60 


FIN 1.25 

3X 

26 

12-5 

RIGHTS OFFERS 








Issue 

Amount Latest 





Ctoeing +or- 

price 

pad Renui 

1804 




OrtCO 


P 

up 

dale 

high Low Stock 




P 




77 

M 

30712 

3pm 

2pm 

Apolo Metals 

2pm 

310 

Nd 

21/12 

41pm 

18pm 

Kenwood Appl 

25pm 

27 

N9 

28/11 

3*2001 

2hpm 

Martin inti 

3pm 

85 

ra 

23/12 

15pm 

10pm 

Presaac 

10pm 


FINANCIAL TIMES EQUITY INDICES 

Nov 21 Nw 18 Nov 17 Nov 16 Nov IS Yr ago 


‘High "Low 


33S9.S 

34070 

2406.7 

24118 

2403.4 

22312 

27130 

2240.8 

433 

4X2 

432 

4.28 

4.29 

4.00 

401 

3.43 

6.36 

6X3 

133 

630 

123 

4.87 

6t51 

382 

ie.ia 

18X4 

1123 

18.84 

1B.56 

26.78 

3043 

16P4 

17.80 

17.86 

17.65 

18.18 

1611 

34.84 

3080 

17.09 


Ordinary Shore 
Old. div. yield 
Earn. yld. 96 fu* 

P/E nano net 
P/E ratio nil 

Tot 1994 . OSnary Shae indeor since compHicn lagh 27116 JABflM: tea 484 20 / 0/40 
FT OreSnwy Stare todw basa dale 1 / 7 / 35 . 

Ordinary Share hourly changes 

Open aOQ 10.00 11X0 12X0 13X0 14X0 15X0 1BJ30 FBgh Low 
2404.7 3*03.0 94005 34008 2401.7 24001 24 005 2404.4 23S9X 24000 2307 S 
Nov 21 Nov 18 Nov 17 Nov IB Nov IS Vf ago 

SEAQ bargains 24,305 25,114 20218 31.156 30,783 27,069 

Equity turnover (Emit - 1280.8 14303 15807 2628.1 825.2 

Equity bargoJnet - 28£40 30374 35X43 34X03 28J90 

Shares traded (mgt - 548 & 853.8 688J 805.4 383.7 

fEuriucing totm-reartial rtustoess and twan temovar. 

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FINANCIAL TIMES TUESDAY NOVEMBER S 19^4 


CURRENCIES AND MONEY 


WORLD INTEREST RATES 


MARKETS REPORT 


Pound gets lift from Bank governor’s comments 


MONEY RATES 

Nwambar Zi .(Mr 

night 


.One T*«a 
month 


One Lonib: 


Wtf 

.rate rob - 


week ago 


Sterling rallied against the 
D-Mark in early trading yester- 
day, on the back of comments 
by Mr Eddie George, the Bank 
of England governor, writes 
PhsUp Oman. 

Although the pound weak- 
ened in the afternoon, it still 
finished in London at 
DM2.4452, up from Friday's 
close of DM2.4379- 

S peaking in Dubai, Mr 
George said that UK interest 
rates would have to be 
increased if the economy did 
not start to slow down of its 
own accord. The UK's gross 
domestic product grew at 4.2 
per cent in the year to the 
third quarter, according to fig- 
ures released on Friday. 

Mr George's comments 
revived expectations of an 
early UK Interest rate rise, 
which bad dwindled Last week 
on the back of low inflation 
data and weaker-than-expected 
retail sales statistics. Short 
sterling futures lost some of 
their recent gains, with the 
March contract falling six 


basis points to 92.95. 

The pound did not make any 
progress against the dollar, 
ending the day at SL56S1, from 
Friday’s $1.5690. But on a 
trade-weighted basis, sterling 
edged up to 79.9 from 79.7. 


■ Yesterday's modest strength 
follows the pound's continued 
weakness during November. 
Mr Mark Geddes. treasury 
economist at Midland Global 
Markets, said: "There was a big 
build-up in sterling positions in 
advance of the last Clarke/ 
George meeting but expecta- 
tions of a rate rise were disap- 
pointed." In bis view: "An 
over-exaggerated move in the 
market has been corrected." 

Mr Tony Norfield, UK Trea- 
sury economist at ABN-AMRO 
Hank , says that since the inter- 


est rate differential between 
the UK and US has disap- 
peared, sterling has dropped 
from $1.64 to $1.57. “The mar- 
ket is reluctant to believe that 
UK/US Interest rates can drop 
to parity and sterling can 
remain stable,” he added. 


Starling 


Against the D-Mark (DM par£) 
2 . 4 fl 


■ Pound In How Verfc 


MO* 21 — Usst- 

E spot 1-5665 

1 mb 1 5664 

3 mft 1.5663 

ljr 1.5631 


-Prev. ctoa- 
1.5660 

15660 

15661 
15633 


■ The US dollar edged up 
against the D-Mark but slipped 
slightly against the yen, in 
what is expected to be a quiet 
trading week ahead of the 
thanksgiving holidays. The 
only significant US economic 
statistic will be Wednesday's 
publication of durable goods 
orders for October. 

In London, the US currency 
closed at DMl.5594, against 
DM1.5539 on Friday and at 
Y 98.375, from Y98025. 

The dollar has generally 
been much stronger against 
the D-Mark than the yen in 
recent weeks. On the cross- 
rate, the D-Mark fell yesterday 
to Y63.07. from Y63.40 on Fri- 
day, Its lowest level for around 
two months. 



Sep 1994 Nov 

Source: Datastream 


meeting,” said Midland's Mr 
Geddes. "Meanwhile, whenever 
the dollar rallies, we are seeing 
heavy sales for yen by Japa- 
nese exporters," 

Mr Norfield thinks that 
“most people don't think the 
dollar is going to fail to 
DM1.50, Therefore, there is a 
bias to test the upside. Were 
the dollar to hit the DML58 
level, that would be potentially 
decisive, since it would 
threaten to break out of a 
downtrend that had been in 
effect since January." 


■ Both the Italian lira and 
Irish punt held up well in the 
face of political difficulties. 
The lira was unchanged 
against the D-Mark at £J.,0&5 
after a poor performance by 
prime minister Silvio Berlus- 
coni's party in local elections. 

And the ptmt was marginally 
higher at rci.flia a gnirret. ster- 
ling, from Friday’s I£L014, In 
the wake of Saturday's election 
of fannw finance mhrigfcw Mr 
Bertie Ahem as leader of 

Wanna Fail 


weak ago 


weak ago 


Mr 

waakaga 


weak ago 


week ago 


Man 

waakago 


41- 8* 

•4fl « 

W . 

406 : 5.16 
44 a -5.16 

- re » 
re .re 
• si re 

Si 84 

5M U*. 

504 SL2B 

re si 
re 3*_ 

« *» 
Si . . » : 
Ztt 2i 

re re- 


nt 7.40, 
(M - 740 
re'ioo 

ra'j -mo 

54 * 600 

tso pm 

7 *- 

- 7* • . 


:m- • 

4 « ■ - 

r 6.76 


■ >1 •’ ■ 




"480. \ ’*06" 
AM :*» 


RTS 

6 , 75 . . - 
. re- **36. 
- 4 * . *825 


■\l ...MB. . 

-7*0 MO. 
7*0 MO' 
'&20 - 
'sis - 

.8*0....- 

300 

: 

its •• -Sr 

1.75 r : ;mm 


• f 


• ■ ii ... 

.) .«“*:■ X*. 


'y- 


"This DM weakness is an 
unwinding of the euphoria in 
October on the re-election of 
chancellor Helmut Kohl,” said 
Mr Steve Hannah, head of 
research at IBJ international. 

“Expectations remain strong 
that the German authorities 
will move to a variable rate 
repo when they meet on Thurs- 
day and this may keep the 
D-Mark subdued ahead of the 


■ The Australian dollar 
reached its highest level since 
June 1992, climbing above 76 
cents versus the US dollar. The 
Australian currency has been 
boosted this year by commod- 
ity prices, which filmed again 
last week and yesterday it 
gained on expectations of 
another interest rate rise. Aus- 
tralia already has "one of the 
highest real yields in the 
industrialised world", accord- 
ing to IBJ’s Mr Hannah. 


■ The Bank of England gave 
the UK money markets help of 
just £52m at established rates, 
compared with a forecast 
shortage of 5 1 5 0m . Overnight 
rates moved within the range 
of 5,5 per cent to 25 per cent 


■ SUBORFTLmdaii • ' mi'' ‘..M ■ V- - , - 

tatartwnfc Bring - « ■' A ** ®| „ *V, 

week ago . . - re Bg.. 6* - «* - . " -. -y 

in Date- COa • - *48 *74 *09 *74 - 

wa*m - a-48 *82 *88 *54 - - ' - . . 

SDR Linked U* - 3K H ** A-'.-. 

waakago - • re • -M- 4- • ... 

raM an afcad r*aa tor into quetedia JhwnwtaatvfcMr 

dw na i — m ave EMm Duo, Soft of Tbten+BKdays ana MHaaMMaanaar. - 

yV- ™ “““ T- iiM— m c ryw an* am ikurw, irwr - ■ 


S • 

i - 


i are riKMB tor «• dorado Meow Hatek.U8 * COalM ®R IMarfpapopM mt 


■ OTHER CUHHUKBS 


Mw 21 E 

H UM 1724113 - 172279 

kn 274260 - 27*560 

KduD a«8l - 0403 

Mmd 372854 - 373502 

urafr 498*10 - 489220 

UAE 5J506 - 5J62* 


EURO CURRDiCV lNTERBST RATES 

Nov 21 Short.- 7 days .. One- Ihia* 

term ■ nottca ‘ fnonlh MOnflll 


Thn» ' ..’ . .Six 
iDMhi . tnontho 


100730- 109400 

muo-ircuo 

02086 -02007 
2378541 - 2B1011 
3T8U00 - 31K00 
10715 - 16735 


POUND SPOT FORWARD AGAINST THE POUND 


'■> A v » 
s : : t r-L 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


B elg ian Rane 
Dantah Krona 
D Melt 
DuUiGuMer 
Ranch Franc 
Pomiguaaa Eao. 
Spaniah Paaeta 
Stedng 
Swtoa ftanc 


4B--« 
5%-* ft 


4»-« 
5-4» 
ft- ft 


-si a- 

i‘-8% ft - 


«>2-S^ 6 Jk 
3fl-3i 3& 
ft-4Q S& 


Nov 21 

Closing 

mttt-potet 

Europv 

Austria 

(Sch) 

17.1981 

Belgium 

(Bft) 

500772 

Danmark 

IDKd 

*5584 

Finland 

(FM) 

7.4769 

Franca 

(FR1 

*3933 

Germany 

(DM) 

*4452 

Greece 

(Dr) 

37*109 

Ireland 

(iq 

1.0130 

Holy 

(L) 

2607.08 


Dmfn MM 

high low 


One month Three months 
Rate «PA Rate %PA 


One year Bank o I 
Rote <MPA Eng. Indax 


Ctcxtfng Change &d/of*ar 
rntd- point on day spread 


Day's mid 


Luxembourg 

Netherlands 

Norway 

Portugal 

Spain 

Sweden 

Swflzerfand 

UK 

Ecu 

SORT 


(LFrJ 502772 
(FO 2.7404 
(NKO 10.6837 
lEs) 249^81 
(Pta) 201026 
(SKi) 11.5453 
fSFrl 241719 

- 1.2830 

- *803044 


+0.0377 887 
+0.1414 416 
+0.0223 530 
*0.0179 657 
*0.0198 890 
+0.0073 442 
+0.345 911 
-0.0017 123 
+7.58 560 
*0.1414 416 
*0.0084 391 
*041201 879 
*021 123 
*0.627 522 
+0.0436 339 
+0.0079 708 


■ 075 17.2409 

• 128 50.4340 

- 638 98847 

■ B61 7.5050 

- 975 8.4088 

■ 462 2.4515 

. 307 377384 ! 

■ 138 1.C718S 

■ BBS 251225 i 
128 50.4240 i 

■ 416 2.7512 

994 1*7258 ■ 
433 2508403 
730 204.046 3 
567 11.5636’ 
729 2.0769 


0.3 17.1819 
0.8 50.1672 
OJ 95707 


0.4 

0.9 49.7322 1.1 
-0.5 9.5503 0.1 


0.3 8 3843 

0.6 2.4402 


0.4 *3249 0.8 
0.8 2.4085 1J 


*2 1.0124 

-2.5 2523.48 
0.8 50.1672 
*6 2.7351 

0.0 1*6954 

-*3 2SJ.191 
-1J 204.601 
-2.0 11.6068 
2.0 2.0611 


0 2 1.0143 -0.1 

-2.6 258*73 -2.S 
0.9 49.7322 l.f 
0.8 2.7036 1.3 

-0.1 108943 *0 

-7.9 

-1^1 207.486 -1.9 
-2.1 11.7513 -1.8 
2.1 2.0168 2.6 


- 837 1^357 iJt 787 1.283 0.0 1 2831 0.0 12761 0.5 


Argentina 

(Peso) 

10677 

-0.0015 

671 - 683 

10692 

1.5660 

- 

- 

- 

- 

Bred 

mu 

10082 

-00055 

042 - 082 

10094 

1.3040 

- 

- 

* 

- 

Canada 

(CS) 

*1424 

-0.0017 

413 - 435 

*1444 

*1392 

2 1414 

*6 

*1401 

0.4 

Mexico 

(New Paso) 

5.4147 

-00018 

098 - 195 

*4200 

*4051 

- 

- 

- 

- 

USA 

(S? 

1.5681 

-0.0009 

675 - 686 

1.5702 

1.6643 

10682 

-0.1 

1.5679 

0.1 

Pocffic/MUdla East/ Africa 









Australia 

IAS) 

*0586 

-0.0106 

572 - 599 

*0737 

*0544 

20607 

-10 

20635 

-0.9 


Europe 

Austria 

Belgium 

Denmark 

Rmana 

France 

Germany 

Greece 

Ireland 

Italy 

LiAempourg 

Ntthedands 

Norway 

Portugal 

Spam 

Sweden 

Switzerland 

UK 

Ecu 

SDFtt 

Amaricaa 

Argentina 

Brazil 

Canada 


(Sch) 

10.6675 

(BFr) 

32.0625 

(DKr) 

6.0955 

(FM) 

4.7675 

(FFri 

5.3525 

(D) 

10594 

(Dr) 

239.850 

fl£) 

10480 

<U 

1598.80 

(LFrt 

32 0825 

(R) 

1 7476 

(NKr) 

6.8195 

IBs) 

156.970 

(Pta) 

129.855 

(SKr) 

70826 

(SFr) 

1.3213 

(Q 

1.5861 

_ 

1 2222 

- 

1.46348 

(Pesoj 

00998 

tm 

00330 

(CS) 

1.3663 


+023 650 - 700 11.0075 10.9350 
0.1075 500 - 750 32.1600 31.3900 

0.0175 940-970 61168 *0802 

*0.014 825 - 725 4.7909 4.7617 

*0153 515 ■ 535 53685 53345 

0.0055 592 - 595 1.5653 1.5533 

+0.35 800 - 900 24*960 239.600 
0.0018 475 - 485 1.5506 1.5380 


1.5480 *0.0018 475 - 485 


(LFrJ 32 062S +0.1075 600 - 750 32.1600 31^900 32JJ435 

(FI) 1 7476 +0.0063 473 - 47B 1.7538 1.7412 1.7468 

(NKr) 8.8196 +0.0165 180 - 210 6.8459 *7820 *8277 


+0.47 630 - 880 13*320 129.350 

0.0318 577 - 875 7.3818 7.3065 
0.0058 210 - 215 1 .3267 1.3165 


1.5702 1.5643 
1.2255 1.2187 


-0.003 320 . 340 


1.0002 04997 
0.8350 *8320 


Mexico (Now Paso) 3.4 
USA ® 

PBtifle/Mbfde EaatfAfrtea 


3.4530 +0.0007 510 - 550 


1.3674 1.3655 
3.4550 3.4510 


Hong Kong (HKS) 1*1243 -*006 196 - 289 12.1392 12.0955 12.1152 *9 12.1109 *4 12.0657 0.5 


India (R3) 49.1874 -*0286 678 - 070 49.2490 49.0760 - - - - - 

Japan [Y] 154362 -0.319 174 - 350 164J10 154.160 153.797 3.6 152.812 18 147^97 4J3 191.0 

Malaysia (MS) 4.0262 +*0003 245 - 27B 40235 40171 - - - - 

New Zealand (N2S) 20193 *00045 174-211 2.5213 2.5113 *524 -2.2 2.5332 -20 2.5531 -10 

Philippines (Peso) 380402 +00107 359-444 3*8200 370320 - - - - - 

Saudi Arabia (SH) 50816 -00036 793 - 638 S0893 5.8677 - - - 

Singapore (SS) 20993 -0.0058 978-008 20051 20971 - - - 

S Africa (Com.) (FQ 5.5499 +00009 470-528 50567 50299 - - - - - 

S Africa (Fm.) (R) *4481 -0.0191 303 - 658 *4686 8.4300 - - - - 

South Korea (Won) 1247.68 -*99 718-814 124941 1244.71 - - - - - - 

Taiwan (IS) 410716 +0.0957 549 - 883 41.4166 410748 - - - - - - 

Thailand JBQ 390260 -0.0135 978-542 390380 39.1480 - - - 

TSDR ism tor No* 1* Bdtottor ipream la Via ftxaid Spot tabto show only tha last am doom* ptooas. Fated nan ae not dbecOy quoted to aw 

ratal but are in**ed by ewiem Henat mm. Staring won rtentarn by *m Bank of EngtemL BtM awrega 1BB5 - lOQ&d. othr and Ud+aos n both 

the aid the Dollar Spot tebtoa dwhed hem THE wu/REUTERS CUOSMS SPOT RATE* Somo vteuoa ore Routed by tha F.T. 


Austraka (AS) 1.3128 

Hong Kong (HKS) 7.7318 
India (Ha) 31.3875 

Japan (Y) 8*3750 

Malaysia (MS) 2.5676 
New Zealand (NZS) 1.6066 
PMtopfcWS (Pest^ 24.4500 
Sautfl Arabia (SR) 3.7508 
Singapore (S« 14663 

S Africa (Com.) (R) 303S3 

9 Africa pn.) (R) 4.1120 

South Korn (Won) 7S50SO 
Taiwan (IS) 260833 

Thaland (Bt) 25.0150 


1.3128 -0.0061 123 - 132 

7.7318 +*0003 313 - 323 


13210 10107 

7.7323 7.7310 


-0.15 500 - 000 98.7700 9*3500 
2.5676 **0016 673 - 678 2.5678 20660 

1.6066 +0.0038 059 - 072 1.6072 1.6048 

’4.4500 +0.02 000 - 000 24.7000 240000 

3.7508 -*0002 505 - 510 3.7510 3.7506 

1.4663 -*0029 658 - 668 1.46S3 14658 

303S3 +*0025 385 - 400 3.549S 30315 

4.1120 -*01 020 - 220 4.1220 4.1020 


1.4693 1.4658 


*01 020 - 220 4.1220 4.1020 

-00 BOO - 700 795000 795.800 


(Hi) 25.0150 


One montti Threw month* 
Ftaai %PA Rate 96PA 

One year J 
Ra» MPA 

1006 

*8 

109439 

*9 

10.346 

1.1 

3*0435 

*7 

310975 

*8 

31.7375 

00 

*0948 

0.1 

*1005 

-03 

*119 

-04 

4.7648 

*7 

4.7625 

04 

4J74 

-*1 

50517 

00 

50476 

*4 

50225 

*8 

10537 

00 

10564 

00 

10339 

10 

34205 

-1*5 

2470 

-134 

20*6 

-1*0 

10482 

-00 

10487 

-00 

10443 

*2 

160*25 

-2.6 

16090 

-*7 

164*3 

-2.7 

3*0 435 

*7 

310375 

SLB 

31.7975 

06 

1.7468 

00 

1.7445 

*7 

1J2B5 

1.1 

60277 

-10 

*8455 

-10 

*372 

-00 

159045 

—40 

16*97 

-40 

16402 

-30 

13*07 

-*0 

13*5 

-*0 

1320S 

-*2 

70738 

-10 

74006 

-2.1 

70178 

-*1 

10191 

*0 

10146 

*0 

10907 

*3 

10682 

-0.1 

10679 

*1 

10641 

00 

10222 

00 

10222 

00 

10257 

-00 

1066 

00 

10657 

*2 

10708 

-*a 

*454 

-03 

3.4558 

-00 

34832 

-00 

10136 

-0.7 

10154 

-00 

10281 

-ia 

7.7298 

*3 

7.72B6 

*2 

7.7383 

-0.1 

31.4375 

-2.7 

310825 

-2.7 

- 

• 

98085 

30 

97465 

3.7 

9443 

40 

*5645 

1.4 

*5601 

10 

20681 

-08 

1.5076 

-07 

101 

-08 

1019 

-00 

3.7544 

-1.1 

*7613 

-1.1 

3.7758 

-07 

14648 

10 

1.4613 

1.4 

1.4448 

10 

30548 

-50 

30869 

-*4 

*7516 

-*0 

4.14 

-80 

4.1845 

-7.1 

4.422 

-70 

79*65 

-40 

80*15 

-30 


-at 

2*4033 

-00 

264433 

-09 

- 

- 

250445 

-1.4 

25.1355 

-10 

2*54 

-21 


01,-412 s& 
ft-ft ■ BA 
«’ 7 V BA 
ft - ft 2A 
ft- ft 3A 

am lor aw US □ 


-4H 4a-4H -ft ft -ft. 

-Sl2 ft -ft 

■ 4% SA-.6A ea-SA: 

-4fl sv-.a. - A.-SA* 

-5A 6A-5A ft- ft S4-ffli 
-ft ft-ft iqA-B% i@A-w% 
-7A 7A-7A 7H-7H 8H -ft 

-BA ft- ft ft-*. 

-34 ft- ft &-*a 
-ft 5%-5^ S5-S*| M|-3V 

-54 ft - ft 3- ft 8A,- a4 
-8A 8A-8A ft-ft AA-Sfl 
-2ft 2ft- 2ft 2%-2V .2b-0b 
-2H ft- ft ft- ft ft- ft 

afar and YVn. Mhm two daytf nattoa. * 
mam (MATT) Parte mtorbenK offered rate 


.ft 'ft 
uA-ift 
ft-9 
T& - 7ft : 

ft-ft 

7A-7A 

*•-- ■ 

ft- ft 


□pan . Sett prim Chengs Mgh Low': EsLyol 
9402 9404 ■ 4003 9404 9401 9075' 

9308 9306 *009 - 8307 9308 19029 

9*49 8303 4*06 0304 9*49 4400 

93.18 8300 4*08 9800 83.16 2,108 


-OpanM.' 

48068 

38034 

30078' 

20434' 


I (LffFg* 81m points oflOOW 


. Open Sett price 

Change Htfi - 

Low. EsL voi 

OpaateL 

9308 

■ - 

0 

2833 

9*29 

- - . 

■ - 0 

1454’ 

9*71 

-004 

0. ' 

386 . . 

9*31 

-0.07 ‘ 

• _ 0 

177 " 

MONTH BIROMMn 

(FUWtewi MTET Mum pterte of IQMfr 

- T 


- -J 


Open 

Sea price 

Qagi 

HWi 

Loft 

Ek.nl 

Open tat 


9404 

8403 

- 

0404 

8482 . 

4128 

133478 


9408 

9404 

+002 

-9405 

94.63 

12087 

-18182* - 

■ ■ , . • *"’77 

9424 

9427 

+004.' 

9428 

9424 

10426 

120290 

. i • 

9*68 

9308 

+004 

8909 

9308 

6812 . 

84271 

% ‘ l t w-. r 


I MMUU MTJUn PUTIMBi (UFFQ LI 000m points of KX»6 


Open 

Sed price Change 


Low 

EsL vd 

Open, kit 

t ? 


91.17 

91.19 

+003 

9100 

91,16 

1679 

31384 


— : 

nn«w 

9*57 

+001 

9002 

9005 

3118 

34716 ; 

6 / , 

.. ... 

8098 

8907 

+001 

8001 

8907 

714- 

. 16180 


•— — 

8908 

8903 

- 

8907 

6808 

396. 

21319 

~i . ‘ - 

, ■ • 

MONTH 

■unowmi 

inuiK 

FUIWM 

(UFFg SFrlm potato of 10094 - 

•i 


Opai 

Sett price 

Change 


Law.. 

EO. vat 

OpsrtaL 

■ ! ' . 


0601 

9600 

- 

9*02 

95.98 

2913 

18298 


.. 

95.71 

96.70 

- 

95.72 

9609 

- 1747 

21050 


T. . 

9509 

9507 


8609 

9507 

166. 

6926 



9504 

9601 

-*01 

9*04 

95.01 

64 

3fKS -- 

*■ 

. - 


l(L5T^ Eculm ] 


TSOR rare tar No* ia. Bkhblter qaaadi In iha Oiflr spur tebto aim only the tax dree docanai ptaoaa. Forward istea aw nx tSncO/ tented to tha martat 
tea on nqfad by cuirart Mom naas. UK. inland & ECU am quoad h US curancy- JP - Moigan ncmnal vxacaa Nn i* Bat auwaga TSKMOQ 


Jun 9*18 BE 

Sap 9208 SS 

• UPFE tohaea hadW w APT 


Open 

Sett price 

Change 


LOW 

EsL vof 

Open bib-. 

C t 


9408 

9406 

+001 

9409 

9408 

579 

8143 

■- S • 

..h 

9*70 

9*69 

+*01 

9*72 

9*68 

471 

7422 . 

• i ; 


9*16 

9*18 

- 

9*20 

9*18 

342 

4166 


- 

9208 

9208 

- 

9*71 

9*83 

220 

2403 

t , •. ■, 



CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 


Nov 21 


BFr 

DKr 

FFr 

DM 

£ 

t 

FI 

NKr 

Ee 

Pta 

SKr 

SFr 

E 

CS 

S 

Y 

Ecu 

Delgtisw 

m 

100 

1901 

1*70 

4084 

*015 

4887 

*451 

2107 

495.7 

405.0 

2*96 

4120 

1089 

4261 

*118 

30*7 

*552 

Denmark 

fOKi) 

5*59 

10 

*781 

*558 

1060 


2067 

11.18 

260.7 

213.0 

1*07 

*187 

1046 

*241 

1041 

1610 

1042 

Franca 

(FFr) 

59.90 

1108 

10 

*913 

1007 

2987 

*266 

1*74 

29*9 

24*6 

1*75 

*468 

1.191 

*552 

1088 

18*7 

1029 

Germany 

(DM) 

2006 

3.909 

3X33 

1 

*414 

1025 

1.121 

4072 

1010 

8307 

4720 

*847 

*409 

*878 

0.641 

6*07 

*525 

Mend 

m 

4802 

9.435 

*285 

*414 

1 

2475 

*705 

1*55 

2460 

2010 

1109 

*044 

0087 

*115 

1048 

1520 

1087 

Italy 

(U 

*005 

*381 

*335 

*098 

*040 

10* 

am 

0-426 

9040 

*121 

0.460 

*063 

*040 

*085 

0063 

*151 

*051 

ft i wltii ie ilia, an 1 re 
rfteuivnwo 


1*35 

*488 

3063 

*892 

*370 

9150 

1 

*901 

9*85 

7401 

4012 

0.756 

0066 

*7B2 

0-572 

5603 

0.488 

Norway 

feKr) 

4703 

*941 

7051 

*287 

*948 

2345 

*563 

10 

23*1 

19*5 

1*80 

1037 

*935 

*004 

1X57 

1440 

1000 

Portugal 

(Eo) 

2*17 

1835 

3088 

*981 

*407 

1006 

1.100 

4090 

10* 

61.70 

4031 

*631 

*401 

*860 

0.828 

8108 

*516 

Spate 

(Pte) 

2409 

4694 

4.122 

1001 

*488 

1231 

1048 

5050 

18*4 

10* 

5068 

1017 

*491 

1052 

0.770 

7*74 

*630 

Sweden 

(SKr) 

4306 

*282 

7073 

*119 

0078 

2172 

*374 

9063 

21*9 

17*4 

10 

1.795 

*B67 

1056 

1059 

13*8 

1.112 

SwMueriend 

(SFr) 

2407 

4615 

4.053 

1.181 

*489 

1211 

1023 

*162 

1200 

9801 

*572 

1 

*483 

1034 

*757 

7448 

*620 

UK 

CQ 

5007 

90SB 

8.393 

*445 

1013 

2507 

*740 

10.68 

24S0 

20*6 

11.64 

2071 

1 

2.142 

1.568 

1540 

1083 

Canade 

(») 

2*47 

4462 

3.91 B 

1.141 

*473 

1170 

1079 

4.991 

1160 

9*05 

*367 

0067 

*487 

1 

*732 

7109 

0086 

US 

ffl 

3*06 

6096 

5053 

1059 

0048 

1599 

1.747 

6018 

16*9 

12*8 

7060 

1021 

*638 

1086 

1 

9804 

*810 

Japan 

(V) 

3*00 

6.188 

5043 

1088 

0067 

1026 

1.777 

6033 

1610 

13*0 

7.484 

1043 

*649 

1089 

1017 

10* 

*832 

Ecu 


3*18 

7.450 

*542 

1006 

*790 

1964 

*138 

8032 

1840 

16*7 

8095 

1.614 

a779 

1070 

1022 

1200 

1 


i : : 


CLARKE EXPOSED 
ON BUDGET DAY. 


Margined Foreign Exchange 
Trading 

Fast Competitive Quotes 24 Hours 
TfeL- 071-815 0400 w Fax 071-329 3919 


, Frandi Franc, Nonn m i a i Kroner, i 


' par Itt Btepwi ftam. Van, Eacudo. U> i 



— i 

UK 

—1.5672/82 

DYN — 

98.58/68 

GOLD- 

— 383.50/90 

FTSE — 

—3124.3-6.7 


- HXAIXBS - CORPtMtATE TREASURERS! 


LONDON +71 329 3377 

LOHDOH 471 3293877 WinOKmmWW FRANKFORT 44M9 446071 


■ P-8WRC WITOWW (IMM) DM 126000 per DM 


Open 

Latest 

Change 

High 

Lew 

EsL voi 

Open InL 


Open 

Latest 

0.6440 

*6414 

-00018 

00443 

00398 

33000 

94469 

Dec 

10186 

10181 

00419 

*6428 

-00017 

*6431 

00418 

626 

*126 

Mar 

1.0260 

10269 

- 

00466 

- 

- 

- 

20 

1033 

Jun 


10373 


YW WjmiH— (KM) Van 120 per Van 100 

ipon Latest Change High Low EsL vcl Open bit. 


T ? fUTUBir. PACCR ■ 


FUTURES 

&0FI70NS 

TRADERS 


I FP B Mi KFFKTKWT 
a OMPBRitVE stsvirK 


■ SWISS W18MC wnwiES Q MM) Sft 125000 par SFr 


■ 8TTOLWO RTTUHRS QMM) E820OO per E 



0.7575 -00012 *7611 

*7608 -0.0010 *7819 

*7600 -00010 *7885 


Dec 

10668 

10878 

+*0012 

1.5700 

Mar 

10664 

10680 

+*0014 

1.5894 

Jun 

- 

10690 

- 

10890 


UK INTEREST RATES 


LONDON MONEY RATES 

Nov 21 Over- 7 daw 


EMS EUROPEAN CURRENCY UN TT RATES 

Nov 21 Ecu cart. Rate Chongs 96 +A from 1 


Nov 21 Over- 7 days One Three Six One 

night nottca month months umiiIIm year 


Merbaik Swing ft - 2 1 ! ft - Shi 6ft - 5£ 6ft - 5^i 6ft - ft 7ft ■ 7ft 

StottngCOs - - 5la -5A 5ft -5ft ft- Oft 7ft - 7 

Tnmwytm - - 5ft - ft 5}| - 5* 

BaM BBa - - Sft - ft 5ft - Sft 6ft - 6ft 

Locd auBicatty daps. 4ft - 4ft 6ft - 4ft 5* - 5ft 6 - 5* 6ft - 6ft 7ft - 7ft 


Discount Meifcat flaps 4% • 4 8^-5 


Portugal 

Spate 


UK deakv bank base tereflng rate 5\ per cent from September 12, 1BB4 

UP M 1 1-3 30 80 9-12 

inwMn imM mu 41 4 muntfra months 


Carte at 7 ter dap. (DOOLOOQ j>? 4 31, ft 

Otett el T« dap. under £10*000 to lljpe. Dmoata wtmdrawn tar cadi Vpc. 

Am. ante tea of tfecounc SOaaepe. ECfflJ (had rtfa 3Up evert Fhancs. *U« i* day Oot 31, 
im honMd m tar p«W Nw 2* IBM n Dac K, 100A Sehcmm R 8 II 7JI3CC, Ratarsnca rate tar 
period Oa 1,1994 to 0« 31, 1WA Sohanm frl> VSOOSpc. Rnanea Houaa Baaa ha Bpa tarn Nov 


Ecu can 
rates 

Rate 

against Ecu 

Chongs 
on day 

«+Aftwn 
can. rata 

% spread 
v waakesl 

*19672 

*14657 

+0.00105 

-008 

501 

4*2123 

390813 

+*0193 

-204 

506 

*808628 

*782450 

-0003871 

-2.00 

501 

104864 

101514 

+000088 

-1.77 

508 

803883 

807208 

-000091 

*61 

207 

7.43679 

7X1840 

-*00114 

007 

*71 

192054 

195028 

+*039 

106 

209 

164050 

169.491 

+*121 

3X1 

0.00 

48ERS 

2S4013 

294.722 

+0055 

11.42 

-700 

179*19 

196*94 

+109 

*47 

-604 

*786749 

0.782939 

-*001 BOB 

-*48 

300 


period Otet, 1994 to dot 31, i994,9chonmlV8v*9eBpc. Flnanca Kouaa Bbm naaCtaafim Nov 
1, 1904 

■ TIMIM IKOirTH aitaHUKl POTUHBB (LfTO csoaooo points of 10046 


Em caaM IBM sm hr tea SucpNur CommlMoa Qarandaa ant to daacandtag ntedM ttongm. 
Parcantegs changes ara tar Ecu: a poatava danga danotaa a noak currency. Owqisice ahma tha 
rate) batman tee pnadc tha paroanteD* dWaranw betenon aw acaid naatat «J Ecu eanni rates 
taM iwwaw gLanB the mndnani pamtead p w ea n te Ba dwWtan s# tha curancya martat mtano 

(tTiaaq SreRng and laden Uni auapwded hwn Ete* ndNaVpart eatauteid by tha Rrwndd Tfcnaa. 


On November 29th, all will be revealed. 

Carry a Futures Pager and receive the key points 
of the Chancellor's speech. Market reactions as 
they happen. Currencies, Indices, Interest Rates 
and Futures. Minute by minute 24 hours a day. 
What’s more, we are offering a FREE TEN DAY 
TRIAL, So not only wjJJ a Futures Pager follow the 
Budget, it will be within yours. 

For your FREE 10-DAY TRIAL, 

FreeCall 0500 800 456 

Try It for ten days. Then try doing without it. 

Futures Pager Limited 

19/21 Great Tower Street, London EC3R 5AQ. 


88 DOVES STREET, LONDON WIX 3KB ■ 
TEL: 0171 629 1188 FAX: 0171 485 0022 £§ 


LIVE FROM LIFFE - 0839 35-35-70 


Did now and bear the Footsie move wtth Bve cocBoeatery from LUfo, ns It happens. 
For details of au LHfe Does and our ftateidal taforantttm services, call 071-895 9400. 
Cate are charged at 39p/mln cheap rate. 4Sp/min all other time*. 
fahirea Pafier Ltd, 19/21 Great ; - St London EC3RfrtfT- 


Futures Call 


TAX-FREE •■= SPF.CCLrVnON 
i \ FUTTFRES 


Ttntehpnr6aeiBl4!Bla»ya'HBam Bl»tolnailta 

cat MkfridfttiaiiyorhnJcnldDKM (X71S28 7ZB ww te c 

BMlCbfallt.MteawMoi C wtaalMtoBngita. 


FUTURES PAGER 



Market-Eye 



Opai 

Sett price 

Change 

Hfgh 

LOW 

Eat vd 

Open Ini. 

Dec 

9*75 

9*72 

-0.06 

9*76 

9*70 

13665 

135610 

Mar 

pg on 

9*95 

-008 

8209 

8*93 

14514 

89700 

Jwi 

9*36 

9206 

-0.05 

0*37 

9*33 

3190 

68619 

Sap 

9100 

9107 

-*08 

9100 

9106 

2166 

64353 


■ PHftAOBLPHA a» c/» opnow E3i 0so (canto par pouncB 


madad on APT. « Open kmnM (gs. are tor pnwtaua day. 


■ SHOffTSnBOJMfi OraOMt (UFFg £900009 pofcte of 100% 


SUM 

Price 

Dec 

- CALLS - 
Jan 

Fab 

Dec 

— PUTS 
Jan 

1026 

1050 

1076 

1000 

1025 

1050 

405 

*38 

007 

*29 

*04 

4.78 

206 

1.65 

*83 

005 

*12 

5.15 

*53 

208 

107 

*76 

038 

*13 

*59 

1.67 

343 

507 

804 

n kk 

104 

*39 

*97 

607 

*16 


SOWS 

Price 

Deo 

— CALLS - 
Mar 

Jun 

Dec 

— PUTS 
Mar 

8380 

*26 

*08 

006 

*04 

009 

9375 

009 

*03 

0.04 

*12 

003 

9400 

001 

aoi 

002 

009 

106 


PiMtauB cte/* uoL date *040 FUa 170«. Prav. open Im, Cdta tel .408 Puta 3*^308 


■ THW MOtfTH BUHOPOUXB piM) Slin polnta o( 100% 


E*t H* told, cut 4815 Puu 5872. ftwtoul teyt dpan W, Call 3*7883 Aula 271082 



Open 

Latest 

Change Ugh 

Low 

EsL vol 

Open InL 

Dec 

8300 

8*89 

• 8*80 

9*88 

75093 

383,747 

Mar 

9301 

9309 

9301 

9*28 

146022 

448088 

Jun 

8*74 

8*72 

8*74 

8*71 

109026 

917053 


■ 1»™«A»mTBOXrUTUFB»pMM)Slmpar1DO% 


Adam 4 Conpany ...... *78 

AM That Bark *76 

AS Bank *76 

•Hteuy Arabachar *76 

Bark of Banda *75 

Banco Bltao Vizcaya,, 5.75 

Baft of Cypres *76 

Bark of Maid *75 

Baft of Mb -.—*75 

Baft of Scotland _*7S 

Barclays Bank 5.75 

BritBftflfMkfEa* 578 

•BrOwlShptayiCoLB 075 
CLBcnkNedwIend ... *75 

CNmnkNA *75 

Oydaadala Bank .*75 

17a Oo4para0VB Bank. *75 

couaaoo .*75 

OKS^onrate *75 

Qfpiua Popular Bark J*75 


Duncan Lewria *75 

Bote Baft Unfed.- *75 
FhancMiGenBank- *5 
•Robert naming & Co _ *75 

Qtrobufft — 6.75 

•GitenonhWion *78 

HrttbBa*AGiWch.6J5 

•Hambrtft Bo* — *75 

HeritetMftaenlnvBk&TS 

•HSSamuaL -*75 

C. Horn 4 Co *75 

Hongkong 4 Shanghai. *75 
Jufen Hodge Bank..- *78 
•Leepotd Jcnph 4 Sons *75 

UoydaBo* --*76 

Metftraf Soft Lid .._ 5.73 

Mdtand Bark *75 

* Maul Banking 6 

Na twa te ri ni ter - 5,75 

•ReaBrathoa ............ *75 


• F%adbutfa OuarentM 
Corpanfcn Unfed Is no 
longer autuiaadBs 
abanMngMkjOoa 8 

Royal Bk of Scotland _ *7E 
•6mkh4WBnsn8acs. *75 

TSB *75 

•Unfed Bho( Kuwait— *75 

UrfiyTnat Baft Pic -5,76 

Western Trust *75 

WMaaayLaktar — *75 
YortahireBank -...*75 


Dec 

8449 

Mar 

8*89 

Jwi 

9*33 


94.49 - 94.49 94.49 2,712 14.75S 

9*88 • 9309 9*88 1039 B0SB 

9303 4)02 9303 9303 113 *479 


M dptn Wwtet Pgs. sro ler preriou* day 
■ teOWIAIlK O P TIO W (UFTQ DM1 m pointa oMOtWt 


Win 

Price 

Dec 

Jan 

CALLS - 
Fab 

Mar 

Dec 

Jan 

PUTS 

Feb 

Mar 

8475 

*11 

007 

*10 

*12 

*03 

*18 

001 

*23 

9800 

001 

*02 

004 

004 

ai8 

*38 

040 

*40 

mm 

0 

0 

*01 

*01 

042 

*61 

002 

*62 


arc ML UsL (teta 1001 PUB 3806. Plwiku Hqri cpwi ht, Cdte 219120 PUs 201072 
■ BOO SWISS ntANC oanom (UFFQ SFr 1m potets of 100H 


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• 7 ; , d ed i ca ted 

a -' ‘' w ‘|^*d^aler boards. 

IJy 

. to you. 


S^ rr Hm n . Cy ^L Bo 2 d Fax ' FREE 2 week trial 

also daily gold and silver faxes 
'ro .7 Cnsst Analyse Ltd Anne Whitby 

7 • London '.V •?? 7HD. UK - TcL 0 i 7 1 • 7 3 J 7 i 74 

cicr.ar-o faro spccislia'.s let over 20 years Fax. 017 5 -339 <J966 


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-I SKI! K 

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* tea d iftfttt rj Bon 



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LAURIE I M»«»P^too«totanre*te irKunutix 


Td: 071 493 7QS0 ] de *ctepewstespwiiftiof£l|&. 
Fee 071 499 6279 ( Contact fiktnrtl taaGOtzai 




CkT 


















J 6*\ 


Hangul t.mes 


TUESDAY NOVEMBER 22 1994 


WORLD STOCK MARKETS 


EUROPE 

* USTW *<Nov«n /Sctii 


-S£-_as_w* 


Acfcmra 4 ,qgd 

sss* 

gS* S.1B0 

tXWPl gyg p 


bnnou 2390 


-.23001 

J’-ss 

H5 4 JBQ ; 
+9 1.713 ' 
*2 1.387 
*5 744 
"6 1.067 
"3 1.0S0 


WMfftaf 21 /Fis 4 
il5 J'SJS 1705 u 

ss;sg“ 

*35 4.5a 3390 45 

3360 »iw to 

419J5 34JM SB 

Satins 

iUDoauu 1.7 
— 1S.07S 11.775 10 
-OT 2.700 2.190 33 
-321.240 1.040 
*3 216 154 64 
410 B.BOO 6.100 1 7 
* 2 ’-“01.196 ii 
-B^D 5.110 73 
1* 3.7B1 2.B70 43 
*5 2,670 2JB0 

5 2-fS^ s5 

f-JJ 0 3S5 so 
_ 10 ® 1.200 2.8 
+509.760 7.140 53 
13 

*> 3 685 £750 52 
-®BJm 5.010 13 
+“ 7.950 6.0B0 13 
6.400 5300 43 
1 MO 1*0 63 

- 26.000 16..-J09 _ 

+20 10775 9320 30 
-10 3300 2320 43 
♦lg„5M 420 33 
+70 6200 4*0 43 
+10 2338 2.02S S3 


12 706 468 73 
+11 902 061 23 

-430491JH 377 3.4 
-! 1*7.70 10630 — 
*10 13951305 03 
-10 7.180 5480 03 
-uoiKainug _ 
-9 824 428 33 
-230 274 107.10 1.1 
*13013850 8730 53 
-35 1348 868 8 2 
21HU0112.H &0 
sm 184 _ 
-.80 625 915 83 
-310 535 301 JO 55 
*130 234 13850 11 
-3 371 28550 73 
IS B3G 752 T3 
1 1305 7BS ._ 
31.150 805 13 
*0 604 35210 — 
*3 287 105.10 32 
187 179. HI 
101573011380 £3 
-3 752 542 12 
18 945 650 23 

1 3290 2260 13 
- 734 578 33 

*4 1.789 1240 33 
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758* Imoaeo 
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■ TOKYO - UOST ACTIVE STOCKSc Monday, November 21, 1994 
Stocks dotting Change 
Traded Priooa on day 

Itochu Cop aJJm 740 -S KJnto 

Nippon Paper 3An 741 -o Toyots 

nSSScSp^—^ . 30m 718 Kra 

Nippon Steel 3-On 380 -3 Stop 

TM 2.9m 697 -11 NWan 


ȣ 315$ ssassraRSffSL. 


-5 Konica — — — 

-8 Toyota Motor 

S Kawasaki Steel 

-3 Sharp — — . 

-11 NlaNmatsu Const — 


Stocks 

dosing 

Change 

Traded 

Prices 

on day 

2.4m 

768 

-4 

2-3m 

2100 

-20 

2 . 1 m 

417 

-2 

1 . 0 m 

1740 

-40 

1.9m 

1010 

-20 


388 -1 525 251 OdWta ®B 

1.910 410X210 1.370 .. _ OW|l 72» 

4S4 ij 5BS 346 Z Z OMfflOn 765 


7* -6 7» 522 — <*mp 

756 -12 910 751 3 A - Omron 

5X* .11® 5^40 .... OnoPn 

515 -9 744 4* .. _ On»Ka» 

IX* -U2X70 1.730 - - Oljdll 

7TB -16 984 528 _ _ Ml. _ 

1.6® +10 1.770 1.4® 16 .... 0S«G 

302 -12 4* 284 — — Pent* 

716 +2 776 005 0 7 ... Wot* 

399 -2 501 398 toll 

496 _ 68B 479 — Known 

IX® - 2.1® 1XB0 Hteta 

334 -fi 4® 288 — ®hm 

735 +4 949 500 - - WOVd 

055 -5 715 431 _ ftytal 

1.1* -10 1.3* 822 OX ... SdONB 

£110 -10 X5M 2.KD 19 - Sun tan 

IQJOOT -1® 11400 B.7B9 _ — 

l|]70 -10 1,470 I.1M 07 .... Swmn 

8B1 -19 Ifl® 825 — ... SrwwK 

1X70 -- 1.S0D 1X70 - Snwifin 

1J40 7.402 M 

3® -4 4* 333 _ — Start 

776 -14 826 515 09 — Seram 


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05b -20 773 562 - 

720 -0 833 533 — _ 

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765 -71.110 7* 1.4 ... 


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1.14 _ 1.47 D.96 5-3 

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US INDICES 


16 U# 


Shcecwttoa 
Oak Low 


« 1784643 1803X57 ZS4IM0 1012 



S2SKT WS 


. SSSS5P SS 55 
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M0951 21/11 
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200800 210209 IO 


329009 20/4 
396X90 3476 
186X49 206 


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347X8 34X10 


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Nov 16 Nov 9 Nov 2 Year ago 

S S P Ind. Dlv. yrtd 208 X39 X39 2-M 

S 0 P Ind. P/E ratio 19D3 20-93 2aB5 28.B8 

■ STANDARD AND POORS 500 MPEX H111WS 6500 times ndex 

Open Latest Change High Low EsL voL Open biL 
Dec 46X20 46300 *030 463.80 463.00 79046 206.911 

Mar - 466 -4Q - - - 4010 35^77 

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■ MEW YORK ACTIVE STOCKS ■ THADBIQ ACTIVITY 

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Mar 

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466.40 

- 

J® 

- 

470.50 

- 

open saw ost h0um i 

■ra toe prmtota day- 


144507 4/1 
183X33 4/1 



Open 

Sen Price Change 

Hgh 

Low 

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19430 

1935.5 

+05 

19460 

1832.0 

11.708 

23.554 

Dec 

1951.0 

1944.5 

+05 

19550 

1942.0 

1077 


Jon 

19580 

195X5 

+05 

19590 

1959.0 



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24 

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4.28X5® 

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2.7525® 

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2.700,300 

24 

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£3000® 

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'INTERNATIONAL 


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721 

727 

877 

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23 

22 

219 

204 

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Complete details below and send to: FT Cityline International, 
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FINANCIAL TIMES TUESDAY NOVEMBER ^2 1994 


4 practise November ?1 



NEW YORK 


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H0 LnrEhak 

173k 12% A« 

18% lftALtosA 
78% 57% AMP 
72% 48% AMR 
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280 4.4 29 1021 46% 45% 45% -1% 
176 24 176363 32% 31% 32% -% 
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152 18 12 30 20% 20% 20% -% 

10 112 14 13% 13% -% 


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112 05 19 191 24% 24 24% 

115 05 20 5693 28% 27% 28% 
250 54 17 182 46% 46% 46% 


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128 48 7 6 6% 6% 6% 

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680 53 92 24GB 105 103% 104% +1% 



ADR 134 18 GO 427 8% 

116 19 13 405 18% 

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37% 27$8aatagix 172 
32% 23BKkmki a 4a 



BE 

OUR 

GUEST. 




When you stay w ith us 

in ATHENS 

stay in touch - 

with your complimentary copy of the 


FINANCIAL TIMES 

(WWrj ButmtH Niwtnrtt 


1 SIB 

S 13% Wh 

«50%Berorf4JP 
44 34% Benef 
36% 24% Benetlui A 


10% BBeryPetr 
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180 1.1 13 aa 54 53% 53% 

154 2J 17 782 23% »% 23% 

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172 4.7 9 SO 37 36% 38% 

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140 24 6 3008 17016% 16% 

184 11 21 473 46% 45% 45% 
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1.38 24 49 3117 79% 7B% 78% 
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0J2 1.3 4736075 24% 24% 24% 

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35% 20% CB1 x 
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120 02 21 1947 105% 64% 84% 




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18% 12% Caaede N G 196 73 18 
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28% 15% cmrort 104 12 17 4752 18% 17% 18 

160 24 14 270 32% 32% 32% 

11 2347 21% 21% 21% 

120 21 10 38 9% 9% 9% 

1.70 17 12 335 25% 25% 25% 

240 4J 11 91 56% 9% 55% 

133 24 22 547 13% 13% 13% 

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eride over your competitors by having the financial Times delivered to your home or office every working day. 
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39 


NASDAQ NATIONAL MARKET 


4 pai dose November 27 


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ft 

CoWGrp 

060 13 107 

33% 

33% 33% 


Comae 

032 121363 

19 

1B% 18% 

ft 

CmcstA 

009 30 7035 

17% 

»a is% 

ft 

CmcdASp 

009 41 7731 

17% 

16% 16% 

-1 

C—ttdBflB 10 388 

30*2 

29% 29% 

ft 

CommCl 

070 73 48 

17% 

16% 17% 


CammnC 

19 1?9$u29% 

28% 23 

4% 

ComprteDs 

787 563 

6% 

aril 7% 

ft 

Cwnsnare 

260 34 

13 

12% 13 


ComsockR 

16 681 

3% 

3& 3ft 

-ft 

ConsAim 

5 331 

6% 

6*4 6% 

ft 

CawMCd 

XP 442 

24% 

2*ft W% 


CnttiDaa 

153 258 

6*4 

6 6% 


CnesA 

050 23 442 

17 

16% 16% 

% 

CopytHe 

41 3073 

6*4 

4*3 5% 

4% 

Cants Cp 

24 3971 

60% 

59% SO 


Cap Of a 

35 174 

16 

15% 15% 

% 

Cracker B 

OJB 187668 

19% 018% 18*2 

-1 

(Jay Coma 

1 1623 

1ft 

1% 142 

+A 

CiraoiRes 

28 263 

5*2 

5% 5% 

+ft 

Oflugen 

2 1133 

3% 

3% 3*2 



U5C Cm 

Dad Gnu 013 
Da&SwKti 
Dataller 
Otoscope 
Da^nmOp U» 

DrtiStws 020 

DriohEn 032 
DokaibGa <080 


. D - 

XI 6314 33% 
32 B 83% 
37 IX 2^ 
25 160 8% 
18 1044 18% 
11 252 24% 
25 7 5% 

18 51 15% 

13 166 3 


31% 32 -1 

83% 03% 

2 % 2 % A 
8 % 8 % +% 
17% 18 

24% 24% +% 
5% 5% -% 
15% 15% -** 

28 r« 28% -% 


DakXompi 

Dad Comp 

DM* 

Depffly 

Dawai 

DHTadi 

DbrilB 

OgtM) 

ttgUxm 

Qg ^wvl 

OtgSya 
Doner Qi 
ttxteVm 
1WA Plant 
Dntorttix 
Oorcn (rtn 
DrecoEnoy 


Dray GD 

DrogEmpo 

OSBanctr 

Difllrar 

Dynaodt 


Eagtoftr 

Easel Co 

East&wmi 

EQTd 

Egghead 

BP390B 

EteorSd 

BMJhS 

BedAiB 

EmconAss 

Emdex 


Br. Z to to> to 

0*4 12 65 17%d16% 

2612960 46% 44% 
030 26 3061 31% 00% 
1.12 7 1® a 27 
Q20 9 13 8% 8% 

16 321 24% 22» 
080 18 621 20% 20*4 

14 *89 17% 16*2 
9 1273 15% 15*e 

32 419 2% 2ft 
90 27501114% 12% 

15 318 37% 36% 

020 33 357 7% 7 

1 725 3% 3% 
020 X25751)30% S 
066 17 103 T2% 12% 

9 313 9 6ft 

15 *29 11% 10% 

024I05 188 25% 25 

0DB 40 506 5% 4% 
1.09 10 76 23% 21% 
04? 16 602 17% 17% 

10 541 29 28% 


16% % 
45 -1ft 
30% -% 
27% -% 
8% 

23 -1ft 
20 % -% 
16% -1 
15% -% 

2ft -ft 
13*2 +% 
36% -% 
7 

3*2 +A 
29 --61 
12% -*2 
9 +% 
11 

25% -% 
4% •% 
21 % - 1*2 
17ft -ft 
28% -% 


. E - 

1 11 2% ic% 2% +ft 

1 189 3% 2% 3 -ft 

4 *05 S J2 H 

032 20 1950 18% 17% 17% -% 

150 212 9% 9 9 -% 

0 751 1 d{| % 

15 3183 19% 18% 19% -% 

Offi 53 17 53% 53% 53% -% 

2114669 20% *9% 20% +1% 
19 71 5% 4% 4% -% 
5529l3u12% 11 12% +% 


EngyVrtn 

31 

3 

14% 14% 14% 


Envv Svs 

43 

X 

1% 1% 1% 

-it 

Era* toe 

2 

908 

2% 2ft 2ft 

ft 

EauttyCD 

010 19 

83 

4% 4% 4% 

+ft 

ErUsnfi 

048 3213323 

60% 59% 59% 

ft 

EWd 

X 

50 

6% 6% 6% 

+% 

Evans SOi 

31 

357 

12ft 11% 12% 

-ft 

Etoyte 

162733 

23% 22% 22% 

ft 

ExMW 

8 

154 

7 6% 6% 

-1 


14 

185 

16% 15% 16% 

♦ft 

Expedtl 1 

010 21 

202 

22 21 21% 

ft 

EsxrpAnv 

801607 

12% 11% 12 

*% 


124 


024 


IDO 


FaflGt p 
Far Cp 
Fgdenal 
FHPkifl 
FtShThrd 
fifty 06 
FWaA 
Flaiet 

FWMu 
FstScOHa x IfO 
FMCaBc 080 
FsfSedy* IJM 
Fa Tam 188 
FsItaMc 058 
fireOar UM 
FMiM 
Ftserv 
Rmrkil 

FonlA 009 
FoodLB 009 
Ftxemoax US 
Fosdnx 
FodarA 
FttiFnx 
Fstfirt 
MHtoKri 
Marf« 
Fdtorfin 
Fum 

RXmedADR 


- F- 

9 3 4% 04% 

41 9 6% 6% 

48 875 43% <2% 

15 1742 27% 26% 

13 615 51% 50 

13 197 4% 4*2 
0 1552 7% 7% 

20 900 26% 25% 
7 305 27% riZT 
101105 23%<122% 

17 156 20% 20*4 

9 955 25 24% 

11 2367 42% 41% 

6 304 18% 18% 

10 6 31% 30% 

32 165 6% 9% 
23 70? 21% 21% 
30 241 6% 6% 
151160 5% 5% 
95 778 5% 5% 

12 151 32% 32*2 

9 459 11% 11 

34 292 3*2 3 

10 263 30% 29% 

7 39 15 14*2 

11 312 27% 26% 

16 374 33 32% 

11 154 17%d16% 

18 469 21% 20*2 
11 88 2% 2% 


4% -% 
b% 

42% +% 
26% -% 
50% 

4% -% 
7% +% 
25*2 -% 
27% 

22% +% 
20*2 +% 
?*% 

41% -% 
18% 

30% 

9% 

21 % 

5% 

5ft 


-1 
-% 
-% 
-% 
-it 
5% +ft 
32% -»e 


11 

3% 

30 

14% 

27% 


•% 

•ft 

-% 

-% 

+% 


32% -% 
17% +% 
20*2 -% 
2*2 -% 


GMApp 

GWStev 

Garins 

Garnet Rt; 

Gert Co 

God Ond* 

Gertf* 

SHWft) 

Goto Cp 

Genus toe 

Genzyr* 

GtoemGt 

GkkSnBsLi 

StoatAx 

GBnBkm 

Good Guys 

GatoPmp 

GraflcoSys 

Grurtte 

GremAP 

ttassmans 

GmriWV 

GT) Carp 

awrsvg 


3% 

8% 

21 

3% 

5% 

33 

6% 


- G - 

38 177 2% 
007 20 30 18ft 
5 44 2% 

10 14 
ai61G2 140 
0*2 18 204 

S 7 
23)05 
4JD 2S 528 
23 <53 
45 9Z7 33% 
040 121654 13% 
012 14 1970 15 

08) 8 12 14% 

13 21 6% 

11 639 13% 
080 22 273 21% 

93 100 4 

020 12 144 21% 
024 13 4 18% 

55 710 2% 

21 407 14% 

22 281 17% 
4 609 8% 


2% 2% 
15% 15% 
2 % 2 % 


3% 

6% 

2D 

3% 

4% 

22% 

6% 


3% 

6% 

2D 
3% 

a. A 
12% 12% 

14% 14% 

13% 13% 

5% 6% +% 
12 % 12 % +% 
21% 21% -.10 
3% 3% -% 
20% 20% 

18% 16% 

2% 2% 

13% 13% 

16% 17% 

7% 7% 


+% 

+■% 

-ft 

-% 

-% 

♦% 


-% 


-% 

+% 

-*» 


HardngA 
Hartevy* 

Harper Gp 020 

HanteOm 
FBOfiCo fl16 
HOhcxr 
Health ert 005 
HoaAhdyn 
KecMnger 016 


088 


HatenTroy 
HertXf 088 
Hogan Sys 015 
Hntogte 

Hema Barf *080 
Hontffii 044 
Homback 
Horeeffles 044 
Hun« (LTD 
Hurongm 060 
HirmCo 008 
HuldiTeoi 
Hycortto 


- H - 

30 7 ?% 

16 180 23% 

13 134 T4% 
415 12% 

381615 32% 
32 5443u30% 

15 140 13% 
21 313 8% 
151862 11% 

16 698 9ft 
10 313 18% 
ID 1229 17% 

14 810 5% 

» 467 15 

0 49 20% 

15 412 X% 

21 *09 13% 
30 162 5% 
14 524 15% 

63007 18% 

1 133 4% 

22 886 2*% 

12 78 4% 


6% 7% +% 
23% 23% +% 
T4 14 -% 
13% 12% -% 

31 31% -1% 
30 30% +% 
12% 12% -% 
8*2 8% 

10% 1*% +% 
9ft 9ft -% 
18 18 -% 
16% 17 -% 

5% 5*2 

14% 14% +% 
d20 20% 4% 

a 26 -% 

13 13 

5% S% 

15% 15% 

17% 17% 

3% 4 

23*2 « 

<% 4% 


-% 

% 

+% 

% 

-% 


FRSys 
06 Comes 
85 Hd 
toimucor 
Immunogen 
Imped Be 
todhs 
irfBes 


ki0*sMH 

totepOev 

toWdSys 

kxgaswa 

ktteJ 

IrieW 

Maas* 
kiw Tel 
HUflCtt 
totgpti 

uiterierf 

unerafw 

ttox 

BXOakyOA 

Hites 

kri Total 

Hw e ai e 

bmamO) 

tamed* 

tcYatedO 


JSJ Snack 

Jasmine 

JLEtad 

JotranW 

JdWH 

JmsMed 

Joafyn Cp 
JSBFto 
JunoUg 
JusHn 


- I - 

50 41 10% 
44964 9% 
B 380 3ft 
56 82 6*4 

1 1268 4% 

040214 230 15% 
024 37 75 11 

W51169 15*4 
31142091126% 
066 11 23 10% 

157346 27% 
28 111 70% 
9 408 2% 
024 111407 87% 
8 150 2% 
040 12 5063 13% 
14 354 8*4 

034 13 13 1> 

3 394 8*2 

2 639 4% 
71024 17% 

30 IM? 14 
13 101 17% 
002 10 84 2% 

27b 19 5% 

005 IS 479 31% 
2 290 4% 
13 55 16% 
1.14157 ZlOO 214 


-ft 


-% 

-% 

-% 

-h 

+% 


9% 9% 

8% 8% 

2fJ 3ft 
5% 6*4 
3% 3% -% 
14% 15 -% 

10 % 10 % 

14% IO4 

a% 28f2 
10 % 10 % 
a% 26*2 

16*4 18% 

2*0 2% +% 
64 66% +2ft 
2% 2% -% 
13% 13% +ft 
7% 8 +ft 

11 11 -% 
»% 8% -% 
4% 4% +* 4 
17 17% 

13% 13% 

16% 17 +% 

(0% 2% -% 
5% 5% 

30% 81% +% 
3% 4 +% 

18% 16*4 -% 
214 214+2% 


14 

026 15 
010 14 
2D 

ia 

010 12 
120 27 

080 13 
028 16 
016 8 


- J - 

18 11% 11% (1% 
11 9 9 9 

162 40% 38 38% 

84 2l%cC0% 20% 

543 14% 13% M% 
116 8% 8% 8% 
2D 26% »% 26% 
356 23% 23% 23*2 
46 IS 18% 19 

313 13% 12% 12% 


KSMsa 

Kantancp 

HdtoyTH 

KdySux 

Kentucky 

rtmlcm | 

uredmr 

KtAHar 

KnoHMge 

tod A 

Xomaginc 

KiAtoS 


Ladd Fun 
Lumtedi 


Lace me 

LenfknkGph 

Lanpdcs 

Lserscpe 

Lams 

LsmtxiPr 

LOOS 

LB Cp 

1 utoB 

uoicto 

Ue Tech 

UMne 

LBytodA 

UnBr 

LkcatnT 

LMaaytl 

LineerTec 

IBy^hn 

Laewen 

LoneSor 

Lotto 

LTXCp 

LVW 


H to 

Ck. E W toPb 

- K- 

008 9 17 21% 
0*4 12 GST 10% 
21947 5% 
072 IB 384 27% 
ail 33 32 6 

OS* IS 2 34% 
S 21 10% 
301937 52% 
2 509 3% 
1 1265 J3 
42 473 a% 
159873U21U 


- L - 

072 33 449 16*2 
012 23 494 6% 
22 5193 
0148 15 998 
096 IB IX 
475 710 

12 1B2 
X 511 

13 2326 17% 
0<8 19 1838 25% 

31 9534 22% 
016 1 489 4% 
119 728 1B% 
226391 33*2 
020 15 5 17% 

21 404 U6*; 
0-28 15 490 14% 
IX 4201141% 
05215 327 15% 

12 18 30 

026 282130 «% 
040 IS II 33 
0D6 30 716 26% 

13 772 ?Ji 
42821914 44% 

3 833 1% 
046 21 64 31% 


21 21 % +% 
SH 10 
d4% 4% a 
27 2753 +% 
6 S 

34% 34% *% 

10% 10% 

51 51% 

3% 3% 

ft a 

25% »% -% 

19*2 20% +1% 


+% 

♦% 


44 

34 

18 

19 

6% 

4% 


18 16% -% 
5% 6 

41% 41% -1% 
31% 31% -2 

17*2 17% 

18% 19 

d5% 5% 

3% 4% 

16% 16% 

25% 25% 

21% 21% 

4 4% 

16*2 18% 

32% 32% 

17% 17% 

6 6*4 
13% 13% 
140140% 

15 15% 

29% 29% 

47 47 -1% 

033 33 -% 

26% 28% 

7% 7% 

42% 42% 

4% 4% 

31% 31% 


•% 

+% 

+% 

■h 

% 

-1 

+% 

+ft 

+% 

% 


+% 

-% 

-% 


- KA- 

MO Crax 005 1631578 22 21% 21% 

USCaTs 19 116 21% 21% 21% 
Mac ME* 060 20 50 12% 12% 12% 
MtftemGE IfS 14 1*3 32% 32% 32% 
IbgmaPWT 14 1092 37 38% 36ft 

ktogna ttpxO.76 11 1195 18% 18 18% 

Mai Box 


-h 


Martam Cp 
Marti* Or 
MsVeiCp 
Moquea 


-% 
■h 

2* 322 10% 10% 10% +% 

111 32 10 8% 10 4% 

15 343 3% 3% 3% 

11 8 42% 42 42% +1% 

3 30 >% 1% 1% 

11 63 8% B% 8*2 

MattfimkAOM 11 2S 11% 10*2 10*2 

Marshall ODD 20 583 20% 19% 19% 

Matte 187 490 B 7*2 7% 
UBftnlrf 421994 67% 63% 63*2 -2% 

IftmrCp 01565 4% 4% 4% -% 

McGrath R 044 10 110 16 15% 16 

McGtxmfc 0.46 134467 19 17% 18 

Medexhc 016 16 363 17 16% 16% 

Hta8ctoe6x056 12 529 23% 23 23 

Melamine 024 74 131 10*2 10 10% 

MBittxCp 016 13 2S2 16% 16% 10% 

MennG 034 34 3560 13JJ 13% 13% 


-% 

-% 


4% 

-% 


MartaraJ 

080 

10 

772 

X 

19% 

19% 

ft 

Money G 

07Q 

10 

325 

29 

28% 

28% 

Ja 

Mental* 

1-36 

9 

1928 

27% 

Z7 

27 

ft 

Mamet 


11 

609 

9% 

aft 

9% 


MethtxtoA 

012 

19 

34 

18% 

18*2 

18% 


MFscm 


24 

1032 

39% 

37*2 

37*2 

-1% 

MtcfaadF 

03) 

21 

235 

11% 

10% 

10% 

ft 


MOiNetB 200 5 2031 78% 75% 75% -2% 


MoaHHi 

Wanaoe 

Mutton 

Mcrgraii 


MU ADM 
LManOc 


8 129 3% 3% 3% 
61796 12% 12l2*s -*b 
60 2843 10% 8% 10% 4% 
10 374 6% 5% 6*s +% 

3 607 9*8 8% 8% -% 
3422D46 uE6 63% 64% 

24 B 28 27% 28 

06B 5 3826 26% X% 25% -ft 

050 15 X 2B27% 78 4% 

052 15 100 25 24% 24% 4% 

260 29% 28% 38% 

16 319 14% 13% 14% 

70 6030 19% 1B% 18% 
ItaKfllCo 030 22 38 8% 7% 8 

MmSiaMI <052 16 357 30% 29% Zft% 

Mdex 004 156 39% 3B% 38% 

Mdsrkc O04 26 504 42 41% 41% 

004152 5B6 9% 8% 9% 

036 IB -100 25%d2S% 25% 

056 9 23 71%d20% 20% 

121138 29% 28% X% 

4 175 10 9% 9% 


WMeTd 


MTSSys 


Mtasgen 


NACRB 

UtaxhfiKh 

NaQanpt 

MtsSuix 

Nritoto 

•K 


-ri 

+% 

+% 


fetofcGan 

NUvriS 
ltaini9en 
NawEtts 
Nrartmage 
MmtgalM 
NewplCp 
totoDri 
itadson 
Ndstnn 
Ihntanl 
W Star Lin 
ttortfnltt 
Air 
Novel 
Novato 

tec a 

NSC Cap 


OOnrieys 
Octal Oom 
OdetoA 
OflshmM) 
OjWiayN 
OHoCa 
OH Kent* 
OtttMB 

Qntanaxv 
One Price 
OracfeS 

OrbScnce 

OrtxXedi 

ChdxSupp 

OragaMH 

Oshap 

OshfeBAx 

OsMfldiT 

Omrredx 


- N - 

016 13 550 25*4 
072 10 56 16*2 
036122 551 ul 5ft 
020 18 ITS 14 
6JB 5 9 15% 

043231 67 60% 

X 5B6 33% 
27 1160 21% 
83 1783 7% 
81066 6% 
060 14 148 18% 
34 579 6% 

22 1414 30% 

004 21 92 7% 

34 2041 
064 24 84 

0.40 18 3271 
13 7 

3 V 
IM 10 620 33% 
8 818 18% 
2687B4B 20% 

23 2964 55 

IT 74 6*0 
11 62 2% 


-o 


6% 

58 

47 

19*2 

5% 


24% 24% 
16 16 
14% 14% 
13% 14 

14% 14% 
59% 80*4 
33% 33% 
2>% CT% 
7ft 7% 
5% 6 

18% 18*2 
5% 6*8 
29% 30 

«% BS 
6% 6% 
56% 58% 
45% 45% 
19*2 18*z 
5% 5% 
<C3 3Jft 
18% 18% 
19% 20% 
52% 52% 
05% 5% 
2% 2% 


4% 

-% 

-% 

-% 
-% 
-% 
1% 
+ % 

•% 

+*X 


*% 

% 

% 

-ft 

-% 

+ft 

-1 


031 12 02 6% 0% 6% 
13 18 2% 2% 2*4 
020450 919 13% 13% 13% 
050 8 93 11% 11% 11% 


1.72 14 6 31% 30% 31% 4% 


Pactarx 

PacOtxXop 

Platan* 

PaoflCie 

Paramece 

teydw 

Payeo Am 

fleerfees 

PwmTity 

rtmVUpx 

Pertar 

Perils* ) 

itenvoetL 

Pareto H 


Hrarmacy 

PMcmTch 

PkxadH 

PkkaotB 

Ptotadrii 

FlonaGp 

PtaneMH 

fimaerSt 

fieri* 

Puwd 

Pres Ufa 

PIBSStSh 

PUCoat 

PritoPH 


Prod Ops 
PirtanB 
Pyramid 
Onkring 


-P-O- 

1D0 8 1069 42 40f| 

062 52 121 11% 11 

1J2 14 179030% 29% 
22 409 89% 88% 
305623 35% 35 

036 37 482 38% 38 

18 42 B% 7% 
OSD 8 109 13% 11% 
7 13 15*2 15% 

IfO 21 104 33% 33 

072 IB 192 41ft 40% 
11 91 4% 04% 

020 S 17 23 32 

040 7 2469 13 11% 

1.12 IS zlOO 26%tC6% 
29 564 16 17 

5 582 7% 6% 
048 13 14 8% d8 
85 TIC 20% 20% 
41 GO 18% 17% 
040 19 83 49% 49 

066 133856 34% 33% 
OT2 12 133 18% 18% 
45 7% 07% 
35 228 5 5% 

009 3 580 5% 04% 
IBB 540 39*2 38 

283629 15 14% 

IS 671 5% 5 

22 356 27% 2fl% 
024 19 155 23% 022% 
012 12 1609 24% 22 
61507 10% 9% 
10 2 6*2 6 % 


41ft -a 
11% -% 
29% -% 
66*2 -% 
35% -% 
38% 

7% % 
11% -1 
15*2 

33% -I 
40% -% 
4% 

22 

11 % - 1 % 

26*4 

17% 

6% -% 


8 

20% 


•% 

J 4 


17% % 

48% -% 
33*2 +% 
16% +% 
fh 4% 
5% 4ft 
5 -% 
39*2 +% 
14% -% 
5ft -18 
27% 

22 % - 1 % 
22 % - 1 % 
10 

6*2 *% 


t Dt>. E MOk Md> *rt« lan OH0 

OtokriOan OQ 84 18 18% 18*2 18*2 

Qua! Food 020 16 338 22% 21% 22 +% 


Quantum 

ttldsdv 

OUChc 


Ranbon 

Myn 

Rastorope 
Raymond 
Recotan 
RdJe A 
Rapnpan 


412383 15% 15% 15% 

18 418 17ft 18% 18% -% 

431791 43% 42% 42% -% 


Rautem 

Rewntac 

ttverFsf 

Ruado5 

AbNpl 

RocMaBk 

Hocseuex 

Raeasn 

RriadiMo) 

Itaae 

RPMhe. 

RSfin 

RyanFirfy 


- R - 

15 439 15% 14% 
2 531 3% 3% 
1 491 3% 2% 
15 214 19% 19ft 

18 148 19*4 18*2 

21 TO! 23% 23 

I 1113 3% 2% 
7 23 4 3% 

19 437 13% 12% 
037 32 1717 45% 45% 

9 38 6% 5% 
000 10 9* 33(03% 

1.40 303488 52 51% 

012 14 35 U8% 8% 

040 S 260 17% 16% 
044 17 1348 14% 14% 
020 10 B2S 13% 13% 
26 1963u-7% 25% 
068 85 181 18 17% 

056 IS 1531 >S% 18% 
060 12 30 22% 22% 
12 2092 7% 6% 


14% -% 
3% •% 
3% +% 
19% +% 
19 +% 

a -% 

3% 4% 
3% 

13% 4% 
45% -% 
5% 

33 -% 
51% +% 
8% +% 
16% -% 
Mft +1S 
13% ft 
26% +% 
17% 

*8% -% 
22% -% 
5% 


- s - 

156 8 1295 48% 48% 48% -ft 

a ttdriSH 030 12 36 >9% 79 IB -% 

ScHmbgiA 030 22 822 78 28% 28% -1% 

Sd Med L 204 5631 50% 49% 49% -1% 

SQSysnn 16 442 18% 17% 17% -*4 

SCUX 0 792 6% 6% 6% 

SOtexCpt 0S 12 444 19% 19 IB -% 

Seva Bid 6 296 4% 4% 4% 

1.20158 2 33% 33% 33*2 J 2 

S-gate 86338 25% 24% ?4% -% 

S8Cp 016 20 100 19% 18% 19 +% 

SettebB 036 0 18 3 2% 2% -% 

Sriedlns 1.12 8 5 24*2 23% 23% -% 

Sequent 120 1896 10% 10 10% -ft 

Sequin 5 479 4ft 3% 3% ft 

SenrTadt 10 14 8% 6% 8*2 

SenFrad IB 3 4% 4% 4% 

Swenson* 022 13 >0 10 16 18 ft 

StuMed 084 20 1639 30 % 29% 29% -% 

SKSyrim 203107 4{i <M% 4ft ft 

SrixaMod 241502 18% 17% 17% •% 

SfuvACP 18 18S 7% 7% r% 

Sera On 252291 29% 27% 28 -% 

SvmTue 3 41 2% 02% 3% 

SgmAl 038 152162 35 341; 34% -% 

SUmaDes MZ702 7% 6% 7% +1% 

SilcnVBc 006 18 45 12% 11% 11% 

SnxIVGp 382260 20% 19% 20% +% 
Sknpson 040 15 203 11% 11% 11% 

SDUIAJ 21 1104 29 28 28% -% 

Snappkfiv XX75 13% 13% 13% ft 

SoflwaeP 13 548 5% 5% 5% -% 

Sonocox 058 18 1158 22% 22% 22% 
Sound* 008 82143 17%d17% 17% +% 
SptegdA 020 19 8854 14 013 13ft -% 

StJudaMd 040 171806 40 38% 38% -1% 

StPauOc 030 9 653 17% 17 17 -% 

Stoytt 1 845 1ft 1ft 1ft 

Septa 385779 22% ?1% 21% -% 
Stale Sv 060 11 9000 31%iQ0% 30% -% 
Set Mod 13 1351 23% 23% 23% -*4 
SHRBgdx 06B 10 82 17016% 17 4% 

Steel Tec* 008 13 596 12% 11% 11% -42 
StadyUSA 020 11 3396 9% 9 9% ft 

Hriffl 43 117 20% 10% >9% ft 

StrarixO 1.10 10 9 22% 22 22 

SHudDy 122681 6% 5% 5% 
Stryker 03 a 2372 37% 36% 36% 
SdfcanD 16 SO 13% 12% 12% 
SuritotnoB ODD 14 X 23% 23*2 23% 
Samoa He MUM 27 684 19% 19% 19% 


SuntriTe 73 1064 31% 30 30 

SmttXH 12 2 4% 4% 4% 

Sudfic 141832B 34% 33% 33% 

swtain 73 509 22 20% 20% 

Sybase toe 3618013 45% 44 44% 

Symamec 1101357 ifl 16% 18% 

SynMoy DAO 15 73 18% 17% 18% 

Sfftvaxn 17 877 5 4% 5 

Synvgen 216173 ft 9 ft 05 

Sywnc 112 82 16% 15% 15% 
SyrimSaft 012 192117 14 13% 13% 

System&co 23 2407 20ft 20% 20% 

Systemaa 45 641 6% B% 8% 


-% 

-*2 

-% 

-1 

-% 

-*2 

4% 

4% 

•1ft 

4% 

ft 


-% 

ft. 

-% 

-% 


- T - 

T-CdISc 4 879 2% 2% 

TjamPr 052 353002 32% 30% 
TBCCp 14 287 9% 9% 

TEAM* 044 25 165 23 22% 

TediOUB 172154 17% 18% 
Teaxnsdi 080 8 06 44% 42% 

Tatelec 16 266 25% 34% 

TatoSfS 3613601118% 17% 
TdOtiA 57616797 24% 23% 
Tewat 260 914 5% 4% 

TaMs 332544 48% *6% 

Teton ft) CUH 601117 12% 11% 
TdraTet 35 Bl 8% 8% 

TevaRVU)RdI21 192311 25% 24% 
new Cam 0722465 1M8 43% 
78 15 388 8% 5% 

TJH 022 171110 16% d15 
Trias Mad 52576 6% 6% 
Tokyo Mx 034 35 63 58% 57% 

lomBrrmn 368 185 11% dlf 

TnppsCc 028 11 541 5% 5% 

TPI En» 2 740 4% 4% 

TnnaHhtd 14 213 11% 10% 

liomrick ISO 12 IS 37*4 88% 

Tricare 16 43 2% 2 

TrknUe 321570 14% 13% 

TruGtcnBkC 1.10 13 78 20% 19% 
Tseng Lao 020 14 1250 7% 7% 
TVaFriA 008176 B85 23% 23 


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9% -% 
22% 

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21%d20% 
24% 24% 
42% 42 

3% 3% 

27 28 

30% 29% 
12 % 11 % 
14% 14% 
4% 3% 
43% 42 

30% 29% 
16% 16 
21 % 20 % 
3U 3ft 
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45 170 
G 3409 
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15 78 
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201883 
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XomeCnp 24530 3% 3 3ft 

W D94175 1440 19% 19% 19% 4% 

VrikRsdi 115 174 4% 4% 4% 4% 

ZlondJtoh 121 8 37 37 U3G 37 +% 


icrtrwFi 


rA -a** 1 








WORLD STOCK MARKETS 


FINANCIAL TIMES 


Tuesday November 22 1994 


i 



«£ 


' .4, 


AMERICA 


EUROPE 


Dow unable to 
make progress 
at midsession 


UBS pressured ahead of shareholders 


Wall Street 


US share prices were mixed 
yesterday as the market con- 
tinued to he unsure about the 
extent of inflationary pressures 
and the possibility of another 
interest rate increase by the 
Federal Reserve, unites Lisa 
Bransten in New York. 

By 1 pm the Dow Jones 
Industrial Average was flat at 
3,815.26. The more broadly 
traded Standard & Poor's 500 
was up 0.15 at 461.61, while the 
American Stock Exchange 
composite lost 0.73 at 443.31. 
The Nasdaq composite was up 
1.00 at 765.67. Trading volume 
on the NYSE was 164m shares. 

The market made early gains 
on the heels of a slightly stron- 
ger dollar as investors looked 
for any economic data that 
might affect the markets. Little 
important data is expected this 
week, which will be cut short 
by Thursday's Thanksgiving 
holiday. The market will be 
open only until 1 pm on Friday, 
which is traditionally one of 
the slowest days of the year. 

Also bolding prices down 
was continued uncertainty 
about economic conditions. In 
spite of the Federal Reserve's 
large r-than-expected increase 
in the interest rate last week, 
most economists believe the 
Fed will boost rates again later 
this year or early in 1995. Such 
a move would be expected to 
hurt share prices by making 
borrowing more expensive and 
ultimately putting pressure on 
corporate earnings. 

Shares of several major cycli- 
cal companies showed declines 
yesterday morning. Caterpillar 
fell SV. at 555V., DuPont lost S'* 


at $55 and Dow Chemical was 
off $'.4 at $65%. 

Conseco, the insurer, gained 
S3 Vi at $40% after a proposed 
merger with Kemper fell apart. 
Kemper, which said it was still 
for sale, fell $6 at $42%. 

Chiron, the biotech com- 
pany, gained $3 at $80% on 
news that it had signed an 
agreement to form a partner- 
ship with Ciba, the Swiss phar- 
maceutical company. Under 
the proposed alliance, Ciba- 
Geigy would pay an unexpect- 
edly-high $117 per share for 
just over 37 per cent 

Major high-tech companies 
gained yesterday morning: IBM 
up $% at $73%. Digital Equip- 
ment $1% at $36%. Compaq 
Computer $% at $40, Texas 
Instruments $% at $79%, Uni- 
sys $% at $10% and Microsoft, 
which trades on the Nasdaq. 
S% at $64%. Hewlett-Packard 
lost $% at $99% and Apple 
Computer shed S 1 /: at $39%. 


The Continent was steady 
yesterday. 

ZURICH looked to the firm 
dollar to provide some support 
for industrials, but UBS and 
Ciba shares found themselves 
under pressure. The SMI index 
picked up just 0.5 to 2,607.0. 

UBS bearers fell SFrl5 to 
SFrl.185 and the registered 
were SFrl lower at SFr279 as 
the market braced itself for 
today's crunch extraordinary 
shareholders meeting on the 
bank's plan for a unified share 
structure. The premium on the 
registered stock has slipped to 
17.7 per cent, from the 34.4 per 
cent seen on September 29, 
when battle lines were drawn 
with Mr Martin Ebner's BK 
Vision. 

Ciba registered weakened 
SFrl3 to SFr757 following the 
news that it was lifting to 49.9 
per cent its stake in Chiron, 
the US biotechnology com- 
pany, amid uncertainty about 
the longer term benefits of the 
deal for Ciba. 

Renewed profit-taking left 
Swiss Re SFr9 lower at SFr788. 
but Roche certificates picked 
up SFr35 to SFrS.900. 

PARIS confirmed the pattern 
of dull trading, with the CAC 


40 index struggling to make a 
rise on the day of 1.33 to 
1,927.83. Turnover was around 
FFr3bn. 

Renault remained at the fore- 
front of activity following its 
debut on the bourse last week, 
with more than 2m shares 
changing hands, but the stock 
closed unchanged at FFr181. 
Peugeot remained under pres- 
sure. lasing FFr16 at FFr785. 

LVMH was one of the stron- 
gest of the day's offerings, up 
FFrll to FFr847. following the 
announcement at the end of 
last week that it was reduc- 
ing its stake in Guinness, 
of the UK. 

General* des Eaux receded 
FFr4.40 to FFr496.60 after 
slightly disappointing nine- 
month figur es. 

FRANKFURT failed to make 
much headway as the market 
awaited domestic M3 data 
sometime this week and a 
meeting of the Bundesbank on 
Thursday. In addition, the clo- 
sure of both the Japanese and 
US markets, on Wednesday 
and Thursday respectively, is 
viewed as a disincentive. 

The Dax index rose 5.05 in 
official hours to 2.105.28, 
but then crawled backwards in 


^'JFTfSE''At:t!u'aries : Sfc’are Indices 


Booty dungs. 


THE EUROPEAN SERES 
1100 1400 15L0Q One 


FT-SE EunXra* 100 13S1.44 1351.73 1351.46 135148 135148 135048 135141 1351.17 

FT-SE Eutnadi Z00 141145 1411.75 1412.40 1411.78 I4U.7B 1411.24 141204 141142 


FT-SE Eunfira* 100 
FT-SE Euittacft 200 


Bn IOUD f&iwot Ktgutar 100 - 135£Zt MO ■ 141201 Loattzr. 100 ■ 135041 ZOO- H1BMTM4 


the post-bourse to 2,097-20. 

The chemicals sector 
attracted Interest ahead of 
interim results due to be 
announced later in the week, 
BASF, wisth figures due on 
Thursday, put on DML20 at 
DM313.80, Hoechst struggled to 
a 10-pfennig gain at DM324.10, 
and Bayer went in the opposite 
direction. losing DM1.60 at 
DM342.00. 

VW was among the strongest 
stocks, up DM6.70 at DM46730, 
helped by dollar strength and 
in spite of criticisms levelled 
against the management style 
of Mr Ferdinand Piech, the 
chairman. 

Elsewhere in the sector, per- 
formance was miserable: BMW 
shed DM3.50 to DM783.00 and 
Porsche DM4 to DM695. 

MILAN remained driven by 


politics and budgetary con- 
cerns. The slump in the popu- 
larity of Mr Silvio Berlusconi's 
Forza Italia party in the week- 
end's regional elections was 
viewed as positive, since it 
reduced the chances of a snap 
general election. 

However, the successful pas- 
sage of the 1995 budget 
through the lower house of 
parliament during thg day only 
drew attention to the pitfalls it 
faces in the Senate, where the 
coalition government has no 
overall majority and will have 
to rely on the support of oppo- 
sition parties. 

The Co mil index picked up 
5.05 to 648.64, but some late 
weakness was reflected in the 
real-time Mibtel index, which 
finished 38 ahead at 10,374. off 
a day's high of 10,401. 


Montedison fell L23 to 1 *1 )1 97 
in heavy turnover, driven by 
speculation, about .further 
restructuring. 

Credito Italiano picked up. 
L18 to LL7I5 as its L2,OOObn 
bid for control. of Credito Rom- 
agnolo remained in play. Razn- 
agnolo ended usfl down at 
L16.867, but off a low. of 
U6.700. Ras, whose 14300 capi- 
tal increase is under way, saw 
its stock recoup L124 at L1 5 .1 2 2 
after last week’s sharp losses. 

AMSTERDAM gained ground 
on general strength through- 
out the Continent, but enthusi- 
asm was limited. The AEX- 
index rose L34 to 4U-19, hav- . 
ing traded in a narrow range 
throughout the session. 

EVC International, a PVC 
Joint venture between ICI, of 
the UK, and Bntahem. of Italy, 
muted the gftssiftn at FI 78.10, 
against a flotation price of 
FI 77.00, in reasonable volume 
of an estimated 125,000 shares. 

ING added FI LOO at FI 7920 
ahead of nine-month results 
due out later this week. 

STOCKHOLM was higher on 
stable debt yields, a stranger 
dollar and the remnants of the 
positive momentum estab- 
lished last week by the “yes” 


vote in the ku referendum. 

. The AfF&rsvarlden general 
yifl«r rose 13J> to IjEXLQ. ' 

The index for the building 
and property-sector ju mped aa 
per cent an hopes of a surge in 
new contraction projects, 
gfcg 'psica B ' climbed SKr7 . to 
SKR17&50, while NCC B rose 
SKi4 to 8Kr74J50. ■ 

The forestry . index ehmbed 
2 X per cent as SCA B gained 
SKrt at SKrtlB, while Mode B 
climbed SKr9 to S&^43: 

Volvo B rose SKriL50 to 
SKri.47.5Q as foe company said 
It planned to raise' research 
and development spending to 
about SKrSbn. 

WARSAW tumbled 19. per 
cent on a lack of , confidence 
that the market was bottoming 
out of its recent drop- The Wig, 
index lost 348.3 at 7,1906-as 
traders wanned that t he m ar- 
ke t wasHkely.toohatinueto 
slide towards support at 6.71& 

■ Some dealers; however, took 
heart that turnover feU by 31 
per cart to 338bn zlotys, indic- 
ating investors* reluctance to 
sell at currently depressed 
prices. 


-f 


Written and odttad by John «tt 
and Michael Morgan 


Canada 


ASIA PACIFIC 


Toronto stocks were lower in 
dull midday trading with deal- 
ers expecting a weak close due 
to sharp losses in precious met- 
als. 

The gold sector was off 153.44 
at 9.179.89. extending earlier 
losses on lower bullion prices. 

The TSE 300 index was off 
9.86 at 4.104.67 in volume of 
198m shares. Declining stocks 
outpaced advancing issues 348 
to 1991, with 277 unchanged. 

Placer Dome was the most 
active gold issue, down CSV: to 
CS26 7 /. on 305835 shares. 

Potash Corp of Saskatch- 
ewan was the top gainer, up 
CS2% at C$46 after announcing 
a potash sale to China. 


Further drop in Sony depresses investor confidence 


Tokyo 


Golds lead S Africa lower 


Gold and other mining shares 
in Johannesburg reacted to a 
decline in the price of bullion, 
with volume light, but late 
demand lifted prices off their 
lows, Reuter reports. 

Industrials finished steady 
as the sector shrugged off 
lower world markets and a 
number of dividend payments 
from major companies. 

Traders said the undertone 
in industrials was firm and 
prospects in coming weeks 
remained steady, largely 
because of seasonal interest 


in December. They added that 
the industrial market was 
likely to move higher in the 
short term as institutions 
stocked up ahead of the Christ- 
mas break and amid foreign 
interest 

The overall index ended 22.4 
down at 5,901.8, industrials 
slipped just 48 to 6,942.9 and 
the gold shares index dropped 
34.6 to 2,104.2. 

Banking stocks were firm 
again amid a lack of scrip and 
following recent good results 
and bullish prospects. 


MARKETS IN PERSPECTIVE 


i hi local cmancy 1 


% d m hi p % dung* 
■tarMot tnOSS t 


1 WMk 4 WMi 


Start o< DM at 


Austria .... 

Belgium 

Denmark 

Finland 

France 

Germany 

Ireland 

tely 

Netherlands .. 
Norway ... — „ 

Span 

Sweden 

Switzerland .. 

UK 

EUROPE 


Australia — 
Hong Kong . 
Japan 


Now Zealand 
Singapore 


-10.66 -5.89 -0.19 

-22.19 -26.67 -22^3 

+5.25 +12.42 +19.23 

-1628 -17.12 -12.10 

-0.62 +4.51 +10.64 

-2.32 +0.86 +697 


Canada 

USA 

Mexico 


-422 +0.13 

-088 +0.00 
-11.64 +1024 


-1.65 -10.16 -4.72 

-0.62 -680 -0.62 

-7.75 -21.74 -17.00 


South Africa .... 


+2-57 +42.62 +21 .39 +19.11 +2633 


WORLD N3EX 


-1-531 4-144 


t BBMd on Nowmbir ■ 

Co. and NoWtot Secul 


CopyrtgW. The Financial Tknei Lfrdgd. Sokbnn. Sacta a 


A further decline in Sony, the 
consumer electronics maker, 
depressed investor confidence, 
and the Nikkei 225 average lost 
ground on small-lot selling, 
writes Emiko Terazono in 
Tokyo. 

The index ended 180.84 down 
at the day's low of 19.121.72. It 
rose just after the opening to 
the session's peak of 19.315.16. 
but profit- taking by institu- 
tional and overseas investors 
later hit share prices. 

Volume was 177.6m shares, 
the lowest since November 7. 
Traders said investors grew 
increasingly pessimistic as the 
Nikkei approached 19,111.92, 
the closing price for March 31 
which has become a psycholog- 
ical support level. 

Investors are also wary of 
interim earnings announce- 
ments by commercial banks 
this Thursday. “Investors fear 
that share prices will repeat 
last year's plunge following 
banks' profit reports, and are 
looking to cash their stocks," 
said Mr Yasuo Ueki at Nikko 
Securities. 

The Topix index of all first 
section stocks fell 11.09 to 
L51288, while the Nikkei 300 
lost 2.08 at 277.65. Declines 
overwhelmed advances by 726 
to 234, with 205 issues 
unchanged. But in London the 
ISE/Nikkei 50 index edged up 
0.71 to 1,23834. 

Sony, which dropped 53 per 
cent on Friday following 
reports of its writeoff of losses 
stemming from its entertain- 
ment business, shed a further 
Y250 or 4.6 per cent to Y5.230. 
Other consumer electronics 
companies were also lower. 
Sharp weakening Y40 to YL740 
and Matsushita Electric Indus- 
trial, which owns MCA, the US 
movie studio, Y10 to Y1.530. 

Bargain hunting supported 
Mitsubishi Estate, the 80 per 
cent stakeholder of the US 
Rockefeller Group. The com- 
pany, which met profit-taking 
last week due to reports that 
Rockefeller Center may default 
on its mortgage payments, ral- 
lied Y20 to Yl.070 on buy- 
backs. 

Sumitomo Metal Mining, 
supported by strong metal 
prices last week, dipped Y20 to 
Y917 on profit-taking. Steel 
issues were easier. 

Some brokers were lower on 


Share price (yen) 
6,000 



November 1994 
Souce: FT Graphite 


earnings fears due to the stag- 
nant trading volumes. Yam- 
aichi Securities retreated Y14 
to Y696 and Daiwa Securities 
fell Y30 to Y1340. but Nomura 
held at Y1.930. 

In Osaka, the OSE average 
slipped 123.92 to 21332.04 in 
volume of 32.4m shares. 


eased 3.50 to 1.04588 in volume 
that shr ank to 73m shares from 
Friday's 105 m. 

Selling was mostly in second- 
line stocks, led by Granite 
Industries, which fell 30 cents 
to MS6.45. YTL Corp bucked 
the trend, rising 70 cents to 
MS17J20 on rumours of a bonus 
issue. 

Malaysian Assurance 
climbed 30 cents to M3&30 in 
volume of 3.9m shares amid 
analysts' rerating of the insur- 
ance sector. 

SYDNEY declined as equities 
took a lead from the fall on 
Wall Street at the end of last 
week, as well as the firmer 
Australian dollar. The All 
Ordinaries index slid 12.5 to 
1,909.5, its lowest level since 
September 16. 1993. Volume 
amounted to 132.8m shares 
worth AS300m. 

The Australian dollar closed 
at a 2%-year high, with deal- 
ers expecting it to break 76 
US cents overnight for the 


first time since June 1992. 

' Analysts commented that 
the rising Australian dollar 
was not good for the stock 
market, especially resource 
shares. BHP receded 8 cents to 
AS18.92, CRA 22 cents to 
AS17.18 and WestemMming 11 
cents to AS785. 

In the media sector, which 
closed 2.1 per cent down over- 
all, News Corp fell 14 cents to 
A55.30 and John Fairfax 7 
cents to AS2.7L 

Among banks. National Aus- 
tralia declined 8 cents to 
A$1(L50 and Commonwealth 9 
rente to AS7.25. 

TAIPEI was driven down by 
selling in the last few minutes 
of trading and the weighted 
index lost 45.06 at 6,404.62. 
Turnover was a thin T^lAbn. 

Buying was seen in industri- 
als such as textiles, foods and 
plastic shares, but late profit- 
taking left textiles as the only 
gainers. Buying in textiles was 
triggered by expectations of an 


industry recovery, with the 
most active Issue Shinkong 
Synthetic Fibres, up 30 cents to 
1330.50, followed by Hualon, 
which rose 80 cents to TS20.90. 

Hopes of an announcement 
by China Steel that It planned 
to raise steel product prices for 
1995 boosted minor buying in 
steel stocks, but they soon fell 
hack as the impact was dis- 
counted. 

BANGKOK tell as market 
sentiment remained depressed, 
but scattered buying by 
mutual funds and possibly 
some foreign Investors left the 
index above the day’s low.. 

The SET index lost 16.90 or 
L2 per cent at 1,440.59, with 
just Bt4bn worth of shares 
traded. The finance sector was 
the worst hit and also the most 
actively traded, falling 2J. per 
cent on turnover of Bt587.8m. 

New listing Thai Rung Union 
finished at BU14, against an 
JPO price of BCIQ2, and was the 
most active stock. 


TelecomAsia was actively 
traded ahead of the December 
subscription for 25m shares 
reserved for Telephone Organi- 
sation of Thailand employees 
from TA’s initial public offer- 
ing one year ago. The shares 
are not expected to trade until 
after January. TA was 
unchanged at Bt83. 

SEOUL edged lower after a 
consolidation among the blue 
chips took its toll, although 
domestic, consumption-related 
shares gained broadly. The 
composite index lost 0.50 at 
1,117.08, off a day’s high of 
1426.26. 

WELLINGTON was pres- 
sured by a number erf heavy- 
weight" stocks going ex- 
dividend. The NZSE-40 capital 
index fefi 2L64 to 2A3L22. 

Lion Nathan continued its 
downward drift losing 10 cents 
at NZ$2410, a low for the year. 
Fort of Tauranga gained 6 
cents at NZ$L22 after reporting 
better than expected earnings. 


Roundup 


Turnover was generally low 
among the region's markets, 
with a number still worried 
about the effect of higher 
interest rates on equity per- 
formance. 

HONG KONG fell 1.3 per 
cent amid worries about the 
impact of rising US and local 
interest rates on property 
prices. The Hang Seng index 
lost 124J20 at 9.303J24, erasing 
last week's 59.59 gain, while 
the property sub-index sank 
343.52 or 2.0 per cent to 
16J>18£0. 

Among property issues, Sun 
Hung Kai Properties declined 
HKJ1.75 to HE354.75, Cheung 
Kong 80 cents to HK$36 and 
Henderson Land HKS1.30 to 
HKS48.60. 

Turnover totalled a prelimi- 
nary HK$2.4bn, down from 
HK$3.6bn on Friday. 

SINGAPORE retreated 1.4 
per cent, led by selling of some 
index stocks in a market wor- 
ried about the possibility of 
higher interest rates. The 
Straits Times Industrial index 
tell 32.68 to 2,321.99 and the 
UOB OTC index, tracking 
Malaysian stocks, shed 955 to 

1.17L80. 

KUALA LtJMPUR drifted to a 
lower close in idle trade as 
investors adopted a wait-and- 
see attitude amid lack of fresh , 
leads. The composite index 


Eurohedge 


LIFFE’s Three Month 
ECU Futures Contract. 


The greater your ECU interest rate exposure, the more you 
should know about this important risk management tool. 


UFFE has now introduced two additional delivery months in 
response to member and market demand, bringing the total 
number of delivery months to six. This has been made 
possible by the renewal of the designated market maker 


scheme. 


FT -ACTUARIES WORLD INDICES 


Jointly compiled by The Financial Thw Ltd. Goldman. Sachs & Oa. and NatWest Secuttee Lid. In confurction with tho hstttuta at Actuates and the Faculty of Actuates 
NATIONAL AND 

HBOK3NAL MARKETS FRIDAY NOVEMBER 18 1984 THURSDAY NOVEMBER 17 ISM — DOLLAR nner*. 


RBQIOtlAL MARKETS 
Figures In p a rentheses 
show number of fries 
of stock 


Australia (B£f). 

Austna{16t- 

Belgium (35) 

Brad (28). 

Canada (103)... 

Danmatk (33) 

Finland (2d) 

France (102) 

Germany (58) 

Hong Kong (58) 

Ireland (14) 


Japan (468) 

Malaysia (97) 

Mexico (IQ 

Nethertend (19) 

New Zealand (14) 

Norway (23) 

Sngapore 

South Africa (59) 

Spain (38) 

Sweden (30) 

Switzerland (47) 

Thailand (46) 

United Kingdom (20d)._ 
USA (515) 


168.56 

177.33 

186/43 

179.18 

129.36 

—.250.04 

191.48 

167.26 

14258 

380.55 

202.79 

TTM 

155.15 

519.97 

1981.70 

212.38 

75.27 

188.58 

393.18 

337.49 

141.68 

241.88 

162-67 

171.62 

199.73 

18873 


Americas (664) 

Europe (708) 

Nordic (116) 

Pacific Basin (783) 

Eunj-Padfle (1501) 

North America (618) 

Europe Ex. UK (504). — 
Padflc Ex. Japan (325)- 

Wbrtd Ex US (1709) 

World Ex. UK (2020) 
Watt Ex. Japan 1 1756) „. 


17629 

17125 

228.77 

104.82 

167.35 

185.05 

152.53 

256.10 

169.15 

172.19 

18883 


The World Index (2224). 


Day's 

Pound 



Local 

Local 

Grass 

Chong* 

Staring 

Yen 

DM 

Cunency 

9C chg 

Mr. 

% 

Index 

Index 

Index 

Index 

on day 

Yield 

oa 

157.37 

103.73 

13436 

146.08 

0.1 

350 

-as 

167.55 

11044 

143-26 

143J2 

61 

1.14 

-as 

167.26 

ioa.es 

13445 

131.16 

61 

4.21 

-3-1 

16030 

111^9 

144.75 

275.73 

-2.7 

675 

-0.7 

12225 

0056 

104.53 

126J04 

-0^ 

X67 

-0.3 

23025 

155.72 

201 39 

20669 

0.1 

144 

-1.0 

18092 

119^5 

154.89 

191.02 

-OB 

674 

-ar 

166.04 

104.17 

135l12 

140-03 

-OJ 

3-06 

-as 

134.72 

8000 

115.18 

115.18 

-61 

120 

-1 J0 

35957 

237.01 

307.44 

377.74 

-1JJ 

3.17 

-02 

181.60 

128£9 

163^2 

184.78 

-68 

348 

1.5 

73.59 

48J1 

to to 

8287 

1.8 

1.70 

-0-7 

14050 

6062 

126JS4 

96.62 

-63 

680 

-0.4 

49140 

323.64 

420417 

613A8 

-63 

123 

-1.4 

1672^1 

1234.18 

V3QOX 

746607 

-14 

127 

-09 

20a67 

13227 

17158 

16679 

-OA 

342 

oj 

71.12 

48-88 

6081 

64.00 

02 

423 

0.0 

185.73 

12242 

15280 

181S1 

02 

122 

-0.9 

371/18 

244.66 

317.63 

26619 

-1.1 

129 

04 

318.87 

210.18' 

27284 

304.06 

-64 

X12 

ai 

133.77 

88.18 

114J8 

13678 

65 

4,22 

0.5 

228^5 

150J04 

18541 

262£0 

63 

122 

-as 

153.70 

101 J1 

131.41 

132-67 

02 

123 

-1J 

162.15 

106-88 

13264 

16658 

-12 

229 

-0.2 

-0.4 

108.71 

17032 

124-39 

117.54 

181^5 

15246 

18671 

18673 

0.1 

-64 

427 

290 

-as 

16057 

108.79 

14242 

14664 

-05 

ana 

-03 

161 JO 

10072 

13643 

152.45 

61 

327 

0.0 

217.10 

143.10 

18662 

214A2 

0.1 

128 

-07 

15555 

10253 

13600 

107.16 

-64 

1.14 

-051 

158.12 

10432 

13619 

12601 

-02 

1.98 

-OJ 

174JM 

11535 

14949 

184*7 

-04 

X89 

-0.4 

144.12 

94.90 

12322 

13125 

61 

247 

-03 

241J8 

169.50 

20690 

22606 

-66 

228 

-05 

15082 

105-35 

13&K 

12666 

-02 

128 

-05 

162.70 

107.24 

13611 

14104 

-63 

211 

-04 

17052 

11R35 

15053 

177.13 

-63 

221 

-415 

164 J9 

108.75 

141.07 

147.12 

-63 

220 


- DOLLAR INDEX - 


US 

Found 



Local 



Year 

□otar 

Starting 

Yen 

CM Currency 53 week 52 week 

ego 

(approx) 

Index 

Index 

Index 

Index 

Index 

Hvy, 

Low 

16429 

1SS28 

10X36 

13X78 

14521 

169.15 

149.36 

15X19 

177.92 

167.65 

110-38 

14X18 

143.08 

18X89 

167X6 

174.74 

18625 

15722 

10X57 

13426 

131.05 

177.04 

151.70 

153.75 

18422 

174.15 

114.72 

14682 

28327 

_ 

_ 


130.31 

12X71 

8024 

10427 

128.68 

14521 

12054 

133.67 

25028 

23627 

155.64 

20121 

206S4 

775-79 

23027 

23890 

19320 

18X22 

12004 

155.72 

19X75 

201X1 

11X85 

124.37 

16827 

15826 

104.45 

135-50 

14a a6 

18527 

15924 

16601 

14329 

13424 

6820 

11522 

11522 

150.40 

12X37 

13X69 

38424 

381.95 

23644 

300.32 

38123 

50650 

341.29 

379.10 

204.68 

18X75 

12828 

164.72 

18820 

21X60 

17X05 

175.37 

78.70 

7X23 

4729 

61.73 

90.97 

97.78 

5728 

6X48 

19827 

147.17 

9625 

125.77 

9695 

170.10 

12424 

14X33 

52128 

48146 

32676 

420.00 

515.43 

62123 

430.71 

46X59 

200677 

189X67 

124623 

1617X3 

7584.02 

2647.08 

169628 

1984.69 

214.31 

20122 

13225 

17X47 

16828 

223.30 

187.01 

190,40 

74.81 

71145 

4641 

0621 

63.86 

77.58 

6127 

64.83 

19625 

185.20 

122.00 

15628 

18688 

211 .74 

16522 

17902 

38670 

37329 

24611 

31027 

269.01 

40128 

294.66 

31X69 

338.14 

31626 

208.54 

27022 

305.27 

34X00 

20525 

227.63 

14129 

133.16 

07.72 

11679 

13618 

15679 

12688 

13668 

240.70 

22607 

14923 

193.71 

201.58 

24X68 

175.83 

19648 

164.19 

15423 

101.88 

13X14 

13X41 

17656 

14604 

14639 

174,68 

10421 

10637 

140.58 

10929 

_ 

_ 

_ 

20616 

18928 

10X40 

178-52 

124.18 

11720 

161.09 

15X56 

188X9 

18920 

21428 

19604 

101.11 

178.95 

187.04 
186 72 

17720 

16688 

10693 

14X61 

14727 




17129 

16127 

10664 

13633 

15223 

17658 

154.79 

15609 

22675 

21638 

14X53 

18420 

21687 

23321 

17X19 

187,16 

165.71 

15606 

10X81 

13326 

107.50 

17606 

134.79 

15604 

168.20 

16840 

104.35 

13526 

126.23 

17614 

143-88 

10X19 

18529 

175.06 

11522 

149.80 

18629 

10X73 

17667 

18630 

153.09 

144.17 

9428 

12X21 

131.18 

16612 

13684 

139X1 

25696 

241.69 

15842 

20680 

22724 

29621 

23X54 

239.10 

176% 

16ai4 

10520 

13685 

13695 

17688 

14658 

157X4 

173.11 

18322 

10729 

13021 

14X53 

17659 

15698 

184.92 

187.69 

17686 

11638 

15027 

177.84 

19620 

17634 

179-55 



The following major institutions will continue to ensure 
liquidity, upon request, in all delivery months of the three 
month ECU futures contract 


HSBC Futures, a division of Midland Bank pic 

(acting on behalf of Midland Global Markets, a division of Midland Bank pic) 

Istituto Bancario S. Paolo di Torino S.pJV. 


Kredietbank N.V. 


NatWest Futures Limited 

(acting on behalf of NatWest Markets Limited) 


UBS Futures & Options Limited 

(acting on behalf of Union Bank of Swteerland) 


For further information, please contact Angelo Pronj, 
Marco Bianchi at UFFE on 444 71 379 2467/2762. 


LlfK 






****** 






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175.49 165:26 108-87 141.23 147J7 18080 1S&85 16088 


Cannon Bridge, 
London EC43R3XX 
Tel: +44 71 623 0444 
Fax; +44 71 248 5864 


l^on international Financtel 
futures and Options Exchange 


h* *• • 


CcpyrchL TT» FtrwvaaJ Tknaa uitod. QoMmn Seda and Ca and NaWfest Sccurtdaa Lnrntad. 1067 

OnaKwd chanflo wlih effect 32mm (tone chwigtE Ftoyd Balgs 'A' ta Royd Bdge (V tf P R) PdgluiT^ Law* prfeM mm imwMda fcr«# acfrfcM. 


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