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Beriusconi to take 
k action against 
Milan magistrate 

The Italian government 
decided to press a formal 
complaint against Sav- 
erioBorrem (left). 
Milan's chief public pros- 
ecutor, over a newspaper 
interview on Wednesday 
that contained allega- 
tions about prime minis- 
ter Silvio Berlusconi and 
justice minister Alfredo 
BiondL The move is a 

victory for the “hawks" 

in the cabinet, who argue that the government 
must take tough action to curb the increasing polit- 
ical interference of the anti-corruption magistrates 
in Milan. Page 18 

AJBanz targets UK tor expansion: German 
insurance group Allianz Holding is looking for for- 
eign acquisitions and has a particular interest in 
the British life market chairman Henning Schulte- 
Noelle said. Page 19; Lex, Page 18 

ELF enlargement threatened: Plans to bring 
Austria, Sweden, Finland and Norway into the 
European Union in January could be dashed by 
arguments between member states which are delay- 
ing ratification of the expansion. Page 3 

Taylor Woodrow in US deal: British 
construction group Taylor Woodrow, in a joint ven- 
ture with US developer Kenco Communities, paid 
$2Qm for 683 acres of prime development in Florida. 
Page 24 

UK recovery may be slowing: Surprise fells in 
UK industrial production and manufacturing out- 
put in August appeared to confirm indications that 
economic growth may be slowing. Page 18 

Union Pacific bid could thwart merger: 

Plans to merge US railway companies Burlington 
Northern and Santa Fe Pacific were thrown into 
confusion by Union Pacific, which launched a hos- 
tile hid for Santa Fe. Page 19; Lex, Page 18 

Rover plans return to US m ar fcet: 

Rover-produced cars will return to the North Amer- 
ican market despite the sales failure of its Sterling- 
badged cars at the end of the 1980s. Berndt Pzschets- 
rieder, chairman of BMW, Rover's parent company, 
said. Page 19 , - 

Seven new lawyers at Eurocourb Seven 
lawyers were appointed unopposed as judges and 
advisers to the European Court of Justice in Lux- 
embourg in the single biggest turnover of pers«Jtm3l 
in the court's history. Page 18 

Tetra Pak loses appeal against Hike: 

Swedish packaging group Tetra Pak lost an appeal 
against an Ecu75m ($93m) fine levied by the Euro- 
pean Commission which claimed it tried to stifle 
competition between 1982 and 1986. Tetra Pak said 
it was almost certain to contest the decision in the 
European Court. Page 8 

Kmart expects toll In earnings: Shares in 
troubled US discount store group Kmart fell after 
the company warned that it expected to report a fell 
in earnings for its third quarter. Page 21 

Etam warns of weaker trend: Shares in 
fashion retailer Etam fell as the group almost dou- 
bled interim profits to £4.74m (S7.5m), but warned of 
a slightly weaker trend at the b eginning of the sec- 
ond halt Page 25 

Cardoso claims victory in Brazil: Social 
Fernando Henrique Cardoso claimed victory in Bra- 
zil's presidential elections over leftwinger Lmz Ina- 
cio Lida da Silva and promised to tackle the coun- 
try's huge social problems and seek a higher profile 
in International affairs. Page 7; Observer, Page 17 

Bonds load UK equities in rally: Firmer bond 
prices encouraged a rally in the UK stock market 
yesterday. The FT-SE 100 Share Index climbed 28-1 
to close at 2,984.4. London stocks. Page 27; World 
stocks. Page 38 

Microsoft links with Olivetti: Microsoft has 
chosen Olivetti, troubled I talian computer and 
office equipment manufacturer, as a service and 
support partner for desktop systems in Europe. 

Page 20 

AEG sees DM90m battery sales: AEG, 
Daimler-Benz’s lossmaking electrical and electron- 
ics subsidiary, expects annual sales of DM90m 
($58.4m) from a new high-energy battery when it 
starts full production in 1998. Page 20 

Union hi court battle over pensions: The 

GMB general union is pl anni ng to mount a legal 
challenge in the British High Court in an attempt to 
win pension rights for thousands of workers whose 
public sector jobs have been privatised. Page 10 


FINANCIAL TIMES 


■ STOCK MARKET INDICES 

FT-SE 100: Z98L4 (+28.1) 


Yield 424 

FT-SE Ewtrack 100 -.1,200*4 

FT-SE- A Aft-Sore 1,48909 

1 >165523 


Mttd 

New Yortc tarettmw 
Dow Jones W Ave — 3,78599 

S&P Composite 454JB 

■ us LUNC HTI ME HATES 
Federal Funds: 


(+496) 

(+ 0 . 6 %) 

(-96.32 

(-1.35) 

(+0.54) 




3-mo Treas B & YW _M72% 

Long Bowl ® 

Yield 7932 % 

■ LONDON MONEY 


3-mi Intertjai* — 

Ufte tong g# Wurc — Dec 99*6 (Doc 

■ NORTH sea O+LJArsu*) 


Brant 15-day (Nov) — 16-75 


■ Gold 


New York Comes (OeC) -3395.1 
London -S3® 5 - 8 


(395-2) 

(392.7) 


New York lunchtime: 

DU 1.54195 

FFr 5Z7I0 

Sft 1.278 

Y 99325 
London: 

DM 15444 05426) 

FFr 5L27B5 (S2717) 

SR 12306 (12785) 

Y 98J5 PB.47) 

$ Net 82 2 (62- 1) 

Tokyo dose Y995S 



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Ungarj R1ES 
Inland K>H5 
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Oman OR150 
Pakistan 

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Poland 2I3M0O 
Portugal InWl 

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Qatar OR13JQ 
SAsfta 9111 
StngapcraSSdJO 
Sorak RpKSLSO 
s. Africa Rizno 
Spain PW226 
Sweden SKilfi 
Swfir SRaSO 
Syria SESOOO 
Tunisia Dr.1-500 
Tatay L30000 
UAE DhliOO 


FRIDAY OCTOBER 7*1994 




Taiwan shares fall as stock market crisis spreads 


Ely Laura Tyson in Taipei and Guy de 
Jonqu&res in London 

A Taiwanese stock market controversy 
widened yesterday as executives of brok- 
ing houses were detained attempting to 
leave the island, payment defaults 
mounted and share prices fell shar ply 
for the second consecutive day. 

Brokers in Taipei said yesterday's 4L2 
per cent fell occurred when retail inves- 
tors learned underground financiers had 
abruptly withdrawn funds advanced to 
stock market speculators, triggering 
payment defaults. 

The Taiwan Securities and Fhcnhang p 
Commission said defaults so far 


involved 18 local brokerage houses and 
amounted to T$6-6bn ($252.4m), but that 
the final total could turn out to be 
higher. Mr Day Linin, ch ai rman of the 
commission, said the Taiwan Stock 
Exchange would use a T$9bn stabilisa- 
tion fund, established after a s imil ar 
occurrence two years ago, to cover share 
payment defaults. 

This is the second stock market inci- 
dent in two years linked to Mr Oung 
Ta-Ming, one of Taiwan's wealthiest 
businessmen, who effectively heads the 
Hualon group but occupies no formal 
position. In 1992 a Taiwan court sen- 
tenced Mr Oung to three- and -a -half 
years In prison for breach of trust. 


Criticism grows as Brussels 
prepares to approve aid 

Row set to 
erupt over 
$2bn boost 
for Bull 


though the conviction was later over- 
turned on appeal. 

Meanwhile, the British government 
yesterday launched an urgent inquiry 
into the effect on Hualon, which is due 
to receive £61m (S97m) of aid for a con- 
troversial textiles plant project in Bel- 
fast. 

The Taiwanese securities commission 
said T$2.7bn of the defaults involved 
securities companies linked to Hualon 
and it ordered Hung Fu Securities and 
Yung Feng Securities to suspend trad- 
ing. 

Northern Ireland's department of eco- 
nomic development said yesterday that 
it was seeking urgently to establish 


exactly what had happened in the share 

crisis. The inquiry is being handled by 
officials from the department and the 
industrial development board, which has 
an office in Taipei. 

Four close associates of Mr Oung were 
detained at Chians Kai-Shek Interna- 
tional airport early yesterday as they 
were about to board a flight to Hong 
Kong. The associates, who denied they 
were trying to Dee the country, include 
Ms Fang Hsiu-hua. president of Hung Fu 
Securities. 

Though Mr Oung, as a member of 
Taiwan's parliament, is effectively 
immune from prosecution, his and H un- 
ion's involvement threaten further to 


embarrass the Northern Ireland Office. 
The office has already been sharply crit- 
icised for backing the SltiOm Belfast tex- 
tiles plant, the largest manufacturing 
investment in Northern Ireland since 
the failed De Lnrean car project in the 
1970s. 

European textile manufacturers an.- 
challenging in the European Court the 
European Commission's decision earlier 
this year to approve aid for Lhe plant. 
The project is also being investigated by 
the UK House of Commons Northern 
Ireland Committee. 

A siiokesinan for Hualon-Teijnuj. Hua- 
lon's listed flagship, said his company 
was operating normally. 


■ STERLING 

New YM( tancMbne: 

S 1-5910 

London: 

$ L588 

P.OT4) 

m 7-4526 

P-4486) 

FFc 82823 

(8263) 

SR 24336 

(2.0294) 

Y 158403 

(157694) 

£ Index 802 

(same) 

■ DOLLAR 



By Emma Tucker hi Brussels 
and John Ridding in Pais 

A fresh storm over the use of 
government aid to prop up ailing 
European companies is likely to 
erupt next week when Mr Karel 
Van Miert, European competition 
commissioner, is expected to rec- 
ommend approval of a FFrllbn 
(* 2 . 08 bnj ‘ payment from the 
French government to Groupe 
Bull, the loss-making computer 
group. 

IBs proposal to approve the aid 
will heighten, tension between 
the Commission and private 
European enterprise amid grow- 
ing criticism that Brussels is not 
doing enough to prevent govern- 
ments from distorting competi- 
tion through state-funded rescue 
plans. 

This week the UK government 
and seven European airlines 
appealed to the European Court 
of Justice to annul the Commis- 
sion's recent decision to allow 
the French government to grant 
FFrtObn in fresh subsidies to Air 
France, the ailing national car- 
rier. 

Mr Van Miert’s recommenda- 
tion is likely to go before his fel- 
low commissioners for final 
approval next week. With only a 
simple majority of votes required 
for authorisation, it is almost cer- 
tain the French government will 
win the go-ahead. 


The Commission told the 
French government earlier this 
year that unless it suspended 
payments to Groupe Bull it could 
face action in the European 
Court of Justice. The French 
authorities were then given 80 
days to present restructuring pro- 
posals to the Commission for con- 
sideration. As in other recent 
state-aid cases the Commission is 
likely to attach conditions to the 
granting of the aid. These will 
probably stipulate that Groupe 
Bull stick to its own restructur- 
ing proposals and that no more 
aid be granted during their prog- 
ress. 

The French government claims 
the capital injections are a vital 
element in a restructuring pack- 
age aimed at restoring the group 
to profitability after accumulated 
losses of about FFrtObn since 
1989. Mr Gdrard Longuet, the 
industry minister, has described 
the capital injections as a “one 
time - last time'* injection before 
privatisation. 

The package, implemented by 
Mr Jean-Marie Descarpentries, 
who took over as chairman last 
year, involves a sharp cut in 
overhead costs, sale of assets, 
and reduction of the company's 
Paris sites from 24 to two. A plan 
to cut 6500 jobs in 1993 and 1994 
has been accelerated. 



Renault employees demonstrate inside the Paris bourse yesterday against the impending privatisation of their company Report. Page 2 ap 


BSkyB announces £lbn flotation 


Continued on Page 18 


By AGce Rawsthom In London 

British. Sky Broadcasting, the 
satellite television company, con- 
firmed yesterday that it plans to 
go public by staging a share issue 
on the London and New York 
markets. 

The issue, tentatively sched- 
uled to take place before Christ- 
mas, is expected to involve the 
sale of up to £lbn f$L59bn) of 
new BSkyB shares, or 20 per cent 
of its enlarged equity, valuing 
the company at just under £5bn. 

The news of the proposed flota- 
tion marks the culmination of 
BSkyB’s spectacular recovery 
after its troubled launch period 
and years of losses. It follows this 
summer’s announcement that the 
company, which now has over 
3.45m subscribers, increased 
operating profits to £1 76.8m in 
the year to June from £54. lm in 
the previous year. “We all expec- 


ted BSkyB to go public at some 
stage," said Mr Gerry Robinson, 
chief executive of Granada, the 
UK leisure group which is one of 
the company's four existing 
shareholders. “It was simply a 
question of whether it would be 
sooner or later." 

The proceeds of the issue, 
which will be sponsored by Gold- 
man Sachs and Lazard Brothers, 
will be used to reduce BSkyB’s 
£L7bn debt specifically to repay 
the £I. 2 bn portion of the debt 
given or guaranteed by its four 


shareholders. Mr Rupert Mur- 
doch's News Corporation, will be 
the chief beneficiary because, as 
the largest investor with 50 per 
cent, it provided roughly half the 
£l.2bn shareholder debt, so 
should receive around £500m 
after the issue. 

The other shareholders - Pear- 
son, the media group that owns 
the Financial Times, Chargeurs, 
the French textile company, and 
Granada - will benefit largely 
from the eradication of their debt 
guarantees. Pearson’s shares yes- 


terday rose by 8p to 590p. News 
Corporation's shares were 
unchanged at 229p, Granada's 
slipped by %p to 490 , /sp and Char- 
geurs's fell by FFr29 to FFr1284. 

The impetus for the flotation is 
understood to have come from 
BSkyB 's management, which 
raised the idea with the four 
shareholders In early September. 
Yesterday's announcement fol- 
lowed intense negotiations 

Continued on Page 18 
Lex, Page 18 


Troubled Kidder Peabody 
moves securities in shake-up 


By Richard Waters in New York 

Kidder Peabody, the troubled 
investment h anking arm of Gen- 
eral Electric, is to move $20bn- 
$30bn of securities to another 
part of the US industrial group as 
part of a restructuring 
announced yesterday. 

It also emerged, that Kidder has 
held talks about selling its retail 
broking business in the US, an 
operations which is widely 
regarded as the company's 
“crown jewel". 

These moves represent the first 
steps taken by the new manage- 
ment team put into Kidder in 
June to sort out the firm’s bat- 
tered reputation on Wall Street 

Kidder was rocked in April by 
its claim that a trader had cre- 
ated fictitious profits of $350m. 
and its trading businesses suf- 
fered losses with the downturn in 
bond markets during the spring. 

The changes could also mark 
the first step in a disposal of Kid- 
der. GE has attempted to sell the 
investment bank, and the group 


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is widely thought to want either 
to sell it or close it down. The 
turmoil of recent months, how- 
ever, have made the bank unsell- 
able in Its current form, accord- 
ing to other Wall Street houses. 

Under what it called a “repo- 
sitioning" of the firm, Kidder said 
it would cut its balance sheet 
from S80bn to $50bn-$60bn by the 

Salomon profits alert -Page 19 

end of the year. This would be 
achieved by shifting a $6.7bn 
portfolio of difficult-to value and 
complex mortgage-backed securi- 
ties, known as collateralised 
mortgage obligations, to part of 
GE Capital, the industrial group's 
financial services arm. The 
remaining securities to be shed 
by Kidder are understood to be 
instruments to protect against a 
fall in value in the CMO hold- 
ings. The shrinkage of Kidder's 
balance sheet will reduce any 
pressure on GE to put further 
capital into the troubled bank. 


CONTENTS 


Earlier this year, $400m of extra 
capital was injected into the firm 
to cover losses and bolster its bal- 
ance sheet Since then. Kidder is 
thought to have suffered further 
losses in its trading operations. 

Announcing the changes yes- 
terday, Mr Dennis Dammerman, 
Kidder's chairman and chief 
executive, said the bank would 
remain in the mortgage-backed 
business, an area where it is the 
recognised leader on Wall Street 

Kidder also said it planned to 
cut about 550 jobs, out of total of 
5,500, as part of an effort to 
reduce costs by $10Gm a year. It 
added it would narrow the scope 
of its investment banking busi- 
ness and concentrate on a small 
number of industrial sectors. A 
move to new offices in Manhat- 
tan has been cancelled. 

But the bank refused to com- 
ment on discussions it has held 
with PaineWebber, another US 
securities house, about selling its 
retail broking operation which is 
considered to be one of Kidder’s 
most attractive businesses. 


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FINANCIAL TIMES FRIDAY OCTOBER 7 1994 


NEWS: EUROPE 


£ 



EU backing 
for telecoms 
competition 


By Andrew Adonis 

A , *one-stop telecomm- 
unications shop" has been set 
up by European governments 
to promote greater competition 
in provision of telecoms ser- 
vices and help harmonise licen- 
sing arrangements. 

Twenty European govern- 
ments, including all EU states 
except Ireland, have given 
their backing to the European 
Telecommunications Office, 
which has been established in 
Copenhagen. 

The European Commission 
sees the office as a key step in 
opening up Europe's telecoms 
market to competition. 

Eleven governments, includ- 
ing all the EU except Portugal, 
Greece and Ireland, have 
agreed the office will provide a 
standardised application proce- 
dure for companies wishing to 
provide new or competing tele- 
coms services within their 
countries. 

Member governments will 
have an obligation to process 
applications within six weeks 
where possible, and provide 
translations of licences into 
English. 

Most EU states will not open 
basic voice telephony to com- 
petition until 1998, but a wide 
range of telecoms services, 
including private corporate 
networks and leased line facili- 
ties, are already open to com- 
petition. 

A Commission official said: 
“This is to help mak e telecoms 
competition a reality, by mak- 


ing the licensing procedure 
less opaque and to curb the 
endless delays currently 
involved". 

The European Telecommuni- 
cations Office has been given 
responsibility for devising pan- 
European numbering systems 
for companies wishing to offer 
services such as freephone in 
more than one country. It will 
look at ways of harmonising 
licensing requirements, which 
vary widely between member 
states. 

The Commission's telecoms 
division was working "fiat out” 
to publish a Green Paper next 
month on the liberalisation of 
telecoms infrastructure across 
the EU, enabling new opera- 
tors to provide services over 
their own networks, the official 
added. 

The Green Paper is set to 
recommend that infrastructure 
be liberalised in line with ser- 
vices, allowing competitors to 
existing telecoms operators to 
begin at once with investment 
in competing networks. They 
would be able to use them in 
all services by 1998. 

Last week’s telecoms council 
in Brussels saw strong opposi- 
tion from Spain, Portugal, 
Greece, Denmark and Ireland 
to any early liberalisation 
infrastructure, but agreed the 
Commission should present 
proposals to the next meeting 
in mid-November. 

The UK. Germany, and the 
Netherlands have given strong 
support for liberalising infra- 
structure in line with services. 



Renault chairman Louis Schweitzer conducts President Mitterrand and industry minister Gerard Longuet, right, through the Paris 
motor show yesterday. Renault’s privatisation plans were partly responsible for a union raid on the bourse ap 

Trade unionists raid Paris bourse 


By John Ridding m Paris 

The Paris bourse fell yesterday 
to a market raid - French 
style. Hundreds of trade union- 
ists invaded the bourse head- 
quarters in the grand Palais 
Brongniart building, forcing 
the suspension of trading in 
the financial futures pits. 

The invaders, from the com- 
munist-led union, the Confed- 
eration Generate du Travail, 
were protesting against the 
government's privatisation 
programme. In partic ular , they 
demanded the cancellation of 
the planned sale of shares in 
Renault, the state-owned motor 


group and a symbol of French 
union power. 

"We are targeting the bourse 
because it is the den of capital- 
ism,” said Mr Joel Biard, the 
GGTs general secretary for the 
Paris area. He argued that pri- 
vatisations would destroy jobs. 

The raid is the latest attempt 
by the CGT and the Commu- 
nist party to derail privatisa- 
tion. Their dwindling influence 
however, means they have 
found little success. 

A call for Renault workers to 
down tools last month in pro- 
test at the privatisation plans 
mustered little support. On 
Wednesday night Mr Edmond 


Alphandery. the economy min- 
ister, confirmed that just over 
30 per cent of Renault's shares 
would be floated by the end of 
the year. 

The CGT caused more dis- 
ruption wi thin the bourse. Pit 
trading baited in Monep stock 
options and futures contract 
on the CAC-40 index of leading 
shares. Screens were plastered 
with stickers, while unionists 
traded places with brokers 
behind the hanks of terminals. 

A lone broker from a US 
investment bank continued to 
trade by telephone, while a col- 
league was resigned. "We have 
seen this before. Two years ago 


it was a protest against job 
cuts at Peugeot Before that it 
was the farmers,” he said. 

A spokesman for the bourse 
said that futures trading was 
continuing by telephone, and 
that the impact of the disrup- 
tion would be limited. Shares, 
which are traded by an elec- 
tronic system, were unaffected. 

The unionists, however, were 
undeterred. "We are here to 
make a point. We will stay 
until we have made it That 
could be days." In the event it 
was hours. By 2pm, the CGT 
had withdrawn from the den of 
capitalism, hoping their point 
had been made. 


Judy Dempsey visits an east German town on the eve of a decision about the fate of its steelworks 

Eko Stahl workers watch with little hope 


M r Joachim Wunder- 
lich will celebrate 
Ms 53rd birthday 
today. But he has mixed feel- 
ings about the occasion. Had 
he been one year older, he 
would have been entitled to a 
generous redundancy plan the 
Treuhand privatisation agency 
is offering to those aged 54 and 
over and lucky enough still to 
be employed at Eko Stahl, east- 
ern Germany's largest steel 

mill . 

The redundancy plan is 
dependent on the Treuhand 
agreeing today to selling Eko 
Stahl to Cockerill-Sambre, the 
Belgian steel producers. 

“These people will receive 80 
per cent of their income until 
they reach the pensionable age 
of 60," said Mr Wolfgang Ram- 
thun, head of the workers' 
council at Eko Stahl. “It is a 
good package. But we do not 
know what will happen to the 
rest of the workers, whether or 
not Cocke rill takes us over," 
he added. 

The news that Cockerill 


intends to buy Eko Stahl has 
evoked little enthusiasm 
among it's re maining 2,900 
employees, less than a quarter 
of the total workforce 
employed at the mill before 
German unification. 

“We have been let down so 
many times in the past,” said 
Mr Wunderlich, who has 
worked in the min for nearly 
two decades. "Many of us are 
sceptical about the latest offer, 
especially since the European 
Union, and particularly the 
British, will try to veto the 
deal, even though Brussels 
helped British Steel in the 
past Memories are short”. 

The planned investments for 
Eko Stahl are likely to cost the 
German taxpayer about 
DM1.2bn. (£490m) In an 
attempt to make the mill com- 
petitive, the Treuhand will 
spend DM470m on building a 
new blast furnace. The federal 
government and the state of 
Brandenburg, where Eko Stahl 
is located, will each spend 
DM 150m on modernising the 


cold-rolling mill. Cockerill will 
invest DM530m in installing a 
hot-rolling mill , although the 
Belgians are insisting that the 
Treuhand will subsidise a part 
of these investments through 
providing generous credit and 
grant facilities. 

“There is simply no alterna- 
tive to these investment 
plans,” said Mr Ramthun. 
"Without Eko Stahl, the town 
of Eisenhftttenstadt is dead. 
Withouth Eko Stahl there will 
be no chance for an industrial 
core to support a Mittelstand 
[small and medium-sized enter- 
prises]. Without Eko Stahl the 
government will be forced to 
financially support the 50,000 
inhabitants who are dependent 
on the mill for their liveli- 
hood,” he added. 

Unemployment is already 
officially 15 per cent of the 
labour force. Another 15 per 
cent are on government sup- 
port schemes, with little pros- 
pect of re-entering the labour 
market “The unemployed are 
depressed, with nothing to do,” 


said Ms Birgit Pfeiffer, a nurse 
at the local hospital “Look at 
them," she said, pointing to 
several early-to-middle-aged 
men walking their dogs. “You 
are lucky if you see young peo- 
ple around. Over 5,000 people 
have migrated to western Ger- 
many. We have lost our young, 
energetic generation." she 
said. 

It is hardly surprising that 
few German politicians are pre- 
pared to let Eko Stahl collapse, 
particularly since 10,400 work- 
ers have already lost their jobs 
there over the past three 
years. 

Yesterday, Mr G (Inter 
Rexrodt, the federal economics 
minister, visited the mill to 
reassure the workers. “He's 
coming just 11 days before the 
election," said Mr Wunderlich. 
“Every politician is trying to 
gain mileage out of Eko Stahl" 
said Mr Ramthun. “In fact, Eko 
Stahl is a political and social 
issue,” he said. 

It was ever thus. Back in 
1950, east Germany’s Commu- 


nist party built the giant steel 
complex, close to the Polish 
border, in order to industrialise 
this under-developed and 
largely agricultural region of 
eastern Germany. The mill - 
and the town which was built 
around it - was called Stalin- 
stadt after the Russian dicta- 
tor. It was later changed to 
Eisenhuttenstadt- Iron Works 
City - and was honoured as 
the first socialist city of the 
German Democratic Republic 
because it had no churches. 

“The communists made a 
terrible mistake with the mill." 
said Mr Ramthun. "They never 
installed a hot-rolling mill 
This meant we had to send the 
blocks of steel to other enter- 
prises to be warm- rolled. They 
were delivered back to us out 
of which we made finished 
products in the cold-rolling*. 
mill. 

“For years ythe communists 
thought abodt building the 
hot-rolling mfll. When they 
finally detided&p do so in the 
mid-1980s, th4fcbad run out of 


money." 

Herein lies the crux of Eko 
Stahl’s problems. Over two- 
thirds of the mill's annual 
DMISOm losses on a yearly 
turnover of DMlbn are caused 
by high transport costs 
required to get the steel hot- 
rolled. What the Treuhand - 
and Cockerill - now want to do 
is to create an integrated steel 
mill through building a hot- 
rolling division. 

“That will cut losses and 
ensure a future for us,” said 
Mr Reinhard Behrend, head of 
Eko Stahl's public relations 
department. “Of course the 
west Germans do not like this. 
They know we will become a 
real competitor. They disguise 
their concern by accusing of 
creating over-capacity." 

“No matter what we do, it is 
wrong. But we have to keep 
hoping,” said Mr Wunderlich. 
He asked that he not be given 
birthday greetings before 
today. 

“It is supposed to bring bad 
luck." 


Unemployment fails to excite German voters 


By David Goodhart, 

Labour Editor 

In the depressed 
Lausitz region of east 
Germany, where some 
towns have a jobless 
rate of more than 20 
per cent, a trade 
union official says 
that housing is a big- 
ger election issue 
than unemployment. 
In Hamburg a Social 
Democrat candidate 
for the Bundestag 
admits that no party 
has “the easy 
answers” to high 
unemployment. Not 
for the first time in a recent European 
election both the parties and voters 
claim that combatting mass unem- 



GERMAN 

ELECTIONS 

October 16 


ployment is their number one issue, 
yet they do not seem to believe it. 

“There is a ritualistic quality to the 
debate, heightened by the feet that 
the political extremes have not pros- 
pered from high joblessness and that 
unemployment in both parts of Ger- 
many is now actually falling." says 
Mr Robert Leichi. editor of the liberal 
weekly paper Die Zeit. 

It is true that the state of the labour 
market remains far from rosy. Aver- 
age unemployment in west Germany 
is 73 per cent and in east Germany is 
13.8 per cent Most economists believe 
that unemployment will fall only 
slowly and could even rise again. 
They also point out that in many 
parts of eastern Germany real jobles- 
sness is often double the official rate 
once early retirement and state job 
creation are counted in. 

Nevertheless, the Social Democratic 


party, which has placed most empha- 
sis on unemployment, does not seem 
to have benefited thereby. Mr Rudolf 
Scharping, the SPD leader, last week 
told a trade union conference in Ham- 
burg that there would be 700.000 fewer 
unemployed if the tr ainin g measures 
of three years ago were restored. 

While the Christian Democrats 
place less stress on unemployment 
they are strongly promoting an 
increase in part-time work, which 
headed a recent poll on the best mea- 
sures to reduce joblessness. 

The CDU benefits from its image as 
the party of business, especially in 
east Germany where the ability to 
attract new investment is regarded as 
cruciaL 

In west Germany there is still usu- 
ally a correlation between areas of 
high unemployment such as Bremen, 
and voting for parties of the left In 


east Germany, where tije' political 
landscape has not yet settled, that is 
not the case. Towns and regions are 
still shifting from right to 1€fror vice 
versa, often depending oh local per- 
sonalities, and some of the areas of 
highest unemployment - in .^Saxony, 
for example - are strongly CDU. 

The party of Democratic Socialism 
- the former east German .commu- 
nists - is the only one calling for a 
positive right to employment. But 
judging from a meeting last- week in 
Cottbus, addressed by the former 
communist leader Mr Hans 'Modrow, 
its support is drawn from the senior 
bureaucrats of the old regime - many 
of whom have switched to running 
“businesses” funded by western 
grants - and not the eastern unem- 
ployed. Without any advertising, Mr 
Modrow attracted about 250 people to 
his meeting. Later. the same evening 


in the main square in Cottbus, close 
to the Polish and Czech borders, Mr 
Oskar Lafontaine, deputy leader of 
the SPD and one of the best speakers 
, in German politics, attracted only 
about 350. 

' Mr Lafontaine is not popular in east 
Germany. “1 hate him, he's a cham- 
pagne socialist who doesn't like east- 
erners said one worker in Sachsen 
Dorf, the depressed suburb of Cottbus. 
His speech dwelt mainly on how he 
had told the truth four years ago as 
SPD Chancellor candidate and how 
Chancellor Helmut Kohl had lied 
about the economics of unification. 

When he did eventually turn to the 
issue of unemployment - which' has 
been as high as 18 per cent in the 
Cottbus region - his audience seemed 
less not more interested. “Getting rid 
of the Russian troops was a bigger 
issue here," said one SPD offidaL 


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Russia’s Arctic navy gives Norway a chill 


By Bruce Clark, 

Defence Correspondent 

Norway is quietly pressing its 
Nato partners not to neglect its 
security at a time when the 
strategic importance of Rus- 
sian forces in the Arctic is 
increasing. 

Oslo's fear of being left out 
in the cold has been fuelled by 
the growing preoccupation of 
Nato's south European mem- 
bers with the security threats 
posed by Islamic extremism in 
North Africa and conflict in 
the Balkans. 

Norway's Atlantic Commit- 
tee - a lobby group supported 
by the main political parties - 
has published a study arguing 
that Russia's northern fleet, 
based in the Arctic, is emerg- 
ing as much the most impor- 
tant part of the former Soviet 
navy. 


. 3: * ' /'Vi ffi ' jv 

‘■' .OSLO .. -I SWMW *■; •.: • 



The Soviet collapse left the 
main bases of the Baltic and 
Black Sea fleets outside Rus- 
sian territory, and the lamenta- 
ble state of Russian ships in 
the Pacific was highlighted last 
year when several sailors died 


of malnutrition. 

“The northern fleet appears 
more than ever before as the 
largest and most important of 
the former Soviet fleets." the 
study says. 

Mr EUmann Ellingsen, the 


committee's secretary-general, 
believes that once the Start 2 
treaty is implemented, more 
than half Russia's remaining 
strategic nuclear warheads 
could be based on submarines 
less than 40 miles from Nor- 
way. 

While stressing that the Arc- 
tic fleet is "well below its cold 
war peak, Mr Ellingsen says 
Russia's tactical submarines 
have become more active' 
recently, sailing west of Ice- 
land for the first time in sev- 
eral years. 

Both Norway and Turkey 
have been alarmed by Russia’s 
call for a revision of the Con- 
ventional Forces in Europe 
(CFE1 Jreaty so as to increase, 
the amount of armour it I93 
allowed to keep in the Lenin-' 
grad and Transcaucasian mili- 
tary districts. 

The Norwegian study says ■ 


the number of attack helicop- 
ters and tactical aircraft in the 
Leningrad military district has 
increased since 1991, as forces 
are withdrawn from central 
Europe. However, the level of 
aerial activity re mains low. 

The study also expresses 
concern about the aircraft car- 
rier Admiral Kuznetsov, which 
is apparently being prepared to 
carry sophisticated Su-27 fight- 
ers. If the carrier’s role turns 
out to be defending the Rus- 
sian Arctic, “this would mean 
a special challenge to the secu- 
rity of the neighbouring Nordic 
states". 

‘‘We fully accept that Russia 
needs to have defences," Mr 
pilingsen said. “But we are 
worried that Norway will be 
very vulnerable to any change 
in the temperature between 
Washington and Moscow." 


EUROPEAN NEWSDIgEST 

Estline’s Swedish 
partner quits 

The future of Estline, the Estonian-Swedish shipping line 
which operated the doomed car ferry ^ t S a !. wa * 
doubt last night when Nordstrom & Thulin. the Swedish 
half-owner of the company, announced it was pujung out of 
passenger shipping following last week $ disaster. The dec^wn . 
is a further blow to the Estonian nation, already reeling from 
the catastrophe. The state owns the other 50 per cent of 
Estline through the Estonian Shipping Company. 

Estline, which has a 10-year monopoly concession on toe 
Sto ckho hn-T allinn route, played a prestigious and impo rtant 
role in the economic development of Estonia since the country 
won its independence from Moscow in 1991. Nordstrom & 
Thulin said it would seek a solution that allowed Estune to 
continue in operation, but did not make clear bow this would 
be done. The Swedish company, which mainly operates tank- 
ers and bulk carriers, also apologised for its initial public 
reaction to the disaster, which claimed more than 900 lives, 
when it issued a brief statement saying it would not be 
financially hit because it had full insurance cover. Hugh 
Camegy. Stockholm. 

Reforms led to rise in deaths 

Soaring death rates and worsening health in eastern and 
central Europe threaten social stability and the entire reform 
process, according to the United Nations Childrens’ Fund 
(Unicef) in a report published yesterday. The fund estimates 
that, since the fall of communism in 1989, 800.000 more people 
in the region have died than if 1989 death rates had prevailed. 
“Such a death toll, mainly among males aged 30-55 and across 
so many countries, is without precedent in peacetime,” it says. 

It attributes the mortality crisis to the stress of c han ging to 
a market economy which has brought in its wake increased 
poverty, crime and breakdown of the social and institutional 
fabric. Of the nine countries surveyed in detail. Russia, 
Ukraine and south-eastern Europe were worst affected. In 
Russia, male life expectancy at birth has plunged 5JZ years 
since 1989 to just 59 years in 1993. However, the Czech Repub- 
lic and Slovakia were largely untouched, while Poland by 1993 
showed signs of returning to pre-transition mortality rates, the 
report notes. Unicef says most of the extra deaths were caused 
by heart problems, alcohol and food poisoning, accidents, 
homi cides and suicides. Frances Williams, Geneva. 

OECD lifts growth forecast 

The OECD nudged up its forecasts for economic growth in the 
developed world yesterday to 3 per cent both next year and in 
1996 but warned its member governments against a resurgence 
of inflation and widening budget deficits. In its last semi-an- 
nual Economic Outlook, published in June, the think-tank for 
rich nations forecast expansion of 2.9 per cent in 1995. It had 
also projected growth of 2.6 per cent for this year, but sources 
close to the forum said it was now counting on a slightly 
higher figure. 

The OECD sees growth in the US slowing to a more sustain- 
able rate following its brisk pace over tbe past couple of years. 
For Europe, the OECD now predicts growth of just over 2 per 
cent before a quickening to 3 per cent in 1995. In June its 
forecasts had been 1.9 per cent and 2A per cent, respectively. 
'Hie International Monetary Fund last week projected global 
growth of 3 per cent this year and 3.5 per cent in 1995. 

Finns set to vote, to join EU 

Finland is set to vote decisively in favour of joining the 
European Union in a referendum on October 16, according to 
two opinion polls published yesterday. One exit poll taken 
among voters who had already cast postal ballots showed 67.6 
per cent backing EU membership. A second, conventional, 
opinion poll showed support for EU membership had risen 10 
points to 48 per cent in two weeks, while opposition had 
slipped by three points to 28 per cent The poll found most of 
the 24 per cent undecided leaning to the Yes side. 

A decisive vote for membership in Finland would give a 
strong boost to the Yes campaigns in neighbouring Sweden 
and Norway which will hold similar referendums in Novem- 
ber. Latest polls in Sweden show a narrow lead for the Yes 
side while in Norway, the polls continue to show a solid 
majority against membership. Hugh Camegy. Stockholm 

Azerbaijan premier sacked 

President Giadar Aliyev of Azerbaijan yesterday sacked Mr 
Suret Huseinov as prime minister, threatening further politi- 
cal instability in the Caucasian state. No official reason was 
given but earlier in the week President Aliyev had accused Mr 
Huseinov of siding with opposition forces trying to incite a 
coup. Mr Huseinov vigorously denied the charge and declared 
his support for President Aliyev while standing uneasily by 
his side at a public meeting in Baku this week. 

The Interfax newsagency reported that seven rebels had 
been killed this week when Azerbaijani government troops 
crushed an uprising in Gence, Azerbaijan's second city, which 
was also Mr Huseinov 's power base. Last year Mr Huseinov, a 
wealthy businessman, successfully fomented an uprising 
against tbe then president and forged an unstable power-shar- 
ing deal with President Aliyev. Russia yesterday continued to 
deny it was in any way involved in the crisis, saying it 
regarded Azerbaijan as a friendly partner in the Common- 
wealth of Independent States. John Thornhill Moscow. 

Bonn in aviation research offer 

The German government yesterday approved DM60Qm (£245m) 
for civil aviation research but told industry that it would have 
to put up the same amount if the four-year programme is to go 
ahead. Mr Paul KrQger, technology minister, said tbe money 
would be spent on developing lighter materials for aircraft 
manufacture which in turn would lead to lower fuel consump- 
tion and less pollution. The new generation of aircraft would 
include a 600-800 sea ter jumbo jet and quieter helicopters. A 
new generation of engines using up to 25 per cent less fuel is 
also planned, Mr KrQger said. 

Mr KrQger warned that the German aviation industry, 
grouped mainly around Deutsche Aerospace, the Daimler-Benz 
subsidiary, was still in tbe midst of massive restructuring. 
However, the aviation market worldwide was expected to grow 
sharply towards the end or the century, he said. Michael 
Lmdemann. Bonn. 


ECONOMIC WATCH 


Danish unemployment falls 


Denmark 

Unerrjptayniefit rata (%) 
13.0 — — — 


TJL5 - 
12.0 


11.5 — - 


ion 



11.0 


10.5 


Denmark's unemployment 
rate in August fell to 1£2 per | 
cent of the workforce com- 
pared with 12.5 per cent in 
July, according to figures 
released yesterday by Dan- 
marks Statistlk, the Danish 
national statistics agency. 
The figure was in line with 
market expectations which 
predicted a drop in unemploy- 
ment levels on the back of a 
general improvement in 0* 
economy and the introduction ; 
of new government training J 
schemes. Total Danish retail 
sales for July and August 
rose 4 per cent compared with 
a year earlier. Industrial P* 0- 


ion aa 93 
Some* OMutream 

duction, meanwhile, was up II per cent in August on last year 

■ Unemployment in the European Union was unchanged 
10.7 per cent, or about 17.2m, in August compared with a | 
agpi the European Commission’s statistical office Eurostat 
said yesterday. Spain had the highest unemployment rate; &L8 
per cent. 



FINANCIAL TIMES FRIDAY OCTOBER 7 1994 


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NEWS: EUROPE 


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EU enlargement threat emerges Austria’s coalition 

By David Gardner in Brussels sion to raise the Onion's revenue ceil- There are growing fears in Brussels down then but has brought the issue to _ _ J 1 _ J 1 * _ __ — . 

Plans to hrinff Austria q, vq , 1dv , ~ reached by the December 1992 that the squabble could exacerbate successive EU summits. | | T| fl P | P I | \ | Q I C 1 P (T P 

and Norway ^in to E ^ ur B h sumnut. is legally secure. anti-EU sentiment in Finland, Sweden Rome had agreed to cut Us excess LaIIvIvI vivv LU1 di Ijlviiv 

in Vmunr Union The Edinburgh decision provides the and Norway - due to hold referendum® mills output in exchange for a quota ^ 


By David Gardner In Brussels 

Plans to bring Austria, Sweden, F inland 
and Norway into the European Union 
in January could be dashed by a byzan- 
tine intra-EU struggle. The difficulty 
has emerged- only days after the Union 
drew up a road map for the integration 
of six east and central European states. 

The root cause of the squabble is 
Italy, where Mr Silvio Berlusconi's gov- 
ernment has refused to ratify the EU 
budget increase planned for next year 
until its partners retroactively condone 
Italy’s cheating on EU milk quotas 

The enlargement is affected because 
Spain will not ratify the EU expansion 
from 12 to 16 members unless the deci- 


sion to raise the Union's revenue ced- 
ing, reached by the December 1992 
Edinburgh summit, is le gall y secure. 

The Edinburgh decision provides the 
extra money for EU structural aid and 
“cohesion” spending in poorer member 
states, a main beneficiary of which is 
Spain. Unless all 12 parliaments ratify 
the extra money, Spain's endorsement 
of enlargement to the Union’s north is 
“out of the question”, said a Spanish 
official. He said the decision had all but 
been taken by Madrid. “This is a real 
problem." said an EU official after for- 
eign ministers again failed to resolve 
the Italian milk wrangle in Luxem- 
bourg this week. Finance ministers will 
make another attempt on Monday. 


There are growing fears in Brussels 
that the squabble could exacerbate 
anti-EU sentiment in Finland, Sweden 
and Norway - due to hold referendum® 
on entry to the Union on October 16, 
November 13, and November 28 respec- 
tively - as well as more general north- 
south antipathy within Europe. 

Any delay hi EU ratification of the 
new entrants, moreover, could unravel 
the financial and agriculture deals the 
Twelve struck with them, according to 
a leading EU negotiator in this spring’s 
enlargement talks. 

Italy has been fighting the milk issue 
since it threatened to block the land- 
mark reform of the common agricul- 
tural policy in May 1992. It backed 


down then but has brought the issue to 
successive EU summits. 

Rome had agreed to cut Us excess 
milk output in exchange for a quota 
increase amounting to a third of the 
illicit surplus. This spring. Brussels 
said Italy had not cut enough, but the 
incoming Berlusconi government then 
produced new figures claiming its out- 
put had been overestimated. 

Germany, the UK, Netherlands and 
Denmark have resisted pressure to wipe 
out most of the fine on Italy's excess 
production. But these four states are 
also the greatest enthusiasts for 
enlargement. Spain's threat therefore 
increases the probability that a means 
will be found to buy Italy off 


Move may signal purge of officers sympathetic to former nationalist policies 

Top Yugoslav 
military chiefs 
are dismissed 


By Jamas Whittington 
in Belgrade 

Three senior officers in the 
Serb-controlled Yugoslav 
armed forces have been 
removed from their posts, in 
line with a general shift in Ser- 
bian policy towards a Bosnian 
peace settlement. 

The head of the navy. Admi- 
ral Dojicfio Isakovic, and two 
commanders from the army. 
General Jevrem Cokic and 
General Boridar Djokic. were 
officially retired, according to a 
military communique pub- 
lished in Belgrade yesterday. 
Observers said they believed 
the dismissals signalled the 
start of widespread changes 
aimed at removing officers 
most closely associated with 
Serbian President Slobodan 
Milosovic's former nationalist 
policies. 

“Many officers in the army 
are unhappy with Milosovic’s 
move against the Bosnian 
Serbs. We are now seeing him 
9 move against those who 
7 oppose the new policy and 
other nationalist figures who 
threaten to rock the boat," said 
one diplomat 

Last week the leader of the 
nationalist Serbian Radical 


Bosnian Serb and Moslem 
troops completed an exchange 
of prisoners of war in Sarajevo 
yesterday after nearly a year 
of negotiations, writes James 
Whittington. The prisoner 
swap - involving 129 Serbs 
and 166 Moslems - took place 
at the Brotherhood Unit 
Bridge in the beseiged capital 
early in the morning. Mr 
Yasushi Akashi, UN envoy, 
said he hoped the swap would 
help ease other problems 
between the warring sides. He 
also announced the reopening 
of Sarajevo airport following 
talks with the Bosnian Serb 
leadership on Wednesday. The 
airport was closed by Serbs on 
September 22 . 

party, Mr Vojislav Seselj. was 
arrested and jailed on charges 
of threatening members of the 
Yugoslav parliament. Mr 
Seselj, a leader of a Serbian 
paramilitary group, is believed 
to be one of those responsible 
for Serb atrocities in Bosnia 
and has openly criticised Mr 
Milosovic’s break with the Bos- 
nian Serbs. 

The Serbian president cut 
links with his former proteges, 
the Bosnian Serbs, in early 



: iLr % ^ 


A man released in a Bosnian prisoner-of-war swap yesterday is greeted by his brothers 


August to try to force them 
into accepting a peace plan. 
The rejection of the plan by Mr 
Radovan Karadzic, the Bosnian 
Serb leader, was a blow to Mr 
Milosovic who is facing 
increasing economic problems 
in Serbia and Montenegro and 
needs a peace settlement. 

Since the rebuff, coverage of 
the war in Bosnia has virtually 
disappeared from the govern- 
ment-controlled media. Offi- 
cials who used to talk of stand- 


ing firm alongside the Serbs in 
Bosnia and Croatia oow pro- 
mote their peace policy. 

The dismissal of three gener- 
als comes against a backdrop 
of dissatisfaction in the armed 
forces over pay and conditions. 
Earlier this week there were 
reports that the Yugoslav 
army's chief of staff. Gen Mom- 
cilo Perisic, had threatened to 
resign over a planned 30 per 
cent increase in army salaries. 
Wages and living standards for 


the armed forces have dropped 
sharply since the break-up of 
Yugoslavia and morale is low. 

There is also jealousy of the 
police force, whose power and 
prestige have been built up by 
Mr Milosovic since the war in 
Yugoslavia began in 1991. The 
number of police officers is 
estimated to have more than 
doubled to 110.000 - compared 
with about 125.00Q personnel in 
the army - since Mr Milosovic 
came to power. 


The socialist and conservative hold on power 
is beginning to weaken, writes Ian Rodger 


A big upheaval is in the 
making in Austrian 
politics, as an increas- 
ingly fractious “grand coali- 
tion” of Social Democrats and 
conservatives begins to tear 
apart. 

The rupture will probably 
not be set off immediately by 
this Sunday's national elec- 
tions. The coalition that has 
ruled the country since 1986 
will almost certainly carry on 
in the short term, if only to 
guide Austria smoothly into 
the European Union at the 
start of next year. But it could 
break up well before the next 
scheduled election in 1998. 
clearing the way for a political 
and economic overhaul. 

The socialists and conserva- 
tives have managed, in a cozy 
partnership, virtually every 
aspect of economic and social 
life in Austria since the second 
world war. Together they set 
up carefully balanced power 
structures for employers, work- 
ers and fanners and staffed the 
nationalised industries and 
financial Institutions with 
their supporters. 

As long as the two parties 
had the support of most Aus- 
trians and as long as compe- 
tence was not too important a 
factor in filling key positions, 
this so-called Proporz system 
could thrive. But as a privati- 
sation programme gathers pace 
and the country opens itself to 
EU competition rules, it no lon- 
ger works. 

E arly this week, for 
example, only 30 per 
cent of workers both- 
ered to vote in elections to 
their Arbeiterkammer, a 
counter lobby to the employ- 
ers' Chamber of Commerce. 
Most workers know their 
chamber has less influence on 
their lives and careers than 
Brussels bureaucrats. 

In Sunday’s election the 
Social Democratic party (SPO) 
and the conservative Austrian 
People’s party (OVP). which 
between them polled more 
than 80 per cent of the votes in 
1986. will be lucky to collect 
two- thirds. 


Austria 

Lasi parliament (total 183 seats) 
Social •>. 

Democratic / v 

party B 0 / \ 


Liberal 
Forum 5 


Austrian 
Freedom 
patty 28 

Austrian 
People’s 
party 60 


V 


The legitimacy of reserving 
government and government- 
controlled jobs for supporters 
would thus be brought increas- 
ingly into question. 

This is the kind or environ- 
ment in which new and fringe 
political movements grow, and 
Austria is no exception. 

So far none constitutes a 
serious threat to the two old 
parties, but the Austrian Free- 
dom party (FPO), under the 
leadership of Mr Jorg Haider, a 
charismatic right-winger, could 
change that on Sunday. 

Mr Haider took control of the 
FPO. a flagging party with a 
mixed liberal and Nazi heri- 
tage. in 1986, purged its leaders 
and turned it into a rowdy pro- 
test movement against the 
self-serving socialist-conserva- 
tive partnership. Now every 
time a party supporter gets a 
high-paying sinecure, Mr 
Haider brays about “rotten" 
patronage. 

When the iron curtain fell in 
1989 he began appealing to 
Austrians' fears of being over- 
run by asylum seekers and 
other immigrant®. He main- 
tains that foreigners are takin g 
over Austrians' jobs and bene- 
fiting excessively from govern- 
ment welfare payments, while 
crime rates are soaring and the 
quality of education is declin- 
ing. 

With these themes and his 
opposition to European inte- 
gration, Mr Haider has more 


than doubled the FPO's sup- 
port to 22 per cent, not far 
below the OVF’s 28 per rent. 

according to opinion polls. Nor- 
mally this would make the 
party an alternative coalition 
partner for one of the two main 
parties. But Mr Haider's rheto- 
ric. which often appeals to 
xenophobic and racist senti- 
ments, has mode him a pariah. 

“Haider’s FPO is no alterna- 
tive for us - which I n?grotr 
Mr Erhard Dusek, loader of the 
conservative OVP, said on 
Wednesday. 

However, such is the frustra- 
tion within the OVP with being 
the junior partner in the gov- 
erning coalition that another 
of its leaders, foreign minister 
Alois Mock, said List week that 
the party should rethink its 
stance on Mr Haider. “It cer- 
tainly would do democracy in 
this country no harm if the 
socialists went into opposition 
for a few years." Mr Mock said 
in a magazine interview. 

T he socialists have been 
more successful than 
the OVP in preventing 
erosion or their support, 
mainly because of the popular- 
ity of Mr Franz Vranitzkv, 
their moderate and competent 
leader. But they too have 
struggled in the current cam- 
paign. hurt by tosses to Mr 
Haider in a provincial electiun 
two weeks ago, revelations of 
huge salaries being paid to 
leaders of the Chamber of 
Labour and an insensitive 
remark from Mr Vranitzkv’s 
wife criticising mothers who 
left their children to work. 

Meanwhile, on the left, the 
Greens have gone some way to 
transforming themselves and 
their leader, Ms Madeleine 
Petrovic, into a responsible 
force. Their standing in the 
polls has risen from 4.8 per 
cent in 1990 to 8 per cent. 

And the Liberal Forum, 
formed last year by defectors 
from Mr Haider's party and led 
by Ms Heide Schmidt, is hop- 
ing to break through the 4 per 
cent barrier needed to win a 
share of the 183 parliamentary 
seats. 



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Turning 
point may 
be near in 
Korean 
N-talks 

By Frances Williams in Geneva 


The possibility that Mr Kim 
Joog-il, son or the late Presi- 
dent Kim U-song, will be 
named North Korean president 
and head of the ruling party 
next week after the 100-day 
mourning for his father may 
remove uncertainty over the 
extent of the new leader’s con- 
trol in Pyongyang. 

Statements by North Korean 
officials referring to Mr Kim 
as the “supreme leader” led 
diplomats to believe a turning 
point may soon be reached in 
nnclear talks between the US 
and North Korea, which 
resumed at high level in 
Geneva on Wednesday after a 
five-day break. 

“With no one in confident 
overall command, it is most 
unlikely North Korean offi- 
cials would take responsibility 
for reaching agreement," said 
a western diplomat “To have 
a properly appointed leader 
must be a step forward." 

Diplomats expressed caution 
over Mr Kim's influence on 
the talks, saying it was impos- 
sible to predict whether he 
would take the same hard line 
as his father or a more concil- 
iatory one. Negotiations centre 
on an international aid pack- 
age to switch North Korea’s 
nnclear programme from 
graphite-moderated reactors to 
safer light-water versions. 

In a preliminary accord 
reached on August 12. Pyong- 
yang agreed to freeze its 
nuclear programme In return 
for light-water technology and 
diplomatic ties with Washing- 
ton. But in talks since then, 
North Korean officials have 
put up a series of new 
demands which Washington 
calls unacceptable. 

The talks have been consis- 
tently described as “serious 
and businesslike" by both 
sides, bnt many observers fear 
North Korea is simply seeking 
to gain time to pursue Its 
nuclear ambitions and stave 
off economic sanctions. 

Reports from Washington 
say tiie Clinton administration 
has decided not to give ground 
to Pyongyang but to maintain 
its August offer and hope this 
will eventually be accepted. 
With American forces engaged 
in Haiti and mid-term elec- 
tions next month, the OS has 
no interest in precipitating a 
confrontation. 

AlThough North Korea 
denies a nnclear weapons pro- 
gramme, it continues to refuse 
access to two suspected 
nuclear waste sites at the 
Yongbyon nuclear complex. 
The International Atomic 
Energy Agency believes 
inspection of these sites could 
provide clues to what has hap- 
pened to plutonium missing 
from an experimental 5MW 
nuclear reactor. 

In last week's Geneva talks 
Mr Kang Sok-ju, North Korea's 
first deputy foreign minister, 
apparently rejected even a 
rough timetable for such 
inspections which the US 
insists must be part of any 
final deal. 

Other unresolved issues con- 
cern the roughly 8,000 spent 
reactor-fnel rods In a holding 
pond at Yongbyon which the 
US wants shipped out of the 
country, and North Korea’s 
demands for cash compensa- 
tion for ending its graphite- 
moderated reactor pro- 
gramme. 


India puts priority on 
power supply boost 

Without it, ministers see their hopes of economic 
growth as doomed, Stefan Wagstyl reports 


T he electricity situation 
“is rather grim and the 
prospects are also 
rather grim,” says Mr N K P 
Salve. India 's power minister, 
talking about the country's 
power shortages. Right on cue. 
the lights and the air-condi- 
tioning in his ministry go off 
and do not come on again for 
the next half hour. 

Mr Salve puts a brave face 
on his discomfort in the swel- 
tering heat, saying: “If there is 
load-shedding it should be first 
in the ministry”. 

Better power management 
has so far this year spared 
Delhi the extended breakdowns 
it suffered in 1993 but sporadic 
cuts are just as frequent, even 
in the power minister’s office. 

The only remedy is a sus- 
tained expansion of generating 
and transmission capacity, 
combined with more efficient 
use of the existing network. 

“We must carry on with the 
struggle not only to increase 
capacity but improve transmis- 
sion and distribution,” says Mr 
Salve, mopping the sweat from 
his brow. 

From the outset. Mr P V 
Narasimha Rao's government 
has put a high priority on 
improving power supplies. 

Ministers recognise that 
without electricity, hopes of 
promoting economic growth 
through liberalisation are 
doomed. Because of the 
squeeze on public spending, 
the government has 
welcomed private investment 
into the state-dominated indus- 
try. 

However, since power plants 
take years to plan and build, 
privately-funded plants are 
unlikely to make a significant 
contribution until the next cen- 
tury. 

Mr Salve says government 
planners in the early 1990s esti- 
mated that India would need to 
boost its generating capacity of 
70.000MW by 4S.000MW in 
1992-97 to meet expected 
demand increases. 

Because of financial con- 
straints, the target for the five 
years was cut to 30.500MW. Mr 
Salve says the total increase 
will now be less than 
20,000 MW. including 3.000MW 
of privately-owned extra capac- 
ity. 

Shortages in early 1997 will 
be about 14-15 per cent of nor- 
mal requirements and 2830 per 
cent of peak demand, about the 


same level as today, says Mr 
Salve. “That’s why I say the 
prospects are grim." 

Mr Salve spends much of his 
time promoting private invest- 
ment in the industry as the 
only way to secure the 
long-term future. His officials 
say binding contracts for the 
first four new private-sector 
schemes could be signed in the 
next few months. 

Potential investors, includ- 
ing foreign investors, say this 
is optimistic, given the hurdles 
they face. Partly the problems 
are due to bureaucratic barri- 
ers and partly to the fact that 
private-sector power projects 
are new in the developing 
world, so there are few prece- 
dents. 

Mr Salve says that despite 
liberalisation, investors still 
require 15-17 separate clear- 
ances. Also, responsibility for 
power is shared between Delhi 
and India's constituent states, 
some of which are slow to wel- 
come private investors, he 
says. 

But, pointing out that 75 
schemes have attracted inter- 
est from private investors, 
including foreign groups, Mr 
Salve adds: “If companies are 
responding, it's because they 
find the Indian atmosphere 
congenial". 

If increasing generating 
capacity is hard work, improv- 
ing the efficiency of the trans- 
mission and distribution sys- 
tem is even more difficult, 
mainly because distribution is 
in the hands of the states. 

Mr Salve says state politi- 
cians have forced state electric- 
ity boards to operate “impru- 
dently", distributing free or 
low-cost power to farmers and 
other favoured consumers. 


“This very pernicious sys- 
tem ” has landed the electricity 
boards with mounting losses: 
RsSObn (£i.03bn) in the year to 
March 1994, up from Rs34bn 
three years ago, before eco- 
nomic reforms began. 

But there is some progress. 
Late last year, state power 
ministers finally agreed to 
charge fanners a minimum of 
Rs0.50 a unit for electricity. 
This is still far below cost but 
establishes the principle that 
consumers pay. Mr Salve says 
17 of the 26 state electricity 
boards have introduced the 
new charge. 

States which have yet to 
reform include Uttar Pradesh, 
the most populous, and Pun- 
jab, the largest agricultural 
producer. 

The position is so poor that 
the World Bank, the biggest 
foreign source of finance for 
Indian power, has this year 
withheld 8750m (£500m) in 
planned loans because of the 
slowness in reforming electric- 
ity boards. 

Another of Mr Salve's head- 
aches is that state electricity 
boards buy much of their 
power from the centrally-run 
National Thermal Power Cor- 
poration but consistently fail 
to pay their dims. 

The arrears, totalling 
Rs30bn, have become so alarm- 
ing that Delhi took extreme 
action to recover some of the 
money - by taking it out of the 
grants paid by the government 
to state administrations. 

It was the third time Delhi 
has had to pre-empt funds 
since 199L Mr Salve says: “I 
hope it's the last time. We 
must accelerate the spread of 
economic reform into the 
states." 


FINANCIAL PERFORMANCE OF THE STATE 
ELECTRICITY BOARDS, 1991-95 {Rs bn) 



1991-82 

1992-93 

1993-94 

1994-95 

Gross Subsidy on Sales 

74 

92 

107 

126 

to agriculture 

59 

74 

83 

96 

to domestic consumers 

13 

IB 

21 

27 

inter-state 

Subventions received from 

2 

2 

2 

3 

state governments 

20 

19 

21 

21 

Surplus generaged by 
“sales to other sectors 

22 

26 

37 

44 

Uncovered subsides 

- 

47 

49 

61 

Memo Item 

Gross subsidy on sales 
(percentage of GDP) 

1.2 

1.3 

151 

1.4 


NoCk SiAUnaodoAndn tfw Jteeoca between firMS mat would enrtfe tfra SSk to cover their 
vsrttUo caste and artth acfuoty ctar&xt K thus does not ktcMa capital svtakSas. Vuhm for 1994-35 
enpmfr Wad Sourrxr Wntstry at Franca, Economic Sumy, 1934-94. 


Rabbi accused of being 
anti- Arab mastermind 


By a Correspondent 
in Jerusalem 

A West Bank settler rabbi was 
yesterday accused of being the- 
mastermind of an alleged vio- 
lent anti- Arab underground 
movement based in the Hebron 
area, and charged with pub- 
lishing racist material, conspir- 
acy to purchase weapons, and 
other crimes. 

Rabbi Ido Elba, who lives in 
Kiryat Arba, the Jewish settle- 
ment overlooking Hebron 
where Baruch Goldstein, per- 
petrator of February's Hebron 
mosque massacre, also was a 
resident, Is the fourth member 
of the alleged underground to 
be charged. His lawyer. Mr 
Naftali Wurzburger. said the 
rabbi made no secret of his 


views on killing Arabs “if it 
spares your own people." but 
argued that merely to hold 
those views was no crime. 

On Wednesday, two other 
Kiryat Arba residents, brothers 
Eitan an d Yehoyada Kahaiani , 
were charged with attempted 
murder. 

More than a dozen people, 
most of them from Kiryat 
Arba. have been arrested in 
connection with the alleged 
underground movement over 
the past month. The members 
of the network may have been 
responsible for four murders of 
Arabs in the past year, and 
may have been planning an 
attack on the PLO’s orient 
house headquarters in Jerusa- 
lem. 

However, more than half of 


those originally detained have 
been released. In addition, set- 
tler leaders have been charging 
that no extremist Jewish 
underground really exists. 
They claim the government 
has deliberately used agents of 
the Shin Bet security services 
to target right-wing settler 
groups which oppose its peace 
policies. 

With the Cave of the Patri- 
archs, where Goldstein gunned 
down 29 Palestinians at prayer, 
scheduled to finally reopen 
later this month, the govern- 
ment is keen to minimise 
the threat from settler 
extremists. 

Earlier this week, 18 settlers 
were issued with orders ban- 
ning them from visiting the 
Hebron shrine. 



Taiwan opposition deputies gag the deputy sp eaker (third right) in protest at the government’s attempt to revise electoral laws amt 


A new assertive approach to foreign relations is emerging 


Taipei puts its mouth where 
pleas and money used to be 

A t the opening cere- in the autumn of 1993 by Taiwanese official should be the stupider the Chinese lc 
mony of the Asian Taiwan's friends to have the allowed to attend the Asian Taiwan comes off looking 
Games in Hiros hima matter brought before the UN Games to stir debate in sonable, even gracious, in 


A t the opening cere- 
mony of the Asian 
Games in Hiroshima 
this week, Taiwan got the big- 
gest ovation from the crowd as 
its delegation, walked into the 
arena. 

It was a signal of a chang in g 
diplomatic game being played 
by the Taipei government 
Taiwan, which was once con- 
tent to plead its case for 
greater international recogni- 
tion merely through quiet lob- 
bying, chequebook diplomacy 
and foil-page advertisements in 
international publications, was 
reaping some of the first fruits 
of a quite different approach. 

The humble, discreet, 
behind-the-scenes approach 
long used for fear of arousing 
the wrath of China and caus- 
ing offence to other govern- 
ments, appears now to be tak- 
ing second place to a more 
assertive, even aggressive 
approach to foreign relations. 

The island is fighting to 
emerge from the shadow of dip- 
lomatic isolation cast over it 
since 1971, when the United 
Nations switched recognition 
from Taipei to Beijing. 

President Lee Teng-hui in 
1993 announced a seemingly 
quixotic bid to return to the 
UN with the words “Hope is 
more important than reality, 
for without hope, how can one 
expect to achieve reality?” 

China vehemently opposes 
Taiw anes e membership, and as 
a permanent member of the 
UN’s security council was able 
to block efforts last month and 


in the autumn of 1993 by 
Taiwan's friends to have the 
matter brought before the UN 
general assembly. 

China regards Taiwan as a 
renegade province, and forces 
governments to choose 
between Taipei and Beijing for 
their diplomatic relations. 

Just 29 countries now recog- 
nise Taiwan, and it is debat- 
able how long the biggest of 


Taiwanese official should be 
allowed to attend the Asian 
Games to stir debate in 
Japan. 

The incident worked to great 
effect as China co-operatively 
kicked up a fuss at every 
opportunity, real or imagined. 
Especially galling to Beijing 
was when Taiwan's deputy pre- 
mier, Mr Hsu Li-teh, 
exchanged name-cards with 


Taiwan is beginning to stand up 
for itself, writes Laura Tyson 


those. South Africa, will hold 
out against Beijing’s advances 
now that it is no longer the 
pariah state it was under 
apartheid. 

Governments that do not 
have formal ties with Taiwan 
are attempting to gauge what 
sort of entity Taiwan will be a 
few years hence and how their 
policies should reflect expected 
changes. 

The new (unstated) policy 
first materialised in May, when 
the US government, under 
pressure from China, refused 
to allow Taiwan’s president, 
Lee Teng-hui, stay overnight in 
Hawaii en route to central 
America. Taiwan gained a lot 
of sympathy and publicity in 
the US as it sought to portray 
Washington as Beijing's lap- 
dog. 

Then Taiwan used a dispute 
with Beijing over whether a 


Japan’s education minister. 

Then there was that ovation 
at the opening ceremony. 

On Monday Taiwan plans to 
wave its red national flag in 
front of the Chinese bull with a 
gala Taiwanese national day 
celebration in Hong Kong's cul- 
tural centre. 

Observers are wondering 
what sort of international spec- 
tacle may emerge at the Asia 
Pacific Economic Co-operation 
forum to be held in Jakarta in 
November. 

“This is part of Taiwan's 
two-pronged strategy,” said a 
Taipei-based western observer. 
“First, the government is try- 
ing to stir up public sympathy 
in countries with strong legis- 
lative support for Taiwan. 
Second, they’ve discovered 
that it is quite easy to provoke 
outrage from Beijing, and the 
more Beijing bullies Taiwan, 


the stupider the Chinese look" 
Taiwan comes off looking rea- 
sonable, even gracious, in con- 
trast 

Perhaps policy-makers 
decided that the old diplomatic 
methods were not achieving 
the desired result, so there was 
nothing to be lost by trying a 
new approach. 

The new confrontational 
Taiwan has foreign govern- 
ments bemused, but on guard, 
fearing they may be targeted 
next 

But hardliners in Taiwan 
warn that openly provoking 
Beijing could lead to a military 
attack. China has not ruled out 
using force to stop Taiwan 
from declaring independence. 

Supporters of independence 
dismiss such warnings as 
scaremongering. They believe 
that China would not dare 
attack Taiwan, and if it did, 
the US would rush to Taiwan’s 
defence despite the absence of 
such a treaty. 

While it is evident that no 
government will risk forfeiting 
access to China's vast potential 
market to further Taiwan's 
diplomatic ambitions, it is 
equally evident that Taiwan's 
current status is not tenable 
indefini tely. 

Sympathy for Taiwan is' 
growing in the US Congress, 
the Japanese Diet (parliament) 
and in the legislatures of other 
western countries. Already 
lawmakers are pressing their 
governments to grant Taiwan 
better treatment 


Fresh setback for Indonesian press 


By Manuela Saragosa 
in Jakarta 

Attempts to invigorate 
Indonesia’s battered media 
received another setback yes- 
terday when the government 
threatened to ban a relaunched 
weekly tabloid, which had 
been forced to dose in June. 

The official state-backed 
jour nalists' association, the 
PWL withdrew its support for 


the editor of Simponi, a reor- 
ganised version of DeTik 
launched on Monday. Journal- 
ists say the association is act- 
ing on instructions from the 
ministry of information and 
the move “lays the ground for 
an eventual ban”. 

According to the many rules 
laid down by the minikry of 
information, a publication’s 
editors and jour nalist s must be 
endorsed by the FWI to obtain 


a publishing licence. Critics 
say the ministry is simply 
looking for a technical excuse 
to close down Simponi, arguing 
that almost all publications in 
Indonesia hire employees not 
members of the journalists’ 
association. 

Mr Sub rata, director-general 
of press and graphics at the 
department of information, 
was not available and other 
officials declined to comment 


Simponi went on sale on 
Tuesday with an initial print 
run of 150,000 copies, featuring 
a cover story on the role of. 
former President Sukarno in 
the 1965 coup d'etat. Hie tab- 
loid's staff is made up of some 7 
60 former DeTik journalists, 
banned in June with two other 
leading publications. Tempo 
and Editor, in what amounted 
to the most severe media 
crackdown in years. 



The ink had barely dried on the Native Title act when problems started surfacing, writes Nikki Tait 


Aborigines turn to land fund for redress 


An Aborigine protests in Sydney over the Native Title act 


Less than a year since Australia made 
a kind of peace with its indigenous 
population, the question of Aboriginal 
rights threatens to become politically 
contentious again. 

In December last year, the federal 
parliament passed a law allowing 
Aborigines and Torres Strait islanders 
to assert native title claims over the 
country’s large land mass. If claims 
were valid and land had since been 
put to other uses, compensation 
would be paid. This was the first for- 
mal acknowledgment - other than a 
1992 High Court ruling - that the 
country was inhabited before Euro- 
pean settlement. 

But. with the implementation of 
that package caught in a tussle 
between federal and state authorities, 
the focus is turning to a A$1.5bn 
(£700m) land fund, designed to help 
those indigenous people who have lit- 
tle chance of benefiting from the 
Native Title act itself. 

In theory, the land fund is a good 
idea. The problem with last Decem- 
ber's law was that it required an 
indigenous community to demon- 
strate a “close and continuing” associ- 
ation with the land it was claiming. 
Many Aborigines, however, have 
moved from their original homelands. 

To some extent, this drift has been 
voluntary. But it has also been due In 


part to the behaviour of white set- 
tlers. Aboriginal leaders estimate that 
no more than 10 per cent of their 
people have any chance of benefiting 
directly from the new law. 

So, in the lengthy negotiations lead- 
ing up to Native Title Act’s passage, 
they wrung a promise from the gov- 
ernment that a fund would be set up 
to acquire land on behalf of the 
remaining 90 per cent - a concession 
some saw as of more practical signifi- 
cance than the main legislation. The 
government published details earlier 
this year, and the necessary legisla- 
tion is working its way through par- 
liament in Canberra. 

The problem is that interested par- 
ties on all sides have reservations 
about the scheme's design. Some 
Aboriginal representatives say the 
firnd is too small to be viable, and 
that the administrative framework is 
offensively paternalistic. 

Opposition politicians, by contrast, 
have argued the money could be bet- 
ter spent on Aborginal health and 
housing. They have offered a raft of 
amendments, saying they will only 
support the legislation if these are 
accepted. It took the government only 
hours to reject this proposition. 

But perhaps the most critical views, 
from a political standpoint are those 
of the minor parties who hold the 


balance of power in the senate, parlia- 
ment's upper house, through which 
any legislation must pass. Already, 
the two Green party senators, who 
hall from Western Australia and 
hence have an important Aboriginal 
constituency, have expressed serious 
concerns about the fund's parameters. 

“The question is whether this 
becomes yet another Native Title 
debate,” said one official at the 
Aboriginal and Torres Strait Islanders 
Commission (ATSIC), which repre- 
sents Aboriginal interests. He was 
referring to the mammoth parliamen- 
tary effort which was needed to 
ensure the original bill's passage. 
“The Greens are playing the same 
role - trying to extract more [from 
the federal government]," he added. 

The objectors have a point. The 
fund is less generous than it origi- 
nally appeared. The A$1.5bn figure 
mentioned in the last budget is made 
up of a A$20Qm contribution from fed- 
eral coffers in 1994/5, and AJi21m a 
year for the next nine years. 

The bulk of this money, moreover, 
will be invested to ensure the fund is 
self-sustaining after the first decade. 
Only A$45m out of each annual pay- 
ment will go to acquire land or to 
fund land management. Moreover, 
funds ATSIC already devotes to this 
purpose from its own budget - A82lm 


a year - will be incorporated in the 
A845m figure. 

ATSIC has taken the view that any 
increase is better than none, and that, 
having done its best in negotiations, 
it will support the bill as it stands. 
But it is not overjoyed. As David 
Ross, ATSIC commissioner, has put it: 
“I think the fund is adequate ...lam 
certainly not saying that it is over- 
generous." 

Other Aboriginal representatives 
are more critical. Mr Aden Ridgeway, 
director of the New South Wales 
Aboriginal Land Counci], who repre- 
sents the interests of indigenous peo- 
ple in that state, has pointed out that 
the annual f unding works out at 
AS55m per state or territory, and that 
this low level will force the land fund 
to spread its money around second- 
grade properties. 

“You will not get really viable land 
when you do not have much money to 
spend," he warned. “You will end up 
with land in the low rainfall area 
which obviously will not be produc- 
tive and viable." 

Equally thorny are the questions of 
how land purchases will be organised 
and prioritised. The legislation is thin 
on operational details, but it does pro- 
vide for the formation or a new body 
the Indigenous Land Corporation, to 
handle purchases and management. 


After some compromise, the ILCfiL 
prospective board has been extended 
to seven, and the chairperson plus?! 
least four other directors must be 
Aborigines or Torres Strait Islander^' 
Even so, the fact that these appoint, 
ments are to be made by a fedasl'. 
minister and that the federal ft03ri& 
minister has ultimate power over 
land fund's Investment tonebes*^ 
nerve. It smacks, in some eyes,:#:' 
condescension, even racism. ■ :.Uz 

Moreover, in the first three years," 
the A$45m will be divided between. 
ATSIC and the ILC, with the fatter 
taking on full responsibility after tfifc"- . 
interim period. Sorting out how thK®" 
bodies weigh up the mass of appUc* 
tions which will almost certainly 6® 
presented .and perform complentefr 
tary investment roles, is no easy teds- 
As one ATSIC adminstrator point? 
out, it is not a question of mariimsW 
financial returns. Outback land ni 
spiritual significance, for example 
might have to be weighed against toe 
desire of an urban group to build a 
local co mmunit y centre. 

There is a fair amount of goodwill 
surrounding the land fund discus 
sions. There is also considerably 
reluctance to repeat the trauma of 
main legislation. Nevertheless, 
Australia found last year, the road » . 
reconciliation is long and bumpy- “ 




New on Club Europe. Nothing. 


if 1 e s 

is mor 

e. new Club Furope j 

s now 

most of' a 1 1 . 

W e ’ v e 

taken away all those 

tilings 

fhar used to 

make 

a flight to Furope ah 

om as 

enjoyable as . 

a Song 

lor F.uropc. 



N«> what's missing at the check-i 


W hat cl: 


’ ‘ ‘ 1 r ". U»5 ^ 

t'V lEl’.-o 

where 
1 to be 


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•: :-'Sac. 

'• *.! m! «• 




Nothing else, of course. 

I he confirmed arrival of out eight new 
departure lounges makes a total of fourteen 
around Liu rope. 

Step into any one of them and your only 
distractions are the daily papers, the crunchv 
biscuits and a little more orange juice, sir? 

Would you real!) expect anything less? 


W ell. \ oil for a Mart. If' you're packing only 
hand-luggage, sou can now check-in be phone. 
And ? 


■Sim 


press 


And nothing. 

Instead of' standing behind (he day-trippers 
the day-dreamers, the World Council of' Ticket 
Losers, you're breezing through Fast Track: vour 
own passport and securiry channel. 


LOOK., MORE NOTHING 


Xd 


BETWEEN THE SEATS. 


Frankly, yes. 

Ok. On the plane, you'll notice something 
about your seat: there's nothing about sour seat. 

Our new wider seats lease more space 
between sou and 


. > : : i* 1 


3 .- r s> 

? i , r . to 
O'-" 


LOOK. NO QUEUES WAITING FOR YOU IN PASSPORT CONTROL AND SECURITY. 


(To jump the queue lie re, soil'd base to 
stand in iront of soiirselfJ 


your neighbour. Or even more to the point, 
between you and your neighbour's elbow. 

So the next time you step off the plane 
and say. Thank you scrv much', expect the reply, 
'Oh. it was nothin”;.* 


British Airways 

The worlds favourite airline 


jnero seems little prospect that the 10 key attraction being the level of financial 
per cent WDAs will bo raised in the near flows involved. 


FINANCIAL 


TIMES FRIDAY OCTOBER 


7 1994 


NEWS: INTERNATIONAL 


Camdessus stands 


ground over SDR 



Mr Michel 
Camdessus, 


^ managing 


director of the 
International 

Monetary 
Fund, yester- 


day expressed confidence that 
there would soon be agreement 
on the vexed Issue of a distri- 
bution of special drawing 
rights - the Fund's reserve 
asset - to its members, writes 
Peter Norman. Economics Edi- 
tor, in Madrid. 

But at a press conference 
marking the end of this year's 
IMF and World Bank annual 
meetings, Mr Camdessus 
appeared to cast doubt on a 
resolution of the issue by mak- 
ing clear he was sticking by 
his own proposal for the issue 
of SDR36bn (£33.55bn>. 

This proposal, which was 
rejected by the Group of Seven 
leading industrial countries at 
a difficult meeting of the IMF's 
policy-making interim commit- 
tee on Sunday, is at the higher 
end of suggestions for the allo- 
cation of the IMF's own reserve 
assets to boost world monetary 
reserves. 

Yesterday's press conference 
was striking for the passion 
that the SDR issue generated 
in Mr Camdessus. He misheard 


or misunderstood questions 
about the global economy and 
financial markets, giving 
answers that related to the 
SDR allocation instead. 

The managing director's con- 
tinued zeal for the $DR con- 
trasted with the approach of 
many Industrial country gov- 
ernments In recent days. Fol- 
lowing the interim committee, 
they made a determined effort 
to ring-fence the stand-off over 
the SDR allocation, in an 
attempt to convey the message 
that the world economy is now 
in a better state than in many 
years and has a good chance of 
achieving sus taine d non-infia- 
tionary growth. 

Mr Camdessus said there 
was “a reasonable hope and 
probably a little bit more than 
that" for early agreement on a 
package comprising an SDR 
allocation and a strengthening 
of the sy stem ic transformation 
facility (STF) which the IMF 
uses to support former commu- 
nist countries developing mar- 
ket-based economies. 

“I am confident that in the 
coming weeks we will have an 
agreement on this package," he 
said. 

He said work had been prog- 
ressing “in the corridors" since 
Sunday’s interim committee 


failed to agree the SDR alloca- 
tion and SFT strengthening. 
He claimed the differences 
among the IMF members were 
“not that big". 

According to Mr Camdessus, 
all governments recognised 
that: 

■ There should be an SDR 
allocati on. 

■ The STF, which is due to 
expire at the end of 1994, 
should be extended beyond the 
end of this year. 

■ A solution to the SDR prob- 
lem must be found that con- 
forms with the Fund's articles 
and that the SDR’s role in the 
international monetary system 
must be preserved. 

He admit ted there were dif- 
ferences about the size and 
structure of the allocation. But 
he believed it was possible the 
IMF’s 179 members could reach 
agreement on the issue Inside 
the Fund's executive board and 
before the next interim com- 
mittee meeting in ApriL 

Mr Camdessus acknowledged 
that no one. Including the IMF 
management, could be certain 
their proposals would be sup- 
ported by all the membership. 
But he saw no reason to with- 
draw his own plan. 

He showed no sign of moving 
towards other proposals for a 



The west embraces 


Islamic banking 


Roula Khalaf on a growing role for western 
banks in sector where interest is shunned 


Michel Camdessus: determined not to Change his mind 


smaller SDR allocation, such insisted his SDR36bn plan was 


as the SDRlfibn one-off special 
allocation backed by the Group 
of Seven leading industrial 
countries or suggestions from 


essential to restore the place of 
the SDR in global reserves to 
the average of the past 20 
years. He insis ted his plan 


other countries for issues of would have no inflationary 


SDR22bn and SDR30bn. 
Indeed. Mr Camdessus 


consequences for the world 
economy. 


I slamic banks have been 
springing up all over the 
Middle East in the past 
decade, quietly collecting 
deposits from Moslems who 
like to consult the Koran 
before deciding where to put 
their money. 

So why is the Gulf buzzing 
with talk of the imminent 
arrival of a new Islamic bank 
in Bahrain? 

Because the bank is Citi- 
bank. which has confirmed 
plans to open the first 
full-fledged western Islamic 
bank u ffxt year and subscribe 
to the Koran’s prohibition on 
rfpaTing- in interest. 

Often dismissed by the west 
as a fad riding on the back of 
Islamic fundamentalism, 
Islamic hacking was judged by 
western bankers as a phenome- 
non co nfin ed to Islamic 
regions. With Citibank now in 
the game, the estimated $50bn 
industry may at last start to 
integrate with the world finan- 
cial system. 

Citibank is already an expert 
in Islamic finance. It is among 
the handful of western Hanks 






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that have been availing them- 
selves of cheap Islamic depos- 
its for more than a decade. 
When the banks were born in 
the early idSOs. depositors were 
happy to leave their mountains 
of savings in current accounts. 

But fop banita had to invest 
this liquidity in conservative 
and short-term instruments 
while at the same time circum- 
venting interest Lacking con- 
tacts and experience. Islamic 
bankers turned to western 
institutions such as Citibank 
to find homes for their money. 

It went mostly into commod- 
ity trades and trade finance 
deals, where, in return for a 
fee, Citibank, for example, 
arranged for a trader to buy 
goods on Islamic banks' behalf 
and resell them at a mark-up. 

More and more western 
banks went him ting for Islamic 
money, and an estimated 10 
per cent is now channelled 
through western banks, mainly 
Citibank, Klelnwort Benson, 
ANZ Grindlays and Goldman 
Sachs. 

At the same time, spurred by 
the swelling of deposits at 
Islamic fawfrg - Islamic funds 
of this kind, mostly spread 
through the Middle East and 
south-east Asia, are estimated 
to be growing by 10 to 15 per 
cent a year - commercial 
batiks in the Gulf have opened 
their own “Islamic windows” 
to attract religious clients, wid- 
ening depositors' choices. 

Saudi Arabia, for example, 
has resisted granting licences 
to Islamic institutions lest this 
highlight the fact that the 
Kingdom’s banks deal in inter- 
est. The only Islamic bank 
with a licence to operate is A1 
Rajhi Banking & Investment, 
which, for years had a monop- 
oly on Islamic money and now 
boasts ?6bn in deposits. But all 
other Saudi banks today offer 
clients Islamic products, such 
as commodity or trade finance 
hinds. 

Depositors have become 
more demanding. Instead of 
gladly leaving all their savings 
in current accounts, they have 
asked to share in the bank's 
profits. While- interest is 
shunned in the Koran, profit is 
permitted. This has forced 
banks to enhance their yields, 
in turn squeezing the m a rgins 
provided to western banks. 

But Islamic banks have a 
problem: while they continue 
to have plenty of liquidity, 
they suffer freon a dearth of 
lucrative products that can 
pass muster with their reli- 
gious boards which clear every 
transaction. Thus they will 
continue to seek the product 
innovations western banks can 
offer. 

“What we provide is access 
to markets and structuring 
capabilities," explains Mr Rich- 
ard Duncan, director of Islamic 
finan ce at ANZ Interna ti onal 
Merchant Banking. “We bring 
our expertise in the Fax East to 
our relationships in the Gulf." 

With the help of h anks such 
as the ANZ, Gulf Islamic banks 
have in the last two years man- 
aged to branch out of trade 
finance and into longer team 
and more profitable asset- 
based transactions. Leasing is 
at the top of acceptable Islamic 
products — Tslamir hanks ran 
buy the equipment and sell it 
in instalments. Three years 
ago, a tiny 0.4 per cent of A1 
Rajhi's assets were invested 
over five years, compared with 
10 per cent in 1993. 

ANZ last year arranged for 
A1 Rajhi to lend $92m in bridge 
finance to Pakistan's $1.9bn 
Hub Power project, one of the 
largest privately-owned power 
projects implemented on a 
build-own-operate basis in the 


developing world. At RaJU 
bought equipment on Hub 
Power's behalf and resold it on 
a deferred payment basis. 

ANZ also tapped Islamic 
money recently to arrange a 
$300ra three-year finance of 
raw material purchases for a 
New Zealand company. Since 
L9S9. ANZ has arranged for 10 
deals each worth 5100m. says 
Mr Duncan. 

Islamic institutions are 
slowly acquiring expertise of 
their own, by recruiting west- 
ern trained professionals and 
offering them handsome pay 
packages. The most vibrant of 
newcomers is Kuwait's The 


International Investor, au a 
TE inmit*. merchant bank set up Y 


Islamic merchant bank set up 1 
in 1992 with Saudi and Kuwaiti 
institutional shareholdings, 

Tn, which has $900m under 
management, will be looking 
to OECD-country banks to 
source deals in the west and 
the Far East but it can do with- 
out them in the Middle East. 
Last year. Til raised $450m in 
Islamic money to finance 
leases for seven Kuwait Air- 
ways aircraft. The bank is now 
helping Merrill Group of the 
US raise $50m to build a wind 
power generation plant in 
Egypt It is also acting as 
adviser and lead banker for the 
US's Wing Group which, 
according to Mr Adnan Al 
Babar, Chairman of Til, aims 
to raise Sibn to build a power 
generation plant in Kuwait. 

Faced with increased compe- 
tition for Islami c money, but 
secure in the knowledge that 
there is plenty more to tap. 
Citibank, say Islamic bankers, 
is hoping to gain an edge by 
going directly to the deposi- 
tors. 

It is unlikely that small reli- 
gious depositors will flock to 
the doors of a western bank, 
however Islamic it claims to 
be. Perhaps with this in mind. 
Citibank says it will target pri- 
vate individuals and institu- . 
tions who want to follow the v 
Koran's teachings but are. at 
the same time, interested in 
making some money. 


T hough returns offered 
by Islamic institutions 
have improved in recent 
years, they often remain below 
those offered by commercial 
counterparts. Kuwait Finance 
House, which claims a 15 per 
cent share of all deposits in 
Kuwait has been paying a 5.6 
per cent return this year on 
deposits of more than 30 days 
compared with commercial 
Kuwaiti hanks' more attractive 
7 per cent rate, according to 
Cyprus-based Capital Intelli- 
gence, a research group. 
(Though quoted as an interest 
rate, Kuwait Finance House’s 
5.6% rate is based on profit 
sharing). 

The growth of Islamic 
finance, however, also requires 
the establishment of Islamic 
capital markets, where 
long-term assets on banks' 
books are turned into tradeable 
securities and where banks can 
find dally liquidity. Malaysia 
has made strides towards this 
goal. The government has pro- 
moted the establishment of 
Islamic banks alongside com- 
mercial ones and has set up an 
islamin interbank market. 

It is unlikely that a similar 
experiment will be undertaken 
in the Cult where banks are 
spread across borders and a 
product deemed Islamic by one 
bank is heresy for another. As 
one expert in Islamic hanking 
put it, “The problem is that 
there is no standard interpreta- 
tion of the sharia [Islamic lawj. 
How can you have a market if 
not everybody agrees which 
products are Islamic." 


Iraq monitoring 
starts in few days 


By Mark Nicholson In Cairo 


Monitoring systems and 
equipment for the long-term 
surveillance of Iraq’s weapons 
industry are “provisionally 
operational” and the UN moni- 
toring programme will begin in 
a few days, Mr Rolf Ekeus, UN 
special envoy, said in Baghdad 
yesterday. 

Mr Ekeus’ findings will be 
put formally to the UN Secu- 
rity Council on Monday. His 
report Is likely to prompt 
debate and probable division 
among Security Council mem- 
bers over whether to give Iraq 
a definite timetable for a “pro- 
bationary” test of the system, 
at the end of which the Council 
would consider easing the four- 
year-old oil embargo. 

Iraqi officials warned after 
Mr Ekeus' departure that 
unless the Security Council 
meeting on October 10 directly 
led to an easing of sanctions, 
Baghdad would adopt a “new 


attitude" towards the UN. 

A spokesman for the Revolu- 
tionary Co mman d Council. 
Iraq's top political body, said 
that despite Iraq’s compliance 
with UN Gulf war ceasefire res- 
olutions, “those of vicious pur- 
pose, among them the US, are 
bent on ha rming Iraq". 

Adding that some UN coun- 
tries wanted “to continue the 
sanctions as long as possible, 
he said: “We shall wait until 
the 10th of this month; after 
that every party will bear the 
consequences of its stand". 

France, Russia, China and 
other members of the 15-strong 
Security Council favour giving 
Iraq a Bix- wnw>, h trial perk®* 
arguing Iraq has made profr 

ress in meeting GulT war cease- 
fire resolutions railing for con" 
trol of its weapons industries. 
Britain and the US have saw 
they would oppose just yet set- 
ting any criteria offering I 1 ®} 
the prospect of lifting the 
sales ban. 


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FINANCIAL TIMES FRIDA V OCTOBER 7 1994 

■J2 ^ _ 


NEWS: THE AMERICAS 


Cardoso pledge on Brazil social problems 


By Angus Foster in Sao Paulo 

Mr Fernando Henrique Cardoso 
earned victory in Brazil's presiden- 
tial elections yesterday, promising to 
tackle the country's huge social prob- 
lems and seek a higher profile in 
international affairs. 

Mr Cardoso, a former academic 
turned social democrat politician, was 
speaking for the first time since Mon- 
day's poll which, with more than half 
the votes counted, he appears to have 
won, easily. 

Sitting in front of an enormous Bra- 
zilian flag, Mr Cardoso said: “The big- 
gest task is to overcome our social 


injustice. We are no longer an undev- 
eloped country, we are the 10th larg- 
est economy in the world, but we 
have huge social problems." 

He promised especially to improve 
education, where Brazil lags behind 
many other developing nations, and 
basic health services. 

Mr Cardoso said Brazil’s new eco- 
nomic stability, brought by the Beal 
currency which he helped launch this 
year as finance minister, gave the 
country the opportunity to be more 
involved in regional and international 
affair s. Brazil wants a permanent seat 
on the UN Security Council ami Mr 
Cardoso said the country needed to 


recognise that such claims demanded 
a “very active" role In the world. 

Mr Cardoso said he was committed 
to private sector investment in areas 
of state monopoly and wanted to 
make private-sector joint ventures in 
ofl and petroleum more flexible. How- 
ever, state-owned PetnobrSs would not 
be privatised. 

Private sector investment would 
also be allowed in areas such as tele- 
communications and energy genera- 
tion. Mr Cardoso favoured privatising 
Companhia Vale do Rio Doce, the big- 
gest state-controlled mining company. 

Mr Cardoso made some tough com- 
ments on Brazil's state-owned banks, 


many of which are in difficulty 
because of politically-inspired lending. 
Loss-making banks should be cleaned 
up rather than supported with gov- 
ernment money. “If a bank is doing 
badly it needs to be turned round," he 
said, irrespective of whether the bank 
was controlled by a political ally or 
enemy. “Brazil cannot postpone this 
decision any longer.” 

Some reforms, in areas such as tax 
reform and wage legislation, were 
needed to guarantee the continued 
success of the Real He said these 
matters would be discussed with Con- 
gress and doubted any significant 
changes would be made before he 


becomes president on January 1. 

Mr Cardoso said he expected his 
victory would lead to greater foreign 
investment in Brazil Some foreigners 
had delayed investments in case he 
lost to his main opponent, the left- 
winger Mr Luiz Inario Lula da Silva. 

According to election authorities, 
with slightly over half the votes 
counted, Mr Cardoso leads Mr da 
Silva by 54 per cent to 25 per cent 

Mr Cardoso said no “radical mea- 
sure" would be used to stop foreign 

investment flows if the Real contin- 
ued to rise against the US dollar. 
Brazil holds back. Capital Markets 
page 


Republicans kill bill on lobbying 


Psy Ops war 
waged in Haiti 


Republican senators yesterday 
succeeded in tolling a bill to 
limit the gifts they could 
receive from lobbyists, adding 
one more scalp to. their collec- 
tion of legislation blocked or 
defeated in the closing days of 
the congressional session. 
George Graham writes from 
Washington. 

Democratic leaders failed to 
V achieve the two-thirds major- 
ity they needed to break a 
Republican filibuster against 
the bill, which would have 


T he resignation of Mr 
Mike Espy as US agri- 
culture secretary has set 
Washington and national 
tongues clucking again, in a 
number of unexpected ways. 

Naturally, the fact that he 
was accused of taking favours 
from the agribusiness interests 
he was supposed to regulate 
has left the door open for those 
inclined to the high moral 
road. 

Under the direction of Mr 
Howell Raines in the past two 
years, editorial comment in the 
notionally liberal New York 
Times have torn into the Clin- 
ton administration’s ethical 
standards with a savagery that 
has often rendered conserva- 
tive commentary superfluous. 

It said Mr Espy’s behaviour 
“gave, at the very least, the 
appearance of conflict of inter- 
f est It was also colossally stu- 
pid.” It also damned his depart- 
ment, which the newspaper's 
reporters had found guilty of 
excessive payments for disas- 


stiffened the registration 
requirements for people who 
spend money or are paid to 
lobby Congress or the adminis- 
tration. 

The bill, which passed the 
House last week, would have 
barred most gifts from lobby- 
ists to members of Congress - 
except for campaign contribu- 
tions - and would have 


ter relief, as “too close to food 
producers and farmers”. 

The Wall Street Journal's 
editorial column usually 
blames everything on Presi- 
dent Bill Clinton. The Espy 
affair , it wrote, was consistent 
with “the larger story now of 
people in our politics who are 
nnahto to recognise any line 
between the realms of private 
and public life”. 

Much speculation turned, 
inevitably, on who would be 
next to go from the cabinet, 
with Mr Henry Cisneros, the 
housing secretary, top of most 
lists. He stands accused of not 
telling the FBI the full story 
about his financial arrange- 
ments with a former lover 
when it was conducting back- 
ground checks before his 
appointment 

He was forced to say he 
would not resign, but that 
turned at tenti on to support he 
was getting from the White 
House, which has a reputation 
for giving way under fire. 


allowed members to accept 
meals only np to a value of $20 
(£12.60). 

The lobbying reform Mil had 
provoked the anger of many 
members who felt it demeaned 
them by suggesting they could 
be bought so cheaply, and had 
particularly irritated golfers, 
because it would prevent them 
from accepting expense-paid 


But if all this was easy to 
predict, others have begun to 
wonder if the manic pursuit of 
purity in Washington office- 
holders is not going too far. 

A tart editorial in the Balti- 
more Sun found it hard to 
believe that a corporation, 
Tyson Foods of Arkansas, 
whose lawyer had helped Mrs 
Hillary Clinton earn $100,000 
(£63,000) in commodities trad- 
ing, would bother with a $1,200 
scholarship to Mr Espy's com- 
panion, which, indeed, seems 
to have been the straw that 
broke his back. 

“But," it added derisively, 
“that's what It has come to in 
Washington. Caesar's assis- 
tant's girlfriend has to be 
above suspicion?" 

Mr Peter Jennings, the ABC 
television anchorman, also had 
his reservations in a radio 
commentary. Nothing the agri- 
culture secretary may have 
done would have been illegal 
while he was a congressman. 

Mr Jennings told the story of 


trips to the many charity golf 
tournaments mounted every 
year in choice resorts by busi- 
nesses and trade associations. 

But this is not the kind of 
argument that members are 
eager to make less than, five 
weeks ahead of an election, 
and last-minute opposition to 
the bill in the House last week 
and then this week in the Sen- 


another current cabinet mem- 
ber who, returning from a trip 
with his wife, took a govern- 
ment car from the airport - 
but sent his wife home by taxi 
so as not to infringe any ethi- 
cal code. The head of the Gov- 
ernment Services Agency’s 
chief Is the latest on the block 
for having allegedly trans- 
gressed the rules. 

T hese standards, tight- 
ened by the Clinton 
administration, are 
Indeed strict. For example, no 
journalist may buy a civil ser- 
vant worth more than 
$20 a session or $50 a year, 
which does not buy much In 
Washington these days. 

A Washington Post editorial, 
while concluding that Mr Espy 
was “right to resign”, won- 
dered at the hypocrisy of a 
Congress so wedded to special 
interests that it ha«: killed cam- 
paign finance reform and may 
do the same to lobbying 
reform. “Perhaps the people 


ate has focused on claims that 
the measure would infringe 
the right of religious groups to 
lobby Congress. 

Congressman Newt Ging- 
rich, the Republican minority 
whip in the House and the 
leader of the campaign to kill 
the bill, called it “a gag rule 
od the grassroots”. 

Since the bill mostly 


who kill this hill, if they man - 
age to do that, will have the 
grace to step down too.” 

There was also something of 
a rallying to Mr Espy not 
merely from his fellow blacks 
but also from both sides of the 
farming fence, where he was 
seen as both knowledgeable 
about the industry and sensi- 
tive to consumer interests. 

But performance on the job 
- or qualifications for it - mat- 
ter much less these days. Men 
and women have been 
drummed out of town or not 
let into it for technical 
breaches of immigration and 
tax laws concerning domestic 
help mostly honoured only in 
the breach. 

Or, as in the case of Ms Riclri 
Tigert, only this week con- 
firmed to run the Federal 
Deposit Insurance Corporation 
after an eight-month delay, 
agencies have been left head- 
less because of the heinous sin 
of a presumed friendship with 
the First Lady. 


exempts church groups from 
registering their communica- 
tions with members as a lob- 
bying activity, this explana- 
tion appears less credible than 
the Republicans’ fierce deter- 
mination to deny the Demo- 
crats’ even the smallest legis- 
lative victory ahead of the 
November 8 mid-term election. 

President Bill Clinton had 
said both lobbying and cam- 
paign finance reform were 
high priorities for him, but 
both have now been defeated. 



Mike Espy: accused 


It may be true that the Clin- 
ton administration, by raising 
the ethical banner, left itself 
open to criticism when its 
members fell short Republican 
exploitation of such shortcom- 
ings may also be just standard 
politics. 

But when elected office can 
be bought merely by spending 
a lot of money, it can seem 
rough justice when the receipt 
of just a little means the end of 
a Washington career. 


I n military jargon, Psy Ops 
stands for Psychological 
Operations, actions 
designed to mislead the enemy 
or influence the climate of 
opinion in conflict zones. While 
they might be the key to a par- 
ticular mission, Psy Op agents 
usually work independently. 

Yet as the US lays the 
ground for the imminent 
return to Haiti of exiled Presi- 
dent Jean -Bertrand Aristide, 
its occupation of the country 
seems to be one big Psy Op. 
What it suggests is that the US 
believes getting Mr Aristide 
back in power is a question of 
changing minds more than 
changing conditions. 

Every movement of US 
troops has a “target audience 
In addition to a military’ tar- 
get", says one Psy Op planner. 
When troops raided the head- 
quarters of Fraph. the paramil- 
itary organisation loyal to the 
coup leaders, soldiers led about 
30 of those captured on a slow 
parade through centra] Port- 
au-Prince and let Aristide sup- 
porters tear up the office. 

The idea, said the planner, 
was to demonstrate to Fraph 
and the American people that 
the US could take charge 
whenever it wanted and that it 
had the capital's vengeful 
mobs on its side. 

President Bill Clinton is no 
longer chided for having 17,000 
troops in Haiti doing nothing. 
And the lack of serious con- 
frontation with Fraph. which 
still has an estimated 200,000 
members with 30.000 weapons 
at large, leaves him less 
exposed to criticisms that the 
US is becoming bogged down 
in a Somalia-like mission. 

Another big hit in Haiti, and 
on CNN, are searches of pri- 
vate homes where weapons are 
suspected of being stored by 
anti-Aristide forces. On one of 
these early-morning raids a 
contingent of 10 US soldiers 
found two pistols and three 
rifles in a storage shed, enough 
to arrest the man guarding the 
flimsy structure. 

After they left, the shack 
was reduced to rubble by a 
jubilant crowd- Later in the 
day, the same US contingent 
returned to admire tbeir handi- 
work and a Sergeant Mac- 
Phearson told the assembled 
crowd: “We promise to keep 


Ted Bardacke on 
an operation 
meant to please 
Washington as 
well as the locals 

raiding them if you promise to 
keep destroying them." 

Still, these raids have netted 
less than 300 weapons, and US 
military spokesman Colonel 
Barry Willey admitted that 
faulty intelligence means “we 
don't know until vie get then? 
whether we’ve gone on a wild 
goose chase”. 

M ilitary commanders 
also know that politi- 
cians in Washington 
can make or break this mis- 
sion. so they have become a 
“target" as well. When sena- 
tors came down on a whirl- 
wind fact-finding tour. Bradley 
armoured ears uncharacteristi- 
cally left the US kisc. some 
with orders to roll by just as 
the visitors wore to begin their 
press conference, to give the 
impression of the US being 
firmly in charge. 

Also meant for consumption 
in Washington, according to a 
Special Forces media liaison 
officer, are the television shots 
of Haitians cheering the US 
forces. Television crews are 
given priority with military 
units that are likely to encoun- 
ter positive crowds, thus giv- 
ing Mr Clinton some “breath- 
ing room" as Congress debates 
whether to impose a date for 
troop withdrawal. 

US actions, psychological or 
not, are certainly building 
momentum for the return of 
Mr Aristide. Fraph, the police 
and the army are lying low and 
Aristide supporters, feeling 
protected by the Americans, 
are growing more confident by 
the day. But whether these 
shows of force are creating the 
conditions for Mr Aristide to 
rule is another question. 

Mr Roosevelt Poteau, owner 
of a computer supply and 
repair shop, is eagerly awaiting 
the end of the economic 
embargo that Mr Aristide will 
bring with him, yet is wary 
that “US forces are leaving our 
president too much hard work 
for him to do by himself". 


Is Caesar’s aide’s girlfriend behaving? 

Jurek Martin wonders if Washington’s pursuit of ethical standards has gone too far 


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FINANCIAL TUVIES FRIDAY OCTOBER « 1994 


NEWS: WORLD TRADE 


House delays 
votes on Gatt 
ratification 


Indonesia’s Suharto emerges as a surprise advocate of liberalisation 

Support grows for free trade in Apec 


By Jink Martin in Washington 

The fate of Gatt in the US 
Congress is on hold for at least 
seven more weeks following 
the decision of the House to 
copy the Senate and come back 
into session at the end of next 
month for the crucial votes. 

The House Democratic lead- 
ership was forced on Wednes- 
day night to postpone the vote 
scheduled for yesterday after 
Republican objections to the 
rules under which the debate 
would be conducted. These 
stem from an opposition cam- 
paign ag ains t a telecommuni- 
cations provision In the bill. 

But in a letter sent to Presi- 
dent Bill Clinton, leaders of 
both parties in the House diplo- 
matically chose to blame their 
decision to call a lame duck 
session on November 29. after 
the November 8 mid-term elec- 
tions. on the Senate delay of 
the Gatt vote until December L 

‘'The Senate decision." the 
letter said, "has quite frankly 
undermined our ability to 
guarantee strong bipartisan 
support for this effort in the 
House at this time." But both 
the Speaker, Mr Tom Foley, 
and the Republican leader, Mr 
Bob Michel, predicted it would 
eventually pass. 

Mr Mickey Kantor, the trade 
representative, who had spent 
much of Wednesday testifying 
to Congress for the Gatt bill, 
put the best face on what was 
nevertheless a setback for the 
administration. "There’s no 
reason in the world to take any 
chants with the world’s larg- 
est trade agreement,” he said. 

Mr Clinton weighed in by 


saying at a press conference 
that Gatt amounted to the 
"biggest world tax cut in his- 
tory" and a "huge job gainer* 
for the US. 

The Senate delay was 
brought about last week by 
Senator Ernest Hollings, the 
South. Carolina Democrat, who 
exercised his right as a com- 
mittee rhairman to force a 45- 
day interval before the climac- 
tic vote. The chamber will come 
back into session on November 
30 with a vote scheduled for 
the following day. 

The new Congress does not 
take office until next January 
so the lame duck sessions will 
feature the existing line-up. 
That still leans towards 
approval, as a procedural vote 
later on Wednesday night 
seemed to indicate; also more 
than ioo retiring senators and 
congressmen may feel free to 
vote their consciences without 
fear of retribution at the polls 
or from party whips. 

Nevertheless the outcome of 
the November 8 mid-term elec- 
tions may have a sizeable 
influence on the lame duck ses- 
sions. If conservative Republi- 
cans. increasingly associated 
with "America First" positions 
and complaining that Gatt 
imperils US sovereignty, make 
expected gains, opposition to 
the agreement may grow. 

Congressman Michel a long- 
time supporter of free trade 
who is retiring this year, con- 
ceded that he had been caught 
unawares by the anti-Gatt cam- 
paign waged over the last week 
by Congressman Newt Ging- 
rich, his almost certain succes- 
sor as Republican leader. 


By Victor Manet in Jakarta 

The leaders of Asia-Pacific 
nations, including President 
Bill Clinton, could make a pub- 
lic commitment to free trade in 
the region by the year 2020 or 
even 2010 when they attend a 
summit in Indonesia next 
month, according to officials of 
several governments support- 
ing the idea. . 

The proposal for a bold state- 
ment of intent from the leaders 
of the 17-nation Asia Pacific 
Economic Cooperation forum 
(Apec). who meet next month 
In Bogor, near Jakarta, is 
broadly in line with the recom- 
mendations of an Apec "emi- 
nent persons group” (EPG). 

Supporters of rapid liberalis- 
ation have found an unex- 
pected ally in Indonesia’s Pres- 
ident Suharto, who has 
surprised other south-east 
Asian governments and some 


of his own ministers by declar- 
ing his wholehearted support 
for free trade as the Apec sum- 
mit approaches. Indonesia lias 
lowered tariffs and reduced 
non-tariff barriers in recent 
years, but it still has one of the 
most protected economies in 
the region. 

"We have high hopes that 
the forthcoming meeting in 
Bogor will produce fundamen- 
tal agreements on the type of 
co-operation between Apec 
members and on the rate of 
trade and investment liberalis- 
ation among us.” Mr Suharto 
said in a speech yesterday. 

In a report in August the 
EPG urged Apec to complete 
trade liberalisation by 2020; it 
also said economically 
advanced Apec members 
should eliminate their trade 
barriers more quickly than 
developing or newly-industria- 
lised nations. 


Although they have reserva- 
tions about the EPG report, the 
US and Australia are among 
the most prominent supporters 
of a target date for free trade. 
Malaysia, on the other hand, is 
opposed to the idea, arguing 
that Apec risks being domi- 
nated by the US and should 
remain an informal consulta- 
tive organisation; Dr Mahathir 
Mohamad, Malaysian prime 
minister, refused to attend the 
first Apec summit in Seattle 
last year. 

Apec - whose members yes- 
terday reiterated their support 
For global trade liberalisation 
and the formation of the World 
Trade Organisation - com- 
prises the US, Japan and 
China, as well as Thailand, the 
Philippines, Indonesia, Singa- 
pore. Brunei Malaysia. South 
Korea. Hong Kong, Taiwan, 
Australia, New Zealand, 
Papua-New Guinea, Canada 


and Mexico. Chile is due to join 
next month. 

At an Apec ministers' meet- 
ing in Jakarta yesterday, Mr 
Bob McMullan, Australian 
trade minister, said that the 
EPG report was a matter for 
debate but that there was sup- 
port for a declaration of princi- 
ple on free trade by a specific 
date. 

"It's more likely than not 
that there will be an agree- 
ment about a timetable for 
trade liberalisation at the 
Bogor meeting," he told report- 
ers. 

However, critics of Mr 
Suharto, who is 73. say he is 
more interested in hosting a 
memorable summit and leav- 
ing his mark on world affairs 
than in the reality of free 
trade. His new allies respond 
that they would rather applaud 
his change of heart than ques- 
tion the motives behind it. 



Suharto: change of heart 


EU urged to shift focus to Asian markets 



By Emma Tucker In Brussels 

The European Union 
yesterday turned its 
attention eastwards. 
ami d mounting criti- 
cism that Europe risks 
losing out on Asia's 
"economic miracle” by 
Conferences being too slow to 

develop political and 

economic ties. At a conference in Brus- 
sels, Sir Leon Brittan. commissioner 
responsible for foreign affairs, warned 
the European Union needed to shift its 
focus rapidly towards greater trade 
with Asian markets. 

"The task is now to make a reality of 
what we all accept as an objective - 
better economic ties between the EU 
and Asia,” said Sir Leon. 

But Mr Nicolas Maclean, the chair- 
man for Asia of Unice, the European 


employers’ federation, said: “This 
forum is about 20 years overdue. For far 
too long, many EU companies have held 
Asian markets at arm’s length and have 
now woken up to the fact that they are 

missing out." 

Over the summer, the Commission 
published its first ever strategy docu- 
ment on Asia designed to launch a radi- 
cal rethink of EU strategy- It warned 
that if European companies were 
unable to earn an adequate share of 
Asian growth over the next decade, 
their worldwide profits and competi- 
tiveness would be affected. This in turn 
could exacerbate calls for more protec- 
tionist policies from those in Europe 
who view Asia as a threat, rather than 
a lucrative opportunity. 

Last month, foreign minis ters from 
the EU and the six Asean countries 
agreed to intensify political and eco- 
nomic relations, as well as to reinforce 


dialogue in such areas as security and 
the emriromnent 

However, significant differences in 
view also emerged from the meeting, in 
particular Asean opposition to EU 
efforts to link trade to hnmap rights 
and the conditions of workers. 

At yesterday’s conference of 150 busi- 
ness leaders, organised by the Euro- 
pean Commission and the Financial 
Times, the opening speeches by Sir 
Leon and Mr Manuel Marin, commis- 
sioner responsible for co-operation and 
development with Asia, avoided such 
issues. Both speakers concentrated 
instead on Europe's enthusiasm to 
develop links. 

Mr Marin said a positive message on 
Asia had to be communicated to 
Europe's citizens: "Increased demand in 
Asia for European products, services 
and expertise will obviously boost job 
growth and prospects in Europe.” 


However, he pointed out that collabo- 
ration with Asian companies did not 
appear to be a top priority with most 
European companies. 

According to the Commission paper, 
a number of factors are at play. These 
include a lack of understanding of the 
Asian business environment and the 
lack of a clearly defined image of 
Europe in Asia. 

Mr Maclean said three things had to 
happen if Europe was to be truly effec- 
tive in trading with Asia. First, bureau- 
cratic pressure had to be eased in 
Europe, to allow companies to be as 
competitive as possible. The member 
states also had to act in coordination, 
and make real attempts to understand 
the different Asian cultures. 

“If we ignore this, then culture will 
remain the greatest non-tariff barrier to 
our chances of strengthening our eco- 
nomic presence in Asia.” he said. 


THE 


DAVID 

T HOMA S 

PRIZE 


David Thomas was a Financial Times journalist killed on assignment in 
Kuwait in April 1991. Before joining the FT he had worked for, among 
others, the Trades Union Congress. 

His life was characterised by original and radical thinking coupled 
with a search for new subjects and orthodoxies to challenge. 

In his memory a prize has been established to provide an annual study/ 
travel grant to enable the recipient to take a career break to explore a 
theme in the fields of industrial policy, third world development or the 
environment. 

The theme for the 1995 prize, worth not less than £3,000, is: 

DOES FREE TRADE THREATEN THE ENVIRONMENT? 

Applicants, aged under 35, of any nationality, should submit up to 1000 
words in English on this subject, together with a brief c.v. and a proposal 
outlining how the award would be used to explore this theme further. 

The award winner will be required to write a 1500 to 2000 word 
essay at the end of the study period. The essay will be considered for 
publication in the FT. 

CLOSING DATE JANUARY 6 1995 

Applications to; 

Robin Pauley, Managing Editor 
The Financial Times (L) 

Number One Southwark Bridge 
London SE1 9HL 


Tetra Pak 
loses appeal 
against fine 

By Christopher Brown-Humes 
in Stockholm 

Tetra Pak. the Swedish 
packaging group, yesterday 
lost an appeal against an 
Ecu75m ($93m) fine levied by 
the European Commission, but 
said it was almost certain to 
contest the decision in the 
European Court. 

The Commission imposed 
the fine in 1991, arguing the 
group had abused its dominant 
position between 1982 and 1986 
by deliberately trying to stifle 
competition. The fine - the 
Commission’s biggest against a 
single company - was equiva- 
lent to 2 per cent of the group’s 
1990 turnover. 

The company's attempt to 
have the fine overturned by 
the European Court of First 
Instance has been rejected. 

The wrangle centres on mar- 
ket definitions. Brussels argues 
the Swedish company's posi- 
tion in "aseptically filled car- 
ton packages” is too dominant 
Tetra Pak does not deny this, 
but says the dominance - 
equal to as much as 80 per cent 
of the market - is not surpris- 
ing because it invented the 
aseptically filled carton pack- 
age concept 

But it argues that its share 
of the wider "liquid food” mar- 
ket is a more relevant yard- 
stick. Here it only has a 15 per 
cent share because of competi- 
tion from cans and plastic and 
glass bottles. 

Mr Christer Hedelin, Tetra 
Pak International general 
counsel said: “We are 
extremely disappointed that I 
the court has chosen to remain | 
with the old traditional way of . 
looking at market forces.” The ! 
company says it is "most I 
likely" to appeal. ! 


OECD Export Credit Rates 


The Organisation tor E co nomi c 
Co-operatfoo end Development 
announced new minimu m inter- 
est rates (%) for officially- 
supported export credits 
for October 15 to November 
14 1994 (September 15 

1993 - October 14 1994 In 
brackets). 


Hong Kong 
shrugs 
off doubts 

By Frances WBtiams m Geneva 

Hong Kong has shrugged off 
earlier economic uncertainties 
surrounding the 1997 hand- 
over of the colony to Chinese 
rule and looks set for contin- 
ued rapid growth sustained by 
a large booming economy on 
its doorstep, the General 
Agreement on Tariffs and 
Trade said yesterday. 

The latest report by the Gatt 
secretariat on Hong Kong's 
trade policies and practices 
says trade patterns have 
changed markedly over the 
past few years. Exports of 
domestic goods stagnated 
between 1990 and 1993 but re- 
exports from China doubled 
and services exports increased 
by over 50 per cent 

At the same time, Hong 
Kong-based companies have 
poured investment into China, 
especially in tbe neighbouring 
Guangdong Province and the 
Special Economic Zones. 

Hong Kong is the largest 
source of foreign direct invest- 
ment in China and in 1993 
accounted for 83 per cent of 
such investment in Guang- 
dong province as businesses 
took advantage of lower costs 
to relocate basic manufactur- 
ing activities. 

However, Gatt notes that a 
drop of two-fifths in Hong 
Kong's manufacturing work- 
force since the mid-1980s has 
been entirely offset by a rise 
in services employment, espe- 
cially business services such 
as finance, marketing, design 
and logistics. 

Textiles and clothing still 
represent over one-third of 
manufacturing value-added, 
followed by electrical and elec- 
tronic products with about 
one-quarter. 


WoridTradeDigest 

P&O to 
manage 
privatised 
terminal 

P&O. the shipping ahd 
construction group, yester- 
day announced the acquisi- 
tion of management control 
of a recently privatised ter- 
minal at Puerto Nuevo, 
which serves the Argentine 
lanital. Buenos Aires. 

This is P&O’s first move 
into the management of 
container port facilities in 
Latin America, Lord Ster- 
ling. chairman, said. The 
group's Australian subsid- 
iary has acquired a JO per 
cent stake in the equity of 
the venture and it will sup- 
ply the mangement of the 
terminal and provide sup- 
port services. 

The activities acquired by 
P&O account for 270,000 teu 
(20ft equivalent units) con- 
tainer movements a year 
out of the total handled by 
the port of about 500,000. 

P&O is also looking to 
extend its container 
operations at Montevideo in 
Uruguay and in Brazil and 
Mexico. "This project will 
act as a springboard for fur 
ther investment opportune 
ties in the region.” Lord 
Sterling said. P&O’s local 
partner in the project, 
which is to be renamed Ter- 
minates Rio de la Plata, is 
Murchison Roman. Charles 
Batchelor, London 

Japan imports 
more cars 

Japan's sales of imported 
cars in calendar 1994 will 
break the previous record of 
221,706 cars set in 1990, 
industry sources said yes- 
terday. “Japanese sales of 
imported vehicles will reach 

300.000 in 199-1 including 

280.000 cars.” said Mr Sei- 
ichiro Iwasawa, a senior 
analyst at Nomura 
Research Institute. 

The Japan Automobile 
Importers Association said 
September sales of imported 
vehicles in Japan rose 52.3 
per cent from a year earlier 
to 29,920. September marked 
the llth straight month of 
rises, and a record high for 
that month, breaking tbe 
previous record of 19,640 in 
September 1993, JAIA said. 
Reuter, Tokyo. 

■ Samsung Engineering, 
a subsidiary of South 
Korea’s Samsung Group, 
said it had won a $350m 
order from Thai Petrochem- 
ical Industrial to build an 
ethylene plant on a turnkey 
basis. Construction of the 
plant capable of producing 

300.000 tons of ethylene and 

50.000 tons of butadiene a 
year, is due for completion 
by November. 1996. Reuter. 
Seoul 

■ AT&T said it and 
Japan's KDD Submarine 
Cable Systems have been 
awarded a $323 m contract 
to install part of an under- 
sea multinational fibre-optic 
cable. The contract was 
awarded by an international 
consortium called Asia 
Pacific Cable Network 
(APCNj. AT&T said the 
cable will link Japan, 
Korea, Taiwan, Hong Kong, 
the Philippines, Indonesia, 
Singapore and Thailand 
when completed in 1996. 
Reuter, Singapore. 

■ Airbus Industrie, com- 
peting for a stake in the 
rapidly growing Chinese 
aviation sector, will invest 
$25m to upgrade China's 
infrastructure, company 
officials said. The consor- 
tium will build an inte- 
grated support centre with 
two flight simulator bays, 
classrooms and other facili- 
ties. Reuter, Beijing 


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FINANCIAL TIMES FRIDAY OCTOBER 7 1994 


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FINANCIAL TIMES FRIDAY OCTOBER 7 1994 


NEWS: UK 


Blair shrugs off setback 


By Kevin Brown 
and Philip Stephens 


Labour leader Mr Tony Blair 
yesterday pledged to press 
ahead with plans to rewrite the 
opposition party’s constitution. 
In spite of an embarrassing 
defeat at the hands of tradi- 
tionalist conference delegates. 

Mr Blair shrugged off left- 
wing demands for a halt to his 
modernisation drive after dele- 
gates to the party's conference 
in Blackpool backed a resolu- 
tion defending Clause 4, the 
party^s 76-year-old commitment 
to widespread public owner- 
ship. 

Dismissing the vote as 
“insignificant", Mr Blair indi- 
cated that he intends to have a 
statement of Labour's aims 


and objectives in place well 
before nest year's conference. 
But privately officials admitted 
the vote was a presentational 
debacle. 

Mr Blair has already started 
work on the draft of a state- 
ment which will run to only 
three or four paragraphs. His 
intention Is that it will replace 
Clause 4 on every membership 
card. Mr John Prescott, the 
deputy leader, will announce 
today the details of an exten- 
sive consultation programme 
with all party members. 

Mr Blair believes this could 
be completed by the spring, 
paving the way for broad 
agreement well ahead of the 
1995 conference. He expects its 
ratification at that gathering to 
be a formality. 


Friends of the leader rejected 
suggestions that the Clause 4 
vote had in any way altered 
what he terms “a seismic shift" 
in Labour’s political strategy 
at the Blackpool conference. 
Mr Blair took comfort from the 
narrow margin of defeat - 50-9 
per cent to 49.1 per cent - and 
claimed that many delegates 
would have voted against the 
motion had they not been man- 
dated to support it before the 
conference. 

“It makes no difference 
whatever to the review taking 
place. It has got absolutely no 
significance," he said on BBC 
radio. “I have absolutely no 
doubt that the review will take 
place and that the result will 
be absolutely positive for 
Labour." 


However, senior officials 
admitted in private the defeat 
would damage Mr Blair's 
attempts to remodel the party 
and make a decisive break 
with the past 

The Conservatives were 
quick to exploit the confusion 
in Labour’s ranks. Mr Michael 
Heseltine, trade and industry 
secretary, said the defeat 
revealed the “incompetence” of 
Mr Blair's leadership. 

Mr Jeremy Hanley, the Con- 
servative party chair man, said 
the vote revealed "the old 
Labour party". 

Delegates also voted nar- 
rowly for a resolution opposed 
by the leadership c alling for 
cuts in defence spending and 
the scrapping of the Trident 
nuclear submarine force. 


scatter 


By Deborah Hargreaves 


East European threat to farm support 


By Alison Maitland 


British farmers face the 
abolition of all price support if 
east European countries join 
tbe European Union, the 
National Farmers' Union said 
yesterday. 

This prospect was set out in 
a paper drawn up by the 
union's leadership and 
launched at a meeting of its 
policymaking council 

Mr Martin Haworth, head of 
international affairs, said 


extending Common Agricul- 
tural Policy subsidies to east 
European nations “could prove 
potentially fatal to the EIT. 

Not only would it mean a 
possible doubling of the pres- 
ent CAP budget of around 
Ecu35bn ($43bn), it would also 
encourage increased produc- 
tion in eastern Europe, which 
has great agricultural poten- 
tial. and lead to fresh surpluses 
in west Europe. Export of these 
surpluses on to world markets 
could not be subsidised 


because of new limits under 
the Gatt trade deal. 

Mr Haworth said opposing 
enlargement was unrealistic 
since member states were com- 
mitted to the goal of member- 
ship for six east and central 
European countries - Hun- 
gary. Poland, the Czech Repub- 
lic, Slovakia, Bulgaria and 
Romania. 

“There's not much of a 
choice at all,” he said. “It's 
very hard to see how you can 
continue with any kind of price 


support in an enlarged Com- 
munity." 

The document, together with 
one in March on the implica- 
tions for the CAP of the Gat t 
accord, is very different from 
the complacent approach taken 
by the union in the past It 
follows an Independent study 
published, but not endorsed, by 
the European Commission 
which called for farm subsidies 
to be phased into national bud- 
gets, with compensation for 
the worst hit regions. 


British fanners this week 
enlisted US military naviga- 
tion satellites to help them 
plant a wheat field. 

Some 15 acres of winter 
wheat were planted at Shuttle- 
worth College farm In Bed- 
fordshire using a sophisticated 
mapping system developed by 
Massey Ferguson, the farm 
equipment makers. 

The tractor is fitted with a 
global positioning system 
which enables it to pick up 
signals from 21 satellites in 
orbit 12.000 miles above the 
earth which provide position- 
ing information. 

The signals automatically 
increase or decrease the 
amount of seed being planted 
according to where the tractor 
is in tbe field, allowing farm- 
ers to sow more seed on fertile 
parts of their land than on 
poorer areas. 

A yield meter on a combine 
harvester during the harvest 
gives the producer data about 
the amount of grain produced 
in any part of the field. 

This information is used to 
produce a yield map so that 
farmers can can apply fertilis- 
ers and agrochemicals more 
accurately where needed. 

The equipment for yield 
mapping and global position- 
ing costs £11,500 ($18,170). 



Robert Walker of Cranfield University seeds a field by satellite at Shuttleworth college yesterday 


Union in court bid 


to save pensions 


By Richard Donkin, 
Labour Staff 


We couldn’t 


The GMB general union plans 
to make an attempt in the 
High Court to win pension 
rights for thousands of work- 
ers whose public-sector jobs 
have been privatised. 

The test case has been filed 
on behalf of five school cater- 
ing workers in Preston. Lanca- 
shire, under the European 
acquired rights directive on 
competitive tendering. 

The workers, all women, lost 
their right to benefit from the 
local government superannua- 
tion scheme when their 
employer changed in June 
from Lancashire County Coun- 
cil to BET Catering Services, a 
BET subsidiary. 

The union says that they 


should keep their previous pen- 
sion rights or be provided with 
an equivalent pension. Mr 
Mick Graham, the union's 
national secretary for local 
government, estimated that if 
the union won a ruling to be 
applied retrospectively, the 
pension rights of up to 500,000 
employees could be affected. 

Two previous attempts to 
bring the transfer of pension 
rights within the European 
directive foundered at indus- 
trial tribunals. 

The union said that the gov- 
ernment itself was urging com- 
panies tendering for contracts 
in the former public sector to 
provide equivalent pension 
rights. However the Depart- 
ment of Employment said that 
this was not an obligation but 
a recommendation. 


Britain in brief 




would be benefits in ensuring 
that all market participants 
throughout Britain are fully 
exposed to private sector 
financial disciplines." 


be more 




toe* 

iw<v r. 


MPs push for 
changes to 
child support 


Film ‘monopoly’ 
criticised 


co-operative. 


j A powerful committee of MPs 
looks set to recommend sweep- 
ing changes to the controver- 
sial Child Support Agency in a 
move that would increase 
pressure on the government to 
implement new reforms. 

An early draft of the social 
security committee's latest 
report, circulated this week to 
committee members. Is under- 
stood to argue for changes in 
many areas. These include the 
formula used when setting the 
level of maintenance payments 
to be made by absentee fathers 
and so-called “clean break” 
settlements between divorced 
couples. 

The CSA was set up in 1993 
to provide extra money for 
mothers brin g in g up children 
on their own. It has been 
fiercely criticised for failing to 
pot children's interests first 


British film buffs may be able 
to choose from a wider range 
of films at local cinemas fol- 
lowing the publication of a 
Monopolies and Merger Com- 
mission report. 

The report concluded that a 
“complex monopoly situation" 
exists among a small number 
of distributors and exhibitors, 
which has made it difficult for 
Independent cinema operators 
to secure popular films. It crit- 
icised tbe distributors’ “mini- 
mum exhibition period" of at 
least four weeks, and 
suggested this be changed to 
two weeks. 


Companies bid for 
road contracts 


Doctors ready to 
combat local pay 


More than 70 companies form- 
ing 17 consortia have applied 
to bid for contracts to build 
and manage new or Unproved 
roads, the Department of 
Transport said yesterday. 

They will be vetted and a 
short-list of those selected to 
make bids for the four road 
schemes already chosen by the 
government will be announced 
in about a month's time. 


Doctors' leaders are preparing 
plans for action if the govern- 
ment imposes a new pay struc- 
ture on National Health Ser- 
vice hospitals. 

The government plans to 
replace the NHS's centralised 
pay structure with local perfor- 
mance-related arrangements. 
Yesterday, the British Medical 
Association decided to convene 
its sanctions working party. 


Visa cuts fraud 
lasses by 24% 


Having over 2,200 Participant shareholders ensures that 
the changing needs of the market are constantly anticipated . 


Regulator backs 
nuclear sell-off 


Visa, the international card 
payments system, said yester- 
day that fraudulent payments 
bad fallen by 24 per cent in tbe 
first quarter of this year, 
reflecting greatly improved 
detection procedures. 

The fall occurred in Visa's 
Europe, Middle East and Africa 
division. 


Euroclear 


TRANSACTIONS SPEAK LOUDER THAN WORDS. 


Professor Stephen Littlechild, 
the electricity regnlator 
favours privatising the 
unclear power industry, but 
believes power stations should 
be redistributed among the 
two state-owned companies. 
Nuclear Electric and Scottish 
Nuclear, to Improve competi- 
tion. 

Prof Uttlechfld says in his 
submission to the govern- 
ment's nuclear review: “There 


Tea not allowed 
to go cold 


Drinks which are called tea 
but are not freshly brewed are 
to be taxed. 

The Customs and Excise 
department has ruled that 
“iced tea", sold in bottles or 
cans and sometimes artifi- 
cially flavoured, is a soft drink 
and should carry value added 
tax at the standard rate- 


RES O 

sou r hi 

6' 6 S 

* Es, DEN7JA| 


i.; . ‘-■•J 

.V"”! 

'• ; s . 




M 



court bid 
cnsions 




*1 




FINANCIAL TIMES FRIDAY OCTOBER 7 ,994 * 

PROPERTY 


The next 
crusade 

Simon London on the quest 
for greater liquidity 


Trading places 

tumovor and net investment (% of portfoflo valufi) 

25 — , 



I f property is going to be 
taken seriously as an 
institutional asset j t 
will have to become more 
user-friendly. Fund managers 
would be more ready to forgive 
its relatively poor performance 
over the past decade if prop- 
erty was not so expensive and 
time-consuming to trade. 

The biggest problem is 
liquidity: the costs and com- 
plexities of dealing in commer- 
cial property look out of place 
judged against the standards of 
other asset markets. 

Although industry guidelines 
on transaction fees were 
dropped some years ago, insti- 
tutional dealing costs of 2.75 
per cent for buyers and 2 per 
cant to sellers barely changed. 

While comparisons are diffi- 
cult, dealing costs in bond and 
equity markets are a fraction 
of this amount If property is - 
like other assets - entering a 

period of low investment 
returns, the problem will 
become still more acute. 

The 1 per cent agency fee 
paid by buyers survived reces- 
sion intact, despite the prolifer- 
ation of small independent 
companies. Agencies have 
remained reluctant to reduce 
their transaction fees even 
though charges for property 
management, research and 
other professional services 
have been cuL 
Some believe that a different 
charging policy could enhan ce 
liquidity in the prope rty mar- 
ket without reducing the prof- 
itability of companies. 

“Fund managers need to 
wean agencies away from 
expecting windfall gains from 
transactions, although that 
means appropriate fees have to 
be paid for other services, “ 
said Mr John Whalley, chair- 
man of the Investment Prop- 
erty Forum, a group set up to 
promote investment in prop- 
erty. 

The growth in research and 
forecasting services offered by 
agencies is certainly an 
advance. But unless transac- 
tion fees are reduced funds will 
not be prepared to act on such 
advice. 

The legal process of buying 
and selling property is another 
area of concern. 

“The market has not 
changed its way of dealing 
with property for generations 
and it's about time a long hard 
look was taken," said Mr David 
Bramson, head of property ser- 
vices at solicitors Nabarro 
Nathanson. 

Relatively simple transac- 
tions can be completed within 
a few days. Mr Bramson esti- 
mated that a deal involving 


just one title and one lease 
might take 7-10 hours of law- 
yers' time to complete. 

But bigger, more complex 
transactions of the type under- 
taken by institutional inves- 
tors take much longer. One 
problem is that the governing 
legal principle - ament emptar 
- puts the responsibility for 
checking det ails squarely on 
the shoulders 
of the buyer. 

There is cer- 
tainly a view 
that fund man- 
agers are. as a 
result, too cau- 
tious. 

"Investors 
should narrow 
the scope of 
their due dili- 
gence,” said Mr David Hunter, 
head of property investment at 
insurer Scottish Amicable. 
“Lawyers only do what we ask 
them to do.” 

A system of warranties - 
which, in effect, transferred 
responsibility for gremlins 
hack to the seller - would help 
speed the process. There is no 
legal barrier to this way of 
trading. 

The problem is persuading 
sellers to accept the lingering 
liability implied by a w arranty. 


87 88 88 VO Vt 02 83 


Cautious investors could be 
the biggest culprits. 

Warranties might also 
encourage the development of 
an electronic bulletin board, 
where big investors could post 
details of properties they are 
willing to sell. In theory, a deal 
identified on the board could 
be completed in a matter of 
hours. 

Again, the 
snag could lie 
with the cul- 
ture of the mar- 
ket rather than 
legal or techni- 
cal barriers. A 
successful bul- 
letin board 
would rely on a 
degree of trans- 
parency and 
openness which many property 
investors find alien . 

Even if the market is unwill- 
ing to accept lower transaction 
costs and a streamlined legal 
process, there could be finan- 
cial solutions to illiquidity. 

One option is turning build- 
ings into tradeable securities - 
a process known as unitisation 
- but this is a holy grail for 
many property bankers. 

The menagerie of proposed 
securities at the end of the 
1980s included Pines (property 


One option is 
turning buildings 
into tradeable 
securities but this 
is a holy grail for 
many bankers 


income certificates), Spots (sin- 
gle property ownership trusts) 
and Sapcos (single asset prop- 
erty companies). 

While the techniques varied, 
the idea was the same: to 
increase liquidity by breaking 
lumpy assets down into 
smaller parts. 

Some of these instruments 
made it to public markets. Bil- 
lingsgate City Securities, 
whose sole asset was the Bil- 
lingsgate office complex in the 
City of London, was floated in 
Luxembourg in 1988. The Lon- 
don Stock Exchange also 
agreed to list Pines, an idea 
devised by the securities arm 
of NatWest Bank and Richard 
Ellis, the surveyors. 

Other than the inevitable tax 
hurdles, the biggest problem to 
this type of instrument is 
price. If investors are only will- 
ing to pay a discount to the 
asset value, the owner would 
probably rather sell in the 
open market. 

But why should investors 
pay more than net asset value 
for a small share of a building 
over which they have no con- 
trol? 

Besides, single-building uni- 
tisation would not guarantee 
liquidity unless investors were 
willing to trade and market- 
makers could be found. A 
small, unwanted building 
would be no more liquid than 
before it was unitised. 

Big unitised portfolios 
should, in theory, enjoy greater 
liquidity. But property unit 
trusts have suffered liquidity 
problems of their own caused 
by sudden outflows of funds. 
Closed-end investment trusts, 
with all their assets in physical 
property, might provide a bet- 
ter solution - if only the rules 
allowed. 

Barclays Property Income 
Certificates (Pics), launched 
earlier this year, side-stepped 
the most problems of 

unitisation by offering inves- 
tors a return linked to an index 
rather than an individual 
building or underlying port- 
folio. 

If more issuers can be found 
to add to the outstanding 
£150m stock of Property Index 
Certificates (Pics), so much the 
better. Similar instruments 
based on sectors of the market 
or even geographic areas 
would also be possible if only 
indices were developed and 
issuers could be found. 

Yet such instruments offer 
snmpthing quite different from 
the ideal of liquid, physical 
property. Having come so close 
to the grail at the end of the 
1980s. it could be time to start 
the next crusade. 


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0; prater nreuiBretrepronnSDnalmsteips torn aNra»panes. 

FT Business Enteipraes LU Registered Cffica Mjreber One. Soutwarn BreJge. 
Loncton SE! 8tt_ RegfewnO n Erhard No 98089S .imojc 


FT 


HKAVCLU 


COMMERCIAL PROPERTY 


FOR SALE 

The finest 

RESORT HOTEL 

in SOUTHERN EUROPE (Spain) 

., 6 ' 650 ' OOO m 2 

RESIDENTIAL DEVELOPMENT LAND 

Tremendous development potential as for instance: 


Luxury golf resort (2 golf courses 
may be built plus an additional 
hotel with 200 rooms. ) 

Casino / Golf complex 
(similar to Sun City, South Africa) 

SPA wellness, regeneration, 
fitness centre (similar to 
Canyon Ranch. USA) 

Conference and education centre 
(similar to Wolfsberg of Union 
Bank of Switzerland) 


"if I could return to 
only one hotel in Spain, 
this would be it" 

in - The Historic Hotels of Spain - 
by Wendy Arnold. 


- Sport club hotel (similar to 
Club Med or Club Robinson ) 

- Property promotions 
(building area of 136‘032 nf) 

- Private residence fit for a king, 
heads' of state or business tycoons 

Minimum cash investment would 
be: 10 S Mill 

The remainder may be financed 
by mortgages. 

If you are seriously interested, 
please phone or fax Residenza AG 
or send your business card. 


RESIDENZA AG • Talacker 50 ■ CH-8001 Zurich 
Te!.: 0041 1 221 33 95 ■ Fax: 0041 1 221 03 84 


LARGE GARDEN CENTRE, NORTH-EAST OF ENGLAND 
with • turnover of approx £850.000 

freehold for sale 

GOOD ROAD AND MOTORWAY LINKS 

• Large Sofspan glasshouse with central airiinn approx 8000sqJL 
. Adjoining modern retail sales warehouse with a total 

sales area of approx 14,700 sqjt 

• Well laid out planted a 

• Cafe approx 2,000 sq.ft. 

- Car parking for approx 500 cars 

• Detached bouse, garage and gardens 

TOTAL SITE AREA APPROX 10 ACRES 
Considerable scope for Expansion 
OFFERS INVITED IN THE REGION OF £775,000 


GARDEN CENTRE, NORTH KENT 
Anomx. acre sile of which 7 aovs has been developed wiihZLOOO 

xZissszasussxz: 


Q ° UROn S^& FA* 0344-24700 


Property Companies 
Required 

We are seeking to acquire 
a Private Property 
Investment Company or 
Companies. 

Value £3m up to £20m 
Agents retained. 

Good fees paid. 

[ PORTFOLIOS ALSO CONSIDERED 

Contact: 

j Graham J Marflndale FRICS 
Tel: 061 43d 7076 


Wanted Property 
for Development 

Loodw fused Property Development 
Company is looking to BUY land, 
buildings, houses or flals for 
refiabsfameot. Projects of up to £tm. 
Preferably in the Sotnh East of England, 
but all otfca w31 be c o ns i d er e d . 
FmrertTkftifcmAto: 

nn i mi -irfrinmiTi 
On SM ft »u tBrtto.lf*sSOWL 


Profit in South Africa 

200.000 sq. ft. Shopping Complex 
in prime South African location 
for sale direct by owner 


Position yourself in this market ranked as one of the 
world's 10th largest with no hassles, a powerful currency 
and a successful transition to political stability. This new 
200,000 sq. ft. Shopping Complex features a two-level 
mall, strip canter and outparcei site, parking for 1 ,000 cars, 
all on a 14.6 acre site with freeway frontage and easy 
access with freeway ramps. 

Ibis Shopping Complex is located within a 15 minute drive 
from downtown Durban and serves a trading area of over 
1 million people. 

Anchor tenants indude supermarkets, banks, post office. 
Guff Oil Station etc. A management company rs in place 
and can be maintained by the new owners. 

Monthly net Income is U.S. $100,000 plus, at 65% 
occupancy. Expected to be fully occupied by the end of 
1994. A U.S. $3 million tax “holiday - exists on the property 
and can be transferred to the new owners. There are other 
favorable tax considerations possible. 

The Shopping Complex is appraised at U.S. $15 million 
with substantial appreciation forecasted. Asking 
U.S. $13.5 million. Discount for cash. Rnandng available. 
Owner assures complete discretion. 

For free color kit contact Andrew in USA 


Call USA 412 281 6990 
Fax: 412 281 6995 


HISTORIC CASTLE 

Northern Italy, on the hills, private sale of attractive 
mediaeval castle of historic importance, unique and 
highly representative example, perfectly preserved 
with all precious collections and antique furnishings. 
Golf course 3km. Near the sea, mountains, motorway 
and international airport. 10 hectares of park land 
with modern house of 700 sq-m. Ample outbuildings 
where an exclusive hotel/conference centre is being 
set up. 

Please contact: Fax +39 432 810112 


CITY CENTRE 
MANCHESTER ~ 

Ffrsatedua'torBtOGEOion.- ' . - 

Modem 23,000sq1t dngto storey txikftig - Island ste plus &00Qsq ft 
secured parting. 

Idea! tar food roamjfecturing oompeny or . 

• - • food d&rQxifa company- ... v 

Offers invited. ‘ 

Box Tiroes, Qn& Southwark Bridge, 

London; SEfSHL, ■ 


FOR SALE /TO LET 

INDUSTRIAL 
DEVELOPMENT LAND 

6-1 8 ACRES (approx) 


STORAGE COMPOUND 

5 ACRES (approx) 

SANDYCROFT 

CHESTER 

LAMBERT SMITH HAMPTON 

061-228 6411 

CELT ROWLANDS & CO 

0352 780443 


FROM AS LITTLE AS 

£120 + VAT 

(£40 per sinjjta ooMTw centimetre} 


You could reach 

119,000* 

key property decision 
makers 
WORLDWIDE. 

Available only from 
THE FINANCIAL TIMES 


Tbs Commercial Property 
Section runs every friday. 


For briber detaSs, contacts 

SoptfeCantBon 0718733213. 
ErnmaMuBaly 07X8733574 


COMPANY 

NOTICES 


C.P. POKPHAND 

CO. LTD. 

(Incorporated in Bermuda with 
limited liability ) 

The Interim Report of 
C.P. Pokphand Co. Ltd. (the 
"Company") will be posted to 
shareholders on 10th October. 
1994. Copies of the same will 
be available to members of tbc 
public upon application to the 
Company's UK Registrar at the 
following address:- 

Barclays Registrars. 

Bourne House. 

34 Beckenham Road, 
Beckenham. Kent. BR3 4TU. 


EDUCATIONAL 


PRESTON UNIVERSITY, USA BBA. 
BS. MBA. MS. PHD. sic. Hama Study 
or On-Campus Lie. by toe Dept, of Educ. 
2737 OUtf Ava.. Cheyenne. WY82001 
Ffcc 1-307-632-2750 


ALPHABET WORKS E3 
VIRTUAL FREEHOLD BUSINESS APARTMENTS 


530-980 Sq. Ft. 

Consent for office or office/residential use. 

Tfc mile from Docklands, 2 miles from the City. 

Fully fitted with car parking. Prices from only £38,000 (net). 

DOBBIN & SULLIVAN 

071 537 2324 


UNIQUE OPPORTUNITY 

to acquire S6 acres of land with valuable detailed pluming consent tor tbc erection of 
2S0 log cabins, leisure centre and other facilities situated in area of outstanding natural 
beauty widrin *1066’ country (Nr. Hamngj) with e»d acres from major highway ncMoris. 
Details and copies of planing consents may be obtained tone 
RICHARD J MAILE BSe FRICS 
72 Pantand Road. Worthing Wes) Sussex BN! ] JOG 
Tcfepbone: (0903) 331438 


CONTRACTS & TENDERS 


ESTADO DO PARANA 

SECfiETAHA DA AGnKXJLTURAE DO ABASmCaiStTt} 
i AginsidUo *) ftal 


TELEMETRIC SYSTEM FOR THE COLLECTION OF 
METEOROLOGICAL AND 
HYDROLOGICAL SURFACE DATA 
SIMEPAR TENDER PP 001/94 
CALL FOR BIDS 

The AGRONOMIC INSTITUTE OF PARANA -IAPAR will receive 
until 2:00 p.m. on ihe 18 November 1994. at the Parand Slate 
Meteorological System - SIMEPAR at the Polytechnic Center of the 
Federal University of Pa rand. Jardim das Americas, Curitiba - Panmd 
- Brazil, the Documentation for Eligibility and Technical and 
Commercial Proposals to manufacture the equipment for the 
Telemetric System for the Collection of Meteorological and 
Hydrological Surface Data, the complete description or which is 
contained in the Technical Specification, the opportunity for which 
will begin in public session by the opening of the envelopes 
containing the Documents of Eligibility. 

The bidding will be of a type, for Technical Quality and Price as 
Governed by the Brazilian Federal Statute 8.666/93 and the specific 
conditions contained in this edict. 

It is projected that the system for tender shall be an integral pan of the 
Parand State Meteorological System - SIMEPAR and is (o be a 
priority for the work in Scientific and Technological Research, and by 
complimentary to the operational activities. 

Interested parties may obtain more information, analyze, or receive a 
copy of the complete Edict at the address below: 

Sistema Metcoroldgico do Parani- SIMEPAR 
Centro Politdcnico da Univcrsidade Federal do Parand 
Jardim das Americas - Caixa Postal 318 
80001-970. Curitiba - Parani - Brazil 
Tel/fox: +55(41)366-2122 

A complete copy of the document for bidding, in Portuguese and in 
English may be obtained by interested parties on payment or a non 
returnable fee of RS 300.00 (three hundred Reals) up until 10 (ten) 
days before the above established deadline for receiving proposals. 
The financial resources for payments, resulting from this cun-enl 
bidding, are available as part of the Parand State budget. 

At rhe time the document for bidding is purchased, all Bidders shall 
present a letter containing their complete mailing address (Bidder's 
Name. Street. Number. Zip code. City. Slate. Country. Tel and Fax 
numbers). 

GONCALO SIGNORELLI DE FARIAS 
Director President 


GOVERNO DO ESTADO DO PARANA 












per cent WDAs will be raised In the near flows involved. 


FINANCIAL TIMES FRIDAY OCTOBER 7 1 


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PEOPLE 


Lonrho’s chair 
filled temporarily 


Sir John Leahy (right), the 
former British ambassador to 
South Africa, has been 
appointed temporary rharntBrn 
of Lonrho. 

He replaces Rene Leclezio. 
with Lonrho for 30 years and 
chairman for the past three, 
who in January agreed to 
stand down as part of a sweep- 
ing reorganisation of the 
board. 

Sir John. 66, and currently a 
vice chairman, takes up the 
post at the end of the month. 

Dieter Bock, the German 
financier who is Lonrho’s joint 
chief executive, had hoped to 
recruit an outsider to the post 


and had approached Eugene 
Anderson, former chairman of 
electronics group Ferranti. 
However, Anderson's appoint- 
ment was opposed by Tiny 
Rowland. Bock’s joint chief 
executive who, until Bock's 
arrival at the beginning of last 
year, had been the dominant 
force within the company for 
three decades. 

Sir John is likely to remain 
chair man until there is a reso- 
lution or the battle between the 
two chief executives for control 
of the company. “Frankly, it is 
very difficult to recruit high 
quality people when there is 
such uncertainty.” said a Lon- 



rho employee. 

More than a month ago, 
Bock's position in the company 
was weakened considerably 
when his fellow directors 
forced him to abandon his plan 
to propose to the board that 
Rowland should be stripped of 
his executive powers. 


Hardy retires from Associated 


Murdoch MacLennan, 46, 
group operations director of 
the Mirror newspaper group, is 
to take over from Bert Hardy, 
65, as managing director of 
Associated Newspapers, pub- 
lishers of the Daily Mail and 
Evening S tandar d. 

MacLennan, who joined the 
Mirror Group in 1992. is man- 
aging director of the Scottish 
Daily Record and Sunday Mail 
and has been heavily involved 
in the modernisation of the 
Mirror group's printing 
operations. Before joining the 
Mirror, he had worked for 
News International and had 
been a director of Associated 
from 1989 to 1992. 

MacLennan, who takes up 
his new post at the end of the 
year, is the second senior exec- 
utive to quit the Mirror’s Scot- 
tish newspapers in the past 



few months. In July, Endell 
Laird. 60, editor-in-chief of the 
Daily Record, announced that 
he was retiring after 35 years 
with the group. 

Bert Hardy (above), who will 
retire after his 66th birthday, 


started in Fleet Street in 1942 
when at the age of 14 he 
became a copy boy at the Pic- 
ture Post. From there he 
climbed the corporate ladder to 
top positions, including chief 
executive of the Mirror Group, 
News International and Lon- 
don's Evening Standard. 

It was during his reign at the 
Standard that he gained a rep- 
utation as a fighter, when in 

1987 he slashed the price of sis- 
ter paper the Evening News 
from 15p to 5p after Robert 
Maxwell's decision to cut the 
cost of the London Daily News. 

■ Brian Groom, 39, deputy edi- 
tor of Scotland on Sunday, has 
been appointed editor. He 
worked for the Financial Times 
for ten years before joining 
Scotland on Sunday in August 

1988 prior to its launch. 


Abbott leaves Redland for Bowater 


Kevin Abbott is leaving 
building products group Red- 
land after six years as a main 
board director to take up a 
post at Bowater, the paper and 
packaging company. 

Abbott, 40, has been with 
Redland for 16 years, having 
joined its corporate planning 
team from Schroder Wagg, the 
merchant bank. He was pro- 
moted to finance director of 
Redland’s Roof Tiles division 
in 1982, eventually rising to 
become global roofing director 
and to the main board six 
years later. 

Alter a reshuffle at the start 
of the year, he took over 



responsibility for non-Euro- 
pean building products and the 
UK roof tiles business. 

Abbott said yesterday: “Hav- 


ing grown up in one company. 
I thought it was about time for 
a new challenge.’* At Bowater 
he will be reunited with his 
former Redland managing 
director David Lyon, who beat 
a similar path in 1987. “I am 
looking forward to working 
again with David; he is some- 
one for whom I have a lot of 
respect" 

At Bowater, Abbott will 
become executive director 
responsible for worldwide 
Health and Beauty and Euro- 
pean packaging. He fills the 
spot left vacant by Stuart Wal- 
lace, who left to join Fisons at 
the end of August 


Andrew Karney 
quits Logica 

Ueica’s dramatis personae 
continues to change as mann- 
ing director Martin Read 
reshuffles his management 
team. Andrew Kamey. corpo- 
rate development director, is 
the latest to exit stage right as 
the computing services compa- 
ny's reorganisation moves on. 

Kamey. 52, emptustses the 
parting is amicable: "New 
management always wants to 
bring in new blood and I think 
that’s right.” Although head- 
hunters have kept his tele- 
phone busy since his resigna- 
tion leaked out, be says ho has 
no plans beyond a visit to 
Indonesia next month to 
indulge his interest In all 
things Asian. 

Kamey was one of the earn- 
est recruits to Logica - he 
joined the company in 1973: he 
took a special interest in tele- 
communications and set up the 
company's joint ventures with 
Finsiel of Italy and with Brit- 
ish Airways and became a 
board director in 1986. 

One or the founding directors 
of Cable London a decade ago, 
the new world of multimedia 
seems likely to offer him fresh 
perspectives and challenges, 
but he seems lukewarm about 
the prospects of starting a new 
company - “Do I really want to 
do that?" While he ponders his 
next role, his wife. Beryl Gold- 
wyn, is off filming on episode 
of “The Bill" police series for 
television. 

■ Michael Lc Houx has been 
appointed director of finance 
and internal operations at 
TERENCE CHAPMAN 
ASSOCIATES and not at 
Synergo Technology. 

■ Robert Beilis, has been 
appointed md of CERPLEX 
Ltd; he was formerly chairman 
of BT Repair Services, whose 
assets have been acquired by 
The Cerplex Group. 

■ Colin Wyatt, formerly 
general manager for Lotus 
Canada, has teen appointed 
md of the UK and Ireland 
operations of LOTUS 
DEVELOPMENT. 

; ■ Tom Bird has been 
promoted from sales director to 
md of OPTIKA IMAGING 
SYSTEMS EUROPE. 

■ Malcolm Duffy, formerly 
loss prevention adviser for 
store security in the UK and 
the rest of Europe for Marks & 
Spencer, has been appointed 
customer services director of 
PHOTON SECURITY 
SERVICES, which supplied 
M&S. 


lii if 




BUSINESSES FOR SALE 


Pollards Cornish 
Ice Cream Limited 


St Blazey, Cornwall 


The Joint Administrative Receivers offer for sale Ihe business and 
assets of Pollards Cornish Ice Cream Limited. 

The business is a well known manufacturer of quality Cornish Ice 
Cream with established links to the major retail chains. 

Principle features include: 

■ Freehold Property 

■ Fixed assets in draft accounts of C287K 

■ Turnover in the region of £2 million per annum 

■ Prestige product range including own and private labels 

■ Trading stock 

For further information, conlact the Joint Administrative Recerver, 
Richard Neville, KPMG Peal Marwick, Phoenix House, Nolle Street, 
Plymouth PLt 2RT. Telephone: 0752 225381. Fax: 0752 257535. 



orporate Recovery 


BUSINESSES FOR SALE 

Hightons Organisations limited 
and Peter Hightons Holding Limited 

The Joint Administrative Receive rs.offer for safe, the business and 
assets of the above long established companies with three 
sub-divisions: 

Sub-divisions Turnover 

Retati Display Equipment £1 million (prestigious customer) 

Injection Moulders £600,000 

Aluminium Fabricators £600.000 


LEVY GEE 


CORPORATE 
SUPPORT SERVICES 


LONOOfi • MANCHESTER 
WORTHING » CROYOOH 


Other principal features Include: 

♦ Two freehold properties In Eden bridge and Horsham 

♦ One long leasehold property in Horsham 

♦ Two short term leasehold properties in Horsham 

For further Information, interested parties should contact Paul Davis 
{081 -681 838S), Joanne Rotis or Mark Richards (0403-268 222), at 

Levy Gee 
Wettem House 
56 Dingwall Road 
Croydon 
CROQXH 

Tel: 081-681 6389 Fax: 081-681 8402 



REPUBLIC OF POLAND 

MINISTRY OF PRIVATISATION 

INVITATION TO NEGOTIATE 

The Ministry of Privatisation, acting on be hair of the State Treasury of 
ihe Republic of Poland in accordance with Article 23 of the Act on 
Privatisation of State Enterprises dated 13 July 1990 l the "Privatisation 
Act"), hereby issues an Invitation to Negotiate to all parties interested in 
acquiring at least 10 per cent, of the shares in 

KJDELECKIE ZAKLADY 
WYROBOW PA PIERO WYCH S.A. 

Kaeleckie Xaklady WyroMw Papierowych S.A. based in Kkkc, is one 
of Poland’s leading manufacturers of corrugated packaging materials, 
including microfliue packaging, b also produces folding cartons and 
computer paper. In the year aided 31 December 1993, the company's 
turnover was PLZ 673.909 million. The company currently employs 
1.122 people. 

Up to 20 per cent, of the shares of the company will be offered to 
employees on a preferential basis in accordance with Article 24 of the 
Privatisation Act. In addition, in accordance with Decree No. 86 of the 
Council or Ministers, dated 4 October 1993, the Ministry of Privatisation 
will return 5 per cent, of the shares of the company. Interested patties are 
invited to express their intent to acquire ail of the remaining share 
capital. 

All expressions of interest should be made in writing by 20 October 1994 
and should be addressed to; 

Schroder Polska Sp. z o.o. 

Warsaw Corporate Centre. 3rd Floor 
ui. Emilii Plater 28 
00-688 Warsaw 
Poland 

TeL: (+48 2) 630 3565, Fax; (+48 2) 630 3599 
Contact: David Renton. Director 

Expressio ns of interest should contain: TO a description of the party's 
existing corrugated packaging manufacturing operations and (ii) recent | 
information on (heir financial stale of affairs. Upon receipt of a written 
expression of interest and subject to the execution of a ronffdenriaJiiy 
agreement, an information package will be issued to those of the interested 
panics selected by the Minister of Privatisation. 

The Minister of Privatisation reserves the right to extend the deadline for 
receipt of expressions of interest, but is under no obligation to consider 
expressions erf interest after 20 October 1994. The Minister of Privatisation 
also reserves the right lo reject any expression of interest, » make changes 
io the privatisation process of the company should this be in the interest of 
ihe Stare Treasury or the company and to revoke ihis [nviutwa to Negotiate 
without giving any reasons. 


BUSINESS FOR SALE 



Specialist Engineering Company 

The Joint Admtnhstralive Receivers Invite offers tor 

ad or part ot the business and assets ol the above 

as a going concern. 

Principal features Include; 

♦ Sophisticated CAD/CAM system far design 
and manufacture of fabricated components in 
the automotive, defence end motor racing 
industries. 

♦ auafity Assurance system Incorporating fud 
material traceabifity. 

♦ SWBod and experienced workforce. 

♦ Varied range of spedateedmachlneiy. 

♦ Forward order book and Blue Chip customer 
base. 

♦ Leasehold premises dose to tile Ml. 

Afl Interested partes should contact Levy Gee. 

lOOAChafcftrm Ftoad, London NW1 8£J.**Xingref 

L4089TTA. Tflt 071-2674477, F*pc OH -485 1486. 


GREEK EXPORTS S.A. 

INVITATION FOR EXPRESSIONS OF INTEREST 
IN PURCHASING THE ASSETS OF 
•VIEL S JL - COATED ABRASIVES INDUSTRY" 
NOW UNDER SPECIAL LIQUIDATION 

QRFFK EXPORTS SA, estabfished in Athens at 17 Paneptatimlou Street, in 
Hs capacity as special liquidator of VIEL SA. (In accordance with decision 
No. 9583/1992 of the Athens Court of Appeal by which VIEL SA has been 
placed under special liquidation) within the framework of Article 46a of Law 
1892/SO as conqjiemented by Artda 14 of Law 2000/91 and siqipientanted 
and amended by Article 53 of Law 2224/94 


interested parties to express their Interest In purchasing the total assets ot 
VIEL S.A. - COATED ABRASIVE INDUSTRY now under liquidation, 
submitting within twenty (20) days from today a written, non-binding 
expression ot Interest. 

BRIEF DESCRIPTION OF THE COMPANY 
VIEL SA was established In 1981 (Govt Gazette 2627/81) and set up a 
modem industrial unit for the production of coated abrasives in the Patras 
industrial estate on a plot of about 12.806 m*. The factory has a surface area 
ot 3,568 m* and auxUary buildings an area ot 587 m 1 . The basic machinery 
was bull and instaSed by BRUCKNER of Germany and JGEL of Austria. 

During the first months of liquidation the company was semi -operational. 
However, In April 1993, as a result of serious financial problems, the factory 
was dosed down and Is new non-operationaL 
DetaBs concerning the auction for the highest bidder 
I Within twenty (20) calendar days from publication of the present 
invitation. Interested buyers must submit a written, non-binding 
expression ot Interest 

a. Potential buyers, after having given a written undertaking of 
confidentiality, may obtain the offering memorandum from the offices of 
the liquidator company. They will also have access to any other 
information they may require and be able to visit the premises of ihe 
company under liquidation. 

OL The offering memorandum win contain a detailed analysis of the total 
assets for sale and other usefU information tor the potential buyer. The i 
announcement of the public auction tar the highest bidder will be 
published within the appropriate time Urntts and In the same newspapers. | 
For any further information please apply to: 

b) GREEK EXPORTS S.A, 17 Panepistfmiou Street (1st Root), Athens, 
Greece, Tel: +30-1 -324.31 1 1 Fair. +30-1-323-9185. 
b) The head office of ETBA SA, Holdings Department, 87 Syngrau Ave.. 
(4th Root) Athens. Greece, Tet +30-1-829.461 1 and 929.4613. 


QUILTING/EMBROIDERY 

Business based in N. London, 
turnover £250 K. Weil established 
and respected serving high quality 
market Specialised niche market - 
clients include Inferior Designers, 
Upholsterers, Curtain Mahers. 

Apply- Cooper Lancaster Brewers 

Corporals Finance. I 

Aktaych House. Si Aktaycft 
London WC2B 4HP 
Attention of IU. Chatman 
Cooper Uoadcr Brcwm is aHwteal by iho 
InaUak of Chutard AommMi is Engfoml 
ml Woles to mdemta bnesneal bmiaesa. 


to Eastern Europe. 

750 veers of history. 

Highly profitable, 

30 bedrooms, 2 restaurants etc. 
For Information caB 
Tel 44 (0) 372 644665 
Fax 44 (Q372 844696 


INDEPENDENT 
FINANCIAL ADVISER 

Business based W. London, twnover 
E200k. Small stall good mix of loyal 
clients - further expansion with 
existing client portfolio readily 
available. Mb of penskma Investment 
and Rto pofley business. 

Cooper Lancaster a n w om 
Corporate Ptooneo 
Aldwych house. Bt Aktwych 
LonOdfl WCZB4HP 
Attn ef M. J. Charman 
Ctaonr Loncsncr Brvwcn e unbodied to lt» 
totwc of OantwJ Acco wa aB ■ eosbnd 

md Wild to un d erafc g nnwraert buwneia. 


PROFITABLE COMMERCIAL 
CATERING EQUIPMENT 

Servicing company operating in 
London & Northern Home Counties. 
20+ Engineers. T/Ofl.3M. 

For Sale at £450K 
Write to Bos No: B3477 Financial Times, 

Ooe Southwark Bridge, London SE1 91IL 


Appear in the Financial Times on Tuesdays, Fridays and Saturdays. 
For further information or to advertise fn this section please contact 
Karl Loynlon on +44 71 873 47 B0 or 
Lesley Sumner on +44 71 8733308 


FINANCIAL TIMES 


NW MANUFACTURER OF 
LEATHER AND CANVAS 
BAGS 

Eat over tUo yean 
Excellent sales record 
. T/O approx 1300 . 000 - 
• : Quality Customer Bare 
Reaspo imminent irtircBiem. 

FSrthfrdcUuU npp/y Box NreB3472 
FinapciatTUncs, 

One Southwark Bridge, 

■ London, SB 19 HL 


LEGAL 

NOTICES 


IN T UB MAtn gtUr 
CITY OFWE5IMINSTER 
ASSURANCE COMPANY LIMITED 
-and- 

IN THE MATTER OP 
THE COMPANIES ACTS IMS 


NOTICE 15 HEREBY GIVEN rial a Peril 
bis os On 10* dn of August I9W presented k> 
Her Msfcsty'* High Court oMoircc (or the 
cooToKUtoc of ike irria en oc of ike capital of the 
abflTC-samed Company tom Ei3.000.000 io 
fS^HUXW by returning *c capita l "bk* it In 
c ictal of *o wants oflln Company. 

NOTICE IS FURTHER GIVEN rial the uld 
Petition Is directed lo be beard before ihe 
Registrar of Com panic. Court ar tbe Royal 
Com* of Jodke. Snood. London. WCA 2AL 
on Wednesday *e 26th day of October 1994. 

ANY Creditor or Shareholder of tbe said 
Company desiring to oppose the saaklng ot an 
Older fat Ac Maiimutma at the arid rraoctios 
of capital should appe a r it ihe lime of bearing in 
person or by Counsel for Oaf purpose. 

A Copy of Ihe leM Pashm will be hmbfecd lo 
any inch person requiring the unit by the 
under mcnliuBcd Solicitors on payment of die 
regulated charge lor dm same. 

DATED Ae30th day of September 1994 

The Brough Shcncn law rniu e isld p 
One Dyers Bmldlnx 
London EC IN 2SX 

SoOciUis for the shove-named Company 

; JUt PUbBstt 

; ■; , Ph» 

Fraud prevention and 
detection Is a growth 
industry but just how much 
time and money should 
companies spend? 

This survey will focus on 
issues such as the fight 
against money laundering, 
industrial espionage and 
computer hacking. 

For more Information on 
editorial content and 
details of advertising 
opportunities available In 
this survey, please contact 

BRIAN POWELL 
Tel: +44 71 873 3223 
MELAWE MILES 
Tel: +44 71 873 3349 

FT Surveys 










13 


1 t . i , 

■- 1 -' v K-, 

MuUs ! ... 


FINANCIAL TIMES FRIDAY OCTOBER 7 1994 




MANAGEMENT 


... ^ 

' ':P, 


-.rU; 


An integrated 
approach 

Tim Dickson looks at a 
consultancy firm’s ambitious plans 


Change management has been 
around a while - yet judging by a 
Price Waterhouse announcement 
this week the idea looks to hare 
plenty of life left in it yet 

In a move designed to 
consolidate the Easiest growing 
part of the firm's business, the 
international management 
consultancy practice unveiled 
d piaflK of a plan bringing together 
its previously separate strategic, 
operational and information 
technology consulting services. 

The aim of the exercise - which 
has cost more than SlOm (£7m) to 
implement over the last year - is 
to respond better to what PW 
perceives to be a growing demand 
for large-scale change 
programmes across organisations 
and across national borders. This 
type of activity already accounts 
for about 20 per cent of the firm’s 
fee Income - from a standing 
start in mid 1990 - and is said to 
have polled in more than f250m. 
of worldwide business in the last 
year alone. 

PWs message - that companies 
too often opt for piecemeal 
solutions and that what they 
really need is a unifi ed approach 
- is not exactly leading edge 
staff; it has also been promoted 
by KPMG and Andersen 
Consulting among others. PW*s 
reorganisation is nevertheless an 
indication that chief executives 
are increasingly confused by file 
myriad of different gospels 
currently being preached by the 
consultancy industry. 

pW’s approach has three main 
strands: 

* The integration of the six “main 
levers'’ of change - people and 
culture: processes and systems; 
s tr uctur e; technology; markets; 
and products and services. 

* A strong focus on seeming the 
commitment of interested groups. 

* New software to assist in 
identifying best practices and 
performing process analysis. 

Backing up its ideas PW has 
simultaneously published a book 
called “Better Change ", claimed to 
be a practical guide for everyone 
initiating, leading, or affected by 
large-scale change programmes. It 
sets out 15 “key principles'” which 


PW has gleaned from its 
collective experience. 

* Confront reality. “We are all 
highly vested in the seductive 
notion that what we have built 
will continue to flourish.” 

* Focus on strategic contexts. 
Snowing where to Invest in 
change - where to seek improved 
performance - will separate the 
victors from the vanquished. 

* Summon a strong mandate. This 
is generally provided by top 
management, but it should be 
amplified by the voice of the 
customer. 

* Set scope intelligently. Focus on 
measurably improving 
performance in areas most 
important to the organisation and 
its key stakeholders. 

* Build a powerful case. Yon 
cannot assume others are 
prepared for change. 

* Let the customer drive change. 
Serving customers is a powerful 
common denominator in an 
organisation. 

* Enow your stakeholders. 
Powerful individuals and groups 
have stakes in changes being 
contemplated. 

* Communicate continuously. 
Clear, succinct messages will be 
understood. Honest messages will 
be believed. 

* Reshap e your measures. Take 
the timB to reevaluate and, if 
necessary, dismantle old 
measures. 

* Dse all of the levers of change, 
(markets and customers, product 
and service offerin gs, th e 
or ganisati onal structure). 

* T hink Rig , Small thinking 

dominates many projects, with 
predictable results. 

♦Leverage diversity- Women and 
minorities “help to shake the old 
paradigms and where necessary 
replace them”. 

* Build skills . Over-in vest in 
human capitaL 

♦Plan. “To drive change yon must 
develop a documented and 
detailed action plan for change.” 

* Integrate your initiatives. 

“Savvy e xecuti ves strive to 
balance the e n trepreneur ship of 
high-initiative managers with the 
need to adhere to a focused 
strategy.” 



It has long been 
evident that lead* 
ers tend to outlive 
their usefulness as 
circumstances 
change. Sir Win- 
ston Churchill's 
expiry date was the 
end of the second 
world war. Margaret Thatcher's 
was the achievement of the m ai n 
planks of her radical reform pro- 
grammer Mikhail Gorbachev’s was 
the unleashing of democracy. The 
nature of each leader's departure 
differed, but in every case it was 
caused by tbeir inability to adapt 
' to changed conditions. 

The gamp applies in the business 
world, but with a difference: that 
most chairmen and chief execu- 
tives quit far too late, not only 
when their own performance has 
peaked, but when they have led 
their companies into dangerous 
waters. Witness the belated depar- 
tures in recent years of the bosses 
of IBM, Kodak, Digital, Volvo and 
Scandinavian. Airlines. 

Few business leaders have the 
sense or h umili ty to recognise 
their Hmifrafinns and leave when 
they have accomplished the tasks 
to which they are best suited. One 
such rare exception was Michael 
Edwardes, the former boss of Brit- 
ish Leyland cars (now Rover), who 
was frank enough to admit when 
he left a decade ago that if he had 
stayed any longer than four years 
his value to the car company 
would have fallen by two-thirds. 
(His critics would say he went 
before the damage he caused could 
be uncovered). 

By contrast last week’s forced 
resignation of David O'Brien, head 
of National & Provincial, a l ead i n g 
UK building society- was a case of 
a permanent revolutionary failing 
to realise that although the 
upheaval he had wreaked - also 
for four years - had benefited the 
organisation’s performance in the 
short term, it had begun to wear 
out its morale. 

Against this litany of leaders 
with limited staying power can be 
set only a tiny list of people who 


Leaders should 
learn to bow out 

Christopher Lorenz on the need for chief executives 
to develop a broader range of starring roles 



Sir Christopher Hogg (left) and Jack Welch have adapted their focus and style to changing times 


have learned to adapt their focus 
and style to changing ti me s. The 
arch example in the US is Jack 
Welch, the charismatic chairman 
of General Electric since 1981. 

In the UK the much quieter Sir 
Christopher Hogg has accom- 
plished a s imilar feat at the head 
of Courtaulds, leading it through 
' four very different phases: a battle 
for survival in the early 1980s; 
revitalisation in international mar- 
kets for the rest of the decade; 
revolution at the aid of it with the 
splitting of the company in two 
through de-merger; and then a 
renewed battle against recession, 
although this time from a strong 
international base. 

The reasons why few leaders per- 
form anything like as well - and 
for as long - as Welch or Hogg 


were studied in the late 1980s by 
two f-wnariian academics, Henry 
Min tz berg and Francis West ley. 
They suggested that most leaders, 
whether in politics or business, 
find it hard to adjust more than 
once to what they called “the cycle 
of revitalisation”. Once a new lead- 
er’s first revolution - or set of 
reforms - achieves its objective, a 
state of order develops in which all 
sorts of routines are needed. 

Some leaders tail to adjust even 
to this first shift But if they do, 
they lose the ability to launch a 
new revolution when the times 
demand it, retreating instead into 
lofty distance at the top of the 
newly stable system. By contrast 
the one-track revolutionary who 
cannot adjust becomes a restless 
irritant or worse. 


This analy sis has now been built 
upon by one of Europe's leading 
experts on leadership, Manfred 
Kets de Vries of Insead. In an 
article called “CEOs also have the 
Blues", published in the latest 
issue of European Management 
Journal *, de Vries argues that 
chief executives, like products, go 
through a life cycle. It has three 
p hases : entry and experimentation; 
consolidation; and decline. He 
warns that the cycle is growing 
shorter, to eight years or fewer. 

The heady, first honeymoon 
phasp is usually straightforward. 
In it, the chief executive’s focus on 
just one or two themes - cost -cut- 
ting, quality, customer service, re- 
engineering, takeovers or what- 
ever - is a strength. But in the 
second phase the chief executive 


loses the excitement of mastering 
something new and settles down 
into the proven success formula. In 
relatively stable environments this 
can be an advantage. But in the 
more dynamic, turbulent scenes in 
most industries today it creates 
ossification, and triggers the third 
phase, of decline. 

De Vries attributes the whole 
problem to what he calls the chief 
executive's ‘inner theatre*: the sub- 
conscious assumptions and preoc- 
cupations, or ‘scripts', as he calls 
them, that people acquire over 
time, and which dictate their 
response to external stimuli. A 
more familiar term, used by US 
academics such as MIT's Peter 
Senge, is 'mental maps'. 

Unlike Senge and most other 
writers on the subject, de Vries 
does not advise chief executives to 
attempt the unsettling process or 
self-renewal, in order to become 
Welch-like learners. This is only 
feasible for some people, he argues. 
Others should look for new hori- 
zons while the going is good, or 
settle for the role of mentor to 
younger executives, he cays. 

But that shift in behaviour itself 
involves a challenging degree of 
personal learning and renewal: the 
chief executive must foster a cli- 
mate of trust and real dialogue, 
and allow all existing assumptions 
to be challenged. 

In practice, this degree of change 
is too great for many chief execu- 
tives to stomach. 

But De Vries is right in arguing 
that, if they fail to regenerate 
themselves in this way. they risk 
becoming one of what he calls the 
'walking dead', and leaving a 
graveyard behind them. 

To extend ile Vries's theatrical 
metaphor, most chief executives 
face an uncomfortable choice. 
They must either recognise that 
they are one-act performers, and 
bow out in good time, or they must 
learn to become all-round artistes 
capable or playing the lead in an 
extended drama of several very dif- 
ferent acts. 

* EMJ Sept 1994 Fax 0885-64301* 


S o now you are the boss. The board rang 
test night and this morning the chief 
executive's office has your name on it. 
Everything Is in a state of flnx. There is 
much work to do, and you know that you 
have some breathing space in which to intro- 
duce change. But, as a report in the 
McEInsey Quarterly* points out “Within 100 
days or so a new order usually gets estab- 
lished and things settle down agate ... pe- 
riods of transition are painfully short” 

The report’s authors explore how best to 
use the 100 days of opportunity, what to 
focus on and how not to sow the seeds of 
your own destruction. 

“Executives ... often focus, from the 
Ygjy beginning, on the kind of legacy they 


The first 100 days 


want to leave behind," the report says. The 
next step is to ask: “What is the number one 
thing that could derail what I hope to 
achieve?" This approach keeps the new 
boss’s mind focused on a strategy. 

Then managers are advised to explore 
power bases and communications channels. 
A new chief of a US railway wanted to limit 
status symbols. He replaced the ground-floor 
executive offices with a fitness centre. “By 
the H 1 "^ he announced that one-third of cor- 
porate staff would be cut, the organisation 


had already gotten the message: change was 
real and more was coming-” 

The report advises focusing on a few out- 
standing themes- One rueful CEO sajs: “If 
everything is a priority, then nothing is a 
prio ri ty. It may sound trite, but we do it to 
ourselves an the time. At times there seemed 
to be 200 ‘critical’ things to do. Even when I 
pared the list down to 30 I still felt 
swamped.” 

Planning company successions is also cru- 
cial to long-term stability. In a survey by The 


Conference Board* of companies mostly 
based in the US and Europe, leadership conti- 
nuity is the principal objective of succession 
planning, a process formally undertaken in 
61 per cent of those surveyed. 

Succession programmes are used to cover a 
great number of posts in some organisations. 
The survey says, however, that the process of 
tracking is often behind the times, although 
many companies intend to develop more 
meaningful criteria for evaluating capability. 

Adrian Michaels 

•The McExnsey Quarterly . 1 Jermyn Street. 
London SW1Y 4UH. * The Conference Board, 
845 Third Anemic, New York, NY 







•i- pi 


Wmms 


AGE: 34 years 
HEIGHTS feet 10 inches 
WEIGHT: 140 pounds 


















■mere seems little prospect that the 10 key attraction 0 being theleveUfTnanc-iai lB,: (071)-8281661 Ff “ : (071) -828-9978 

per cent VVDAs will bo raised In the near flows involved. — 


FINANCIAL TIMES 


FRIDAY OCTOBER 1 l?** 4 


TECHNOLOGY 


Computers the size of a sugar lump are on the way 
thanks to nanotechnology, says Tom Foremski 

The smaller 
the better 


I magine a technology that 
allows you to manipulate a sin- 
gle atom and place it precisely 
in a specific position - a tech- 
nology that promises to affect virtu- 
ally every aspect of our world. 

Scientists exploring nanotechnol- 
ogy are working on a scale 500 
times smaller than today's 
advanced computer chips. The abil- 
ity to manipulate individual atoms 
would mean that a computer with 
more power and more memory than 
the combined capacity of all the 
computers ever produced could be 
made no bigger than a lump of 
sugar. 

But how can scientists pick up a 
angle atom and place it in a precise 
location? Researchers believe the 
answer could lie in adapting the 
relatively new and extremely pow- 
erful atomic force microscope. This 
device uses a diamond with a single 
atom at its tip to take pictures of 
atoms based on the electronic forces 
between them. 

Researchers have found that 
when using the microscope they 
can also move individual atoms. 
IB M’s Almaden Research Laborato- 
ries in California used an atomic 
force microscope to place individual 
xenon atoms on a nickel surface to 
spell IBM. 

Eric Drexler, who coined the term 


nanotechnology in the mid-1980s 
and is the author of the book Nano- 
systems, believes that atomic force 
microscopes can be adapted to be 
efficient manipulators of individual 
atoms. 

“It will be an enabling technology 
if we can develop atomic force 
microscopes that ‘grip’ an atom and 
not only position it but also rotate 
it," Drexler says. Current research 
is focused on adapting the micro- 
scope. 

However, building a product atom 
by atom using an atomic force 
microscope would be an incredibly 
slow process. Researchers have pro- 
posed building molecular machines 
invisible to the naked eye to do the 
manipulating. 

Ralph Merkle, a researcher in 
nanotechnology at the California- 
based Xerox Palo Alto Research 
Centre, believes the potential appli- 
cations are great “If we can create 
a manufacturing technology that 
can precisely manipulate individual 
atoms, we can improve virtually 
every product made.” he says. 

Scientists believe that the first 
applications for such' technology are 
likely to be in medicine and sur- 
gery. Molecular machines could be 
injected into the body to seek out 
and kill diseased cells and repair 
delicate organs. 


Researchers also believe there 
will be defence applications, such as 
the development of new weapons 
systems and lightweight hardware. 

Merkle believes that nanotechnol- 
ogy will usher in the Diamond Age, 
an age as important as Stone. 
Bronze, Iron and Silicon. “Diamond 
is 50 times stronger than steel, it is 
light it makes an excellent semi- 
conductor, its heat conduction Is 
excellent It is the all-round ideal 
material." he says. 

How far away are the promises of 
nanotechnology? Drexler believes 
“it may be 15 to 20 years away”. He 
adds: “We are talking about a tech- 
nology that is inevitable, a technol- 
ogy that will have a greater impact 
than the industrial revolution on a 
much shorter timescale, yet we are 
doing nothing to prepare for it” 

Merkle is optimistic about devel- 
opment prospects: “I don’t know 
when we will have these capabili- 
ties, but if you take a look at how 
quickly chip manufacturers are 
shrinking their chip designs, and 
you look at the rate that manufac- 
turing technologies are improving 
their resolution, and you consider 
the rate at which power consump- 
tion of individual transistors is 
declining; if you chart these rates as 
straight lines, they all converge in 
the 2010 to 2020 timeframe." 



20th Century Fox, courtesy of Kobal 
Fantastic Voyage: film fiction may soon became feet 


In the meantime, nanotechnology 
researchers are busy desig nin g the 
computers and molecular machines 
that they believe will he built one 
day. 

Nanotechnology research is being 
carried out by small groups of sci- 
entists around the world. Japan 
recently began a 10-year, $200m 
(£133m) research programme. But 
so far there has been no large-scale 
organised effort, despite what some 
researchers see as its great promise. 

Commercial interest is growing in 
the subject, and the northern Calif- 
ornia area is emerging as a focal 
point for wimmurWai and academic 
work. Nano thine, a San Francisco 
based company was recently formed 
to disseminate information on nano- 


technology and to help identify 
investment opportunities. 

Paul Green, Nanothinc nhairman 
describes nanotechnology as “the 
mother of all technologies”. But 
right now it is a technology that is 
attempting the diffi cult transition 
from the theoretical to the practical 

Eric Drexler, while optimistic 
ahont development, is also con- 
cerned about the wider impact 1 on 
trade, jobs and economies of a tech- 
nology that could make virtually 
any product 100 times cheaper and 
with a quality at least 10 times bet- 
ter. “Nanotechnology is inevitable. 
There is no one arguing that it 
won’t happen. Therefore we must 
begin to plan on its use and how it 
will change our societies.” 


A t NEE’s K eihin steel complex on a 
man-made island in Tokyo Bay, nine 
researchers from seven Japanese steel 
companies are working on a technique they 
hope will produce a cheaper, cleaner and 
more efficient way of making steel. 

The researchers are in the penultimate 
year of an eight-year project sponsored by 
the Japanese government to research the 
commercial viability of direct iron ore 
smelting, which eliminates two of the most 
expensive and messy parts of steel-malting. 

The Japanese are one step ahead of 
countries such as the US and Australia in the 
race to commercialise the process, according 
to Sen Kanamori, a senior engineer from 
Nippon Steel, who is leading the project The 
Japanese team say they have successfully 
produced pig iron at a pilot plant built next 
to a conventional blast furnace NEE shut 
down because of recession. 

In conventional processing, a standard 


Steeled for success 

The Japanese are working on cheaper and 
cleaner smelting, writes Arnold Redhead 


blast furnace requires the two raw 
ingredients - coking coal and iron ore - to 
be processed separately before they are pat 
into the furnace to make molten iron. Coking 
coal is turned into burnable coke by hairing 
in ovens. Raw iron ore is converted from its 
powdered state into lumps in a process called 
sintering. The two materials are then 
transferred to the blast furnace to be melted 
into pig iron, which is processed into steel. 

The Japanese group has removed the need 
for the separate coking ovens and sinterers 
by building a blast tana.ee with two smaller 


furnaces attached to the top, one above the 
other. The iron ore powder is poured into the 
top of tiie structure and passes through the 
two small furnaces where it is sintered using 
gases generated when ordinary coal, rather 
than coke, is put directly into the main 
chamber and burned. The iron ore passes 
through the two furnaces at the top and 
-mixes with the coal in the main frunace to 
produce pig iron. 

“We estimate that the cost of producing 
steel can be cut by around 10 per cent using 
this method,” Kanamori says. He adds that 


coking ovens and sinterers are the biggest 
investment a steel company most make. 
Since Japan's top five steel makers ar e 
expecting to lose a collective Y123bn (£779m) 
in the six months to September they are 
likely to consider the Yl5bn project (75 per 
cent of it from the government) as money 
well spent. 

The pilot plant produced 500 tonnes of pig 
iron in a trial run earlier this year. The test 
used 800 tonnes of coal against the 840 
tonnes of the more expensive coking coal 
normally needed to produce the same 
amount The team says the pig iron can also 
be fed into electric arc furnaces used by 

mini - mllTs- 

Kanamori says the quality of the pig iron 
is almost the same as that from a regular 
blast furnace. But it is likely to take at least 
another 10 years before the process is able to 
produce steel in large enough quantities to 
be commercially viable. 


Worth Watching ■ Vanessa Houjder 



Recognition for 
continuous speech 

The first speech recognition 
system that can deal with 
continuous speech was announced 
by Philips Electronics of the 

Netherlands this week. Although 
such recognition systems have 
been available for several years, 
they have been difficult to use for 
dictation because they relied on 
pauses between words. 

The Philips technology depends 
on the recognition of phonemes, 
the smallest acoustical component 
of a language. The system, which 
most be trained to the user’s 
voice, thaws on knowledge of bow 
words are pronounced and bow 
sentences axe put together to 
recognise text 

Philips researchers in Vienna 
and Aachen have used the 
technology in a dictation system 
for radiologists. The system, 
which has a vocabulary of 25,000 
words, recognises normal speed 
speech and converts it into text 

Philips Dictation Systems: UK, 
tel 01206 755600; fax 01206 755666 


Sparing cats the 
unkind est cut 

A vaccine for neutering male cats 
has been developed that could 
avoid the trauma of surgical 
castration. The vaccine, which 
was designed by Protons 
International, a specialist in 
computer-aided drug design, has 
undergone trials which shows 
that it stops sperm production 
and reduces testosterone levels in 
tomcats. 

The vaccine interferes with the 
action of GnRH, a hormone which 
stimulates the pituitary gland to 
produce hormones that trigger 
the production of testosterone. It 
uses an analogue of GnRH which 1 
stimulates an immune response 
that prevents GnRH tram 
stimulating the p i tu i tary gland. 

Further tests are being 
conducted to examine how long 


the vaccine tests audwbet^ts 
effects can be reversed- Proteus, 
which is in talks with a number 

of^tentS parsers believe tts 
usecould be extended toneuter 
female cats, dogs and cmw- 
Proteus International, Unjei 

0625 500 555: fax 0625 500 666 


Shell’s smart way 
to score points 

Shell UK has launched a smart 
card scheme to promote petrol 
sales, which it describes as the 
world’s largest electronic points 

collection scheme. 

More than 3m petrol buyers are 
expected to use the ; smart cards to 
collect points for gifts, flights, 
entertainment or chanties. The 
points, which are stored on a 
microchip inside the card, can be 
processed by more than 1,80 0 


stations. , , 

Shell believes it is the largest 
retail use of smart card 
technology in the country. 

The cost of handling electronic 
transactions is expected to be far 
less than processing the paper 
vo ucher s and stamps used 
previously. 

Shell UK UK tel 071 257 4444: 
fax 071 257 5549 


Cartilage cells clue 
to treatment 

Swedish researchers have . 
successfully transplanted 
laboratory-grown cartilage cells 
into Injured knees. The findings 
hold out hope that this method of 
repairing cartilage defects could 
help arrest the development of 
osteoarthritis. 

The research, described in the 
New England Journal of Medicine, 
involved surgically removing a 
small amount of each patient’s 
healthy cartilage, which was then 
grown in tissue culture. The cells 
were surgically put into the 
patient's damaged knee. 

The results of the treatment of 
23 patients were described as 
“highly promising” by the 
research team at the University of 
Gothenburg’s Research Centre for 
Endocrinology and Metabolism 
and Sahlgrenska University 
Hospital in Sweden. 

The scientists are now 
collaborating with BioSnrface 
Technology, a US specialist in 
tissue engineering products, to 
conduct clinical studies. 

Sahlgrenska Hospital: Sweden, 
tel 4631 602230: fax 4631 821524 


iiOi 






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FINANCIAL TIMES FRIDAY OCTOBER 7 1994 


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N ext month the 
Association for 
Business 
Sponsorship of 
the Arts will 
announce its estimate of 
corporate expenditure on arts 
sponsorship in the OK in 
1993-94. The figures are 
unlikely to show much change 
from the previous year, when, 
for the first time in two 
decades, spending dropped, by 
13 per cent to £57.7m. 

If the arts have managed to 
hold their own this will be 
some achievement Overseas, 
especially in the US, 
sponsorship has not recovered 
from the recession and many 
arts companies are suffering 
badly. 

In another repeat of a year 
ago, the arts outside London 
have proved more successful 
in attracting support, 
especially from smaller 
companies new to the game, 
while the big London flagship 
organisations are still finding 

it difficult The desire to see 
sponsorship money work, with 
a marketing pay off, is 
growing, but corporate 
subscriptions to arts 


ARTS 

Sponsorship / Antony Thomcroft 


Clients queue up for incentive cash 


companies, offering seats for 
the boys on the board, are 
harder to justify these days. 

Ironically, while the overall 
sponsorship spend is tnariring 
time, applications from new 
sponsors to the Business 
Sponsorship Incentive Scheme 
are running at record levels, 
up to 60 a month. The 
government financed scheme, 
operated by ABSA, has £4.8m 
this year with which to match 
the contributions of new 
sponsors (with lesser deals for 
repeat sponsors). It has proved 
an effective trigger for 
attracting business: in the ten 
years of its existence the 
government has contributed 
around £26m while persuading 
companies to give £5 2m to the 
arts. 

So great Is the weight of 
applications that the BSI5 
cannot satisfy everyone, and 
companies currently seeking 


help can expect cuts of 
between 30 and 40 per cent in 
matching money. This is 
causing real problems: the 
BSIS contribution is often 
built into the sponsorship, 
being earmarked for 
advertising, or for an 
educational project 
Sometimes sponsors make up 
the BSIS shortfall; sometimes 
they withdraw from the 
Sponsorship, or delay the deal. 
Small sponsors giving up to 
£5,000 are so far unaffected. 

ABSA hopes that the 
obvious success of the BSIS 
will encourage the 
government to increase its 
funding in 1994-95: after a 7 
per cent rise last year the 
grant is scheduled to be 
frozen. Extra money will save 
ABSA embarrassment, for 
while most applications are 
bring scaled down, some, 
including a few in the new top 


category of £35,000, are 
allowed through. There are 
cries of favouritism. 

ABSA obviously wants to 
encourage sponsors in 
imaginative experimental 
areas avoided by play-safe 
companies. That is why it has 
just given Michelob, the 
American brewer, £35,000 to 
raise to over £100.000 its 
support for the Michelob 
Pioneer Programme, which 
enables small to medium sized 
theatres to receive better 
funded work from visiting 
companies. 

Among the seven venues to 
benefit are the Young Vic, the 
Traverse in Edinburgh, and 
the Contact in Manchester and 
the companies getting much 
needed additional funding 
from Michelob include Gloria, 
IOO and Phoenix Dance. 

Another sponsorship to 
receive the full £35,000 is the 


syndicate backing the 
Romanian National Opera 
which is currently touring the 
UK. While most of the £2m 
funding has come from a 
mysterious Romanian 
multi-millionaire, around 
£200,000 was raised by 
companies with an interest In 
Romania. like East Coast 
Travel, Shell Romania, Price 
Waterhouse Romania, etc. 

The aim is to perpetuate the 
package, with the sponsors 
continuing to help the opera 
company on its return to 
Bucharest, forming, in effect, 
a nascent ABSA-Romania, a 
concept dear to the heart of 
ABSA’s director, Colin 
Tweedy. 

There may be good reasons 
for ABSA’s generosity in these 
cases, but in the small and 
gossipy world of sponsorship 
they have aroused some 
bitterness, especially the 


award to a foreign arts 
company. The fact that Paul 
Hudson, who heads the BSIS 
at ABSA. visited Romania 
before the grant was made has 
not helped. 


T he Tricycle 

Theatre’s "Pay 
What You Can- 
scheme has been 
saved by Loot. 

appropriately enough. For the 
last four years on Monday 
nights and Saturday matinees, 
the unemployed, students, 
disabled, and the old could see 
a show at this north London 
theatre for as much, or as 
little, as they wanted to pay: a 
penny would get you in. 

The idea brought a new and 
needy audience to the theatre, 
and was copied by Contact in 
Manchester and. just recently, 
by Battersea Arts in London, 
but was proving costly in an 


era of frozen grants. On 
average the contribution at 
the door was £2.25. well down 
on the average ticket price of 
£7. 

But Loot, London’s free 
advertising newspaper, is 
making up the difference for 
the next year at a cost of 
around £9,000. This is its first 
sponsorship, but its offices are 
nearby and there is a natural 
link between free 
advertisements and free 


A series of six lunch time 
concerts of 20th century 
British music in City churches 
may not look 

ground-breaking, but the fact 
that they arc bucked by tbe 
HSBC with around £40,000 
(plus £25,000 from the BSIS) is 
important. HSBC, better 
known as the Hong Kong & 
Shanghai Bank, acquirer of 


the Midland, rivals Glaxo as . 
the UK's second largest 
company. It has never got into 
sponsorship before but wants 
to promote its new identity. 

Us commitment will grow. The 
concerts are free, involve the 
City of London Slnfonia, and 
contain three new works 
commissioned by HSBC. The 
next will be on November 9 at 
St Katherine Crec. 


CEREC reports that 61 per 
cent of arts organisations 
would currently accept 
tobacco brand sponsorship, 
but few actively seek it . . . The 
Visual Arts UK Festival, to be 
held in the northern region, 
bos attracted over £50,000 in 
sponsorship from Air UK 
which will act as official 
airline, fly in artists, and 
carry the Visual Arts UK logo 
on its aircraft ... BP Is 
renewing its £100,000 a year 
support for the Portrait Award 
at the National Portrait 
Gallery until 1997 with on 
option until 1999 ... the 
National Trust has attracted 
£lm partnership support from 
the Rover Group. 


Theatre /Ian Shuttlewo rth 

Goldoni at 
full tilt 


M ichael Bogdanov's 
production trans- 
fers from The 
Swan at Stratford 
with his most frustrating hall- 
mark intact; a keen and often 
audacious grasp of the big pic- 
ture coupled with a tendency 
to let individual details slip 
sloppily by and undermine his 
overall vision. 

Two hundred years ago 
Carlo Goldoni’s The Venetian 
Twins was the first commedia 
deWarte play successfully to be 
staged with the actors neither 
wearing masks nor improvis- 
ing freely among the basic sce- 
nario, but following a set 
script. 

For the most part Bogdanov 
goes full tilt for the commedia 
flavour, modulated for modem 
sensibilities after tbe example 
of Dario Fo. Actors do not just 
soliloquise at, but banter and 
interact with the audience - 
culminating in a sequence in 
which a supposedly hapless 
punter in the front row is 
accidentally stabbed during a 
duel, cueing a stage Invasion 
by police, ambulancemen and 
even a couple of curious actors 
from the show in the Pit 
Audience contact is aided 
by Bogdanov and designer 
Kendra UUart’s solution to 
recreating the intimacy of the 
smaller Swan space: they sim- 
ply sit a couple oE dozen punt- 
ers on the Barbican stage, 
some at pavement tables of a 
Veronese bar. 

David Tro ughton is both the 
linchpin of these diverse frolics 
and the primary source of the 
energy which sustains the 
play’s central premise through 
almost three hours; he plays 
the Twins Zanetto and Tonino. 
sundered years back and both 
coincidentally arriving in 
Verona to wed their respective 
beloveds. 

The ensuing confusion, both 
romantic and financial (as one 
twin walks off with the other’s 
riches and so forth) is straight 
out of Plautus via The Comedy 
of Errors. But Troughton, as 
both the Venetian 
roufi Tonino and the Bergmot 
bumpkin Zanetto, puts his 
back into tbe quick changes, 
slapstick and ad libbed topical 
asides - perhaps too much so: 


International 

Arts 

Guide 


Asger Jom 
retrospective 

A retrospective of the Danish 
artist Asger Jom (1914-1973) 
opens tomorrow at Amsterdam is 
Stodetljk Museum. It includes too 
paintings and a large number of 
drawings by an arbst viewed by 
many as one of the greatest of 
the second half of this centwy. 

Paintings have been selected 
from leading museums and 
private collections, Including the 
Tate Gallery in London, toe 
Guggenheim in New York and the 
Lenbachhaus in Munich. Several 
are not customarily loaned out, 
but occupy a central place in 
Jam’s oeuvre - Including Lettre a 
mon fib (1956-7), Stefingrad 
(1956-72) and Hors d Age (1^- 

Join's paintings are inhabited 
by mythical figures, strange 
animals and human faces. 
Abstract and figurative forms are 
closely and sometimes 
inextricably Interwoven. The i trees 
are lyrical and evocative, butJa 171 
always warned against reading 
them es explanations. No 


on tbe press night, one caught 
a distinct whiff of the 
rehearsed fluff, with Trough- 
ton deliberately tripping over 
lines for the sake of another 
giggle. 

Such excess is forgivable 
because he carries the show 
virtually single handed. This is 
where Bogdanov’s big idea 
becomes unstuck. Actors sim- 
ply do not accommodate each 
other’s rhythms and energy 
levels in the way that would 
elevate the production from 
simply nodding acknowledg- 
ment at commedia to actually 
doing it. 

The women in particular 
(Sarah Woodward and Jenny 
Quayle as the wives-to-be and 
San Radinger as a supposedly 
feisty maidservant), make no 
attempt to grab a slice of the 
action for themselves, but are 
content to be pulled along by 
the action - lazy acting at the 
best of times, and verging on 
the disastrous in such a play 
as this. Only James Hayes, as a 
deadpan Irish manservant, 
carves a niche of his own to 
rival Troughton’s towering 
exuberance. 


M odish contempo- 
rary sensibilities 
also ruin the end- 
ing. We all realise 
that the death of one of the 
twins is merely a device to pre- 
vent the lead actor from hav- 
ing to bi-locate himself during 
the denouement; yet, if the res- 
olution contains elements of 
potential shadow, current 
tastes dictate that the darkness 
control be turned up to 12 if at 
all possible. Bogdanov, alas, 
does not shirk this impulse. 
Consequently, as the artificial 
gloom gathers at the close, the 
audience is left vainly trying to 
feel guilty about its earlier guf- 
faws. before growing just plain 
bewildered at an allegedly gro- 
tesque, but simply gratuitous 
masked epilogue. 

David Troughton’s efferves- 
cent twin performances are 
indubitably worth a look: it 
would have been nice if more 
of the production bad backed 
him up. 



Music in London/ David Murray 

Mahler, and too much more 


O n Wednesday the 
Barbican Hall's 
Mahler cycle 
reached the Third 
Symphony (repeated last 
night). And very impressive it 
was; but it would have seemed 
still better had it stood alone, 
instead of following two extra- 
neous pieces in an over-egged 
programme. One admired the 
stamina of Michael Tilson 
Thomas and the London Sym- 
phony, but regretted not hav- 
ing more of it oneself. 

Nemesis came at the quietest 
moment of the Adagio finale, 
when a solo flute asks a tremu- 
lous question before the ulti- 
mate climax. In the hush, two 
women decided that they had 
to leave - doubtless for the last 
train home: the programme 
had already overrun its time 
half an hour - and struggled 
out, clop clop clopl It was a 
pity, but it was inevitable. 

Mahler strove regularly after 
an ideal, the symphony that 
would make a whole concert - 
a whole expressive world - by 
itself Here, before the unneces- 


sary interval we had already 
had two superfluous bonnes 
bouches. An early Brahms set 
of Romantic songs, op. 17. for 
women's voices with pairs of 
harps and horns, was entirely 
charming. After an elaborate 
re-peopling of the stage, we 
heard George Benjamin’s brief 
Jubilation, on ILEA commis- 
sion from 1985 for extravagant 
forces including a steel band. It 
tickled the ear, but made no 
jubilant report: some misfire 
there. 

For the sake of these 20-odd 
minutes or music plus interval, 
we had to wait more than an 
hour before tbe Mahler Third 
began. Can interval-sales at 
the bar really be so important? 
But the symphony did begin 
resplendently, with eight horns 
flinging out their unison chal- 
lenge; and in fact Tilson 
Thomas held our attention in 
thrall to the end. 

Along with the Seventh, the 
Third used to be the Mahler 
symphony least favoured by 
performances. Too wild and 
disparate, it was thought, and 


the finale too dangerously near 
lo kitsch: and yet it now 
sounds like :i mainstream mas- 
terpiece. How much our ears 
have changed! Tilson Thomas 
made the long first movement 
properly overbearing and bar- 
barous, but never strident. The 
“minuet'’ was artfully prinked 
out. the scherzo brilliantly 
spring-heeled and. varied. 

As in the Second Symphony 
last week, Nathalie Stutzmann 
was the superb contralto solo- 
ist, heartfelt and plangent in 
both the Nietzsche movement 
and the Wunderhom one with 
the London Symphony Chorus 
and the excellent Southend 
Boys’ Choir. And the Adagio 
was a tour de force: rigorously 
sustained and gripping, but 
interpreted with a wealth of 
discreet, canny freedoms. Not 
the most affecting performance 
I’ve beard - but colossal, mag- 
nificently thought through. 
The orchestra deserved unlim- 
ited praise. 

Thursday's concert sponsored 
by Nikon UK Ltd. 


Tallis Scholars reach the masses 


E arlier this year the 
Tallis Scholars took 
their Palestrina to 
Rome. Below the 
golden renaissance ceiling of 
the Basilica di Santa Maria 
Maggiore the group had been 
invited to celebrate the 400th 
anniversary of Palestrina’s 
death at the heart of the city 
where he lived and composed. 

This was not a private occa- 
sion: GizneU, the company set 
up as the recording arm of the 
Tallis Scholars, has issued a 
live recording of the event on 
CD and video, and plans that 
the video will be sold to televi- 
sion companies worldwide. A 
follow-up concert held in the 
Sistine Chapel, to celebrate the 
end of the cleaning of Michel- 
angelo's "Last Judgment", was 
shown live on Italian television 
and subsequently broadcast in 
Japan. 

Early music - even unac- 
companied sacred music - has 
become big business. To those 
who knew this music solely 
within a religious context it 
must be puzzling or even dis- 
turbing to watch it being 
opened up to mass audiences, 
researched, recorded, mar- 


At the Barbican Theatre, 
(RSQ 071 638 8891. 


David Troughton: his effervescent performance carries the comedy 


keted. broadcast in the same 
manner as any other public 
music. 

Founded in 1973, the Tallis 
Scholars were early into the 
field and have never let that 
advantage slip. There is no 
group to touch them for qual- 
ity and professionalism - least 
of all in Italy, where interest in 
the great Italian heritage of 

Richard Fairman 
hears works by two 
very different early 
music composers 


Palestrina and even Monte- 
verdi was long ago swept away 
by enthusiasm for the Italian 
opera composers of the 19th 
century. After Rome the Tallis 
Scholars have returned to Lon- 
don. Peter Phillips, the group's 
founder, is keen to remind us 
that not only Palestrina but 
also Lassus died in 1594 and 
has put together n scries of 
concerts pairing these two very 
different composers. 

At the Queen Elizabeth Hall 
on Wednesday the first pro- 


gramme included Palestrina's 
Missa Papae Marcelli. his most 
celebrated work, and Lassus's 
Penitential Psalm No. 2. Set- 
ting Palestrina at his most 
lucidly radiant face to face 
with the darker, more personal 
probing of Lassus - the sunlit 
South of Europe opposed to the 
gloomy, introspective North - 
could hardly have made the 
contrast between them more 
striking. 

The performances, directed 
by Phillips, were as flawless as 
ever. The Tallis Scholars' char- 
acteristic sound, bright and 
penetrating trained voices with 
no vibrato, was accentuated by 
the dry acoustic of the QEH, 
where even the vowels (the "e" 
of “et resurrexit*) started with 
a kick. One way or another 
there was a concentration 
about the singing that set it 
apart from the devotional 
atmosphere of worship. Per- 
haps that is inevitable when 
this music enters the public, 
professional arena. 

The Palestrina and Lassus 
series continues during the 
winter at St. John's, Smith 
Square. 


deliberate symbolism is to be 
found In the paintings. According 
to Jom, the most important thing 
In Northern art is not concept but 
mood, given shape by an inner 
strength. 

The Stedefljk show nuns till 
November 27. 

■ EXHIBITIONS 
AMSTERDAM 

Rjjks museum The Renaissance 
Print 1470-1500. Ends Oct 30. 
Closed Mon 
BARCELONA 

Fundacfo la Caixa Between 
Presence and Representation: 19 
works by Spanish and foreign 
artists, mostly dating from the 
1980s. Artists represented include 
Judith Barry, Tony Gragg, Anish 
Kapoor and James Turret!. Ends 
Nov 6 
BASLE 

Kunstmuseum Fernand L6ger 
(1881-1955): an exhibition focusing 
on the major creative period from 
1911 to 1924. Ends Nov 27. Closed 
Mon 
BERLIN 

Brflcke Museum Early Kandinsky: 
a survey of a little-known period In 
the German Expressionist's 
development. Ends Nov 27. Closed 
Tues 

Aites Museum Eldorado: 
pre-Columbian gold treasures from 
South America Ends Jan 8. Closed 
Mon 

BREMEN 

Kunsthalle Toulouse Lautrec S 
Paris Nights: 200 paintings, P^rs 
and drawings from the 1890s, Ends 
Jan 22. Closed Mon 
BRUGES 

Groen'mgemuseum Hans Memling: 
a 500th anniversary show grouping 


some 40 works by the 15th century 
Flemish master. Ends Nov 1 5 

DRESDEN 

Kupferstich Kabinett James 
McNeill Whistler an 62 exhibits 
were collected in Dresden between 
1892 and 1919, and are being 
shown for the first time. Ends Nov 
25. Closed Sat and Sun 
Aibe rimum Christian Friedrich Gilie 
(1805-1899): the most 
comprehensive exhibition yet 
devoted to the 19th century 
German landscape painter. Ends 
Nov 27. Closed Thurs 
FRANKFURT 

Schim Kunsthalle Nicholas de 
Stael (1914-55): retrospective of the 
Russian -bom artist, documenting 
his intense but tragically brief 
career. Ends Nov 27. Daily 
JatwhunderthaOe Hoechst 
Contemporary Art from Frankfurt 
Banks: major works by Hans Arp, 
Georg Baselitz, Rebecca Horn, 
Anselm Kiefer, Sigmar Poike, Andy 
Warhol and many others from the 
1950s to the present day. Ends Nov 
20. Daily 

Deutsches Architekturm useum 
Contemporary Architecture In Brazil. 
Ends Nov 6. Closed Mon 
LONDON 

Hayward Gallery The Romantic 
Spirit in German Art 1790-1990. 
Ends Jan 8. Daily 
Royal Academy of Arts The Glory 
of Venice. Ends Dec 14. Dally 
(advance booking 071-240 7200) 
British Museum Greek Gold - 
Jewellery of foe Classical World. 
Ends Oct 23. Dally 
Courtauld Institute Conrad 
Felixmuller (1897-1977): drawings 
by the major second-generation 
German Expressionist Ends Oct 
30. Dally 


Heinz Gallery Charles Rennie 
Mackintosh - The Chelsea Years 
1915-23. Ends Oct 29 (Royal 
Institute of British Architects) 

LUGANO 

Museo Cantonal® d’Arte Corot 
more than 120 paintings and 
sketches. There are some early 
Impressionist studies from his 
Italian visits, but foe show consists 
mainly of studio works from his 
later years, which look back to the 
classical landscape style rather than 
forward to Impressionism. Ends 
Nov 6. Closed Mon 
LYON 

Mus6e des Beaux-Arts Maurice 
Denis: the first retrospective in 
France since 1970, with more than 
200 canvases, sketches and objets 
cTart by the Nabis artist Ends Dec 
18. Closed Mon and Tues 
MADRID 

Funds cio la Caixa Kandinsky and 
Mondrian - Two Roads Toward 
Abstraction: the show covers the 
years 1911-20, and aims to 
illustrate the parallels and 
differences in their stylistic 
evolution. Ends Nov 13 (after which 
it will transfer to Barcelona). Closed 
Mon 

Fundaclon Juan March Treasures 
of Japanese Art 110 works from 
the 17fo to 19th century, on loan 
from Tokyo's Fuji Art Museum. 

Ends Jan 22. Daily 
MUNICH 
KunsthaBe der 

Hypo-KuHurstiftung Edvard Munch 
and Germany: 100 paintings by 
Munch, plus works by German 
artists who influenced him, and by 
early Expressionists who found 
inspiration in works like The 
Scream. Ends Nov 27. DaBy 
Lenbachhaus Tanzania: more than 


400 masterworks of African 
sculpture. Ends Nov 27. Closed 
Mon 

NEW YORK 

Metropolitan Museum of Art 
Origins of Impressionism: a 
landmark exhibition of 175 paintings 
by Parisian artists of the 1860s, 
illustrating the influences that artists 
such as Courbet, Degas, Manet. 
Monet. Renoir and C&zanne had on 
each other, the harmony of their 
talents and foe artistic dialogues 
that were created as they sought to 
develop a thoroughly modem art 
Ends Jan 8. The Ann or berg 
Collection of Impressionist and 
Post-Impressionist Masterpieces. 
Ends Nov 27. William de Kooning's 
Paintings. Ends Jan 8. Closed Mon 
Guggenheim Museum The Italian 
Metamorphosis 1943-1968: a 
survey of visual arts in the postwar 
period, focusing on a period when 
Italy became a leading exporter of 
culture, and Italian design and style 
became synonymous with 
Innovative quality. The exhibits 
Include Arte Povera paintings, 
fashion designs by Valentino, 
models of significant architectural 
monuments and artists' jewellery. 
Ends Jan 29. Japanese Art After 
1945: a comprehensive history of 
Japanese avant-garde art over foe 
past 50 years (at SoHo). Ends Jan 
8. The main museum is closed on 
Thurs, foe SoHo site on Tues 
Museum of Modem Art Cy 
TwomWy (bl929): retrospective of 
the American artist who moved to 
Italy in 1957. Ends Jan 10. The 
Prints of Louisa Bourgeois: 140 
works by one of America's most 
distinguished contemporary artists. 
Ends Jan 3. Mapping: paintings, 
drawings, photo-composites and 


sculptures by around 20 artists, 
including Giorgio de Chirico and 
Jasper Johns, exploring the ways in 
which modernists have made map 
Imagery a principal focus of their 
work. Ends Dec 20. American 
Politicians: 1 50 rare photographs 
examining the ways in which 
photography has illustrated 
American politics since Abraham 
Lincoln's time. Ends Jan 3. Closed 
Wed 
PARIS 

Grand Palais Poussin: this 400th 
anniversary retrospective brings 
together 140 drawings and 100 
paintings, including the two sets of 
Seven Sacraments and some of 
Poussin’s finest paintings on 
classical and biblical themes. The 
overall impression is of 
contradictory inspiration - the Bible 
and Ovid; contradictory themes - 
cruel battles and pastoral idylls; 
contradictory means - floating 
draperies and bodies of sculptured 
perfection. All are underlined by the 
use of strong reds, yellows and 
blues, and united by foe personality 
of the philosopher- painter. Ends 
Jan 2. Gustave Caillebotte 
(1848-1894): retrospective of by foe 
painter and patron of art who 
belonged to the circle of 
Impressionists more by the 
modernity of his subjects than by 
foe actual impressionist technique 
of painting. Ends Jan 9. Closed 
Tues, late opening Wed 
Mustie d’Orsay Forgotten 
Treasures from Cairo: a surprisingly 
rich collection of works by Ingres, 
Courbet Monet, Rodin and 
Gauguin, most of which were 
bought during the 1920s wave of 
commercial expansion and 
subsequently placed in Egyptian 


national collections, where they 
have remained largely unnoticed. 
Ends Jan 8. Closed Mon 
Louvre From Across The Channel - 
British Art in French Public 
Collections: paintings by 
Gainsborough, Reynolds, 

Constable, Lawrence and Turner, • 
plus other drawings, watercolours 
and engravings. Together they add 
up to a panorama of British art. 

Ends Dec 19. Closed Tues (Hall 
Napoleon) 

Mus6e Cama valet The English in 
Paris in the 19lh Century. Ends Dec 
5. Closed Mon (23 rue de SevignS) 
STOCKHOLM 
Nationalmuseum Goya: a 
comprehensive picture of the 18th 
century Spanish master, with a total 
of 50 paintings and 60 prints. Most 
have been lent by public and 
private collections in Spain, 

Including Colossus from the Prado 
and Arrest of Jesus from Toledo 
Cathedral. Ends Jan 8. Closed Mon 
WASHINGTON 
National Gallery of Art Milton 
Avery (1893-1965): 67 works on 
paper by foe American artist Ends 
Jan 22. From Minimal to 
Conceptual Art - Works from foe 
Vogel Collection: 90 drawings, 
photographs, paintings and 
sculpture by contemporary artists. 
Ends Nov 27. Daily 
WOLFSBURG 

Kunstmuseum Man Ray: more 
than 60 photographs by the 
American master of the enigmatic 
and the unusual, mostly dating from 
1919-1949. Ends Jan 15. 

Jean-Marc Bustamante (bi952j: a 
collection of large steel sculptures 
by foe French artist Ends Nov 27. 
Closed Mon 



OCTOBER 7 1*W4 


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FRIDAY 


In sickness, 
or wealth 

Daniel Green on mergers and 
cost cutting in US healthcare 

US healthcare: 
case for tre atme nt 




T he consolidation of 
the US healthcare 
industry is continu- 
ing, despite the failure 
last month of President Clin- 
ton’s proposed healthcare 
reform legislation. 

This week's acquisition by 
Columbia/HCA Healthcare, the 
biggest hospitals group in the 
US, of HealthTrust owner of 
the second-largest hospital 
chain, is part of a wave of 
mergers and acquisitions in 
the industry. There were 51 US 
healthcare mergers and acqui- 
sitions in the first six months 
of 1994 alone, according to 
KPMG, the accountants. 

It is also the third takeover 
by Columbia in 15 months, 
transforming the Texas-based 
group from a company owning 
23 hospitals to one with 311 
and almost 5 per cent of the 
hospital beds in the US. 

Other recent deals have 
included acquisitions worth 
$765m by the Tennessee hospi- 
tal group OrNda, the purchase 
of 47 psychiatric hospitals for 
$200m by Charter Medical of 
Georgia, and the sale by Calif- 
ornia's National Medical Enter- 
prises of 28 rehabilitation hos- 
pitals and 45 outpatient centres 
to Healthsouth Rehabilitation 
of Alabama for more than 
S300m. 

The upheaval Is not confined 
to hospitals. Health insurers 
are merging. Wall Street finan- 
ciers are building empires in 
residential care for the elderly. 
Surgery departments are offer- 
ing cat-price heart bypass 
operations. The legendary sala- 
ries of US doctors are under 
attack. Ambulance companies 
are being touted as the next 
big merger area. 

This is happening without 
the Intervention of Washing- 
ton. President Clinton has 
postponed plans for healthcare 
reform to next year. Bat the 
healthcare industry is continu- 
ing to change rapidly, largely 
in pursuit of lower costs. 

At stake is the $600bn a year 
of revenue paid to US hospi- 
tals, nursing homes and doc- 
tors. This is 9 per cent of GDP 
and more than most European 
countries spend on their entire 
health services. 

The main reason for the high 
costs is inefficiency, says Mr 
Eran Broshy, a vice-president 
of Boston Consulting Group in 
New York. “There are 35 to 40 
per cent too many beds in 
America,” he says. “Hospital 
groups must get bigger to 
make sure they get business 
with eventually perhaps only 
three to five groups per large 
metropolitan area.” 

Overcapacity in other indus- 
tries would quickly lead to 
price cuts. But this has only 


just begun to happen in health- 
care where prices allow hospi- 
tals to make a profit with only 
40 per cent of beds occupied. 

Pressures for mergers date 
from the 1980s when employers 
began a drive to cut the cost of 
healthcare insurance for their 
employees. It started on the 
west coast, with employers 
contracting with “health man- 
agement organisations” 
(HMOs) to negotiate cost-cut- 
ting deals with doctors and 
hospitals. 

The success of this “man- 
aged care” in controlling costs 
soon attracted the attention of 
the health insurers, who 
adopted a similar approach. 

In some parts of the US, 
manag ed care h a s Had a dra- 
matic effect on costs. In Min- 
nesota, about one third of the 
population is now treated 
under managed health pro- 
grammes. Largely as a conse- 
quence. the city of Minnea- 
polis-St Paul in Minnesota has 
lost more than 40 per cent of 
its hospital beds over a decade. 

In more conservative eastern 
regions such as New York and 
North Carolina, managed care 
reaches only between 5 and IS 
per cent of people. As a result 
the number of hospital beds in, 
for example, New York has 
fallen by less than 5 per cent in 
the last 10 years. 


This feeds directly through 
to costs. The annual per capita 
cost of healthcare in California 
is now around $1,900 compared 
with. $2,200 in New York, 
according to Boston Consult- 
ing. 

Managed care changes the 
nature of competition between 
hospitals, says Mr George Hal- 
vorson, former chief executive 
of Minnesota HMO HealthPart- 
ners. Rival hospitals used to 
compete to buy the latest high- 
technology services and emi- 
nent doctors. This encouraged 
them to perform as many treat- 
ments as possible to cover the 
costs. 

C ompanies such as 
Columbia try to elim- 
inate duplication of 
overheads and ser- 
vices in nearby hospitals. Mr 
Richard Scott, the chief execu- 
tive officer, estimates annual 
savings of $125m from the lat- 
est merger alone. 

Large hospital groups can 
also make use of their 
increased buying power. Even 
before yesterday’s deal, Colum- 
bia/HCA’s renegotiation of sup- 
ply contracts had yielded 
savings of $60m a year. 

Doctors' practices are also 
merging to cut duplication and 
increase buying power. Wall 
Street private investment firm 


Welsh, Carson, Anderson and 
Stowe is one of several groups 
that acquire doctors' practices 
and merge them. 

As well as bringing econo- 
mies of scale, mergers help in 
controlling the costs of treat- 
ment Larger groups can build 
up statistical databases on doc- 
tors' prescribing and referral 
habits. Doctors who require 
significantly more overnight 
hospital stays for their patients 
than average, or who prescribe 
too many expensive drugs, are 
asked to change their habits. 

“We want to see fewer days 
of hospital stay per thousand 
of population." says Mr James 
Hoover, a partner in the firm. 

Among the victims of these 
changes are hospital doctors 
whose fees are being closely 
scrutinised along with other 
costs. Bellevue hospital in New 
York, for example, this sum- 
mer signed a deal with the Pru- 
dential insurance com pany to 
do between 100 and 150 heart 
bypass operations a year on 
the insurer's policy holders. 
Prudential Is paying a fiat fee 
of less than $35,000 per opera- 
tion instead of befog billed the 
sum of fees from staff and 
materials that would typically 
be twice as high. The doctors 
at Bellevue receive a propor- 
tion of the fees earned. Less per 
operation than when they 
billed for services. 

This fiat-rate fee system can 
be extended to cover all medi- 
cal needs. For a flat fee per 
head, called a capitation pay- 
ment. a hospital agrees to look 
after all the hospital needs of a 
group of people. 

One example of this 
approach is the agreement 
made in July by a Florida- 
based health management 
organisation. Physicians Cor- 
poration of America, with the 
Los Angeles-based hospital 
company Salick Health Care. 
In return for an annual per 
capita fee, the 319,000 members 
of PCA’s schemes receive com- 
prehensive cancer coverage. 

It is now in Salick's interest 
not to treat people unnecessar- 
ily and to introduce preventa- 
tive healthcare to cut the pro- 
portion of members likely to 
suffer from cancer. 

The use of capitation fees to 
pay for healthcare is growing 
throughout the advanced econ- 
omies. The UK government for 
example, allocates resources to 
the National Health Service 
largely on a per capita basis. 

The trend towards payment 
for healthcare through capita- 
tion fees is likely to continue 
in the US, forcing further 
moves to save costs in the 
industry. With it, the wave of 
mergers and acquisitions looks 
set to continue. 


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THE AMERICAN EXPRESS CARD IS WELCOMED BY CLUB EUROPE, THE ULTIMATE IN SPACE TRAVEL. 

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Joe Rogaly 


Echoes of Tory voices 



The attractive 
face of conser- 
vatism was 
presented at 
the Labour 
conference in 
Blackpool this 
week. We may 
see its unat- 
tractive face on display at the 
Tory conference in Bourne- 
mouth next week. This has 
nothing to do with personali- 
ties. Mr John Major is no less 
decent than Mr Tony Blair, 
but, as to policy, the prime 
minister is constrained by cir- 
cumstance. He has little choice 
but to trundle along the ideo- 
logical tram-lines set in the 
later 1980s. The leader of the 
opposition is free to try to tug 
his party towards the gentler 
form of conservatism that bet- 
ter suits the English tempera- 
ment 

He calls it social-ism, but its 
values have often been pre- 
scribed by Tories from Disraeli 
onwards. My primary text 
today is therefore not the stun- 
ning speech delivered by Mr 
Blair on Tuesday, evocative as 
that may be. It is, rather, The 
Right Approach, a statement of 
Conservative aims agreed in 
1976 by a conclave representa- 
tive of all wings of the party, 
with the “wets”, as they were 
called, predominant. The 
resulting document cons titute d 
the intellectual inheritance of 
the then Mrs Margaret 
Thatcher, a new. young, ener- 
getic leader of the opposition. 
“It is the task of the Conserva- 
tive party today to restore 
hope and confidence to a disil- 
lusioned British people,” the 
authors began, nearly two 
decades before Mr Blair’s “we 
meet in a spirit of hope”. 

Some readers may remember 
the 1976 paper as an assertion 
of rightwing hard-headedness, 
and a rejection of the corporat- 
ism of the later Heath years. It 
does not read like that today. It 
notes that Tories “are not 
blinkered by a socialist ideol- 


ogy that assumes the omni- 
competence of the state . . a 
claim that Mr Blair might 
make on behalf of “new 
Labour”. More helpfully for my 
thesis, The Right Approach 
states that “man is both an 
indi vidual and a social being”. 
If all society had to do was 
provide a framework of laws 
within which individual oppor- 
tunities could nourish, the 
paper acknowledged, then 
other thing s fo which Conser- 
vatives believed - patriotism, 
loyalty, duty - would be mean- 
ingless. 

The corollary is clear. “Man 
is an individual, answerable to 
himself,” as oar pre-feminist 
authors put it “But he is also 
a citizen, the member of a 

complex net- 

work of small 
communities 
which go to 
make up soci- 
ety - family, 
neighbourhood, 
church, volun- 
tary organisa- 
tion, workplace 
and so on.” 

There you have 
it The essence 
of The Right 
Approach is 
compatible with what Mr Blair 
had to say on Tuesday. “It is 
not t.hla or that minister that is 
to blame,” be told the Labour 
conference, “it is an entire set 
of political values that is 
wrong, they fail because they 
fail to understand that a 
nation, like a community, must 
work together in order for 
individuals within it to suc- 
ceed.” 

Zip back to 1976. “What we 
have to set out, and it is in the 
main stream of Conserva- 
tism...," our social Tories 
wrote, “is a political philoso- 
phy that goes beyond the state 
and the individual, and begins 
to express in human terms the 
complex network of reciprocal 
rights and duties in an orderly 
society.” I do not propose to 


The way Mr Blair 
sees it, we are at a 
turning point in 
political history, 
just as we were in 
1979. The Tories' 
adventure has 
run its course 


stretch this piece of elastic far- 
ther than it can stand. The 
Right Approach is echoed by 
Mr Blair in many places, 
including the passage fo which 
it calls for devolution of legis- 
lative powers to Scotland, but 
much of it is dated, suitable to 
the preoccupations of the 
1970s. Large chunks of it would 
stick in the gullet of even the 
most modernist Labour leader. 
The point, described by Mr 
Blair as “fundamental”, is that 
today's Co nser vative ministry 
has trapped itself on the shores 
of free- market minim alism, 
which is not where the elector- 
ate could have imagined it was 
heading when it fled from 
socialism and trade union 
thuggery in 1979 and not where 

it wants to be 

stranded today. 

Some voters 
may have been 
influenced by a 
second Tory 
paper. The 
Right Approach 
to the Economy, 
which was pre- 
pared under 
the chairman- 
ship of the then 
Sir Geoffrey 
Howe. It is 
sharper, less “wet” than its 
predecessor of the similar 
name, but its principal beget- 
ter, now Lord Howe, might not 
wholly disagree with my 
theme. “No turning back.” he 
has said, referring to the Con- 
servative hard-right, “should 
not be mistaken for bash on 
regardless.” He will doubtless 
repeat the sentiment at next 
week's conference in Bourne- 
mouth. 

The way Mr Blair sees it we 
are at a turning point in politi- 
cal history, just as we were in 
1979. The party that took office 
then may have won the three 
subsequent elections, but the 
adventure upon which it led 
the nation has run its course. 
IBs story-line is that we are 
now ready for a different 


administration, whose sodal 

and political strategies are 
based on the pnmtion 1 that 
the individual and the oiounu- 
nity are mutually supportive. 
There has to be a “constructive 
voluntary partnership 
between government and 
industry. Oops! Sorry. Took 
that last sentence IromTne 
Right Approach, not Mr Blair, 
but either will do. 

If there are doubts, they lie 
not in the nuances of ptaloffr 
phy. but in the pitfalls that 
await anyone who has to learn 
on the job. Mr Blair 1105 
leader for less than 80 days, so 
judgments of his managerial 
abilities must be premature. 
He and his team are adept at 
caressing the media, and he 
appears to have cemented a 
useful working relationship 
with his deputy. Mr John Pres- 
cott. It is not, however, clear 
that he has found time to 
soothe the sensibilities of all 
his senior colleagues; perhaps, 
as Labour's last best hope, he 
has no need to. 

His assistants and advisers 
are untested in battle. Many of 
them are outstandingly intelli- 
gent, bright and very young. 
As head of policy, the 29-year- 
old Mr David Miliband will be 
in charge of an apparently 
more formidable team than 
any available to previous 
Labour leaders or the opposi- 
tion. Most of its members, like 
others in the Biair entourage, 
are 20-somethings or just- 
turned 30s. These cherubim 
will have to produce the 
La bour version of The Right 
Approach. They will be expec- 
ted to outplay Mr Major's pol- 
icy unit, headed by Mrs Sarah 
Hogg, plus half Conservative 
central office and an army of 
civil servants whose advice is 
never party-political but 
always helpful. Yet the young 
are powered by optimism. It is 
the Tories who have to explain 
why. having been in office so 
long, they should be given 
another lease. 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fax for finest resolution 


Words should not 
obstruct change 


Keep ageing 
hippies in 
their place 

Prom Mr Daniel Riff. 

Sir, As a native New Englan- 
der who has favoured yours 
over American financial 
papers, I was horrified to find 
an incident of grievous geo- 
graphic neglect Someone had 
reversed the labels of New 
Hampshire and Vermont on 
the illustration accompanying 
the article “Sainsbury makes a 
second US foray" (October 4). 
This may seem a mino r gaffe, 
or even irrelevant I would 
argue otherwise. Having been 
raised In the r&ftt-hand state, 
the one that stands upright and 
has consistently exhibited 
sound rightward-leaning ; mar- 
ket-minded thinking, I cannot 
ignore such a blunder. 

New Hampshire, on (and in) 
the right in these so many 
ways, is home to America's 
first primary every four years. 
In it reside some of the 
nation's most libertarian think- 
ers and entrepreneurs. To its 
left, in Vermont dwell ageing 
hippies and such environmen- 
tally conscious companies as 
Ben & Jerry’s ice cream. It is 
quite likely that Vermonters 
read neither your paper, not 
much of anything that displays 
support of free markets. Their 
single representative is the 
Congress's sole avowed social- 
ist. Disparatement towards 
them, both in your geographic 
sleight and my own, sweeping, 
critiques are deserved. If only 
the other victim were not my 
dear and beloved home. 

Daniel Riff 
Integral Inc, 

One Brattle Square. 

Cambridge, MA 02138, US 


From Mr Robin Foster. 

Sir, The recent debate con- 
cerning the emergence of pow- 
erful, vertically-integrated, sat- 
ellite broadcasters has left 
unresolved the important issue 
of how best to ensure that 
ownership by those broadcast- 
ers of conditional access 
systems (the “gateways") does 
not prevent or distort competi- 
tion between satellite televi- 
sion channels. 

The answer fo our view is 
not to prohibit vertical integra- 
tion, but to establish a clear 
regulatory framework which 
would ensure that all channel 
providers can obtain access to 
conditional access systems on 
reasonable and non-discrimina- 
tory terms, and that an effec- 
tive mechanism existed for the 
speedy resolution of any dis- 
putes. 

The aim must be to encour- 
age broadcasters to invest in 
new systems, while ensuring 
that a wide range of new tele- 
vision services is available at a 


From Ms Ann Robinson. 

Sir, So Michael Holman feels 
patronised by what he calls the 
language of medical correct- 
ness (“Save me from Health- 
speak, October 1). Perhaps he 
can appreciate something of 
how people with cerebral palsy 
feel when they are derided as 
spastic, a word which has 
become a term of abuse since 
The Spastics Society was 
founded fo 1952. 

He may want to laugh when 
he hears we are changing our 
name to Scope, and wonders 
why we didn't choose the more 
descriptive “Cerebral Palsy 
Society”. However, we should 
point out that the demand for 
change, and the new name. 


From Mr Charles Bucket 

Sir, The two items appearing 
in the FT on Credit Lyonnais's 
announcement of “bad results” 
translate attendre as “to wait 
for” (“Credit Lyonnais goes to 
the people" and “Observer The 
lau ghing bank", September 30). 
Although this may be the 
meaning that first comes to 
mind, context leads to a differ- 
ent understanding. The verb 
attendre also means “to 
expect”, eg “Jfe was attends & 
nod heureS" is “HI be expect- 
ing you at nine”. In fact, there 
is no other way to say “to 
expect", except by using the 
same word in the more cum- 
bersome reflexive s 'attendre d. 
This would have produced the 


reasonable cost to viewers. 

Unfortunately, the voluntary 
code of conduct put forward by 
the European digital video 
broadcasting project does not 
safeguard the public interest in 
this way. It provides little com- 
fort to broadcasters that they 
will be treated fairly, nor does 
it contain an adequate arbitra- 
tion procedure. An effective 
regulatory framework would, 
as a minimum , require the pro- 
vision of fall information on 
access terms, backed up by 
transparent accounting and 
indicative published tariffs. 
Channels provided by condi- 
tional access system operators 
should be subject to the same 
terms and conditions of access 
as those applied to similar 
types of channels offered by 
other broadcasters. 

Regulation would also need 
to incorporate an effective dis- 
putes procedure. Reporting 
abuses of the code to gristing 
competition authorities, with 
the costs and delays implied, is 


came not from public relations 
people, but from people with cp 
and their families. 

The trouble with very 
descriptive names is that they 
are also very limiting. We 
agree with Michael Holman 
that you cannot change reality 
merely by changing words. 
However, the word “spastic" in 
our name stops people coming 
to us for support, particularly 
young families. We want to 
help change reality for disa- 
bled people and we do not 
want wards to get in the way. 
Ms Ann Robinson, 
chief executive. 

The Spastics Society, 

22 Park Crescent, 

London WIN 4EQ 


somewhat leaden headline: 
"Void les mauvais r&sultats 
auquels tout le monde s 'attend" 
rather than the headline cited 
from Le Monde of “Void les 
mauvais r&sultats gue tout le 
monde attendait”. 

No wonder the latest public 
relations effort by Credit Lyon- 
nais raised a hoot from 
Observer. I think you will 
agree, however, that “Here are 
the bad results which everyone 
has been expecting" does not 
have the same piquant. 

Charles Buchet, 
head of corporate finance. 

Union IndustrieUe de Credit, 

8 rue Lamenmds. 

75008 Paris, 

France 


inadequate given the impor- 
tance of rapid market entry fo 
developing satellite markets. 
Neither is it clear that any 
other regulator at present has 
the remit or the capacity to 
deal with such disputes fo an 
effective and timely manner. 

For this reason, while the 
BBC agrees that an “ill- 

thought-out layer” (“Scrambled 
layer", October 4) of additional 
regulation should be avoided, 
we do believe that a dear and 
enforceable framework is 
essential for the future devel- 
opment of competition fo Euro- 
pean digital television markets. 
As standards for digital televi- 
sion in Europe are being finali- 
sed, an important opportunity 
exists for new ground rules to 
be agreed. 

Robin Foster, 

chief adviser, commercial 

policy, 

BBC. 

Broadcasting House, 

Portland Place, 

London WlA 1AA 


No sense in 
provision 

From Dominique de la Bane 
d'Erquelianes. 

Sir, Surely the suggestion 
that banks should automati- 
cally make provision for new 
loans befog granted does not 
make sense (“Plan to smooth 
bank profits endorsed by top 
supervisor", October 1). Banks 
should either require increased 
margins or, if that proved 
impossible for market reasons, 
quit lending altogether until 
reduced supply pushes mar- 
gins up again. Automatic pro- 
visions would merely be an 
acknowledgement of the inabil- 
ity of banks to price credit risk 
correctly. 

Dominique de la Barre 
d’Erquelinnes, 

16 rue Capisius, 

L-5814 Fentage, 

G-D de Luxembourg 


Prototype 

From Mr Richard Cay. 

Sir, I refer to your article. 
“Patchy start seen to training 
plan" (October 3). 

This year there is only a 
small number of prototype 
modern apprenticeship 
schemes, and they are not 
behind schedule at alL 

Indeed, our greatest problem 
this year is that many employ- 
ers and young people are 
expressing great interest, but 
training and enterprise coun- 
cils only have funding for a 
small number of places fo the 
prototype sectors. 

Next year will see the 
national launch of modern 
apprenticeships across the 
country and fo a large number 
of sectors. 

Richard Guy. 
chairman. 

Tec National Council Modem 
Apprenticeship Working Group. 
Manchester Tec, 

Boulton House, 

17-21 Chariton Street 
Manchester Ml 3HY 


No plunge 

From Mr Brian Yates. 

Sir, Subscriptions to Which? 
magazine have hardly 
“plunged", as you claim in 
your profile of the newly- 
appointed director of Consum- 
ers' Association. Sheila 
McKechnie (“Cons tinted 
champion to leave her Shel- 
ter". September 21). 

Current subscriptions staafl 
at 684,000, calculated on foe 
moving average basis - fo 6 
equivalent figure on the saiM 
basis in March 1988 wouw 
have been 854,000. 

Brian Yates, 
chairman. 

Consumers' Association, 

2 Marylebone Road, 

London NWl 4DF 


Opportunity to agree broadcasting ground rules 


More in the waiting than 
in the expectation 















FINANCIAL. TIMES FRIDAY OCTOBER 7 1994 


17 


FINANCIAL TIMES 

Number One Southwark Bridge, London SEl 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Friday October 7 1994 


Russia at a 
crossroads 


Russia has reached the limits of 
gradualism. For nine months, 
Prime Minister Victor Chernomyr- 
din and his colleagues have done 
their best to find a middle way 
between economic "shock ther- 
apy” and no treatment at all But 
the lesson of transition elsewhere 
is that, in the long term, there is 
no middle way - only a choice 
between a Big Bang stabilisation 
and social and economic collapse. 
Unfortunately, there is nothing 
inevitable about Russia tafrfng the 
route of stabilisation. The west 
may be able to weight the odds in 
favour of that option, but ulti- 
mately only Russia can decide. 

Other post communist states - 
Hungary. Poland, the Czech 
Republic - have already passed 
this turning point. But in Russia, 
the institutions of a civil and mar- 
ket society remain precarious. Pri- 
vatisation, one of the success sto- 
ries of the past two years, has 
helped to produce a new entrepre- 
neurial spirit in many sectors of 
tiie economy. But without stabilis- 
ation and concerted legal reform, 
the zeal for profit will be more 
visible in fraud and organised 
crime than in the rise of a legiti- 
mate private sector. 

Political forces have conspired 
against a more concerted reform 
strategy. The centres of power of 
the old order are badly damaged, 
but can still command large con- 
stituencies. Increasingly, Mr Yelt- 
sin himself seems to be leaning 
towards the more conservative of 
his advisers, who are ambivalent 
about reform where they are not 
downright hostile. 

Difficult truth 
The difficult truth is that the 
pvemment’s very lack of credibil- 
ity doomed the gradualist 
approach from the start. Enter- 
prises have not stopped borrowing 
excessively, because they do not 
expect inflation to stay low. In an 
effort to choke such borrowing off, 
the monetary authorities have had 
to impose exceptionally high real 
rates of interest, which. In turn, 
trigger more distress borrowing. 
As a result, the economy now tee- 
ters on-a- mountain of -interenter- 
prise debt Even previously viable 
companies are likely to get sucked 
into the web. as long as they 
believe the government win even- 
tually give in to the demands of 
indebted competitors. 

And over the past tew months, 

Free the 


Post Office 


the government has begun to do 
precisely that. There has been a 
relaxation of monetary controls, 
and renewed flows of credits to 
state enterprises. The upshot is 
the weakening of the rouble, 
which fell 20 per cent last month, 
itself' a harbinger of renewed infla- 
tion. It is still failin g: a farther 5 
per cent on Wednesday alone. 

How should the west respond? 
Whatever their differences, the 
IMF and all the Group of Seven 
countries must tell Russia that 
now Is the time to ma ke the deci- 
sive leap, and back up the advice 
with a firm offer of financial sup- 
port if they do so. In Madrid this 
week, US Treasury secretary 
Uoyd Bentsen reiterated what he 
told Mr Yeltsin during his visit to 
Washington last month: that very 
large sums of aid were available 
Quickly, but “only to support 
reform". 

Active restructuring 

This means that, to obtain cash 
flows of up to $10bn from the 
international finanrial institutions 
this year, the Russian government 
must commit itself to a further 
round of credit cuts and much 
more active industrial and social 
restructuring than it has so ter 
attempted. In the process it will 
have to tread heavily on interests 
which have so ter been shaken, 
but not deeply stirred. 

Central to such a strategy will 
be stable prices. For all their polit- 
ical attractions, half measures 
simply cannot deliver stability in 
the long ran. As Russian minis- 
ters know, gradualism allows 
them to ease their present bur- 
dens, but this only piles up the 
weight on future ones. Sooner or 
later, they would have to demand 


the kind of sacrifices from their 
people which they have not so far 
had to make. 

The better alternative is to 
make the commitment, now, to a 
to a fixed exchange rate, backed 
by a sizeable western stabilisation 
fund and adequate non-inflation- 
ary finance to cover the budget for 
at least a year or two. 

Above all. it is critical that the 
US and other western countries ' 
are true to their word: the fact- 
that Russia has missed past 
reform opportunities owes some- 
thing to western ambivalence. 
Before the west can help, how- 
ever, the Russian government 
must make a leap of faith. 


It speaks volumes for the 
vanishing ideological divide in 
British politics that the foremost 
policy difference between the 
main parties appears to be the 
issue of privatising the Post 
Office. Yet if the postal service is 
to be a final triumph for state 
industrial ownership in the UK, it 
cannot continue in its current 
form. 

For all Mr Tony Blair's resolu- 
tion to ditch the Labour party’s 
notorious constitutional commit- 
ment to public ownership, Labour 
is set to fight the privatisation of 
the Post Office tooth mid naiL Its 
stance is nonsensical since all the 
supposed benefits of state owner- 
ship - such as universal service 
and a single stamp price across 
the country - could be secured 
through regulation, while consum- 
ers stand to gain from the greater 
efficiency and entrepreneurial zeal 
likely to flow from selling a major- 
ity stake in the Post Office to the 
private sector. 

Yet Labour's success in whip- 
ping up popular sentiment against 
postal privatisation appears to be 
alarming enough Tory MPs to 
cause the government to pause. If 
the cabinet feels forced by politi- 
cal pressure to retreat, it should 
not be content with preserving the 
status quo. Instead it should take 
Labour at its word and propose 
legislati on restructuring the Post 
Office to give it maximum com- 
mercial freedom within the public 
sector. Unless it does so. Britain’s 
highly successful postal service 
will be handicapped as it seeks to 
expand into new technologies and 
confront international competi- 
tion. 


company 

a policy would turn the 
Hce into a stock market 
impany in which the state 
say, 80 per cent of the 
ind exercised only the cus- 
rights of a shareholder to 
jroad strategy, approve 
s a nd receive dividends. It 
avoive faking on the Trea- 
eologians who claim that 
.owned industry should be 
i from the public sector 
;ng requirement and be 
as a normal company free 
’tailed Treasury control 
jgets and borrowing, 
reasury justifies its stance 
g rules on the compilation 


of the public accounts, and by 
arguing that a public sector com- 
pany could not, in practice, be 
allowed to float free while the gov- 
ernment acted as ultimate guaran- 
tor for its debts. 

Both the rules and the argu- 
ment about debt are well-founded 
as a general approach to state 
ownership. However, there are 
good reasons for relaxing them in 
the case of the Post Office, which 
has long operated as a profitable 
business. If the Post Office were a 
listed company forbidden by its 
founding statute from receiving 
state aid. it would in practice be 
subject to normal market disci- 
plines and Its borrowings could be 
excluded from the public 
accounts. 

Market discipline 

The sale of a minority stake 
would be sufficient to ensure mar- 
ket discipline, while the creation 
of an equity base would leave the 
company tree to contract business 
alliances and provide market 
incentives for its managers and 
employees. In extremis, of course, 
the government might seek to 
append the law to provide aid; but 
there is nothing to stop it doing so 
in the case of any private sector 
company. 

Two key issues would still 
remain: regulation and competi- 
tion. 

Essential to a new regime would 
be the establishment of a regula- 
tes- operating at arm's length from 
the Department of Trade and 
Industry, akin to the existing pri- 
vatised utility regulators. The reg- 
ulator, not the government would 
determine stamp prices and rates 
of return for the Post Office, sub- 
ject to statutory requirements to 
protect universal service and 
other socially desirable objectives. 

On competition, there is a 
strong case tor a gradual lowering 
of the existing ban on rival deliv- 
erers of mail stamped at below £1 
an item. This would encourage 
more specialised delivery services 
catering for the business and high- 
value residential market without 
^Hangering the Royal Mail 

Sweden - where the post office 
remains in the public sector - has 
gone further, exposing basic letter 
delivery to ftiii competition. That 
is an example which the UK 
would do well to study, and if it 
works, follow. 


I t has not been a particularly 
happy 50th birthday for the 
International Monetary Fund 
and the World Bank. But 50th 
birthdays are often unhappy. 
By that age, people have built up, 
along with a record of achieve- 
ments, a list of disappointments and 
mistakes. The attitudes and know- 
ledge acquired in their youth have 
often become outmoded. Usually, 
they have made enemies as well. 

So it is for the twins bom at the 
Bretton Woods conference in July 
1944. For all the show at their 
annual meetings in Madrid this 
week, these are troubled giants. 
They have a host of enemies and 
many friends do not like them 
much either. This is not just a natu- 
ral time to take stock. It is essential 
for these institutions to do so. 

The brilliantly achieved aim of 
the Bretton Woods conference was 
to re-establish a global market econ- 
omy. But it was to be a guided 
capitalism. The assumption - par- 
ticularly on the part of the British 
delegation, headed by the economist 
Lord Keynes - was that there 
would be no return to a world of 
free capital Hows and “hot money”. 
Finance was to be kept in chains. 

Thus, the articles of the IMF 
required that currencies be convert- 
ible only on current account (to pay 
for goods and services;. Govern- 
ments could retain controls on capi- 
tal movements, to enable them to 
maintain fixed exchange rates while 
pursuing policies for full employ- 
ment The IMF was to underpin this 
combination. Similarly, the World 
Bank was created to finance post- 
war reconstruction and economic 
development, because the private 
capital flows that had financed 
growth in the iate-L9th century, 
would or, it was believed, should 
not return. 

In the light of the Great Depres- 
sion and contemporary advances in 
economic thought, these were rea- 
sonable assumptions. But they have 
been undermined by history. The 
IMF lost its envisaged function with 
the collapse of the fixed exchange 
rate system in the early 1970s. 
largely caused by the impossibility 
of combining pursuit of full employ- 
ment with fixed exchange rates, 
once capital flows were set free. 

Since then the Fund has increas- 
ingly become the macroeconomic 
policeman of the more fallible devel- 
oping countries, encouraging them 
to change economic policy when in 
balance or payments difficulties. 
Under three entrepreneurial manag- 
ing directors, it also found a wider 
role in co-ordinating international 
responses to the oil crises of the 
1970s. the debt crisis of the 1980s, 
and Soviet communism's collapse. 

Similarly, the World Bank has 
been elbowed aside by surging pri- 
vate capital flows, after the long 
hiatus of the debt crisis. Regional 
development banks have also taken 
over some of its work, notably in 
Asia and Latin America. 

* far 1993; the net external financing 
of developing countries was $l70bn 
(see table). But the net disburse- 
ments of the International Bank for 
Reconstruction and Development, 
commercial arm of the World Bank, 
were a mere £L3bn in the financial 
year ending June 1993 and negative, 
at minus $0.7bn, the following year. 
Even soft-lending from the Interna- 
tional Development Association was 
only $4-Sbn (net) in financial year 
1993 and $5.1bn the next year. The 
bank has become a marginal pro- 
vider of development finance. 

These profound changes in the 
global environment have hardly 
gone unnoticed. Senior managers erf 
the World Bank are engaged in a 
vigorous debate over whether theirs 
is a "sunrise" or a “sunset" institu- 
tion. The IMF, too, is debating its 
ffature, if rather more circum- 
spectly. Yet the explosion of global 
financial activity, albeit the most 
important, is far from the only 
development with which the two 
institutions have to grapple. There 
are at least six more. 

The first is the end of the cold 
war. The institutions now have 
some 20 new clients engaged in 
making the transformation from 
planned economies to the free mar- 
ket However, they can also no lon- 
ger count for support on people con- 
cerned about geo-strategic 


Gunning for 
voters 

■ Brazilians are rightly proud of 
the smooth way their biggest set of 
elections in 40 years was staged on 
Monday. But voters in the poor, 
north eastern state of Paralba may 
have less to celebrate. 

With about a third of the votes 
counted, ex-governor Ronaldo 
Cunha lima is almost certain to get 
a senate seat This is a little 
unfortunate. Last year he tried to 
assassinate his principal political 
rival The victim survived and 
Cunha Lima was charged with 
attempted murder. 

But justice grinds slow in 
Paralba By winning a senate seat, 
Cunha Lima gains immunity from 
prosecution under Brazil’s arcane 
laws protecting legislators. 

Paralba's second choice for the 
senate - Humberto Lucena - had 
his candidature cancelled by 
election authorities, for illegally 
using senate printing presses to 
print glossy calendars and then 
handing them out to voters. 

He contested the elections, 
regardless. Surely there’s a by-law 
somewhere to let him off the hook? 


Fit to print 

■ Ton; Blair's gaggle of spin 
doctors and media managers has 
gone too far; an absurd 
choreography surrounds his every 


The fundamental task of the World Bank and 
IMF is to do themselves out of a job, argues 
Martin Wolf. But they have much to do 

Bretton twins at 
an awkward age 

Performance and finance in developing countries 



Real GDP per head External financing 

(fn 1985 $) Logarithm*; scale (Sbn) 


tral role in the formal management 
of exchange rates. The Independent 
Bretton Woods Commission - under 
the leadership of Paul Voleker, for- 
mer chairman of the Federal 
Reserve - has recommended that 
"the governments of the major 
industrial countries should give a 
high priority to international mone- 
tary reforms aimed at reducing 
large exchange rate fluctuations 
and serious misalignments'' 1 . 

If the IMF were to calculate target 
zones for exchange rates, it would 
gain a more central role in the 
world monetary system than ever 
before. But the IMF's major share- 
holders are unlikely to agree to this, 
as Mr Lloyd Bentsen, US secretary 
of the Treasury, indicated in Mon- 
day’s FT. 

Today, the IMF's managing direc- 
tor attends discussions of the Group 

of Seven lending industrial coun- 
tries, but has no voice in decisions 
on exchange rates. That is bow 
things are likely to remain. For the 
foreseeable future, the IMF's rela- 
tions with major industrial coun- 
tries will depend on its surveillance 
discussions with countries, whose 
effectiveness is questioned even 
among the staff. While the Fund 
might yet be needed to help with 
public debt crises in industrial 
countries, that would indicate seri- 
ous policy failures. 


20,000 

Industrial countries 



1386 67 88 89 -Xl 32 93 


716 65.7 62.0 65J5 85. t 9&8 129.9 170.2 


Non-debt creating flows 

Official transfers 13.2 15.1 16.2 16.3 13.0 -8.3 19.8 21.2 

Direct 9J 13.6 16.2 15.9 13.3 302 40.2 59.7 

investment 


Reserve-related -1.7 -2.9 -3.5 -0.8 -3.3 0.4 -1.3 2.5 

BaWUtles 

of which: 

Net crecBt -2.2 -4.7 -4.1 -1.5 -1.9 1.1 -02 1.0 

from IMP 


Nat external 
borrowing 

IBRD' 

IDA' 


52.3 39.8 33.1 33.7 57.1 74.5 71.1 87.0 

5.7 3.4 1.9 5.7 2.1 1.8 2.3 -0.7 

2.9 32 3.4 3.7 4.3 4.4 4.6 5.1 


SorcmYforV Eccnc^tXacc/K Wo-W&irrt VbY teJuw 


competition witb the former Soviet 
Union. 

The second is changes in what 
the main shareholders demand. The 
IMF has recently come under formi- 
dable pressure to relax conditional- 
ity - the imposition of economic 
policies in return for finance - for 
some borrowers, notably Russia. 
The pressure on the World Bank is 
rather to adopt quotas for increased 
lending to social sectors. Both insti- 
tutions, but particularly the World 
Bank, are also being told to become 
more cost-effective. 

The third is the development 
record. A friendly critic would con- 
clude from the chart that develop- 
ment has worked, above all In east 
Asia. An informed critic would 


The basic operational 
role of the IMF and 
World Bank is to help 
those economies 
unable to prosper in 
the global market 


know that these countries have best 
conformed to the “Washington con- 
sensus" of fiscal conservatism, out- 
ward-orientation and reliance on 
market forces. 

Those on the anti-market left 
argue, instead, that the twin institu- 
tions bear most blame for what has 
gone wrong in Latin America, the 
Middle East and Africa. Meanwhile, 
critics on the market-liberal right 
conclude, more plausibly, that, 
since they have been associated 
with failures as much as with suc- 
cess, the Bretton Woods twins can- 
not make a decisive difference. 

The fourth issue is the record of 
the institutions. Their prestige 
depends on the perception that they 
know what they are doing, but they 
have made big blunders. They 
encouraged much of the lending 
that led to the third-world debt cri- 
sis; they failed to foresee the ener- 


gy-price collapse of the mid-1980s; 
they have supported incompetent 
and corrupt regimes; the World 
Bank ignored the environment for 
too long, while some of Its project 
lending proved misguided; and 
many countries helped by the IMF 
have returned to its trough again 
and again. 

The fifth is ideological changes. 
Leftist hostility to the market econ- 
omy has become venomously 
focused on the Bretton Woods insti- 
tutions. The left's commitment to 
more participation also creates a 
profound suspicion of governmental 
structures, shared by the market- 
oriented right, with its demand for 
reliance on markets. So now the left 
is pursuing its "50 years is enough 
campaign", while Lady Thatcher's 
former economic adviser, Sir Alan 
Walters, argues that “the ideal solu- 
tion would be to abolish the Fund 
and the Bank" 1 . 

The last is the questioning of the 
institutions’ professional compe- 
tence. Professor Jeffrey Sachs of 
Harvard University, for example, 
argues the IMF's approach to stabi- 
lisation in eastern Europe and the 
former Soviet Union has been inap- 
propriate, because it tells to under 
stand the economic consequences of 
the state’s political bankruptcy. 

How can these institutions best 
respond to the many challenges 
they confront? The central neces- 
sity is to define and defend their 
core tasks in ways that respond to 
justified demands and resist unjus- 
tified ones; the subsidiary need is to 
execute those tasks as efficiently as 
possible. The institutions' basic 
operational role can best be defined 
as helping those economies unable, 
at present, to prosper in the global 
market system. They must comple- 
ment the global market economy, 
not substitute for it. 

Countries that need these Institu- 
tions' help are; 

• the least successful developing 
countries, notably those in sub-Sa- 
haran Africa; 

• relatively dynamic countries 


such as Indonesia that remain poor 
and need to achieve large institu- 
tional changes; 

• countries engaged in the switch 
from state pl annin g to the market 
economy, mainly the former Soviet 
empire and, in its own way, China; 

• and countries that fall into the 
hands of incompetent populist gov- 
ernments or suffer large adverse 
shocks. 

As a country prospers, however, 
and improves links to the global 
economy, and as more of its invest- 
ment is carried out by entities with 
access to global capital markets, the 
operational role of these institu- 
tions should disappear, as in west- 
ern Europe. Balance of payments 
problems can then be managed 


The Bretton Woods 
twins must insist on 
performance from 
those who depend on 
them. They should 
provide Tough love* 


through the international capital 
markets. 

The IMF's focus is on shorter- 
term macro-economic problems, 
while the World Bank's is on lon- 
ger-term structural difficulties. 
Given the different time horizons 
and relationships involved, the two 
institutions should not be merged, 
as some suggest. In addition, the 
IMF has a useful role vis a vis 
industrial countries and, as impor- 
tant, is accustomed to imposing rel- 
atively tough conditionality. The 
customary criticism is that it is too 
tough. But critics fall to realise that 
its clients would have to make still 
more savage cuts in spending with- 
out it Beggars have few choices. 

Being mainly restricted to the 
worst- managed developing coun- 
tries is a painfully circumscribed 
role for the IMF. Many argue, 
instead, that it should pl3y a cen- 


F or the World Bank os 
well, longer-term pros- 
pects are nut all that 
bright. The fear within it 
is that lending will move 
from stagnation to outright decline, 
as its clientele is gradually 
restricted to south Asia and Africa. 
Just as the IMF holies for a rule in 
exchange-rate co-ordination, some 
in the bank dream of a consultative 
role in countries that do not need 
its funds. But that would be a 
remarkable departure for an organi- 
sation that has depended on mixing 
subsidised finance with its recom- 
mendations. 

How well arc the IMF and bank 
set up to do their care jobs? In the 
IMF’s case, questions about the 
quality or its advice arc legitimate. 
Arguments for greater transparency 
and wider use of outside economists 
are strong. More important is a 
sharper focus on the underlying dis- 
ease, which lies almost always in 
the functioning of the state. 

For its part, the World Bonk has 
published a list of the six principles 
it has derived from its experience - 
selectivity, partnership, client orien- 
tation, results orientation, cost 
effectiveness and financial integri- 
ty 3 . It also defines its objectives as 
the pursuit of economic reforms 
that promote broad-based growth 
and reduce poverty, investment in 
people, protection of the environ- 
ment, stimulation of the private sec- 
tor and reorientation of govern- 
ments on the tasks only they can 
do. Finally, it is undertaking a re- 
engineering of its internal manage- 
ment processes, to make itself more 
efficient, more responsive and more 
flexible. Yet the goals hardly look 
selective and the six principles are 
little short of banaL As for the man- 
agerial changes, they will be diffi- 
cult to achieve, however desirable. 

The core functions of the Fund 
and World Bank are not, of course, 
their only ones. Both provide valu- 
able analyses of global economic 
trends and undertake useful 
research and analysis. Both must 
also retain a flexible capacity to 
respond to unforeseen events. None- 
theless, the fundamental job of the 
Bretton Woods twins is to do them- 
selves out of one. How will they 
reach this goal? By insisting firmly 
on performance from those who 
depend upon them. “Tough love" is 
what they must provide. If they do 
so successfully, their operations 
ought to have largely faded Into his- 
tory by the time their centenary is 
celebrated in 2044. 

1 Sir Alan Walters, Do We Need the 
IMF and the World Bank? (London: 
the Institute of Economic Affairs, 
1994); * Bretton Woods Commission. 
Bretton Woods : Looking to the 
Future. Commission Report (Wash- 
ington DC: 1994); 3 The World Bank 
Group, Learning from the Past. 
Embracing the Future (Washington 
DC: 1994) 


Observer 


step at the party’s Blackpool 
conference. Photographers are 
allowed only “authorised" pictures, 
rather than informal snaps of Blair 
going about his business. 

But a scene in the Imperial Hotel, 
Labour's seaside HQ, has shocked 
even the most hardened hacks. An 
elderly newspaper vendor was 
physically bundled out of the hotel 
lobby by two Blair heavies. His 
crime? Daring to sell copies of a 
tabloid newspaper, which yesterday 
carried a few risque photographs of 
a minor aide of Blair’s wife. Roll on 
free speech, eh chaps? 


Debt limbo 

■ Guyana's foreign debt of $2,333 
per citizen is pretty steep, much 
worse than that of some more 
notorious South American 
mega-debtors. So imagine the 
horror of Guyanese government 
officials when new figures put the 
total debt at 50 per cent more than 
last year's SLlbn. 

Calculators were produced; sighs 
of relief followed. The extra red ink 
was a mathematical error. It 
“occurred on the exchange 
calculations made by the 
accountant general for loans 
denominated in Japanese yen and 
I talian lira," says Ashni Singh, 
acting auditor general. 

Asgar Ally, the embarrassed 
finance minister, sheepishly blamed 
Anand Goolsarran, the auditor 
general, saying Goolsarran ignored 
ministerial advice and submitted 



•It’s got so bad even police chiefs’ 
speeches go around in pairs’ 


the figures to parliament before 
they were double-checked. No 
comment from Goolsarran, who's 
abroad somewhere. Hope he checks 
his change, wherever he is . . . 


Time please 

■ Tim Martin's knack for turning 
ghostly shops into lively pubs has 
made him plenty of Mends among 
his shareholders and enemies 
among established publicans. 
Almost every time his fast-growing 
J D Wetherspoon chain seeks a 
licence for a new pub, the likes of 
Grand Met and Allied Domecq 
go to court to try to stop him. 


He generally wins and has just 
recouped £14.000 for the costs his 
rivals had to foot when they said 
there was no demand for another 
pub in Hornchurch, Essex. Indeed, 
he is thinking of naming his next 
pub the Good Sheppard in memory 
of Grand Met's chairman and 
one-time outspoken free marketeer. 


Forte measure 

■ There was an inevitability about 
Business Traveller magazine's 
annual awards, dished out at the 
Savoy Hotel yesterday. Best airline 
- British Airways; favourite 
business city worldwide - London, 
for the 11th year, and so on. 

But Lord Forte's special “lifetime 
achievement award" - marking six 
decades in business - was at least 
timely, coming just after the 
company he founded tightened its 
grip over the Savoy. 

The George V in Paris (a jewel in 
the Forte crown) beat the Savoy as 
best European business hotel into 
the bargain, and the 85-year-old 
hotelier was to be seen reaching up 
to a waiter's tray to augment 
slightly mean portions of bubbly. 


Parisian phantom 

■ The Organisation for Economic 
Co-operation and Development is 
rapidly taking on a Marie Celeste 
quality, with crew deserting a 
captainless ship. 

Some asbestos has been 


discovered in the Paris think-tank’s 
main building. Employees were 
given the chance to take yesterday 
and today off. while experts 
evaluated the risk. Most shot out of 
the building like corks out of 
Bollinger bottles: "You should have 
seen the number of chain-smoking 
Frenchmen haring out of here on 
the off-chance or a millionth part of 
asbestos in the air." said a 
non-French staffer. 

Station Sohlman. Sweden's OECD 
envoy and acting head of the 
organisation, was already a safe 400 
kms away in Strasbourg. There he 
made the implausible claim that 
OECD countries arc deadlocked 
over selecting a new lender because 
"they care for the organisation". 

Observer detects a parallel with 
the European Commission's famous 
cruciform Berlaymont building in 
Brussels. Its closure in 1991 - also 
for asbestos removal - came just 
before all the rows over Maastricht. 


Five-gear Pluto 

■ Calling all Ford drivers - watch 
out for re-entry problems. The US 
carmaker has just signed a deal 
with a Nasa research centre to 
share the space agency's 
technology. Of particular interest to 
Ford, apparently, are Nasa's skills 
in advanced materials, air-flow 
measurement methods and 
adhesive bonding. 

Not so much fly me to the moon, 
perhaps, as Escort me 
interstellar-wise. 



1661 Fax; 1071) -828-9976 


Vita 



21st CENTURY 
MATERIALS AND 
TECHNOLOGY 
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FINANCIAL TIMES 

Friday October 7 1994 


Carrying the 
nation's goods 


Cabinet alleges breach of criminal code 

Berlusconi takes action 
over Milan magistrate 


By Robert Graham in Rome 

The Berlusconi government 
yesterday decided to press a for- 
mal complaint against Mr Sav- 
erio Borrelli, Milan's chief public 
prosecutor, over a newspaper 
interview on Wednesday that 
contained allegations about the 
prime minister and the justice 
minister. 

The move followed 24 hours’ 
hesitation as Mr Silvio Berlus- 
coni, the prime minister, sought 
to present a united front among 
the members of his rightwing 
coalition over how to react to the 
controversial interview. 

The complaint is being filed to 
President Oscar Luigi Scalfaro, 
as head of the higher council of 
the magistrature. It claims Mr 
Borrelli is in breach of article 289 
of the criminal code for under- 
mining constitutional authority. 

Such a strong stand represents 
the triumph of the “hawks" in 
the cabinet, led by Mr Giuliano 
Ferrara, minister in charge of 
parliamentary affair s. They have 


argued that the government must 
take tough action to curb the 
increasing political interference 
of the anti-corruption magis- 
trates in Milan. 

If Mr Bo rre Ill's comments had 
been allowed to go without seri- 
ous challenge, this would have 
been interpreted as a sign of gov- 
ernment weakness. 

But the unity of the govern- 
ment on this hard line was imme- 
diately put in doubt by Mr 
Umberto Boss! leader of the pop- 
ulist Northern League. He dis- 
tanced himself from the stand of 
the four League ministers who 
signed the complaint, saying: 
“The League doesn't make 
denunciations of any type!" 

At the same time key members 
of the neo-fascist MSI/National 
Alliance - Mr Berlusconi's other 
main coalition partner - also 
kept their distance. The MSI has 
been cultivating close relations 
with elements in the Milan mag- 
istrature and is anxious to avoid 
an open confrontation, aware of 
the continued popularity of fig- 


ures such as Mr Antonio Di Pie- 
tro, the leading anti -corruption 
magistrate. 

The complaint procedure 
means that Mr Scalfaro must 
now examine the evidence and 
then decide whether there is suf- 
ficient cause to take either disci- 
plinary or legal action. Offences 
under article 289 carry a mini- 
mum of 10 years jaiL 

Mr Borrelli was unrepentant 
over his interview yesterday and 
told reporters he had no inten- 
tion of resigning. His comments 
suggested he was fully aware of 
the consequences of his words in 
the interview and accepted that 
the confrontation between the 
government and the judiciary 
were likely to continue. 

In the interview, Mr Borrelli 
claimed that the magistrates' 
investigations were at a turning 
point and involved people “at the 
top of business and politics”. 
This was a clear reference to Mr 
Berlusconi and his Fininvest 
empire which has been under 
investigation for over a year. 


Surprise output falls indicate 
slower UK economic recovery 


By Philip Coggan, 

Economics Correspondent 

Surprise falls in UK industrial 
production and manufacturing 
output in August appeared yes- 
terday to confirm indications 
that economic growth may be 
slowing in the second half of the 
year. 

However, the Treasury pointed 
to special factors, such as the fire 
at the Milford Haven ofl refinery 
in July, as being mainly responsi- 
ble for the downturn in output 
and said the trend was still buoy- 
ant 

Financial markets welcomed 
news of the fall, on the grounds 
that it made an imminent 
increase in base rates less likely. 
The FT-SE 100 index climbed 28.1 
points to 2984.4, while gilts rose 
half a point 

Hie Central Statistical Office 
said yesterday that manufactur- 
ing output fell by 0.3 per cent 
between July and August, while 
industrial production dropped 0.1 
per cent Analysts were expecting 


both measures to rise by 0.4 per 
cent. 

Around two-thirds of the fall in 
manufacturing output was 
caused by a fall in the oil refining 
sector. Output in this sector 
dropped sharply in July after the 
Milford Haven fire, a production 
drop at BP'S Grangemouth refi- 
nery and maintenance at other 
plants. 

But the decline was not con- 
fined to oil r efinin g. The engi- 
neering industry recorded a fall 
in production in August, with 
declines particularly noticeable 
in metal machine tools and in 
basic electrical equipment. Other 
industries to record a fall in 
August included the textiles, 
leather and clothing sector. 

Mr Nick Parsons, chief Euro- 
pean economist at CIBC, said: 
“Frankly. I think the Treasury's 
excuse is a complete red herring. 
These are not straws in the wind 
but building blocks for an argu- 
ment that the UK economy is 
slowing down." 

There have been other indica- 


tions that the UK economy, 
which grew at its fastest rate for 
six years in the second quarter, 
might be starting to decelerate. 
In September, a survey from the 
Confederation of British Industry 
showed a fall in the proportion of 
companies expecting output to 
rise over the next four months, 
while the Purchasing Managers 
Index fell for the second consecu- 
tive month. 

Yesterday, figures from the 
Society of Motor Manufacturers 
and Traders showed that new car 
sales growth was slowing. How- 
ever. quarterly and annual fig- 
ures for production and output 
indicate that the recovery is still 
very healthy. Industrial produc- 
tion in the three months to 
August was 1 per cent higher 
than in the previous three 
months and 52 per cent higher 
than in the same period a year 
ago. The equivalent increases for 
manufacturing output were 0.8 
per cent and 4J5 per cent 

See Lex 


Bull aid I BSkyB in £lbn flotation 


§■■5 

3 J 

Continued from Page 1 

0 

According to Bull, losses in the 

rr c 

first half of the year to June were 

33 

reduced to FFr843m, compared 

=r *■* 

® — 

wiht FFrl.9Sbn for the compara- 

3 ^ 

ble period in 1993. 

s = 

Mr Descarp entries said in 

1 S3 

August that the group should 

a w 

break even at the operating level 

o O 

by the end of the year and 

CO sj 

at the net level by mid- 

3" cr 

1995. 


Continued from Page 1 

between management and share- 
holders. Chargeurs is believed to 
have been the only one of the 
four to have been hesitant. How- 
ever it has since struck a deal to 
buy more shares - probably 3 per 
cent - in the flotation, avoiding 
dilution of its stake. 

After the issue BSkyB will ben- 
efit from a significant reduction 
in financial costs and will be able 


to streamline its ownership struc- 
ture, now complicated by the web 
of shareholder agreements forged 
during its early crises. 

The final date of the Dotation 
will be determined by progress in 
unravelling those agreements 
and by market conditions. Media 
analysts were optimistic about 
the prospects for issue. “BSkyB 
has a great story to tell," said Ms 
Rebecca Wmnington-lngram of 
Morgan Stanley in London. 


European 
Court of 
Justice 
appoints 
new judges 

By Robert Rice, 

Legal Correspondent, in London 

Seven lawyers, largely unknown 
outside their own countries, 
were appointed unopposed yes- 
I terday to the most powerful judi- 
cial body in Europe. 

The appointments to the Euro- 
pean Court of Justice in Luxem- 
bourg represent the single big- 
gest turnover of personnel in the 
court’s history. Half the judges 
and their advisers op for reap- 
pointment are stepping down. 

The power these European 
lawyers wield was underlined 
last week when the court 
awarded retrospective pension 
rights to part-time workers, leav- 
ing employers facing possible 
costs of billions of pounds. 

But colleagues in the profes- 
sion said yesterday that so little 
was known about the new judges 
it was difficult to assess what 
impact they would have on the 
court's judgments. 

Every three years the court 
replaces several of its 13 judges 
and six advisers. Judges are 
appointed for terms of six years 
and many usually stand for reap- 
pointment. In 1991 only two 
members of the court changed. 

The judges stepping down are 
Manuel Diez de Velasco from 
Spain, the French judge Fernand 
GrCvisse. and the German Man- 
fred Znleeg. In addition, the 
president of the court, Mr Ole 
Due, a Dane, has resigned. A 
new president will be chosen 
from among the judges by secret 
ballot today. 

Mr Due has been been replaced 
by his Danish adviser, Claus Gul- 
mann. Two other advisers have 
resigned, so three have been 
appointed - Philippe Leger from 
France, Georgios Cosmos from 
Greece and Michael Elmer from 
Denmark. 

Appointment to the court is by 
“common accord" of the member 
state governments. There is no 
nationality requirement, but in 
practice each member state nom- 
inates one of its own nationals. 
The 13th judge is normally cho- 
sen on rotation from among the 
four largest member states plus 
Spain. 

The Spanish judge was the 
13th and is being replaced by an 
Italian, Antonio La Pergola. The 
new French judge is Jean-Pierre 
Puissochet and the new German 
judge is Gflnter ffirsch. 

In the UK, candidates tend to 
he either judges or senior barris- 
ters, and are nominated by the 
Foreign Office on the advice of 
the lord chancellor. Judges from 
other member states tend either 
to be academics or to have held 
senior positions in their coun- 
try's administrations. 

Perhaps most is known about 
the new Italian judge Antonia La 
Pergola. He is a socialist MEP, 
former president of the Italian 
Constitutional Court and close 
political ally of Mr Silvio Berlus- 
coni, the Italian prime minister. 



I 


FT WEATHER GUIDE 


Europe today 

High pressure over eastern Europe will 
dominate central Europe. Its dock-wise 
circulation will direct cool aJr south to 
Alpine countries and France with sunshine 
extending from Russia to France. A strong 
westerly current will push rain clouds into 
the southern half of Scandinavia and the 
Baltic states. The Norwegian coast will be 
rainy with winds increasing to gale force. 

An active cold front will generate heavy 
thunder showers over Greece and the 
southern Balkans. The Alps will be cloudy 
and rainy and snow is possible above 1 .300 
metres. Turkey. Spain and Portugal will be 
sunny. 

Five-day forecast 

High pressure will continue to influence 
central Europe into next week, giving fair, 
autumnal conditions. Showers, some with 
thunder, will move slowly north from 
Greece and Bulgaria reaching Hungary and 
Poland during the course of next week. 
Scandinavia will be windy and unsettled 
during the weekend but conditions will 
become fair as a high pressure system 
builds. 


TODAY’S TEMPERATURES 





Situation at 12 GMT. 7ampereturea maximum Cor day. Forecasts by Mateo Consult of ttte Netfterfands 


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That's our commitment. 


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THE LEX COLUMN 


BSkyB is the classic ugly duckling 
turned swan. The satellite network 
has rapidly turned losses into profits 
and Is now ready to float away. The 
immediate benefit to shareholders will 
he the release of £L2bn in shareholder 
loans and guarantees. Mr Rupert Mur- 
doch's News Corporation, still heavily 
indebted after near-insolvency in 1990, 
could certainly use its £60Qm share. As 
shown by last week's plan to issue 
preference shares, Mr Murdoch is 
sear ching for ways to raise capital 
without losing control. Speculation is 
bound to mnimt that he is back on the 
acquisition trail 7 

A BSkyB float wtfl also have the 
benefit for its present shareholders of 
making the value of/their stakes more 
visible. Further cash could be raised 
by cutting their /stakes after the 
planned one-year lock-up expires. 
Granada does not need cash now 
given that its approach to caterer 
Gardner Merchant has been rejected. 
But if the government relaxes rules on 
cross-media ownership, the group may 
wish to add to its ITV interests. 

Cynics will say the float’s timing is 
dictated by the fact„that the threat to 
Sky from cable TV is not yet fully 
apparent. Sky currently makes the 
same profit irrespective of whether its 
programmes are distributed by cable 
or via dishes. But as cable companies 
roll out their networks and start mak- 
ing their own programmes, they may 
take fewer Sky channels. Cable groups 
will also be in a stronger position to 
bargain for a better deal on those 
channels they do takp That said, this 
threat will take several years to mate- 
rialise. Meanwhile, BSkyB stands to 
benefit from growth not only in sub- 
scriber fees but in advertising revenue 
which currently accounts for only 20 
per cent of its income. 

UK economy 

On their own, yesterday's UK indus- 
trial output figures can be interpreted 
any way one likes. Those inclined bo 
fret about consumer confidence may 
focus on the drop in production of 
footwear and clothing. Those who 
believe in robust growth can point to 
distortions from the rail strike and the 
explosion at the Milford haven oil refi- 
nery. But together with recent data on 
housing, CBI survey evidence and 
short-time working at Ford, the output 
data do suggest some slowdown in the 
pace of growth. Worries about higher 
base rates seem to be abating: indeed 
the money markets are shading down 
their expectations in this regard. 


i is tl 

tie ] 

li 

FT-SE Index: 2984.4 (+28.1} ] 


Allianz 

Share price relative to the OAX Index 



1980 91 92 93 94 

Source: FT Graphite 

The authorities' thinking may 
become clearer on Monday when min- 
utes are published of the meeting at 
which September's base rate rise was 
decided. The aim appears to be the 
laudable one of preventing the output 
gap dosing too quickly, which would 
unleash inflation, while still preserv- 
ing the recovery. In that case, a mod- 
est deceleration of growth now would 
be welcome in helping the chancellor 
achieve the required balance. 

Amid all the bond market turbu- 
lence it is easy to lose sight of the way 
in which investors have given the 
authorities credit for the base rate 
rise. Equities have fallen 155 points 
since then, and the long bond yield is 
unchanged at just over 8.6 per cent. 
But the yield premium of gilts over US 
and German government stock has 
narrowed by 30 and 15 basis points 
respectively. That shows some faith in 
the value of Mr Clarke's pre-emptive 
strike. 

Allianz 

Allianz's announcement that it is 
looking for acquisitions abroad, 
including in. the UK, comes only days 
after the purchase of Swiss Re’s pri- 
mary insurance business. A signifi- 
cant turning point has been reached: 
after several years of consolidation, 
the colossal insurer Is ready Cor fur- 
ther expansion. 

The new willingness to pursue 
acquisitions coincides with signs of 
robustness in the domestic German 
market, the traditional mainstay of 
group profits. The underwriting cycle 
has turned: premium rates are rising, 
helped by economic recovery, and 
there has been a welcome fall in car 


theft This summer's insurance mar- 
ket liberalisation has not led to a dra- 
matic intensification or competition, 
as once feared. Foreign insurers still 
find it difficult to break into Germany, 
and domestic competition is muted. 
There are still headaches in the US, 
where Fireman's Fund lost DM164m in 
the first half on catastroplie risks, and 
the state of world financial markets 
will hit investment income. But on 
balance Allianz feels confident enough 
to revive a global growth strategy 
which has been on hold since 1990. 

Whether this will prove good for 
shareholders is another question. 
Some of Allianz's past acquisitions, for 
example that of Deutsche Versicher- 
iing, seem to defy normal pay-back 
criteria. But investors treat Allian 2 as 
a proxy for the German market As a 
result, the economics of Individual 
transactions matter less than senti- 
ment on German}' as a whole. 

US railroads 

Union Pacific’s desire to create the 
US’s largest railroad company by buy 
ing Santa Fe Pacific makes strategic 
sense, but is unlikely to happen. If 
history is any guide, the Interstate 
Commerce Commission, the all-power- 
ful railroad regulator, will oppose the 
deal because it would reduce competi- 
tion. 

Such a decision would be a mistake. 
Not only would regulator}- rejection 
deprive shareholders of a bid a third 
higher than Burlington Northern's 
competing offer, but it would hinder 
efforts to wring further inefficiencies 
out of the system. These inefficiencies, 
despite the recent railroad renais- 
sance. remain legendary. 

The fragmented rail network is an 
immense burden on the US economy. 
It drives up costs, delays deliveries 
and prevents the sector winning busi- 
ness from road haulage. Rationalisa- 
tion would also allow rail companies 
to cut duplicative headquarters, rail 
routes and repair shops, as well as 
expand geographical coverage and the 
range of products carried. The reduced 
costs could then be passed on to cus- 
tomers in the $2O0bn US freight mar- 
ket Union Pacific Is trying to allay 
anti-competitive fears by offering 
other carriers access to its routes. If 
the ICC is going to make the mistake 
of rejecting its deal, it were best done 
quickly. But Its record suggests the 
body could take more than two years 
to come to a conclusion. That would 
leave all three companies derailed for 
the duration. 



Ji 






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£64 per day at your 
nearest dealer 



IN BRIEF 



Allianz may buy 
into Britain 


- >_ Allian z H olding , the Gorman insurance group, is 
casting around for further foreign acquisitions, and 
-V has a particular interest in the British life market 
’Page 20 

• P®i***l to name Grasso as chairman 

. The board of the New York Stock Exchange is 
"v' : expected, to elect Mr Richard Grasso as its chairm an 
' to succeed Mr William Donaldson. Page 21 


Rumour spreads of Motorola Md for Apple 

Rumours swept the US markets this week that 
: , Motorola, the communications and semiconductor 
’“t group, might be preparing a takeover bid for Apple 
'■■■. Computer, the personal computer manufacturer. 
Both companies declined to commenLPage 21 

■ v Telecom Haifa to ran PfnslE Telecoms 

Telecom Italia, Italy's state-controlled telephone 
" company, is to take on the management of all 
national and international telecommunications ser- 
vices at Pirelli, the I talian industrial group. Page 20 


‘ AEG predicts DM 90m In sales for battery 

r. AEG, Daimler-Benz's electrical and electronics sub- 
^ sidiary, expects annual sales of DM90ro ($58.4m) 

■* f from a new high-energy battery when it starts full 
i production in 1998. It aims to seize a lead position 
- v in the market for electric cars. Page 20 


Brazil nt ay Impose capital controls 

‘ A senior Brazilian central bank official said the go 
eminent may consider imposing capital controls ii 
v "some circumstances, but ruled out Chfiean-style 
7 restrictions on the exit of capital Page 22 

' Kmart warns of earnings fall 

; - '.Shares in Kmart, the troubled US discount store 
. v - group, fell to $16% in early trading after the 
/.company warned it expected a fall in earnings for 
• ■ ' its Ihird quarter, ending in October. Page 21 


■<: Recovery for South Korean petrochemicals 

South Korean petrochemical companies are recover- 
ing from a prolonged slump due to increased 
demand abroad and the shutdown of several petro- 
chemical plants around the world. Page 22 


Receivers seek equity for Carden Park 

■; Receivers are looking for investors to inject fresh 
■ equity into Carden Park, the UK 1,200 acre hotel 
and leisure complex owned by Mr John Broome. 
Page 24 


Etam falla despite Interim profits 

Shares in Etam, the fashion retailer, fell as the 
group almost doubled interim profits but warned of 
a slightly weaker trend at the be ginning of the sec- 
■_ and half. Shares fell 20%p to close at 282p_ Page 24 


FT Managed Funds Sendee 

starting on Monday, readers in Continental Europe 
.xdli receive a more streamlined version of the FT’S 
Managed Funds Service. The service will concen- 
trate on offshore and overseas funds, and from Mon- 
days to Fridays will omit categories of fund which 
— rare of interest mainly to UK domestic investors. UK 
-funds will still be listed once a week, in Saturday's 
FT. 


Companies In this Issue 


20 

Albert Fisher 19 

llanz 18 

Danz Holding 19 

ited Newspapare 12 
Vaudoim 20 

BICC 25 

BMW 19 

BS Group 25 

BS*y8 1 

BT 27 

Barry Wehmffler 24 

Bendigo bflnlng 22 

Beradln HoteSngs 24 

Borden 20 

Bcwater 12 

Bums PtiHp 22 

CSR 22 

Chime Communications 25 
CHBaank « 

Constanta tnd 20 

Cooper (Frederic*) 24 

Credit Fonder 20 

DCM 22 

Daewoo 22 

DaJgaty 19 

Doftihin Packaging 25 

BBs & Everard 24 

Bam 25 

Eurotunnel 27 

Ex- Lands - 24 

QaUford 25 

Grainger Trust 
Grand MetropoStan 
Groups Bun 


Huakxi 

Huaneng Power Inti 

Humbrot 

Kidder Pubody 

Kode International 

Logica 

Lanrho 

Low (Wm) 

Lufthansa 
Mezzanine Capital 
Microsoft 
News Corporation 
Normandy Poseidon 
Northern Foods 

Olivetti 


Holone 

Hfflsdown Hddmgs 


24 

27,19 

1 

24 

24 

19 


Paarson 

PfaeS 

Plantation & General 

RadamecGnw 

Redland 

Reed International 
Rover Group 
SAS 
Salomon 
Santa Fe Pacific 
Scottish & Newcastle 
Sherwood Group 
Singapore Para 
Sodfite G6n6ralo 
Taylor Woodrow 
Telecom ttatta 
Uragale 
Unilever 
Union Pacific 
Watts Blake Beame 
Wellcome 
Watherspoon (JD) 


1 

22 

20 

1 

24 

12 

12 

24 

20 

24 

20 

24 

22 

19 

20 
20 
27 
20 
24 
24 
12 
27 

19 

20 

19 
18 
27 
24 
24 

20 
24 
20 
19 
19 
18 
24 

27,24 

24 



Chief price changes yesterday 


sia 

670 


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Manana BBS 

MW YORK (S) 


Proa & Gam 
AriaFs 

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BNP 


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381 + 31 


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SB9 - 
4128 - 


705 

909 

Ml 


772 

832 

485 


IB 

72 


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BAT Me 

424 


7 

Bristol Scons 

188 

+ 

13 

Mimm 

462 

+ 

13 

auTHscom 

372Vi 

+ 

8H 

QmnlMan 

512 

* 

j5 

Bfa 

335 


30 

Gttnlfcw 

468 


15 

Harts A Spencer 

402 

+ 

8 

Wens Power 

488 

♦ 

17 

ftoson 

690 

+ 

8 

HesdM 

781 


21 

HMfcoo* 

870 


18 


few WO* 

605 

* 

28 

f«bs 

Bam 

282 

_ 

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27 

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asnchnrton 

28 

- 

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Kode W 

60 

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ShmoodBip 

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TuiIHhwiW 

170. 

- 

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Wanenpoon (JO) 

408 

_ 

14 

wobdfli 

73S 

- 

IS 


Salomon warns 
of $100m loss 
in third quarter 


Union Pacific blocks line to Burlington Northem-Santa Fe merger 


AH points west 



By Patrick Harvarson 
In New York 

Salomon announced yesterday 
that it would report an after-tax 
loss of about 8100m for the third 
quarter because of another poor 
performance from its Wall Street 
securities broking unit; Salomon 
Brothers. In the same quarter a 
year ago, the group earned a 
profit of $20m. 

It is the second consecutive 
quarter that Salomon has posted 
a big loss because of the sharp 
downturn in business conditions 
on Wall Street Salomon, how- 
ever, has always been more vul- 
nerable than most securities 
films to volatile swings in earn- 
ings became a large part of its 
business involves risking the 
firm’s own capital in the global 
financial markets. 

It was this proprietary trading 
business which was once again 
primarily to blame for the losses 
in the quarter, Salomon said. 
Additionally, Salomon suffered 
during the latest quarter from a 
decline in demand from US com- 
panies for stock and underwrit- 
ing services, a decline which has 
affected the rest of Wall Street 
The firm Includes its revenues 
from securities underwriting in 


By John Griffiths bt London 

Rover-produced cars will return 
to the North American market 
despite the sales failure of its 
Sterhng-badged cars at the end of 
the 19809, the chairman erf BMW, 
Rover's parent company, said 
yesterday. 

Rover Group products, rather 
than BMW’s, wQl also lead the 
German-owned company's drive 
Into Asian markets such as 
China, where explosive growth is 
forecast over the coming decade, 
according to Mr Bemdt Pischets- 
rieder. 

In his first wide-ranging assess- 
ment of Rover since BMW 
acquired the company from Brit- 
ish Aerospace for £800m in Janu- 
ary, Mr Pischetsrieder also: 

• Held out the prospect of tri- 
partite co-operation between 
BMW, Rover and Honda - 
Rover's close associate under 
BAe ownership - wherever in the 
world joint projects were felt to 
be of mutual benefit 

• Made dear that BMW saw no 


the category of “client-driven" 
businesses, and this area was 
also hit in the third quarter by a 
fell in customer trading activity. 

Salomon pointed out, however, 
that its "client-driven” business 
still performed better than in the 
second quarter, when a sharp 
drop in the value of securities 
Salomon Brothers holds on its 
books as inventory left the group 
nursing a loss of $204m. 

Although second-quarter losses 
were partially offset by profits 
from Salomon's PMbro oil trad- 
ing unit, in the latest quarter the 
unit's performance deteriorated, 
and Salomon said Phibro would 
report a “modest" pre-tax loss for 
the July-September period. 

The warning about its poor 
results from Salomon provide a 
taste of what to expect in the 
coming weeks, when other pub- 
licly quoted Wall Street firms 
release their third-quarter earn- 
ings. Profits have plunged since 
February, when the first of five 
interest rate increases by the 
Federal Reserve prompted a 
sharp downturn in trading condi- 
tions, both in US and overseas 
financial markets. 

Soon after Salomon made its 
announcement yesterday, its 
shares were down at $38%. 


upper limits on car production by 
Rover or any reason why Rover- 
designed products should not be 
produced at plants overseas. 

• Confirmed that BMW was seri- 
ous in its intent to revive names 
from the past such as Riley and 
Anstin-Healey, for products 
developed for appropriate niches. 

• Indicated that there was virtu- 
ally no rhanrg of BMW reviving 
past negotiations to buy 
Rolls-Royce Motor Cars, the Vick- 
ers-owned luxury carmaker. 

Mr Pischetsrieder set out no 
time scale or product plans for 
Rover cars to return to North 
America. The group has made a 
success of its Land Rover four- 
wheel-drive operations there. 

Mr Pischetsrieder also gave no 
details of BMW’s precise strategy 
for Asia. However, Rover, with 
its smaller models and front- 
wheel-drive technology was an 
obvious choice for such markets, 
he declared. 

He made clear that past ten- 
sions with Honda over Rover's 
takeover had now disappeared. 


Friendly 
union of 
rivals off 
the rails 

By Richard Tomkins in New York 

j The boards of two large US 
railway companies were yester- 
| day meeting to decide how to 
fend off a surprise attack on their 
plan to create by far the coon- 
try's biggest rail network. 

At the end of June, Burlington 
Northern and Santa Fe Pacific, 
two of the four big railway net- 
works on the western side of the 
US, announced that they planned 
to merge through a friendly take- 
over of Santa Fe by Burlington. 
The all-share offer puts a value of 
£L47bn on Santa Fe. 

Santa Fe’s shareholders bad 
been due to vote on the proposal 
next month. But late on Wednes- 
day night Union Pacific, another 
of the four biggest railway com- 
panies west of the Mississippi, 
unexpectedly launched a hostile 
bid for Santa Fe with a higher 
all-share offer, worth S&23bn. 

The immediate question posed 
by the Union Pacific bid is 
whether It is a serious offer or 
simply a disruptive tactic aimed 
at scuppering a friendly merger 
between two of its biggest rivals. 

The price that Union Pacific 
has put on its offer is an obvious 
temptation to Santa Fe’s share- 
holders. But they will have to 
consider the strong possibility 
that a merger between Union 
Pacific and Santa Fe would be 
rejected by the federal govern- 
ment on anti-trust grounds. 

A precedent was set 10 years 
ago when Santa Fe took over 


By Christopher Parkas 
or Frankfurt ■ ■ » 

Allianz Holding, the German 
insurance group, is casting 
around for further foreign acqui- 
sitions, and has a particular 
interest in the British life mar- 
ket, according to Mr Henning 
Schulte-Noelle, chairman. 

The group, which last week 
announced the purchase for more 
than SFr5bn ($3.9bn) of most of 
Swiss Reinsurance’s direct insur- 
ance interests - the biggest 
acquisition in its history ~ saw 
possibilities for expansion in Asia 
and central and eastern Europe. 

Its aim was to strengthen Alli- 
anz where the scale and breadth 
of its business were insufficient 
to ensure competitiveness, 
growth and stable earnings, Mr 


Sourca: Cc*npwiy reports 

Southern Pacific, the other big 
railway company west of the Mis- 
sissippi. Long after the merger 
had been completed, the Inter- 
state Commerce Commission, the 
federal authority that regulates 
the railway industry, ruled that 
it was uncompetitive and ordered 
It to be unbundled. 

Burlington and Santa Fe have 
argued, with some justification, 
that their merger will not be anti- 
competitive because there are rel- 
atively few instances where then- 
routes compete in parallel with 
one another. They describe it as 
an end-to-end merger of two com- 
plimentary networks. 

Union Pacific may find itself on 
shakier ground with the competi- 
tion authorities because its prime 
routes overlap with those of 
Santa Fe. Implicitly acknowledg- 
ing the likely criticisms, it said it 
would guarantee open access on 


Schulte-Noelle said yesterday. 
The opportunity to buy Swiss 
Re's 60 per cent stake in Elvia, 
Switzerland’s fifth-largest 
insurer, had taken Allianz by sur- 
prise. but gave it a unique 
chance to improve its position in 
the Swiss market, he added. Swit- 
zerland had been an especially 
weak spot in the group's 
make-up, and before its purchase 
of 30 per cent in Berner Holding, 
announced in June, it had a mar- 
ket share of l per cent 
Mr Schulte-Noelle yesterday 
reassured shareholders at the 
annual meeting that Elvia, plus 
Lloyd Adriatico and Vereinte - 
majority stakes which will also 
pass to Allianz - were profitable. 
Swiss Re’s lasses on direct insur- 
ance stemmed mostly from its 
Spanish subsidiary, he said. 


the merged company's routes to 
Burlington. Southern Pacific or 
any other railway companies. 

Undoubtedly, the Union Pacific 
bid will be disruptive. It could 
wreck the Burlington offer by 
causing shareholders to demand 
a price that Burlington is not pre- 
pared to pay. At the very least, it 
will complicate the Interstate 
Commerce Commission’s investi- 
gation of the deal - a process 
that can take up to 30 months. 

Union Pacific, however, 
insisted that its offer was serious. 
It said the merger it was propos- 
ing would be better for Santa 
Fe’s shareholders and bring more 
customer benefits than a merger 
with Burlington. 

Santa Fe was silent ahead of 
yesterday's board meeting, but 
Burlington attacked the Union 
Pacific bid. “Our merger with 
Santa Fe was a direct response to 


Cornhfil, the group's main UK 
business, increased its premium 
income almost 9 per cent to 
DM1.4bn (6900m) in the first half, 
and expected to improve annual 
earnings. 

Growth in group-wide premium 
income slowed in the period to 
the end of June, rising &3 per 
cent to DM8.4bn. However, 
because the number of claims 
had eased 3.3 per cent, and 
administration costs had been 
cut, shareholders could expect an 
unchanged DM15 dividend for 
1994 as long as there were no 
natural catastrophes or other 
“spectacular claims". 

Storms in Germany this year 
had cost the group DM70m. Alli- 
anz AG, the parent company, had 
also paid out DM45m following 
the California earthquake. 



the dominant position that Union 
Pacific has In Lhe west,” it said. 
“Union Pacific must understand 
that our end-to-end merger 
enhances competition. This is a 
case of Union Pacific using its 
market power to become even 
more dominant at the public's 
expense." 

Whatever the outcome of the 
bid battle, the feet that two rail- 
way companies are fighting to 
acquire a third will emphasise 
how much the fortunes of the US 
railway industry have changed in 
the last few years. Once loss- 
making almost to the point of 
bankruptcy, US freight railways 
are now enjoying a surge in prof- 
itability because of cost-cutting 
and increases in productivity 
that following deregulation in 
1980. Suddenly, it seems, railways 
are hot properties again. 

Lex, Page 18 


North and South American 
profits were under pressure from 
rising interest rates, although 
premium income rose more than 
9 per cent in the local currency. 

About half US turnover came 
from life insurance operations, 
which had increased their pre- 
mium income 15 per cent in the 
first halt 

Growth in Europe had been 
dampened by unfavourable 
exchange rates. Although non- 
German premium turnover rose 
4.6 per cent in local currencies, it 
fell on conversion. 

French operations had suffered 
a fall in premium income. Cost 
reductions and restructuring had 
Improved results, but French 
interests were not expected to 
return to profit before 1995. 

Lex, Page 18 


BMW to sell Rover-built 
cars in North America 


Allianz looks at UK for expansion 


Impressed, but do they want to buy the company? 


UK food brands 
fail to whet the 
investor’s appetite 


W hy make do with just a 
cup of Tetley’s tea or 
just a dab of Colman’s 
mustard? If you really like the 
products, you can buy their mak- 
ers. They are but two of the UK 
food manufacturers officially for 
sale, and many more businesses 
could be bought if the right offers 
were made to their increasingly 
reluctant parents. Northern 
Foods, Unigate, Billsdown Hold- 
ings, Albert Fisher, Dalgety, 
Grand Metropolitan and Unilever 
are some of the companies the 
City believes would entertain 
offers for selective su b sidiaries. 

The last tune the industry saw 
so many assets on the block was 
in the late 1980s. Most deals then 
were driven by ambitions to get 
into food manufacturing- It was 
seen as a growth area protected 
by strong brands and highly pro- 
cessed foods. 

This time the pressure is on 
the sell side. Some companies 
such as Alfred Domecq, seller of 
Tetley and the rest of its food 
activities, and Reckitt & Colman, 
seller of the eponymous mustard 
plus the rest of Its UK food and. 
drink Urn*;, have decided to re-de- 
ploy their capital in spirits and 
household cleaners respectively. 

The sellers also include compa- 
nies, still committed to food, 
which are disposing of some 
brands to focus their food portfo- 
lio more sharply. Dalgety, for 
example, is making food a solely 
UK business while pushing its 
international ambitions in food 
ingredient and petfoods. 

The trading environment is 
making food manufacturers 
reconsider their strategies. “A 
number of companies are finding 
it too hot to stay in,” says Mr Ian 
Davis, a director of McKinsey, 
the management consultants. 

Food price deflation, increasing 
competition from supermarket 
own-label products and price-con- 
sdous consumers have combined 
to shred manufacturers’ profit 
ma rgins. Crisps, baked beans and 
bread are just three products 
where prices have been driven 


down to uneconomic levels. 

Each manufacturer has its own 
bSte noire. For Associated British 
Foods, the hugest UK baker, it Is 
the supermarkets. “Supermar- 
kets’ own labels leave us branded 
fellows adrift,” says Mr Garry 
Weston, ABF’s chairman. He is 
now more interested in food 
ingredients than foods, and pref- 
erably outside the UK. To that 
end, ABF bought its first US 
manufacturing plants this week. 

Not all products are similarly 
afflicted. Some such as prepared 
sauces are fast growing. Strong 
niche sectors such as mustard 
are too small to attract an own- 
label onslaught. On the down- 
side. though, packaged ambient 
foods are losing out to chilled 
and frozen foods. Some products 
need reviving. Tea and cakes, for 
example, look stodgy in the face 
of newer drinks and snacks. 

G iven the industry’s prob- 
lems, who would be buy- 
ers? The obvious ones 
are multinationals wanting to 
build up UK operations. CPC and 
Heinz from the US, Danone (for- 
merly BSN) and Nestfe from con- 
tinental Europe are mentioned 
most often. 

Among UK companies. North- 
ern, Unigate and HHlsdown are 
Kkely to turn buyers now they 
are dose to selling off the last 
bits they do not want. Allied 
Domecq ‘S food Ingredients busi- 
ness could appeal to Dalgety and 
ABF at the right price. 

Other companies are keen to 
buy brands or plants which bring 
economies of scale to manufac- 
ture and marketing while build- 
ing market shares. But it is hard 


to find a company to buy to get 
you into fast growing areas, says 
Mr Richard Clothier, chief execu- 
tive of Dalgety. The rare targets 
are typically “small companies 
that can't fund their own 
growth". The UK also remains an 
efficient place to make food for 
foreign sales where their value 
justifies the transport costs. ABF. 
for example, is sending frozen 
garlic bread to Holland. 

T he debate over prices 
becoming getting heated. 
Some sellers “have 
stretched their profit margins to 
glory relative to own-label prod- 
ucts," says one food manufac- 
turer expressing surprise at high 
asking prices. 

“The sellers are still hankering 
after the prices erf yesteryear but 
the buyers are looking to the low 
margins of tomorrow." says Mr 
Michael Landymore, a Henderson 
Crosth waite analyst 
A study by Smith New Court of 
food acquisitions shows Cadbury 
Schweppes paying 15.5 times 
cashflow and two times book 
value for Trebor. The purchase 
gave it a big leg up in sugar 
confectionery and a mint brand 
to compete against Nestte’s Polo. 
In contrast, Hobson bought the 
Co-op's largely own-label food 
business, for seven times cash 
flow and 1.3 times book value. 

Where bid and ask prices are 
Ear apart, realism could prevail in 
many cases. The restructuring 
pressures are too great to ignore. 
“People are realising they are not 
the right owners erf some of then- 
assets," one strategist says. 

Roderick Oram 



Genesis Restaurants Limited 

£10,000,000 

Start-up finance to develop a portfolio of twenty-five 

KING rescaurants 


franchised 


Equity structured, led and arranged by: 



Murray Johnstone Private Equity Limited 

Manchester 


Bank facilities arranged and provided by: 


& 


The Royal Bank of Scotland 
Acquisition Finance 

Manchester 




N M Rothschild & Sons Limited 
SmtauntJ Finance. Manchester 


Management advised by: 

Rickitt Mitchell & Partners Limited Addleshaw Sons 5c Latham 

Advisers to Equity Funders: 

Halliwell Landau Rees Pollock 

Solicitors to Banks: 

Dibb Lupton Broomhead 

September ippj 
















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20 


FINANCIAL TIMES FRIDAY OCTOBER 7 1994 


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★ 

INTERNATIONAL COMPANIES AND FINANCE 


Swiss cantonal banks to merge 


AEG sees sales of DM90m 
from high-energy battery 


By Ian Rodger in Zurich 

Banque Cantonale Vaudoise 
and Credit Foncier Vaudois, 
both controlled by the Swiss 
cantonal government of Vaud, 
have agreed to merge, creating 
Switzerland's fifth largest bank 
with assets of about SFr30bn 
lS23.4bn). 

Neither bank is in difficulty, 
but the Vaud government said 
the increasingly competitive 
Swiss banking environment 
made the move desirable. 

In recent months, the pace of 
consolidation in the Swiss 
banking sector has accelerated 


Pargesa 
drops 6.6% 
to SFrl05m 
in first half 

By Ian Rodger 

Pargesa, the Swiss investment 
group controlled by the Bel- 
gian financier Mr Albert Erfere 
and Canada's Mr Paul Desmar- 
ais, reported consolidated net 
earnings of SFrl04.8m 
($81. 80m) in the first half, 
down 6.6 per cent, mainly 
because of the rise of the Swiss 
franc. 

Most of the group's indus- 
trial and financial holdings are 
based In Belgian and French 
francs. 

Among its main Belgian 
holdings, Petrofina's contribu- 
tion was up 36 per cent to 
BFrSJJbn i$l53m) and that of 
the Tractabel utility advanced 

2.8 per cent to BFr6.48bn. 

The Royale Beige Insurance 

group raised its contribution 

2.9 per cent to BFrf.58bn while 
that of Banque Brussels Lam- 
bert was up 26 per cent to 
BFr3.85bn. 

Paribas, the main French 
holding, raised its contribution 
13 per cent to FFrl.27bn 
(S227m). 

However, the performance of 
the subholding companies GBL 
and Parfmance was hurt by 
weaker income from financial 
activities. 

Orior, the Swiss sub-holding 
company, more than doubled 
its net Income to SFrl8.9m. 
This was mainly due to dis- 
posals. 

The directors expect the 
earnings trend for the fub year 
to be similar to that experi- 
enced in the first half. 


with the three big universal 
banks. Union Bank of Switzer- 
land. Swiss Bank Corporation 
and Credit Suisse, each acquir- 
ing regional banks. 

Two cantonal banks in 
Geneva have recently merged, 
and BCVs own assets grew by 
a third to SFrl8.8bn last year 
as a result of rescuing the 
Banque Vaudoise de credit, a 
regional bank, in December. 

A large portion of the capital 
of BCV and CFV is held by the 
public. The Vaud government 
holds 52.3 per cent of the 
shares of BCV, the larger of 
the two and a universal bank. 


By Peter PeaTse 
in London 

Flotillas and squadrons of UK 
and US military might have 
been recalled from a lengthy 
tour of duty on the other side 
of the Atlantic. 

The ships and aircraft, being 
miniature and plastic, are safe 
from defence cuts. 

Airfix - a name familiar to 
boys of all ages - leads the 
task force. It is part of Hum- 
brol, a £20m ($31.6m) hobby 
paint products company which 
also includes Heller, the 
French model kits maker. 

Humbrol which is also the 
UK's largest supplier of coffin 
varnish, this week came under 
the command of Allen 
McGuire, a Dublin investment 
partnership. 

Allen McGuire bought Hum- 
brol from Borden, the US foods 
group which has agreed to 
merge with buy-out specialist 
Kohlberg Kravis Roberts. Bor- 
den bought Humbrol's models, 
paints and DIY business in the 
1980s - Airfix's life as a inde- 
pendent UK company ended in 
receivership in 1981 - and 
lodged it briefly alongside res- 
ins in its chemicals arm. Hum- 


By |an Rodger 

Constantin Industrieholding, 
the diversified Austrian pack- 
aging and board group, said 
net profits jumped 20 per cent 
in the first half to Schl20m 
(JUra), and forecast a similar 
rise In the full year. 

Turnover of the family- 


and 47 per cent of CFV, which 
specialises in mortgage 
finance. 

The transaction must be 
approved by the Vaud parlia- 
ment and completion is not 
expected until the end of next 
year. 

BCV said no decision had 
been made on the terms of the 
exchange of shares. 

The merged bank, which 
would retain the BCV name, 
would cut its combined 150- 
strong branch network In half, 
causing the loss of 400 of the 
2,400 workforce, the bank said. 

BCV has begun to expand 


brol was later moved Into the 
international foods division - 
the logic being that It made 
consumer products - where it 
languished until Borden 
started s limming down. 

Mr Mike Ganley, Humbrol's 
managing director since the 
beginning of this year, will 
stay on as chief of staff. He 
said Allen McGuire had spot- 
ted a rare opportunity. Indeed 
the current top 10 table at 
Hamleys, the London store, 
shows traditional toys such as 
teddy bears. Barbie and Lego 
eclipsing electronic games. 


controlled group was up 8.3 per 
cent to SchG^bn. 

Constantia said its Iso divi- 
sion. covering building, sports 
and security systems, devel- 
oped well in the first 
half. 

The packaging division 
enjoyed a pick-up in orders, 
although raw materials 


internationally, opening a rep- 
resentative office in Singapore 
together with the Z&rcher Kan- 
tonal Bank. Switzerland's 
fourth largest bank. 

• OZ, the quoted options sub- 
sidiary of Mr Martin Eb tier's 
BZ banking group, has 

reported a SFr3.3m loss in the 
third quarter, brin g in g the loss 
for the nine months to 
SFr 12.6m. compared with net 
income of SFr21m in the first 
nine months of last year. 

OZ said the weak Swiss stock 
market made necessary a hi gh 
level of depreciation on securi- 
ties held. 


"Airfix has an exceptionally 
large mould bank going back 
40 years, with about 200 
moulds never used”, Mr Gan- 
ley said. He is keen to move 
beyond the military core, 
though this year's D-Day obser- 
vances boosted sales and next 
year's end-of-war anniversary 
should also. He also wants to 
build up the DIY side. 

But kits remain the palace 
guard. The UK’s Institute of 
Plastic Modellers has about 
8.000 members, Mr Ganley 
noted, “probably more than in 
the Institute of Directors". 


became more expensive in tbe 
second quarter. 

Constantia plans to unbun- 
dle into two groups in 1995 to 
improve transparency. 

For every three Constantia 
shares, investors will receive 
two shares In 'the Iso group 
and one in the packaging 
group. 


Telecom 
Italia to 
run Pirelli 
telecoms 

By Andrew HID in Milan 

Telecom Italia, Italy's 
state-controlled telephone 
company, is to manage all 
national and international 
telecommunications services 
at Pirelli, the Italian indus- 
trial group which is one of its 
main suppliers of cables. 

The agreement, announced 
yesterday, strengthens the ties 
between the tyre and cable 
manufacturer and Telecom 
Italia. 

The companies said the deal 
would lead to immediate 
savings at PlreUL 

It is the first such deal 
struck by Telecom Italia since 
it was formed earlier this year 
from the merger between 
Italy's main state-owned tele- 
coms operators. The value of 
the accord was not disclosed. 

Telecom Italia will initially 
work on a “ virtu al private net- 
work” linking Pirelli head- 
quarters in Milan with 90 
units around the world, using 
existing national telephone 
systems. Telecom Italia will 
also build a dedicated network 
for Italy, the US, Brazil, 
Argentina, France, the UK, 
Spain, Germany and Switzer- 
land - the nine countries 
winch account for the bulk of 
Pirelli’s telephone traffic. 

Mr Marco Tronchetti Prov- 
era, Pirelli’s managing direc- 
tor since 1992, emphasises 
strong internal communica- 
tion. The videoconference 
links he is putting in place 
throughout the group, to con- 
nect both management and 
research units, will now be 
Telecom Italia’s responsibility. 

As a customer. Stet, Telecom 
Italia's state-controlled parent 
company, accounts for less 
than 2 per cent of Pirelli's 
overall turnover, and between 
3.5 per cent and 4 per cent of 
the group's cable sales. Mr 
Tronchetti Provera has said he 
is eager to collaborate with 
Stet on the development of 
telecoms and multimedia tech- 
nology worldwide, using, for 
example, Pirelli’s high-tech- 
nology fibre-optic cables. 

However, Pirelli has denied 
it plans to take a direct or 
indirect stake in Stet in the 
□ext phase of privatisation, 
due next year. 


By Christopher Parkes 

AEG, Daimler-Benz's loss- 
making electrical and electron- 
ics subsidiary, expects annual 
sales of DMSOm (558.4m) from a 
new high-energy battery when 
full production starts in 
1998. 

Mr Frank Dieter Maier, the 
director responsible for a pilot 
production project launched in 
Berlin yesterday, said the aim 
was to seize a leading position 
in the new market for electri- 
cally-powered passenger cars. 

AEG aims to sell 15,000 of its 
sodium/ nickel-chloride bat- 
teries in 1998, when laws come 
into force in California under 
which 2 per cent of car sales 
must be emission-free vehicles. 

Full production capacity - 
on a site yet to be selected - 


Microsoft 


By Alan Cane 

Microsoft of the US has chosen 
Olivetti, the troubled Italian 
computer and office equipment 
manufacturer, as its second 
service and support partner for 
desktop systems in Europe. 

Earlier this year it said ICL, 
the UK-based company owned 
by Fujitsu of Japan, had been 
selected as the first of a 
number of companies able to 
provide pan-European support 


By Andrew Jack in Paris 

Soctete Generate, one of 
France's largest banks, yester- 
day announced a public offer 
to buy the remaining shares in 
Sogenal, a regional bank In 
which it is the dominant share- 
holder. 

Sogenal’s shares were 
suspended on the Paris bourse 
yesterday in advance of the 
offer, the price of which will be 
determined in the middle of 
November. 

The offer - which will apply 
to the 800,000 publicly-held 
shares - is expected to be 
slightly in excess of the FFr127 


would cost several hundred 
million D-marks. Mr Maier 
said. Capacity of the DM20m 
pilot project, set up to perfect 
automated manufacturing pro- 
cesses, will be 450 batteries a 
year. 

He claimed the power units, 
developed in a joint venture 
with patent-holder Anglo 
American, the South African 
conglomerate, had three to 
four times more capacity than 
conventional lead-acid bat- 
teries, and gave a range of up 
to 150km in town traffic. 

Reviewing tbe financial situ- 
ation at AEG, Mr Georg Stock), 
chairman, said turnover had 
risen 7 per cent to DM6.4bn in 
the first eight months of the 
current year. 

However, incoming orders 
were up only 1 per cent com- 


for Microsoft’s international 
customers. 

Microsoft has taken a strate- 
gic decision to concentrate on 
software development, leaving 
systems integration, consul- 
tancy, maintenance and out- 
sourcing to service partners. 

Olivetti's revenues from 
desktop services amounted to 
$M3bn in 1993, including an 
S810m contribution from 
Europe. 


at which the shares were trad- 
ing yesterday before the sus- 
pension. after dropping slightly 
earlier in the day. 

Societe Generate already 
owns 94.5 per cent of Sogenal, 
which it set up in 1981. 

The banking group said it 
intended to restrict Sogenal 's 
operations to private banking, 
regroup its activities and con- 
centrate on capital markets 
activities and links with large 
companies. 

At the end of last month. 
Societe Generate reported net 
profits up 3.8 per cent to 
FFr2J4bn ($420m) for the six 
months to June 30 this year. 


pared with the same period of 
1993. 

While he forecast that the 
heavily-restructured business 
would start showing operating 
profits next year, a net profit 
could not be expected until 
1996. 

The railways business in par- 
ticular was suffering from fall- 
ing prices caused by over- 
capacity. It had booked 12 per 
cent more new orders in the 
period to the end of August, 
but still needed to close one of 
its four German plants and 
reduce its workforce by a third. 

Overall order Intake rose l 
per cent in the period, confirm- 
ing the ZVE1 industry associa- 
tion’s recent complaint tbat 
German electrical and electron- 
ics companies had yet to bene- 
fit from the economic recovery. 


leader for desktop services in 
Europe and was planning to 
invest $120m over the next 
three years establishing 
remote networking support 
centres. 

Mr John Rogers, managing 
director of Dataquest Europe, 
the market consultancy, said 
Hewlett Packard of the US was 
second in desktop services 
with $49Sm in revenues in 1993, 
followed by AT&T and Croupe 
Bull of France. 


Co-operation 
deal expected 
from Lufthansa 

Lufthansa, the German 
national airline, will announce 
details of a co-operation, deal 
on Monday, the company said 
yesterday, Reuter reports from 
Frankfort 

A company spokesman 
declined to comment on the 
identity of possible co-opera- 
tion partners, but the airline is 
expected to announce a deal 
with Thai Airways Interna- 
tional 

• Mr Jan Stenberg, chief exec- 
utive officer of Scandinavian 
Airlines System, expects to 
announce an airline co-opera- 
tion deal in the next few 
months. 


Airfix flies back from US duty 



Arthur Reed, of Beatties store in London, with an Airfix model 


Constantia net profits advance 20% 


links with Olivetti 


Olivetti said it was market 

SocGen offers to buy 
remaining Sogenal stock 



REED ELSEVIER 

American Depositary Shares 

representing 

Ordinary Shares 

of 

Reed International RL.C. 

and 

Elsevier NV 

have been fisted on 

The New York Stock Exchange 

Reed International RL.C. 

Symbol: RUK 

Elsevier NV 

Symbol: ENL 

The undersigned acted as advisor to 
Reed International P.L.C. and Elsevier NV. 

Goldman, Sachs & Co. 

Issued by Goldman Sadis International, a member of SF A. 

October 6, 1994 


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Deutsche Bank AG 

Frankfurt am Main 


IZ1 


End of conversion period for convertible bonds of the 
4 % convertible bond issue 1984 of Deutsche Bank AG 



Pursuant to the bond conditions, 
the conversion right from the con- 
vertible bonds of 1984 {stock index 
no. 393 000) may be exercised up to 
December 15. 1994. 

Holders of such convertible bonds 
may, until the conversion period 
ends, exchange their bonds for sha- 
res of the borrower at the rate of 
1 for 5. Each DM 250 convertible 
bond may be exchanged for one 
Deutsche Bank share of DM 50 par 
value; this corresponds to a conver- 
sion price of DM 250 per share of 
DM 50 par value. The shares are 
entitled to the full dividend for the 
current 1994 fiscal year. 

If holders of convertible bonds 
exercise their right of conversion, 
they are not entitled to interest on 
such bonds for the period from 
January 1, 1994 to conversion date. 

To exercise their conversion rights, 
bondholders must file written notice 
with the borrower through one of 
the conversion agents, all of whom 
will supply the required notification 
form. The main conversion agent is 
Deutsche Bank AG, Frankfurt am 
Main. The notice of exercise of the 


conversion right is binding. If beco- 
mes effective only upon receipt by 
Deutsche Bank AG. Frankfurt am 
Main, of the convertible bonds 
together with the last unmatured 
interest coupon and still unutilized 
bearer receipts G and H by Thurs- 
day. December 15. 1994 at the 
latest. 

Convertible bondholders wishing 
to exercise their conversion rights 
are requested to contact their custo- 
dian bank as soon as possible. Noti- 
ce of the exercise of conversion 
rights not received on or before 
expiry date may not, by reason of 
law, be accepted. 

in accordance with standard stock 
market practice, the convertible 
bonds will be traded and officially 
listed on German stock exchanges 
for the last time on December 15. 
1994. 

Convertible bonds which have not 
been exchanged wifi fall due for 
repayment at par value at January 2, 
1995 

Frankfurt am Main, October 1994 
The Board of Managing Directors 


EUROPEAN COAL 
AND STEEL 
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INTERNATIONAL COMPANIES AND FINANCE 


American 
Express job 
cuts could 
reach 6,000 

By Richard Waters 
In New York 

American Express has 
confirmed it will undertake a 
wide-ranging overhaul of the 
back-office operations which 
support its card businesses in 
the US, in the process elimi- 
nating some 4,000 jobs. 

The company also said it 
expected to cut a Anther 2,000 
jobs by “streamlining” other 
support staff throughout its 
worldwide operations and at 
its headquarters. 

Host of the cuts, out of a 
total workforce of 71,000, will 
come over the neat two years 
as American Express closes 
four operating centres in the 
US. 

The closures would be 
staged to avoid disruption, the 
fi n a n cial services group said. 
Further streamlining will lead 
to more cuts “over file next 
several years”. 

The changes mark the sec- 
ond round of substantial cost- 
cutting undertaken by the 
company recently. Two years 
ago, American Express 
announced plans to axe 4,800 
jobs as part of a move to 
reduce annual expenses by 
$ibu a year. The company said 
that target had been reached 
last year. 

The switch to fewer operat- 
ing centres reflects a change 
in approach as the financial 
services group broadens its 
range of products. At present, , 
Its charge card, corporate card 
and credit card products are 
handled in different centres. 
Flans to launch another 10-15 
products in the next two years 
make this fragmentation 
impractical, the company mM. 

The continued focus on 
improved efficiency also 
reflects growing competition 
in the cards business. 
Although the market is grow- 
ing strongly, card companies 
have suffered from rising 
interest rates, which have 
increased their financing 
costs, and the launch of a 
range of new credit cards. 

The reorganisation - billed 
by American Express as a re- 
engineering of processes rang- 
ing from cardmember acquisi- 
tion to product development - 
follows a study by consultants 
from Booz Allen & Hamilton 
into file company’s costs. 

CBoT to launch 
after-hours trade 


Apple returns to the takeover limelight Kmart warns of 

By Louise Keftoe In San Francisco Apple Computer Macintosh software to other computer -fVhll in 

AppU; Computer, the personal computer Sham price $ Saws"! The cwnpany’s boost 13-11 111 VttXTllIlclS 

a « am T b «»tti e the sub- m market share for computers running . w 4 ^ 

*2? Macintosh software to 20 per cent by 

m the US markets that Motorola, the l! • • the end of the decade III lllim #1 11 51 

communiradons and semiconductor /WA * 4 K However. Apple is taking a cautious 11111 U UUill IVl 

ETOUD. mieht be nrenarme a hid 9 1 Jl ILH I i. «»" < A 


By Louise Keftoe In San Francisco 

Apple Computer, the personal computer 
m aker, this week again become the sub- 
ject of takeover speculation, with fc»nr 
in the US markets that- Motorola, the 
communications and semiconductor 
group, might be preparing a bid. 

Although both companies declined 
comment and several industry observ- 
ers expressed scepticism, Apple's share 
price jumped jumped $4%, or 12 per 
cent, on Wednesday, to dose at $37%. 
Yesterday, the price receded to $36%. 

This Is hardly the first time Apple 
has been at the centre of takeover spec- 
ulation. Three years ago Mr John Scul- 
ley, former Apple chairman, tried to 
broker a “merger’' with International 
Business Machines following the com- 
panies' agreement to form a wide-rang- 
ing technology alliance, which also 
involved Motorola. 

AT&T, the telecommunications 
group, is also reported to have held 
talks last year with Apple about a possi- 
ble takeover. 

While there is no bard evidence to 
support the rumours that Apple is “in 
play”, it is increasingly dear that it 
needs to form new partnerships - 
through either alliances or the sale of 
equity - if it is to maintain its momen- 
tum in the PC market 

Wall Street analysts expect Apple to 
post strong results over the next two 
quarters, with estimates of second-half 



25 1 * « *- 

Jan Feb Mar Apr May 

S<X»c« FT Graphite . 

profits ranging from $1.10 to $1.85 
per share, up from 65 cents on an oper- 
ating basis for the first half of the 
year. 

But the longer-term outlook for the 
company is far less promising. Apple’s 
share of the world PC market has 
declined over the past two years to 
about 10 per cent from about 14 per 
cent 

Apple's “installed base” of Macintosh 
computers is about 16m. This is 
dwarfed by an installed base of nearly 
70m PCs running Microsoft's Windows 
software, notes Ms Lu danne Painter, a 
PC industry analyst at Salomon 


Brothers. “This makes the Windows 
platform the obvious choice for soft- 
ware developers to support,” she says. 
Software programs far Windows PCs 
outnumber those for the Macintosh by 
more than X0 to one, according to Ms 
Painter. 

Unless Apple can substantially 
increase the size of the market for Mac- 
intosh applications programs, it runs 
the risk of losing the vital support of 
software developers, narrowing still fur- 
ther the ch oic e of new programs that 
users can buy off the shelt 

After years of internal debate, Apple 
recently announced plans to license its 


Macintosh software to other computer 
makers, so they could produce “Mac 
clones". The company's goal is to boost 
market share for computers running 
Macintosh software to 20 per cent by 
the end of the decade. 

However, Apple is taking a cautious 
approach to licensing its software. The 
company aims to pick just a handful of 
licensees which address segments of the 
PC market where Apple has little pres- 
ence, With most large PC makers now 
wedded to Microsoft's Windows, it is 
not clear that Apple will RnH many I 
takers for its software. 

Yet It urgently needs a partner that 
can boost the Macintosh share of the 
PC market, industry analysts say. Moto- 
rola's introduction this week of a range 
of computers based on the same Pow- 
erPC microprocessor chip used in 
Apple's latest products has led some 
industry observers to speculate that the 
two companies would be a good fit. 

However, Motorola's computers - 
which the company aims to sell 
through third parties - are not 
designed to run Apple’s software. It 
seems unlikely, therefore, that Moto- 
rola’s plan is to seed the market for 
Macintosh clones. 

Anyone interested in acquiring Apple 
will need deep pockets. Apple’s market 
capitalisation, at the current share 
price, is approximately $L3bn, and ana- 
lysts speculate that it would sell at a 
substantial premium. 


By Richard Tomkins 
In New York 

Shares in Kmart, the troubled 
US discount store group, fell 
S’» to S16’« in early trading 
yesterday after the company 
warned that it expected to 
report a fall In earnings for 
its third quarter, ending in 
October. 

If the prediction were ful- 
filled, it would be the eighth 
consecutive quarter in which 
the company’s profits have 
declined. 

Kmart said the main reason 
for the downturn was weak- 
ness in clothing sales. This was 
caused by unseasonably warm 
weather in the last three weeks 
of September, which had com- 
pared with cooler- than -normal 
temperatures in the same 
period a year earlier. 

The company said the result 


had been to limit comparable 
store sales increases in the US 
to 1.5 per cent in September. A 
year earlier it reported 3 7.2 
per cent increase in same-store 
sales in the US, producing net 
income of SMm. or 20 cents a 
share. 

Kmart said a weakness in 
margins on hardline goods 
would also hit third-quarter 
profits. This was caused by a 
shift in the sales mix towards 
promotional items. 

The extent of the decline in 
profits would be influenced sig- 
nificantly by sales trends and 
the sales mix this month, 
which should be more favoura- 
ble than in September. Kmart 
added. 

Last month the company 
announced it was closing 110 of 
its discount stores, with the 
loss of 6,000 Jobs, in an attempt 
to arrest its decline. 


NYSE poised to name Warning on Canadian insurers 

Grasso as chairman By Robert Gibbens August. He urged that the tect depositors and annuitan 


Canada’s phone groups 
launch multimedia link 


By Patrick H ar verson 
in New York 

The board of the New York 
Stock Exchange was late yes- 
terday expected to elect Mr 
Ri char d Grasso as its rhatrmaw 
to succeed Mir William Donald- 
son, who steps down next May 
when his four -year term 
expires. 

The election of the 48-year 
old Mr Grasso, president and 
chief operating officer of the 
NYSE, will mark the first time 
that a member of the 
exchange’s staff 1ms ascended 
to the chairman's office. 

In its 202 years, the “Big 
Board”, as it is known on Wall 
Street, has always been rtm by 
a prominent figure from stock- 
broking, business or politics. 

Mr Grasse’s elevation was 
expected to be confirmed unan- 
imously by the board, which 
decided - for only the second 
time in the NYSE’s , history - 
not to employ a search commit- 
tee to find a new chairman. 

This decision reflected the 
belief a mong exchange insiders 
that Mr Grasso, who has 
worked at the Big Board 
for 26 years, was the right man 
for the job. 


Mr Grasso lacks the high 
profile in Washington and the 
New York financial commu- 
nity of his predecessors, 
including Mr Donaldson, who 
helped found the broking firm 
Donaldson Lufkin & Jenrette 
and later worked as an under- 
secretary of state for Mr Henry 
Kissinger in the 1970s. 

However, his supporters 
point out that his knowledge of 
the exchange's operations and 
technology, and his popularity 
with the Big Board's floor bro- 
kers and traders, make up for 
any shortage of influence out- ' 
side the NYSE. 

Mr Grasso joined the 
exchange in 1968 as a listing 
representative. In the interven- 
ing years, he made steady 
progress up the ranks, becom- 
ing president and chief 
operating officer in 1988, and 
executive vice-chairman In 
1991 . 

Among his most pressing 
tasks when he assumes the 
chairmanship an June 1 will be 
to stem the flow of business 
away from the Big Board to 
screen-based, electronic trad- 
ing systems and foreign 
exchanges, and to attract more 
listings of non-US companies. 


By Robert Gibbens 
m Montreal 

More Canadian insurance 
firms are in danger of failure 
following the collapse of 
Confederation Life and Sover- 
eign life, Mr John Palmer, the 
new head of the Federal Office 
of Financial Institutions 
(OSFI). has warned. 

“As restructuring of the 
industry continues, some insti- 
tutions will fall by the way- 
side,” Mr Palmer told a senate 
committee probing the collapse 
of Confederation Life in 


August. He urged that the 
OSFI be given powers to super- 
vise investment portfolios 
more closely, to avoid exces- 
sive exposure to property and 
other large sectors. 

He said the OSFI must be 
able to intervene quickly with 
independent reviews of individ- 
ual firms and their investment 
and actuarial policies. 

However, Mr Palmer brushed 
aside suggestions from indus- 
try leaders that the federal 
government set up the equiva- 
lent of the Canada Deposit 
Insurance Corporation to pro- 


tect depositors and annuitants 
of insurance companies against 
collapse. CDIC guarantees 
bank and trust company depos- 
its up to a maximum C$60,000 
(US$44,776). 

“The existing life insurance 
industry protection, fund 
should have access to 
greater borrowings, but 
more reliance on government 
is not the answer,” said Mr 
Palmer. 

“All financial institutions 
and consumers should rely 

more on market riisnipUne an d 

not less.” 


By Robert Gibbens 

Canada's nine biggest 
telephone companies have 
launched MediaLinx, a 
national multimedia highway, 
to compete directly with the 
cable television industry. 

MediaLinx is 60 per cent 
owned by BCE, Bell Canada's 
parent company. It will offer 
consumers video-on-demand 
entertainment, interactive 
home shopping and financ ial 
services, education courses, 
data, healthcare, publishing 
and some government services. 

It has a five-year budget of 


C$250m (US$186.5m) to develop 
the technology needed. 

MediaLinx. made possible by 
a regulatory decision last 
month, is part of the C$8bn 
Beacon project through which 
the phone companies will 
upgrade all their transmission 
systems to fibre optics with co- 
axial connections to the home 
over the next decade. 

• DMR, a leading Canadian- 
based information technology 
consultant, lifted net profit 28 
per cent to C$1. lm. or S cents a 
share, on revenues of C$71m 
for the first quarter ended 
August 31, up 17 per cent 


on October 20 Hoechst sees 20% rise 


By Laurie Morse in Chicago 

The Chicago Board of Trade 
will launch its long-delayed 
after-hours computer trading 
system on October 20. 

The system, known as 
Project A, will allow traders to 
use the CBoT’s financial 
futures and options products 
during the late afternoons 
when the exchange's pits are 
closed. 

Initially, Project A trading 
will be open for two hours, 
from 2.30pm to 4.30pm local 
time, bridging the gap 
between afternoon pit closures 
and the start of tbe CBoT’s 
night floor trading session. 


Hoechst, the German chem- 
icals multinational, expects 
1994 net profit to be up Snore 
than 20 per cent”, said Mr GQn- 
ter Metz, vice-chairman in 
charge of US operations, AP-DJ 
reports from Mexico City. 

“But that’s still not enough,” 
he added, saying the company 
continued to have problems 
worldwide tn fibre and polymer 
sales. 

Mr Metz was a ttending the 
60th anniversary of Celanese 
Mexicana, Hoechst’ s Mexican 
subsidiary. 

Hoechst has a 51 per cent 
participation in Celanese. 

He declined to comment on 


speculation that the company 
was considering buying a lead- 
ing US chemical company. 

Hoechst has acknowledged 
“holding discussions with sev- 
eral different US companies”, 
but has refused to comment on 
rumours of a bid for Marion 
Merrell Dow, a unit of Dow 
Chemical. 

Mr Metz did say. however, 
that Hoechst had aggressive 
plans to expand its US busi- 
ness. “Our position in the 
North American market isn’t a 
very big one," he said. “We 
have a target of becoming one 
of the top three or five” chemi- 
cal companies there. 


O 

0L 

X 

cc 

111 


The Pfandbrief ■ 

Eight strong arguments for our product 


mmsm 


CONTRACTS & TENDERS 

ESTADO DO PARANA 

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DOPPLER WEATHER RADAR SYSTEM 
SIMEPAR TENDER N 9 002/94 
CALL FOR BIDS 

The AGRONOMIC INSTITUTE OF PARANA - IAPAR will 
receive until 2:00 pm. on the 23 November 1994. at the Parand State 
Meteorological System - SIMEPAR at the Polytechnic Center of the 
federal University of ParanS, Jar dim das Americas, Curitiba - Parana 
- Brazil, the Documentation for Eligibility and Technical and 
Commercial Proposals to manufacture tbe equipment for the Doppler 
Weather Radar System, the complete description of which is 
contained in the Technical Specification, the opportunity for which 
will begin in public session by the opening of the envelopes 
containing the Documents of Eligibility. 

The bidding will be of a type, for Technical Quality and Price as 
Governed by the Brazilian Federal Statute 8.666/93 and the specific 
conditions confined in this edict- 

It is projected that the system for tender shall be an integral part of tbe 
ParanS Stats Meteorological System - SIMEPAR and is to be a 
priority for the wotk in Scientific and Technological Research, and 
by complimentary to the operational activities. 

Interested parties may obtain more information, analyze, or receive a 

copy of the complete Edict at the address below: 

Sistcma Meteoroldgico do Parana - SIMEPAR 
Centro PolinScnico da Uni versidade Federal do PsranS 
Jardim das Ara6ricas -CaUa Postal 3 18 
S0001 -970, Curitiba - Parani - Brazil 
Tel/fax: +55 (41 ) 366-2 122 

A complete copy of the document for bidding, in Portuguese and in i 
English may be obtained by interested parties on payment of a non 
returnable fee of R$ 300,00 (three hundred Reals) up until 10 (ten) 
days before the above established deadline for receiving proposals, j 
The financial resources for payments, resulting from this current 
bidding, are available as part or the Parand State budget. 

At ihe time the document for bidding is purchased, all Bidders stall | 
present a letter containing their complete mailing address Bidder s 
Name. Street, Number. Zip code. City, State. Country, Tel and Fax ■ 
numbers). j 

GONQALOSiGNORELLt DEFAR1AS 

Director President j 



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* FINANCIAL TIMES FR IDAY OCTOBER 7 1994 

INTERNATIONAL COMPANIES AND CAPITAL MARKETS 


Brazil holds back from 
imposing capital controls 


By Stephen Fidler, 

Latin America Editor 

A senior B razilian central bank 
official said yesterday that the 
government may consider 
imposing capital controls in 
some circumstances, but ruled 
out Chilean-style restrictions 
on the exit of capital. 

Mr Gustavo Franco, director 
of international affairs at the 
central bank, said the type of 
capital controls Introduced for 
a period late in 1993 “may be 
used again if necessary but 
we'd rather not need to use 
them". These controls included 
a tax on some inflows, mainly 
designed to prevent surges oF 
short-term capital. 

He added that two rules 
would govern any decisions 
made on the subject: 

• Rules should not be 
changed for decisions taken in 
the past, but only relate to 
future decisions; 

• Rules should not be 
introduced that would affect 
the exit of capital - to do so 
would be unfair 

Speculation in Brazilian 
financial markets that capital 
controls would be imposed has 
been ci ted as a factor 
depressing the stock market in 

NEWS DIGEST 

Poseidon to 
re-open Gecko 
copper mine 

Poseidon Gold, part of Mr 
Robert Champion de Crespig- 
ny's Normandy Poseidon 
group, is to reco mmis sion the 
Gecko copper mine at Tennant 
Creek in the Northern Terri- 
tory, writes Nikki Talt 

The mine was put ou a care 
and maintenance basis last 
year because of the weak cop- 
per price. However, FosGold 
said yesterday that the recent 
improvement in metal prices 
meant that it bad been able to 
forward-sell enough copper, 
gold and currency to ensure 
the mine's full operational sta- 
tus to June 1998, based on cur- 
rent reserves. 

Production is now due to 
commence in April next year, 
after a treatment plant 
upgrade. 


recent days. The fear is that 
large inflows following the 
probable victory of Mr 
Fernando Henrique Cardoso in 
Monday's election could 
damage the finely-poised 
anti-inflation strategy by either 
over-elevating the exchange 
rate or by swelling money 
supply. 

Mr Franco said that a path of 
low-inflationary growth 
implied two new elements for 
the Brazilian economy: a 
strong exchange rate and 
current account deficits, 
instead of surpluses run over 
the last . decade. A current 
account deficit was the 
corollary of capital inflows the 
country needed to tap foreign 
savings. 

In reference to Mexico's high 
current account deficit, which 
exceeded 6 per cent last year, 
he said: “There is no point in 
thinking Brazil is going to 
become like Mexico, but there 
is no point either in becoming 
mercantilists thvntrrng that 
having a very large trade 
surplus is good for the 
economy." 

He added: “Appreciating the 
currency and trade 
liberalisation are things that 
make good economic sense". 


Daewoo plans stake 
in Indian firm 

Daewoo Corporation of South 
Korea is planning to take an 
equity stake in a finance com- 
pany floated by DCM of India, 
with which it has a joint ven- 
ture to manufacture cars, a 
senior official of the local com- 
pany said on Wednesday, Ben- 
tor reports from New Delhi. 

The official said the South 
Korean company was keen to 
take a stake in DCM Financial 
Services, through its Daewoo 
Securities offshoot, to finance 
the sale of cars to be manufac- 
tured in India. 

Bums Philp in 
Vietnam venture 

Burns Philp, the Australian 
group which has been aggres- 
sively expanding its food ingre- 
dients operations recently, yes- 
terday announced that it was 
entering a joint venture in 
Vietnam, to build and operate 


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Investors in (he BoodriVott Issues set jur below are adve^d fiat as of 5 October 1994. 
the Primary Industry Bank of Australia Limited (PIBA) became a full; owned 
subsidiary of Ratotxmk Nederland. 

Tbc issues are: 

Luxembourg Franc 300 million 101 pet Due November 1995 

Luxembourg Franc 500 million Vh pet Due May 1999 

Luxembourg Franc 50U million 91 per Due December 1995 

New Zealand Dollar 50 million Kl pet Due March 20M) 

Australian Dollar 50 mil l»o ^ pa Due September 1998 

Australian Dollar 50 million 61. pet Due February 1998 

United Sales Dollar 75 million Floating Rale Note Due March 1999 

The above mentioned Boods/Nolca were pert cuanatred by PIBA?. ptevkxa owners 
and are not covered by the new guarantee provided by Rabobank Nederland. The new 
guarantee will only cover obligations contrasted after the sale or PIBA io Rabobank 
Nederland and the guaranteed obligations will be rated "AaA/A- l+“ by Standard & 
Poor’s. The ratings assigned to Australian Dollar obligations entered into PIBA prior 
to its sale to Rabobank Nederland have been raised to "AA+VA-l +" from "A/A-l". 

The rating assigned io the USS 75 million Boating Rale Non has been raised Cram 
'A* to *AA" l subject to the "AA" Commonwealth ol Australia foreign currency 
sovereign ceiling). 

Im cston requiring further information should write to the Treasurer, Primary 
Industry Bank of Australia Limited. GPO Box 4577. Sydney NSW 2001, Australia. 


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The last stage of the 
so-called Real plan - the 
introduction of a new currency 
in July - has brought inflation 
down to about l per cent a 
month in September from 
about 45-50 per cent earlier in 
the year. 

“It was a good start, but let’s 
not get the idea that that the 
whole thing is finished." Mr 
Franco said. 

Future growth demanded 
public savings and that would 
only, paradoxically, come with 
austerity. “Growth under fiscal 
discipline and under 
democracy is the challenge of 
the next administration, ” he 
said. 

He was speaking at a 
seminar organised in part by 
Banco do Brasil, Latin 
America’s largest bank and 
part state-owned, which 
yesterday announced the 
opening of a new securities 
subsidiary in London. 

The subsidiary, BB 
Securities will underwrite, 
trade and market emerging 
market securities. It will aim 
to raise capital for companies 
from Brazil g«d other South 
American countries, according 
to Mr Alrir CaUiari, Banco do 
Brasil chairman. 


a yeast and bakery ingredients 
factory, writes Nikki Tart. 

Its joint venture partner will 
be Vinasugar, Vietnam's larg- 
est sugar manufacturer. The 
factory will be based in Dong 
Nai Province, to the north-east 
of Ho Chi Minh City. 

The deal requires govern- 
ment approval, but Burns said 
it was hopeful this would be 
granted before the end of 1994. 

Goldsmith lifts share 
In Bendigo Mining 

Sir James Goldsmith, the 
Anglo-French investor, has 
raised his beneficial interest in 
Bendigo Mining, a small listed 
company looking at reworking 
the Bendigo gold field in Victo- 
ria, writes Nikki TaiL 

He has purchased a further 
6m shares, to take his total 
holding to l&5m. Historically, 
Bendigo baa been Australia's 
second most productive field 
after Kalgoorlie's “golden 
mile", although mining halted 
In the 1930s. 


Huaneng 
joins NYSE 
with $650m 
offering 

By Martin Brice 

Huaneng Power International, 
the Chinese electricity gener- 
ating group, yesterday made 
tiie biggest US offering by a 
Chinese company when It 
listed on the New Tork Stock 
Exchange following a $65 0m 
initial public offering of 
31.25m American depositary 
shares at $20 each. 

The issue rep r esents about 
25 per cent of the outstanding 
share capital, with each ADS 
representing 40 ordinary 
shares. 

Trading after the launch was 
reported by global co-ordina- 
tor Lehman Brothers to be 
light, and the price held at 
$20. 

The issue was sold in three 
tranches, 50 per emit in the fJS 
and 25 per cent each in Asia 
and tiie rest of the world. Leh- 
man Brothers was also lead 
manager for each tranche. 

This deal follows the first 
primary listing in New York 
by a Chinese company, when 
Shandong Huaneng Power 
Development made a |330m 
IPO in August 

CSR expects 
A$100m from 
pension surplus 

By NOdd Tat in Sydney 

CSR, the Australian sugar and 
building products group, 
announced yesterday that it 
expects to receive a A$l00m 
(US$73. 50m) cash transfer 
early next year as a result of 
the surplus In its superannua- 
tion fund. 

The mmpany said that the 
fund had an actuarial surplus 
of AS290m when it was last 
valued. Accordingly, after 12 
months of negotiation, it has 
been decided that CSR will 
enjoy one third of this; that a 
further A$100m will be used to 
improve fund members’ bene- 
fits; and that the remaining 
surplus will stay in the fund 
“to maintain a buffer”. 

CSR will treat the bonus - 
on which it will pay tax - as 
an abnormal item In its next 
profit and loss statement. 


GENCOR LIMITED 

(Jocaipennd ia Ac RcpMc of Scott Africa) 

0t£*tamWo amber 0tAl2ttm) 
r orn cri lGoicat Mining Union Gap wsii aaLlintal 
rOeaere' or The eonpmjQ 

NOTICE TO HOLDERS 
OF SHARE WARRANTS TO BEARER 

Notice is hereby given that a general meeting of the shareholders of the 
company will be held m the boardroom, ground floor. Unkx Corporation 
BoBdiog 7+78 Marshall Street, Johannesburg at KfcOO on 21 October 1994, 
immediatdy following die annua l general meeting and foe meeting u 
approve foe new Gencor share incentive scheme, far foe pupaae of 
considering and, if deemed fit. pasting with or without modification, the 
following ordinary resolution: 

"RESOLVED that the acquisition by a wholly-owned subsidiary of Gencor 
of certain metals and mining assets from foe Shell group, p ursua nt to an 
agreement dated 26 July 1994, copies of winch have been tabled at this 
meeting and initialled by foe Chairman of foe meeting for identification 
purposes, be and is hereby ratified, adeixed and approved." 

A member entitled » attend and vote at the general meeting may appoint 
one or more proxies (who need not be members of the company) to attend, 
speak and vote in place of that member at (he general meeting. 
For such purposes, a form of proxy is attached to the circular. 

Attouka is drawn to the fact that, in order for it to be effective, a completed 
form of proxy must reach foe transfer secretaries of the company in Sooth 
Africa or io the Untied Kingdom (si the respective addresses *a oar in foe 
circular to which this notice is attached and of which it forms pan) at least 
48 hours (Saturdays, Sundays and public holidays excluded) be f o re foe time 
appointed for the holding of foe general meeting, being before 09:30 on 
Wednesday. 19 October 1994, 

The holder or Share Warrant to Bearer, who wishes to attend or be 
represented at foe meeting, may obtain information regarding the 
formalities to be complied with an application to Gencor (UJC) Limited- 
Copies of a Circular to Shareholders incorporating a notice of general 
meeting are available fiom:- 

- Gencor (U-K-) Limited, 30 Ely Place, London EC1N 60 A 

- Swiss Bank Corporation, 1 Aeecharroratadt, 4002 Basle 

- Credit Snfase, Pandcptatz 8, (PoatCach 590) 8021 Znrkh 

- Union Bankof Switzerland, BahnboGftrasse 45, PO Box 645 
CH-S021 Zurich 

- Credit do Nard, Services un Emettears de Three, 34 K» des 
Matburins, 75008 Paris 

Holden of Share Warrants to Bearer wishing io receive a voting ceruftcsie 
(with form of proxy attached) must deposit their share warrants with roe of 
the above mentioned offices not less than five dear days before the said meeting. 

per pro GENCOR (U JO LIMITED 
London Secretaries 

6 October 1994 MThyVor 


U.S. $100,000,000 


SBAB 


Statens Bostadsfinansteringsaktiebolag, SBAB 

(Incorporated with OmHadBabiBty In the Kingdom o/ Sweden) 

Subordinated Floating Rata Moles due October 2002 

Notice is hereby given that for the six months Interest Period from 
October 7. 1994 to April 7, 1995 the Notes wiB cany an Interest 
Rale of 5.75% per annum. The interest payable on the relevant 
interest payment date, April 7. 1995 will be U.S. $145.35 
and U.S. S2.906.94 respectively for Notes In dsnomlnsatons of 
U.S. S5.000and U.S. $100,000. 


By: The Chase (Manhattan Bank, NJL 
London, Agent Bank 

October 7. 1994 


CHASE 



O 130- solt'.varc applications O 
O RT DATA FROM SI 0 A DAY C 
C S.-n-iI SOFTWARE GUIDE O 
Cell London 44 +- (0) 71 231 3556 
for your guide ar.d Signal price list. 


Main Asian ethylene production 


1993 (m tonnes) 

7' — 


Main Korean producore f000 tonnes) 
200 100 0 




1993 total 
First half 1994 


Japan Korea China Taiwan India Singapore 
Sam Korean MMmy of Ton. Many & Emm, 


Sara- Keren PsbwJiwiVM* A®*****®* 1 


Recovery fuelled by rising demand 

South Korea’s petrochemicals industry is coming back to life 

S outh Korean petrochemi- form a “recession cartel” that materials for their products. Mr Kim Jtawdul. “j* 

cal companies are recov- would limit production and set In the first half of 1994, lyst wlt J.®5J V 
ering from a prolonged minim um prices. But compa- Lucky reported a 61 per cent Seoul, predicts that there wiU 


S outh Korean petrochemi- 
cal companies are recov- 
ering from a prolonged 
slump due to increased 
demand abroad and the unex- 
pected shutdown of several 
important petrochemical 
plants around the world. 

The unproved outlook is in 
sharp contrast to the bleak sit- 
uation that South Korea's 
eight leading petrochemical 
firms faced only a year ago. 

The industry, which ranks 
fifth in world production with 
a 4 per cent global share, then 
suffered from excess capacity 
after the government allowed a 
rush of new entries into the 
then-profitable petrochemical 
sector in the 1980s. 

To make matters worse, the 
worldwide recession of the 
early 1990s cut petrochemical 
prices and slowed sales for the 
Korean companies, which also 
had to bear heavy debt bur- 
dens from the rapid expansion 
of facilities. 

With the government regula- 
ting domestic petrochemical 
prices as part of an anti-infla- 
tion programme. South Korean 
companies were forced to 
dump their products in foreign 
markets at rates half that of 
international prices. 

“During that period. South 
Korean petrochemical compa- 
nies increased their capacity 
seven-fold, which disrupted the 
international price structure." 
said Mr Kim Kyung-tae, a 
senior researcher at the Korea 
Institute for I ndustry . Econ- 
omy and Trade fKlET). 

As combined losses last year 
grew to Sl-25tm from S875m in 
1992, petrochemical makers 
unsuccessfully lobbied the gov- 
ernment to permit them to 


form a “recession cartel” that 
would limit production and set 
minim um prices. But compa- 
nies are now reporting their 
first growth in profit for sev- 
eral years. Prices are climbing 
as a surge in Asian demand 
coincides with a cutback in 
global production caused by 
the temporary closure of sev- 
eral naphtha cracking com- 
plexes (NCC), which produce 
the raw material for petro- 
chemical products. 

The production cuts follow 
recent accidental explosions at 
Exxon's facility in Louisiana 
and Enicbem's Prioli plant in 
Italy, the largest ethylene pro- 
ducer in Europe. 

“There have also been a 
series of unexpected plant 
shutdowns throughout Asia, 
including Malaysia and 
Taiwan. A couple of South Kor- 
ean NCCs have also been 
dosed this s umm er for routine 
repairs, while only 60 per cent 
of Japanese NCCs are fully 
operating now due to a water 
shortage from the worst 
drought in decades,” said an 
official at Lucky, the petro- 
chemical unit of the Lucky- 
Goldstar group. 

This has provided an oppor- 
tunity for South Korean petro- 
chemical companies to fill 
growing demand in south-east 
Asia and China, its main 
export markets. Competing 
exports to the region from the 
OS have fallen as its producers 
keep busy meeting rising 
domestic demand. 

There is also strong growth 
at home as South Korea's 
leading industries, which are 
enjoying an export boom, 
consume large amounts of 
petrochemicals as raw 


FINANCE 

EAST 

EUROPE 


FT 


Finance East Europe reports 

twice-monthly on investment finance 
and banking in the emerging market 
economies of Centra] and Eastern 
Europe and the European republics of 
the farmer Soviet Union. 

As a subscriber Io FINANCE EAST 
EUROPE you Will be kept abreast of: 

Privatisation and restructuring of 
the region’s state enterprises into 
efficient, market-driven businesses, 
and the part played by Western 
advisers. 

Investment in the region - by 
Western governments, the EBRD. IMF 
and the World Bank, as well as 
commercial banks. 

New legislation and regulations 
affecting finance and investment in the 
area. 

The development of domestic equities 
and debt markets in the countries 
concerned. 

The development, often with Western 
participation, of a commercial 
banking sector. 

To receive a FREE 
sample copy contact: 

Siroi BaiuaJ. 

Financial Times Newsletters. 
Marketing Department Third Root, 
Number One Southwark Bridge, 
London SEI 9HL. England. 

Tel: (+44 71) 873 3795 
Fax: (+44 7 1 ) 873 3935 

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MALAYSIA 

US$650,000,000 
Floating rate notes 
due 2005 

In accordance with the 
provisions of the notes, 
notice is hereby given that 
for the ax months interest 
period from 7 October 1994 
Io 7 April 1995 the notes 
(pm carry an Interest rare 
0/19375% per annum. 
Interest payable on 7 April 
1995 mill amount to 
USS300.17perUSSW.000 
note and US$7,504.34 per 
US$250,000 note. 

Agent Morgan Guaranty 
Trust Company 

JP Morgan 



A tudque qu arterly 
source of reference, 
from Fina n cial Times 
Net esletters. essential to 
aO players ta tbe 
inter nationa l credit 

markets - b or r owers ; 

investors and 
intermediaries alike. 

For o FRO sample bwkte emtoef; 

SWBaed, 

fcntf TiwtMft Up kUM 
fold fas faj p Mi, 

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fee [*4171 103 3935 



materials for their products. 

In the first half of 1994. 
Lucky reported a 61 per cent 
increase in net profits to 
Won41-9bn ($52.4lm). Yukong. 
the nation's largest refiner, 
had a 22 per cent rise in net 
earnings to Won37bn, primar- 
ily due to the improved perfor- 
mance of its petrochemical 
business. 

Hanyang Chemicals reported 
a profit of Won3.5bn for the 
first half after losses of 
WonA9bn last year. Losses at 
Honam Petrochemical, a sub- 
sidiary of the Lotte group, 
shrunk to Wonll.lbn from 
Won35bn a year ago. 

“The roaln reason behind the 
increased ear nings is a sharp 
rise in the export prices of pet- 
rochemical products,” said Mr 
Ko Jae-pom, an official at tbe 
ministry of trade, industry and 
energy. 

“Prices of ethylene, a major 
raw material for downstream 
petrochemicals, have soared by 
67 per cent from $295 a tonne 
in January to $494 in Septem- 
ber, while prices for polypro- 
pylene have also jumped to 
$895 in September from $535 in 
January." 


A lthough analysts 
believed that the boom 
in petrochemical prices 
would only be temporary, 
there is growing optimism that 
the recovery may Last a couple 
of years. 

“The closed NCCs will not be 
able to operate until the sec- 
ond or third quarter of 1995, 
which should ensure a favoura- 
ble business climate for the 
South Korean petrochemical 
industry for some time." said 
the Lucky official. 


Mr Kim Jong-chul. an ana- 
lyst with BZW Securities in 
Seoul, predicts that there will 
be a continuing shortage of 
petrochemical supplies for the 
Asian market due to the plant 
shutdowns and lower US 
exports to the region. 

“We also expect a series of 
additional plant shutdowns to 
come on stream in the next 
couple of years as the produc- 
ers raise operating rates of 
their NCC units, which would 
inevitably require more pre- 
ventive and unexpected repair 
work," he said. 

“I think that the petrochemi- 
cal companies may post 
another year of losses in 1994 
or perhaps break even. But 
next year will show a return to 
profitability," predicted Mr 
Kim at KIET. 

One sign of renewed confi- 
dence is that Samsung General 
Chemicals and several other 
petrochemical companies are 
asking the government for 
permission to expand their 
facilities. 

But the ministry of trade and 
industry, concerned about a 
possible renewed threat of 
overcapacity, is taking a cau- 
tious attitude to the requests 
until it is convinced that global 
demand will remain firm. 

The ministry, however, 
agreed this week to allow Sam- 
sung to expand its facilities for 
the production of styrene 
monomer, a secondary petro- 
chemical product, with the 
understanding that the 
increased capacity would only 
be used for exports. 

Clara Kim and 
John Barton 


E 


BONGRAIN S A. 

Improved Net Operating Income 


For foe firs* half of 1994. BONGRAIN S.A- registered an improvement of 3.4ft in 
net operating income compared to the same period for 1993. with sales up by 2.7ft. 

la an economy which still showed no significant improvement in consumption, foe 
fhst half-year was again impacted by insufficient margins on excess milk and by- 
products 

This factor is the main cause of the fall of 1 Jft of value added compared to tbe pist 
half of 1993. The improvement in the market for excess milk and by-products 
recorded at the beginning of the second half or 1994 should reduce tbc full year 
variance. 

Monetary instability, especially foe big decrease of foe dollar's exchange rate as well 
as foe valuation methods applied to short-term investments, account for the variance 
in net financial income and expense. 


Consolidated earnings 
(tit milli on French Francs) 

June 30, 
1994 

June 30 
1993 

ft change 

Net salts 

4.794.1 

■1,670.5 

+ 2.7 

Value added 

1,393.6 

1.411.7 

-IJ 

Nc» operating income 

+ 309.9 

+ 299J 

+ 3.4 

Earnings before extraordinary items 

+ 2W.I 

+ 297.7 

-9J» 

Net earnings excluding minority interests 

+ 162.7 

+ 169.6 

-4.0 

Tbe change in the consolidated activities, doe to foe inclusion of foe operating 
activities of die BRESSOR Group and to foe 1993 divestment of COLOMBO, has no 
effect on net earnings excluding minority interests. 


Notice of Event of Default 

Banea Cremes. A. 

9% Notts Boe 1995 

Pursuant » foe provisions of Con- . 
ditions 9 and 1 1 of me Tams and Con- , 
dlbors <d the 9% Notes due 1995 (the 
"Notes') issued by Bonca Creme S.A. 
(the "IssueO, notice is hereby given of 
the occurroVe, on about September i 
199^afan~6vetfot Default" described 
in sub parag r a ph (vi) of Conditicn 9 of 
such Terms and Conditions. According 
to an announcement made by foe Min- 
istry of Finance and Public Credit of 
Mexkd on September (\ I9«< the Min- 
istry has instituted a managerial inter- 
vendon by foe National Banking Com- 
mission ("NBC "1 of Mmdco of all of the 
entities forming a part of the Cremi- 
Vnion Bnmdal Group, Indudmg foe 
Issuer. According to the Ministry's an- 
nouncement a 'managerial interven- 
tion" involves the substitution of eust - 
ingmanagetnentof the entities by-brood - 
Iv empowered appointees of the NBC 



Notice of Event of Default 

Baoca Crenri, S. A. 

8 .375% Motes Dw 1995 

Pursuant to the provisions of Con- 
ditions 4 and 7 1 of the Terms and Con- 
ditions of the B375% Notes due 1995 
ftfte "Notes") issued by Bonca Cieml 
S. A. { the " tosuct"), nonce is hereby giv- 
en of the occurrence on about 5eptem- 
her 6. 19M. of en "Event of Desault" 1 
described m subpar agra ph (vi) of Con- 
dltbn 9of such Terms and Condltiora. 
According to an announcement made 1 
by the Ministry of Finance and Public 
Credit of Memoiun September 6 1994 
the Ministry h» instituted □ manageri- 
al intervention by the National Bankine 
Commission ("NBC") of Mexico of nil 
of the entities form Inc a part of foe 
Cmni-Unton Hmuviai Group, ndud- 
fog tho Issuer. According to the Minis- 
try's araMtmccttunt a "managerial B> 
tOTmKon" involves foe substitution erf 
existing management ot the entities by 
broadly umpowvred apposite** of #* 
NBC. Such action appears to constitute 
an assumption bv the government of 
Mexico or an authority thereof of the 
business and operations of foe Bank 
wttiin foe meaning of Ribpamgraph 
(vi) or Condition 9 of the Terms arid 
Conditions of foe Notes. Pursuant to 
the further provraora of Con d i ti on 9, 
fo» Holden oi Notes of at least 331/3* 
in aggregate principal amount cS foe 
Notes ou Bonding may, by written no* 
tire lu foe Issuer and the imdetsgned 
Pineal Agent. deviate the prircipalof all 
the Notes to be due and payable. 

The Book etXemYatk 

aFacdAspit “NSW 
Dated. October b, 1991 


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financial times 


Friday October 7 1994 


INTERNATIONAL CAPITAL MARKETS 


\ y i - 

: unit 


Treasuries Bttle changed ahead of jobs data 


By Frank McGurty in New York 
and Conner Mfddafmann 
in London 

The US Treasury market took 
a breather after three straight 
losing sessions as traders ner- 
vously awaited this morning’s 
jobs data. 

By midday, the benchmark 
30-year government bond was 
unchanged at 94g, with the 
yield holding steady at 7.941 
per cent At the short end, the 
two-year note was up & at 99%, 
to yield 6.687 per cent. 

With no first-tier economic 
news on offer, attention turned 
to today’s report on the labour 
market last month. Economists 
are expecting the government 
to report an Increase in son- 
farm payrolls of about 250.000. 
a figure which would suggest 
moderate growth. 


An increase that exceeded 
that level would probably trig- 
ger fresh declines, traders said, 
especially in long-dated gov- 
ernment bonds. 

In recent sessions, fixed-rate 
investors have become con- 
cerned that the Federal 
Reserve was allowing the econ- 
omy to grow too fast to contain 
Inflation. If the payroll 
increase exceeded 300,000, 
many are predicting the Fed 
would act immediately to put 
up short-term rates. 

Anxieties over the economy’s 
strength and its implications 
for monetary policy have upset 
the market for weeks. Yester- 
day provided an opportunity to 
regroup before a crucial piece 

of evidence arrived. 

A firmer dollar and receding 
commodity prices provided, a 
calming backdrop, allowing 


traders to ignore the release of 
September sales data from 
leading retailers. 

The morning brought two 
bond-favourable snapshots of 
the employment picture. The 
Labor Department said that 
initial claims for unemploy- 
ment benefit had risen by 7,000 

GOVERNMENT 

BONDS 

last week and the Conference 
Board, a trade group, said its 
“help-wanted" advertising 
tnrioy had declined from July 
to August amid signs that the 
labour market was cooling In 
the second half of the year. 

■ European government bonds 
won a small reprieve yester- 
day, recouping some of their 


recent losses in moderate turn- 
over. Weaker-than-expected 
economic data In Germany and 
the UK lent some support, but 
traders said most of the gains 
came from short-covering after 
Wednesday's sharp selktft 

They said investors 
remained reluctant to commit 
themselves to any new posi- 
tions so dose to today’s keenly 
awaited US employment num- 
bers, which many fear could 
trigger another interest rate 
increase by the Fed. 

■ UK gilts once again outper- 
formed most of Europe. The 
December long gilt future on 
Liffe rose $ to 99ft. 

Gilts received a boost from 
lower than expected industrial 
production and manufacturing 
output data, which indicated 
that the economy is not over- 


heating and eased fears of 
inflation and monetary tight- 
ening: This boosted especially 
the short end of the yield 
curve, where the December 
contract rose by 0.12 to 93.30. 

“People realise that even if 
rates go up, they won’t rise as 
sharply as was factored In ear- 
lier," said Mr Adrian James, of 
NatWest Markets. 

Gilts gained further support 
from continued buying by UK 
pension funds and some conti- 
nental investors. The 10-year 
gilt spread over bunds nar- 
rowed again, to 127 basis 
points from 133 on Wednesday, 

■ German bunds recovered 
some of Wednesday’s losses, 
with the December bund future 
on Liffe ending about 0.27 
points higher on the day. Sup- 
port came from news of a 12 


per cent drop in manufacturing 
orders for August, 

However, with bunds over- 
shadowed by the elections and 
key US data, dealers see little 
scope for clear progress until 
the second half of the month 

■ French bonds ended a short- 
ened session slightly higher 
after dealings were halted 
around lunchtime when union 
workers from French car man- 
ufacturer Renault occupied the 
trading floor. 

■ Italian bonds bounced back 
from Wednesday's precipitous 
fall, with the BTP future on 
Liffe rising some 0.54 points to 
97.85. However, the market is 
likely to remain jittery amid 
political tensions and uncer- 
tainty over the budget bill's 
parliamentary approval. 


Intelsat taps 10-year sector with cheaply-priced $200m deal 


By Graham Bowtey 
and Marlin Brice 

Few borrowers braved the 
eurobond market yesterday 
ahead of today's US employ- 
ment data, which could prompt 
a further rise in US short-term 
interest rates. The US dollar 
sector saw most activity, with 
deals from Intelsat and Morgan 
Guaranty Trust 

Intelsat tapped the longer 
end of the dollar sector with a 
10-year $200m offering priced 
to yield 55 basis points over US 
government bonds. 

Syndicate managers 
described the pricing as dheap 
and the spread tightened to 
around 50 basis points once the 
bonds were freed to trade. 
“These bonds were priced to 
clear,” said one trader. 

“The market is still difficult 
but the general feeling is that 
if you can pick your spot and 
price to recognise market con- 
ditions then you can get your 
deal done," said another. 


Intelsat makes rare appear- 
ances in the eurobond markets. 
In March this year it brought a 
10-year $200m bond offering, 
which was priced, launched 
and syndicated in Asia Pacific 
(excluding Japan). 

That deal, which was offered 
at the tighter spread of 37 basis 
points over the US Treasury 
band, was not seen as a sue- 

INTERNATIONAL 

BONDS 

cess at the time. It was impor- 
tant, therefore, that yester- 
day's deal was a success, syndi- 
cate managers said. 

Morgan Guaranty Trust 
tapped the shorter end of the 
dollar sector with a $200m 
offering of two-year bonds 
priced to yield 19 basis points 
over US government bonds. 
Syndicate managers said the 
bonds were fairly priced. 

Lead manager J. P. Morgan 
said it had sold $G0m of its own 


allocation of S136m and had 
only taken back $10m of the 
SS4m allocated to other banks. 

Demand came from Swiss 
and Benelux retail investors, 
and to a lesser extent from the 
Middle East flnri Germany- 

Goldman Sachs and CS First 
Boston have cut 25 basis points 
from the 40 basis points launch 
spread on the S3 00m Reed 
Elsevier five-year bond issued 
last month, after news of the 
company's takeover and posst- 
ble credit rating downgrading. 

Two deals were launched in 
file lira sector, despite turbu- 
lence resulting from recent 
political developments in Italy. 

Deutsche Finance Nether- 
lands opted for the two-year 
maturity with a L200hn deal 
offering an 11 per cent coupon. 
Lead manager Deutsche Bank 
London reported very strong 
demand, sparked by both the 
high coupon and the short 
maturity. 

“No one wants to go long In 
these markets,” said a syndi- 


NEW INTERNATIONAL BOND ISSUES 


Amount 

Coupon 

Price 

Maturtoy 

Fees 

Spewed Book runner 

Borrower 

US DOLLARS 

m. 

% 


% 

hp 


HTT RrtancafaJI 

i.735bn 

(el) 

1 00-00 

NovJ004 

040 

Parties Asia 

PntetaJ 

200 

8375 

8&2SR 

0ct2004 

CL325R 

+55{7V.H-0*) CS Flnt Boston 

Morgan Guarwiy Trust Co. 

200 

7J» 

9©san 

Nov.1996 

0.129A 

+l9tefttt>-06> JP Morgen SecprttMe 

YEN 

Hmtah Export CredH(b) 

20bn 

3J50 

0939R 

Dec. 1907 

0-350 

Yamatcrt tnO-fEurooe) 

ITALIAN URE 

Dautscho Finance Netherlands 
KIW kriamattonal Flnancefe) 

200bn 

lOObn 

11.00 

8J75 

101J375 

91399 

Nov. 1998 
Apr. 1939 

1.125 

undtaeL 

Deutsche Bank London 
Deutsche Bank London 

OUU>BRS 

Euiullma 

250 

7.are 

B0.65R 

NoviSXM 

oazar 

+20(7ViN-<M) ABN Amro Bank 

LUXEMBOURO FRANCS 
Comnwritenk IrriL Udl0Q 

2bn 

0.825 

102.825 

Nov-200* 

230 

Kredtatbank 

Final terms and non-eatataila unless Mated. The yield spread (over relevant government bond) at launch Is auppflad by the lead 

manager. {Floating rale note. R: Nxed ro-otfer price; leea toe shown at the re-offer leveL a) Calotte annuely from novjOB at par. 
Bechangeatte Into transferable loan centocaies. all 8-mth Ubor +85bp. b) Long 1st coupon, d} Funatttla with L200bn. Plus 180 days 

acemed. d) issue launched on Wednesday win Increased to LFntbn. 




cate official at Deutsche BanV 
London. 

Deutsche Bank London also 
lead-managed another lira 
offering; this time at the 10- 
year maturity for KfW, Ger- 
many’s state-owned develop- 
ment aid bank. 

This deal is fungible with an 


L200bn issue brought earlier 
this year and was said by Deut- 
sche to have met with a good 
response, mostly from German 
retail investors who benefit 
from a tax exemption. 

• Gujarat Narmada Valley 
Fertilisers, one of India's larg- 
est fertiliser producers, yester- 


day raised $55m with an offer- 
ing of global depositary 
receipts, lead-managed by 
Crosby Securities. 

J. K. Corp, the Indian indus- 
trial conglomerate, also 
announced a $S5m GDR pro- 
gramme, lead-managed by 
BZW. 


BZW launches 
commodities fund 


By Graham Bowley 

Barclays de Zoete Wedd 
yesterday launched a new com- 
modities investment fund 
which it claims is the first fund 
to be listed on the London 
Stock Exchange offering inves- 
tors access to a wide range of 
commodities. 

The Jersey-based investment 
fund, which will be managed 
by BZW Investment Manage- 
ment (BZWIM), has already 
attracted £70m of institutional 
interest. 

A shelf registration has been 
filed with tiie London Stock 
Exchange putting a maximum 
of £200m on the amount of the 
fund. 

Mr Ronald Gould, the man- 
aging director of BZWIM, said 
that “despite difficult general 
market conditions, there has 
been widespread global inter- 
est" in the commodities fund 
“based on the strong invest- 
ment outlook for commodities 
and their powerful diversifica- 
tion benefits”. 

Investor interest in real 
assets, such as commodities, 


has been aroused recently fol- 
lowing the strong economic 
upturn in parts of Europe and 
the US, which has caused 
sharp rises in some commodity 
prices, coupled with signs of a 
resurgence in inflation and ris- 
ing interest rates. Commodities 
con be used as a hedge against 
infla tion and as a play on eco- 
nomic growth. 

The minimum investment 
required by the fund Is £5.00 0. 

The rund was due to be 
launched In early September. 
However, unexpectedly strong 
interest from Japanese inves- 
tors prompted a delay in the 
publication of the fund's path- 
finder prospectus to allow time 
lor it to get clearance from 
Japan's ministry of finance. 
Japanese investors account for 
around ElOm of the shares 
already placed. 

The fund will aim to outper- 
form the Goldman Sachs Com- 
modity Index by giving a 
greater weighting to industrial 
materials and energy, which 
BZW thinks should benefit the 
most from stronger economic 
growth. 


France sells FFr3.3bn of 
retail-targeted OATs 


By Andrew Jack tn Paris 

The new French government 
bonds specifically targeted at 
individual Investors appeared 
to have proved highly success- 
ful yesterday, with the amount 
already sold totalling about 
FFr3 -3bn, the Treasury said. 

The state announced last 
month that it aimed to sell 
nearly FFr20bn over the next 
year in OATs - obligations 
assimilables du tr&sor. 

Mr Edmond Alphandfiry, the 
economics minister, stressed 
that the aim was to offer gov- 
ernment bonds to a wider audi- 


ence, in the same way that the 
public can subscribe to bonds 
in many other European coun- 
tries. 

In total, FFrl9.42bn In bonds 
were allocated yesterday with 
a coupon of 1.5 per cent and 
due to mature in 2005. 
are confident the)’ can sell all 
of this amount to the public 
over the coming year, and 
their pressure triggered a deci- 
sion by the government to dou- 
ble the amount offered. 

The Treasury said the final 
details of subscriptions from 
the public would be known by 
October 25. 


i.*r.i Sviir. 
ii.hu fii 


{ : ; '1 v. i 




i jdk 



WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Hod Day's Weak Month 

Coupon Date Price change Yield ago ago 


Italy 

■ NOTIONAL ITALIAN GOVT. BOND (BTP) FUTURES 
(LiPFET Uni ZOOm lOOttia o( TOOK 


Autrala 

8300 

00/04 

93.1900 

+0380 

iaio 

1020 

938 


Open Settprioe 

Change 

High 

Low 

BL vol Open M. 

** Belgium 

7350 

04/04 

01^4000 

+0.160 

8 58 

8X8 

839 

Dec 

97.68 9735 

+034 

98.15 

9733 

34585 63375 

Canada’ 

6.500 

06/04 

83.6600 

-0200 

938 

833 

834 

Mar 

97 07 97.16 

+030 

87.20 

9737 

285 1253 

Denmark 

7.000 

12AM 

88L27D0 

+0220 

8.12 

838 

939 







Fiance BTAN 

0300 

asm 

1013000 

- 

738 

7.48 

733 







OAT 

5300 

04/04 

8Z.O10O 

+0040 

830 

Oil 

736 

■ ITALIAN GOVT. BOND ®TP) FUTURES OPTIONS (LIFTS UrifiOOm lOOths at 100% 

Germany Tiau 

7.500 

08/04 

983400 

+4)370 

7.78 

738 

7.45 



1 



PUTS 1 

rtafy 

0500 

08AM 

808800 

+0720 11347 

1138 

1232 

Strike 

b^LLO 



Japan . No 118 

4300 

06/99 

103.0260 

-0380 

434 

335 

336 

Wee 

use 

mar 


Dec 

Mar 


4.100 

12/03 

963690 

+0030 

438 

435 

436 

9750 

£38 

poo, 


1.73 

338 

Nettieriande 

5-750 

01/04 

87.4400 

+0.100 

7.69 

730 

7-42 

9800 

132 

239 


137 

333 

Spain 

8.000 

05/04 

813800 

+0180 

11-27 

11.08 

11.22 

9650 

137 

ZA7 


f 77 

asi 


LKQfltt 

8300 

08/99 

89-20 

-1/32 

836 

834 

831 


6.760 

11/04 

86-07 

-7/32 

633 

834 

836 


B-DOO 

10/08 

101-20 

-7/32 

S.79 

830 

838 

US Treasury * 

7350 

08/04 

96- IB 

-21/32 

7.7S 

7.84 

738 

7300 

11/24 

94-29 

-32/32 

735 

738 

735 

ECU (French Govt) 

8300 

04/D4 

82.4800 

+0390 

178 

833 

832 


Eat. VOL total. COM 1270 FUt WEB. Previous days opm kit. Cab 17234 Put* 22771 


InCoi ctoakig. tew York mkJ-dey 
t Gran (ktokjdng wtttoddhg wx at 116 per ■ 
PMqok US. UK in 32nd*. otMra ki decfcnd 

US INTEREST RATES 


tfaktebectf martatetantaRl. 
tea* 

ftwcffiwsnxMM 


Spain 

■ NOTIONAL SPANISH BOW) FUTURES (MffR 
Open Sou price Change Ugh 
Deo 88.12 86.16 +021 86.41 


Law Esl voL Open W. 
86.06 25389 76370 


Broker kw rata 

F&Lfeu* 

Fattens A kMnwBon- 


Dm mom. 
74 ItaonMi. 

a Three taon* 
axnontt- 
- taeyor _ 


Treasury Bffls and Bom Yields 

M2 Tooth 

459 TtMOJH 

310 Nubth— — 

562 10-yaar 

BJDT 3Q-1W 


BOND FUTURES AND OPTIONS 
Franco 

. ■ NOTIONAL FRBtCH BOND FUTURES (MAT1F) 

Open Sett price Change High Low Eat. vd Open Ira. 
Dec 109.70 109.74 +0.08 109.92 10058 123317 140.436 

Mv 10656 103.00 +0.08 109.06 108-96 230 8.002 

Jun 10024 10024 +0.06 10024 10624 2 354 


■ LONG TERM FRENCH BONO OPTIONS (MATTE) 


■ NOTIONAL UK 00-7 FUTURES (LIFFE)* £50,000 32nds of 100% 

Open Sett price Change Ugh Low Esc vo> Open kit 
Dec 99-06 89-20 +0-19 90-30 9S-0B 81284 98383 

Mar 98-20 89-00 +0-19 99-02 98-20 13 0 

■ LONG OUT FUTURES OPTIONS (UEFE) BS0.Q00 B4tfta ot 100% 


Strike 

Prioe 

Dec 

■ CALLS 

Mar 

Dec 

- PUTS 

Mtr 

99 

2-07 

2-50 

1-31 

2-50 

100 

1-38 

2-21 

1-50 

3-21 

101 

1-07 

1-59 

2-31 

3-59 


Slrtkfl 

Price 

Nov 

- CALLS — 
Dec 

Mar 

New 

— PUTS — 
Dec 

Mar 

110 

NfA 

N/A 

N/A 

N/A 

N/A 

N/A 

111 

- 

- 

- 

_ 



112 



_ 

“ 

“ 


113 

- 


_ 

- 

“ 


114 

- 

- 

“ 

" 




get vnt tattl. Cats 18301 Puta 15.7B7 . fVwtau* day"* open kit. Cals 233310 Put* S14332. 

Germany 

■ NOTIONAL GERMAN BUND FUTURES (UPTVT OM2SOQOQ IQOlha of 100% 

Open Sett price Change Hflh Low Eat vd Open irt. 

Dec' B7 90 8020 +030 8833 8780 122392 157150 

££ 87.38 87.47 +038 8739 8738 1116 2112 


1116 2112 


■ 8UNO FUTURES OPTIONS {LIFFE) DM2SQ.00O potato ot 100% 

CMbA I ta - Ft) 18 11 - 

Price Nov Dec Jan Ma >’ *** 080 Jal Mar 

8000 0.85 134 1.06 1-41 U65 134 138 V64 

mu neg n 07 0.85 1-18 OlBB 127 138 232 

££i g S 0.5? 039 1.18 1-88 250 2-S2 

ESL voL total. Calk 194TB Puta 9571. Prwtaua <to/a open Ctota 29806 PUS 210639 


EtL v* and, Cte 9B84 Puta 2*6. Rravtoue 'toy's open Bit. Csda £8015 Puta 38449 


Ecu 

■ ECU BOND FUTURES (MATIF) 

Open Sett price Change Ugh Low Esl woL Open ko. 
Dec 7834 7838 *0.04 7838 7832 332 8387 


■ US TREASURY BOND FUTURES P8T) SI 00300 32nd» of 100M 

Open Latest Chare® l*8h Low &L voL Open InL 
Dec 97-28 97-28 +0-03 90-01 97-Z6 378340 385378 

Mar 97-05 87-05 +0-02 97-11 97-04 975 26,029 

Jim 96-15 89 10.898 


Japan 

■ NOTIONAL LONG TBVI JAPANESE GOVT. BONO FUTURES . 

frjFpg YIQOm lOQthe of 100W 

Open Close Change Hgh Low EsL vol Open InL 
Dec 10738 - - 10736 10738 1458 0 

• u=ee oontnos traded APT. M Open tawreet DpL are tor prtrioua (toy. 


UK GILTS PRICES 


Mbs tt Bed PrieaE+ar- 


StarW (llass no to Rw ten) 

Tram 9pt 1094ft 886 

items 

BtfteGMl®®-®— 8® 

10W199S 688 

Tren i2%sc iBSStt— . jaw 

14ft 1908. I2W 

1 74*1998# . 1170 

EsirlftpellW# 11W 

CamatoniDpc VBB — M3 
Trail Crar7pc 1997# — 7.19 

Tims 13U pc 1967ft — 1138 

Bril Wapc 199? 1U» 

Twsttiaciwm — 52 

EscAlSpcm? 12.™ 

9*HC1998- J52 

Trass 7Vpc iMSff MS 

Tress 6%pc 1996-ttftt- 7-« 

U* 1998-1 ]M? 

TteHiSljoeWt 1MJ 

bee life 1996 1031 

TtaB9%DC 19998 ** 


MO 100H 
£.79 lDljJ 
£34 B81W 
B8B 102U 
734 106ft 
730 1073 
7.58 111 
730 10ft 
788 10315 
035 Wil 
838 1J0J3 
8.16 105 

832 WA 
030117JN 
855 W8H 
8l51 9B& 

ESI VW 
670 11535 
832 12UJ 
676 111 

U2 1QSS 


1984 _ 

Hflh lew 

10333 10013 
107* imp 

98A 975 

1079 HE 3 * 
1133k 1053 
U7d tom 
1Z1H in5 
11733 108A 
11Zu 103 * 
IDtPa 98*1 
izia iicu, 
114£ 104J| 
1104 i«, 
131H I18B 
ii«5 10213 
106A OSJfc 
102 939 
131i 11® 
MOJ 12M 
12® 110A 
its* 101a 


Vtafcl 

H Dad WME+er-_Jte U" 


Rw Is FBtoen Teen 

Bdirp+pcioag 

Trees lO^jpc 1*9 

Trees 6pciB99 ft 

Qm*sfc»l0Vpci«9- 

Tiaas Htj Has 1B0B 

Cons 9pc 2000ft 

Traaa 13pc2000 

1 0pt 2001 

7ac 2001 ft 

MrtK2B2_ 

WW W* 

lOpcJMH 

Hess 11^3*2001-4 


1039 832 112*2 +J!s 
q nr am loeh +ii 
639 835 BOB 
670 634 Igfi +A 

aai 618 iW4i 
1139 897 1175 * 

65J 837 104H +ti 
TM 834 8QU8 +A 
938 932 1W 
III U1 W ^ 
643 839 10W +U 

1032 814 111)1 *K 


128i I1IJ3 
1»& 105ft 

unis OBI 
121)3 iMH 
loo* m 
118ft 89% 
1366 noil 
122ft 1*0*3 
106ft 8® 

13* 1QZJI 

11% 92% 
127ft 1041a 
I29U 1088 


Fistti03%p6 1960-4— 

OSMtatolS^ZOIH— 

Tins Mjk 2004ft 

Qltfc20O5.. 

Cow 9% pc B»S 

Tnx T2*aiK 2006-6 _ 

7%pC 2000ft 

8pe 2002-6#- 

Trace 11 %pc3W3-7 — 
TreasWjjcZRVft — 

Ijljpc 2004-8 

Trees te3n6 ft — 


OwHBas u T — 
TNM8K 2009 

Treee# WpcZOlO 

Cart She Ln 2011 ft — 

TTan Spc 2012ft 

Taw VaOC 2008-1 2Jf_ 

Treat Spe 201 Stt 

7%pc2BV2-1Sft 

ItaMBftpc 2017ft 

te»iteJBiw7__ 


CnaA 4pc 

tt*Loso3>2Pctt 

Conv3 , y»1TI Aft. 

Trees teWAH 

CBcsdaZhiic- - 

TnacL Zhoc 


7J2 71«s 

S34ia%ri 
682 06* 
832 OB 
831 104ri 

822 11BJ3 

B32 92V 

838 V3& 

624 114ft 

532 97ft 

823 12® 
879 lOUtd 


854 877 93Q 
737 833 79ft 
678 873 1026 
878 872 IOSP9 
7.51 840 73ft 

853 137 93fl 

8S8 837 80H 
837 835 1003 
SL36 689 128ft 


+*3 BBft 
+.% 125ft 
+% TOP, 

m 

+U 125% 
+]{ 143ft 

^ ii?B 

+a 

+U 138ft 

+* 

+H 151ft 

124fi 


+6 115ft 

+» aeft 

+% 128ft 
t*a 127 % 
+6 03% 
+*s U7J3 
— 11*V 

+ft 128% 
+% 158% 


VleSd — 1S94 _ 

Hotel tn BWcat +*- W* ^ 

tador-Uoited 04 

2PCW (673) 23B 438 190% +ft 20% 197B 

♦HpcVAtt— tl36i» 2X 174106%al +i 

2%0Cin— (Tig MS IBS 1®% — 176% 105% 

2»aPC7g (70g 153 186 IGTft 173% 1UA 

4JjpcD4tt — (1363) 334 M6lS%rl -ft 118% 107% 
25CV8 » M2 M6 167% -ft 184)£ Iffift 

5%pc1» (7Bfl 1B8 137 151% -ft 168ft 149% 

2%PCT1 (743) 338 338 1B6H -ft 154% 

Z>apc13 IH&2) 171 186 129ft -ft 148% 1 26% 

2%pc1B (tlS 174 331 137ft -ft 157ft 134% 


2%pcTB <013) 174 331 137ft 157ft 134% 

: ZJjpcTO $3X8 178 3.92 131 AN -ft is» ia% 

Zfycim (97.7) 179 338 109ft -7. I23ft 185% 

— (135.1) 330 194 108 -% 128ft 105% 

PrnspecJhre raal rapenridon rata on prefecte MaHon M{1) 1*6 
and (2) 3«. (b) Hgurea in paemhwjiMJ Mow FtPi base hr 
toosoOna (Is 8 moniha prior to issue) and new bean aqtuawi » 
reflect laoasing of RP1 to 100 h January 1887. Contrerelon factor 
3345. W1 lor Jasiuaiy 1984: 1413 md Its Augjst 11WK 144.7. 

Othar Fixed Internet 


_YW_ t -199«„ 

M M Pita £+ or- V» 


NitSBDHll%2Q10_ 
US Dav 10%pc 2D0B_ 

Blare li%pc 2012 

kaleadCapOiipcTO — 


itew-fi 

H|IM tetelte 2011. 
Leads I3%pc 2006 


153 813 

MO 611 
691 833 

192 
930 
12.04 

HL72 1031 
10.71 


989 

- 46ft 

-% 

59 % 

m sassr- 

8 » 

838 

- 

3ft _ 

a 

UB 

- m 

♦ ft 

G4H 

Hmtear11^c2007.. 

10.18 

873 

113 — 

921 

- 59 % 

+ft 

71 

5 % MBLffir.teX 1 

449 

(MO 

68% 

& 89 

- 

+11, 

44% 

1 3B tfeUBAijfaftPcazi. 

- 

*£1 

13ft — 

937 

- 3B& 

■m 

39% 

28ft 4>«]cL2024. 

- 

459 

12ft 

9.75 

- 28 ft 

♦A 

87% 

27B UUHBSte19%9C2D08 

1289 

- 

13ft — 


• Tip* WCto 1* Tas-Wa to 


ncaMtoktoro on te** 1 " 1 ' E 


Auction btoto. ad Ex eMdand. Oaring mkFprlce* erariionn In powto. 


FT-ACTU ARIES FIXED INTEREST INDICES 

Price mdees lhu Day's Wed Accru 

UK Oita Oct S change % Oct S Iraae 

1 Up to S years (24) 119.55 +020 11631 23 

2 5-15 years p2) 137/45 +051 138.75 1.6 

3 Over 15 yaws (8) 152.42 +0.40 152-66 U 

4 Insdeemahles (B) 175.51 +0.42 174.77 33 

5 A* stocks (60) 13833 +0.40 134.80 1 J 


Accrued sd ad). 
IniMst ytd 


ytd 


Oct 6 

Oct 5 

Yr. ago 

Oct 6 

Oct 5 

Yr. ago 

Oct 6 

Oct 5 

Yr. ago 

839 

5 yrs 

8.70 

3.78 

635 

832 

836 

630 

393 

9.03 

369 

1039 

IS yrs 

838 

375 

734 

382 

830 

7.17 

9.06 

9.12 

7.40 

931 

2Q yrs 

8.84 

838 

7.16 

832 

830 

733 

833 

38a 

7A1 

833 

lrred.t 

8.70 

374 

778 








6 Up to 5 yoarBP) 

7 Oner 5 years pi) 

8 Al stocks (13) 

DsfcsMiwa and Loans 

9 Debs 4 Loans (78) 


+005 18454 

-004 17237 

-003 172.78 


12530 +029 12526 


5.07 Up to 5 yrs 
335 Over 5 yra 
4.04 


—— Inflation 5% — — 
Oct B Oct S Yr. ago 

4.10 811 2-52 

3.89 338 3.14 


— - inflation 10% — - 
Oct a Oct 5 Yr. age 

330 3.00 1.73 
3.71 3.70 237 


Byararytofd 15 year yield - 

Oct 6 Oct 5 Vr. ago Oct 6 Oct 5 Yr. 

934 9l90 7.80 9.78 9.82 SJ 


25 year yield— — 

Oct 6 Oct 5 Yr. apo 

9.72 9.75 832 


Amraga groae radempdon yMbto m Mmi abmra. Coupon Bands: Uwc OH-TtoJfc Uariure SH-mw; High: 11* and ow. T Rat ytokL ytd Veer to data. 


FT FIXED INTEREST INDICES 

Oct 6 Oct 5 Oct 4 Oct 3 Sap 30 Yr ago Hgh‘ LcraT 


CULT EDGED ACTIVITY INDICES 

Oct 5 Oct 4 Oct 3 Sep 30 Sep 29 


Govt. Sees. (UK) 00.03 90.18 9022 90.0* 9034 10244 107.04 89-54 Git Edged bargains 75 3 69.0 802 1222 111.7 

Fbwd Merest 10732 10638 10633 107.17 10734 124.11 13337 10830 5-day overage 91.7 1042 1113 1153 1142 

* tor 1994. Qovenenent Sacuttfaa high Skica comptaBorr 12740 (B71/35L low +B.H (V1/7SL Ffcwd Mtoeet ntfi etnee conto to ton: 13337 {21/1SM . low, 5853 pft/75) . Baris 10ft Oovemnant SaoaMes >6 na 
20 and Fixed Innraet 1B2& 3E acdvOy Mc« retaraed 1874. 


FT/ISfrOA JNTERNATlOPiAL BOND SERVICE 


Uaari areihe Meal WamHonal bonds far which there 11 an adseyato seoonday marfret Letaat prices at 7U0 pm on October 6 


IL& DOLLAR STRAIGHTS 
Abbey Ntfl Tmesuy 8% 00 _ 

Atm ftwhee 7% 98 

Aorta 8*2 CO 

Bank of Tokyo 8% SB 

Begun 5% 03 

BFTS 7% 97 

MNiGnOH 

OrataS 96 

Cheung tong Fki 5% 98 — 

Otoe 8% 0* 

Cowd Brapa B 96 

CMS Fonder 9% SB 

Dmrak5%9B 

EaatJapeiRBbnyB% H - 

ECSC9%fl8 

EECB%98 

0B7%* 

BB 9% 97 

Bee da Frances* 

EucfimetAt 98 

EvtaiBariJapanBOZ 
Expert Dw Cap Sfj 90 — 
Mod Nril Mart 740 04 _ 

finbntI6%97. 

Fntoh E^on 9% 05 

Fud Motor Qedt 6% SB _ 
Gen Sac CepSri 9% 90 — 

GMAC9%96 

M Bk Jepen Hn 7% 97 — 

mrAnvOw7%9S 

Italy 8% 23 

Japan Da* tk 8% 01 

Kate Sec Pm- 10 98 

Kcraa Bee ft*ear6% C3 — 

LTCBH18W 

MaeuaWi Sac 7% 02 

Norway 7% 87 

Ontario 7% 03 

OroKvaoKHnkfiPj 01 ~ 

Pte^OnriP 7>+ 98 

Pariugri5% 03 

Quebec 96 

Quebec ^9 99 

a*nbuys%98 

SASTD99 

SNCFftBB 

Sputa 6% 93 

Sas Bk NSW 8% 96 ___ 

9*d» 6% 95 

Sueftsh Expcrt6% 96 

Trftyo Bac Rwrer 6 1 ! 03 _ 
T*yoMem)pctia%ae — 

Toyrta Motor 5S*3B 

IWBd Khgdom 7% 02 — „ 

Watt Bonk 8% SB 

Wfgdd Bank 9% 97 


Oder q» YWd 

Uretad Krigdom 7% 97 - 
88 -% 840 WAwagen Wf fti 7 03 . 


,1000 88% 88 -J* 840 VtAawgen M Fh 1 

,1000 89% WO -% 7.73 VYfcttt Bank 0 15 _ 

„ 400 102% HD -% 738 Vtatt BhK 5% 03 . 

_ WO 101% 102 731 «VbridBteB%m. 

, WOO 82% 82% -% 832 


tamed Bid Offer chg. VMd 

5600 100*2 100% 893 

1000 83 93% -% 815 

2000 19% 3% -% 808 

3000 97% 87% 7 39 

__ ISO 109% 109% +% 698 


- 150 10T 101<2 

.1500 8% 10% 

. WOO 102% 103 

- 500 89 89% 


7-25 SMflSS FRANC SIMOHIS 

938 Aden Dev Bar* 6 10 

831 AsMa4%Q0 

890 OoukI Erespa 4% 98 


- 100 99% 100% 
1000 96 Otr 1 * 


AbbayNaflDaasuyaiac. 

ABenoe Lees 11% 97 C 

EMsh Land 8% £3 £ 

Dcrenrak b% 98 £ 

0B1OB7C 

Htdto 10% 07 E 

Ksson 10%97 £ 

HSBCHcSdngs 1139 02 E . 


, 1000 90% 

- 100 105% 

- ISO 88% 
-BOO 90% 

- 837 102% 

. 100 103% 
. 500 103 

. 153 107% 


oasr Chg. Yield 

90% +% 675 

105% ♦% 891 

87% +% 1059 

90% ♦% 20* 

103% +% 054 

103% 871 

103% 1% IB 
109% +% 1017 


. 1000 8*% 84% •% 621 Demerit 4% » . 


, TOO 101% 102% 


737 SS6%04 


,300 108% 106% -% 774 Dec de France 7% 09 . 


1000 95% 85% 

-GOO 89% SB 
- 193 102 102% 

- 100 101% W2% 

-350 101% 101% 


7.41 Finland 7% 99 — 

839 Hpinctal Motor Rn 8% 97 . 

730 Mnd7%00 

731 Kobe 6% 01 

8W 0rearioi8%03 


,1000 »4% W5% -% 7.42 Oebsc H)rin9 5 08 . 

-300 104 104% 731 ENCF704 

- 100 103 103% &B2 Watt Bank 5 CO _ 

-500 99% 98% -% 815 Watt Bti* 7 01 _ 

. 150 105% 106% 737 

.1500 95% 96 -% aZO VS1STRMGKTS 


96 

96*4 

-% 

537 

K*yio% ME 

.400 

W5% 

105% 

+% 

98 

99% 

-% 

54)7 

Jam Dw Bk 7 00 £ 

-200 

91 

91% 

♦% 

*% 

95% 

-% 

&2B 

lad Cats 9% 07 E 

-200 

96% 

96% 

+% 

104% 

105% 

-1 

8.17 

Ontario 11% 01 C 

- 100 

106% 

107% 

♦% 

107% 

108% 


829 

RMugoift 03£ 

-250 

95% 

aft 

ft 

106% 

107% 


572 

SwsmTrert 11% 99 C ■ 

- ISO 

107% 

107% 

ft 

105% 

106 

+% 

347 

Tokyo Bac Power 1 1 01 C 

_ 150 

10ft 

107% 

ft 

107 

106 


315 

ADbay Natural 0 96 NZ5 

- TO 




TO 

103% 

+% 

50? 

TCNZFkift02N3 

- 75 




99% 

100 

-% 

KJW 

CmdtLiteBQl FFr_ — 

. 7QQQ 

87% 

98 

ft 

84% 

85 


879 

Bac da fisaioe 8% 2? FFr __ 

3000 

9ft 

97% 

ft 


. 450 108% 107% 
.ISO 95 98 

.BOO 10G 107 


BOB 
-% 873 


.3000 98% 98% 


732 BrioUn5B9 


,200 102% KJ3 +% 858 BB6%00. 


, 1500 95% 98% 

. an io3% 103% 


730 Hn*nd6% 96 

73* Wer Amec D9v 7% 00. 


.200 102% WB% -% 738 Wy3%01 

.200 100% 101 -% 7.73 Japan to, Bk 5 99 . 


. 200 101 101 % 


734 Jspoi Dev 8h 6% 01 


.3800 78 78% -% 623 Mcpon Tclltt 57| 98 . 

- 500 101% 101% -% 805 rfcmq>5%S7 

_ 350 104% 10*% ♦% 892 5NCF6%00 

. 13S0 B4% 84% -% 115 Span 5% 02 

-200 100% W% +% 730 S«ton 4% 98 

. 1000 94% 95 -% 83D VKrid Bank 5% 02 _ 

.1000 TOO W0% -% 722 

.3000 94% 94% -% 847 OTHER STWUOKtS 


- 75033 W2% 102% -% «7 

. 100000 100% 110% -% 4£3 

- 50000 104% 106% 129 

. 30000 113% 113% 452 

.aOOQOO 92 82% 497 

. 100000 103 103% -% 432 

. 120000 1W% 110% 471 

- 50000 104% 104% 141 

. 150000 103% 104 352 

- 30000 110% 110% -% 458 

. 125000 108 108% 477 

.150000 101% 101% 413 

.250000 103% 103% +% 475 


_ 200 xe% ice% atn 

— 200 100% 100% 734 

. 1000 84% 84% -% 848 

_ ISO 105% 106 804 

_ 200 103 103% 798 

_ 150 im% 103% -% 7-38 

-200 104% 106% +% 850 

_W0 10ft 106% ■% 7» 

. 1500 94% 95 731 

_ 200 102 102% TJ9 

.2500 9& « 864 


&tB G«dnerceLu*S%98LFr WOO 10*% 1C6% 73i 

734 KB DM IndWt* 8% 03 Iff — 3000 100% W1% 845 

848 Wbrid Banks 98 LA 1000 100 101 795 

804 ASM Amo 6% 00 R lOOO 85% 95% ♦% 

796 Btf* Ned Semaraan 7 03 R _ 1500 92% 83% 828 


728 ABertaAmtana 10% 96 CS . 
828 Bel Canada 10% 99 CS — 
764 Brfch CcUito TO 96 CS _ 

731 B810%98C3 

720 BocdeFsree 9% 99CS _ 
884 Gan Bk CapU 10 98 CS - 


,700 101% W2% -% 897 NW hr Fin IQ 01 CS 


,1000 08% 87% 

_ an he ioz% 

.1500 94% 94% 


. 3000 95% 95% -% 90S Qatar F 


82B Nppen TelTd 10% 99 CS 

7.17 Ort«to8 03CS 

722 Ort*toV%tkt>tf%99CS 


. 500 103% 104 734 

.150 101% 105% Ji 929 

.SOD 108% 103% 728 

_ 130 104% 106% -% 840 

_ 775 102% 103% -% 903 

. 300 103 103% 796 

_ 400 102% 103% -% 92S 

-200 104% 105 -% 909 

1500 91% 92 -% ft67 

.500 105% 108% -% 8W 


SNCF9%07FFr 4000 103% 

FLOATS*! WOE NOTES 


Abbey Nan Treasuy -ft 99 — 

Banco RtanaOra 

BelQluni ft 97 DM 

BFCF-OD2B6 

Mnu 610 98 £ 

Canada -% &e 

CCCEOOSEou- 

CMdt Ljonris ft 00 

Qenmaric-%98 

fresher Firerce ft 98 DM — 

Faro UdSt*iaiO07 

Finland 0 97 

Mamose 

Italy % 98 

LKB Baden-Wum Fin -% BB _ 

Uoyde Bank PBipS 610 

Matayeta ft 05 

Nm Zdabnd -% 99 

01010099 

nor*>098 

Sodria GerMta 0 96 

Staattbvk BgiBl -QDS 66 DM . 

Sb® Bk VcsatJ (X05 99 

SMttnDOB 

SMden-%01 

ltaSedWrpdan-%96 


— 1CA 11*4 

138% 107ft 

142 115 

+% 116% 93% 

+% «B% «9% 
+4< 115% 108 

18® 137JJ 

149% 125 


145% 123% 
159% 19*% 


.1500 103% «tfj 772 Quebec Piw 10% 98 CS — 

.1600 103% 104 7.14 M0MnB%9S6»_— 

Card Europe 9 Ol Ecu — 
I Gnrft LjansB 9 98 Ecu — 

,2000 80% 80% 933 »1097Bst 

.2000 95% 95% +% 802 Few dd SK10% 98 . 

.2000 97% 97% 739 Italy 10%®Bxi 


W* 9905 — 150 104% 104% •% 907 


_ 200 104% 104% 

.1250 102 102% 


.1100 100% 101% -% 889 

. 125 101% 103 im 

1125 104 104% 933 

- 500 104 104% 983 

1000 107% 108 395 

1000 102 102% 780 

. 2793 101% 102 &71 


DEUTSCHE MARK 8HWGH7S Gns* L>a¥*s998 Ecu 125 101% TO 7» 

Aterii6% 24 2000 90% 80% 933 B8 10 07 Eat 1125 104 104% 833 

Qtt»R3nb8r7%03 2000 95% 95% +% 832 Fer»dalSat10%98aa MO 104 104% 963 

DOTWkB%9B 2000 97% 97% 739 keiylO%OOBxi 1000 107% 109 395 

D»toFill#iMB%(B_^— . 1500 69% 88% -% 813 Spurt 9 96 Ecu 1000 102 TO% 730 

CatthsBkRn7%08 2000 96% 97% 4* 838 Umeri Nngdcn9%01 tea — 2731 101% TO &71 

EEC 6% 00 2800 98% 98 4% 7A7 ADC IQ 99 AS 100 101 101% t% 170 

ffiB%00 1500 94% 9<% -% 7M Comm Bk AuBeefc 13%93 AS — 100 114% 1W% ♦% 999 

Rrtortt7%08 am 99% 39% -% 739 BB7%»« 950 

My 7% 98 — . am W0% 100% 4% 7.19 KSk Trsaajy Zero 0 20 AS — 1000 

LK8 Baden+Msnt 8% 08 22S0 06% 06% -% 321 R 61 Bank 7% 03 AS — 125 85% 06% +1 1027 

Nxwyft%98 1500 97% 87% 730 StttoBkNSW802AS M 82% SB% *% WAS 

Ortato 6% 0* 1500 B3 B8% +% 114 SsiAuhOmRiBISAS 1» «% 82% ♦% 1U48 

Serin 7% 03 4000 95% 85% 4% 737 UntawAusasfc 12B8AS 150 106% 107% *% &72 

Swatten 897 2500 102 TO% -% 13A WaatoflAuKTrea«fy7%flBAS. 100 

94% 84% *% 648 

OTteOKrBOlKaeilMtedStetedBrtatoreteiriteBd^teaniwaaMritangtaMriag ^^^ iit ^ 

nLOAIMO MIS Note* Oenomkted n dnaan untm ananrise refcaatt Capon rimn k mrimm frweariAagri *63 m ria+n«ita riland 


EEC 6% 00 2900 95% 98 *% 747 ABIC 1089 AS 

®B%00 1500 94% 94% -% 749 CammBkAuW 

Rrtortt7%08 am 99% 39% -% 739 BB7%»AS. 

Italy 7% 98 5000 W0% 100% 4% 7.19 WWTiaawZ 

US BadetvMnnt 8% 08 2290 88% 06% -% 921 R6IBank7%( 

Noway S% 98 1600 97% 87% 730 SBHBkNSWS 

Ontario 5% 04 1300 B3 B8% *% 8.14 SbiAuh&mR 

Sprin 7% 03 4000 9ft 85% 4% 737 UnBWAumta 

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Qxbb CnpU 8 88 

GridKal9w«i7%Q0 — 

Hanson 9% 08 £ 

Haraon America 228 01 . 

Hong Kong Land 4 01 

Land Sees 6% 02C 

Laara 7% 05 C ■ 

Ma* Bata 2% 03 

Mouft bs Fki ft 97 

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Ogden 002 

Pineal 4% a? 

Sirritomo Bank 3% 04 _ 
Sin Aianca 7% 06 £ — 

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— 200 23326 85*4 87% +1338 

— 100 2283 90% 100% *1421 

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— 500 598097 98% 89% +&41 

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FINANCIAL TIMES FRIDAY OCTOBER 7 1994 


COMPANY NEWS: UK 


Deal will treble Newcastle group’s commercial property portfolio Receivers 


Grainger pays £61m for Frincon 


By Simon London, Property 
Correspondent 


Grainger Trust, the 
Newcastle-based property com- 
pany, will more than treble the 
size of its commercial property 
Interests with the acquisition 
of privately owned investor 
and developer Frincon for 
£60.8m. 

Grainger is paying for the 
acquisition through the issue 
of 4m shares and £6Q.7m loan 
notes to the family of Mr Robin 
Tomkins, who founded Frincon 
in the late 1970s. 

The deal will give the Tom- 
kins family 16 per cent of the 
enlarged company. Mr Tom- 
kins will join Granger’s board 
as a non-executive director. 


Frincon’s assets comprise 
office, retail and industrial 
property, around half of which 
is in the Colchester area. How- 
ever, under the terras of the 
deal Grainger has an option to 
sell part of the portfolio back 
to the vendors in September 
next year. 

The properties covered by 
the option are either substan- 
tially unlet or let on leases that 
will shortly expire. 

Mr Stephen Dickinson, man- 
aging director of Grainger, said 
the arrangement gave the com- 
pany a year to find new ten- 
ants and renegotiate leases 
before deciding whether to sell 
in the open market or sell the 
properties back to the Tomkins 

family 


“They may well get a lot of 
these properties back," he said. 

If this option is exercised, 
Grainger would be left with a 
portfolio of 32 freehold and five 
leasehold properties valued at 
£81.3m. Mr Dickinson said 
these properties were mostly 
fully let at rents dose to cur- 
rent market levels. 

A maximum of £29.9m of 
loan notes issued to the Tom- 
kins family could be redeemed. 
After allowing for cash 
acquired with Frincon, Grain- 
ger’s net outlay for this portfo- 
lio would be only £19.3m. 

Until now, it has specialised 
in buying residential property 
let under regulated tenancies. 
Such properties are usually 
bought at a discount to reflect 


the sitting rights of the tenants 
and sold when they become 
vacant. 

Grainger is the second larg- 
est quoted residential landlord 
after Bradford Property Trust 
Before yesterday's deal around 
two thirds of its assets were 
residential. This proportion 
will now foil to about hal f . 

Grainger expects to have 
made a pre-tax profit of not 
less than £5.6m In the year to 
September 30, compared with 
£i.7m last time. The latest fig- 
ures will include a £1 -9m write- 
back on the value of current 
assets. 

The company also expects to 
pay a final dividend of 4£5p, 
making a total for the year of 

5.9p (5JSp). 


Wetherspoon advances to £6.5m 


By Roderick Oram, 
Consumer Industries Editor 


JD Wetherspoon, the pubs 
operator floated two years ago, 
raised pre-tax profits in the 
year to July 31 by 55 per cent 
from £4. 17m to £6.4Sm, thanks 
mainly to its brisk rate of pub 
openings and a revival in 
drinks sales. 

Heavy price promotion In 
January and February helped 
turn round like-fbr-like drink 
sales from a first-half decline 
of 5 per cent to a second-half 
rise of 6 per cent 

One of Wetherspoon’s regu- 
lar promotions is to offer one 
brand of beer at 99p a pint, but 
the cost was cut further to 79p 
at one point in the winter. Hav- 
ing reasserted itself as price 
competitive, it gradually raised 
prices again. 

Mr Tim Martin, chairman, 
said second-half drink sales 
had also benefited from two 
months of good summer 
weather. 

Like-for-like catering sales 
rose 14 per cent in the year. 
Margins benefited from cost 
savings now that food was 
being delivered to the pubs by 
a third-party distributor. 




Ttanr HunpMaa 

Tim Martin (left) and Mark Mcquater. second-half drink sales 
had benefited from two months of good summer weather 


Wetherspoon’s shares, which 
were floated at 160p, fell by I4p 
to 406p yesterday. 

Analysts attributed the dip 
to profit-taking after a strong 
recent rise. 

Forecasts are for pre-tax 
profits of about £9.5m this 


year, earnings per share 
of 24.4p and 7.9p for the divi- 
dend. 

Turnover in the period under 
review rose 51 per cent to 
£46. 6m (30.8m). 

The recommended final divi- 
dend of 4j4p mains a payout 


of 6.6p (5.4p) for the 

full-year. 

Earnings per share rose 29 
per cent to lSJIp (14.1p), 
reflecting a one-for-four rights 
issue In March. 

The rights Issue and retained 
profits cut year-end debt to 
£16.1m (£21.8m) and gearing 
to 22 per cent (50 per 
cent). 

Capital expenditure totalled 
£23 .2m, financed by the rights 
issue and film of net cash 
from operations after £4.4m 
in Interest, tax and divi 

Henris. 

Wetherspoon opened 16 pubs 
within the M 25 area and four 
outside in the year, at a 
typical cost of about £780,000 
each. 

It plans to open another 14 
this year, split evenly between 
inside and outside the M25. 

Mr Martin said the company 
was aiming for about 130 pubs 
within two years. 

Its newer, larger pubs were 
typically selling about 1,500 
barrels of beer a year and turn- 
ing over £750.000, compared 
with an average of about 
£300,000 for a typical brewer's 
tied pub. 

See Observer 


Kode says bid rumour 
is ‘without foundation 9 


Acquisitions behind 40% 
advance at Ex-Lands 


By Richard Wolffe 


Kode International, the 
computer services and printed 
circuit board group, yesterday 
dismissed rumours that it was 
the target of a possible take- 
over bid. 

Kode denied it was in discus- 
sions concerning a bid and 
said It was unaware of any 
foundation for the rumours. 

“There was a rumour in a 
couple of newspapers earlier 
in the week about the possibil- 
ity of predators lurking. These 
are completely without foun- 
dation," said Mr Geoff Harvey, 
finance director. 

The announcement came 
after the company's shares 
rose 7p to 56p on Monday and 
a further 8p to 64p on Wednes- 
day. However, they closed 
down 4p at 60p yesterday. 

Kode lost half Its market 


value in August when it 
reported interim pre-tax losses 
of £515,000 against profits of 
£710,000. Turnover was 
unchanged at £L2.3m. The 
shares fell 37p to 38p as the 
company was cautious about 
Its short-term prospects. 

Its computer services divi- 
sion, DCM Services, was 
severely affected by the sud- 
den fall in prices of third-party 
maintenance In the second 
half of 1993. 

"We are happy with the 
progress on the circuit board 
side as a whole and are con- 
tinuing to address the prob- 
lems in computer services," 
Mr Harvey said. 

Kode acquired DCM in July 
1992 for £3. 2m, funded by a 
rights Issue of 3.66m new 
shares, and was reporting 
"fierce" competition by the 
end of 1993. 


By Simon London, 
Property Correspondent 


Ex-Lands, the property 
investment trading company 
run by brothers Robert and 
Graham Bourne, reported a 40 
per cent Increase in pre-tax 
profits from £914,000 to £L27m 
for the year to June 30. 

The company raised £3 6m 
during the year by issuing new 
shares and convertible loan 
stock, most of which was spent 
on industrial and office trading 
properties. As a result, net 
assets increased from £16.3m to 
£31.9m. 

Net assets per share rose by 
23 per cent to 28.7P, or 31.1p on 
a hilly diluted basis allowing 
for conversion of the outstand- 
ing loan stock. 

Turnover grew from £L27m 
to 25.16m, reflecting acquisi- 
tions and the consolidation of 


Clubhaus, a German leisure 
company formerly held as a 
joint venture with Mr Mark 
McCormack’B International 
Management Group. 

Ex-Lands spent £41m on 
acquisitions during the year, 
about half of which was 
bought from banks which had 
bean left holding property as a 
result of bad debts. 

Mr Robert Bourne, joint 
chief executive, said that such 
deals allowed the company to 
acquire properties which could 
be improved by intensive man- 
agement and some investment 

Most of the property is being 
held as trading assets for re- 
sale in the near term. 

Discounting the convertible 
loan stock, which matures in 
2020, gearing is 28 per cent 
Earnings amounted to 0.98p 
(l.06p) and a dividend of 0.42p 
(0-35p) Is recommended. 


NEWS DIGEST 


Helene 
rises 31% 
at midway 


Helene, the fashion wear 
manufacturer, reported pre-tax 
profits up 31 per cent at £l-2Sm 
for the first half of 1994, 
against £975,000. The group 
said the main operating compa- 
nies made good advances. 

Operating profits of £2 -14m 
(£1.51 m) were helped by a 
£250,000 insurance claim. A fur- 
ther £500,000 is expected 
shortly. Turnover was £51J3m 
(£45 .9m). Earnings per share 
were 0.62p (0.56p) and the 
interim dividend is un c ha n ged 
at 0.65p. 

Since the period end Reggie 
& Co has been acquired for up 
to £10m and £14Jm raised by a 
rights and share subscription. 


£808,000 to £971,000 in the six 
months to June 30 1994. 

Turnover from continuing 
operations declined to £2l.7m 
(£23.7m). Earlier this year the 
company decided to concen- 
trate on developing its planta- 
tion and overseas trading inter- 
ests and consequently reverted 
to Its former name. 

Mr Alan Tritton, chairman, 
said losses from discontinued 
activities had been completely 
eliminated, Presswork ft 
Stampings had been sold and 
plans were advanced to dispose 
of the company’s interest in 
CMUington Marina 

A substantial advance was 
expected in the second half. 
The interim dividend is raised 
to lp (0.75p) on earnings per 
share of 1.36p (1.36p). 


Radamec advances 


18 per cent from £248,868 to 
£203,871. Turnover was 
£486,007, a rise of 8 per cent on 
last year's £450,624. Less 
favourable exchange rates 
resulted in a charge of £6,546, 
against a profit of £19,706 a 
year earlier. 

Earnings per share were 
0.75p C0.9p). 

• Singapore Para Rubber 
Estates, which produces natu- 
ral rubber as well as oil palm 
fresh fruit bunches in West 
Malaysia, announced a 32 per 
cent decline in pre-tax profits 
from £215,919 to £146.495. 

Turnover slipped to £342^336 
(£361,405). Earnings per share 
worked through at 0.78p (1.3p). 
Neither company pays interim 
dividends. During the second 
half both palm oil and rubber 
prices has continued to 
strengthen. 


annual report valued at $9.4m, 
and $5J3m In repayment of sub- 
ordinate debt 

The deal increases the net 
asset value of the trust’s capi- 
tal shares by about 35p and the 
income shares by about 4p. At 
March 31 nav per capital share 
was 295 .3p and -12&3p for the 
income shares. 

MCTT also announced yester- 
day that it had Invested about 
$14.5m in securities of NRE 
Holdings, operator of SO Burger 
King restaurants in four states. 


Ellis & Everard 


Frederick Cooper 

Frederick Cooper, the Worces- 
ter-based architectural hard- 
ware, coatings and electrical 
group, is selling its subsidiary 
Futters (London) for £3.75m. 

Futters, which manufactures 
electrical components for the 
audio market, has been bought 
by Roxburgh Holdings. 

Frederick Cooper said indica- 
tions were that its results for 
the year ended July 31 bad met 
directors' expectations. At the 
midway stage, the company 
reported what it called its 
“best interim trading perfor- 
mance" since 1989. Last year 
its pre-tax profits were £4.12 hl 


Radamac Group, the electron- 
ics and precision mechanical 
engineering group, raised pre- 
tax profits by 26 per cent from 
£335,000 to £421,000 for the first 
half of 1994. Turnover dropped 
from £6m to £S.19m. 

Mr Len Whittaker, chairman, 
said the group's defence and 
TV studio businesses were 
expected to trade strongly in 
the second half, and continued 
improvement at other subsid- 
iaries was anticipated. 

Earnings per share grew by 
0.3p to 2.lp and the interim 
dividend has been raised to 
0.7p (0.5p). 


Hanson warrants 

Hanson has received £2 43m 
cash as 20.86m warrants, repre- 
senting 80 per cent of those 
issued in 1987 in connection 
with the acquisition of Kidde 
Inc, were exercised at $18 per 
ADR. 

Some £SSm was received 
from those exercising warrants 
before March 31 1994. As a con- 
sequence of all exercises Han- 
son has Issued 20.86m ADRs, 
representing 104.3m ordinary 
shares. 

Each ADR represents five 
Hanson ordinary shares. 


Ellis & Everard. the Bradford- 
based chemicals distributor, 
has achieved sales of £200m in 
the first five months of the cur- 
rent year. This compared with 
£l76m at the same time last 
year and £1835m in the year to 
April 30 1994. 

Mr Jonathan Wood, chair- 
man, told the annual meeting 
that sales made in the UK and 
Ireland rose 17 per cent to 
£87.8m and in the US a 12 per 
cent rise made El.12.7m. 

Large price increases were 
beginning to come through in 
the chemicals which Ellis dis- 
tributes, although many were 
still below the levels of three 
years ago. There was particu- 
larly good progress in the US. 


to Carden 
Park seek 
investors 


Sherwood blames slack 
demand for 23% fall 


By Tim Burt 


Sherwood 


By Simon London, 
Property Correspondent 


Receivers are looking for 
investors to Inject fresh equity 
into Carden Park, the 1,200 
acre hotel and leisure complex 
near Manchester owned by Mr 
John Broome. 

The Bank of Scotland, sole 
lender on the project, has 
appointed Grant Thornton as 
receivers under the Law of 
Pr o perty Act 

“We are looking at all the 
options. Either we find a buyer 
or some form of refinancing 
has to be agreed," the receiv- 
ers said. 

“At the moment out priori- 
ties are reassuring our suppli- 
ers and confirming bookings 
which have already been 
made.” 

Battersea Leisure Group, the 
company set up by Mr Broome 
to build a leisure complex on 
the site of Battersea Power 
Station in London, was put 
into liquidation earlier thla 
year. That site is now in the 
hands of Mr George Hwang 
and Mr Victor Hwang, Hong 
Kong pr o perty investors. 

Unlike Battersea, though, 
Carden Park is Mr Broome's 
personal project and he effec- 
tively operates as sole trader. 

“I am going into business 
with my bankers until such 
time as we can attract the new 
equity required," ssld Mr 
Broome yesterday. 

More than £20m has been 
spent over five years develop- 
ing the ambitious Carden Park 
complex, which includes an 83 
suite hotel and golf coarse. 
The development Is aiming to 
attract corporate clients. Other 
attractions include clay pigeon 
shooting and archery. 

Planning consent has been 
granted for a number of wood- 
land villas, a new golf chib 
house and a larger swimming 
pool. Mr Broome estimated 
that another £5m would have 
to be spent to complete his 

dr eam. 

While there are plans for 
further development, the com- 
plex opened for business 10 
months ago. 

Mr Broome said that hotel 
occupancy rates were cur- 
rently nuuring at about 60 per 
cent. 


Shares in Sherwood Group fell 
by I2p to 99p yesterday after 
the p.inthing and lace manufac- 
turer blamed weak UK demand 
for a 23 per cent decline in first 
half profits. 

Increased competition and 
sluggish orders for the compa- 
ny's socks and lingerie helped 
push down pre-tax profits from 
£7,76m to £5.96m, despite 
increased turnover of £76.4m 
(£89 5m), including £2 .25m from 
acquisitions. 

Although earnings per share 
fell from 4J3p to 3.1p in the six 
months to July l, the dividend 
is raised to LL5p (ip). 

Justifying the rise, Mr David 
Parker, r-Tirrirmnr^ pa i d* “Sales 
have picked up and we're now 
more optimistic about the sec- 
ond half. " 

He also pointed out that the 
first half figures were 
depressed by reorganisation 
costs in the UK among its 
subsidiary lace manufacturers 
in continental Europe. 

The group has cut its Euro- 
pean workforce by 18 per cent 
to 450 and plans to close a fac- 
tory in Germany, at a cost of 
£550,000. 

It has also spent £200,000 
reorganising its domestic gar- 
ments business, which will no 


Share price (pence) 
.ISO — 


160 •:-£ 
•tko; ^ 
t4d’ 



. Od83 ■ 
Some*; FTGrapIfte 


longer produce children’s 
clothing- The division's operat- 
ing profits fell by 16 per cent, 
from £4.41m to £3.7m, following 
losses in children's outerwear 
and lower s a le s of socks and 
lingerie. Sales, however, rose 
13 per cent to £34.4m (£30.5m) 
thawitH to increased contribu- 
tions from LepeL the Italian 
lingerie manufacturer acquired 
last year. 

Profits In the lace division 
fell from £4.64m to £3.42m 
despite modestly increased 
turnover of £42.7m (£39.9m). 

Net borrowings, meanwhile, 
rose from £22.9m to £37 2m, 
equivalent to gearing of 57 per 
cent; following payment of a 


Schroders and News Corp 
avoid High Court battle 


By Conner Mlddelmann 


A High Court battle between 
News Corporation, the media 
group owned by Mr Rupert 
Murdoch, and J Henry Schro- 
der Wagg, the m erchant hawk, 
has been averted after both 
sides agreed to drop the pro- 
ceedings. 

News Corp said in a state- 
ment it had bear advised by 
the bank's solicitors that 
Schroders did not wish to 
defend the writ issued by 
News. 

"Schroders have now agreed 
to abandon any claim it might 
have had against News on the 
basis that News will not 
pursue any claim for legal 
costs against Schroders," it 
stated. 


A dispute arose over 
announcements made last 
December by three News Corp 
subsidiaries. The announce- 
ments, which related to con- 
version of those companies’ 
preference shares into Royal 
Doulton shares, were subse- 
quently stated to have been 
made in error. 

Schroders incurred losses 
arising from the announce- 
ments. 

It recently proposed that the 
dispute be brought before the 
City Disputes Panel for resolu- 
tion. However, News Corp 
issued court proceedings seek- 
ing a comprehensive court rul- 
ing that it was not liable for 
Schroders’ claim. 

Schroders, however, said in a 
statement it was "not prepared 


Watts Blake 
in £llm 
German buy 


By Tim Burt 


Barry Wehmiller hit by 
tough trading conditions 


Watts Blake Beanie ft Co 
yesterday confirmed its posi- 
tion as the world's largest pro- 
ducer of specialist clays with a 
big expansion in Germany, its 
m gfr i market. 

The Devon-based company, 
which this week announced a 
24 per cent Increase in first 
half profits, is paying £llm for 
Martin & Pagenstecher Rohs- 
toffbetriebe (MPR), the ball 
clay mining business owned 
by Thyssen, the German steel 
group. The consideration Is 
£6.5m cash and SAJSm of new 
borrowing. 

The move comes just two 
days after WBB unveiled an 
acquisition strategy aimed at 
strengthening its presence in 
continental Europe. 

Mr David Bowden, finance 
director, said MPR’s 
operations would be partially 
integrated into Fuchs-Ton, 
WBB’s German subsidiary. 
"Immediate benefits will be 
obtained through administra- 
tive cost saving, and the acqui- 
sition is expected to be earn- 
ings neutral in the first year," 
he said. 

For the September 30 1993 
year-end MPR’s operating 
profits were £700,000. The 
enlarged business is expected 
to contribute more than 45 per 
cent of group sales, which rose 
from £39^m to £4U8m in the 
six months to June 30. 


By Christopher Price 


Annual pre-tax profits at Barry 
Wehmiller International 
declined by 28 per cent from 
£7Jm to £5.12m, as the packag- 
ing equipment manufacturer 
endured tough trading condi- 
tions, particularly in Europe. 

However, Mr Stewart Brown, 
chief executive, said second 
half trading had improved over 
a weak first half and that the 
outlook for 1995 was "encour- 
aging". Operating profits fell 24 
per cent to £5. 18m (£6 82m) In 
the year to July 31, but tire 
rate of decline slowed to only 
10 per cent in the second half. 

Annual turnover slipped 4 
per cent to £82. lm (£85 .2m). 
The fall was most marked in 


the group's Aslan markets, 
which slid 41 per cent to 
£4.41m (£7-53m). 

Mr Brown said the decline 
was due to a slump in regional 
aerosol sales, which were now 
recovering. Aerosol turnover 
fell 30 per cent to £9.41m 
(£l3.42m), a fire at a production 
plant disrupting output Of its 
main regional markets, Europe 
was the chief casualty, turn- 
over retreating 8 per cent to 
£168m (£18.19m). 

Operating profits across the 
group’s three divisions all 
showed a fall, with the optical 
business having the steepest 
decline, down from £L26m to 
£73,000 over the year. Mr 
Brown said that jwirghiH had 
been squeezed by a drive for 


market share In the beer and 
soft drinks Industry, particu- 
larly in the first half. 

"Our order intake for the 
second half and in current 
trading has recovered signifi- 
cantly," said Mr Brown. "This, 
together with our substantial 
investment in our product and 
marketing in the past year 
makes us well positioned for 
steady growth." 

He added that the group, 
which Is relatively ungeared, 
was looking to make an acqui- 
sition in the coming year, with 
the pharmaceuticals paric^ gin g 
business a likely target area. 

Earnings per share fell 32 per 
cent to 7.5p (lip). The final div- 
idend was maintained at 48p 
far a same-again 6.7p total 


Taylor Woodrow in US deal 


By Andrew Taylor, 
Construction Correspondent 


Morgan Grenfell 


Taylor Woodrow, the British construction 
group, In a joint venture with Kenco Communi- 
ties, a US developer, has paid $20m (£12.6m) far 
653 acres of prime development land in Florida. 

The British company has previously 
announced Its intention to expand its housing 
interests in the rapidly-growing Florida market 

The development is located in Palm Beach 
County in the Boca Raton area, where it has 
pla nn i n g permission for up 1800 homes. There 
are also plans for a 27-hole golf course, tennis 
centre and country club. Work is scheduled to 
begin early next year. 


House prices on the development are expected 
to range from $200,000 to more than j im 
Mr Colin Parsons, Taylor Woodrow chairman, 
said: "We have previously stated that our strate- 
gic policy is to redirect assets to achieve growth 
in chosen areas of opportunity. The market far 
new homes in Florida remains strong and we 
see much potential for future profit" 

The group more than doubled pretax profits 
from EiO.lm to £22m during the first six months 
of this year, led by a sharp rise in house sales. 

Taywood Homes in the UK increased its con- 
tribution by 50 per cent to £3m. Housing profits 
from the US, Canada and Australia rose from 
£4m to E6m, after discounting a g*-9m write- 
down last year in southern California. 


Morgan Grenfell Latin 
American Companies Trust 
which came to the market in 
February, had a net asset 
value of lll-2p per share at 
August 31. Fully diluted, the 
value was 109.3p. 

For the period from Febru- 
ary 21 to August 31 net avail- 
able revenue amounted to 


Wm Low directors 
share over £900,000 


Wellcome drug 
shows promise 


By Daniel Groan 


By Neil Buckley 


£238,000 for earnings per 

share of 087p. 


Beradin 18 % lower 


Plantation St Gen 

Plantation & General Invest- 
ments, formerly Chiilington 
Corporation, increased pretax 
profits by 20 per cent from 


Two oil palm producers ulti- 
mately owned by Rowe Evans 
Investments yesterday 
reported reduced pretax prof- 
its for the first half of 1994. 

• Beradin Holdings, the pro- 
ducer of oil palm fresh fruit 
bunches in West Malaysia, 
reported pretax profits down 


Mezzanine Capital 

Mezzanine Capital & Income 
Trust 2001 said yesterday that 
it had sold its investment in 
Polaris Pool Systems to senior 
management and two US 
investment firms far a total of 
S25.7m(£l6Jhn). 

MCIT has received $20.4m for 
its equity interest, which its 


| DIVIDENDS ANNOUNCED | 




Correa - 

Total 

Total 


Current 

Data o t 

poncing 

far 

last 


payment 

payment 

dvfaend 

year 

year 

Barry WehmBer - fln 

4.3 

Jan 4 

4.3 

6.7 

6,7 

Dolphin Pckging Int 

1.7 

New 14 

1.7 

- 

4.5 


1.95 

Jan 4 

1.75 

- 

7 JS 


Ex-Lands ^.fln 

OaEford tin 

Hatana int 

Plantation & Gan int 

Radamec Group .Int 

Sherwood —Int 

Wetherspoon (JD) fin 


Dividends shown pence per share net 
increased capital. §USM stock. 


except where otherwise stand. tOn 


The four main directors of Wm 
Low, the Scottish supermarket 
chain acquired by Tesco in a 
£300m takeover Last month, 
shared pay-offs to talling more 
than £900,000. 

Mr James Millar, nhairman . 
who had been with the com- 
pany for 34 years, received 
only £75800, or the equivalent 
of 13 months' salary, the 
amount of time his contract 
had left to run. 

However, he will have made 
more than £121,000 from his 
personal shareholding in Wm 
Low, and should have netted at 
least £281.000 from exercising 
share options. 

Mr Philip Spicer, chief execu- 
tive, was on an annual salary 


of £115,000, but a 36-month 
notice period in the event of a 
takeover. That took his total 
pay-off to £345800. 

He will have made £21,000 
from his personal sharehold- 
ing. 

Both Mr Harvey Findlay, 
financial director, and Mr 
Sandy Leslie, buying and mar- 
keting director, were on sala- 
ries of £81,120 and 36 months' 
notice. 

Their pay-offs would have 
been £243,360 each. 

Mr Findlay would also have 
made £13,000 from his share- 
holding and at least £204 ,qqo 
from share options. 

Mr Leslie stands to have 
made another £23,000 from his 
shares and at least £165,000 
from share options. 


Welcome's new shingles drag, 
which is likely to be launched 
In several markets over the 
next year, has had promising 
results in clinical trials. 

A new analysis of trials on 
1,100 patients shows Valtre* 
to be 30 per cent faster at 
reducing pain than Wellcame' 8 
Zovirax. It is three tint®* 
quicker than a placebo. 

The results were presented 
yesterday at the 34th Intersd- 
ence Conference on Antimicro- 
bial Agents and Chemotherapy 
in Orlando, Florida. Welle® 8 
shares rose lSp to 670p. 

Valtrex was submitted f° r 
approval to drug regulatory 
bodies In Europe and North 
America in June. Analyst 
forecast «nnn«i sales of up ® 
Sibn (£600m). 


lU 

„;i r» in ‘~ 


deferred consideration for 
Lapel and the acquisition of 
Intimate Touch, the US lace 
distributor, in February. 

The group also spent £7.Un 
on new equipment and faeffl. 
ties, which Mr Parker pre- 
dicted would enable it to 
exploit any increase in 
demand. 


• COMMENT 

Analysts were rightly dis- 
mayed by these results and 
made swingeing cuts In their 
full-year forecasts. On even the 
best expectations, profits are 
unlikely to exceed £l6m, some 
24 per cent below earlier fore- 
casts of about £2lm. Th e 
shares look cheap on a forward 
multiple of 12, but it would 
frflirg a brave investor to back a 
clothing company relying on 
lace - a mature business - and 
garment sales which have 
fallen, sharply- The problem for 
Sherwood Is that it has rela- 
tively little exposure to Maris 
and Spencer, the most lucra- 
tive customer for clothing 
manufacturers. Its rivals tend 
to be more aggressive with, 
their suppliers, and it shows in 
the number of cancelled 
orders. The shares should sta- 
bilise if sales pick up in the 
second half , but a return to 
last year’s peak looks remote. 


Sif!idr;n-Ki 

tf[\ i J li H i 1 t 


to be involved in High Court 
proceedings, where the costs 
would have been substantial 
and could, in view of the 
amount at stake, have ren- 
dered any sum that it might 
have recovered nugatory". 

The settlement with Schro- 
ders does not resolve the com- 
plaints raised by other inves- 
tors who suffered losses in 
connection with the announce- 
ments. 

However, News Corp said it 
believed its agreement with 
Schroders substantiated News' 
position. Accordingly. News 
does not plan to issue court 
proceedings against other 
claimants. Should other claim- 
ants issue proceedings against 
News, it vowed to "defend its 
position vigorously". 


1 m-;.' 

lor *' i 1 


I * 


fillip o { 



9 FINANCIAL TIMES FRIDAY OCTOBER 7 1994 


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COMPANY NEWS: UK 


Etam doubles but gives 
warning of weaker trend 


By David Blackwell 

Shares in Etam, the fashion 
retailer, fell yesterday as the 
group almost doubled interim 
profits, but warned of a 
slightly weaker trend at 
the beginning of the second 
halt 

The shares, which have per- 
formed strongly since hitting a 
low for the year of 217p in 
April, fell by 2054p to close at 

282p. 

Pre-tax profits for the six 
m onths to August 13 rose from 
£2-4Im to £4.74m. The latest 
figure was struck after a 
£UKm loss on the disposal of 
shops. 

Sales for the groin), which is 
heavily reliant on the second 
half for its profits, were ahead 
5 per cent at £U3.4m (2108.2m). 

Mr Keith Miles, finance 
•« director, said the group was 
7 not reading too much Into the 
slightly weaker trend since the 
end of the first half. “It's noth- 
ing dramatic.” 

But he pointed to the recent 
interest rate rise, tax increases, 
particularly on dometic heat- 
ing, and the aut umn budget as 
deterrents to consumers. 

At the same time, the group 
bad had a good first half, bene- 


fiting from six weeks of good 
weather which left it with very 
little in stocks to mark down. 
Gross marline improved from 
4-8 to 7.7 per cent 

“We are obviously quite 
pleased with these res ults, " he 
said. “It was always our strat- 
egy to rebuild the bottom line.” 

Interest receivable grew from 
£28.000 to £273,000, and the 
group ended the half with cash 
of £L3.7m, compared with bor- 
rowings of £2.7m previously. 

Capital expenditure rose 
from £2. 3m to £4.8m as the 
group e mb arked on a big store 
refurb ishment programme. 

Mr Miles said spending for 
the year would be as high as 
£17m, with about £9m being 
spent on 55 branches before 
the end of November. 

“We have come through, the 
recession and established a 
platform from which to move 
forward. It's nice to be able to 
do that with your own cash." 
be said. 

The group now operates 224 
stores, of which ISO feature the 
Etam and Tammy brands, an rf 
30 feature Etam. Tammy and 
Snob. Tammy «?f is children's 
wear, while Snob, which has 
beexi cut, targets younger 
women. 


While the number of stores 
is slightly lower, the selling 
space increased from 843,000 sq 
ft to 857.000 sq ft. 

Earnings per share rose from 
2p to A28p. The interim divi- 
dend is increased from L75p to 
IJSp. 

• COMMENT 

This was a sparkling set of 
interim results, well ahead of 
City expectations. But the cau 
tious trading statement was 
enough to prompt investors to 
take their profits after seeing 
the stock o u tp er form the stores 
sector by more than 20 per cent 
over the last three months. 
Etam is trying to edge up its 
maty Ti« at the sam** time as 
improving both its image and 
the quality of its goods. The 
strategy paid off in the first 
half, and the company sees fur- 
ther benefits as its refurbish- 
ment programme gathers pace. 
The dip in. sales in the first 
seven weeks of the second half 
could be merely a rogue trad- 
ing period. Forecasts have 
been upgraded to about £18m 
for this year and £2lm for 
1995-96, giving a prospective 
multiple of I3*i. This is a small 
discount to the sector and 
looks fair value. 


Withdrawal from pipelines 
puts Galliford £5.9m in red 


By Peter Pearse 

Shares in GaBiford fell by 7p to 
27p as the Midlands-based con- 
tractor and housebuilder 
revealed pre-tax losses of 
£5£8m for the year to June 30, 
against profits of £412,000 last 
time. 

Losses per share emerged at 
5.04p (earnings of 0.33p) and 
the unchanged dividend 
of OJjp maintains the total as 
lp. This is the third year run- 
ning that the dividend bag 
been paid from reserves. 

The pre-tax losses can be 
blamed on the now discontin- 
ued pipeline rehabilitation 
business. The group said that 
losses on the withdrawal from 
this activity were in line with 
those anticipated in April, 
when it decided to discontinue 


the business. 

Pipeline operating losses 
were £2 .92m. on turnover of 
£10.8m. There was. In the 
words of Mr Richard Miles, 
chains*", a frill provision of 
£3.08m against losses on con- 
tracts still being run out In 
addition costs of £339,000 were 
carried for redundancies and 
closure costs. 

Mr (fries stressed that, strip- 
ping out the discontinued 
operations, profits would have 
been 016,000, against losses of 
£516,000. 

Group turnover edged ahead 
to £219 An (£21 5.7m). 

The construction division 
incurred losses of £2-41m (prof- 
its £408,000) on turnover of 
£129m (£I26m). 

. The division is . following 
industry trends in seeking bet- 


ter margins from low-specula- 
tion development joint ven- 
tures. partnership prelects in 
the private sector and securing 
land for housing associations. 

Housebuilding lifted profits 
to £2.03m (£L5Bm) on increased 
turnover of £I1.9m (£9.03m). 
vfarg iTTg were maintained at 17 
per cent and completions 
totalled 233, up 31 per cent 
The average sale price was 
£53,480 (£53035). 

The landbank was increased 
with the acquisition of 385 
plots. The cost was undis- 
closed. but the group said it 
would not buy at prices from 
which it could not make mar- 
gins of 18 per cent 

Merchanting achieved profits 
of £447.000 Gosses £717.000) as 
turnover rose - to • £50. 3m 
(£44An). 


Singapore 
company 
gives new 
twist to'BS 

By Roland Adburgham, Wales 
and West Correspondent 

A Singapore company is 
understood to be interested in 
baying the Kerman family 
interests in BS Group, the 
property and leisure group for- 
merly known as Bristol Scotts. 

It Is the latest twist in a 
long power struggle at the 
Bristol-based company which 
led to the removal of Mr 
Anthony Kerman as chairman 
in August 

Mr Kerman, who remains a 
director, and other family 
members, control a quarter of 
the share capital. The owner- 
ship of a farther 11.5 per cent 
Is the subject of a legal dis- 
pate. 

BS, which incurred pre-tax 
losses of £246.073 in 1993, said 
yesterday it had been told by 
the Stock Exchange a “third 
party has made approaches to 
certain shareholders as a 
result of which there could be 
a change in ownership of the 
Kerman family's undisputed 
interest". 

The company said the non- 
Kerman members of the board, 
and the company’s advisers. 
Singer & Friedlander, were 
contacting the Kerman family 
“With a View to iHgenssitig this 
disposal in the best interests 
of all the shareholders". 

No response had yet been 
maito by the Kw™" family. 

Sir lan Rankin, who 
replaced Mr Kerman as chair- 
man, said be understood the 
approach had been made by a 
property-orientated company 
listed on the Singapore stock 
exchange. While be wished to 
see the Hermans' holding 
reduced and the share owner- 
ship expanded, be would not 
welcome the Singapore group 
taking too large a stake In 
case that deterred institutional 
investors. 

Sir Ian, who through a Jer- 
sey bust has an 8 per cent 
holding, added: “If the Her- 
mans were thinking of the rest 
of the shareholders, they 
would understand why we and 
the other directors wish for a 
wider shareholding." 

Mr Anthony Kerman did not 
comment yesterday. 

The shares closed at 188p, 
up 13p. 


Chime to sell cubicles 
offshoot for £1 .2m 


By Diane Summers, 

Marketing Correspondent 

Chime Communications, the 
holding company for the pub- 
lic relations business headed 
by Sir Timothy Bell, is dispos- 
ing of the last of Its non-public 
relations businesses. 

It Is selling Venesta Cubicle 
Systems for £1.2m to Venesta 
Cubicles, a newly-formed com- 
pany. The disposal is subject 


to shareholder appro vaL 

In June Chime reversed into 
Cbartweil, the cubicle and car- 
pet tile manufacturer. In Sep- 
tember it disposed of the car- 
pet tile business to a Sirdar 
subsidiary for £1.4m. 

Chime also announced in 
September the acquisition of 
Green Moon, a specialist con- 
sumer public relations com- 
pany, for tUa in a mixture 
of cash and shares. 


Dolphin Packaging edges 
ahead to £1.15m midway 


Dolphin Packaging, which 
supplies its products mainly to 
the food industry, reported 
near-static turnover and profits 
for the half year to end-June. 

On turnover marginally up 
from STULSm to m.7m pre-tax 
profits were ahead slightly 
from £L13m to £L15m. Earn- 
ings came out at 3.47p (3.42p) 
per share and the interim divi- 
dend is maintained at L7p. 

Mr Moger Wooley, chairman. 


said that raw materials costs 
had been rising at 30 to 40 per 
cent a year. These increases 
were too great to be absorbed, 
he said, and would have to be 
passed on to customers. 

Mr Wooley also announced 
he was to retire in the new 
year. The post of chairman 
would be filled by Mr Harry 
Evans, currently chief execu- 
tive, who will be succeeded by 
Mr David Marsh. 


Building from a local base 

Andrew Baxter looks at BICC’s strategy for winning work in Asia 



TACKLING 

ASIA'S 

TIGERS 


FewUKcompa- 
' nies could have 
been more 
relieved by the 
recent lifting of 
Malaysia's con- 
troversial ban 
on public con- 
tracts than 
.BICC, the 
cables and con- 
struction group. 

As a result of the ban, 
BICC's Balfour Beatty con- 
struction arm and Trafalgar 
House, its consortium partner, 
failed to win the £30m project 
m ana gement contract at the 
new Kuala Lumpur airport. 
However, Mr Ian Thomas. Bal- 
four Beatty’s director for inter- 
national business development, 
is wmfidpnt the company can 
make up lost ground. 

Even with the placing of the 
£lbn main terminal contract, 
there is as much work again 
still to be awarded, building 
everything from the runways 
to the control tower, he says. 
Then there is a planned airport 
rail link and other opportuni- 
ties in Malaysia- 
Fortunately for BICC, its 
other business, cables, was 
unaffected by the ban. The UK 
company has 40 per cent of 
Power Cables Malaysia, the 
rest of which is owned by Bum- 
iputra interests. Mr Roy Allen, 
responsible for planning how 
BICC can develop its cables 
business in Asia, says: "It is a 
model for our expansion in the 
region." 

And rapidly industrialising 
countries, such as Malaysia, 
remain crucial to BICC's Aslan 
strategy. Sales in the Asia- 
Pacific region jumped from 
£127m in 1989 to £28frn last 
year, if all of POM’S £40m sales 
are included. ^ ,, 

Mr Thomas believes Balfour 
Beatty can raise its turnover in 
the region from the EJOOm to 


£U0m achieved last year to 
£300m over the next three to 
five years. In cables, BICC 
could treble its sales tn the 
region to £50Qm by the end of 
the decade, according to Sir 
Robin Biggam, chairman. 

The two sides of BICC may 
be very different, but there is 
common sound in the need to 
have a good local presence in 
Asia. 

Up to the mid-1980s, says Mr 
Thomas, Balfour Beatty's Asia- 
Pacific business had bene fi ted 
from the UK's aid-for-trade pro- 
gramme. However, the slow- 
down in aid. along with the 
recognition that individual 
markets in the region differed 
widely. Increased the need for 
the company to “think focal" if 
it was to benefit from the 
expansion of the region’s infra- 
structure. 

S omp of the local contractors 
were just as good as Balfour 
Beatty, he says. But the UK 
company realised it had the 
extra skills needed to put 
together complex Infrastruc- 
ture projects along with local 
and Foreign partners - and in 
particular the expertise to 
exploit the region’s last-grow- 
ing market for private infra- 
structure projects. 

S o joint ventures, such as 
the successful 49 per cent 
owned Balfour Beatty 
Sakti Indonesia and the joint 
venture with the Thai Sahavi- 
riya Group, were a necessity. 
“It’s the only way to obtain 
business, and do it profitably,'’ 
says Mr Thomas. 

Over the past two to three 
years, the UK group has also 
beefed up its regional manage- 
ment The aim is to have a 
senior manager for Balfour 
Beatty in each country, to 
whom the operating subsidiary 
managers report 
So far Balfour Beatty has 


BICC 


Group atates in Asb-Padfic (Or} 
300 



stopped short of creating an 
overall business chief for Asia, 
fltthn n g fa Mr Thomas is spend- 
ing most of his time in that 
role. 

Such a move has recently 
been announced, however, in 
the sister cables business, 
which is forming a new com- 
pany , BICC Asia-Pacific Cables, 
to manage the manufacture 
and marketing of power and 
c ommuni cation cables in the 
region. The new company, 
owned jointly by BICC and 
Metal Manufactures, its 61 per 
cent owned Australian subsid- 
iary. will be based in Singapore 
under Mr Nigel Taylor, its 
managing director. 

Mr Allen, who has been 
based in London, acknowl- 
edges: “You can direct and 
give advice, but you can’t 
think Asian’ from London." 

The venture will be chaired 
by Mr Glenn Dudley, managing 
director of MM, which is pay- 
ing BICC between AJ85m and 
A$75m (£30m to £35m) for 
taking part MM, which also 
makes copper tubes and plastic 
pipes and has electrical 
wholesaling interests, has 
lifted its exports to neighbour- 


ing countries from A$20m to 
A£235m over the past five 
years. 

The link-up will enable MM 
to benefit from its UK parent’s 
longer involvement in the Asia 
region. By working together, 
the two companies will be able 
to “open iq) more fronts more 
quickly." says Mr Dudley. 

BICC is already the biggest 
exporter of cables into the 
region, but the venture’s key 
task will be to oversee the 
development of a much bigger 
manufacturing base. 

I nevitably. PCM see China 
as the biggest prospect for 
the cable business, either 
through new investment or 
co-operation with existing com- 
panies. BICC is involved in dis- 
cussions with China's Shang- 
hai Cable Works on a possible 
manufacturing joint venture. 

In Vietnam MM is taking the 
lead. It is refurbishing a small 
telecommunications cable 
plant owned by Vietnam’s 
main post and telephones com- 
pany. Payment could form part 
of the equity in a joint venture 
which Mr Dudley hopes to 
negotiate over the next 12 
months. 

Both BICC and MM see 
Indonesia as a good opportu- 
nity, and a joint venture is a 
distinc t possibility. In the Phi- 
lippines, tentative talks have 
been held with a big local 
group. 

Both men stress that 
choosing the right local part- 
ner is crucial and that they 
will not be rushed into making 
investments. “The market is 
great, but you’ve got to do ft 
right to make money,” says Mr 
Dudley - a view with which aft 
the companies “tackhng Asia’s 
tigers" would concur. 

This concludes the series. Previ- 
ous articles appeared on Augtist 
4 13. 17,23and27. 


Paper industry passes the parcel 

Deborah Hargreaves finds ample evidence of inflationary pressures 


I f Mr Kenneth Clarke, chan- 
cellor of the exchequer, 
wants proof of the pres- 
sures of inflation in the econ- 
omy he need look no further 
than the paper and packaging 
industry, where prices have 
risen by at least 30 per cent 
this year. 

Paper companies are looking 
to pass on massive increases in 
raw materials costs after a dou- 
bling of wood pulp prices to 
1700 a tonne in recent months. 
The price of waste paper, 
which is the raw material for 
many packaging grades, has 
trebled this year. 

But companies in the sector, 
which are all predicting a 
surge in income from the turn- 
around in the economic cycle, 
talk of price recovery rather 
than price increases. “These 
prices are only coming back to 
the level they were at four to 
five years ago,” says Mr Bren- 
don Smurfit at Dublin-based 
paper and packaging company 
Jefferson Smurfit. 

Pulp prices peaked at $840 a 
tonne at the top of the last 
cycle in 1990, which suggests 
that the latest round of rises 
may weft continue as supplies 
become tighter. Mon-integrated 
paper and packaging compa- 
nies must pass on these costs 
to their own customers or face 
a squeeze on margins. 

“The size of the cost 
increases have been such that, 
if the industry did not recover 
them from its customers, com- 
panies would go bust" says Mr 
David Lyon, chief executive of 
Bowater, the packaging and 
printing group. 

Some companies have been 
more successful than others in 
forcing through increases but 
most see the market heading 
upwards. Arjo Wiggins Apple- 
ton, the Anglo-French paper 
company, reported a 45 per 
emit rise In costs at its interim 
results meeting, with more 
increases in the pipeline. 

Mr Alain Sonias, chief execu- 
tive, said the fine paper market 
had been slower to accept price 
increases, but the company 
was manag ing to push through 
rises of 5-10 per cent for most 
grades this iwrmrtv 
Mr Smurfit said the recovery 
of raw materials costs had 
been “slower than we'd like, 
but it is starting to happen in 
most major markets". 

According to research by 
Barclays de Zoete Wedd. prices 



David Lyon: companies that do 
not pass on costs will go bast 

for packaging grades of paper 
- waste-based testtiner used 
for making corrugated board - 
increased by 85 per cent this 
year in France to the equiva- 
lent of £279 a tonne, and by 95 
per cent in Germany to £233 a 
tonne. 

A similar grade made from 
virgin fibre - kraftliner - rose 
by 52 per cent to £339 a tonne 
in the UK. 

Increased demand for paper 
and packaging goods is an 
important indicator of eco- 
nomic recovery - companies 
need more packaging material 
to wrap their surging ship- 
ments. Mr Lyon reckons that, 
very crudely, for every l per 
cent rise in gross domestic 
product, demand for packaging 
materials increases by 1-1.25 
per cent and for paper by 
around 2 per cent 

Mr Lyon says Bowater has 
seen demand rise by about 84 
per cent tins year. Mr Peter 
Williams, chief executive of 
David S. Smith Holdings, the 
UK paper, packag in g and office 
supplies group which produces 
waste-based packaging mate- 
rial, says European demand 
has risen by 6-7 per cent 

In the current economic 
cycle, pulp prices have risen 
more rapidly than at other 
periods as growing environ- 
mental restrictions on forest 
products, and the threat of a 
strike in British Columbia - 
one of the world’s biggest sup- 
pliers - combined to tighten 
world supply. In addition, 
changes in recycling rules in 
Germany have pushed up 
waste paper prices. 

D emand for paper and pack- 


Ataln Soulas: price of fine 
paper has been slower to rise 

a ging goods h-*»s Anally caught 
up with increased capacity 
installed by companies at the 
height of the previous boom. In 
a fiercely competitive market 
where companies are produc- 
ing a commodity product, 
many companies sought to 
hold on to market share during 
the recession by deeply dis- 
counting prices. 

P rice discounts have now 
mostly been eliminated 
and the market for most 
paper grades is set to go 
higher. Mr Soulas said the 
European market for paper 
prices in June had only recov- 
ered to the same level as in 
June 1993 after dropping in 
some cases by 25 per cent In 
the second half of last year. 
But price increases in Septem- 
ber and October bad pushed 
the market generally 7 per cent 
higher than last year, he noted. 

Price rises will soon extend 
to the newsprint sector, where 
newspapers begin annual sup- 
ply contract negotiations in 
coming months. Mr Tim Roth- 
well. paper and packaging ana- 
lyst at BZW. expects spot 
prices for newsprint to 
increase by 7-10 per cent this 
month with more rises coming 
through next year. 

The turnround in the market 
for most paper and packaging 
companies has seen share 
prices recovering from the dol- 
drums of recent years. The 
paper and packaging sector of 
the FT-SE-A All-Share index 
has risen by 14.5 per cent in 
the past year. Most observers 
believe there is considerable 
room for further advances. 


Peter Williams: producers face 
environmental restrictions 

“I don't think anyone can 
predict the cyclo accurately, 
but 1 think companies will get 
a good run until 1998 and 
maybe even 2000," says Mr 
Rothwell. Most companies are 
upbeat un the outlook for the 
next couple of years. "We are 
looking towards the whole of 
1996 as the peak of the cycle." 
says Mr Lyou. 

One problem for the industry 
Is that as soon as companies' 
fortunes start to improve, they 
are tempted to add capacity, 
which contributes to the next 
downturn. “The roller coaster 
ride over the past 20 years has 
been due to too many global 
players chasing volume," says 
Mr Rothwell. 

Mr Smurfit hopes companies 
will be more cautious about re- 
investing; "We hope the Indus- 
try has learned some of the 
lessons from the depth of the 
last recession. It wasn't a 
recession in volume terms, but 
oversupply led to deep dis- 
counting.” 

Mr Williams says the 
tougher environmental legisla- 
tion that many companies lace, 
particularly in North America, 
could discourage them from 
building new plant. 

Environmental restrictions 
are also likely to limit the 
availability of forest products 
for paper-making, and waste 
paper supplies are becoming 
tighter. These factors could, 
give the industry a better 
long-term outlook than, tt has 
enjoyed for many years. 
Tomomna Ton Burt reports an 
chemicals companies’ efforts to 
pass on sharp increases in raw 
material prices. 



per cent WDAs will be raised In the near flows Involved. 


FINANCIAL TIMES FRIDAY OCTOBER 7 IW4 


COMMODITIES AND AGRICULTURE 


Magma bid wins Peruvian copper prize 


By SaUy Bowen in Lima 


Tintaya, Peru's second biggest 
copper producer and owner of 
the country's highest-grade 
copper deposits, was sold at a 
keenly-contested auction in 
Lima yesterday. After seven 
bids were received, Tintaya 
was knocked down to Magma 
Copper of Tucson, Arizona for 
$2l8m plus $55m in Peruvian 
secondary debt paper. 

Magma's winning bid was 
just $4m ahead of its nearest 
rival Metall Mining Corpora- 
tion of Toronto. The third high- 
est offer of $19X-Bm came from 
Britain's RTZ. The minimum 
set by Peru’s privatisers was 
$60m cash, an investment com- 
mitment of $85m plus a fixed 
$55m in debt paper taken at 
face value. 

Tintaya win be Magma’s first 
operating unit outside the US. 
Company representatives at 
the sale called the mine - at 
4,100m above sea level In the 
department of Cuzco, some 400 
miles south-east of the capital 
Lima - “a wonderful opportu- 
nity”. They said the company 
was “extremely confident 
about operating in Peru”. 

The sale of Tintaya marks 
another milestone in Peru's 
aggressive privatisation pro- 
cess. It is the first time debt 
paper has been used as part of 
the purchase price. Under new 
legislation, bidders may choose 
between offering a fixed 
amount of secondary debt or a 
cash equivalent The same pro- 
cedure will be followed with 
next month’s sell-off of the 
Cajamarquilla. zinc refinery. 

Tintaya's new owner faces a 
major investment commit- 
ment, which may be well In 
excess of the minimum $85m 
over five years specified in the 








Tintaya, Peru's second biggest copper mine, will be Magma's first operating unit outside the US. 


conditions for bidding. 
Reserves in the main open-pit 
mine - where ore averages 2.04 
per cent copper - are down 
below 12m tonnes and will run 
out in around three years. 
Development of as-yet 
untouched but highly promis- 
ing surrounding deposits will 
be a matter of urgency. 

Three of these - Chabuca 
Este. Chabuca Sur and Coroc- 
cohuayco - together have 
some 56.5m proven reserves 
averaging around 22 per cent 
copper, higher than Tinataya's 
main mine in addition, Tin* 
taya has some 10m tonnes of 
oxide ore already mined and 
stockpiled ready for leaching. 

The Tintaya processing plant 
is one of Peru’s most modem 


and most ecologically sound. 
Expanded, it could serve other 
privately-owned mines in the 
same area. Water supply is 
abundant and electricity seems 
not to be a problem. 

Privatisation should bring 
happier times for Tintaya. It is 
often cited as a choice example 
of state mismanagement of a 
prime asset, having posted 
losses consistently since com- 
ing on stream in 1985. despite 
being well-designed and 
equipped. 

Next on Peru’s mining priva- 
tisation a genda is the zinc refi- 
nery of Cajamarq irilla, located 
in the province of limn and 
less than 40km from the port of 
Callao. The sale date has been 
set for November 4 and the pri- 


vatisers are asking for $40m in 
debt paper and a minimum of 
$120m in cash ($8m on signa- 
ture of contract and the 
remainder In deferred quotas). 
There is also an immediate 
investment commitment of 
$2Qul 

Cajamarquilla Is one of just 
half a dozen zinc refineries in 
the Latin American continent. 
It was constructed by Sybetra 
of Belgium at a cost of S309m 
and started operations in 1981. 
Installed capacity Is 101,500 
tonnes of refined zinc and 
under normal conditions the 
plant produces at between 90 
and 95 per cent of that 

Last year’s sales topped 
$85m, with zinc ingots account- 
ing for $70m. Cajamarquilla 


also produces up to 180,000 
tonnes of sulphuric add - 
which brought in 84.4m last 
year. 

Fourteen companies have 
prequalified for the purchase, 
two of them Peruvian 
operations that buy zinc for 
industrial transformation. The 
front runner looks to be Cana- 
da’s Cominco, which has asso- 
ciated with Marubeni of Japan. 

There is considerable scope 
for increasing local zinc refin- 
ing capacity. Peru Is the 
world's fourth largest zinc pro- 
ducer behind Canada, the for- 
mer Soviet Union and Austra- 
lia. But only a third of the 
600.000 tonnes of concentrates 
produced annually in Peru is 
refined inside the country. 

Until recently, unreliable 
electricity supply made expan- 
sion possibilities remote. Not- 
lnfrequent droughts have 
always meant unavoidable cuts 
in production. 

But under Peru's new liberal 
economic regime, privatisation 
of the energy sector is already 
under way. The new owner of 
Cajamarquilla will be free to 
contract electricity supply 
from either the recently-priva- 
tised Lima distribution system, 
or directly from a privately- 
owned and operated generating 

plan t in the h'mtwlaqd 

“This will mean a revolution 
for Cajamarquilla,” said Mr 
Carlos Malaga, the refinery's 
general manager. 

After rationalisation, which 
has halved the workforce from 
1990’s high of 1,100, Cajamar- 
quilla looks a leaner and more 
efficient operation. In 1993 pro- 
duction costs were $712 a 
tonne, with still-high energy 
costs. If zinc prices hold firm, 
next month should see another 
successful privatisation. 


UK coal undercuts 
its competitors 


By Gerard McCloakey 


An invitation issued by 
National Power of the UK for 
price quotes for 600,000 tonnes 
of imported coal has produced 
the least expected result - 
most of the tonnage has been 
won by UK producers. 

Except for six vessels 
ordered from South African 
producers, who appear to have 
priced their coal well below 
International levels, the bulk 
of the tonnage has been 
awarded either to British Coal 
or private UK miners. 

The UK prices have sur- 
prised even the National Power 
buyers with bids as low as 85p 
a gigajoule, compared with 
over £1.47 in the British Coal 
contracts with the generators. 

The success of the new UK 
coal industry in straight com- 
petition with importers has not 
been limited to the internal 
market, however. Two sales 
have been made to Finnish 
buyers, one by a private pro- 
ducer and the other by British 
CoaL The British Coal sale, of 
about 130,000 tonnes from 
Selby stocks, while priced at 
only 55.6p a gigajoule is likely 
to have been higher than BC’s 
valuation of Its 13m tonne 
stockpile. The private mine 
sale - from Coal Investments’ 
Silverdale and Hem Heath col- 
lieries - is priced even lower 
and it is diffic ult to see how it 
could have brought the opera- 
tors any meaningful return. 

That the sales have been pos- 
sible is as much an illustration 
of the imagination of the new 
coal industry as the dearth of 
coal on international markets 
and consequent strengthening 


of prices. The Finns, in particu- 
lar, have been in the market, 
having been let down badly by 
both their Russian and Polish 
suppliers and are seeking 
immediate tonnage for delivery 
ahead of a rise in carbon taxes 
in the new year. 

Elsewhere contracts been 
been signed for 1995 that see 
rise of $6 a tonne on 1994 lev- 
els. Many expect that in some 
markets these rise will prove 
to be modest In Denmark, tra- 
ditionally the graveyard for 
optimism among coal sales- 
man, rises from contracts 
struck this year at around $20 
a tonne from South Africa to 
around $30, FOB Richards Bay, 
are expected. 

The coal shortage, which 
affects coking coal as well as 
steam coal, albeit to a lesser 
extent, is unlikely to be cured 
in the short term. Strong 
d emand - in particular from 
the US, for Low sulphur South 
American coal, and from Asian 
power companies with new 
power plant coming into opera- 
tion - is not being matched by 
new supply. In Asia, too, India 
is emerging as a significant 
and totally expected buyer. 

Although it seems likely at 
the higher international price 
leveb now emerging that the 
new British Coal successor 
companies will be able to 
dump their excess stocks into 
the European market or Into 
National Power, it is difficult 
to see it as long-term business. 
A return of less than GO pence 
a gigajoule at the mine may be 
welcome as a bit of additional 
cash flow, but in terms of con- 
tinuing business it is simply 
not viable. 


Russian 
oil exports 
uprated 


By Robert Corztne 


MARKET REPORT 


Copper’s continued recovery buoys base metals 


Guatemala says it will continue EU banana fight 


By Deborah Hargreaves 


COPPER prices yesterday 
continued to claw back the 
losses recorded in last week’s 
dramatic $120 sell-off at the 
London Metal Exchange and 
this spread confidence 
throughout the market, traders 


The three months delivery 
reached $2,544 before easing 
when Southern Peru Copper 
Corporations's workers ended 
a strike. Last business was at 
$2,536 a tonne, up $13 from 
Wednesday. 

Dealers noted that copper's 


fundamentals were the most 
promising of the base metals 
with a relatively low stocks/ 
consumption ratio. 

ALUMINIUM prices were 
given an early boost by Euro- 
pean merchant demand, which 
came In when the three 


months price dipped to $1,640 a 
tonne, and this soon saw the 
market nudging against 
Wednesday's resistance around 
$1,650. But again the barrier 
held and the price drifted back 
to $1,647, up $7. 

Compiled from Renters 


Guatemala said yesterday It 
would step up pressure for the 
repeal of the European Union's 
brnxana import regime follow- 
ing the European Court’s rejec- 
tion of a challenge by Germany 
on Wednesday. 

“This action by the court 


reinforces our resolve to pur- 
sue every available option 
under international law." said 
Mr Claudio Riedel Telge, 
ambassador in Brussels. 

He said Guatemala was pre- 
pared to complain again to the 
World Trade Organisation 
under its strengthened rules on 
dispute settlement. Two dis- 


pute panels under the General 
Agreement on Tariffs and 
Trade have already upheld 
complaints about the EU's 
banana rules. 

In March, the European 
Commission settled the dis- 
putes by agreeing to increase 
tariff-free import quotas for 
Latin American bananas to 


2.1m tonnes. But Guatemala 
refused to accept the settle- 
ment, which has not been for- 
mally adopted by the EU coun- 
cil of ministers. 

Germany has lodged an addi- 
tional legal challenge with the 
European court disputing the 
commission's authority to 
negotiate the deal. 


COMMODITIES PRICES 


BASE METALS 


LONDON METAL EXCHANGE 

(Prices from Amalgamated Metal Trattng) 

■ ALUMINIUM, 89-7 PURITY (S pg tonne) 


Precious Metals continued 

■ GOLD COM EX (100 Thjy at; Stony at) 


GRAINS AND OIL SEEDS 

■ WICAT LCE (E per tonne) 



Oath 

3 roths 

Clow 

16245-9.5 

16*7-0 

Previous 

1625.5-46 

1646-6 

WfltVtow 

1031 

1652/1040 

AM ondai 

1631-1.5 

105O4X6 

KertJ daw 


1647-0 

Open Ini 

252,824 


Total dafly turnover 

53JJ70 


■ ALUMINIUM ALLOY (5 par tonne) 


Ctow 

1660-70 

1683-6 

Previous 

1650-3 

1070-4 

HOMow 


16B3/168Q 

AM Official 

1060-70 

1680-6 

K#rt> dow 


1080-5 

Open tat 

4020 


Total dally turnover 

229 


■ LEAD p par tome) 



Ctosa 

027.5-8L5 

042-3 

Previous 

626.S-9-G 

643-4 

HJgtl/tow 

633 

045/041 

AM Offldd 

632-3 

6445-5 

Mtrt> dow 


044-5 

Open Int 

41,903 


Total daAy turnover 

9,543 


■ NICKEL (S per tonne) 


Oom 

0560-90 

6080-00 

Previous 

6455-05 

058O-6 

HghAow 

6560(9560 

6720/6550 

AM Official 

8580-1 

0685-00 

Kerb dow 


8710-20 

Open InL 

60005 


Total dally turnover 

16.502 


■ TIN (t per tome] 



Ctow 

&3ao-5 

6*60-5 

Previous 

6380-90 

5405-70 

HtgtVtow 


5490(5460 

AM Official 

5390-400 

5475-00 

Kerb dow 


5485-90 

Open mt 

15528 


Total duty turnover 

4,487 


■ ZINC, apectal Wgft grade (S per tonne) 

Ctow 

1052.5-3.5 

1074-6 

Previous 

1040-1 

1063-4 

Hlgh/kw 

1031/1050 

1070/1058 

AM Official 

1050JH.5 

1071-2 

Kart) ctow 


1071-2 

Open inL 

94297 


Total dafly turnover 
■ COPPER, grata A 

22.681 
(S per tonne) 


Oom 

2540-1 

2537-8 

PrevkJum 

2529-30 

2529-30 

HgtVIow 

2543(2540 

2544/2513 

AM Official 

2542-3 

2538-9 

Kerb dose 


2535-6 

Open InL 

223.794 


Total daRy turnover 

69,632 


■ LME AM Offltota C/S rate: 1J58S1 



Sell Day's Opes 

price dmge Ugh low tot VaL 

Oct 3982 - 3914 3905 190 45 

BO* 3834 -01 - - - - 

DCS 395.1 -01 3854 383.8114444 31,848 

M 3984 . -0.1 3984 397. B 1*988 737 

Apr 402.0 -01 402.0 4014 7,173 58 

JDQ 405.7 -01 4054 4047 10438 238 

TOW 187427 33J51 

■ PLATMJM NYMEX [50 Troy ot; Stooy at) 

OCt 4194 -24 422.0 4200 430 52 

JH 4244 -2.0 4284 4244 19435 3481 

Apr 4204 -1.7 4305 4274 2497 17 

Jta 4314 -1.7 - -512 1 

Oct 4344 -1.7 4305 4305 335 

TOW 23409 3481 

■ PALLADIUM NYMEX (1 DO Trey az^ Stooy ozj 

Dec 15540 +010 1E025 15540 4447 155 

mt 15020 4010 15740 15075 U53 7 

JM 15740 4-0.10 152 

TBW 0452 182 

■ SILVER COMEX (100 Troy ot; Centatooy at) 

Oct 5614 +U 5804 5584 1 4 

Bo* 5644 *14 

Dec 5654 *14 5684 5614 96462 19471 

Jon 569.1 +-U - - 44 

Mw 5754 +1.4 5764 9700 10474 372 

May 581.7 +-M - - 4484 12 

TeW 125428 20481 



sea 

Itart 



(ta« 



pitta 

ebange 

M* 

Law 

tat 

vu 

No* 

105.05 

-0.05 

10525 

105-00 

2.181 

106 

Jaa 

107.35 

-0-25 

107.48 

107.40 

1,337 

20 

liar 

itasn 

-025 

109-50 

10350 

1.437 

2 

Hay 

111X0 

-025 

11125 

111.65 

1.421 

62 

M 

11146 

-040 

11325 

113.65 

262 

6 

Sap 

97i« 

- 


• 

36 

• 

Total 





7243 

196 

■ WHEAT CBT (5,000bu mln; oerm/SOb bueheQ 

Deo 

407/4 

- 

407(6 

404(0 47226 13.128 

Mar 

415(0 

-1(2 

415(4 

412/0 21,261 

4.465 

**■7 

389(0 

-2(4 

391/D 

367/0 

2346 

880 

Jid 

354/4 

-2(6 

355(2 

351/6 

A550 

1,557 

Sep 

3sa« 

-in 

358/0 

356(2 

165 

45 

Dec 

367/0 

-1/0 

36am 

366/0 

86 

18 

TQW 





78^44 20(093 

■ MAIZE COT (5,000 bu min; conta/56lb busfwd 

Dec 

215(6 

-2 10 

216/0 

214/2 134233 19204 

Mar 

22M) 

-2/4 

228/6 

224/2 

43.744 

4230 

**W 

232C 

■aa 

233® 

23MB 20297 

1.403 

M 

237/4 

-3/4 

23M5 

237/D 21.640 

3200 

Sep 

242(2 

-3(2 

2430 

242(0 

1.606 

120 

Deo 

248/2 

-1(4 

248/4 

24/flJ 

8.150 

1264 

TaW 




239(097 30fiia 

■ BARLEY LCE (E par torma) 



Nor 

10120 

-1X25 

10325 

10325 

448 

23 

Jae 

105k40 

■025 

10655 

JO5.40 

389 

7 

Mar 

107-35 

-040 

. 

* 

125 

. 

May 

100-05 

- 

- 

- 

46 

- 

S*P 

94m 

* 

. 

- 

: 

. 

No* 

9580 

- 

- 

- 

- 

- 

TPM 





IjOOS 

36 


SOFTS 

■ COGOA LCE (JVtorme) 


MEAT AND LIVESTOCK 

■ LIVE CATHlE Ct4E(40400n»; cantata) 


CROSSWORD 

No. 8,578 Set by HIGHLANDER 


Sen Day’s Open 

pita dongs Ugb Law tot Val 
944 +1 953 938 25481 2,731 

960 +1 987 975 38441 2464 

993 +4 999 BS7 12472 528 

1008 45 1008 IDO) 9430 590 

1018 +3 1024 1015 9490 658 

1039 +1 1042 1033 8479 1463 

108464 7410 


Sett Day's OpM ' ' 

Orica dungs Hgb Low M tort 

87.800 +0.100 87475 67450 15440 6442 
G8.725 +O2D0 68475 68400 23491 8,489 

87.729 +0.200 67400 67475 14459 2480 
68.175 +0.025 68400 B7J75 10459 1409 
84475 -0-125 65400 64475 2441 229 
94400 -0.400 84,475 64.T75 1.184 76 


67439 17434 


■ COCOA CSCE (10 tonnes; Stoxwaa) 
Dae 1274 +11 1283 126® 37 


■ LIVE HOPS CME (■WyXWbs; canuAba) 


Dae 1Z74 +11 1283 1268 3741814473 

Mar 1323 +5 1333 1320 20469 744S 

May 1352 +8 1363 1354 6463 720 

JM 1383 -7 1390 1383 2430 188 

Sop 1413 +7 - - 148 i 

DSC 1435 +7 1439 1439 4464 9 

Total 7741023489 

■ cocoa poop) gngwwwai 

Oct 5 Price PiscOay 

Dally 97BJB 99155 


34429 +0275 34.700 334S 3418 1,783 

35425 +0.475 35400 35.100 15425 3423 

37425 +0.450 37450 37.125 8498 1410 

37460 +0400 37700 37400 3402 fJS 

43475 +0475 43.150 42400 1461 138 

42450 +0450 42450 41400 240 38 

30,789 8,729 


■ PORK BELLIES CME ftO.QOOttw; centa/Ibs) 


■ COFFEE LCE (SAnnne) 


Nov 

3869 

-38 

3960 

3865 

9.731 

822 

Jan 

3843 

-27 

3920 

3635 

14J72 1,927 

Mar 

3763 

-22 

3820 

3745 

7,806 

592 

«»y 

3730 

-35 

3790 

3720 

2L518 

350 

JM 

3710 

-25 

3766 

3715 

1268 

29 

Sap 

3990 

-33 

3710 

3710 

38 

05 

THU 





38231 3205 


40.560 +2400 4O500 30550 8,414 1490 

40425 +4400 40.825 38450 883 1S2 

41450 +2400 41450 39400 237 20 

42450 +2400 42450 41400 232 34 

41J00 +2400 41400 39450 49 1 

8795 2.148 


LONDON TRADED OPTIONS 

Strike price S tame — Cans Puts — 


■ COFFEE ‘C- CSCE P7400i»; centaflbs) 


ENERGY 

■ CHUDE Oil. NYMEX (42.000 US gaBs. SfeamoQ 


LAC Ctoafaig Ett rate 14BB7 

Spot 14881 3 mDKl.5868 8 00:14829 9 00:14780 
■ HK1H QHADE COPPER (COMBO 




Oart 



Open 



Eton change 


kn* 

ha 

VU 

Oat 

113.00 

+0.50 

118.65 

11848 

2259 

214 

Nw 

! 1395 

♦445 

11720 117.10 

1236 

282 

Dec 

11335 

+445 

11720 

11025 39,459 

7,723 

J*n 

115.65 

+436 

1162S 

115.85 

631 

47 

Fatj 

115J5 

+0.46 

• 

- 

438 

12 

tar 

TaW 

114.75 

+445 

115.25 

11460 

5285 

BL6/8 

1,010 

9,740 


PRECIOUS METALS 



Latest 

Dart 


0(teB 



Price 

eftaaga 

Hgn 

lot* tat 

Vot 

NO* 

1819 

+0.18 

I8LZ3 

1800 78637 37.378 

Dec 

1831 

+0.17 

1834 

1813 80,119 

18077 

Jan 

1838 

+8.14 

18-43 

1822 52,489 

12.103 

Fab 

1838 

+0.10 

1842 

1837 23488 

8793 

M ar 

1841 

+4X10 

1841 

1839 312 75 

1931 


1841 

+4X09 

1841 

1838 I8JB9 

12M 

Total 




418597 82.979 

■ CR 

uoeofl. 

1PE CSC 

barrel) 




Latest 

Dart 


Open 



Price 

dunga 

Mgb 

Ian lot 

IM 

Nw 

16.96 

+0.19 

1896 

1878 BUM 

19,453 

See 

17-05 

+4X18 

1757 

(889 53JH9 

(1^24 

An 

17.11 

+4X17 

17.12 

16.96 21.152 

3,061 

Feb 

17.10 

+4X16 

17.10 

17.01 8546 

2,133 

Mar 

17-JOZ 

+0.13 

1705 

17J00 7,901 

550 

V 

17.00 

+4U» 

>7.09 

17-00 3,162 

UM 

Total 




168A44 38709 

to HEATING O0. NYMEX (42,000 US p&L c/US grita) 


LttaH 

nart 


Q» 



pita 

ctonge 

Mtfi 

low tat 

Vo! 

NO* 

50.35 

+0.40 

5050 

49 JO 38926 10,111 

Dac 

51 JO 

+4X33 

31.45 

50JS 42,734 

8679 

Jan 

52.10 

+4X23 

52JO 

51 JO 31563 

2J17 

Fen 

62.75 

+4L33 

52.75 

5255 18155 

1569 

Mar 

SL50 

+4X30 

52.66 

5250 12,771 

B17 

*pr 

52.10 

+4X48 

52.10 

51.70 4,643 

361 

tom 




1783TB 28414 

■ GAS OIL n Wtanoe) 




Satt 

oart 


Open 



pries 

eftange 


low tat 

Vo) 

Oct 

154.60 

+1.75 

155/M 

15850 27,141 

4885 

tow 

157 DO 

+100 

157.25 15800 25578 

4J03 

Dec 

15am 

+1.76 

15025 

158.00 21599 

1,683 

JM 

10050 

+1.50 160.75 159.75 15,490 

1.429 

Feb 

16155 

♦1.25 

10150 

160 50 0.049 

533 

Mar 

161 2S 

+1.25 

16135 

18875 5,939 

159 

Total 




111,140 

185B4 


■ SOYABEANS CBT BJOfflw mjn; cenMBOB taM) 

Mw 531/0 -30 531/B 5200 79402 201089 

Jan 541/4 -3/6 542/4 S4&2 24,362 3488 

Mw 551A -4/0 552(0 550(4 15431 8W2 

May 560(4 -3(4 561(0 55«Z 7487 1,294 

JM 567/4 -4/4 58841 556(0 13 791 1,011 

AW 56916 -SO 572(4 S89rt 397 17 

Total 141487 29438 

■ SOYABEAN OIL pgr (BO.OOabs: centa<Hi) 

Oct 2448 +0.11 2440 24.20 9495 2418 

Dec 2348 +0.04 2349 2342 38458 12453 

Jan 2348 -0.14 23.40 23.18 10.193 2454 

Mtf 23.19 -0.19 2343 2246 10,991 2443 

May 2348 -0.16 2112 2248 8468 1.754 

M 2294 -0.16 2348 22.76 5,733 1,457 

TaW 84488 30/01 

■ SOYABEAN MEAL CBT (100 tons; 

Oct 160.1 -04 1005 1594 4487 2,068 

Dm 161.1 -14 1814 1814 *5,650 7470 

Jan 1627 -1.7 1614 1824 1447S 1,481 

Mar 1654 -14 166.3 1654 12362 14» 

May 1684 -14 1894 1884 7409 415 

Jld 1724 -14 1727 1714 5464 42D 

Total 90438 13,158 

■ POTATOES LCE (E/torme| 

HO* 150.0 

Mar 1050 

Apr 2184 -4.7 2214 2184 T446 104 

May 2384 

Jon 1074 

ToM 1,246 104 


20575 -A30 21225 20840 20471 7440 

21030 -9.15 21740 20945 9.815 3.409 

21840 -640 218.00 21540 4433 826 

21845 -640 22045 21845 1438 389 

21740 400 - - 791 359 

21740 -640 - 841 86 

37,17812488 


■ COFFEE (ICO) (US centafoound) 


Oct 8 Prin Pra*. day 

Comp, dally 20040 19942 

15 Ay tmraga 203.47 20343 

■ Ho7 PREMIUM RAW SUGAR LCE (genta/lba) 

Jan 1142 

Mar 1248 - - - 90 

Hay 1278 

Total 90 

■ WHITE SUGAR LCE (Montis) 

DSC 329.40 +040 330.30 32940 3,711 237 

Mar 329.70 +OA0 33040 32870 7424 285 

May 32940 +0.40 33070 329.70 1,485 161 

Aug 32940 +040 33070 32940 1.433 217 

Oct 31140 +0.40 - 401 

Dae 31240 +0.40 4 

Total 14458 880 


(89.798) LME 

1600 

1625 

1650 

M COPPER 
(Grade A) LME 

2600 

own i 

2600 L-~ — 

■ COFFEE LCE 

3800 

3650 I—II 

3700 

■ COCOA LCE 

973 

1000 

1050 HI HHH ." 

■ BRB4T CRUDE 1PE 

1080 

1700 

1750 


Nov Feb 
66 98 

42 as 
30 73 


Nov Fed] 
18 49 

28 69 

40 72 



Nov Fab 
72 114 

47 91 

28 71 

Nov Jan 
284 380 

242 350 

203 321 
Dec Mar 
22 70 

IS 66 

7 42 

Nov Dec 
S4 05 
21 59 

7 . 43 


Nov Feb 
38 89 

62 114 

X 144 
Nov Jan 
15 137 


23 157 

34 178 


Dee Mar 
S3 85 


71 T9 
113 112 


Nov Dec 
12 38 

32 62 

72 94 


LONDON SPOT MARKETS 

■ CRUDE OIL FOB (per baml/Nov) +or 


■ SUGAR II 1 CSCE |112400tt>8; cantata) 


1841 -004 iZM 1279 97,18021760 

12.44 -005 12JS1 12.43 10945 2,040 

1234 4X04 12.40 1236 11,427 462 

12D9 4X05 12.16 1212 9,100 108 

1172 -CM 1133 11.72 1.406 iffi 

11.72 4LD4 4 

130052 2&972 


Dubd Si 5.86-6.931 +034 

Brent Bland (dated) $1666-0.63 +021 

Brant Stand (Nov) $1&S6-&S7t +4X2i 

W.TJ. (1pm art) Sl8£6-&27t +4X30 

■ OIL PRODUCTS NWE prompt deBvwy OF (tonne# 


M COTTON NYCE (SOJXHbK centa/Ibs} 


■ FRQGHT (HFFEX) LCE (SlQflndex ptartQ 


Oct 

8/38 

+OS3 

6750 

87m 

220 

37 

Oct 

1806 

+20 

1810 

1790 

605 

31 

Dec 

67 JB 

+030 

6758 

67.18 27.577 8,622 

Ha* 

1778 

♦8 

1790 

1770 

380 

83 

Her 

69.05 

+032 

69-38 

6085 

11^89 

772 

OK 

1773 

*1B 

1780 

1790 

36 

54 

mt 

71X25 

+4X32 

7050 

BOOS 

8479 

411 

Jen 

1710 

+11 

1715 

1705 

1JM1 

157 

Jul 

71.10 

+022 

71.40 

7080 

8963 

249 


1690 

- 

1685 

1695 

504 

10 

Oct 

E&JtS 

+020 

88.98 

60.75 

638 

1 

Jol 

1483 

-7 

1496 

nos 

109 

5 

Total 





51(990 6,132 


Premium GasoBne 
Gas 08 
Heavy Fuel OR 
Naphtha 
Jet fbd 
Diesel 


$171-174 
Si 58-160 
885-87 
S1S4-16S 
SI 79-181 
S161-103 


AWoUum Ajjua. Tat tendon (07 1) 098 8732 
■ OTHER 


Ctaa Prav 
1123 1893 


ORAffSE JUICE NYCE (fSjxnbs; cantata) 


M LONDON BULLION MARKET 
(Prices auppMad by N M flothachid) 

Gold (Troy at) S pries 

CKMS 391.60-332.00 

Operang 391.754392.15 

Morning fbt 391.00 

Afternoon ft* 392.00 

Day's Htgn 392.10-39250 

Day's Low 390.90-391 JO 

ftmtoua CfcS* 38250^82.90 


■ NATURAL GAS HTMEX (10.000 mnfi&L; S/frmBtuJ 


Gold (Troy oz.) 
CK»S 

Opsrwig 

Morning fix 
Afternoon ft* 
Day's High 
Day's Low 
Previous C»» 
Loco Ldn Mean 

1 month ....... — 

2 months . 

3 months 

SSwr Pfc 
Soot 

3 months 
6 months 
1 ysnr 
OeM Coins 
Krugerrand • 
Maple Lee! 

New Sovereign 


Latest Dart 

price change Mgfe Law 
1646 4X018 18^ 1*40 
1958 -0013 1070 1045 
2050 -0006 2080 2040 
1090 -0.001 2000 1.990 
1.942 +0002 1050 1043 
1O10 +0002 1J06 1005 


Open 

tot vu 


Mm 

91.10 

■025 

9220 

9025 

82« 

982 

Jan 

94.45 

4X25 

0550 

9175 

8352 1,030 

Mar 

97. 70 

■0.70 

36.70 

97.10 

4wS» 

305 

Hay 

101.50 

4X25 

102.10 

101ZS 

1,148 

33 

JM 

104JO 

-0.45 

105-40 1044S 

618 

S 

Rep 

107 JO 

-0.45 

10850 

10800 

205 

18 

TWal 





2897V 8373 


28,754 8,491 
29014 1,740 
18370 1.441 
14.884 505 

11026 508 

7.082 84 

1601872 147*3 


Ohrid Lencflng Rotes (Vs USS) 

4.60 6 months .4.97 

*„AJB7 12 months 507 

,-AB1 


■ UNLEADED GASOUNE 
H1MX (42000 U3gttv:c(US gam 


ptooy oi US ds aquiv. 


352.76 
367.60 
36375 
377.00 
8 price 
394-397 
402.95~40S.4S 
92-85 


LettN n*r* Op m 

Brice cbngn M^i Lew tat Vd 

4500 +0.14 46-25 46.75 27^86 13030 

55.35 +423 5500 55.10 15,194 8029 

55.10 +435 55.15 5405 14055 3045 

55-30 +0J0 5430 5530 4.794 733 

5500 - - - 1088 335 

59.40 -410 54X40 5830 3,446 230 

68O07 24470 


The wool market 9*3 week IrwBned easier 
again, but than was variation between catego- 
ries Fine Merinos opened steaetty. then prices 
Ml away, lowing the 19 micron Indkatnr at 
1463 cento, competed with 1541 a week ago 
and a recent peak of 1620. The overall Eastern 
sums martoat indteator closed at 735. com- 
pared with 75S a week before and a recant 
peak of 835c/kg. New Zealand aid South 
African sates showed a roughly sfenftar pattern. 
7Tw market ttdxKk Is seen as providing a 
buying opportunity tar those with longer term 
needs to cover, but ftde now business appears 
to have been attracted so tar. UncandWfes 
related to the wider wJrfd «o n amfc HvjsOon 
play a pert to buyers' caution. 


VOLUME DATA 

Open interest and Volume data shown tar 
c omacia traded on COMEX, NYMEX CBT, 
NYCE, CME wid CSCE are one day In arrears. 


INDICES 

M REUTERS (Sasa: 1BC3r31<»1tt» 

Oct 8 Oct 5 month ago year ago 
20943 2006.9 2089.1 15743 

■ CRB Futreea Pass; 1907-100) 

Oct 9 Oct 4 mum ago year ago 
22936 23428 234.23 21733 


Odd (per troy 02)* 
SBvw (per troy oz)f 
Ptednum (per trey ozj 
PaDatfiiiti (per troy at) 

Copper (US prod.) 

Lead (US prod) 

7oi (Kuata Lumpul 
Tin (New York) 

CaUeOhm welghQt 
Sheep (live walght)t4 
Ptga Pwi weight) 

Lon. day sugar (tow) 
Lon. day sugar pvta) 
Tata A lyta tarpon 
Bertay (Eng. teed) 

Maize (US N03 Yeoow) 
Wheat (US Dark North) 
Rubber (Nov}¥ 

Ritabw (DedV 
Rubber (XL RSSNolJti) 
Coconut 08 (PT*0§ 

Palm OO (Maby.Hi 
Copra (Ptiqf 
Soyabeans (US) 

Cotton OuBoowa 1 mdex 
wooiww (64fl Super) 


ACROSS 

i Important to subscribe If I'm 
□ot able to (U) 

7 Starts to regret ignoring bro- 
ken bone (3) 

9 A quarter after twelve and 
not a single person (2-3) 

10 Easy time playing the fool (9) 

11 In bed. poorly - no one to go 
over old French dance (9) 

12 Small birds make tracks (5) 

13 Possible source of mutton 
served on fine china with 
stuffing (7) 

16 Variety of sugar beet, so to 
speak (4) 

18 Strfp of sand? You could put 
odds on it (4) 

20 He dispenses with science, 
missing the line at the end (7) 

23 Curve in road; head off with 
warning light <5) 

24 Check strength and provide 
supplementary resources (9) 

28 In favour of joining together 
to make a plentiful supply (9) 

27 Revolutionary feature of pow- 
erful transformer (5) 

28 Street without a bar (3) 

29 Language increased by 
description of typical national 
beauty (7,4) 

DOWN 

1 Safe to go round in Europe 
with cushy job? (8) 

2 Pleasure-seeking but well-be- 
haved age (4-4) 

3 Best one has wood under- 

neath (5) 

4 Bowling technique all the 
rage with southern side (7) 


5 Is able in the morning with 
the French to go over calen- 
dar (7) 

6 Permissible variation possibly 
not clear to English (9) 

7 For sale note on rear section 
( 6 ) 

8 Boycott gets his off drive 
away (6) 

14 Bring in a French hound (9) 

16 Bitter drunk; look round for 
words set to music (8) 

17 Sea egret wanders into ship- 
board accommodation (8) 

19 Going off the bend (7) 

20 Church start to inveigh 
against drink (7) 

21 Smart salesman has to tramp 
all over (6) 

22 Over the sea or a navigable 
lake (6) 

25 Even with plenty of money 
there’s only one suit in it (5) 


Solution 8,577 


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Ranram. f BuUen nwM eta* A 9w*p (LNm VM*drt 
ptaA Ounga on m ak O fVtsc mm tor pravtaus any. 



inpds 


Recent Russian oil exports 
have continued to grow more 
strongly tlian previously fore- 
cast. according to the Interna- 
tional Energy Agency in Paris. 

In its monthly oil market 
report published yesterday the 
agenev estimated that August 
exports from the former Soviet 
Union were 2.59m barrels a 
day, compared with an earlier 
forecast of 2.32m. September 
exports are thought to have 
declined slightly, to 2J2m fa/d. 

The IEA also lifted its Toro 
cast for fourth quarter Russian 
exports to 2m b/d. 100,000 more 
than its earlier estimate. Win- 
ter storms in the Baltic and the 
Black Sea often hamper tanker 
loading operations at that 
time. But it expected a slight 
rise in exports because of low 
domestic demand, the need for 
hard, currency and the prospect 
that joint ventures between 
western and Russian oil com- 
panies would be more success- 
ful in getting export licenses. 

The fourth quarter estimate 
for output from the UK and 
Norwegian sectors of the North 
Sea is also raised to a total of 
6m b/d. The continuing surge 
in North Sea production is the 
main factor behind the lEA's 
forecast that fourth quarter 
output from countries outside 
the Organisation of Petroleum 
Exporting Countries will be 
42m b/d, up l.lm from the 
third quarter. 

It put Opec output at 25m b / 
d. above its 24.52m b/d ceiling, 
due largely to a recovery in 
Nigeria following the end of 
the oil workers' strike. 


jffjrm 


(Head 0 


fsiiros 


r.- J- i ■ '■ *■ n- 


' 9 





FINANCIAL TIMES FRIDAY OCTOBER 7 1994 



; i: .. . 



l ISsi »n 
‘Ml (‘\ h 

i. 


► - 1 , 


1 U 




LONDON STOCK EXCHANGE 


market REPom- 


Bonds lead equities to successful recovery 

Rw Tam 


By Terry Byland, 

UK Stock Market Editor 

More favourable news on economic 
progress, reflected in firmer bond 
prices, encouraged a rally in tie UK 
stock market yesterday. A steadier 
“Pining to the new session on Wall 
Street confirmed London’s improve- 
ment and the FT-SE lOtKshare Tnrw 
climbed 28.1 to close at 25B4.4, tak- 
ing it once again into what has been 
seen as a support zone. 

However, traders hastened to 
point out that the real test of the 

market’s confidence will come this 
afternoon when the DS payroll and 
unemployment data will flash 

across the trading screens. 

Equities took their lead early 
from an improvement in British 
government bonds, which had stood 
up better to the shocks that upset 


equities in the previous session. 
Stock index futures were also in a 
more positive mode. 

The rally was extended an the 
news that HE mamifaetnring out- 
put bad (Upped by 0.3 per cent in 
August, a welcome indi/grinn to the 
equity market of reduced amnnmte 
pressure for a further rise in HE 
base rates. The Footsie quickly 
extended its early gain to around 30 
points, recapturing the 238a area 
whose loss added to the general woe 
in the previous session. 

Interest then slackened off ™hi 
W all Street opened, and even th**n a 
dip of 2 l 69 in the Dow during Lon- 
don hours left the HE market with 
little to go for. Hie Footsie dr^pd 
just below the day's best and stock 
index futures were still at a dis- 
count to the fair value premium, 
which allows for carrying costs and 


dividend flow on the shares in the 
contract 

Trading volume of 579.7m shar es 
through the Seaq network remained 
moderate, compared with 517.1m on 
Wednesday, when retail business 
was worth a respectable £1.41 bn. 

Some trading houses ciaimM to 
have scented a more optimistic 
mood in New York ahead of today's 
publication of tbe September pay- 
roll figures. These was no wish to 
take large share positions, and trad- 
ers remained very wary of the sav- 
age foils recorded in tbe market this 
week. However, suggestions that 
some marketmakers bad been seri- 
ously hurt were believed to be exag- 
gerated. 

Market strategists have been 
favourably impressed by the rela- 
tive steadiness in bonds this week 
and believe that this may be laying 


tbe foundations for a genuine recov- 
ery in the stock market However, 
the renewed optimism towards base 
rate prospects which followed 
release yesterday of the August 
manufacturing output data would 
be unlikely to survive any negative 
news on employment numbers from 
the US today. 

Most of the gains in share prices 
yesterday could be ascribed purely 
to technical recovery from the set- 
back on Wednesday. Marketmaking 
firms were content to mark prices 
higher on fairly thin demand, 
but were not actively in search 
of stock. 

Views on prospects for the Lon- 
don market towards the end of tbe 
year remained very mixed. Some 
chartists warned that if the Footsie 
proves tmable to hold at its present 
levels, it could find itself unsup- 


FT-SE-A AD -Share Index 


1.650 - 


ported - “right down to 2300," 
according to one of the more pessi- 
mistic commentators. However, the 
market appeared significantly more 
calm at last night's close and trad- 
ers hoped tbat if today's US data 
can be taken aboard safely, then a 
more genuine recovery in share 
prices may set in. 

Fle m ings, the London-based secu- 
rities house, believes that, provided 
that base rates remain unchanged 
until tbe new year and the Novem- 
ber Budget reveals significant 
reductions in spending pro- 
grammes. then the end of December 
could bring a rally in both equities 
and government bonds. But it 
expects consumer spending power 
to remain squeezed, with margin 
stagnation continuing to be a 
problem for many leading UK com- 
panies. 



■ Key Indicators 
Indices and ratios 

FT-SE 100 2984.4 +28.1 

FT-SE Mid 250 3445.5 +16.3 

FT-SE-A 350 1500.2 +12.5 

FT-SE-A A0-S5afB 1489.09 +11.27 

FT-SE-A All-Share yield 4.04 (4.07) 

Bast performing sectors 

1 Water +2.8 

2 Insurance * 1.8 

3 Telecommunications *1.7 

4 Tobacco — *1.6 

5 UaiiMS +1.S 


Equity Shares Traded 

Turnover by volume (muuon). ExttnSng: 
tan a-marhet busmen and overseas axnover 
1.000 



FT Ordinary index 2308.1 +21 2 

FT-SE-A Non Fins p/e 18.32 H8.17) 

FT-SE 1 00 Fia Dec 2996-0 +22 0 

10 yr GUI yield 8.91 (8.991 

Long gitt/equlty yld ratio: 2.21 (2.21) 

Worst performing sector* 

1 BUkfcng Mans & Merch -0.9 

2 04 Exploration & Prod -0.3 

3 Other Financial -0.3 

4 FT-SE SnvaCap o* <T - -0.2 

5 FT-SE SmallCap - -0.2 



BT firm 
^ ahead of 
figures 

A shift to perceived high 
quality defensive stocks con- 
tinued yesterday, with BT once 
again high on the buying list of 
institutions seeking good 
yields and strong poten tial 
dividend growth against the 
market 

BT shares settled 9 firmer at 
372V4p on relatively high turn- 
over of 13m as more telecoms 
analysts appreciated the com- 


pany’s fundamental strengths, 
and following a series of meet- 
ings with the telerams giant 
Much of the buying interest 
was said to have emanated 
from the US. 

The company is srfipriniod to 
announce second-quarter fig- 
ures on November 10, with 
analysts looking for pre-tax 
profits in excess of £70Qm, a 
dividend increase of 6 per cent- 
plus and good news on inland 
call volumes. 

Scottish rumours 

Among brewers, Scottish & 
Newcastle hardened 3 to 482p 
amid speculation that the 
group was in talks to buy the 


freehold of 320 public houses 
that it acquired last year 
through its purchase of the 
Chef & Brewer chain from 
Grand Metropolitan. The lease- 
hold is currently held by TFT. , a 
joint venture between Foster’s 
and GranrfMet- 

Spirits and wines group 
Grand Metropolitan rose 5 to 
403p as several brokers issued 
buy recommendations. The list 
included Goldman Sanhs and 
Kleinwort Benson, which said: 
“The power of the group’s 
generation and the improving 
quality of profits will increas- 
ingly be appreciated as reas- 
surance builds steadily." 

Eurotunnel stood out among 
improving transport shares. 


shedding 5 to 253p as stories 
about a large overhang of 
stock forced sentiment to take 
a negative turn. 

Bombardier, the Canadian 
group which has supplied 
Eurotunnel with rolling stock 
and taken shares as payment, 
is said to be a po tential seller 
of 29m shares. 

With Eurotunnel moving 
rapidly towards full opera- 
tional running, sending more 
than ioo trains daily under the 
Channel, the C anadian com- 
pany has the option to cash in 
its stake. 

The shares, some 3 per cent 
of the company’s equity, are 
worth around £ 73m. 

Confirmation that BSkyB, 


EQUITY FUTURES AND OPTIONS TRADING 


TRADING VOLUME 



banana tM 

* 


— ra— . - - ■■■ !) 

3 CSSWGRD 

!.i W.M'R 



Following the improved tone 
on Wall Street, stock index 
futures moved steadily 
upwards to recover around half 
of the previous session's 


savage fosses, writes Jeffrey 
Brown. 

The FT-SE 100 December 
contract was 22 points higher 
at 2,996 at the official 4.10pm 


dose, and in later trading it 
clawed Its way back to the 
3,000 level. 

At the official dose the 
premium to the cash market 
was 11.6 points, with the fair 
value premium standing at 
17.5 points. 

Traders described the upturn 
as a technical bounce but said 
trading contained a number of 
more positive points, notably a 
return of a limited amount of 
Institutional business. 

One trader said there was 
"good quality” buying at times 
during the session. Institutions 
have been absent from the 
stock index futures market for 
nearly two months. 

Trading volume was 
relatively low, however, with 
12,154 contracts, compared to 
17,815 on Wednesday. The 
December contract continues 
to track Wall Street 

Reduced turnover was also a 
feature of traded options, with 
39,117 lots dealt against 
46,199 a day Barter. FT-SE 
and Euro FT-SE volume 
accounted for 25,179 lots. 

Glaxo was the the most 
heavily traded indhriduaJ stock 
option with 4,227 contracts. 

BP and British Airways were 
also active options. 


■ FT-SE 100 INDEX FUTURE gJFRE) £25 par Ml Index potat (APT) 

Open Sett price Change H&i Low Eat vo I Opm tat 

Dec 2989.0 29989 +22.0 30079 29809 13092 94390 

MV - 30209 +229 - 0 2176 

■ FT-SE HP 250 INDBt FUTURES (LtFFEj CIO par he Index point 

D«C - 34509 +209 - - 0 4016 


m FT-SE MID 2S0 INDEX FUTURES (UMUQ CIO per fug index point 


Dec - 34509 .... o 

M upon Manat flgwna are to previous day. T B met votono Wuv 


■ FT-SE 100 INDEX OPTION QJFF 8 (*2985) E10 parfij Endttc port 

2800 2850 2900 2950 3000 3050 3100 3180 

CPCPCPCPCPCPCPCP 
Oct 190 6*2 145*2 iWa Itt^ 18 67*2 33 30^ 65*2 21 88 10 127 4 172 

Nov 2M 214 173 304 138 44 1QZ 59% If 81 GO 109 32 141** 18^160*2 

Dae 229 33*2 193 46*2 197 81 126 81 99 102*2 IB 130*2 53*2 160*2 3i 196*2 

Jan 250*2 45*2 20*2 59*2 171 73 MB 94 120 115 96*2 141*2 75 170*2 67*2 204 
Jurt 310*2 78*2 245%112*2 185^152 MOh 207 

Cak 14242 Mi 5,107 

■ EURO STYLE FT-SE 100 WDEX OPTION (LUTQ £10 perfU Index point 

2825 2875 2925 2875 3025 " 3075 3125 3175 

Oct IBP* 9 123*2 15 8 J 24 60 41 27 68 • 146*2 2 182*2 

No* 19B 23 151 34 117 49*z 86*2 69 12 93*2 49 123 29*z 157*2 1* 196*2 

Dec 208h 37*2 170*2 51 137*2 67*210012 88 M 113 B 140 45 172 * 230*2 207 
Msr w »2 65 m 96*2 134*2139*2 90*2 192*2 

JUP+ 296 07 233 119*2 178 160*2 130 209 

0 * 2,148 Wa 3995Mkfe«fag Un lOm. tankm tare m tmed'aa antsrew* pita, 
t Lang dated mV? iiw4«i 

■ EURO STYLE FT-SE MO 250 PPEX OPIMW (OMUQ 810 par M Index point 


3400 3450 3500 3850 3800 3980 8700 3750 

Oct 1021« 66 * 2 1331* 86*2 W7%110*2 
Ok 0 Pub 0 Ssttmait prices and wftaraa are tow at 430pm. 


| FT - SE Actuaries Share indices 






The U 

-K Series 



Day's 




Ye*. 

Dtv. 

Eure. 

P/E 

XdatO 

Total 


Oct B 

cfigaW 

Oct 5 

Oct * 

Oct 3 

apt 

ytekns 

ytod* 

ratio 

ytd 

Return 

FT-SE 100 

29844 

+09 

29S63 

30019 

20839 

3002.4 

<24 

729 

1621 105.74 

113090 

FT-SE Md 250 


+05 

34292 

34559 

34499 

34706 

393 

Sl96 

2019 103.70 128499 

FT-SE Md 250 ex her Treats 

344Q.1 

+05 

34239 

34401 

34419 

3479.4 

3.79 

6.46 

1078 107.68 127992 

FT-SE-A 350 

16002 

+08 

1487.7 

15079 

15002 

1544.7 

4.10 

698 

1698 

5193 

116220 

FT-SE SmeSCap 

1775.01 

-02177891 179039 180295178096 

393 

496 

2591 

4S96 

137894 

FT-SE BmeBCap ax kw Treats 

1748.74 

-02 175099 176694 177497 177390 

393 

590 

23.11 

4797 

136021 

FT-SE-A ALL-SHARE 

148OO0 

+08 147792 1497^4 148093 153042 

494 

693 

17.40 

5097 

117392 

■ FT-SE Actuaries AlkShara 













0 *?* 




Yaar 

Dtv. 

Earn 

WE 

XdtsO 

Total 


oct e 

cttgeM 

Oct 3 

Oct 4 

Oct 3 

•QO 

yield* 

ylaid* 

ratio 

ytd 

Retun 


10 MNERAL EXTRAGTIOWtlSJ 
12 Extractive industries^ 

15 Ol, Integrated©) 

18 08 Exploration & Proddl) 


3817.05 

2504.07 

188896 


+04 2841.16 266847 284290 2887.70 X47 5.16 
+0.7 388896 394428 3815.78 314890 328 524 
+09 2582.12 260797 2573.71 2317.10 394 590 
-09 189497 190494 1896.43 192300 220 


2491 8142 1067.75 
2391 9824 1080.78 
21.48 6590 106694 
t 3893 106298 


20 GEN MANUFACTURERS^ 

21 BufcJng 8 Constiuclion(33) 

22 Butting Mate & Mercha(32) 

23 C»wn*»ts03} 

24 DtavsHtod lndustrlat3(16) 

25 Bectronc & Beet EqulpCVJ) 

26 Engineering^) 

27 Engineering. Vehlcteaf12) 

25 Printing, Paper & Pctofrf26) 

29 TextBee & ApparetgO) ■ 


CONSUMER 00008(97) 
Bra*rerieef17) 

Spirits, Wines & CSdaratlCQ 
Food Manufocturere(23) 
Household Qoods(13) 

Health Care<21) 
Phar mfl ceuticataOa 
TotoaccoP) 


aa«vicEspa<9 

Olstributora(3a) 

Leisure & Hrtets(25) 

Medlapg) 

Retailors, FoodflQ 
Retailers. Oneral(45) 

Support Serviees(4l) 
Transporter 6) 

Other Services 8 BuelneeaCT 

urunespq 

Sectridty<17} 

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WHaraHtOga-t 

V.M Cannon 

W B h iM i t 
YtahkeBea. 

YoritriWaVMar 

zaneeat 

oared an tadfag ntona to • aatadtoi of major 
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jaatoday iM OOpre. Ttadre of ana mitoi or 
more are Rxndad down, t Ware an FT-3E 
100 Max Gcnatoiata 


the satellite television group, 
hopes to be floated on the 
Stock Exchange before the end 
of the year gave a lift to lead- 
ing shareholders. 

Much of tbe news was 
already in share prices follow- 
ing an authoritative report in 
one Sunday newspaper. How- 
ever. increased expectation 
that BSkyB will raise around 
£5 bn by floating some 20 per 
cent of its equity helped Pear- 
son, which holds 17.5 per cent, 
move ahead 8 to 590p, and 
Granada, with 1&5 per cent, 
close firm at 490Vap. News 
Corp, the 50 per cent stake- 
holder, held steady at 229p. 

BSkyB has appointed Gold- 
man Sachs and Lazard 
Brothers as joint advisers and 
co-sponsors of the potential 

offering 

Appreciation of the Reed 
Elsevier purchase of Mead 
Corp’s legal information arm 
saw Reed shares advance 24 to 
764p. Among brokers who dis- 
seminated their views on the 
£950m deal, S.G. Warburg 
argued that it would enhance 
earnings for the Anglo/Dutch 
group by 4 per cent in 1995. 

BAT Industries rose 7 to 
424 p, with agency broker 
James Capel said to have reit- 
erated its positive stance. 

Pharmaceuticals group Well- 
come gained 18 at 670p as it 
annnnnrari that. Valtrex, a new 
anti-viral drug being developed 
for the treatment of herpes, 
had shown “remarkable effi- 
cacy” when used to treat shin- 
gles. The shares were also 
helped by US buying, as was 
Zeneca, up 10 at 809p. 

nhgmireilB group Laporte put ' 


NEW HIGHS AND 
LOWS FOR 1994 

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SlreraooCL TRANSPORT |3| CSX. Daareargreim 
OATX AB— Ota 03 an— 15 

on 5 at 694p as dealers said 
S.G. Warburg had shifted its 
stance from “sell” to “buy". 
The house chemicals analyst 
was unavailable for comment. 

A better than expected &5 
per rant improvement in new 
UK car registrations in Sep- 
tember - taking the nine- 
month rise to 9.4 per cent - 


helped to push the motor sec- 
tor higher. 

The news followed on from a 
September registration gain of 
27 per cent in Spain and nearly 
10 per cent in France. Among 
component suppliers, GKN 
rose 3 to 598p. 

Rolls-Royce saw 5.8m shares 
traded and ended 4 higher at 
I75p. Motor distributors were 
also firm, notably Lex Service, 
which put on 7 at 353p. Inch- 
cape added 6 at 416p. 

A 3.1m block of shares in FR 
Group - 4 per cent of its equity 
- was plaixd at 27lp. a sub- 
stantial discount to the under- 
lying market. On 6.6m volume, 
the busiest day ever for FR, the 
shares dipped 3 to 278p. 

GEC gained 5 at 288p as 
Hoare Govett improved its 
recommendation and empha- 
sised the company's defensive 
qualities in the event of a US 
rate rise. 

Electricity groups Southern 
and Yorkshire were casualties 
in an otherwise steady sector, 
with dealers disappointed that 
the companies have not yet 
moved to buy in their own 
shares ahead of their closed 
periods. Yorkshire’s closed 
period begins today, while 
Southern’s starts on Thursday. 
The latter lost 11 at 7l5p and 
the former 11% at 694p. 

US buying lifted BP 4 to 
406%p on heavy turnover of 
10m shares. 

Retailing group Etam tum- 
bled 21 to 2S2p after tbe com- 
pany said sales in the first few 
weeks of the second half of the 
year were below expectations. 

High street retailer Marks 
and Spencer appreciated 9 to 


4ti2p in active trading of 5m 
after James Cupel was said to 
have upgraded profits expecta- 
tions and reiterated its buy 
stance on the shares. Klein- 
wort Benson was also said to 
favour the stock. A positive 
recommendation from Cuzc- 
nove was said to have boosted 
Burton Group, which finished 
the session 2* a ahead at 62p. 

The market continued to 
look favourably on Storehouse 
following Wednesday's positive 
trading statement. The shares 
appreciated 7 to 205p. 

There was plenty of action in 
the banks sector, where 
National Westminster 
responded to aggressive US 
buying interest, ending 6 
higher at 478p and shrugging 
off talk of n profits downgrade 
by James Capel, the influential 
agency broking house. 

Capel also lowered its fore- 
casts for HSBC and Barclays, 
dealers said. The latter made a 
poor showing, sharply under- 
performing the FT-SE 100 
Index and finishing a penny off 
at 550p. HSBC managed a 7 
gain at 6>6p. 

The two Scottish banks also 
suffered. Bank of Scotland eas- 
ing 3 to 193p, still reflecting 
disappointment with its 
interim dividend and following 
comment on the results. 

United Friendly "B" stood 
out in life assurances, racing 
up 20 to 480p. 

MARKET REPORTERS: 

Steve Thompson, 

Peter John, Joel IGbazo, 
Jeffrey Brown. 

■ Other stati s tics. Page 23 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


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(*213 ) 2ZD 11 16 22 14H 19 22 

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C$70 J 700 27 4814 8014 52 6* 7$ 

Option Oct Jw Apr Oct Jan Apr 

Szm 550 33Vt 54H 60 S am 35 

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169C15MS 36 63* 7$* 5h 27 46 

P575 ) 700 1114 37 50 34K 52 74 

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- Undenting reoafev pries, ftren to nn m» <n 
Oread an dpatae otto pita. 

Octal 1 6. TOM earnest: 38378 CHS 2*387 
fries: 13381 


FT GOLD MINES INDEX 


act % cfcg Oct Oct rear Brass iSt 62 week 

S nn fay 4 3 «b° fUU% MgS Lure 


GoM Ub)M Ust (34) 223240 -19 225B.14 229390 1705J1 


Aratato ff) 

Noti America (II) 


3S1098 -19 
262198 -1.7 
1767.10 -13 


3553,48 3S5330 230173 
288998 232193 1956J6 
178594 1627.71 148111 


152 

2367^0 175071 

3.80 

362326 2303.73 

1J2 

3013.09 1855.76 

0.76 

gtttftfe 1466.11 


Copyright, Thn FtianeW TWre LMisri 1094. 

Ftare ki brataa arare nunsar ef eorapan to . Brels US Data Bare vrerac lOOOOO 3U12M. 
P rad o a nM a Odd htore Mac Oct & 2814 : dn/s DreigK -OS P*«s Year ago: 137.9 1 PnrtoL 
Ltat priore inahwi to ttre aatan. 


RISES AND FALLS YESTERDAY 





Rlaaa 

Fafls 

Same 













Mnaral Extraction — _ 



26 

66 

104 

Ganta Manufacturers 



108 

144 

386 

Consumer Goods 


, 

45 

39 

103 




01 



UtiUes 











InvwftnGfll Trusts 



70 

98 

297 

Others 




22 

52 

30 

Totals 



512 

632 

1441 


COB bread an fhoan companies Band on the London Shore Sendee. 


TRADITIONAL OPTIONS 

FfestDeaBngs Septrenbar26 Expiry Deoamb«r29 

Last Dealings October 7 Settlement January 13 

CaBx ABtance Res. Arcon IntL, Ble nhei m Cmr, Royal Bk. Scotland. lUIow OB, 
VtvaL 


LONDON RECENT ISSUES: EQUITIES 


Isaua Amt 
price paid 

P “P 

MfL 

cap 

<E«to) 

1994 

High Low Stack 

Close 

pnee 

P 

Nat 
*/. dry. 

Dhr. Grs 
coir, yld 

P/E 

net 

Sirs 

FJ». 

17.7 

130 

116 Compel 

116 

WN4JJ 

2.1 

43 

T1J? 


FJ». 

130 

ih 

1 Conti Foods Wrts 

i 1 * 

- 

- 

- 

- 

- 

F.P. 

25 2 

66 

61 Ematgng Mku C 

63 

-2 

- 

- 

- 

63 

F.P. 

12Jt 

68 

65 Emtax 

67 

-1 RN0.71 

S3 

13 

a.4 

115 

FJ>. 

36.7 

118 

115 Gamas Wbtfcslup 

118 

RN4.8 

32 

49 

113 

- 

F i>. 

029 

31 

31 1 & S IStS Wrts 

31 

- 

- 

- 

- 

112 

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21.4 

120 

118 tadapendanl Pans 

120 

LN4.0 

r.i 

±3 

14 5 

180 

F.P. 

17.4 

195 

180 MacUe tatt 

181 

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22 

4.1 

74 

80 

F.P. 

234 

85 

76 Ryiand 

82 

IM3^ 

1.7 

S3 

13 5 

re 

F.P. 

342 

44 

27 Sutar wrts 99tt» 

31 

- 

- 

- 

- 

- 

F.P. 

1124 

379 

363 TemtMton E New 

3G3 

-1 

- 

- 

- 

- 

F.P. 

114 

212 

100 Do. Wrts. 200* 

191 

- 

- 

- 

- 

- 

F.P. 

284 

360 

340 Wrexham Water 

3*0 

- 

- 

- 

- 

“ 

FJ>. 

4.B1 

330 

325 Do. NV 

325 

- 

- 

- 

- 


RIGHTS OFFERS 

Issue Amount Latest 
price petti Return, 
p up date 

iMi 

High Low 

Stock 

Clo mg 
pnea 

P 

♦or- 

160 

Nl 

17/10 

9pm 

2 pm 

Jarmyn bw. 

2pm 


500 

Ni 

18/10 

52pm 

2*pm 

RacUtt & Cotran 

26pm 

♦1 

245 

Nl 

a /11 

24 pm 

10 pm 

Urlchem 

11 pm 

♦1 

75 

Ml 

14/11 

5pm 

3pm 

World ol Leather 

3pm 



HNANCIAL TIMES EQUITY INDICES 

Oct 6 Oct 5 Oct 4 Oct 3 Sop 30 Yr ago ~mgh low 

Ortfinery Share S308.1 2286.9 2325.8 2320.3 2350 1 2350 4 Z7104 22406 

Ora civ. y«dd 4.46 491 4.42 4.43 499 397 491 3.43 

Effla yw.9t.hi8 6.4S 691 6.39 6.40 6J3 4.67 691 182 

P/E ratio net 17.59 17.18 1749 17.46 17.67 2795 3143 16 94 

P/E raso no 1798 1791 1793 1790 17.70 2591 3090 17.09 

■For 188*. Odnay Store ware sne* CMnoUriw Nan 1713 0 2/lE/W: KM -n.4 2G.6M0 
FT Ontay Snm htta bare <Ua 1/7/35. 


Ordinary Share heuly changss 

Open 9J0 1000 1190 1290 1390 1490 ISjOO 1690 High Low 

22992 2299.6 2302.0 2309.4 23019 23029 23043 2301.9 2309 4 2311.4 22939 


Oct 6 0(35 Od 4 Oct 3 Sop 30 Yr ago 


SEAQ bargains 
Equity turnover (£m)T 
Eqiity baryainst 
Snares traded tmlft 

tEostaiB taa-nrelM bu 


30,425 21.055 22.678 

- 1406.1 10662 

- 34916 26.427 

913.E 414.4 


23901 23.904 Mill 

1138.9 1123.4 1314.1 

26.436 26.768 34.261 

4662 480.4 £04.4 


APPOINTMENTS ADVERTISING 

appears in the UK edition every Wednesday & Thursday 
ami in (he International edition every Friday For further 
information please coll: 

Gareth Jones Ob +4471873 3779 
Afldrew Skarzynaki on +4471873 4054 











financial 


TIMES FRIDAY OCTOBER 7 1994 * 


LONDON SHARE SERVICE 


GouuiKtte an 

omietM_two 


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34 


CURRENCIES AND MONEY 


FINANCIAL TIMES FRID AY OCTOBER 7 19^4 

“ MONEY MARKET -FUNDS 


MARKETS REPORT 


POUND SPOT FORWARD AGAINST i He POUND 


Ml EM MET 


Finnish markka firms 


A sharp upward move in the 
F innish markka was the domi- 
nant event on the foreign 
exchanges yesterday, writes 
Philip Gmoith. 

The currency is benefiting 
from good economic fundamen- 
tals, and polling evidence sug- 
gesting that the Finnish elec- 
torate will support European 
Union membership when it 
votes next weekend. 

The other move of note was 
the sharp turnaround in senti- 
ment in the short sterling mar- 
kets. Prices rose after weaker 
than expected UK manufactur- 
ing and industrial production 
figures for August suggested 
no need for a near-term tight- 
ening of monetary policy. 

Market activity, however, 
was generally very muted, 
with most attention focused on 
the release today of the US 
employment report and the 
Columbia University inflation 
index. 

The dollar traded in a nar- 
row range, finishing at Y99.75, 
from Y99.47 and DML5444 from 
DM1.5426. Sterling also had an 
uneventful day, with the trade 
weighted index closing 
unchanged at 80.2. 

The Italian lira had a calmer 
day after Wednesday's political 
jitters, finishing at LI, 014 from 
L1.016 against the D-Mark. 

The rouble continued its 
recent slide, trading at 
Rbs2333 to the dollar on the 
Moscow Interbank Currency 
Exchange, from Rbs2.808. A 
senior central hank official pre- 
dicted that the currency could 
breach the Rbs3,000 level "long 
before the year-end.” 

■ The Finnish markka was 
again in the spotlight after 
new EU polls showed an 
increasing majority of Finns in 
favour of the EU. One poll had 
48 per cent of Finns favouring 
membership. 

Mr Niels Christensen, ana- 
lyst at Technical Data in Lon- 
don, commented: “The polls 
triggered a move from FM3.11 
to FM3.0850 (against the 
D-Mark) immediately at the 
opening of the European ses- 
sion. This move was capped by 
intervention from the Finnish 
central bank and the rate 
moved back to FM3.09.” 

“Renewed moves are expec- 
ted in the next 10 days before 
file Finnish EU referendum on 


Short starling 

Doc‘94. Future contact, bid priCft 

833 



93.2 — -v 


Aug 1094 

Source; FT Graphite 

■ Pound In Mew York 


Oct 8 

— 4AWI— 

- PWr. ckaa- 

Sepcl 

1JB81 

i.58a 

i mn 

13676 

1.5S5D 

3 mth 

13870 

13841 

1Y 

13744 

13704 


October 16. A move through 
FM3.08 and on toward FM&05 
seems very likely unless the 
Finnish central bank inter- 
venes more seriously.** 

Mr Neil MacKinnon, chief 
economist at Citibank in Lon- 
don, said its Finnish customers 
reckoned the markka could 
reach FM3, while he thought it 
could go as far as FM2.S0, its 
best level in the last two years. 
The currency has appreciated 
from around FM2L32 in mitt Au- 
gust 

According to Citibank fig- 
ures, out of sixteen leading 
currencies, the Finnish 
markka was the best performer 
in the period from the begin- 
ning of the year until Septem- 
ber 29. It gained 5.6 per cent 
against the D-Mark. 

Mr Mac Kinno n said Fin- 
land's economic ftmri«yriftnfalfi 
were very attractive. “The key 
that is driving this is the very 
high export receivables Finn- 
ish companies are getting." 
Allied to this is a good infla- 
tion outlook, and a strong 
growth performance, both in 
1394 and 19S5. 

The Finnish markka has pul- 
led other Nordic currencies 
with it Yesterday the Swedish 
krona finished at SKr4.759, 
from SKr4.788, against the 
D-Mark, while the Norwegian 
krona appreciated to NKrl356 
from NKr4J59. 

Mr MacKinnon warned, 
though, that the size of Swe- 
den's budget deficit - the 
structural deficit (which 


ignores the effect of economic 
cycles) is estimated to be nine 
per cent - made the Swedish 
currency vulnerable to depreci- 
ation. 

■ Both volume and price 
movements in the short ster- 
ling market were favourable, 
especially in the shorter dated 
contracts. The December con- 
tract traded nearly 44,000 lots 
to finish at XL30, from 93.18. 

Mr Richard Phillips, analyst 
at brokers GNT, said the 
improved tone of the market 
was a result of the weak eco- 
nomic figures - well below 
consensus forecasts - and the 
market rebounding from an 
oversold position. He said a lot 
of traders were squeezed out of 
short positions when prices 
started to rise. 

Short sterling prices have 
also benefited from the better 
performance of gilts this week. 
Analysts report portfolio 
switches from equities to gflts, 
while unease about the dollar, 
and nervousness about the 
D-Mark ahaad of German elec- 
tions, has also lent sterling an 
unusual safe-haven aura. 

Although sentiment has 
improved, the futures prices 
are still pricing in a 70 basis 
point increase in UK rates by 
December. 

In the cash market, the ster- 
ling three month LIBOR rate 
came back to 6 per cent from 
6 ± per cent, after starting the 
week at 5% per cent 

In its daily operations, the 
Bank of England provided UK 
money markets with £805m 
assistance, after declaring a 
£900m shortage. Overnight 
money traded between 3% and 
5% per cent 

■ In the US today, attention 
will focus as much on the 
Columbia university inflation 
index as the payroll figures. Mr 
Alan Greenspan, chairman of 
the US Federal Reserve, has 
cited it as an indicator he 
watches, and last month it 
overshadowed the employment 
report 

■ OTHER CUH MM ClEa 

Ocffi £ S 

Htngary 171JD4 • 171371 mire - 108260 
In 275100 - 275UD 174S00 - 175000 
nanU 0.4720 - 0.4734 02373 - 02900 

Mu) 368002 ~ S8B61.1 2318&0 - 232000 
M 4404J75 - 450100 2830J00 - Z835JOO 
UAE 08242 - 68358 38715 - 38735 


Oct 6 

i 

dosing 

iwd-poW 

Chsngo 
on day 

Bdfafler 

spread 

Day's Md 
Wgft low 

&»rope 

Austria 

(Sen) 

17.2608 

+00285 514 - 702 

17,2705 17.2095 

Belgium 

(BFr) 

504794 

+00929 

565 - 032 

505040 602580 

Dsnmak 

(DM1 

58019 

*00041 

948 - 088 

9.6094 

9-5807 

Finland 

(FM) 

75777 

-00335 

675 - 870 

7.6180 

7^570 

Franca 

<m 

03823 

*00143 

780 - 88S 

8X883 

03560 

Germany 

(DM) 

24626 

+0004 

613 • 638 

2-4539 

2.4433 

Graeco 

(DiJ 

374X21 

♦0.717 

063 • 378 

374X533 372A44 

Ireland 

(S3 

15128 

*03016 

120 - 135 

1.0135 

1.0089 

Italy 

(L) 

246502 

-138 

444 - 739 

2491.07 2479.05 

Luxembourg 

(LFr) 

904794 

*00928 

555 - 032 

505040 502560 

Nothertamta 

P 

2-7456 

*0.0032 

446 - 470 

2.7475 

2.7388 

Norway 

CNKr) 

10.6608 

*00031 

739-858 

10 . 700 * losses 

Portugal 

(E^ 

250206 

♦0277 

047 - 364 

250379 240432 

Spain 

(PU) 

205344 

*021 

200 - 487 

203.492 202.837 

Sweden 

(SKr) 

11.6740 

-00621 

650 - 040 

11.7427 1 1.6553 

Switzerland 

(SFri 

2X1338 

*00042 

3Z5 - 347 

2.0353 

2X3252 

UK 

ra 

- 

- 

- 

- 

- 

Ecu 


1-2833 

*00021 

823 - 042 

1J284B 

12798 

SORt 

_ 

0.923548 

- 

- 

- 

- 

Americas 







Argentina 

(Peee) 

1J5849 

*0X005 843-855 

1.5658 

1.5607 

BrtUfl 

IRQ 

1A419 

-0-0034 

399 - 439 

1.3443 

13377 

Cenoda 

(CS) 

2.1411 

*00014 

400 -421 

2.1426 

2.1314 

Mexico Mow Posri 

5.4238 

+0.0101 

181 - 296 

5-4298 

53680 

USA 

9) 

1-5880 

*00006 

875 - 885 

1.5835 

13637 

Pacmc/MWoKa &sbWrica 





Australia 

IAS) 

2.1484 

- 

450 - 478 

2.1433 

2.1388 


OtMRMXdb Three month* One yto- Banker 
Baa %P^ Rate MPA Rate Enfl, topes 

17,2565 03 175448 04 - - 115.0 

504894 -08 004144 05 500844 08 1188 

0.5975 05 9814 -05 0.6308 -OS 1TM 


0.1 84781 CL2 BJ318 08 
OS 2*4402 07 2-4173 1.4 


Ol 1-013 
-38 250487 
-05 50.4144 
04 2.7411 

07 10894 

-88 255.116 
-2.4 204,418 
-28 11.7414 
18 28248 


-Ol 14152 -02 
-38 2550.12 -2.8 
OS 500844 08 

0.7 2.700 1.4 

-01 106949 00 

-78 

-2.1 2009** -18 
-28 118548 -2A 
1.7 18844 2.4 


Hang Kong (HKSJ 128711 +00046 668 - 753 128780 128380 102872 04 128061 08 128732 OO 

Irofta (Fto) 498176 *0X084 833 - 392 49.8420 406810 - - - - - 

jHpan (Y) 150403 *0509 274 - 532 150550 157810 157833 3.0 158.978 38 151.613 48 

Malaysia (MS) 48678 -08089 661 - 687 4,0699 4.0552 - - - - - 

Now Zeeland (NZSJ 28263 -00048 244 - 282 28287 28164 28302 -18 2838 -18 28802 -18 

PMBppfnas (Peoo) 418440 +18078 338 - 541 402550 41.4275 - - - - - 

Saudi Arabia (SR) 58614 *00055 587-640 OS649 58425 - - - - 

Singapore (SS) 03503 *00708 490 - 516 £3519 28340 - - - 

S Africa (Com) (H) 58743 *0X019 713 - 773 5.6778 58502 - - - - - - 

S Africa (Bn.) (R) 68458 -0.0528 199-717 6.7088 88158 - - - 

South Korea (Won) 126887 *0.12 841 . 95a 126081 126022 - - - - 

Taiwan (IS) 418755 *00335 578 - 933 418995 418480 - - - 

Thailand pi) 39.7318 +0048 113 - 522 38.7560 398SS) - - - - - 

toon rata farOet 6. Bktfattor upraoda to tta Pound Spot tsHa (Mr only tfw toot Bra dtoviHi ctocet- Forward an *ra not dreedy riiriad 
IM ■* Imptod by curant htwasr rriaa. Strritoo WJtx catatotad By 3 m Bank or EnolarcL Dna evwapa IMS - lOCLBa. OTar md UMw In 
tea Dolar Spot BUM derived ham T HE WWSUT5RS CLOSING SPOT RATES. Some whies ere rounded by tw> F.T. 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


Money Market 
Trust Funds 

po* m ST mo 

NEffaaBjftP . -5B5- 

SKffitfSi K : g a 

OopoaAf Oi«rE2n0an I U9 -I 

5S.ffiSSS8Br , “« P j S 

rniwwT! 1 fiftp - 1 

Cent BO ol Fta. of Ctanh of Eagtag* 

1 Few Seen Iflsaon COST SOT 

P um a I 9.10 -I 540 IM* 

Money Market 
Bank Accounts 

M 55* MB 

Mhwl Treat Bank IM * 

min irr nir* -r m ue bjm reuty 

ssrs’fc 

— 188 a88 18? 

ftemharnssA— an vie aw vwe 


CWIttsSW^ O/I./UIDOB 

Jf0 gnu, W*** 1 

.1-1 . 

Mtoiwgi **»•»*- 1 18 ' 

, «*fi S-lUWW f?sU 40 Mtf 

fJO.ua)* ---. J3 , I 4JB & 

ClOJIO'-tM™ - - 1D 0 «l» Dtr 

SSSSSK.::- 15S * 


cramon-e***- pa, noos I auojtmei 

oienl mh! - 


52 

“ «— «« » 

• * 1 tmj JM <M oe 

SffljSSg--' ;s *ffi 13 S 

raooMBS. 9 * 0 — Jjo 1.W ue at 

“" en "**• 

SsSSS&h'iw i”l «?| s 

S38ta£M8r..~»-» -* 1 * 



lo Die market 
both DM end 


Closing Change BWoffar Day** mkl Ona month Thraa months One year JP Morgan 
mld-pomt on day apread Ktfh tow Rata %PA Rate %PA Rare %PA Inrto 


Europe 

Austria 

Belgium 

Danmark 

FWanrf 

Franco 

Germany 

Graeco 

Ireland 

Itafy 


(ScW 108895 
(BFr) 31.7880 
(DKi) 68485 
(FMJ 4. 77T8 

(FFl) 58786 
CD) 18444 
(DO 236865 
00 18680 
(L) 1566,50 


Luxembourg (LFr) 31.7880 

btowtanda (Ff) 1.7291 

Norway (NKi) 6.7260 

Portugal (EuJ 157.560 

Spa* (Pta) 128.050 

Swaden (SKr) 78520 

Switzerland (BFr) 12806 


UK 

ECU 

SDRf 

Americas 

Argerefew 

Bntl 

Canada 


(G) 18880 

- 18375 

- 1.46447 


*00135 670 
*00455 830 
*0.0001 440 
-0X031 669 
*00088 775 
+0.0019 441 
*0355 830 
-00017 674 
-1.5 500 
+0.0455 630 
*00013 288 
-0.0008 250 
*0.1 1 5 10 
*008 000 
-00358 480 
*00021 803 
*00006 875 
-00015 370 


720 10.6815 108535 108695 OO 108693 0.0 

930 31.7930 31.7310 31.788 OO 31.798 -Ol 

490 60507 6.0435 6X1507 -08 6.06 -09 

787 415031 4.7837 4.7715 QJO 4.7743 -02 

785 02885 52722 528 -04 5279 OO 

447 1.5458 1.5430 1-5442 02 15420 05 

■ 880 235.750 235500 230955 -15 29853 -15 

'686 15718 15661 15678 01 15678 Ol 

600 1571.75 156305 157025 -3.0 15782 -02 

930 31.7930 31.7310 31.788 OO 31.788 -Ol 

' 293 1.7310 1.7275 1.7289 Ol 1.7271 0.5 

270 6.7434 8.7215 0732 -1.1 07485 -1 A 

610 157.650 1ST . 470 150285 -&4 159.40 -45 

-2.7 128505 -2.4 


- 100 128.150 


107945 07 

31.858 -02. 
8.11® -15 
4.7883 -05 
55812 -0.1 
15347 05 

23003 -1.4 
15525 1.0 

1623 -3.7 
31558 -02 
1.7193 06 

6511 -15 
16351 -4.0 
131.4 -25 


are iaa m® 

:ju jm «rr 

Ml 3102 mb 

linn A or Mi 

XI9 A 33 m 

IX US n 


Attreflmot Latham 8 Co Lhd _ 

3QC«rRe«LU*0gnaiT3W. 071-63««OT 

Tie — 1 Uto -INtaletoiebei 

E3soao-va.ees Are rasa wp 

SjWerSw VO O 3,75 V12I wi 

Uo 'Slure j*J30 J 

tiaooa-E2Aw add an ur 

eSSm-o«jw AM 3J?S <58 mm 

moon or more ATS SJW» AM I Mn 

Ugnti tool —now - mm town* 

a l ssi s 

Barit of Scotaid 

3aimaaiaedB&B=3>2EH ffii-COi B*« 

niCHMcnJtvaM.| ut ut w 

tloSMSSW *JKJ X» 4» “J 

£3V0Da-S2*0JM— . [ A25 VIS [ *J3 MM 

can .000- — .1 vso tul m m> 


Aigerekia (Peso) 09881 
Bhtffl (FDJ 054 SO 

Canada [CS) 13483 

Mexico (New Peso) 35156 
USA (SJ 

PacWc / WBddle East/ Africa 
Australia (AS) 15517 

Hong Kong (HKS) 7.7274 
India (Re) 315713 

Japan (V) 99.7500 

Msfitysta (MS) 25617 

NmeZaaland (NZS) 1.6538 
PMppinaa (Pestfl 265500 
Saudi Arabia (SR) 3.7540 
Shgapcre (SSJ 1.4801 
S Africa (Cora) (R) 35733 

S Africa pa) (R) 4.1850 

South Korea (Won) 799.100 
Taiwan [TS) 26.1810 

ThaBand (Bt) 255200 

TSOR rets tor Oct V BkHrihr aprreda I 
but are MnpOod by avisni Interrat rekre. 


7.4047 

7.3480 

73683 

-2.7 

7.3995 

-2.6 

7375 

-3.0 

813 

1J2809 

12777 

13791 

13 

13759 

1.6 

13599 

1.6 

108.6 

1388S 

15837 

13876 

03 

13871 

02 

1.575 

08 

803 

1-2386 

1.2367 

13368 

0.7 

13362 

04 

1331 

03 

” 

09981 

09960 


m 


_ 


. 

_ 

OSiflQ 

06440 

- 

- 

- 

- 

- 

- 

- 

1.3500 

13455 

1.3404 

0.0 

13478 

0.1 

13546 

-05 

843 

3.4160 

33180 

3.4165 

-04 

04183 

-03 

3.4257 

-03 

- 

- 

- 

* 

• 

- 

- 

- 

- 

958 

1-3545 

13483 

1352 

-03 

13527 

-03 

136 

-08 

86.7 

7.7276 

7.7271 

7.7271 

OO 

7.720 

0.0 

7.7429 

-02 

- 


-00005 512 - 521 15545 15483 1552 -02 15S27 -05 

-00003 271 - 278 7.7278 7.7271 7.7271 OO 7.728 0.0 

*00038 675 - 750 315750 315875 31.4563 -35 31.6013 -25 


*058 000 • 000 89.8000 995000 99.48 35 9091 3.4 96555 3.5 1485 

-00028 613 - 620 25843 25570 25525 45 2541 2 35 Z6147 -Z1 

-05037 532 - 545 15565 15513 15549 -0.7 1.6567 -0.7 1562 -05 

+075 000-000 28.6000 26.0500 - - - 

*00019 535 - 545 3.75*5 3.7521 3.75S3 -0.4 5^94 -06 3.778 -06 

*00063 79 7 « 804 1.4830 15737 1.4787 1.1 1.4768 09 1.4701 07 

-00002 725 - 740 15780 35630 35888 -5J 3.6171 -45 3.6938 -3.4 

-0535 700 - 000 45300 4.1700 45187 -9.7 45775 -85 - - 

-055 000 > 200 799500 798.700 802.1 -45 8055 -35 824.1 -3.1 

*00135 780* 840 26.1780 26.1660 26501 -09 26541 -09 

*002 150 * 250 255150 245*00 255925 -35 2552 -35 2S.7 -2.7 

bl Bw Dota Spot mow only Die to« Dess dodm* ptocoe. Fonrert reran ere not ttoneby reiotsd to Dto mwkrt 

. UK. [re to ld & ECU in Quoted M U3 cwmrioy. JJP. Mregan nomhal IreXces Pet 9. Bun overage 1900-100 


3.7545 3.7521 3.7553 -0.4 

1.4830 15737 1.4787 1.1 

35780 35630 35888 -5 2 
4.2300 4.1700 45187 -6.7 


3.7553 -0.4 3.7594 -06 

1.4787 1.1 1.4768 09 

35888 -5 2 3.6171 -45 
45187 -9.7 4^775 -85 
802.1 -45 805.6 -35 

20201 -09 28541 -09 

5.0925 -35 25^2 -35 


3.778 -06 
1.4701 07 

3.6938 -3.4 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 


EMS EUROPEAN CURRENCY UNIT RATES 


Oct i 

1 

BFr 

DKr 

FFr 

DM 

IE 

L 

n 

NKr 

Ea 

Pta 

SKr 

SFr 

E 

C$ 

S 

Y 

Ecu 

Belgium 

(BFr) 

100 

19.02 

16.81 

4.B58 

2.005 

4926 

5.430 

21.16 

4953 

4028 

23-12 

4828 

1801 

4342 

3.146 

3138 

2.642 

Denmark 

(DKr) 

5237 

10 

8.730 

2354 

1854 

2589 

pytsa 

11.12 

2608 

211.7 

12.15 

2.117 

1842 

2330 

1.664 

1868 

1336 

France 

(FFf) 

6031 

11.45 

10 

2825 

1307 

2968 

3375 

12.74 

2963 

2423 

1382 

2.025 

1.193 

2364 

1.895 

1888 

1831 

Germany 

(DM) 

2038 

3818 

3418 

1 

0>113 

1014 

1.119 

4356 

1028 

8281 

4.759 

0829 

0406 

0873 

0840 

6430 

0323 

Ireland 

(K) 

49.87 

9487 

8383 

2.423 

1 

2467 

0712 

1036 

2473 

2009 

1133 

2809 

0988 

2.116 

1369 

1563 

1368 

Italy 

04 

2830 

0386 

0337 

0899 

0841 

100. 

O110 

0430 

1006 

8-178 

0469 

0882 

0840 

0086 

0884 

0372 

0052 

Netherlands 

P 

1839 

3498 

3054 

0833 

0369 

8068 

1 

3. 891 

91.15 

7488 

4351 

0741 

0384 

0780 

0379 

57.70 

0487 

Norway 

(NW 

4738 

8890 

7848 

2396 

0848 

2328 

2370 

10 

2343 

1904 

1083 

1.904 

0838 

2.005 

1.487 

1483 

1301 

Portugal 

(Es) 

20.17 

3837 

3350 

aee o 

04W 

993.6 

1897 

428B 

NXL 

8135 

4.804 

0813 

0.400 

0856 

0835 

8331 

0513 

Spato 

(Pta) 

24.83 

4.723 

4.123 

1306 

0498 

1223 

1350 

8253 

123.1 

100. 

5.740 

1800 

0492 

1.053 

0.781 

7781 

0631 

Sweden 

(SKr) 

433S 

8327 

7.183 

3101 

0887 

2180 

2352 

9.152 

214A 

1743 

10 

1.742 

0857 

1835 

1361 

135.7 

1899 

Switzerland 

(SFr) 

2483 

4.723 

4.123 

1306 

0488 

1223 

1350 

5353 

123.1 

1008 

5.740 

1 

0492 

1.053 

0781 

7781 

0631 

UK 

ra 

6047 

0601 

3382 

2-452 

1.012 

2488 

2.745 

1088 

2503 

2033 

1187 

2833 

1 

2.141 

1388 

1504 

1383 

Canada 

(CS) 

2387 

4.484 

3815 

1.145 

0473 

1181 

1382 

4888 

1188 

9486 

5.451 

0850 

0.487 

1 

0742 

73.96 

0699 

US 

(S) 

31.78 

6.046 

5378 

1344 

0637 

1566 

1.729 

6.725 

1678 

1208 

7349 

1380 

0830 

1348 

1 

99.75 

0808 

Japan 

(V) 

3186 

6861 

5382 

1348 

0630 

1568 

1.733 

8.742 

1568 

1203 

7367 

1383 

0831 

1.352 

1803 

100 

0810 

Ecu 


3934 

7.483 

3533 

1811 

0789 

1938 

2.140 

6324 

195.0 

1583 

9896 

1385 

0.779 

1809 

1338 

1233 

1 


Oct 8 

Ecu can, 
rates 

Rats 

against Ecu 

Ownga 
an day 

% +Mrom 
cert rats 

% apread 
«r weakest 

Netherlands 

2.19872 

2.14901 

-00002 

-2.17 

5.49 

Ireland 

0808628 

0.792413 

+0000477 

-231 

531 

Belgium 

403123 

39.4879 

*00076 

-130 

6.09 

Germany 

184964 

181817 

*0.00032 

-136 

434 

Ranee 

633883 

635896 

*000242 

031 

238 

Denmark 

7.43679 

731557 

-0.00133 

1.06 

2.12 

Portugal 

192854 

195.756 

-0067 

130 

1.67 

Speto 

154350 

159.182 

+008 

330 

aoo 

NON SIM MEMBERS 





Greece 

264313 

282920 

+0375 

1074 

-831 

Italy 

1793.19 

1944.72 

-4.7 

045 

-434 

UK 

0788749 

0783715 

+0000104 

-039 

3.60 


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TymnB TES3A__ 4479 - 49BS On 

OoSM Domtotata Tntot Ud 

l>Olto>02HWM.W*l»r 0ai-**72*3« 

CtoHNMOwetoaantoi 

Cl 400* Isas IM I SOT I Ob 4 

Essuxss rib •£ isTss 

(29400-1 VWr I BiH <191 -I Wrel* 

X Henry Schrodor Mog & Co Ud 
IMttoaapi><M,Uwll»E£2vS(K ,071 -382 MW 

SDWM4CG.. — -I 1250 244 V39 MB 

£10000 «M «XM 1 SOTO 2931 VS4 1 Mi 

Variant Tta* M0> Warari Chaqpa Me 
Ttowwoyanto.nynwBili its ores petal 

nVOOK— 525 34 « 539 tor 

cuiiMi«m voo are vw] » 

C1.0Q0-C44W -I <7S 190 I 4441 (to 


MIES- Wen (MM rto M totoret ctototo. M 
Muob **w ri «t itoduciM m Otoe im mono Bt 
Mb MB tl Btotot paaM aur Mewtofl nr OMueagn er 
toto IM ban B*. DmCtotmi wb ■■ iMto rt to 
toto mxcut or uw a w Mb B * Mirea pMf now am 
area a rear, -cmgnMM tom toto* tot Cr Freounc* 


r Franc. Noraregton Kramer, eni a m i Kmr per lit Btoston From ran, Escudo. U« i 


■ D-MARK FUTURES 0MM) DM 125,000 par DM 


i YW nmMMS OMM) Y«i 125 per Y«n 100 



Open 

Latest 

Change 

rtgh 

Low 

EsLvol 

Open tt 


Open 

Iftmnt 

Chongo 

Wgh 

Low 

Est vri 

Open M. 

Dec 

03483 

03476 

-0.0007 

03485 

06470 

32,456 

76302 

Dec 

1.01® 

T.0088 

-00022 

1.0112 

1.0090 

14346 

49382 

Mar 

00408 

0.6408 

-OOOIO 

0.0408 

06488 

162 

3320 

Mar 

1.0173 

13172 

-00021 

1.0173 

1.0185 

372 

2367 

dui 

- 

00507 

- 

- 

- 

3 

693 

Jun 

- 

13293 

- 

- 

- 

1 

449 


Ecu cettoel mn eat by ttie Eumpem Conwto elu n. CunenOen are in J e w ring rtoeBre eOenQft. 
Percentage etango* are lor Eca a pototoe change dmtn a week creimcr- Otorptoice shorn lha 
wwo bebeeen IM> reneedg: thn percent a ge «40nrencw between tfw actual rnnito md Ere oertoM itow 
Dor a omency, and am nanrimani p ramme d p w c enape deriaOon ol me cunencyte martoat no ham to 
Bcu eenaei rate 

P7/WB2) SMtoig and Mbm Ure auaptoided bom B1M. Ariornwrlt cMotoded by Hm RnenelB TbiM*. 
■ PHUMIfM SB ITS OFTIOWS 831360 (cento par pound) 


■ SWISS FRANC FUTURES 0MM) SFr 125500 per SFr 


I FUTURES QMM)C8Z500 per E 


Dec 

07842 

07832 

-own 

07844 

07B27 

21349 

35,094 

Dec 

13044 

13842 -04)006 

13880 

13028 

Mar 

0.78G2 

0.7863 

-00012 

0.7863 

07881 

135 

807 

Mar 

13836 

13838 

13838 

13810 

Jun 

- 

0.7908 

- 

- 

- 

3 

63 

Jun 

- 

13700 


13780 


Stria 

Price 

Oct 

— CALLS - 
Nov 

Dec 

Oct 

— PUTS - 
Nov 

Dec 

1300 

027 

823 

830 

. 

002 

017 

1325 

533 

537 

8.17 

003 

007 

046 

1350 

336 

3.70 

434 

- 

039 

1.00 

1JS75 

123 

231 

236 

032 

1.13 

130 

1300 

016 

037 

137 

1.74 

2.48 

3.18 

1-825 

- 

nag 

033 

3.96 

<33 

431 


WORLD INTEREST RATES 


MONEY RATES 


Prevtaw cto/B «L. Cole 12/443 Puts 7234 . Area, dart open InL. Cola 382581 Pula 320.188 


INTEREST 


EQUITY AND INDEX OPTIONS 

COMPETITIVELY PRICED EXECUTION SERVICE 

For further information pJewe contact flri 
Philip O’Neill Of 

, ^^C_r^^3MJ333 F^07132939I9S_ 

INVESTORS - TRADERS - CORPORATE TREASURERS 
SATQUOTE™ - Your single service for real time quotes. 
Futures * Options * Stocks * Forex * News * Via Satellite 

LONDON +71 329 3377 

LONDON +71 32*3377 NSW TOME *«12 »W<W FRANKFURT *4X9 440871 


I (UFH-y DM1 m pdnta o< 100% 


October 0 

Over 

right 

One 

month 

Three 

mtha 

Si* 

mtha 

One 

year 

Lomb. 

Inter. 

Dla. 

rata 

Belgium 

4ft 

5 

Si 

5* 

8ft 

7.40 

4.50 

week ago 

4 

5 

594 

68 

Sft 

7.40 

430 

France 

5ft 

54 

SB 

59 

84 

5.00 

- 

week ago 

5ft 

54 

5W 

58 

6H 

5.00 

- 

Germany 

<95 

<95 

520 

530 

5.75 

6.00 

<50 

week ago 

<80 

4.95 

5.18 

523 

6.63 

830 

<50 

Ireland 

4H 

5tt 

6ft 

5ft 

7% 

- 

- 

week oga 

4H 

SU 

6ft 

8ft 

744 

— 

— 

Italy 

«» 

8H 

S» 

9=1* 

1044 

- 

730 

week ago 

84 

6% 

BYi 

83 

94k 

- 

730 

Netherlands 

4.04 

532 

526 

533 

535 

— 

525 

week ago 

4.84 

5.02 

520 

534 

5.72 

- 

525 

Switzerland 

314 

4 

4tt 

444 

444 

0.625 

330 

week ago 

3a 

4 

419 

4ft 

4» 

0325 

330 

US 

4% 

6W. 

6% 

5K 

044 

— 

<00 

week ago 

43 

5 Hi 

594 

5H, 

814 

- 

4.00 

Japan 
week ago 

2 V. 
2H 

3 

3 

2K 

214 

2ft 

2ft 

244 

244 


1.75 

1.75 



Open 

Sett price 

Ownga 

High 

Low 

EsL vol 

Open Int. 

Dec 

9<62 

9433 

+0.02 

94.66 

9432 

21615 

186730 

Mar 

9422 

9424 

+004 

9427 

9421 

27991 

174722 

JlOT 

9370 

9331 

*0X6 

93,84 

9378 

20445 

107146 

Sop 

03.40 

93.43 

+035 

93.48 

93.40 

7222 

74230 


LONDON MONEY RATES 

Oct 8 Over- 7 day 


i niROUR* Btrjun i 


1 (URFE) LUBXXh points ol 10096 



Open 

Sett price 

Change 

Mfih 

Low 

Eat vol 

Open InL 

Ok 

9023 

90X2 

+0.13 

90.45 

9029 

5426 

32688 

Mar 

89.66 

89.70 

♦Oil 

89.78 

8934 

1625 

17040 

Jun 

88.09 

89.14 

*0.10 

89.10 

89.09 

BSB 

15389 

Sap 

88.70 

• 68.76 

+aii 

6830 

8839 

375 

15302 

■ im MONTH ojbo mt 

• FRANC FUTURES (UFFQ SFflm prints e i 100% 


Open 

Sett price 

Change 

- Hkjh 

Low 

Eat. vol 

Open InL 

Dec 

9532 

8332 

+0.03 

9530 

9530 

3150 

22885 

Mar 

9521 

9524 

*034 

9S27 

9521 

1745 

12368 

Jun 

94.05 

9437 

*032 

94.91 

9436 

320 

7104 

Sep 

- 

9438 

+033 

- 

- 

0 

1056 


| Ecuim potnta ol 100% 


5| 04 

SO 8d 


<92 5.35 555 6-22 
452 5.15 5.40 557 


■ SUBOR FT London 

InttoDwik Fbdng 54 5# 58 04 

week ago 54 5 j SR 84 

US Dote- CDa - 4.92 5.35 5.05 652 

week ago - 452 5.15 5.40 557 

SDR Linked Da 3% 3ft 3% 4 

week ego -3% 3$ 3* 4 

ECU United Da «M rates: 1 netr 5W. 3 mils: Eft 0 mOis ai; 1 yam: BK * UHOR in n enfc Rung 
rotas are ortored rates tor $10m ouond to are imhu* by tour latotenoe banka el item each aroridng 
day- The banka ere: Barkan Tuba Bant Tctoyo. Bane to m and Nattonal Weemtosor. 

Md rates toe shoam tor the dsmaabc Money Bates. US S CDs end SOB Unhsd Deposes (Oft 

EURO CURRENCY INTEREST RATES 

Ocx 6 Short 7 days One Three Sbt Ona 






Open 

Sett price 

Change 

«9h 

Low 

EsL vri 

Open InL 

~ 

“ 

- 

Dec 

9336 

S3 36 

*0.04 

93.00 

9332 

1623 

7887 

“ 

- 

- 

Mar 

8237 

9239 

*034 

9335 

9235 

1280 

5391 

- 

- 

- 

Jin 

92.40 

92.48 

*0.06 

9230 

92.43 

610 

2734 

- 

“ 

- 

Sap 

82.07 

92.07 

+0-04 

92.12 

9235 

250 

1065 


Oct 0 Over- 7 days One Three Sbe Ono 

fright norico month montha morths . year 

Interbank Storing 0% - 34* 5*v • 5 5^ - 6-5^ 0>J - 6h 7l* - 7Jg 

Storing CDs - - - & 5* - 5% 6,i - SA 7^ - 

Treasury Btoi . - W-«4 5^-s!, 

Berk BOs - - 5^-Sli 

Local autturty depa. 5^-453 5ft - 5A 5/. - 5ft 5S - 5*4 6^ - 6^ 7ft - 7ft 

Discount Marital dsps E^t-4 y* - 6 .... 

UK deering bar* base hnring rate Bit per cant from September 12, 1994 

Up to 1 1-3 3 j 8 6-fl 8-12 

mm Hi norit months B Kril a n mila 

Certs of Tax dap. (Tf 00500) Ha 4 3% 3* 3fc 

Carta cl Tax dap. under 210X000 to thou. Deposka vUtdreMi tor earii J»pc- 

iandsrrs(eord«eaunt5.47TCtoe. BCGD fixed ate Sso- Bgwt Ftoanea. Maks up day Sep 30, 
1984. ABtod nos tar potod Oct as. 1094 to Nov 29. 1004. Schemes HO 7.050c. Ratorenoa worn ha 
period Sap 1. ISO* toSapsa 199< Schemee nr S V S.739pc. Hnsnca Houre Base (teas ape (ram Oct 


■ THUMB MOUTH STWLRtO FUTURES OJFFE) ESOQXXM points Crf 100% 


CLIENT 

TRADING 

ROOM 

PRIWOTE CLIENTS 
WELCOME 


38 DOVES STREET, LONDON WXX 3KB 
TEL: 071 629 H3S FAX: 071 495 0022 


CALLING ALL CURRENCIES - 0839 35-35-15 

Call now tor the latest currency rates, with 2 ado updates 24 hours a day. 

For details of our Ml range ol financial taionnatloti services, call 071-895 MD. 
Calls are charged at Xkj/mla cheap rate. 49p/raln all ocher times. 
Futures Pager Ltd. 19/21 Great Tower St, London EC3R5AQ. 


Futures Call 




* UFFE tonres traded i 


Open 

Sett price 

Chwige 

High 

Low 

EsL vri 

Open fra. 

9320 

9330 

*0.12 

9333 

33.19 

43875 

183902 

9227 

92.40 

+0.15 

92.45 

9227 

30963 

08562 

9133 

91.74 

+ai5 

91,79 

9132 

7243 

53616 

91.18 

9128 

*0.14 

9121 

91.18 

3362 

S17B3 


Belgian Franc 
Dantsti Krona 
D-MarV 
Dutch Gulder 
Rnnch Fiwk 
Portuguese Esc. 
Spanish Peseta 
Starthg 
Swiss Franc 
Can. Drier 
US DuQar 
man Lira 
Yen 

Aslan SSfcig 
Ebert term rates m 


4'2 - 4H 
5^,-SJa 

5ft -4U 
5h ' 5^ 
9ft - Oft 
7>z - 7 ?b 
5*1-5 
3JJ-31I 
5ft -4% 
48 ■ 48 
8 - 74 
2ft - 2*fl 

H-h 

cai tor *e 


4U-4fi 
5*-5ia 
48 - 4iZ 
5ft - 48 
5,5 - sft 
O^-O 1 ! 
7Ja-7»s 
5U-S»| 
38 -38 
48 - 44, 
48-412 

2&-2i 

2%-2»J 
US OolBr red 


38-38 
51*. 5 
5ft -5ft 
8ft -8*| 
2ft - 2ft 

3ft - 3ft 
Yen, others: 


T hree Six 
months nw>il»<i 

Sft - Sft 6ft - 5ft 
6la - flft 7 - 0ft 
5ft -5ft 5ft -5ft 
Sft - 5ft 6ft - 5ft 
5ft - 5ft a - 5ft 
IQ 1 * - 9ft 10ft - 10 

713 m 8i» - 8ft 

8 - 4ft 6ft - 6ft 

4ft - 4ft 4ft - 4ft 
5ft • 5ft 8A - 6& 
Stl ■ BA 5j{ - S« 

9 - 8ft 9ft - Sft 
2ft - 9ft 2ft - 2,'n 
3fl-3A 4 - 3ft 

hm days' neooa. 


■ THRU MONTH EURODOLLAR (IMM) Sim pokM 


Open 

Latest 

Change 

Mflh 

Dee 

8333 

9334 

+0.01 

9335 

Mar 

9334 

9326 

+0.01 

9326 

Jun 

83.10 

83.11 

- 

83.14 


Low Bit vol Open M. 


83.14 93.10 70894 30O27S 


Traded on APT. M Open Inter** flg*. m tor prerioua day. 


■ SHOBTSTBaJW UtoTIOIBI (LffTg £600000 prints of 10096 


eft - 6ii 

7ft - 7ft 
5K-SK 
6ft - Sft 
Sij-Sft 
10ft - 10ft 
8ft- 9 
7A - 7ft 

4ft- 4% 

7 & -esi 
aft - 6.*4 
10ft - 10ft 

2ft 

4,1 -4ft 


■ US TREASURY BILL RITURM (IMA) Sim per 100% 


Strfto 

Price 

Dec 

- CALLS - 
Mar 

Jun 

Dec 

- PUTS - 
Mar 

Jun 

aws 

027 

039 

0.12 

022 

0.94 

1.63 

9360 

0.13 

0.04 

0.08 

033 

1.14 

1.84 

9375 

aos 

002 

035 

020 

137 

236 


84J53 94JS2 3JB4 21^472 

S4.IT 94.TO 1,002 0681 

63.70 - 129 2JZS3 


Eat. veL tooL Cells 12139 Mi 1179a Pnswau* dayto open Int. Cris 301SB8 Pun 165117 


To otaata yoorfroc Guide lobrnryore ftnadal Oonkmakercmbdp 
roo.caaMdBd Hwny or fanjaftba an 071-828 7Z» aremlto 
» ora IG lades Fto.»ll CreMaarCanlciB. Inxha SW1W OBX 


FullerMoney - the Global Strateqy Newsletter 

Covering bends, stocks, cur.-onae; 6 eerr.ry.ed.tio s' including vrhero k 
ip vest ^i-'j:ter‘.-1cpcy is viiiflen by David ruMe: lor cniomalisr.ol irv/cslers • 
pajijs. mon.rily. oir.glo issue £15 or US122. annuu: £>55 in ’JK i cuicijc 
■r'isr.-vYkerc- £.150 cr US$230, send cheque- or cedi! card dolcils 
CclUqno Fcrquhatscn ol Choil Analysis Ud 7 Sv/oltovr St’oet Lcndr,:-. 

7 HD. UK To.’-. Tendon 1 ?'-d 4961(01 71 in UK; or Fan I 7 l d3T 2'?‘6 


NEW! from FOREXIA FAX $ £ Dm ¥ 

A B HEM PUBLIC RECOHO OF ACCtUUTE SMOBT TERM FOMSKM exCHJMBE TOREO5TW0 

W WORU3, GET TODAYS VEHV 

poRexia fax from otuo caurr each 
WEEKDAY, MSTANTLY DELIVERED TO YOUR FAX 

°« VOUB FAX MACHINE DIAL 44487 332 7421 

IM CASE OF DIFFICULTIES CALL US ON: .44 SI Q4M11S 


Al OpM bnanaat cga. am tar pnau day 
■ ■UWO—ARK O PTI O NS (UH=E) DM1 m prints of 100% 


BASE LENDING RATES 


One Chart Equals One Hundred Stories 

. Prol.S ‘ro.-n S cr-pri UX. Swescuncnd InfcDCtiOr.al (ovU: 

IrdF chq* j). Currs-cy q.-d 5Fcr Ceira+iotfif iOj and Fr'=4f * sc- chc^-,1 


^JSTIWB 

Price 

Oct 

Nov 

CALLS - 
Dec 

Mar 

Oct 

Nov 

PUTS 

Dec 

Mar 

9400 

0.15 

0.17 

022 

0.14 

032 

0.04 

0.09 

0.40 

0475 

0.01 

036 

038 

037 

0.13 

0.17 

020 

028 

9500 

0 

OlDI 

032 

033 

037 

038 

039 

079 


THREE MONTH PMOW FUTURES (MAT1F) Parts mtertxank ottered r«a 
Open Senprica Change Writ Law Esi vol 


Est DDL total. Cato 5338 pub IBM. Fmrioue day's open Int. Ceto 1737B4 Rite 170380 
■ SUMO SIMS FRANC OPTIONS (UFFg SR Im polnta of 10055 



Open 

Sattprice 

Change 

Dec 

9337 

33.99 

+032 

Mar 

93.48 

90.49 

*002 

An 

93.06 

93.09 

*032 

Sep 

02.76 

92.78 

*003 


Open bo. 
47 #16 
35JB91 
20836 
2O088 


■ THREE MOWTR FUBOOOI-I-AR (UFFE)' 61 m polnta ol 10054 


Strike 

Price 

Dec 

- CALLS - 
Mar 

Jin 

Dec 

pure - 

Mar 

Jun 

9660 

0.18 

013 

038 

036 

039 

071 

9675 

005 

007 

004 

018 

058 

082 

9000 

002 

004 

nro 

040 

030 

1.15 

Eat udL total, era* 0 Puts a Plenum day’s open InL. Cato 1870 Put* 815 



Open 

Sett pried 

Change 

Hgn 

Low 

Est vri 

Open bt. 

9332 

93.93 

*0.01 

9332 

93.91 

61 

2239 

9324 

9324 

■0.01 

9334 

93-54 

2 

1508 

. 

93.11 

■031 

- 

■ 

0 

300 

92.79 

92.79 

-002 

92-79 

92.79 

2 

52 


Man & Company . — 5.75 

AtodThAtQv* -075 

AS Bar* 5.7B 

SHerey Ansbachsr 6.75 

BarkriBantt — 5.75 

Banco BSna Vizcaya- 5.75 

BankriCypue 5-75 

Bar* of Ireland — 6J6 

Bark ol Inch 575 

Bar* a( Scotland -6.75 

fitoctoysBank £75 

Brit BkriMU Bari — 125 
fftOnnSlYOTySCoLBiTS 
CLBankNederfend... 5.75 

CttenkNA 5.75 

dydesdale Bar* 575 

Tl» CooperattM Bar*. 575 

Cava S Co — ._ S.7S 

CndULymnato -..ITS 

Cyprus Pbpukr Bar* — ITS 


- (cr P-GiC o5.o r .CJl cr-d Pin. 

:ftnc 


Duncan Lamrto 575 

B«0r Bank Urrttod- 6.75 
Financial & Gen Bar*- as 
•Robert Fleming & Co _ 575 

Otobank 575 

•GUnnanMaMQ 575 

HabbBankAG2mch.57S 

•Hantoroa Bar* 575 

HaritoblB & Gai btv Bk. 575 

•MSamud...... 17S 

CHaanACD 575 

Homfttng&ShanghaL 525 
JlAan Hodge Bank.— 575 
Sore 576 

UoyhBank 575 

MatfariBarkUd 575 

MhndBar* 575 

‘ Mart Banking B 

NaWtetotHtor 575 

•Rea Breton 5.75 


* Rosbugha Querantoe 
Coporaton Urried to no 


?C C.1’3'1 IOCC‘. 
J you • Cc'i David y c' Svio-> ^ for dn-ai.t 
an ‘ 7'i • 7ii 7; 74 (Cl 7> UK; q, (<*/: ?! . 
tylS6 9cri6r,a:iMc..:.“f^ 


a banking Muksn. a 
Royal Bk of Soceand. 575 
•6m»iA VWmnSaca . 575 
TSB. — .— — — 575 
•Unted Bk of Kuwafi^ 57S 
UntyTnal Bank Pic _ 575 
wariam Trust — 576 

WffriBfflaay LofcBwt — 573 
Yakri*»Borft..-'. — 373 

• Members of London 
l/rvaumonr Banking 
AnocUon 

* kiadmHstrafcn 




... . 


'"Ill 



financial times 


FRIDAY OCTOBER 7 1994 


WORLD STOCK MARKETS 


«BB Ian TO he 


EUROPE 

MfflHA{Oete/Scty 


♦ /- W low TM HE 




V r». 




BhAuri 

CMriPI 

EAGoi 

Mi 






PtrCm 

RadvH 


et 

its 


vnwr 

«ug 


1.940 

B75 

601 

ZJHD 

1.370 

1000 

CIS 

D71 

925 

400 

192 

i® 

33V 

esr 

466 

1617 


+»2XD01J» afl 
-‘BlXTD 070 03 
Wf 597 1.7 
■*0 4X802000 0.5 
-« i.m i.iBo i.4 
+< 10B7 1^50 0.4 
■*« 744 35B __ 
*41.007 IMS 15 
-21.050 
-1 406 

-3 2SB 
+13 1.1B0 
+2 4« 

>2 791 


sas za 

397 23 
171 3.1 
874 _ 
326 13 
M6 2A 


t2 E00 430 1.7 
-8 4040 3,411 IX, 






MMMW J BBB flflBe (Oct 6 / Fir) 

Attmni 4.100 -30 4.450 1706 1 0 

Bn* MR -401880 7^50 93 

kraed 4X30 -GO s«n 4.000 
BSL 4.015 _uaSwu 

*«** ago s'ww® “ 

BCnLPI 21600 -762639022748 10 

BnqMB 34.100 -700 42375 34,100 R_5 
Bona 2.410 *10 20SD 2106 13 

Betat 22.173 +225 ajso 10 
asp™ 11.900 -75 1337511306 33 

CUB 1300 -20 2700 1190 IS 

CoDcoa 1280 +30 BJ200 1220 4 4 

ci*** .JOB +3 215 154 05 
+40 8000X100 1.7 
+8 1^501.196 12 
-100 6^0 H TO 6.1 
-10 3J81 2.670 43 



23.400 +300 X. TOO 21200 Z 5 
2385 +20 1030 1440 43 


flMfi/Kfl 








MPA 830 

Bttmm 1S4 

CsalA 263 

Codon 6020 

D/S12A 109.000 
DrfKCO 188 

DunDsk 317 

EAriri 163 

H0B 412 

0MM 546 

CEB 180 

JyriOR 385 

UUrtJ (WO 

NKTA/E 2»7 

NVMdB 537 

ItadoB 430n1 

SootnA 500 

SoplMB 497 

Stoll 398 

TUMfl 32S 

TqbSsb 575 

UttteA 223 


— 760 565 20 

-J 281 184 17 

+3 333 250 IX 

+40 7.000 5JC0 as 
~ OSflfc utuoo as 
+Z 228 17550 _ 
+5 427 307 30 
-520325 150 5.9 
-f B15 395 19 
-15 643 449 12 
+3 278 181 1.2 
+6 425 330 12 
-10 1.650 950 04 

ZItbS? 238 m 

-10 737 
-10 615 
-a 67S 
-7 405 
+2 35633 

— 1J372 


468 a7 
418 12 
500 OS 
425 OS 
321 25 
300 _ 
510 1.7 


-3 26720786 45 _ 


■ ••v.-aws^ 


’ ■ ’•*>71 Hetjj 




HHUUC (Od B / Mira) 


Cu*or 

EflJnA 


106 +1 
140 -1 

81 


154 1D2JS0 IS 
178 121 IS 
105 80 _ 


EmoR 44 SO -.70 49S0 3500 1 J _ 


MHI 

MB* 


147 +1 

1010 +.101 


233 141 IS _ 


«.. +. 


Kauai 

68(40 




luneB 

GOB 

*2 



~ S23H& 

133 

140 

-1 

-1 

150 

247 

100 03 

l MoBaB 

140 

-1 



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BdmnK 496 _ 510 435 1.6 

Bpygy 3B8S0 -6 575 397 3S 

Bmiot 960 —1.109 BIB IS 

»rtO 28150 -SO 3050 2S6 IS 
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M»fl 030 -10 Ml 780 IS 

CHRIST 1210 -51S301.140 OS 

CoflW 610 — 1,030 810 1.4 

Cmnui* 30350 —2 39029250 4 O 

Corairt 229 +50 290 225 1.7 
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DMn* 730 -3 904 889 1.1 

Down 498 +150 568 443 IS 
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Duftek 668 SO +1.10 88750 6350 IS 
DtdWk 134 SO +150 188 131 3J3 

Douolm 491 +5 607 478 19 

DUO* 305 +5 337 WO IS 

DraOBk 378S0 -3SO4B650 348 3S 
CEHE 506 -1 616 465 1.4 

Man 264 +2 307 252 10 

BWacn 724 +4 730 590 IS 

Hmg0 210 ._ 245 100 11 

H6O11 1776 +25 1.380 1,141 IS 

HnkeB* 568SO +150 Bar 562 IS 
HifiQ 313 -10 440 313 12 

Hpcml 621 -0 1S99 857 IS 

Waits 310 -8S0 36850 M420 13 
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hdUk 33BS0 +8 433 330 14 

h8B&S 136 — 160 131 — 

KnKH SC® +1 649 515 12 

ffW 464 +3 558 451 17 

KW 118 -SO 151 SO 115.10 — 
KtocKW 130 +150 179 10170 18 

Lntanvr 845 -6 800 630 IS 

LotM 872 +2 850 680 IS 

1MB 883 +18 966 830 IS 

LmnH 217 -ISO 410 319 15 
Luntm 175 —21650 157 ‘B — 

LuflPI 173 — 209 151 IS 

MAN 389-50 +7 470 378 IS 

MAN PI 305 +8 367 295 13 

Marram 38950 +4S04fid9) 380 IS 

HontW 680 — 822 680 — 

MtsBo 12850 -6 286 101 82 

HK(Wg 17B0 -10 3517 2,870 OS 

PWA 23050 +6-60 262 210 — 
PntCnmm 503 +2 580 4B3 3S 

PBntll 641 +11 050 622 0*4 

Pmag 434 +10W 50150 416 13 
me 432 -252950 309 18 

RWEPf 34180 +1J0 434 329 35 
r&Mte 1780 -30 1570 1.230 15 

RhnmS 265 -10 372 265 18 

flhnafi 200.10 -SO 267 204 IB 
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401 

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DMtuk 1290 
Da<KB 1500 
D-cHP 1500 
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Dalya BOB 

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Z Z bSS& 13.60 tjoisli 1X60 44345 ■ TMCVO - MOOT ACTIVE STOCKS* Thursday, October B. 1 W4 



ra la cm 770X22 S caong fim rana* w 
(X AH “44 (1 770 0770 cr fib +44 81 770 3322 
20 Hnpatn >4 btlMir nm mie dm. oafird to 
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Br 8 «Rg 

CSBr 

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Hria 


no 

660 

680 

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503 

720 

717 

336 

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-S 713 567 129 
+120 3A88 2.173 1 j 
—8 1.34B 1JD15 1.7 
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+£ SOT 705 XI 
-1 042 BOB Z1 

-a 422 331 _ 
+70 3£30 1.560 1 J 
+8 1.700 1J»0 7-0 
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-10 1 300 13)50 1.4 
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1X90 -10 13601X90 _ _ SmusSii 

Kndnha 13GO -20 1482 1.900 — — SnyoB 

Kenebo 34B -5 420 339 — — Sppore 

Kanokfl 7B5 — B09 G18 09 _ Saran 

Knmbu 535 -4 570 430 — — SeaaEn 

KmB X450 -50 23TOX460 — — SflCuR 

KoriPn 5BS *1 BE 4S _ _ SrineT 

Kao 1.160 -10 1310 1.1*0 — — salyoF 
KMtfcy 488 “E 500 338 — — - • 

Kra+Kan 372 +3 412 271 — _ 

KrimSO 438 -5 451 303 _. — 


-4 538 418 
-1 779 003 IX 

-40 3X40 X410 — 

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-27 1.180 966 — 
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Isom 
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119 m 
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172 
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Santos 330 

SmBtthH 6.17m 

11.70 
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— PUflln 

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— DCTIfc 

— RnanQd 


-31 1.IB 034 9X — 
-33 533 3X5 50 1BX 
+.03 546 434 6.7 18X 

... 2030 ISO) 18 — 

— 330 235 13 — 

-.13 140 160 23 

+.11 1X30 730 2J — 
-31 57a 339 5.1 — 
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+31 038 035 53 
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— 132 1X0 11 
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- 145 X44 £3 
-32 166 X30 — 

+33 147 038 5.1 _ 

+32 £30 X15 7.4 11.0 
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-32 1.78 1X4 8.9 — 
+32 £35 2 63 63 

— 20? 1.1£ 29 ... 
+31 232 135 — — 
+.14 11.50 6.75 23 413 
+36 4JB0 233 BX ... 
-.10183415.70 43 SIX 
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+33 138 235 13 683 
+3710.W 737 43213 

- 4X1 IBS 43 .... 
+32 HOG 937 4.9113 
-33 730 5X5 1 3 — 
-37 1030 738 14 73 
-34 6X8 334 IS — 

- 179 1 90 14 ... 
+.01 4.15 335 16 24.4 
+.19 5.02 190 17 — 
-.03 115 1-38 — — 
+.06 X43 133 ... _. 
+32 146 160 4.7 133 
-.05 *X5 1*9 S3 — 

... 9X5 530 1.0 

- 430 133 XT 

-.77 KB6 4.48 53 _. 
+.05 1.74 1.16 8.6 _ 

-.15 8X5 4X8 03 _. 
-05 5X0 432 .... — 
-32 432 188 73 93 
+.05 7.10 535 43 — 
-.12 1X10 8.10 43 — 
*31 330 XG5 — _ 



Stocks 

Closing 

Change 


Stocks 

Closing 

Change 


Traded 

Prices 

on day 


Traded 

Prices 

on ctoy 

Nippon Stool 

5 . 9 m 

381 

-4 

NKK — .. 

3 - 3 m 

287 

-2 

Sumitomo MU — 

4 . 8 m 

345 

+6 

Toshiba 

3 . 1 m 

735 

+3 

NEC ; - 

4 . 6 m 

1250 

+30 

Oki Electric 

2 - 6 m 

788 

+8 

Hitachi 

3 . 7 m 

973 

+5 

Mitsubishi Hvy 

2 . 7 m 

780 


Honshu Papef 

3 ^m 

662 

+12 

Mitsubishi Bee — 

2 Jm 

705 



INDICES 


US INDICES 



oa 

e 


oct 

5 


on 

4 


-1994 


HW> 


Oct 

6 


Od 

5 


Oct 

4 


H&i 


-1994 


LOW 





Ganetri ( 291277 ) 

M 

1974051 

2031188 2547 X 40 1812 

M OtEoaneaO/l/ 80 ) 

H Mntagfl/VBQ 

197 BJ 

10444 

19763 

1044.1 

10910 

10513 

234050 312 
1138.10 312 

Mb 

QodlAMto 43 VI 2 « 4 ) 
Hated tatoCri/BI) 

39021 

104985 

390.78 

104815 

R 9 

106154 

46068 2/2 
1222 X 5 V 2 

IMnlun 

BBJBflhfll) 

133839 

133833 

136757 

154255 9 12 

Brad 

Bawpa( 29 ri 2 fl 5 

W 

516683 

533515 9611030 1 OT 

Bsrii 

Meteb I*Es 4 (I 97 S) 
tanpodB* 0973 # 
PteridtoSS ( 4 flffl 3 l 

SS s 

3964.10 

425340 

PQWIM 

402053 

4 Z 7450 

2030.13 

IS*! 

ill 

CHS 

PSA Son pin 2 / 80 ) 

M 

517 X 4 

51623 

519 X 39 4710 

Daomak 

0 VMlaganS^iA 9 

wa «7 

341.16 

346(42 

41179 2/2 

HR BenaaCanMO) 

18705 

18893 

19015 

190 X 09 4/2 

Ram 

S 8 F 25 DD 1 riZm 

0X4031/1207) 

134136 123836 
154338 1831727 

126253 

1 B 76.12 

nwiM 2/2 
235503 20 

raZAMri 4 Jl« 2 « 8 ) 
Conmnntiarkfi/iaw) 
DAX 0V\2K7$ 

74253 

211650 

196133 

74 X 04 

2116 X 0 

1988.72 

75450 
21 5030 
139455 

83 X 27 18/5 
246560 2 S 
2 Z 7 I .11 IBS 

Graaos 

AIWH SF( 31 / 12 « 0 | 

67953 

87 X 56 

861 55 

1 W 58 1871 

Boon KflOf 

Kang SanoPWW 

827625 

9266 X 6 

S 504.12 1220 U 8 471 

tads 

BSE SanKISTB) 

4379.49 

435035 

4388.14 45 B 7 IJ 9 Z 7/9 

Mooaria 

Jri«ta CoovJ 1 (W ®3 

51156 

503.64 

500.72 

61 X 80 571 

Maori 

ESI OnaMri /89 

179952 

180048 

181832 

266 X 16 2071 

«B* 

Bm Caire tsA (T 972 J 
US Banal (Viflfl 

64507 

10483 

64134 

10403 

65736 

10865 

617.17 106 
131 X 00 IK 

■*re« 

NUM 225 (T 6 CN 9 ) 
HHb) 30 D(V 10 « 2 ) 
Tbph(VI«» 
ad SacDon (VUSS 

1965523 1075155 19 B 8 S 1 2 ISS 201 13 « 

7 |W«i 26188 28750 311-71 13 * 

1 578 X 7 158235 1 B 72 . 7 B 1713 X 3 TOT 

231 .® 224326 2229 X 2 2542 JS W 

BSEOmmWBffl 

114143 

113372 

112 S 66 

13 U 4 B 571 


1715 X 90 20/4 

FCPM 19781 

M 

294109 

2 E 7052 

28 B 1 .T 7 

80 

195703 

20/4 

1957(40 276 
SOUO 56 

Mritatm 

CBSTWriGenCnd 83 ) 

41 X 5 

4103 

4 Z 7 X 

4 BU 0 

31/1 

40 XX 

Zlfi 

CSS Al Shr £ri 83 ) 

2835 

263.4 

29 X 3 

29450 

31/1 

25750 

21 AS 

39021 and 

Sx 40 fU 7 /BB) 

199 X 18 

aram 

205750 

20054 

012 

1 S 4 E 51 

11/7 

101138 6 /E 

Noraaqr 

0 UDGEMS 7 T 69 

104157 

104049 

1049 X 4 

121110 

28/2 

98051 

21 fi 

133 X 09 8/10 

Mania Cano ( 2 / 1/89 

297750 

207301 

295351 

330837 

4/1 

250703 

90 

380090 371 

PErtagri 

BTA flSTT) 

28855 

» 


P»BI 

18/2 

261250 

20 * 

329956 2074 
390950 246 

•ion 

SBBSvanCWTQ 

57758 

58459 

561 X 6 

64151 

4/1 

aytre 

4/4 

1868 . 4 S 36 

Sum AHri 

JSE Grid CBW 78 } 

23315 V 

23875 

24005 

253400 

7/9 

174900 

14/2 

3901 X 0 4/4 

JSE kd. C 8 & 78 ) 

92715 V 

62715 

63005 

975750 

15 A 

544 X 09 

tan 

33002 9710 

SouXi hm 
NwaCrapB( 47 U 80 r 

108053 

105704 

10 B 454 

108053 

6/10 

IMP 

2/4 

1601 -ID 3/1 

SOaBi 

Madrid SE pan 2 / 85 ) 

290.40 

29007 

2 KJ 2 

35801 

31/1 

29 LQ 7 

5/10 

123856 V 10 

Swam 

AHarawHti 6 an (t/ 2 / 37 ) 

1381.10 

1384 X 0 

140 X 40 

1 BD 1 S 0 

31/1 

133 UB 

6 rr 

183172 6710 

Balre 8 k M ( 31 / 12 / 96 ) 

117258 

117156 

116950 

142334 

31/1 

116757 

18/7 

74254 5710 

SBC General [t /4671 

88955 

98857 

90105 

tirara 

21/1 

88 X 57 

5/10 

211 X 30 5710 
196153 6/10 

Taboo 

WdgtttdPrJSOSflQ- 

MB 

6944.59 

717992 

7 W 1 .W 

9/10 

510163 

1913 

80 X 67 296 

Bangkok SET PQW 75 ) 

148150 

149259 

150083 

175173 

4/1 

119 X 59 

4 M 

880 X 44 46 

Tutay 

isatal OmoUai 198 S 

2792 X 3 

267635 

ZJ 0691 ® 8 B 1 BB 

13/1 

1290070 

24/3 

349456 671 

WORLD 

USCapUH(l^/ 7 D)S 

61 X 5 - 

617.1 

6180 

64450 

219 

59150 

4/4 

44022 12/7 

GBOSXBORDBI 
EdDbacfc 100 C 67 I 06 Q 

128054 

12 BK 4 B 

131207 

154919 

31/1 

126 X 41 

5/10 


Eoo Tap -100 ( 266 / 91 ? 

114 X 36 

113 X 48 1157 . 12 t 

131151 

2/2 

11 9946 

6/10 

1994.14 1/7 

jCspaDgn ( 317126 S) 

M 

33259 

33607 

39 X 19 

5 /t 

MHM 

21/3 

Bartags Ebh«I 77 V 82 ) 

18501 

18 X 29 

18085 

191 X 9 

2 BIB 

14156 

21/4 


Dew Jonea 

Oa 

oa 

Od 

1994 

SncecvnpBaBon 


5 

4 

3 

** 

La* 

nek 

Ion 

Mu*tfc 

378704 

3801.13 

384 X 99 

397808 

3 S 93 - 3 S 

397806 

41 X 2 





Pl/ 1 ) 

( 4 / 4 ) 

( 31 /U 9 fl 

( 2 / 7 / 32 ) 

Hum Ourii 

9642 

98.73 

9 X 96 

10551 

9 X 4 £ 

109.77 

5499 





Cl/ 1 ) 


( 18 / 10 / 93 ) 

( 1 / 1 081 ) 

Transport 

H 41 E 

1459 X 2 

148 X 00 

1 B 62 XB 

144182 

186209 

1202 





CO 

WO) 

C/ 2 / 94 ) 

( 87/33 

ussaies 

• 17756 

17 X 68 

18060 

22758 

17555 

25 X 48 

1 X 50 





( 3/11 

com 

P 1 /BIB 3 ) 

( 8/4733 

DJ Ird. Day's ugh M <307147 , Low H O 7 SB 05 ) (ThoorattaJ*) 
Da/a high 3802.14 [385003 ) Low 374801 O 7 B 4.40 > [Actual*) 



Standard and 

Poors 







CwreodB t 

45152 

45459 

461.74 

482 JB 

438 JK 

48258 

*40 




am 

m 

anm 

Hfl /33 

bdudiWaV 

53 X 1 B 

539.12 

547.77 

E 8 LB 3 

51 X 05 

58053 

162 




( 15 / 9 ) 

(21/fl 

( 15 fiA 4 | 

(Z 1®93 

Ftaaodri 

4251 

42 . 1 Bt 

4203 

4 X 94 

4109 

4 BAS 

8 - 6 * 





( 14 /El 

m 

C 8 /B/ 93 ) 

( 1/10741 

mSE Ctnp. 

£5006 

291.45 

254.64 

£67 JI 

£4114 

787 JI 

448 




am 

14 / 4 ) 

12 / 2 / 94 ) 

( 25 / 4 / 42 ) 

Ann MM W 

451.11 

45181 

45 X 46 

48759 

* 22.87 

48758 

2901 





am 

( 28 ®) 

( 2094 ) 

ion 273 

NASDAQ Oag 

746 X 8 

74701 

78 X 88 

80153 

6 S 379 

mm 

5487 




( 18 / 3 ) 

( 24/51 

( 18 / 304 ) 

(31/1073 

■ RATIOS 










Sep 30 

Sep 23 

Sep 16 

Year ago 

Dow Jones Ind. Dfv. Yield 

2.7B 

2.76 

2.63 

265 


Od 5 

Sep 28 

Sep 21 

Year ago 

S & P bid. 01*. yield 

2.43 

pan 

2.41 

2.61 

S A P bid. P/6 rado 

2033 

20.78 

2064 

27^2 


■ STANDARD AND POORS SOO INDEX FUTURKS $500 Umea Index 



Open 

1 wraat 

Change 

High 

LOW 

EeLvoL Open tm. 

Dec 

454 X 5 

454 X 0 

+065 

455 X 0 

453 X 0 

98,710 214.763 

Mot 

- 

457 X 5 

- 

- 

* 

1,533 

7^76 

Jim 

- 

461.05 

- 

' 

- 

387 

2.578 


Open Mares Hjum n fer previous day. 


■ mr VDHK ACTTVI STOCKS B TRADING ACTIVITY 


ion 

04430 ion 


■ CAC- 4 Q STOCK BBJEX RJHMBS (MAT 1 F) 




Open 

Sett Price Change 

Ugh 

Low 

Eat voL Opcrn Int 

173 B» W 

Od 

16 S 2 X 

1852.0 +- 11.0 

186 Z 0 

1 B 52 C 

5 X 30 

29^24 

28 X 22 4/1 

Nw 

185 X 0 

18600 + 11.0 

1883 JS 

1858.0 

S 

669 

140 X 7 4/1 

Dec 

isexfi 

1860 J + 11.0 

187 X 0 

186 X 5 

173 

26 X 04 

187333 4/1 

Open krnreri Igira lor praricu day. 





32 X 33 4/4 









UMontoy 

Compaq 

UDUOfe 

UODO 


Stocks 

rated 

5,181,900 

4320.100 

4351,400 


Dose 

price 

32* 

SDK 

33 K 


Ghsooe 
no day 

+*ft 

-A 

+ 2 % 


Sen Moure 

4X54.100 

4514 

+H 

NYSE 



HM-Jtirt 

3592.600 

Z3M 

+14 

teas Traded 

2X64 

2X64 

TeWaaos 

3,714X00 

60V. 

-J* 

Hub 

537 

551 

Monk 

140X00 

36 

-At 

M* 

1755 

1,715 

598 

HedWnBi 

1443000 

34V 

+2V 

Unchanged 

S72 

Ford lUtr 

3X38X00 

27H 

+H 

New Highs 

0 

35 

rraunrtu 

3.004X00 

40*4 

-2 

New Lows 

254 

127 


• volume man 

Oct 5 Od 4 003 

New York SE 359397 325317 261112 
Amen 19.870 IB . 799 273 ZE 

NA spAQ y? ,(i yi tin? rag aa.807 


1832 

831 

1341 

680 

40 

77 


huC UHIUWwINI airerre ■ 

__ ^ •— t nct+3 pgy- viriiM ft afl EkBcbs ere 100 AKopc AM M de At OhSoky t ComKlIoib ■ C e i rr 4 rtml ra 1530 GMT. — 

- CM Oct 1 : Tarirra WrighMdWM imtt 1^ W m ToMttB Cc repAlriri. 8 +Th« DJ ML Man theonricri day^r Ngla 

ore 6 - 196141+mg S l «-ud8Y.rn.^«™*»i» 


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and Isms am tha Bwapei efths Mghsri M lovmn nrieee reached during ™ itiy try escti 
teras SrapBed by Triekirt repreeenr me Ndims «l kwrat rriuee tfis the Index nas mechad 
preriouideyei. V Sufiyed » omdri recalculetioft. 


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FRIDAY OCTOBER 7 I9W 


4 pm dose October B 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 



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15% 8% AbiwCW 

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YU » 8b CM* 

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(LIB 1.1 37 98 18% 15% 16% 

1 08 23 26 IRS 75% 74% 74% 

84 6STD «9«40% 48% 

12 SB 4 3% 3% 

100 19 34 8GS 52 51% 51% 

178 ZS IS 8388 30% 30% 30% 

USD IS 10 30 14% 14% 14% 

052 IS 21 2D% X% 20% 

29 550 Ulfl 15% 10 


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22*s AttneFn 
28% 18% Aftgsahe 
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27% 21% AUtMi 
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11% 9% Abner 
28% 24 ABM Op 

7 4% AIMWk 
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87% 64% Alcoa 
30% 19 Aba Cp A 

11% 7 HnGmfcc x 186112 799 

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ContbuMdttinxdpag® 


37 


|t nNANCIAI ' times Friday October 7 1994 ★ 

: wcneOXfiere NYSE COMPOSITI 


NASDAQ NATIONAL MARKET 


4 pn dose Beater 6 


_ Yja. IV Su era 

Ok It E 14b IQgb low Don 




Continued from previous page 
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ACC Cap 012159 381 IB 17 17% 
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— Hiuai*u uiai me 10 key attraction being the level of financial 

per cent WDAs will be raised In the near flows involved. 


38 


WORLD STOCK MARKETS 


FINANCIAL TIMES 


Friday October 7 1994 


8 

I 

i e 


$ 


FT-Actuaries World Indices in the third quarter 1994 

OS Japan 


Jointly compiled SyTbo Brands! Times UC. GokJroan SwJwi Co. end NatWest Secwtt»» Ltd m ccoju’ctic" wltti tlw tnOTtuie ot Acfti>rioa and Fiajfty flJ Aoh%j^ 


World 

130 


120 -- 


France 


Germany 


Denmark 


South Africa 


Finland 


Austria 




<1(4 94 Sttp S4 Sep Jul 94 


Jut 94 Sep 



Jii » Sop 



AMERICA 


EUROPE 


Dow meanders ahead 
of crucial jobs data 


Bourses in limited technical recovery 


Wall Street 


US share prices meandered in 
a narrow range yesterday 
morning as equity investors 
braced for today's crucial jobs 
data, writes Frank McGurty in 
New York. 

By l pm, the Dow Jones 
Industrial Average was off 0.33 
at 3,737.67, while the more 
broadly based Standard & 
Poor’s 500 was up 0.63 at 454.15. 
The American SE composite 
was 1.99 ahead at 453.10 and 
the Nasdaq composite added 
1.03 at 747 31. 

After two straight losing ses- 
sions, stocks opened weaker 
again, but soon limped back to 
their starting levels in unin- 
spired trading. 

No important economic news 
was released, and the bond 
market was taking a break 
from the long spell of turbu- 
lence which had driven prices 
lower in recent weeks. 

But the charged atmosphere 
was expected to return with a 
vengeance this morning. With 
the Labor Department set to 
release its monthly report on 
the employment market, inves- 
tors were calculating the odds 
of the Federal Reserve respond- 
ing with a move to lift interest 
rates again. 

Economists were expecting 
to see an increase in non-farm 
payrolls of about 250,000. Ef 
the gain was close to 300,000 
- a figure which would indic- 
ate a spurt of economic activ- 
ity - many thought it was 
likely that the Fed would act 
immediately. 

ASIA PACIFIC 


But the news might not be as 
bad as some were fearing, judg- 
ing from yesterday's second- 
tier reports. The Labor Depart- 
ment said that initial claims 
for unemployment benefit were 
up by 7,000 last week. Later, 
the Conference Board said that 
its index of help wanted adver- 
tising declined from July to 
August 

Still, those numbers were not 
nearly persuasive enough to 
inspire investors. Most were 
reluctant to make fresh com- 
mitments before today's data. 
On the NYSE, declining issues 
were about level with advances 
by early afternoon, in lacklus- 
tre volume of 153m shares. 

Among the Dow components. 
International Paper was one of 
the only ones which, showed 
much movement, shedding $1 
to $76’/i. The loss was offset by 
a $1% gain by Procter & Gam- 
ble, which was trading at $60%. 

The session was enlivened 
by the announcement of an 
attempt to derail an agreed 
merger between two big rail- 
ways. Union Pacific dropped 
$2% to $14% on the disclosure 
that it had filed a lawsuit seek- 
ing to require Santa Fe Pacific 
to entertain its rival merger 
offer. Santa Fe’s share price 
jumped $2 to $14% in the wake 
of the move, while Burlington 
Northern, its would-be partner, 
receded $% to $48%. 

The market was generally 
nonplussed by the release of 
monthly sales data by the lead- 
ing retailers. Kmart receded 
$% to $16%. Sales in stores 
opened at least a year were up 
a tepid 18 per cent, and the 


company warned of a decline 
in third-quarter earnings. 

On the Nasdaq, Apple Com- 
puter gave back $1% to $36% in 
heavy volume of 3.5m shares. 
Hie stock had jumped in the 
previous session on specula- 
tion that Motorola was Inter- 
ested in acquiring the com- 
pany 

Canada 

Toronto traded higher in mid- 
day trade as buyers went bar- 
gain hunting following the 
market's weakness in recent 
days. AH 14 sub-indices posted 
gains, led by strength in gold, 
consumer products and trans- 
portation. 

The TSE 300 index rose 22.11 
to 4,275.47 at noon in volume of 
31.7m shares. Fears of rising 
interest rates had pulled the 
index down by a total of 100 
points in the previous three 
days. 

Gold and precious metals led 
gains, rising 1.1 per cent. 
Placer Dome picked up C$% to 
C$23% and American Barrick 
rose C$% to C$34%. 


SOUTH AFRICA 

Johannesburg extended recent 
losses in slow, lacklustre trade 
as the market remained under 
pressure from a soft bullion 
price and reduced speculation 
about an imminent scrapping 
of the financial rand. 

The gold shares index 
declined 36 to 2,330, industri- 
als finished the day unchanged 
at 6,271 and the overall index 
shed 21 to 5,595. 


Mr Edmond Alphandery, the 
French economy minister, did 
his bit for bourses yesterday, 
saying that he saw room for a 
rebound, writes Our Markets 
Staff. 

At Wednesday's close, the 
Paris CAC 40 index was at a 
low for the year, and down by 
20 per cent from its 1994 high, 
and Mr Alphandery could see 
no repeat now of the October 
1987 stock market crash. 

PARIS bounced a little after 
Wednesday's 1994 low but it 
put In less of a recovery, with 
the CAC 40 index just 9.66 
higher at L843.38, than it did 
from a similar position on 
Tuesday. Turnover fell to 
FFr2.64bn as a demonstration 
against the Renault privatisa- 
tion disrupted trading on the 
Matif and Monep exchanges. 

Significant moves tended to 
be downwards. Saint Go bain 
fell FFr6 to FFr612 as its chair- 
man, Mr Jean- Louis Beffa, was 
questioned again by a judge 
looking into corruption allega- 
tions. Bouygues, the construc- 
tion group whose consortium 
won France's third mobile tele- 
phone licence this week, fell 
FFr18 to FFr569 on plans for a 
rights issue. 

M6-Metropole Television, 
introduced to the market last 
Thursday, dipped FFr3 to 
FFr307 after fund managers 
filled their requirements. Char- 
geurs. the textile company, 
came back FFr29 to FFr1,284 
after it said that Its stake in 
BSkyB would not be materially 
altered by the flotation of the 
British satellite broadcaster. 

However, Damart, the ther- 
mal clothing supplier, rose 
FFr290 to FFr6,040 after results 
which, lacking comparisons 
due to a change in the year- 
end, indicated a 7.1 per cent 


Taipei down 4.2% on default case 


Tokyo 


Share prices lost ground on 
small-lot arbitrage selling as 
public fund managers, which 
supported prices on Wednes- 
day, held the sidelines, writes 
Emika Terazono in Tokyo. 

The Nikkei 225 average shed 
96.32 to 19,655.23 after a day's 
high of 19,748.45 in the morn- 
ing and a subsequent low of 
19,645.43. Volume was 203m 
shares, against 197m. Most 
investors were reluctant to 
build positions ahead of the 
three-day weekend. 

The Topix Index of all first 
section stocks closed 5.78 down 
at 1,576.27 and the Nikkei 300 
lost 1.09 at 288.80. Falls led 
gains by 659 to 328, with 191 
issues steady. But in London 
the ISE/Nikkei 50 index 
improved 2.30 to 1,299.90. 

Lingering doubts over Japan 
Tobacco also weighed on Inves- 
tor confidence. Although the 
offer was oversubscribed, suc- 
cessful applicants who won the 
lottery for shares might let 
their applications lapse by not 
paying for their JT stock by 
the deadline next Tuesday. 

Some Japanese brokers 


expect as many as 30 to 40 per 
cent of the successful appli- 
cants to abstain. Any stock 
which becomes available as a 
result of lapsed applications 
will be reallocated to appli- 
cants rejected in the first 
round, and this will be 
announced next Friday. 

The second round applicants 
have until October 19 to pay, 
and any left-over stock as a 
result of lapsed second-round 
applications may be offered 
into the secondary market by 
the government on October 27, 
the listing date. 

Japan Telecom, regarded as 
a benchmark of investor confi- 
dence in former state-owned 
companies, slipped Y130.000 to 
Y4.01m. It rallied on Wednes- 
day on active buying by bro- 
kers looking to prop up waning 
interest in Japan Tobacco. 

In Osaka the OSE average 
rose 20.81 to 21,990.09 in vol- 
ume of 8.7m shares. 

Roundup 

Australia and Hong Kong were 
Inclined to wait for today's US 
jobs data; other markets had 
more parochial considerations. 

TAIPEI was sharply lower 


for a second straight day, los- 
ing 42 per cent in active trade 
as the Hualon Group's pay- 
ment defaults case continued 
to dominate activity. 

The weighted index ended 
29L27 points down at 6,653.32 
in active turnover of T$70.20bn, 
having fallen 3.3 per cent on 
Wednesday. 

At least 15 Taiwanese bro- 
kerages, including two units 
owned by Hualon. were 
involved in the payment 
defaults totalling T$2.6bn in 
the previous three days, 
according to the Securities and 
Exchange Commission. Hualon 
Corp plunged the daily 7 per 
cent limit for the second day, 
shedding T$1.7 to T$22 J9. 

SINGAPORE fell 2.0 per cent, 
led by losses in blue chips as 
institutional investors suc- 
cumbed to concerns on Wall 
Street. The Straits Times 
Industrial index closed 47.52 
points lower at 2£&3l. 

Singapore Airline foreign 
shares dived S$1.30 to S$13.70 
on news that it will cut pub- 
lished feres for 33 destinations. 

SHANGHAI'S A share index 
dropped 6.8 per cent amid per- 
sistent, renewed rumours that 
China's leader Deng Xiaoping 


was seriously ill. The index 
gave up 48J31 at 67456, felling 
below support at 700, in 
reduced turnover of Yn2Jbn. 
The B share index, of shares 
available to foreigners, dipped 
L02 or L3 per cent to 78.63. 

WELLINGTON continued 
lower for the third consecutive 
day, with interest rate worries 
leaving shares 1.8 per cent 
down. The NZSE-40 capital 
index finished 36.86 weaker at 
1,998.16. 

SEOUL followed an early 
spurt in banking and low 
price/earnings ratio stocks 
with broadly based buying, 
and the composite index 
moved ahead 12.64 to a new 
1994 high of 1,069.93. In banks, 
Shinhan climbed WonSOO to a 
record Wonl9,800 and Korea 
Long-Term went the day’s 
limit up, Wonl.000, to 
Won25,600. 

JAKARTA'S official index 
ended 7.82 higher at 511.46 
after investors bought a range 
of high-capitallsation stocks. 
BOMBAY saw sustained buy- 
ing on expectations of a favour- 
able credit policy being 
announced on Monday week, 
the BSE 30-share index advanc- 
ing 29.44 to 4379.49. 


1 ft-aWuariesIworld indices I 

JotaOv compiled by Tho Financial Timas Lid., Goldman. Sacha ft Co. and NalWest Seoxtties Ltd. In cmjimcttan with the Institute of Actuaries and the Faoiity of Actuaries 

NATIONAL AND 

















Figures m parentheses 

US 

Day's 

Pound 



Local 

Local 

Gross 

US 

Pound 



Local 



Yew 

show number of lines 

Dollar 

Change 

Storing 

Yen 

DM 

Currency 

% Chg 

D~. 

Dolor 

Sterflng 

Yen 

DM Charency 52 week 52 week 

ago 

of stock 

Index 

% 

Index 

Index 

Index 

Index 

an day 

Yield 

Index 

Index 

Index 

Index 

Index 

Wab 

Low 

(approx) 

Auotroia (68) 

166.43 

-VO 

155.44 

1W.64 

133.47 

149.66 

-1.1 

871 

108.05 

157.8* 

105 DO 

135.59 

15125 

189.15 

14822 

14022 

Austria (16). — 

180.65 

-0.3 

168.73 

113.59 

144.88 

144.81 

-0.8 

i.ll 

1B1.16 

17815 

114.16 

148.16 

146.06 

196.89 

167.46 

173.65 

Betg«*n27) 

162.32 

-1.0 

1S1D1 

102.06 

130.18 

127.07 

-1.5 

4D4 

103-92 

153.96 

103 JO 

13826 

12802 

177.04 

14923 

148.68 

Canada (103)..... ...... 

134 -SO 

-0.7 

125.63 

84.57 

107 ST 

131.29 

-85 

856 

135.48 

127.24 

85.37 

10921 

131.88 

14521 

12054 

12223 


24327 

-1.0 

227.31 

163.02 

195.17 

200.13 

-83 

1.48 

247.99 

23892 

18827 

20806 

204.89 

275.79 

23027 

23898 

Finland (?*}..... 

181.57 

-0.5 

169.59 

114.16 

145.61 

182.71 

-0.6 

0.77 

18838 

17129 

114.93 

147.15 

133.86 

18228 

115.42 

115.42 

FWtaCO (101) 

. .. ...162.04 

-1.6 

151.35 

10168 

129.95 

134.00 

-2.1 

823 

164.73 

164.72 

103-80 

132D1 

138.92 

18527 

15924 

171 JO 

Germany (56) 

135.59 

-O.S 

126.64 

B5.2S 

108.74 

10874 

-1 A 

1.89 

136.65 

12828 

88.11 

11825 

11025 

15840 

12827 

131.45 

Hong Kong (56) 

383.02 

-2.1 

357.76 

240.83 

307.18 

380 DO 

-2.1 

3.20 

301.43 

367.64 

246.66 

315.82 

388-34 

50628 

312.06 

312.06 

Ireland (i-M 

201.12 

-0.6 

187.85 

126.46 

161.30 

180.54 

- 1.0 

854 

20806 

186.77 

127.33 

163D2 

182.41 

218.80 

171.40 

172.65 

Italy (59V 

79.12 

-3.0 

73.90 

49.75 

63.46 

92J5Q 

-2D 

1.67 

81.69 

7863 

61.41 

65.83 

9523 

87.78 

67.88 

73.93 

Japan (468). 

15860 

1.0 

149.06 

100.35 

128.00 

100135 

0.7 

876 

15809 

14848 

99.62 

127.66 

99.62 

17810 

124.54 

153.83 

Malaysia i9f) .... 

.......563.33 

as 

526.17 

354.21 

451.79 

65689 

0.9 

181 

558.40 

524.47 

351.88 

450.54 

661.64 

821.63 

42321 

423.51 

Mexico (18) ... 

.....2217.41 

-0.7 

2071.11 

1394.22 

1778.31 

8268.41 

-Q£ 

1.24 

2231 DO 

209823 

140843 

1800.72 

8312.68 

2647.08 

1674.01 

1878.63 

Nemarund(i9> 

208.11 

-12 

192.51 

129.59 

165.30 

162.53 

-1.8 

385 

208.71 

186D3 

131.52 

168.40 

165.56 

21819 

187.01 

188.48 

New Zealand (14). 

71.58 

-0.9 

68.66 

45.01 

57.41 

63.00 

-as 

3.86 

7823 

67.84 

45D2 

5828 

63.59 

77.59 

5922 

6811 

Norway (23) 

196.50 

-as 

18053 

123.55 

157.59 

179.41 

-1.4 

1.84 

19827 

18622 

124.94 

1 69.96 

191.95 

211.74 

18852 

175.46 

Singapore (14) ..... ..., 

,....-.383.12 

1.2 

387.18 

247.18 

315.28 

296.99 

0.7 

1.58 

38856 

364.94 

244.06 

313-60 

266.11 

393.12 

294.66 

30520 

South Africa i59) 

-Jit. 90 

-0.7 

291.33 

196.11 

250.14 

287.69 

-0.7 

on 

314.18 

235.07 

197.97 

253.47 

289.77 

31424 

202.72 

204,05 

Spjm (38) 

135.83 

-1.8 

12627 

85.40 

10893 

131.68 

-2D 

421 

13802 

129.83 

8897 

11125 

134.36 

15879 

12888 

137.53 

Sweden (J6) 

219.88 

-IJ 

205.38 

1 38.20 

176.35 

24848 

-1.5 

1.68 

22885 

209.31 

14843 

179.81 

244.09 

23125 

175.83 

19321 

Switzerland (47) 

16028 

-0.8 

149.69 

100.76 

12852 

127.02 

-ID 

1.91 

16128 

151.46 

101.63 

13812 

128.83 

17856 

142.B6 

142.66 

United Kingdom (204).. 

191.02 

-0.8 

178.42 

iaaii 

15350 

178.42 

-1.4 

4.26 

19887 

18896 

121.41 

155.45 

18896 

214.90 

181.11 

19822 

USA (515) 

185.26 

-0.3 

173.04 

116.48 

14857 

18826 

-0.3 

2.93 

185.75 

174.48 

117.07 

14889 

185.78 

19*3-04 

17895 

188.44 

EUROPE (700) 

166.16 

-1.1 

154.26 

103.64 

132.-15 

14827 

-1.0 

819 

1B7.05 

15890 

10S27 

134.78 

147.70 

178.58 

154.79 

16805 

Nordic (116) 

514.85 

-1.3 

200.67 

135.09 

172.30 

200.83 

-ID 

1.47 

21729 

20427 

137.12 

17856 

203D9 

222.18 

173,19 

183D7 

Pacific Basin (74M_-.. 

169.06 

a7 

157.81 

106.30 

135.59 

111.08 

0.5 

1.09 

167.91 

157.71 

10881 

135.48 

11855 

176.88 

134.78 

158.14 

Euro-Paciflc (1456) 

167.29 

-0.1 

15625 

105.18 

134.18 

125.01 

-84 

157 

167.43 

15725 

10851 

13808 

125.53 

175.14 

14328 

168.41 

North America (61®..—. 

182.10 

-03 

17009 

114.50 

14804 

181.52 

-03 

892 

18866 

171 DS 

11810 

14728 

182-04 

192.73 

17867 

18425 

Europe Ex. UK (SOS) 

147.80 

-1.3 

137.95 

92.88 

11845 

125.65 

-ID 

866 

148.64 

14024 

9420 

120.79 

127 JM 

15812 

135.94 

140.73 

Poofs: Be. Japan (279).. 

.260.82 

-0.8 

243.62 

164.00 

209.18 

232.01 

-0J) 

880 

26882 

24885 

165.62 

2 1803 

233D7 

29821 

211.19 

211.10 

World Ex. US (1636) ...... 

169.18 

-0.1 

158.02 

106.37 

135.68 

12875 . 

-84 

1.98 

168.38 

15809 

10874 

13886 

12830 

17866 

146.58 

15925 

World Ex. UK (1947) — 

171.80 

-0.1 

160.46 

108.02 

137.7B 

14285 

-CD 

811 

171.98 

161 22 

10837 

13878 

14322 

17869 

155.86 

166.05 

World Ex. So. Af (2092) 

172.62 

-02 

161.23 

108.54 

13844 

145.19 

-0-4 

831 

172,91 

16840 

10896 

13851 

145.72 

18803 

168.54 

188D5 

World Ex Japan (1683) . 

182.99 

-0.7 

170.92 

115.08 

14875 

172D9 

-0J8 

887 

18420 

173.00 

11807 

14861 

174.36 

19520 

17834 

177.74 

The World index (2151). 

173.51 

-0 2 

162.06 

109.09 

13815 

14824 

-0.4 

831 

173.81 

16325 

10863 

14023 

14878 

18880 

15885 

168.18 


FT-SE Actuaries Share indices . 


Oct 6 

Houriy changes 

Open 

11 DO 

THE EUROPEAN SERIES 
1120 1200 1100 14D0 15.00 Odea 

FT-SE Einarach 100 
FT-SE Eunnack 200 

129522 

134871 

129625 

134882 

1295D3 1292.83 129033 
134887 134527 1344.17 

129888 

134424 

1288.62 1290.64 
1342.78 134042 



Oct S 

Oct 4 Oct 3 

Sro 30 

SO 29 

FT-SE EtmXracX 100 
FT-SE Eutohadi 200 


178648 

1335D8 

131287 130922 

138881 135728 

131 8D3 
135929 

1330-56 

1375.1 1 


tom can ran; homt. mo - 1290.75 20 s - ims immv. 100 - i2»a*s 200 - 134233 r mu 


rise in turnover “at constant 
structu re*' for the year to June. 

FRANKFURT registered a 
new 1994 closing low on the 
official session at 1,961.03, 
down 7.69. But the real mea- 
sure of the day was in the post 
bourse where the Ibis-indicated 
Dax hit bottom at 1^930.55 on 
Wednesday, and closed yester- 
day IIL92 higher at 1J365.4L 

In that period Volkswagen 
rose DM9 to DM43430, and for- 
eign interest was noted. How- 
ever, turnover fell from 
DM75bn to DM6.4bn and the 
index reaction looked strictly 
technicaL 

West German industrial 
orders fell 2.2 per cent in 
August from July and were up 
6.4 per cent from a year ago. 
Ec onomis ts said that the slow- 
down was not a danger sign for 
the economy. 

Mr Reinhard Fischer, a part- 
ner in Research Vision, was 
less sanguine In one sense, say- 
ing that, of the building blocks 
of the economy, neither con- 
sumption nor investment in 
new equipment were pointing 
to a robust recovery yet 

Exports were looking good, 
he acknowledged, but the 
weakness of the dollar put a 
question mark over profitabil- 
ity in that area. He did say that 
this different quality of growth 
could allow the Bundesbank 
some leeway to reduce interest 


rates further after the German 
general election. 

ZURICH finished slightly 
firmer on futures-related short- 
covering after weaker futures 
put the market under pressure. 
The SMI index closed 4.4 
higher at 2.484.8. up from an 
intraday low of 2,473. 

Activity focused on insurers, 
with Swiss Re up SFr23 to 
SFr688 on foreign demand in 
the wake of Its announcement 
of a new corporate strategy 
and the sale of its direct insur- 
ance businesses. 

Second-line insurers bene- 
fited from takeover specula- 
tion, with Baloise moving up 
SFrl20 to SFr2.595 and Elvia 
adding SFr70 at SFr3,620. 

Among cylicals, Motor- 
Columbus jumped SFrl70 to 
SFrl350 on speculation that a 
decision by UBS to sell its 
stake of more than 50 per cent 
was imminent. 

Holderbank finished SFr3 
firmer at SFr953, off a high of 
SFr970. after Bank Julius Baer 
raised its 1994 earnings esti- 
mate to SFr63.7 per share from 
SFr60 and its 1995 estimate to 
SFr86J3 a share from SFr7S. 

MILAN saw a technical 
rebound after Wednesday's 2.4 
per cent fell, and the Comit 
index picked up 5.03 to 64697, 
bringing a five-day slide to a 
halt However, worries about 
the continuing row between 


Store and MoDo, two of Sweden’s leading forestry groups, fan 
heavily yesterday on p lans for big investments in new capacity, 
writes Christopher Brown- Humes in Stockholm. 

MoDo, which is considering a SKrflbn Investment in a 

270.000 tonnes per year newsprint machine at Braviken, saw its 
“B” shares weaken SKrl6 to SKr325. 

Store fell SKr9 to SKr417 as it began design work on a new 

290.000 tonnes per year board machine. This investment would 

cost around SKriLSbn. 4 

These are the two biggest investment projects to emerge from 
the Swedish pulp and paper industry this year. 

The market took fright because the severe downturn in tin 
palp paper cycle in 1991 and 1992 was caused by overcapa- 
city, not by a drop in demand. 

There are Tears that the current upturn could also be wrecked 
if too many companies order new equipment The market Is also 
worried about dividend prospects and - in MoDo’s case - about 
a possible rights issue. - 

The forestry index fell 1.73 per cent to 1,424.54, against an 
overall 02 per cent decline in the Stockholm bourse. 


the government and anti-cor- 
ruption magistrates continued 
to act as a disincentive, partic- 
ularly to foreign investors. 

Benetton picked up LS6 to 
L19.343 after the 13.1 per cent 
fell of the previous four ses- 
sions, following last week's dis- 
appointing results. Merrill 
Lynch reiterated its positive 
recommendation on the stock, 
encouraging investors to 
exploit the current price weak- 
ness and buy. It said that 
Benetton remained the only 
larger apparel retailer with a 
real global presence and the 
company was successfully 
diversifying and upgrading its 
product mix. Its price policy 
had enabled the company 
aggressively to Increase mar- 
ket share and there was fur- 
ther room to reduce costs. 

AMSTERDAM saw thin, vol- 
atile trade which took the AEX 
index 0.65 higher to 390.78. 

VNU dropped FI 5.10 to 
FI 173.50 amid concerns that a 
new commercial television sta- 
tion, to be launched in the 


Netherlands, might put pres- 
sure on the market share of 
VNlTs television affiliates. . 

Elsevier erased Wednesday's 
sharp losses in heavy trade, as 
investors reversed their nega- 
tive reaction to the purchase of 
a US data bank. Elsevier rose 
90 cents or 5.6 per cent to FI 17. 
having fallen 38 per cent on 
Wednesday as dealers 
expressed doubts over the 
$18bn it had paid Mead Corp'a 
Lexls-Nexis operation. 

WARSAW'S recovery stalled, 
with the Wig index virtually 
unchanged at 9,902.4, hut the 
newly listed construction com- 
pany ESPEBEPE surged 125 
per cent from its issue price to 
340.000 zlotys on its first day 
on tiie main market However, 
the new issue boosted the com- 
pany’s share capital 10-fold and. 
it was criticised for advertis- 
ing, In these circumstances, 
based on its historical average 
price/eamings ratio. 

Written and edited by Wllflam 
Cochrane and Mtehael Morgan 


This Announcement Appears as a Matter of Record Only 


7 ’chtinr. 




TCHIBO Warszawa Sp. z 0 . 0 . 

Plz 440,000,000,000 
Commercial Paper Program 





Issuer 

TCHIBO Warszawa Sp. z o.o. ^ 

Guarantor j 

| TCHIBO Frisch-Rost-Kaffee GmbH 

Dealer 

CITIBANK (Poland) S.A. 



Prograftj Arranger 
Issuing and P^tqgfAsggfit\, v 

CITIBANK (Poland) S.A. 

CITIBANKS 



October, 1994 



FINANCIAL TIMES FRIDAY OCTOBER 7 1994 



J 






V.CU; 




r o 





V 


RECRUITMENT 


JOBS: the use of psychoanalytical techniques for those seeking a new career direction 

Zen and the art of finding a true vocation 


Y ou bad to feel sorry for Der- 
mot As much as he looked 
at the ceiling or closed his 
eyes and tried to blot out the sur- 
roundings he could not secure an 
image. His mind was blank, 

“I can't see anything at all,** he 
confessed. Dermot was lying on a 
blanket in a room with eight other 
people variously lying or sitting 
staring into space. Had this been a 
forest in California with men in 
lumberjack shirts pounding tom 
toms in a male bonding session it 
might have been more readily 
explained. 

But this was a mixed group of 
men and women - English to boot - 
on a floor of the building that 
houses one of the world's biggest 
accountancy firms. Outside in the 
City of London people were making 
money, doing deals, catching cabs. 

Inside, sandwiched between the 
upper and lower floors of the Far- 
ringdon Street accountancy offices 
of KPMG Peat Marwick, its career 
consultancy arm was running a 
visioning workshop, one of the 
more ethereal sides of outplace- 
ment. 

Outplacement, the structured 
approach to helping people in 
redundancy programmes to find 
new jobs, is also designed to enable 
people to come to terms with their 
job loss. A trend in the US which 
has now become established in the 
UK has been to develop visioning 
courses designed to enable people to 


think more deeply about their work 
and discover what they really want 
to do in life. 

Psychologists at KPMG Career 
Consultants have evolved a series of 
visioning sessions that use self- 
awareness processes, drawing on 
Zen Buddhism and meditation tech- 
niques. If this sounds like a throw- 
back to the 1960s it might explain 
why visioning is proving popular 
with the "thirty and forty some- 
things". 

Take Dermot, for example. Aged 
about 40 and married to a success- 
ful medical consultant, he had 
worked as an accountant for the 
same company for 17 years when he 
was given the opportunity to take 
voluntary redundancy. 

“My job became redundant I was 
offered another position in the com- 
pany but didn't want it " He and his 
wife bad made a conscious decision 
as a couple, he said, that her job 
would come first. Her earnings and 
his redundancy package had offered 
him the luxury of taking time to 
consider what he wanted to do next. 

Since giving up his Job he had 
completed an MBA course and now 
wanted to discover a personal gnai 


“I want to build my own vision," he 
said. Sadly, it was proving difficult 

Dermot was lying on the b lank et, 
undergoing a guided imagery ses- 
sion. This is where the consultant 
running the group asks those pres- 
ent to expel all thoughts from their 
minds and concentrate on a particu- 
lar image - in this case it was a 
rose. 

We were asked to think of the 
petals opening and to imagine 
something coming out of the mid- 
dle. What was it and how did we 
react to it? Poor Dermot just wasn't 

receiving any thing . 

While some people were seeing 
blue roses, roses with spiral stair- 
cases going down their stems or 
with women coming out of them, 
Dermot confessed that he saw 
“nothing at all. It was too much 
effort to create a picture, ” be said. 

This was a morning session. For- 
tunately for Dermot the afternoon 
involved less creative thought and 
he did finally get the hang of it 
Clients were asked to list key 
events in their past, something 
which they considered an important 
stepping stone in their life, and 
then to analyse the circumstances 


that led up to the event and its 
outcome. From that they were 
asked to sift out two or three impor- 
tant points which brought about the 
change. 

Another exercise was for partici- 
pants to imagine themselves a year 
on, having lunch with a friend or 
colleague and discussing particular 
achievements that year. 

Some of this, conceded David 
Royston-Lee, the consultant run- 
ning the session, might be regarded 
as airy fairy but those who have 
attended such courses tend to be 
positive about their benefits. 

Patricia Manning, former market- 
ing director or Mothercare, the 
Storehouse chain, who is currently 
on an outplacement course at 
KPMG, said: “1 thought when I went 
in that if this was going to be one of 
those feel-good days I didn't want to 
know, because 1 don't Teel bad. In 
fact 1 found it very useful." 

Coming from a solid corporate 
background, sbe is about to make a 
big career change by setting up in 
business as a management and mar- 
keting consultant. 

“One thing you do in the sessions 
is to look back at the most Impor- 


tant parts of your corporate past 
and draw out from them the things 
that are going to be at the core of 
your own consultancy. That is diffi- 
cult to do sometimes on your own." 

Manning, a Californian who has 
lived in the UK for is years, said 
that people seemed to value the 
opportunity to take some time out 
of their life and look back at it in an 
environment where in-bred or com- 
pany inspired self-restraint is 
absent. 

“For the British that’s a difficult 
thing to do but there was no hold- 
ing back in our session." she added. 

One outcome was that everyone 
finished the day firm friends 
because they all knew so much 
about each other. 

The sessions tend to expose sup- 
pressed career longings. One bank 
executive confessed that he had 
always wanted to be a lion-tamer. 
While there were obvious practical 
difficulties in achieving this ambi- 
tion. the counsellors drew out quali- 
ties from the job - in this case, 
perhaps, it was controlling a dan- 
gerous situation - and helped him 
to apply it to a career where this 
ability was required. 


David Royston-Leesaid that he 
often comes across people in well- 
paid jobs who are frustrated 
because they really want to do 
something else but which they 
know pays much less than they can 
earn in their chosen career. 

He recalled a conveyancing law- 
yer who wanted to be an opera 
singer but knew it would not pay 
for the upkeep of his wife and fam- 
ily. His personal crisis had been 

caused by a fall-off in the work that 

had been earning him £130,000 a 
year. 

H e is now in the chorus of a 
London operatic company, 
having at least partially 
fulfilled his ambition. The visioning 
did not solve his money problems 
but it did make him realise that 
there was something that mattered 
more to him than his day job in 
terms of personal satisfaction and 
that if he organised himself he 
could do both. 

“Many of us have something we 
want to do but find that it is too big 
a leap. What we don’t always see is 
that there are stepping stones to 
making these things happen." said 


Royston-Lee. "There is a hell of a 
lot of guilt around in terms or doing 
what we feel we should do and nut 
what we want to do. The visioning 
day simply says that it's OK to be 
selfish sometimes." 

Such therapy, once the preserve 
of Hollywood film stars, is becom- 
ing increasingly available in compa- 
nies. Jo Quston. a former head of 
advisory services at the Institute of 
Management, now an independent 
career management consultant, has 
developed a senes of techniques, 
including the use of guided imagery 
and transactional analysis, a 
method developed in the lute 1950s 
by US psychologist Eric Berne. 

Ouston offers a series of struc- 
tured courses at her consultancy or 
can go into companies to help solve 

a problem. 

These are often associated with 
an individual who may have found 
himself in the wrong job or who is 
not sure what the company requires 
of him. 

“These people ;ire sometimes val- 
ued by the company but difficult to 
manage. It is often die rebels I’m 
dealing with, w hich I like because 
they arc often the mast interesting 
people,” she said. 

Jo Ousion is based at 51; 52 Ket,cs 
House. Dolphin Sijuc.re, Lontb'i: 

svnvsix «••/ 071 821 8299 . 

Richard Donkin 





CORPORATE FINANCE 

CREDIT ANALYST - MARKETING 

An outstanding opportunity to join a major U.S. bank looking to recruit a 
graduate banker ideally with European language skills. 

Areas include all credit related products, syndications, treasury, capital 
markets, debt origination, M&A. M.B.O./L.B.O. structured finance, emerging 
markets etc. 

Responsibilities involve assessment of corporate clients located throughout 
Northern Europe, supporting the marketing effort, developing relationships, 
analysing client needs and marketing the most suitable product solutions. 

Ambitious for real success, and currently working for an International or 
Gearing bank you will be looking to assume greater responsibility with an 
organisation that takes career progression seriously and where major 
contributions to the business will be rewarded with performance related 
compensation. Individuals determined to pursue a progressive and rewarding 
banking career with the ability to respond to the challenge of working in a 
dynamic team-orientated environment should write in confidence enclosing CV 
and details of current remuneration package to Peter Brooker, Associate Director. 


GORDON BROWN & ASSOCIATES LTD RECRUITMENT CONSULTANTS 

4th FLOOR. 2 LONDON WALL BUJUMS, LONDON EC2M 5PP. TEL 071-628 7601 FAX: 071-638 2738 




V 


APPOINTMENTS 
ADVERTISING 

appears in the UK 
edition every 
Wednesday & Thursday jj 
and in the International 
edition every- Friday 

For further information 
please call: 

Gareth Jones on 
444 71 873 3779 


Andrew Sfcarzynski on 
+44718734054 


PUHp Wrigtey on 
+44718733351 


Brian O'Neill on 
+44 71 873 4027 



Fidelity 


Credit Risk Manager 


c. £5 0,000 + Bonus & Benefits 


Surrey 


Premier US stockbroking firm committed to becoming Europe's largest provider of 
financial services to die independent investor. Continued growth gives rise to a need 
for a Credit Risk Manager to set up and manage credit risk for the UK operation. 


THE POSITION 

♦ Establish credit risk procedures and policy for the 
global dealing service. 

♦ Responsible for full analysis and credit 
recommendations on all transactions. 

♦ One of a small management team with substantial 
independence based in prestigious purpose-designed 
European headquarters. 


QUALIFICATIONS 

♦ Credible professional with formal credit training from 
first class institution. Self-motivated, enthusiastic and 
innovative. 

♦ Autonomous approach combined with self-confidence 
and sound commercial judgement. 

♦ Previous experience of establishing credit risk system 
and knowledge of international markets would be a 
distinct advantage. 


Please send full cv, stating salary, ref CN391 0, to NBS, 10 Arthur Street, London EC4R 9AY 



NB SELECTION LTD 
iBNB Resources pic company 





CITY 071 fc23 1520 
Abe deco 0224 438080 ■ Birmingham 021 233 465b 
Bristol 0272 2? I H2- Edinburgh 03 1 220 2400 
Glasgow 041 204 4334 • Lwds 0532 453S30 
Manchester 0b25 539953 ■ Slough 0753 819227 


EARLY WARNINGS 

Senior Executive 


The Early Warnings Unit at the Securities and 
Investments Board (SIB) aims to identify potential new 
h<C3rxis to investors and ensure that issues arising arc 
properly resolved. A key senior position is currently 
vacant in this important new area. 

The responsibilities include: 

• ensuring the unit can provide a rapid and expert 
response to new haiaids; 

• managing the established procedures for identifying 
“early warnings" and tor communication and 
co-ordination of action with other regulators and 
ensuring these are developed and relincd to deal with 
new challenges; 

• carrying our and managing research both for policy 
development and lor responses to specific hazards; 

• analysing and assessing information, in order to make 
and implement specific recommendations for 
dealing with new harards; 


• liaising with regulators, the industry and others to 
ensure the unit is always up to date and well informed. 

Candidates should be of graduate calibre and have a good 
understanding of the financial services industry and 
regulatory issues through previous employment. 

They should have excellent management and 
communication skills, a logical and enquiring mind, a 
proactive and flexible approach, the ability to assimilate 
complex material, identify relevanc issues and produce a 
concise and coherenr recommendations. 

Interested candidates should contact Anna Williatfts for 
an information pack quoting reference 204502, 
at Michael Page City, 39-41 Parker Street, London, 
WC2B 5LH. Telephone 071 831 2000. 

Closing dare 1 7th October. 


Michael Page City 

Inrem.iihral P.ccruiirucnt Cmwlunu 
London Paris Frankftert Hot^ Kcmg Sydnev 


wuh 


Emerging 

Markets 

Analyst 

London, City 


£40-£50,G00 
+ Banking 
Benefits 


Our client is one of the most successful merchant banks in the City uitb an unrivalled 
reputation in the emerging markets. VUb a dynamic and aggressive approach to developing 
its business on a global basis, and as a result of continuing growth, a requirement baa unsen 
fora Settlor Credit Analyst in the Corporate Credit Department. 

As a senior member of the team, you will be responsible for many of the highest risk 
transactions and will gain managerial experience. The team covers all capital transactions 
throughout Europe, the Middle East and Africa's financial institutions. 

Ideally you should have the following background: 

• Minimum 2-5 years credit experience. • Experience from investment/merchant 
Prefprably analysing financial institutions. bank, commercial banks (credit trained! 

• University education. and relevant agencies/regulating bodies. 

The following skills would also be considered an advantage: 

• Some experience in emerging markets ■ Knowledge of capital market products and 

particularly in the Middle East, Eastern the risks involved, particularly derivatives. 
Europe. South America and Africa. • Ability to structure high risk capital market 

• Lanquage ability - especially Italian. transactions to reduce nsk to the firm, while 

Spanish and Portugese. still enabling the deals to be completed. 



interested candidates should contact Sara Kenderdine-Davies on 
Tel: 07T 256 5849. Gty Senior Division, Accountancy Personnel. 
36-44 Moorgate, London EC2R 6EL Fax: 071 638 7509. 


Head of Risk Management 

Central London To £50,000 + Banking benefits 

As the UK subsidiary of one of the world's leading securities houses, our client is diversifying its trading 
activities. Recognising the need lor an independent source ol control, advice and reporting on trading 
risk, our client is committed to establishing a "middle office" and requires a high calibre individual to 
oversee its introduction. 

The successful candidate will chair the risk management committee and liaise closely with traders 
and line management. Key responsibilities will include setting up product control procedures, monitoring 
market risk, consolidating risk information and carrying out risk/perlormance reporting. Although the 
initial focus is on derivative trading, it is envisaged that the 10 b will grow to encompass other areas of 
the business. 

The ideal candidate will be aged early 30’s, with at feast 3 years' directly relevant middle office experience, 
including in-depth exposure to derivative products and appropriate risk management procedures 
Technical understanding of valuation and pricing models and Value at Risk methodology must be 
complemented by personal qualities such as credibility at senior level and a high level ot initiative. 

Please write to Tim Knight, enclosing careei/salary details and quoting reference TCK/0510. 


lelection & Search 

1-2 Dorset Rise. Black friars. London EC-4V $AE 




TREASURY MANAGER 


c£40.000 
bonus 
t car 

t benefits 
package 


Sun Alliance Investment Management Limited is the 
investment arm of the Sun Alliance Group - one of 
the UK's largest composite insurance companies. 

The company is seeking to strengthen the Treasury 
Desk by appointing a Treasury Manager. Reporting to 
the Senior Treasury Manager and Director die 
successful applicant will make recommendations on 
policy and strategy regarding hedging interest rate 
and foreign exchange risk by using a range of 
conventional 3nd derivative instruments. 

In addition, the Treasury Manager is also responsible 
for a small team which manages the dealing 
operations in the money markets for both short term 
assets and debr insurance and the foreign exchange 
exposure of a diversified Croup. 

This is an excellent opportunity for someone 
looking for a role offering greater responsibility. 


The ideal applicant should haw a solid contact base 
in ihe money, foreign exchange and derivative 
markets, and be able to demonstrate a successful truck 
record of results by using an original and creative 
appioach. Sound judgement in decision making and 
an ah tied skills are vital along with an innovative 
problem suiting ability. 

In order to meet our requirements it is likely that the 
candidate will lie a graduate with around 7 scars' 
corporate or financial treasury experience. In 
addition, a relevant professional qualification would 
an advauiage. 

Please send your CV and a covering letter slating vour 
c urreiu benefits package and highlighting .ins 
significant achievements which ilia) demonstrate your 
suitability for this position to: Susan Sims, Group 
Personnel. Sun .Alliance Group. I Bartholomew Lane. 
London EC2N 2AB. Tel: 071-58R 23-15 cm 1828. 


SUNALLIANCE 

IXVESTME8T MANAGEMENT 







- - — uiac cac iu key attraction being the level of financial 

per cent-WDAs will be raised in the near flows involved. 


F ,NANC.AL TIMES FRIDAY OCTOBER 7 It* 


tl 


j w*w.' f 1 


To Six Figure 

Major Corporate Pension Fund 

.1 

West End ;-j 

Package 


===== 3 


Placing City People First 



Jonathan Wren has been appointed the "recommended supplier" of 
recruitment services to members of The London Banks' Personnel 
Management Group. Members will benefit from a number of features 
including a preferential fee structure. 


Excellent opportunity for an experienced UK fund manager to Join a small, autonomous in ^ 
pMstoVjw csscufor u household Hue-chip “y"'* 
philosophy is driven by a fundamental long-term approach and considerable emp J*. longevity 

Investec companies. Oncer prospects and working conditions are excellent, demonstrated by the longevity 

of service of the existing team. 


THE ROLE 

■ Take full responsibility for discretionary 
management of significant funds invested in the UK 
market and play a key liaison and advisory role with 
associated overseas offices. 


the QUALIFICATIONS 

■ Proven UK fund manager aged 3u tu •!»>. with a 
minimum of ten years' experience in a blue- v hip 
investment institution ami a sound pertorn«iu.e 
record 


Make a significant contribution to overall asset 
allocation across international equity markets and 
fixed income and add a further dimension to the 
firm's deep knowledge or' UK companies. 


Confident of own convictions, capable of making 
important investment decisions without supeivi>ion 
and ready to set own agenda. 


The LBPMG represents over 300 financial institutions and provides 
a networking forum for HR people in its member organisations; it 
assists in the professional development of HR staff; and provides 
training and other services to its members. 


Play an important role in the development of future 
strategy for the management of the pension fund as 
pan of a small, close-knit team. 


Mature, collegiate approach, capable of working in a 
non -hierarchical structure noted tor Its discreet 
profile. 


Leeds 0S32 307774 
London 07 1 493 1238 
Manchester 061 499 1700 


Selector Euro pe 

Spencer Stuart 


Pirate reply trim ml! <KUJIv »: 

Srhrtot Europe. Kef F20MHML. 

HComMjbirbCr. 
modem HU JCD 


HR professionals who are not yet members of this group but who are 
interested in joining should contact Carmel Silverosa or Ros Winder 
at the Group's offices at 10, Lombard Street, London EC3V 9EL, or 
telephone on 071-623 6092. 


Employers or applicants with enquiries about Jonathan Wren's 
recruitment services should contact Ron Bradley, Brian Jarvis, Lindsey 
Morgan or Roger Steare at the address below. 


Deputy Group 
Compliance Officer 


A superb opportunity within a leading investment group 


Jonathan Wren & Co. Limited, Financial Recruitment Consultants 
No. 1 New Street London EC2M 4TP Tel: 071-623 1266 Fax: 071-626 5258 


JONATHAN WREN 


Our client L> a high profile British investment hnljiru; 
company with extensive interests in investment 
management, corporate finance and securities mJing. 


With the business steadily expanding the need has arisen 
for a Deputy Croup Gimpliance Officer. This individual 
will join an existing team and will have responsibility for 
tile to day compliance in London. Specifically this will 
include: liaison with the regulatory hodies-IMRO and 
SFA; developing and documenting compliance 
procedures: providing advice and guidance to all buxine* 
areas on regulatory issues, and ensuring the continuing 
education of srjft in compliance matters. 


The successful applicunr should be of graduate 
calibre preferably with a professional 
qualification- They must have h.iJ hands-on 


compliance expene nee with g.xd working knowledge of 
the rules and regulations oi 1MRO and ide.illv the SFA. 
Candidates will possess a high degree of competence and 
will denxm>tr.ite proven management skills, confidence 
anil diptom.icv. 

This positron will be particularly attractive to talented 
anJ motivated individuals who wish n» pursue rheir 
career with a highly regarded institution. 

Remuneration ami benefits are negi triable for the 
right candiiLire. 

Interested applicants should conuici Anna Williams at 
Michael Page Cilv, Page House, 39-4 1 Packer Street, 
London WC2B 5LH. qirorini; reference 
205256, or alternatively relepirone 
071 851 2000 tor an initial discussion. 



Michael Page City 

liik-nxiii.-ti.il Kixmmiitiir C"i lmi1i.mil- 
London Paris Frankfurt Hong Kong Svdnrv 



Company 

Secretary 


Stakis pic is one of Scotland's most exciting companies. 
In the lost 12 months they have made three acquisitions 
and had a highly successful rights issue. With constantly 
improving profitability due to clear strategy and strong 
team based management, the shares axe now well 
supported in the City. ‘ 


Wc now seek to recruit a qualified Company Secretary 
with a minimum of 5 years' experience as Secretary of a 
major company or possibly ‘No. 2’ in a quoted pic. 
Reporting to the Chairman and the Chief Executive, with a 
highly capable and long serving assistant supporting you, 
your role would be to ensure the company conforms to ail 
legislative and reporting requirements of the Stock 
Exchange. Companies Acts. Cadbury Report and to be 


the liaison witb the external legal advisors. You will work 
with the Executive in this fast-moving consumer led 
company and therefore must have an enthusiasm for and 
empathy witb these markets. 

This role will amact highly capable Company Secretaries 
who wish to develop their management experience and work 
in an exciting company on its way back to the top of its 
sector. The remuneration package will include a generous 
salary, performance related bonus, share options and car plus 
relocation assistance to (he West of Scotland if appropriate. 
To apply, please write with full career details and 
quoting salary requirements to: PA Consulting Group, 
Number Two Blythswood Square, Glasgow. G2 4AD. 
Quoting ref: 7416/DK/FT. 


fJA Consulting 
1/1 Group 


1/1 Group 

Creating Business .Advantage 

E-tccuiitc Recnuonein • Hooun Kooercc Coosoloncy ■ Adventsing and Common 



INTERNATIONAL M&A SPECIALISTS 

London. Based Highly Competitive Package 


Broadview Associates is the leading M&A advisor to the global information technology 
industry. Our clients are active in communications and computer hardware, software 
and services, and the emerging multimedia markets. With offices based in London, and 
on the East and West Coasts of the USA, Broadview has completed over 200 IT 
transactions in the last five years. 

To serve our growing client base throughout Europe, we are looking for high quality 
candidates at each level of our organisation: 

• Senior level candidates will have at least 3-5 years experience within the 
M&A/Corporate Finance Department of an international investment bank or 
financial advisory firm. These candidates should be competent in managing and 
executing all aspects of a transaction. 

• Junior level candidates will have at least one year of experience within the 
M&A/Corporate Finance Department of either an international investment bank, a 
strategy consultant or a company involved in the information technology industry. 

All candidates should be able to demonstrate: 


A first class professional and academic background, preferably with an MBA or 
equivalent qualification. 


• Eluent written and spoken English, preferably with fluency in at least one other 
European language. 

As the leading player in its marketplace. Broadview offers an exceptional opportunity 
to join a rapidly growing organisation. 

If you would like to meet with us. please send your personal career details to 
Patrick Seely. Principal, Broadview Associates. 56 Drury Lane. London WC2B 5SQ. 

No phone calls please. 


Broadview Associates 

The Information Technology Mergers & Acquisitions Adviser 
■ LONDON ■ FORT LEE tNJ) S REDWOOD CITY (CA) 


NTMENT 

MUTED 


ff JOHNSON FRY 


ASSET MANAGERS PLC 
Manager - UK Private Client Department 

Location: London West End Salary: £ Negotiable 


Johnson Fry Asset Managers PLC, the investment management subsidiary of the Johnson Fry 
Group, has expanded rapidly in recent years. The management of Private Client portfolios has 
formed a significant part of that growth and we have now reached the point where the future 
development of this activity needs its own plans and resources. 

We are looking for a capable and experienced investment manager, someone aged 30+, who 
will be expected to spearhead the development of the department and to participate actively in 
the promotion of its services to the Group’s retail outlets and independent advisers. Applicants 
should write to the undersigned enclosing details of career to date and current remuneration. 


David R Franklin 
Managing Director 
Johnson Fry Asset Managers Pic 
20 Regent Street 
London SW1Y4PZ 


Global 

Economist 

and 

Strategist 


Well versed in emerging 
markets, country, sector, 
risk analysis, and 
investment management 
Bilingual (French), pro- 
active, good team player. 

Seeks London-based 
opportunities. 


Please reply to 
Box A2.14Q, 
Financial Times, 
One Southwark Bridge, 
London SE1 9HL 


INTERNATIONAL EQUITY 

DEALER 

Become Deputy Head of Dealing with a leading US firm of Fund Managers. 


The Top 
Opportunities 
Section 
For senior 
management 
positions. For 
information call: 
Philip Wrigley 
+44 71 873 3351 


If you have 3-5 years’ international equity 
trading and settlement experience, here is a 
chance for you to take on more responsibility 
and become Deputy Leader of a small team. 

The firm is one of the largest managers of 
American pension funds and is responsible for 
investments in excess of $30 billion. The London 
office deals with al! of the international portion 
of funds, investing in the major markets of 
Europe and the Far East, but not the US. 

Reporting to the Senior Equity Dealer you 
will be responsible for deciding method and 
timing of transactions as well as selection of 
trading counterparts. You will liaise closely with 
fund managers to provide commentary on 
market tone and direction. In the absence of 


the Senior Equity Dealer you will take charge of 
ail transactions and other team members. 

You should have an investment management 
or banking background and a knowledge of 
international stock exchanges and trading 
conditions, supported by experience of 
portfolio administration. 

We offer a competitive renvineration 
package and the chance to take the next step 
up in your career, with a professional specialist 
fund management company. To apply, please 
write to 

Ann S Jones, John Sears & Associates, 

2 Queen Anne’s Gate Buildings, 

Dartmouth Street, London SWIH 9BR 
Tel: 071-222 7733 or Fax: 071-222 3445, 


John Sears and Associates 

Executive Search & Selection in Investment Management 

HHHA ITTEfflflER OF THEifSMcD) CROUP 


C ARi 


I I 


I 












FINANCIAL TIMES FRIDAY OCTOBER 7 1994 


i«e 




r\ * 




n * : i!nenf 

i ■ 

c 



Our goaf is to 
become the best 
financial services 
company in the 
world. We believe 
five corporate 


values - customer 


focus, respect tor 

each other; team 

work, quality and 

professionalism - 
will help make 
Chase the provider 
of choice, the 


investment of 


choice and the 


■employer orf choice. 


Senior Business Manager - 
Offshore Funds 

Developing our profile... building our market share 


Substantial negotiable rewards package 

The Chose Manhattan Corporation, with over $100 billion in 
asscu, is a global financial services company accessing all the 
important world markets for clients as rhey raise capital, invest, 
■ move and manage rheir financial assets. 

Chase Global Securities Services meets the needs of institutional 
- investors investing outside their home countries, covering all 
foects of securities administration worldwide. Chase is one of the 
world’s largest global custodians with over SI crillion in assets 
under administration worldwide- The services offered include 
cuscodial, securities lending and offshore funds services. 

To further develop our presence in the Luxembourg market, wc 
are seeking a charismatic senior relationship manager whose wide 
ranging brief will cover sales and marketing, relationship 
management and acting as Chase's local representative. 
Specifically this will mean the development of new and existing 
business - direct; through local intermediaries, as well as via our 
global network of relationship managers- Equally important will 
be ongoing liaisrm with senior level clients and adopting a very 


Luxembourg 

high profile aowngst local inreresr groups on behalf of Chase - 
becoming a source of informed comment and opinion for 
business, industry and observers alike. 

Personal credibility and stature in (he market, coupled with 
relevant salts, marketing and technical skills .ire prc-rcquisircs for 
the task which offers long term potential either here or elsewhere 
in the organisation. 

For the right person wc will negotiate a significant rewards 
package comprising salary, bonus and other worthwhile benefits 
including relocation assistance if appropriate. 

Send your CV to the HR Resourcing Manager. Chase Manhattan 
Bank N.A., Woolgatc House, Coleman Street, London, EC2P 
2HD. Please quote ref: DL/1 1/FT on both your application and 
envelope. Closing date: 12 October 1994- 

CHASE MANHATTAN. 
PROFIT FROM THE EXPERIENCE.™ 


O 

CHASE 


SENIOR RECRUITMENT CONSULTANT 

VVearocurrently enjoying the most successful of our 13 years service to the international and 
merchant banks in the Gty. During this time we have established a reputation as one ot the 
Citys leading consultancies, and our success has been based upon the maintenance of 
long-standing relationships with clients and candidates, who appreciate a qualify service 
provided with promptness and integrity. 

A significant increase in the number of clients wishing to use our services has provided the 
opportunity for an additional consultant to join the team of high-calibre professionals and 
take responsibility for a specific area, anticipated to be a key segment of the company's 
future business. 

This will suit a dynamic, highly motivated individual, probable aged 27-36, with good 
knowledge of the securities markets, a real interest in people, and a willingness to work ha rd 
to achieve job satisfaction, independence and a particularly rewarding results -based 
remuneration package. 

Interests from parties currently involved in recruitment consultancy will be handled with 
the utmost discretion. For further details, please call Gordon Brown or send a CV' to the 
address below. 

GORDON BROWN & ASSOCIATES LTD RECRUITMENT CONSULTANTS 

k 4th FLOOR, 2 LONDON WALL BIWJMNGS, LONDON EC2M 5PP. TEL- 071-628 7601 FAX; 071-638 2738 


^cyu/cm town 


LEOPOLD JOSEPH 

MERCHANT BANKERS 

CREDIT OFFICER 

circa £23-30,000 plus benefits 

There is an opportunity to join an expanding team in the Banking Department of a 
highly-regarded, quoted UK merchant bank. 

Leopold Joseph & Sons Limited now wishes to recruit a credit officer to assist in 
marketing its credit services. Reporting to the Banking Director, the main 
challenge is to expand the bank’s lending business. Key responsibilities will 
include marketing, analysing proposals, negotiating terms of credit facilities and 
managing a growing portfolio of accounts. 

Aged between 24-35, applicants should be graduates, with a minimum of 2-3 years’ 
credit experience, a good grasp of credit analysis and knowledge of secured lending. 

Write with full CV including salary details to: 

Bridget Anderson, Assistant Director, Personnel and Administration, 
Leopold Joseph & Sons Ltd., 

29 Gresham Street, 

London EC2V7EA 

Member of IMRO 


CARL BRO GROUP 

The Carl Bro Group intends to expand its activities in Central and Eastern Europe as well as NIS 
countries, and looks for consultants of European nationality for long term assignments (minimum 12 
months) for ongoing and up-coming projects. 

REQUIREMENTS: 

• Master's Degree or equivalent in economics, finance or management, and a minimum of 10 
years postgraduate experience, which should include international development projects, or 
banking experience at high level in one or more of the following disciplines: 

. Financial Management 

- Credit Operation 

. Credit Risk Management 

- Organisational and Operational Issues 

- Accounting 

- Enterprise Workout from a Banking Perspective 

- Training 

• Experience in Eastern Europe and CIS countries, particularly in programmes to convert 
financial institutions into Western- style universal banks would be an advantage. 

• Fluency in English. Working knowledge of Russian or French would be an advantage. 

We can offer: 1 

• Challenging assignments in an international environment 

• Competitive remuneration package 

Interested candidates are invited to submit their applications, including detailed curriculum vitae, 
preferably per fax. 

Car) Bro International a Is 

Department of Economics, Finance and Social Development 
Attn.: Fredrik Phzner-JOTgcnsen 
Cranskoven 8 

DK-2600 Glosrtnip ^pr^pT 

Telephone: +45 43 96 80 1 1 Fax: +45 43 96 85 80 Car) Bro Group 

The Carl Bra Group fa a ra** inoroatiou) consnlttag wi*. of companies 

JectrZrf «**«"«* in oml Eanen. Europe and developing counu.es. 



Civil Aviation Authority 

AUSTRALIA 


Director, Aviation Safety Agency 

The CAA is the Government authority responsible for anting and 
maintaining safety standards for civil aviation operations in Australia 
and for Australian aircraft operations outside Australian terrilory. 

As a resolt or a restructuring, applications arc sought for the position of 
Director, Aviation Safety Agency. The ASA is the area within the CAA 
with the primary responsibility for setting safety standards, 
encouraging voluntary adherence to these, and ensuring industry 
compliance. The ASA also has a mandate to oversee the entire 
operations of the CAA from the safety viewpoint. 

The Director of the Aviation Safety Agency will be a member of the 
Board of Directors of the CAA. 

The successful applicant will: 

>• Demonstrate success in senior management of a complex business 
enterprise. 

> Be experienced in safety management. 

>■ Be experienced in issues management involving multiple stakeholders. 

> Be capable of participating at Board levet on all usues. 

>■ Be experienced In leadership of a large multi-disciplinary team. 

X Have a confident grasp of technical issues. 

> Besn articulate, confident person with high level negotiating skills. 

> Appreciate constraints and demands of a politically accountable QBE. 

> Be a consensus builder with a consultative style. 

The successful applicant is Kkely to: 

> Have experience in the aviation industry and knowledge of safety 
regulation and/or a via non safety. 

> Be experienced in regulatory and/or political environment. 

> Have held a senior management role in an environment undergoing 
significant change. 

> Have tertiary qualifications in engineering, mathematics or natural 
sciences. 

>■ Be competent adth media. 

The Compensation package will reflect the importance of this role. 
The position is for a term of 3 years and the location is Canberra. 
Qualified candidates are invited to apply in writing by 28 October, 
1994. Applications should be addressed to: 

HsCBowky 

RuicH RrysoUa fl— prirtf foe. 

Saiie 1902, AMP Centre, 50 Bridge Street, Sydney NSW 2000 AUSTRALIA. 


Commodities Volatility Arbitrage 

Small trading company seeking an university educated individual to 
establish an inter -exchange trading desk through the use of futures and 
options. Candidate must be well-versed in programming (Lotus. Excel, 
and Code), have at least 2 to 3 years experience in running sizeable 
options portfolios (including delta and vega hedging), and be willing to 
work long hours consistent with global markets. Extensive trading 
experience with all N. American commodities markets (bard and soft) is 
requisite while Asian and European experience is belpfuL The successful 
candidate must also be willing to research numerous markets, be highly 
numerate and an excellent communicator. As part of a young trading 
team, the individual should be between the ages of 24 and 35 and be 
willing to travel regularly. Fluency in French or German is a must while 
Japanese and other European languages is a plus. 

Salary c. £60,000 + Bonus 

Please forward CV la: 

J.P.E. 49 Queen Victoria Street, RMS 19-21. London, EC4N 4SA 


Senior Analyst 

One of the leading Hedge Fund managers requires a senior 
analyst to work in the Special Situations area. Candidates 
should have at least 4 years analytical experience and possess 
an MBA from a leading school. A strong financial background 
is a pre-requisite for the job. as is experience gained in a 
relevant investment environment. A second European language 
would be an advantage. 

Please write enclosing CV to baxA2l67, Financial Times, 

One Southwark Bridge, London SE! 9HL 


SFA REGISTERED OR 
FPCI - FIMBRA 

If you have min 3 years exp in UK Equities, aged 
between 25-35 yrs. Would like the opportunity of 
working in a young expanding company. 
Client base provided, generous commission 
package. Call 071 403 32X2 REF TR. 

Or Trainee sales position 071 403 3212 REF AB. 


Private Client Stockbroker 
Experienced Sales Professionals 

required by Forward Thinking Manchester Broker 
Excellent package available for the right people. 

Contact: C Davenport or J M Hamlyn, 

W H Ireland Stephens Co. Lift, 8 St, John Street, 
Manchester M3 4DU 
TeL- 061 832 8484 Fax: 061 $32 9164 


Education Manager 

c.£34,000 + benefits 


LIFFE - the London Intemai-cnaf Financial 
Futures aid Options Exchange - is Europe's 
leading marketplace for the trading of 
futures and options, and the third largest 
exchange cf its kind in the v.-orld. Since our 
inception in 1982, we've experienced a 
compound growth rate of overSO^o: in 
1993-94 alone, our volumes hjvo 

increased by 30? j. 

The derivatives market has been described 
as the world's fastest-growing industry. 
Consequently our need to educate an 
expanding and diverse financial community 
in the use of futures and options becomes 
ever greater. A significant expansion of 
our activities is planned for the coming 
year, creating this opportunity for a 
confident, high -calibre individual to /oin our 
Education Department team. 

Education ar UH=E has a reputation lor 
quality and innovation. You will be expected 
to sustain this through the desgn and 
presentation of a wide variety of courses - 
ranging from the traditional to the 
software- based - to meet the needs 
of member firms and clients. With 
responsibility for delivering courses 
both in the UK and overseas, you must 
be prepared to travel internationally as 
required. 


You will nec-d at least two years' experience 
in financial markets or in financial training 
withm the banking and securities sector. 

A postgraduate financial qualification |MBA 
or equivalcnti would be an advantage, 
and you must have a sound knowledge of 
futures and options. 

You should also bo able to demonstrate 
past success in a teaching capacity, 
excellent presentation skills, and the aWity 
to grasp complex ideas and communicate 
them clearly and effectively. Fluency in 
German or Italian would be a bonus. 

Naturally, you will receive lull training in 
LtFFE products and iheir applications. 
Salary will be supported by an attractive 
ringo of benefits. Personal development 
prospects are excellent withm LfFFE's 
rapid-growth environment. 

Please apply, enclosing your lull cv and 
salary details, to Charles Crookall. 
Personnel £ Training Manager, LtFFE. 
Cannon Bridge, London EC-IR 3XX. 


LI FF( 


Tho London intom.it urin.il F>n,iiicot 
Futures and Options Exchange 


BIG TICKET LEASING 
£100,000 plus significant bonus 

A major global investment bank is seeking to appoint a leasing professional 
who possesses an unrivalled track record within the £10m + U.K. domestic 
market Operating on an advisory and arrangement basis, the appointee will 
be responsible for the marketing, structuring, and selling down of U.K., and 
some cross-border, big ticket transactions, rccrui tingadd itional team members 
as appropriate. 

CROSS-BORDER LEASING 
£80,000 plus significant bonus 

A renowned international bank is seeking an experienced cross-border 
leasing specialist Operating primarily within the European, markets, the 
appointee will negotiate and dose complex big ticket facilities and also act as 
Deputy Head of the department Candidates, aged 30 to 38, should possess 
first dass experience within this sector, encompassing origination, technical 
creativity and exposure to complementary capital market products. 

Please contact Peter Haynes or Keith Snow 

All applications will be treated in strict confidence. No information zoilt 
be disclosed without applicants' prior consent. 

Jonathan Wren & Co. Ltd., Financial Recruitment Consultants, 

No. 1 New Street London EC2M 4TP 
Teh 071-623 1266 Fax: 071-626 5259 


JONATHAN WREN LEASING 


INSTITUTIONAL MARKETING 

UK Engineering Sector 

An excellent opportunity to market the tcell-nmked product of a 
leading UK name 

Our client Is a major international securities house with an excellent 
research product and strong institutional client hase. As part of their 
continuing development they seek an .-uklillun.il specialist to strengthen 
their highly regarded engineering team. 

The role will involve working closely with the analysts .mil liaising with 
the general UK equity salesmen whilst marketing the engineering team's 
research product to UK. Institutional clients. 

Candidates, probably in their late 2t)s or early 30s, should be well 
educated with a good knowledge of the UK engineering sector and Its 
companies. Some experience may have been gained within Industry, but 
at least three years must have been spent os an analyst, salesman or 
within fund management. Strong communication skills and team spirit are 
essential. 

For an initial discussion in confidence please contact us quoting 
reference 5080 at 20 Cousin Lane. l.ondon EC-IR 3TF_ Telephone 
071-236 7307 or Fax 071-189 1 130. 


STEPHENS 

SELF. CTIOIM 


A STEPHEVS GROUP CONSULTANCY 

loodea Ufa bulk Xm Yort Hnaj Xmi To*y« I 


UK BOND ANALYST 

PosTel Investment Management Ltd is the principal investment manager for the British Telecom 
and Post Office Pension Schemes with assets under management in excess of £25 bitlion. 

We are seeking to appoint a Bond Analyst to work within the fixed interest team which 
manages £3 billion in UK and Overseas bonds. 

The successful candidate will work within a small team and he responsible for assisting in the 
management of the substantial government and corporate bond portfolios. One or two years 
experience of bond fund management should have been gained, with credit analysis experience 
preferred. 

A good numerate academic background plus computer skills would be an advantage. 

A competitive salary is offered plus benefits including mortgage subsidy, contributory pension 
scheme and performance related bonus. 

Please apply m writing with full personal and career details to: 


POSTEL 

H 


Sheen a Gibson, Personnel Manager 
PosTel Investment Management Ltd 
Standon House 
21 Mansell Street 
London El 8AA 









financial times 


FRIDAY OCTOBER 7 1994 


Investment & International Sales Managers 

OTE £ 50 K 

Can you spot an investment opportunity wh 

E AGLE STAR needs little introduction ■ or so you might think. working closely with the development or key accounts. You will also 
The fact Is that the Eagle Star of today is a very different animal be the source of market expertise in this area and. in conjunction with 




E AGLE STAR needs little introduction - or so you might think. 

The fact is that the Eagle Star of today is a very different animal 
from the Eagle Star of yesterday. 

One thing (hat never changes is that we're changing. Changing 

to become more sharply focused on the challenges ahead for interme- 
diaiy sales. Changing the range and performance of our products and 
changing the approach oF the people providing them. 

Eagle Star will be a major force in the investment market Which 
is why we're interested in you. 

We're creating these new posts in key regional centres across 
the country to build on our success In selling investment and interna- 
tional products through intermediaries as well as direct sales. Your 
background in one or more of these fields will have equipped you with 
the technical knowledge, but you will now be able to build on this to 
develop the skills of the sales teams in your region In order to 
capitalise on this exciting marketplace. ^ 

This means training, supporting, motivating and leading by ^ 
example to achieve set targets for the region. This will include 41 


a 

* 


working closely with the development of key accounts. You will also 
be the source of market expertise in this area and. in conjunction with 
your counterparts across the UK. will shape the future of investment 
and international sales for the whole company. 

To succeed in this high profile role, you'll possess a proven track 

record In selling PEP's, Unit Trusts and Investment Bonds and have 
the ability to quickly grasp the international elements of our portfolio 
Including SICAV, offshore bonds and life and pension products. Most 
Importantly, you will have the personal credibility and drive to develop 
this business to Its full potenUai within Eagle Star. 

In return, as well as me opportunity of rapid career development, 
we can offer an excellent package of salary, Incentives and benefits 
reflecting your contribution to the business. 

So ir you've got an eye for an investment opportunity, send your 
cv to Lesley Szperfmg at the address below, or call Steve Glynn. 
* National Investment & International Sales Manager, on 0242 
[ 221311 ext. 34749 to discuss the possibilities. 

Please quote ref: 141/FT. 



■< ‘ w - 


EAGLE STAR 

Eagle Sot Likr Assurance Company pic. Eagle Star Boose, Bath Road, Chctecnlxam. Gk». GL53 7LQ. 



Senior Audit Consultant 

Fidelity Investments Reigate & Tonbridge 

It’j up TO you. A* pan of Fidelity InwtniMirt. the w.«r|d » U|w« 
independent investment management oigainuiion. yuu will hm* the 

scope immense. ...... 

This is an outstanding opportunity to join our etiaWiineu. m*n 
profile Operation* Audit and Analysis team Hcrv you will haw the 
autonomy to phn and execute varied imcriuiional juUhs j do resting 
business risks and risk exposure, and to identity and recommend 
improvements in business processes. 

In chit new- role, you will spend up to ?5"i u! vour time within 
Fidelity Brokerage Services, pan of tine of the world’s largest discount 
stockbrokers. So you will need an »i»-depth understanding ol the 
stockbroking businesi and processes, \ettlciueur and rolling 
settlement, custody, and security ending and clearing processes both 
in die UK and global markets. You will also need knowledge of the 
regulatory environment. 

You an: a Chartered Accountant with at lent S yean’ posc-qnahhcanon 
e x p er ie n ce either gamed m a major accounting timi or in a finance role 
within the securities industry. Able to commurui aie at all Inch, sou wiU 
enjoy a challenging routine of alignments and the opportunity to wotk on 
other audit ptcjcca both in the United States and ebe-wherc. 

Then: ts no doubt that you will have genuine influence as part of 
the Operations Audit team. You can also look forward to a 
competitive salary and benefits package, and every chance to progress 

To apply, write with your c.v.. and details of your salary 
expectations, to Christine Coven. Fidelity Investment Services Limited. 
Oakhtll House. Hridenborough. Tonbndgr. Kent TNI 1 QDZ. 


CITY 


Samuel Montagu 

AfonbrHSBC <X> Group 

SPECIALISED FINANCING 



£ EXCELLENT 


Samuel Montagu is the UK and European merchant banking 
arm of HSBC Holdings pic, one of the largest and most strongly 
capitalised financial services organisations in the world. 

The Specialised Financing Division has an outstanding 
reputation for providing a wide range of financial solutions 
in such areas as: 

m Acquisition Finance 

• MBO/MBI Finance 

• Mezzanine Finance 

• Syndicated Lending 

• Banking Advisory 


As a result of continued expansion, Samuel Montagu 
wishes to recruit a small number of high calibre staff who 
will provide analytical and marketing support to senior 
managers and directors, in addition there are opportunities 
for more experienced junior managers with transaction 
management records. 

Successful candidates are likely to: 

• be graduates with 2-5 years banking experience 

• be credit trained and familiar with financial modelling 

■ have strong interpersonal skills and the commitment 

and drive to succeed 


ROBERT WALTERS ASSOCIATES 


Applications are also invited from top quality ACA's 
who wish to develop a career in banking. 

A highly competitive remuneration package 
is offered including the full range of merchant banking 
benefits. 

Interested candidates should call Stephen Grant 
at Robert Walters Associates on 0171-379 3333 
(confidential fax 0171-915 8714), or write to him, 
enclosing a copy of your curriculum vitae, at 25 Bedford 
Str ee t, London WC2E 9 HP . 


MDA INVESTMENT MANAGEMENT LTD 
INVESTMENT MANAGER 

MDA Investment Management Lid are one or the largest and most successful 
Category 1 FIMBRA members of the United Kingdom. 

We are seek ing an Investment Manager to join our existing team to actively manage 
£50 million minimum of Discretionary Management funds. Portfolios consist 
primarily of unit trusts, investment trusts and direct equity holdings which are 
selected and managed on behalf of private Investment d rents. 

The successful applicant will be expected to participate in a nurintiag campaign 10 
increase funds currently under management as well as have past experience, an 
excellent track record and be registered with PIA/FIMBRA. 

Professional qualifications would be preferred and applicants would be required 10 
pass FPL 2 and 3 exams as well as the Investment Advisory Certificate at the ' 
Securities Institute. 

An attractive remuneration package will be offered to the successful applicant. 
Phase send your fall CV to: 

VafcrioDoacy 

MDA Investment Management Ltd __________ 

— v Woodland Point, Woottoo Mount 

( FIMBRA ) Bournemouth, Dorset 



Recent Graduates 

If your ambition is turning to frustration, 
your talent should be turning to 
International Banking 


Swiss Bank Corporation is offering recent 
graduates who have already embarked on a career 
the opportunity for a fresh start with one of the 
world's premier international banks. 

Our constantly expanding Capital Markets and 
Treasury business calls for people who can 
negotiate the steepest of learning curves in their 
climb to the top. 

At Swiss Bank Corporation the accent is on 
teamwork within a meritocracy -you must have the 
confidence to drive your own development so that 
the speed of vour progress is truly in your own 
hands. 

We seek men and women who are comfortable with 
complex financial and mathematical concepts and 
capable of shaping innovative solutions. 

The range of areas you could join include 
Syndications, LDC trading, Commercial Paper, 
Derivatives and Fixed Income sales and trading. 
Experience in any of these areas would be useful 
although not essential - more important is your 
ability to master the complexities of these fast 
moving instruments. 


This must be matched by drive, maturity, intellect 
and the personality to succeed at the cutting edge 
of investment banking. 

If your potential outweighs your current career 
prospects, Swiss Bank offers a training programme 
which combines immediate experience and early 
responsibility supported by two months' intensive 
education - based in Zurich - followed by ongoing 
specialist training and development as 
appropriate. 

If you meet the following criteria we are keen to 
hear from you: excellent academic background 
including at least a 2:1 degree and good A Levels; 
ideally multilingual; aged early to mid 20's with at 
least a year's business experience within a 
numerate environment; excellent PC skills. 
Assignments start in October and November this 
year, so you need to write to us NOW. Please send 
a covering letter (ideally typed) and CV, quoting 
ref: 969. to AJastair Lyon. Confidential Reply 
Handling Service, Associates in Advertising, 
5 Stjohn's Lane, London EC1M 4BH. Closing date 
for receipt of applications: 1 3 th October. 



Swiss Bank . 
Corporation 


STOCKBROKERS 

Independent specialist stockbroking company 
generating international agency business from 
predominantly non-UK clients seeks stockbroker 
capable of origination in a variety of markets. 

Reply in first instance to: 

Micheline Mauvis 
Astaire & Partners Limited 
40 Queen Street, London EC4R 1DD 
Tel: 071 332 2600 




Lecturer/Senior Lecturer in 


International Finance 


Salary up to £27,414 pa. (Pay Award Pending) 




South Sink Buiinni School require! . 
Iniurtr in Iniceiiitwul Hurce whu will 
men ih* in. mini demand inf tuition in 
inirnuimut finin.f. Iliunciil inunimem*. 
mk in 11 rtf in. f,,ml inirmr wd equin 
uicrumcnt minjtf.'rtirnf u nun.-n lei el 
Applicant! ikoulj iii.rvmni.i 1 c practical 
ttpciwncr in the field md dill be eneountfnl 
ro dr. ore part nf rheir nmc m KKirdir 
contulLinri week. 

Halt time ippinnininiLi mai be 


Liimulncd lor munauJ candidate* 

An application fotm and further deujil 
are available from: Human HttaaKd 
Department. South Bank Umvenitv. ICJ 
Borough Xnad. London SKI OAA. 
Telephone! 071-819 h2Ii (24 hour aiHncrh^ 

■CTTMel 

Pleue quote eef: LPSSU 
doting date far appILottima: 

11 October 1W*. 

Am OppertwvUn tmfbryer & 




S O U T H 8 A N K U N 1 V t : . KM T Y 
•Lon oo\* 


YOU CAN ADVERTISE YOUR SKILLS JN THE 
FINANCIAL TIMES RECRUITMENT PAGES FROM AS LITTLE 
AS £90 + V JLT. 


Looking for a Career Change? 


FOR FURTHER DETAILS PLEASE COHTACT GARETH JONES ON 
Teu +44 71 873 3351 Fax: +44 71 873 3779 

OR BY WHITING TO HIM AT FttiAKClAL TIMES, RECRUITMENT 

Advertising! , Number Ohe Southwark Bridge, 
London SE1 9HL 


appointments wanted 


BSC INTERNATIONAL BUSINESS 

*X) yis old. Mature and responsible, computer literate, 
goal-orientated. Experience in financial sector and 
marketing. Seeks aggressive career track and 
challenge. Opportunity for growth into management. 
Wide international experience, culturally diverse. 

( 031 ) 551 3437 , 





Mf>. 


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Bags; 

ii&sff 


FINANCIAL TIMES FRIDAY OCTOBER 7 1994 


^ RowaNL _ 

DartingtoN 

gCOMPAKlY 


PRIVATE CLIENT 
STOCKBROKING: 

R BRISTOL 

XVowan Dartington, the independent West oE England 
Stockbroker, requires an experienced private client executive, or a 
team of executives, to contribute to the expansion of its private 
client fund management activities in Bristol. 

7Tje business has grown rapidly since its inception four years ago, 
and has the benefit of the active support of its Largest minority 
shareholder. Singer & Friedlander, the London Merchant Bank. 

The company has its own highly acclaimed “in house" research 
capability and a substantial institutional and corporate finance 
business. 

A full range of competitive private client services are provided 
backed by comprehensive administrative support. 

The successful candidates will be of high calibre and command an 
established client base with a proven revenue stream. The package 
could include an equity stake, if appropriate. 

This represents a unique opportunity for an executive already 
working within the region to join a fast growing West Country 
Broker, or for a professional working elsewhere to relocate to the 
City recently voted the most desirable place to work in the UK. 

Applications, including full CV, to be addressed, in strict confidence to: 

Barrie Newton, Managing Director, 

Rowan Dartington & Co Limited, 

The Colston Centre, Colston Street, Bristol BS1 4XE. 

Telephone (0272 253377) 

Member of the London Stock Exchange and The Securities and Futures Authority. 


EUROPEAN PROJECT FINANCE 

Aged c35 years with in-depth analysis computer modelling experience and at least three 
years negotiating experience covering projects in France, Germany, Spain etc. Relevant 
languages essential. Salary £80-£ 100,000 + Benefits 

SENIOR LEASING (BIG TICKET) 

A graduate ACA/MBA with proven technical ability and with 4 years plus experience of 
marketing UK tax based highly structured deals, able to motivate small team. 

£50-£70,000 -I- Benefits 

LEASING TECHNICIAN/MATHEMATICIAN 

Degree in maths, highly computer literate, macro analysis, extensive P/C modelling 
experience, currently employed in a bank In their treasury/structured or asset finance 
areas. Package - £40-£60 J 000 

FINANCIAL ENGINEER 

International Bond House seeks relevant candidate with 2 years + experience of 
structuring asset and derivative packages for Investors. Exposure to structuring new 
Issues and/or placement 'of file above product would be beneficial. Neg £40 - £80,000 

EUROPEAN EQUITIES FUND MANAGERS 

Three London based institutions seeking the above to join existing teams. Roles cover 
stockpicking, asset allocation and research for both pension funds and unit trusts. 
Candidate with cl 8 months + experience are welcomed. Neg £35 - £45,000 

Please forward detailed CVs to BRIAN GOOCH treated in strict confidence 


OLD BROAD STREET BUREAU 

Search & Selection Consultants 


65 London Wall. London EC2M 5TU 
Tel: 071-563 3991 Fax: 071-563 9012 


GENERAL MANAGER 

Multinational Consumergood Company 
Poland and Czech Republic 


The Company: European, multinational 
group; revenue over 10 billion, several 
thousand employees; marketleader in 
many major markets. Strong presence 
in most Central and Eastern European 
countries, especially in Czech Republic 
and Poland with substantial production 
sales and distribution companies and 
marketleadershlp among foreign 
brands in both (each country three 
digit DM revenue and several hundred 
people - sales and production), high 
growth potential. 

The Function: To finalize the building 
up process and stabilize the success 
in the individual country; to run the 
highly qualified and motivated team of 
managers and employees, to co- 
operate with headquarter and give 
input in regional strategy; to be 
responsible for overall management, 
strategy and success of local business 
with "p&l“ responsibility; to be the 
leader of one of the fastest growing 
businesses in the whole corporation. 

The Requirements: Qualified business 
education, widespread experience In 


consumergood industry, preferably in 
FMCG. Experience In marketing/sales, 
but also capability to control financial, 
general and logistical matters, ideally 
some experience in new business 
development and in difficult political 
and social environments, proven 
leadership qualification. 

Excellent English/German optional. 
Mature, sincere, extrovert personality, 
personally flexible and ready to 
relocate. 

The Offer: To be part of the leading 
group of corporate executives with 
high degree of personal freedom and 
responsibility. Opportunity to further 
development within group. Three years 
contract, excellent expat remuneration 
and package. Directly reporting to 
executive board in HQ. 

Please send your application to: 
MANAGEMENT SELECT, Management 
Consulting, A-1190 Vienna, 
Heiligenstadterstrasse 51, Fax 
(443/1/36 88 777). 

Reference Number. 4349 


management 

SELECT 

HAGER. WILHELM & PARTNER 

BUDAPEST • BRATISLAVA • LINZ • MOSKAU ■ PRAS • SALZBURG • WARSCHAU • WIEN 


The Top 
Opportunities 
Section 

Advertise your 
senior 

management 
positions 
to Europe's 
business 
readership. 
For information 
please contact: 

Philip 
Wrigley 
+44 71 873 3351 


rUemy^^lwestmeaar 

Exceptional Opportunities in Product Development 

Excellent Package Kent 

The ndefty group of companies curremty manages In ercess of 5300 bHBon for I avestors and has a ropuutkw tor exception ol product immadon, 
and leading edge teefanotogy- Fidelity's people are highly creative, ambitious achievers wbo thrive In a dynamic culture com mined to excellence 
BtpM** growth in Fidelity's Intenadeeal business has cre a ted the need for two Ley individuals to join the product development group in the UK. 
Repotting to the Executive Director Ifroduci Dev el op me nt the appointees be tntemaboaagy loaned and have the following roles: 


PRODUCT DEVELOPMENT MANAGER - 
SERVICE iref 756/D) 

Product Manager with operational background to 

■ lead development on service features for financial pruiucis and 
service based products 

■ act as focal point for service initiatives requiring cc-ordi nation 
between business and operations groups 

■ provide protea management skills and support as necessary 


■ candidates must be flexible sell starters capable at working 
independently and as part of a ream 

■ ideally MBA qualified with 2-5 years work experience in financial 
services and/or management consultancy 

Should you wish to apply tor one of the above positions, 
please send your Cv with current salary details to tulia Williams 


NT MANAGER - PRODUCT DEVELOPMENT CONSULTANT 

l ref 756/D) (ref 750/Ei 

id to Product Manager with research and analysts -..ticngth to 

r financial products and I conduct product research anil analysis on exist mg product lines 

Hew products, ,md new market ipioiiumitt-., 

requiring cc-crdi nation ■ build effective product research jnd reporting lor Tidelm 

Irui.-moiii/nol 

pport as necessary ■ provide protect management skills and support a*, necessary 

REQUIREMENTS FOR THE ROLES 

fits capable of working ■ highly analytical and *i:h esccllcrii project ninn.ii’cnicni skill-. 


lUperb communicators ideally aide to -.peak a ,<-conJ 
l.ir.guagc- 

K/F Associates. .’I? K>.-eeni 9in.tr l.undcri Wilt '.|*a •ju->iiii--. tli« 
Gppioptij;*? ffluk'lia' i ■ urn Lv i 


BEAR STEARNS 

CREDIT ANALYST 

A Credit Analyst is required by Bear, Stearns in 
London, to join its Fixed Income Research area and 
support its trading and sales efforts in the Eurobond 
market. Duties will include assessing the credit- 
worthiness of issuers in the Euromarket with 
particular emphasis on banks/financiai institutions, 
preparing credit reports, analysing bond credit spreads 
and keeping abreast with macroeconomic and industry 
developments. The successful candidate will be 
expected to demonstrate original thought to develop 
trade ideas on a relative credit value basis and to 
communicate effectively with traders/salesmen, 
customers and senior management. 

This is a challenging position for a motivated 
individual in an expanding and successful fixed 
interest operation. The successful candidate will be 
educated to at least first degree level. A background in 
economics/finance is required. Familiarity with fixed 
income instruments as well as PC spreadsheet 
packages would be an advantage. Applicants should 
be numerate and will have gained 2-3 years 
experience of credit analysis in either a 
commercial/in vestment bank or a rating agency. 

Please send CVs to: 

Sacha Klingsick 

BEAR, STEARNS INTERNATIONAL LIMITED 

One Canada Square 
London E14 SAD 



IQ? 


A registered Charily to Inform, advise aad help on AIDS and HIV infection. 

TRUSTEES 

(Unpaid Appointments) 

The Terrence Higgins Trust is the UK's leading AIDS Service 
Organisation with over 1,300 volunteers and 50 paid slaiT and an 
income of cj£3m per year. Its This tees are mainly elected 
volunteers actively involved in the organisation and are responsible 
for directing THT towards the realisation of its mission and 
ensuring that the organisation is effectively managed. 

We are looking for four additional Trustees to broaden our 
representation of skills and communities to meet the growing and 
diverse needs of people affected by HIV and AIDS. 

Yon must be able to demonstrate appropriate commitment, skills 
and experience to enable you to contribute effectively io the 
governance of the organisation. You should be prepared to 
contribute at (east ten hours per month. Ufa are particularly looking 
for people with experience in one or more of the following areas: 


' FINANCE/BUSINESS 
1 FUNDRAISING 
1 SOCIAL SERVICES 


HEALTHCARE 
PR/COMMUNICATlONS 
HUMAN RESOURCES 


People at THT come from many sections of the community. 
Applications are particularly encouraged Grom minority ethnic 
communities, women and people with HIV, all of whom are 
under- re presented on our Board. 

A full induction into THT will be provided. 

For further information and an application pack, please telephone 
Mari a- Elena Costa -Sa on 071-831 0330. 

Closing date for compleicd applications: Friday 28 October 1994. 


I.D.E.A. 

Technical Analyst Covering Bond & Money Markets 

I.D.E.A., the premier on-line analytical service, 
seeks a Technical Analyst for its London office to 
analyse and provide advice to clients on 
international bond & money markets. Duties would 
include writing technical commentaries for 
LD.E.A.'s products and servicing our worldwide 
client base. Good communications skills and firm 
opinions are essential. 

The ideal candidate should have some experience in 
the technical analysis of relevant markets, with a 
bias towards traditional charting techniques & Elliott 
wave analysis, though experience in other areas of 
charting will certainly be considered. 

In exchange a competitive salary is offered. 

Please forward your C.V. to Chris Turner at: 

LDJLA. 

Lincoln House, 296 High Holbom , London WC1 V 7JH 
Telephone 071 430 2888 


K/F ASSOCIATES 

Selection & Search 


Portfolio Management 
Real Estate 

Europe, USA, Far East & Australia £ Tax Free + benefits 

Our client is a major investment group with an extensive portfolio of global 
investments. The location is one of the most attractive in the Middle Etist 
with excellent family accommodation, sports, leisure and education facilities. 

The company is significantly expanding its Real Estate holdings and urgently 
requires three specialists to manage portfolios and monitor externally 
managed investments in USA, Europe and the Far East and Australasia. 

These are career opportunities. The tax free salaries are negotiable and the 
benefits include a high standard of furnished housing, annual home leave, 
medical cover, allowances for transport and education and an attractive end 
of service bonus. 

Candidates should be graduates, ideally aged 25 to 35 with at least four years 
relevant experience and a specialised knowledge of one of the above regions. 

Please send full career and personal details, in confidence, quoting reference 
AS1057/F to Andrew Duncan Associates, Oxford House, Oxford Road 
East, Windsor SL4 1EF, UK. 


Andrew Duncan 


ASSOCIATES 


ECONOMIST 

Advising the Post Office in the nineties and beyond. 
London c. £21,500 - £25,600 + benefits 


The Economic Advisoiy Service in Group Planning 
provides an essential advisory service on macro and 
micro economic issues to all Post Office businesses. 

Part of a small team or economists within the 
central planning function, you will work on n 
range of issues, including particularly those 
related to the economic regulation of the Post 
OfTice. As such, you'll need genuine expertise 
in micro economics, business economics and 
statistics, together with the ability to undertake 
economic, marketing or statistical projects. 

A good degree in economics or a related subject 
is essential, as are experience of data analyses, 
good writing skills and familiarity with PC 
software. An understanding of accounting 
would be an advantage and you should have a 
keen intellectual interest in the economic theory 
relevant to regulation. 


Initiative, self-motivation, reliability and the 
ability to work under pressure are vital. Beyond 
that, you should have exacting standards, a 
friendly, outgoing personality and a great deal of 
team spirit. 

In return for your commitment and enthusiasm, 
wc can offer a competitive salary and a benefits 
package that includes over 4 weeks' holiday, 
contributory pension scheme and subsidised 
restaurant. For further information and 
application forms - to be returned by 
ISlh October, contact Mr Francis Lewis on 
071-320 7083 (24 hour service). 

The Post Office is an equal opportunities 
employer and welcomes applications 
from all sections of the community. / **?.. 
Suitably qualified applicants with 
disabilities will be shortlisted. 



Corporate Finance 


Senior Manager 

Nottingham base 


c £50k Package 


KPMG in Nottingham/Derby is led by a young team ol dynamic and ambitious partners and is 
now positioned to accelerate the growth of Its Corporate Finance activities. 

The Corporate Finance department enjoys a high level ol autonomy and maintains dose 
contact with the local business community and finance organisations. This new appointment 
will appeal to a commercially orientated dealmaker with first class Interpersonal and 
analytical skills. 

Ideally in your late twenties/earty thirties, experience may have been gained in a major 
venture capital/Ilnandal institution or within an active acquisitions/disposals department of a 
major corporate. The ability to structure deals and to manage transactions effectively are 
essential skills. In addition, you will have an excellent contact base and an ability to initiate 
transactions. Of paramount importance, however, is the desire to grow a successful business. 

The excellent salary and benefits package, including prestige car. reflects the importance ol 
this role. If you are interested in a unique opportunity to join this market leading team, please 
write with lull career detaBs to: Bob Matloney. 


iW 


KPMG Corporate Finance, St Nicholas House, 31 Park Row, Nottingham NGl 6FQ 
Telephone; 0602 483444 Fax; 0602 483401 


FT/LES ECHOS 


The FT can help you reach additional business readers in France. 
Our link with the French business newspaper, Les Echos, gives 
you a unique recruitment advertising opportunity to capitalise on 
the FTs European readership and to further target the French 
business world.For information on rates and further 
details please telephone: 

Philip Wrigley on +44 71 873 3351 










VI 


FINANCIAL TIMES FRIDAY OClOBl.R 7 



MARTIN-CURRIE 
INTERNATIONAL INVESTMENT MANAGERS REQUIRE A 

Qualified 

Accountant 

AS DEPUTY - HEAD OF CLIENT ACCOUNTING 
AT THEIR OFFICES rN CENTRAL EDINBURGH 

Principal responsibilities include accounting, tax and company 
secretarial matters for investment trust companies listed on the 
Stock Exchange. The successful candidate will be a recently 
qualified accountant with experience in financial services. Salary 
negotiable. Applications in writing with CV to: 

Mr I S Reid, Martin Currie Ltd, Saltire Court, 

20 Castle Terrace, Edinburgh EH 1 2ES. 


Rea Brothers limited 


n Internal Audit Assistant 


c. £20,000 + BB 


This well respected merchant bank is seeking to recruit an accountant to 
assist the Group Internal Auditor and Compliance Officer. The role would 
encompass ail sections of the bank and includes IMRO and SFA 
regulations ns well as some accountancy work. Banking/compliance 
experience preferred. Yon will need to be able to work with little 
supervision, have excellent communication skills nod be computer literate. 

Ideally, this position would suit someone undertaking Certified 
Accountancy corns (passed level 1 ) and study leave would be available. 

Please send applications lo include a copy or your CV to: 

Miss C E Griffin, Rea Brothers Limited, 

Alderman's House, Alderman's Walk, London EC2M 3XR 

Applications to be received by Friday 14th October, 1994 | 


ACCOUNTANCY COLUMN 


K, 


An institutional fracture in need of repair 

Jim Kelly on the importance of solving the debate on how to reshape the six professional bodies 


T he accountancy profession is 
currently suffering from an 
acute attack of Institutional 
gridlock. Asked to forge a new struc- 
ture to meet the challenges of the 
next century, the six main profes- 
sional bodies have been reduced, in 
the words of one leading player, to 
"flicking paperclips at each other”. 

In theory, the reshaping of the pro- 
fession should be taking place in an 
office on Salisbury Square, off Fleet 
Street Here leading representatives of 
the bodies meet to discuss reform 
under the chairmanship of David 
Bishop, a partner at the accountants 
RPMG Peat Marwick specialising, 
helpfully, in change management 
Gathered around a single table are 
the Institute of Chartered Accoun- 
tants in England and Wales (ICAEW), 
the Institute of Chartered Accoun- 
tants of Scotland, the Institute of 
Chartered Accountants in Ireland, the 
Chartered Association of Certified 
Accountants (ACCA'J, the Chartered 
Institute of Public Finance and 
Accountancy (Cipfa), and the Char- 
tered Institute of Management 
Accountants (Gma). 

The bodies have already produced 
the so-called Bishop Plan which envis- 
aged a merger to form three geograph- 
ical blocks - England, Scotland and 
Ireland. They agreed that their com- 
bined membership of 200,000 should 
be consulted on the plan. 

At least that is what they thought 
they had agreed. The powerful 
ICAEW is accused of not consulting at 
all but promoting the merger plan, 
which its rivals see as a vehicle for it 
to swallow up the rest, or at least Its 
biggest rival the ACCA. Partly moti- 


vated by this perceived injustice, 
ACCA promptly produced its own 
plan - dubbed Bishop 2. This shelved 
rationalisation in favour of harmoni- 
sation under a new umbrella body 
constructed along the lines of the 
General Medical Council - and named 
the General Accounting Council. 

The ICAEW was stung to respond 
in lang ua g e not normally associated 
with accountants. The idea was, 
according to the its mild-mannered 
president Roger Lawson, not only 
“dead on arrival" but “ still-born”. 

A president of one of the bodies 
received notification of this plan sev- 
eral days after it appeared in the 
press. Others heard of it for the first 
time over the table at Salisbury 
Square. One ran only imaging the dis- 
comfort felt by David Bishop in such 
circumstances. 

Yet again the accountancy profes- 
sion appears to be heading for frac- 
ture when consolidation was in sight 
The last successful merger was in 
1957. The last time they failed, in 1970, 
the result was the Consultative Com- 
mittee of Accountancy Bodies. Bom 
of failure it is seen by many as having 
failed the profession at a vital time. 

During a decade marked by corpo- 
rate collapses such as the fall of the 
Maxwell empire, Polly Peck and BCCt 
many in the profession, and plenty in 
government have looked to the pro- 
fessional bodies for public account- 
ability. This highlights the problem 
facing the bickering six: there are 
strong forces at work which require 
the profession to do some thing before 
something is done to it. Another cor- 
porate collapse could convince the 
present government to put the 


accountancy profession on its a g»mfa 
A Labour government might find the 
time any way. If neither acts the 
European Parliament may. 

The need to provide public account- 
ability, regulation and standards is 
recognised. Mr Michael Heseltine, the 
trade and industry secretary, joined 
the argument by telling the profession 
earlier this year to merge in order to 
improve its ability to lobby govern- 
ment. Accountants, he said, should 
speak with one voice. 

The problem is that the six cannot 
bring themselves to talk sensibly to 
each other. The cloud of compet i tion 
has to some extent obscured the need 
to provide a service to customers. 'Die 
CIAEW is, for one, aware that prevari- 
cation could cost the profession dear. 

ACCA is emerg in g as a dynamic 
body. Its chief executive Anthea Rose 
is a forceful personality who appears 
to have a firm grip on her organisa- 
tion. ACCA has 100,000 students 
(about half of them outside the UK) 
compared with the ICAEW’s 11,000. 
Outside the UK, ACCA’s qualifica- 
tions and ideas are spreading fast. 

ACCA wants this potential power to 
be realised while the ICAEW’s 
strengths, founded on its prestigious 
chartered brand and more than 
100,000 members, stand in its way. It 
is understandably furious about the 
Bishop 2 plan. However. ACCA is ter- 
rified of being swallowed whole by 
the ICAEW. It wants to protect its 
“core values” of open access to the 
profession, flexible education and a 
common “title" for accountants. 
ACCA suspects the ICAEW is pushing 
its members to share their coveted 
title now, in a merger they can domi- 


nate, rather than later In a merger 
with stronger partners. 

The other bodies watch this clash of 
power with increasing alarm. In 
Ireland things are simplest in the 
most complicated of settings. 
Throughout the violence the institute 
has met in both Belfast and Dublin, 
and is committed to an all-Ireland 
body. It would preserve this arrange- 
ment under Bishop and has therefore 
given it a cautious welcome. 

Ciina is for rationalisation and wel- 
comed the publication of Bishop. It 
wants recognition of the value of its 
international activates and of the sta- 
tus of management accountancy as an 
equal partner with other disciplines. 

C ipfa has strong sympathies 
with Bishop 2. It feds that the 
original plan was rushed 
through and as a result was Hi-con- 
ceived with little regard for detail A 
papering over of the cracks which 
inevitably fell apart It would proba- 
bly support a limited Bishop 2 scheme 
for an umbrella body and some har- 
monisation between the bodies oper- 
ating under its governance. 

The Scots find themselves in a no 
lose situation. Their treasured inde- 
pendence and compact organisation 
are rigourously defended. Their posi- 
tion is less anxio us and s umm ed up 
as: “Its best to remain good friends 
rather than be unhappily married." 

Most of the bodies believe that the 
worst scenario is approaching. That 
the position ante Bishop will be the 
same as before. 

To avoid such an outcome some cre- 
ative thinking is going on about a 
possible structure for debate in 1995. 


The idea of the General Accounting 
Council might survive m me form , - 
nerhaos even as a “limited umbrella 

a strong sense that the GAG was a 
credible idea launched with disas- 
trous consequences for merger <tyn- 

ics believe its launch was designed to 

^Meanwhile a process of ad hoc har- 
monisation may weU begm Jospnng 
up This could be limited to targeting 
areas for joint action or simply to 
cutting costs by amalgamation of ser- 
vices. It might also stimulate a debate 
about whether the profession is one 
profession, or several. If the second, 
what is wrong with not speaking with 

The role of the ICAEW is crucial. It 
has moved boldly for change at a time 
when it knows it am dominate the 
outcome. But its motives are not as 
ignoble as often painted. Even the 
other bodies acknowledge that the 
profession g-iins much of its intellec- 
tual drive from auditing and the Big 
Six accountancy firms. The ICAEW is 
vital to the health of both. In the rush 
to merge many fear these traditional 
strengths of the ICAEW wiU be under- 
mined and isolated in some new con- 
glomerate of bodies. 

The ICAEW rejects the charge that 
it tried to push Bishop on its mem- 
bers. It says that to achieve progress, 
all the bodies agreed to consultation 
on the Bishop plan. 

Above all there is a sense from all 
concerned that the profession must 
put its own house in order. If the 
present acrimonious debate achieves 
anything it must be a willingness to 
compromise to achieve change. 


3 






-fr 


CHIEF 

ACCOUNTANT 


West End 


c£ 280 OO+car 


Our client holds a lending UK market position specialising in the production, marketing 
and distribution of niche products that span a broad customer base. With offices in the 
USA and the UK the group. t/oc£l5m. operates in all major countries and serves 
industry, commerce and the public sector. 

A high calibre accountant is now sought to join the head office team to play an active 
part in the running of the business. The person will head a team of five and be 
responsible for the production of all accounting information for the UK operation along 
with systems upgrades and day to day administration matters. There will be significant 
involvement in ad-hoc projects. 

Candidates should have good relevant experience along with sound organisational. 

managerial and PC skills coupled with a good hands-on approach. Furthermore it is 
essential that the appointee has a desire lo work with others as he/she will be an 
important member of the management team. 

Please write enclosing a full curriculum vitae quoting ref 629 to: 

Philip Cartwright FCMA. RiverkanJ\ House. Putney Bridge Approach. London SW6 3JD. 

Tel: 071 371 9476. Fax: 071 371 9478. 

Cartwright Consulting 

FINANCIAL SELECTION & SEARCH 


; ■. ‘••A . . .■ ••. 

Global Investment Bank 

Our client is one of the premier integrated international investment 
h banks and securities houses. They have built on their long term 

\ presence in the securities markets by becoming one of the leading 

j players in global derivatives and structured products. 

As a part of this spread of activity, the asset swaps area is at the 
leading edge of the development of methods to use derivatives, 

;; including swaps and option products, to structure new ways to 

= • trade credit 

»• A creative and lateral thinking accountant is required to take 
j responsibility for the product control for this area. In addition to 

managing the reporting requirements, this role will involve 
extensive liaison with senior trading, operations and systems 
*T personnel. A proactive contribution is expected in terms of 

:i supporting the traders through the provision of detailed analysis 
’’ and the resolution of trading/operational issues. 



•” : n \ i 

c£4 0,000 + Banking Benefits 

ACA or equivalent, you will have 1-2 years post qualified experience 
including considerable exposure to an appropriate range of products. 
Good systems skills and a knowledge of SFA capital adequacy issues 
would be benefiriaL This experience could have been gained within 
a competitive securities house or the profession. 

The profile of this group and the nature of the products set this 
role apart from a mainstream product control position. A critical 
and judgemental approach will be required in order to handle the various 
technical and personal challenges associated with the role. Outstanding 
career and financial benefits will result for the successful individual. 

For further in formation in the strictest confidence, contact 
Tim Musgrave on 071 240 1040. Alternatively, send your resume 
quoting reference number 22/1812 to Morgan & Banks Pic, 

Brettenham House, Lancaster Place, London WC2E 7EN. 

Fax No: 071 240 1052. 




TREASURY MANAGER 


Qrand 

Qldlrhrr 



PIMM’S 

Gordons 


LONDON 

DRYGIN 


c. £4 5, OOO + car 


London Wl 


mm 


Guinness PLG is one of the UK’s leading consumer goods companies with a 
market capitalisation of over £8bn, 23,000 employees worldwide and a 
turnover in excess of £4bn. It has the most outstanding portfolio of premium 
drinks brands in the world, including Johnnie Walker, Bell's, Gordon’s Gin 
and of course Guinness itself, the world's most celebrated stout. It is one of the 
few truly global beverage businesses. 

Our highly centralised professional Treasury operation manages substantial 
interest rate and currency exposures on a global basis. As a result of internal 
develop m ent, we now have an opportunity for a talented individual to Join the 
senior management team as Treasury Manager. Based in the company dealing 
room and reporting to the Treasurer (Operations), your main responsibilities 
will be to contribute to the analysis and formulation of successful hedging 
strategies, to manage the group's positions as well as the execution of deals in 
the market. 

You arc likely to be educated to degree level with an ACT, Banking or 
Accounting qualification. You will be fully conversant with the instruments 
and techniques for managing foreign exchange and interest rate exposures with 
several years' experience gained in a corporate treasury or financial institution. 
In addition, you should possess competent dealing skills and demonstrate 
capability of handling complex derivative instruments. 

Interested candidates should write in confidence, enclosing CV and full details 
of current salary to our consultant Douglas Austin at MSL International, 32 
Ay brook Street, London WlM 3JL- Quoting Ref: A22G03. 


GUINNESS PLC 



THK 

GLENEACLES 

Horn. 


BELTS 

<Xd Srntrh Wtndkv 



IHHIMIHl 

and, of course... 


GUINNESS 


Head of Internal Audit 


Based London 
c.£45,000 -£55,000 + benefits 

PA Consulting Group, one of the world's leading 
international management and technology consultancies, 

is a large complex organisation with some 2,100 staff 
located in 5 1 offices and two technology laboratories 
in 21 countries worldwide. 

Reporting directly to the Group Chief Executive, you 
will be responsible for conducting a wide range of 
internal audits of financial, commercial and operational 
practices in all areas of the Group’s activities, and for 
ihe further development of the company's well-defined 
and disciplined standard operating procedures. 


An ACA with a good first degree and possibly an 
MBA. you must have several years’ post-qualification 
audit experience, preferably within an international 
banking or similar ‘best practice’ environment. Your 
high personal credibility at senior management level 
will be based on all-round professional expertise, strong 
personality, and first-class analytical, communication 
and presentation skills. 

Benefits include a performance-related bonus, company 
car scheme, pension and private health plan. 

To apply, please send your cv to Roselyn Cason-Marcus. 
Ref: 2053/RCM/FT, PA Consulting Group. 

123 Buckingham Palace Road, London SW1W 9SR. 

PA is an equal opportunity employer. 


EX.'SSST 8 

Creating Business .Advantage 


M atom 8 BaKifc 

INTERNATIONAL 



THE ROSE PARTNERSHIP 

Chief Operating Officer 

Founded in 1981, The Rose Partnership is a highly regarded City-based executive search firm specialising in the 
investment banking sector. We are discreet, innovative and uncompromising. We have now reached a stage of 
growth and development where we require a Chief Operating Officer to help manage and to support the further 
development of all aspects of the business. This unusual role has partnership potential and commensurate rewards. 


The Role 

* be responsible for financial control and reporting 

* prepare management information relating to finance 
and to business activity 

* help in development of systems for all oar work, 
supported by a full-time software writer 

■ work with our clients to manage the maintenance of 

client information 

* research new business areas 

* prepare presentational information to support our 
marketing 

* write speeches and manage public relations 

If you fit tiis profile. please write wftfi foil career and salary derails to PbJippa Rose at The Rose Partoership, 12 CbpthaD Avenue, Loudon EC2R 7DH. 


Your Qualifications 

* probably aged between 35 - 45; ACA and/or MBA 

* expertise in fin a n cial control and reporting, and in the 
design of information management systems 

■ solid administrative experience 

■ good knowledge of the investment banking sector 

■ well organised, meticulous, highly computerate, with 
excellent analytical and communication skills 

* enthusiastic, energetic, authoritative and highly 
creative 


FINANCIAL CONTROLLER 

North to £40,000 

Our client is a highly successful manufacturer of high quality component products for a variety of blue chip customers worldwide. 
The company's trade record of growth to date has been impressive and a progamme of continuous investment and product innovation 
has ensured that they are well placed to take advantage of growth opportunities. 

They now seek to appoint a financial Controller who win assume responsibility for the day-to-day running of a high calibre finance 
function. Emphasis is placed not only on the integrity of accounting records but also on the commercial bottom-line Impact of 
financial information. The financial Controller is a key member of the management team and will be expected to pfay a proactive 
role in the business. 

Candidates, aged 27 - 35. will be qualified accountants or graduate calibre who can demonstrate strong technical abilities allied with 
a high degree of commercial focus gained within a fast-moving manufacturing environment, first dass interpersonal skills and the 
drive, initiative and enthusiasm required to make a real impact in a dynamic business are prerequisite. 

Interested applicants should write in confidence to Fred Howie ACMA, 

Managin g Director, Northern Recruitment Group, 

13 Museum Street, York YOI 2DT. 

Tek 0904 610888 or 0904 610800 Fax 0904 61 1133 







M' rp 


* pUi|.‘- 

1 Al 


e Pai 


,u *'i h,. 


FINANCIAL TIMES FRIDAY OCTOBER 7 1994 


Finance Director 

Leading European Boutique 
London Subsidiary of a Major US Institution 


The company is the small high calibre European 
investment arm of one of the largest and most 
prestigious American financial institutions. It is 
the leading provider in Europe of private debt, 
managing a $3 billion portfolio which spans nine 
European countries. 

You would be the company’s first Finance 
Director, a position made necessary by growth 
and the need to create and manage internal 
finance and treasury functions. Your 
responsibilities would be wide, covering financial 

Please write in confidence to Terence Hart Dyke, a 
Company, at Haley BDC. 63 Mansell Street, London 


control, treasury, compliance and Board-level 
strategic planning. 

You need to be a Chartered Accountant with at 
least seven years in accounting and finance, most 
of which should have been spent in a major 
organisation in internadonal banking or 
securities. You must have the technical 
knowledge to set up independently a 
range of new functions and the wVJ* 

breadth of vision to take on a full it „•! •«&'* 

Finance Director’s role. 


consultant to the 
El 8AN. 


■U- 

/=; ft .ik 




London 


To £70k + Banking Benefits 



Our client, one of the leading US investment banks, has 
built its reputation on providing added value to its clients 
through continuous Innovation. They have recently 
embarked upon an ambitious global IT strategy, exploiting 
leading edge technologies across all areas of the bustness. 
Fundamental to Success will be slate of the art financial 
control systems, prompting the need for an ambitious, 
talented Manager to lead these developments in Europe. 

You will have in-depth knowledge of accounting systems 
and a track record of successful project management gamed 
in investment banking. This role demands an exceptional 
individual who can manage multiple projects across a 
number of European locations. At the same time, you will 


work closely with the business in order to plan and execute 
the delivery of the next generation ot systems. You will be 
expected to show practical examples ol delivering business 
advantage through IT snlutiuns. 

The demand* are high, hut the rewards arc excellent. Ideally 
the successful candidate will have solid international 
experience and language skills would be advantageous. 
Salary Will not be an inhibitor fur qualified candidate.*. 

To apply, please send or fax your CV. quoting reference 
number 11 101. salary details and where possible, daytime 
telephone number to the advising consultants. Goodman 
Graham £ Associates, S Beaumont Gate. Shenicy Hill, 
Radlelt. Herts Wl)7 TAR. Fax UKJ3 S5479I. 


Goodman Graham 




A GUOUMAN I.L>KI». cumpjll)' 


(ling 


, .’ *. v;< 


* * x. | J*n % 


Finance Director 

Leeds c £40,000 + Car + Bens Geoeial 


Legal and General Estate Agents have a network of 
over 150 corporate brunches and 75 franchised. They 
trade under a variety of local brand names including 
Whiregntes in the North, Adam Kennedy around 
London and Parkers in the South. Having operated 
through extremely difficult market conditions, they are 
well positioned to rake advantage of market growth. 

They seek to appoint a Finance Director, who 
reporting to the Executive Chairman will assume 
responsibility for financial management and 
administration within rhe business. More specifically, 
this will encompass monthly and annual reporting, 
budgetary control and the further development of 
management information systems through the 
supervision of around 40 staff. You will be a 


key member of a closely knit management team and 
will be ex peered to provide strong financial leadership 
and have a significant influence on the future of 
the business. 

Candidates, aged 35+ will be qualified accountants 
who can demonstrate strong Technical ability unJ a 
high degree of commercial acumen. Essential personal 
qualities include outstanding communication skills, 
strong personal presence and maturity, along with a 
tough-minded approach to business control. 

Interested candidates should send a comprehensive 
curriculum vitae to Stephen Bonks, ACMA, Michael 
Page Finance, Aquis House, Greek Street, 
Leeds LSI 2PX. Quoting reference 204359. 


SB Michael Page Finance 

Specialists m Financial Recruitment 
London Bristol Windsor Si Albans Leatbcriiead Birmingham 
Nottingham Manchester Leeds Glasgow Edinburgh & Worldwide 


m. m 


M 


Finance Director 


London 

Our client is a rapidly expanding, global division of 
a major US corporation, which is the world leader 
in the design, manufacturing and distribution of 
high technology products. Marketing powerful 
brands to consumers world wide, the company is at 
the leading edge of innovation in an aggressive, 
success orientated industry. 

Substantial future growth potential now demands 
rhe appointment of a Finance Director who will be 
responsible for all financial, commercial and 
administrative aspects of the business, working at 
both strategic and operational levels. The 
successful candidate will work closely with the 
management team to optimise opportunities 
and profits, and develop sophisticated 


£55-75,000 + Car + Bonus 

planning .uid furecoating technique*. 

Candidates, aged 35-42, will he qualified 
accountants with a proven record of senior 
management experience gained in a last moving, 
multi-site, international environment. Excellent 
communication skills, strong computer literacy, a 
hands-on approach to business management, 
combined with drive, enthusiasm and the ability to 
thrive under pressure will he essential. 

Applicants should forward a comprehensive CV, 
quoting ref 205558, to Mark Hurley ACMA or 
Alan Dickinson FCMA, Executive Division, 

Michael Page Finance, 39-41 Parker Street, 
London WC2B 5LH. 


Michael Page Finance 

SfHxuba-- in Finimcuil FUvniimj-.ru 
London Bristol Windsor St Albans Lwhcrhead Birmingham 
Nottingham Manchester Leeds Glasgow Etfinbatgh & Worldwide 








Head of Audit 


North West 

Our client is a major British Group with significant 
international operations. They seek to continue their 
success chrough their commitment to the highest 
quality standards backed by substantial investment 
programmes and research and development aimed at 
maintaining their technological lead in an 
increasingly competitive market place. 

Following the promotion of the present incumbent, 
they now seek to appoint a Head of Audit, who will 
report to the L^ircctor, Financial Control and the 
Board Audir Committee. With the support of a small 
team you will play a major part in ensuring a 
pro-active approach is taken in maintaining effective 
operational and financial control throughout the 
Group. You will be actively involved in ad-hoc 


c £40,000 + Car + Bens 

investigations including the appraisal of acquisition 
and joint venture opportunities. 

Candidates will be commercially aware graduate 
Chartered Accountants, preferably 'Big 6’ trained, 
with strong audit experience gained through an 
exposure to major clients engaged in processing, 
engineering or utilities. Key elements for success will 
be your ability to challenge the status quo, whilst 
establishing effective and positive relationships at 
senior levels within the organisation. 

Interested candidates should forward a full CV to 
Stephen Banks, ACMA at Michael Page Finance, 
Clarendon House, 81 Mosley Street, Manchester 
M2 3LQ* Please quote reference 205737. 


Michael Page Finance 

Spcci-iliMi in Financial Rccniiuncnr 
London Bristol Wmbor Si Albans Leatbobcad Bir m i n g h a m 
Nottingham Manchester Leeds Glasgow Edinburgh & Worldwide 


TIME WARNER 


Group Accountant 


London 


Time Warner U a Fortune 500 company with extensive 
worldwide interests in media, publish inn. music and 
entertainment. The UK operations include such household 
names as Time Magazine, Warner Music, Warner Bros .is 
well os the rapidly expanding Warner Bros Studio Stores. 
Following a recent reorganisation an excellcnr 
opportunity has arisen tu join the UK Head Office 
reporting team. In this capacity you will enjoy high level 
exposure throughout the group and will .nsumc wide 
ranging responsibilities including the preparation and 
coordination of UK statutory accounts for all group 
companies, group consolidations, together with the 
provision of general accounting and advisory services to 
associated companies and new ventures. 

Reporting to rhe UK Group Manager, rhe role 
will require extensive liaison with management in 


to £35,000 + Benefits 

the UK and the US os well as various external advisers. 

The successful candidate will be a qualified Chartered 
Accounranr wirh 2-5 years post qualification experience 
who possesses the requisite technical skills to undertake 
this demanding role. In addiriun you mnsr be able to work 
effectively within a tight knit professional team iMablish- 
ing strong working relationships across all functions. 
Enthusiasm, drive and sense of humour .ire all qualities 
which will determine the success of your application. 

This is an urgent requirement and preference will he given 
to those candidates who can start no inter than December 
i«W4. Please send your full CV indicating your current 
salary to Nigel Milford or Simon North at Michael Page 
Finance, Page House, 39-41 Parker Street, 
London WC2B 5LH, quoting ref. 204442. 


Michael Page Finance 

Sjxvi.ilnf* m Fin.inu.il Rtvnwnicni 
London Bristol Windsor St Alban* Lcaihcvhctul Binning ham 
Nottingham Mjocbolrr Leeds Gfaegow Edinburgh & World wide 


jggSPReggjj 




Financial Controller 


Sussex 

Our clicnr is a c£6m turnover hi-tech design and 
manufacturing company and a world leader in its 
niche market. A subsidiary of a UK pic, the majority 
of its high value sales ore sold in overseas markers. 

Reporting to the Managing Director, this is o 
hands-on role which encompasses the following: 

• Responsibility for complete financial control 
and reporting requirements sir both local and 
group level. 

• Development of management information to assist 
senior management in the current and future 
development of the business. 

• Provide commercial assistance in evaluating new 
business opportunities e.g joint ventures, appraising 
potential new contracts etc. 

• Company secretarial duties. 

The successful candidate is likely to be a 


c £32,000 + Car + Benefits 

qualified accountant, aged 26-40, with several years 
experience in a comparable business. Clear evidence 
of a commercial contribution in previous roles as well 
as strong financial acumen are essential. 

In addition, the successful applicant will enjoy a 
dedicated hands-on role, readily fining in with a 
small dynamic team committed to an open style of 
management. Knowledge of MIS systems is essential. 

As well as a comprehensive benefits package, 
assistance with relocation is available where 
appropriate. 

Candidates interested in this challenging opportunity 
should send their CV to Liam Dowds at Michael 
Page Finance, Cygnet House, 45-47 High Street. 
Leathcrhead, Surrey, KT22 8AG, 
quoting reference J205466. 


Michael Page Finance 

SfyKtilbii in Financial Recnilmw.ni 
London Bristol Windsor St Albans Leathcrhead Birmingham 
Nottingham Manchester Leeds Glasgow Edinbu rgh & Worldwide 


Price Whterhouse 


EXECUTIVE SEARCH S SELECTION 


Group Financial Controller 

In excess of £70,000 + benefits Central London 


With a European turnover in excess of S7 billion anJ marketing 
affiliates m a dozen countries, we are a significant force in the 
downarreani c**l industry. We have grown rapidly through 
acquisition to embrace refining and marketing of a wide range of 
quality petroleum products under a powerful global brand. The 
next stage of our development involves expansion into emerging 
markets and major investment in facilities. 

Although our normal policy is to promote from within, this 
new position will be filled through external r comment, 
specifically to add to the pool of talent from which our senior 
management is drawn. If successful, you can expect to develop 
your career either centrally or as CFO of a major European 
affiliate. 

We will expect a lot from you. For instance, we are 
redesigning our approach to management information: through 
your team, you will lead this process and be responsible for the 
deliverables. We continue to integrate previously autonomous 
affiliates: you will ensure that uur polities and procedures are 
followed We will continue to develop new areas of business - 


many chrough acquisition - and wc will be spending billions on 
capital projects: you will be assessing the business cases. 

Technically first rate, politically sensitive and used to an 
international business environment, you arc probably already 
in or close to a similar role with a major multinational 
corporation. Your Career path is strongly upwards and you 
expect this to continue. Whilst we don't expect you to be 
expert, you have had solid exposure to treasury, tax and 
systems in addition to accounting. You probably already work 
in the industry*: if not, your sharp intellect and outgoing 
personality make you confident that you can establish 
credibility quickly in an industry chat is sceptical about 
outsiders. 

Write with full CV and remuneration details to Mark 
Hartshorne at the address below, quoting reference P.'0053. 
If you would like to discuss the position in confidence, phase 
telephone him on 0171-939 5605. Executive Search fcf Selection, 
Price Waterhouse, No 1 London Bridge, London SEI 9QL 
Fax: 0171 -103 5265. 















vm 


FINANCIAL TIMES FRIDAY OCTOBER 


7 1W 


'<'< **»?-. -y ***..»» ,*££.* ** T' 



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London 

Binder Hamiyn Fry, the consulting arm of 
Binder Hamiyn, now forms part of the Arthur 
Andersen worldwide organisation. 

Our business purpose continues unchanged: to 
work with our clients to help them improve 
performance. The close working relationships we 
have with our clients are enhanced by our ability to 
draw on the expertise and resources of the Arthur 
Andersen organisation throughout the world. 

We have a diverse range of clients in the 
private, public and not-for-profit sectors. We work 
in multi-disciplinary teams. The work we do 
demands technical skills, flexibility and initiative. 
In return we offer variety, challenge and responsi- 

.... # ?r<iiwvv- ■* r* , »5 p ' , v« l 'r , 1 w' ,n 7 W £S| 


bility. People are our business and we are 
committed to their training and personal 
development through structured programmes and 
regular appraisal. 

We continue to grow and need to recruit 
additional high-calibre professionals with 
backgrounds in accounting and/or IT. We are 
particularly interested in those with good 
experience in any of: 

• financial services, utilities or retail; 

• financial systems implementation; 

• IT planning and project management. 

We are looking for graduates in their twenties 





£25 - £ 45,000 plus car 

or early thirties, with an excellent academic 
record, an appropriate professional qualification 
and broad industrial /commercial or consulting 
experience. If you are looking for an opportunity 
to build on your experience and progress within a 
dynamic environment, then please send a 
curriculum vitae and salary details to Richard 
Holland at Binder Hamiyn Fry, 20 Old Bailey, 
London EC4M 7BH, or call him on 071-489 6244. 
All applications will be treated in the strictest 
confidence. 

Binder Hamlyn Fry 

Arthur Andersen worldwide organisation 


MORGAN STANLEY 


NEW YORK 


INTERNAL AUDIT 


This global US investment bank provides a wide range of financial 
services to a large and diversified group of clients. With headquarters 
in Manhattan, the firm has a key presence in Europe and the Far East. 
The Internal Audit Department uses technically advanced audit 
methods in its reviews of business, management and operational controls. 

Our client is looking to recruit immediate contributors to the 
organisation's success who thrive on increasing responsibility, 
constant progression and continuous challenge. 


Successful candidates will have: 

• an excellent academic record 

• an ACA qualification with a “Top 6" Accountancy firm or 
equivalent 

• 1-6 years’ post-qualification experience gained either 
in a bank or a financial services division within Public 
Practice 

• very strong interpersonal skills 


ROBERT WALTERS ASSOCIATES 


The positions are based in New York, hence previous experience 
there is highly desirable. The right to work in the USA would 
be an advantage. 

Interested candidates should telephone Rachel Hannon on 
0171 379 3333 0171 915 8714) or w rite, enclosing a detailed 

CV, to Robert Walters Associates, 25 Bedford Street, London 
WC2E 9HP. Initial interviews will take place in our London or 
New York offices. 






r 


Lotus 


Working Together 


Price Wiiierhouse # 

EXECUTIVE SEARCH & SELECTION 


Lotus Development Corporation is a world leader in the development of software products and services. Our diene, Lotus Development Ireland, contributes 
to this endeavour by developing, manufacturing and distributing innovative software produces and services to meet the needs of the business worldwide. 

Dublin is now becoming the European Centre for all Financial Services for Locus Corporation. This will indude transactional processing, revenue, 
credit and collection management, and tax and treasury management As part of this expansion the company now wishes to appoint suitably experienced 
people into two senior financial positions. 

European Revenue Controller European Credit Manager 


Reporting to the Senior Financial Controller, the successful candidate 
will work with Lotus Corporate Office, European Headquarters and 
the country subsidiaries co develop and implement revenue systems 
and reports to meet the requirements of the business. Key tasks will be 
to centralise contract administration and accounting in Dublin; to 
ensure that all revenue is recognised in accordance with Lotus 
corporate policy and US GAAP; to manage the credit collection and 
accounts receivable functions; to update existing controls; and, to lead 
the development of new and improved technologies. 

The person we arc seeking will be a qualified accountant, 
and have at least ten years financial experience including six years 
in an aggressive asset management, multi-national environment. 
Ref: LOT010. 


Reporting to the European Revenue Controller, the person appointed 
wiD manage the bQKng credit, collections and accounts receivable 
functions for the European Business Group. This will involve working 
closely with the European controllers and individual country 'finance 
groups to establish standard credit and collections policies and 
measurements, and an independent credit approval process. In addition, 
he she will conduct regular reviews with country controllers, infl u e nce 
the quality of order management to improve customer satisfaction and 
standardise accounts receivable systems and reporting wherever possible. 

The appointee will be a qualified accountant with at least four 
years experience of credit control and order mana g ement, at least two of 
these years should have been spent at an international 'European leveL 
Ref: LOTU1I. 


These positions, while demanding, will be of particular interest to candidates who want to be part of a dynamic organisation which depends 
primarily on the commitment of its staff to ensure continuing success. Strong analytical, communication, interpersonal and PC skills are essential. 
Salaries and benefits will be to the highest corporate standards. 

Candidates should send complete educational and career details, quoting appropriate reference, in strictest confidence to Emer Reynolds at: 
Price Waterhouse, Executive Selection Consultants, Gardner House. Wilton Place, Dublin 2, Ireland. , _ , _ _ . 

Lotus is an Equal Opportunities Employer. 


FINANCIAL CONTROLLER - GERMANY 




FRANKFURT 


c 180,000 DM 
plus benefits 
plus cars 


A rare opportunity for an outstanding Financial Controller to significantly impact a rapidly expanding and highly ambitious service 
based organisation, located in 30 countries worldwide As (he German subsidiary of a forward thinking and progressive US 
multinational, current turnover is cS4 billion with significant growth projected over the next few years. 

A Financial Controller of the highest calibre is sought. Reporting to the Country Managing Director and functionally to the V.F. 
Finance your responsibilities will include: 

w proactive involvement m the timely and accurate production of monthly financial and management information 
•w the motivation and development of a strong finance funenon 

■ strategic analysis, financial planning and commercial input into long term business development 
» pre and post acquisition reviews ensuring the successful integration of newly acquired businesses into the Group 

A qualified accountant or equivalent you must be technically adept and have first hand experience of UK/US reporting, together with 
fluency in English and German Self motivated, determined and with a strong wilt to succeed you will be ambitious and 
commercially aware 

An exceptionally stimulating job with considerable prospects for the achiever within Germany or elsewhere overseas. 


Interested applicants should write in confidence to Andrew Lives ey quoting reference number 
2039 at Nicholson International {Search and Selection Consultants). Bracron House. 34-36 High 
Holborn. London. WC1V 6AS. Alternatively fax your details on 071 404 8128 or call 071 404 
5501 for an initial discussion. 


m 


Nicholson 

International 


UK — 




Franco Italy Holland Spain Germany Belgium Turkey Poland Czech Republic Hungary Romania Russia Australia 


J 



The Coal Authority 


As pan of the privatisation of British Coal, the Government has established a new 
public body, the Coal Authority, with a brief to facilitate coal mining operations. It 
will take over British Coal's ownership of coal reserves; and be responsible for 
licensing coal mining operations; dealing with physical liabilities arising out of past 
minin g which cannot be privatised, eg. subsidence damage claims and abandoned 
mine shafts; managing and disposing of property; and maintaining and making 
available mining records. 

We are now Looking to fill a key position, which will report direct to the Chief 
Executive. The Head of Finance/Administration will be a challenging post which will 
be instrumental in the successful establishment and running of the new Authority. 

Head of Finance/Administration 
£40-50k 

Managing an internal team plus bought in services, you will be responsible for the 
smooth running of the Authority's Finance, IT, Personnel and Administration 
functions. You will also provide financial advice and prepare the Authority's annual 
report and accounts. 

Ideally qualified accountant, you will have at least ten years experience in public 
or private sector financial management and a sound understanding of public finance 
and commercial accounts. You will be computer literate and your strengths will 
include finding practical solutions to problems. You will have excellent "people" 
skills. 

The appointment will be for a period of up to three years. The Coal Authority's 
Headquarters will be in Nottinghamshire. 

Please send your CV by 20 October 1994 to Mrs Sandra Harvey, Administration 
Manager, The Coal Authority, 200 Lichfield Lane, Mansfield, Notts. NG1S 4RG. 
Informal enquiries can be made to the Chief Executive on (0623) 427162. 


FT/LES ECHOS 

The FT can help you reach additional business readers in France. Our link with the French business newspaper, Les Echos, gives you a unique recruitment advertising 
opportunity to capitalise on the FTs European readership and to further target the French business world.For information on rates and further details please telephone: 

Philip vvrigley on +44 71 873 3351 


Young Ambitious 
Accountant 

City 


c£27,000 + Car 
+ Benefits 


Our client is the investment management subsidiary of a major financial services croup 
and manages £ 10 bn of investments both for the group and external clients. Operating 
world-wide, they Invest on behalf of a broad range of funds which include life, pension, 
unit trusts and general insurance. 

The subsidiary was established as a separate entity 7 years ago and has grown 
rapidly since that date. In order to accommodate both current and anticipated 
business levels, they are seeking to recruit an Accountant who will initially be 
involved in the financial and cost accounting of the investment management 
companies. After an initial period, it is expected that the role will develop into 
a broader project based position to assist in the development of investment 
products, costing, systems and controls. 

The successful candidate will be a graduate qualified accountant, with a good degree, 
and ideally 2 years pqe. In addition to a strong, outgoing personality, the candidate 
will be pc literate and have an interest in investments. This is an excellent opportunity 
to start a career within the fund management industry. 

PleoMfonvardyour C.V. to Keith Tracy. Beathfield Hargreaves Ud. 

10 Sedley Place, London WlR iRG Tel: 071 3084 Fax: 07 1 493 3104 


HEATHFIELD HARGREAVES 






FINANCIAL TIMES FRIDAY OCTOBER 7 1994 


IX 


/ 


Coopers 
& Lybrand 


/ 


ARE YOU GOOD ENOUGH TO JOIN THIS WORLD-GLASS TEAM? 

Financial risk management 
and international 





Coopers & Lybrand is known to be highly selective. Our 
International reputation as a leading firm ot business advisors has 
been won through an uncompromising attitude. We do not settle 
tor anything less than the highest quality work and will employ only 
first rate professionals. 

In the financial risk management and international treasury 
field, we are committed to the continued development of our 
global centre of excellence. We are recognised and respected 
as leading players in Europe. North America and the Far East. 
The companies with whom we work are world-class 
multinationals, who demand the highest standards and expect 
leading-edge solutions, which deliver demonstrable commercial 
benefit. Do you have the ability to earn a place in our multi- 
disciplinary team? 

You must be confident and credible in dealings with the top 
management of blue-chip organisations, and be eager to work 
alongside senior professional colleagues from corporate finance, 
tax, accountancy and regulation. Being ambitious, you will 


Solutions 
for Business 


already have attracted attention through your achievements in one 
of the following areas: 

• risk Identification and quantification 

• derivative techniques, risks and controls 

• risk management strategy and policies 

• global cash and liquidity management 

• international treasury structure and location 

• risk adjusted performance measurement. 

This must be supported by a relevant professional qualification or 
MBA. A working knowledge of French, German or Spanish would 
also be helpful. 

The package will retied the calibre of applicants we are seeking 
and will not be a constraining factor tor the right candidates. 

If you believe you can odd to the strength of our team, please write 
with full career details to the Head of this major practice, Howard 
Lovell, Coopers & Lybrand, Plumtree Court, London EC4A 4HT, 
quoting reference FT106 on both envelope and letter. 


Audit Managers 
Audit Supervisors 
Audit Seniors 


• Exciting opportunities to work 
In Singapore, one of the world’s 
leading financial centres 

• Attractive package 

We seek candidates with a good Accountancy degree 
from a recognised university or equivalent professional 
qualifications who have at least 2 years of public accounting 
experience. For appointments as Audit Supervisors/ 
Managers, at least 4 - 6 years' experience (preferably in an 
international practice) is required. Candidates who are 
members of the Institute of Chartered Accountants in 
England & Wales. Ireland, Scotland. Canada or Australia 
will have an advantage. 

If you have excellent interpersonal and communication 
skills coupled with an ability to work in a cross-cultural and 
demanding environment, we look forward to hearing from 
you. 

Successful appointees wifi be given an attractive package 
with relocation assistance. Initial appointments will he for 
a period of 3 years, with possibility of permanent tenure. 
Excellent career advancement opportunities exist for those 
with proven performance and capabilities. 


li you meet ihe above requirements and want to avail yoursell 
to these exciting opportunities, we invite you to write to us 
immediately with lull details oi your qualifications, 
experience and curm)t salary, including a recent photograph. 
Please address your application tu 

The Human Resource Manager 
Deloilte & Touche Singapore 
P 0 Box 2 1 10. Singapore 1 

All applications will be treated with strictest confidence. 


Deloftte & 
Touche 


DetoitieToache 

Tohmatsu 

International 


& 


Commercial Finance Professionals 
with Entrepreneurial Flair 


Lancashire, Yorkshire and Humberside 


to £55,000, car, bonus, benefits 


Exceptional opportunities for talented finance professionals in highly regarded, international UJC publicly quoted group with outstanding record of 
consistent organic and acquisitive growth and ambitious future plans. High-profile positions in finance function committed to provision of high level 
of service and support to business operations to add substantia] value to financial performance and controL 


Group Financial Controller 

THE ROLE 

• Key role in acquisitions process, integration and overall strategic 
direction of the group. • Extensive liaison with external advisers 
induding banks and brokers. Exposure to main board and Chainnan. 

• Provide strong direction to subsidiary Finance Directors with 
responsibility for continuing enhancement of controls and procedures. 


Finance Directors 

THE ROLES 

• Support decision making across all business areas, identifying 
pressure points and areas for profit improvement. • Total 
responsibility for finance and information technology. Lead, direct and 
motivate teams. • Provide commercial and financial advice on 
acquisition activities and capital projects. • To be influential members 
of ambitious and successful management teams. 


THE QUALIFICATIONS 

• Graduate, 'fast-track* accountants. Early/Mid thirties. Entrepreneurial flair coupled with sharply focused commercial and communicative skills. • 
Fust class business acumen, team players, with the necessary assertiveness, willingness and capability to originate and implement change. • Pro- 
active and participative. Thriving on involvement and the influence of financial management as a strategic tool to enhance competitive edge. Flexible 
to change, ambitious for career progression. 

Please reply in writing to 4th Floor, EMCO House, 5/7 New York Road, Leeds, LS2 7PL enclosing a foil curriculum vitae and quoting Reference 
BHM10087. Telephone 0532 467033, Faoimik? 0532 433691. 


i h : hi i 


SEARCH 


SELECTION 







ie efTche World's itopjflve^cooipmnes with 


/c arc ’looking for an 

to start^j^wr'^partment 

.. . 

nw Employers 
Group. 

l' 1 . r S , 

ity tw a 

minded 
sition in 

industry. Reporting to the Director of UK Tax. you 
will be involved directly in tax planning and reporting 
for the various businesses, as well as assisting with 
deal structuring and the optimisation of our global tax 
position. 

Specifically, we require a chartered accountant with at 


least five years' experience of the taxation of general 
insurance and life assurance businesses. The successful 
applicant, based in London, will be fiilly involved in 
the preparation and agreement of tax returns and be 
capable of providing hands on. commercial, 
corporation and insurance premium tax advice to the 
businesses. 

The position calls for a strong communicator, who is a 
creative thinker and a good team player. A competitive 
salary and benefit package, commensurate with 
experience, is offered for this post. 

Please apply direct, enclosing your CV, details of 
relevant experience and current remuneration, to; 
A. H. Kennel, Managing Director- Human Resources, 
GE Capital Europe Limited, 20 St. James's Street, 
London SW1A1ES. 


GE Capital - Europe Limited 

An Equal Opportunity Entployar 

AfPioUd mUk Cearml gUcxrie Capital Servian OJBAi Garni Bkctrit WSAJ and M affOuard uUh the EagUih company sfrtr tame name. 




Group Finance Director 

Aberdeen c. £55,000 plus bonus Sc share options 

OiS International Inspection ptc is one of the largest independent companies in the 
world offering technical Inspection and non destructive testing services. A market 
leader, with £40m annual turnover and over 1 100 technical and support staff, the 
group operates principally in the construction, oil. petrochemical and power generation 
industries - key customers include major oa companies, oil refineries and British 
Gas. Europe Is a major target market and further expansion is planned in the Middle 
and Far East Since flotation in late 1992 tire group has made various changes and 
now plans to relocate corporate headquarters to Aberdeen, a main operating base. 
The Group Finance Director, reporting to the Chief Executive, will join a smaB 
executive team leading the group in deveto ping its fun potential in UK and overseas. 
Key priorities will be relocating the finance/accounting functions and reviewing and 
devetoping MIS. accounting and other systems to support operations. 
Responsibilities w3l include international tax and treasury and reviewing 
performance bonds and guarantees. 

The rote cans for a qualified accountant with knowledge of city institutions and Stock 
Market regulations and considerable experience of international operations, Ideally 
in a contracting at construction related business. The appointee must have a 
background in financial control, business planning and treasury management and 
be a team player with strong communication skills. 

Rewards are excellent including a performance related bonus scheme, FE company 
car. contrtoutory pension scheme and share options. Relocation costs can be met. 
if appropriate. 

Please write with full details of career and salaiy history to Barbara Robertson MA 
MIMC, or telephone her on 041-226 5511 fora confidential discussion. Please 
quote reference FT 8/10. 


MS 

nTrffw 


Selection and Search 

24 Btytftswood Square. Glasgow G2 4QS 


Outstanding Finance Opportunities 


Op&RAxioNs 


Central Scotland £*s excellent + relocation 

Commitment to product quality and innovation, together with a clear focus on customer needs ami 
market opportunities, have securely positioned our client, a multi-billion dollar US multi-national 
involved in design, manufacture and distribution of specialist hi-ccch products, as rite pre-eminent 
player in its field. A^inst this backdrop of continued success and growth, and to position the 
organisation lor further radical development, a major new regional finance centre is being instituted, 
creating the need to establish a highly skilled ream of individuals for which the following appointments 
are key; 

Accounts Receivable Manager (European Operations) 

This senior management position will assume overall responsibility lor the entire European A/ll 
function (turnover c. $500 million p.a ), reporting to the head of function in die US. 

Main responsibilities will cover; 

■ Management of European Trade A/R. ledger • Meeting and exceeding A/K performance targets * 
Customer liaison, including debt recovery • Management of account recoiic ilia t ion/in voice 
processing • Updating and enhancement of systetns and procedures • Special Projects • 

Successful candidates will be senior managers with 7-10 yean' A/R. experience within a multi-national 
organ isa cion. 

Accounts Receivable Analyst 

Supporting die A/R. Manager, this position would suit a qualified accountant with 3-5 years’ PQE in a 
high value/volumc A/R function. 

For both positions, knowledge of a second European language, although not j 

essential, would be beneficial. 7 AfejeS? 

Interested applicants should contact QO£j 

Frank Skivington, Senior Consultant, CKj£j 

Melville Craig Executive Resourcing. 

126 West Regent Street Glasgow G2 2R.Q MELVILLE CRAIG 

Td: 041 221 8182 Fax 041 248 6008 GROUP 


J Director 

£ 50,000 + Car + Profit Share 
. an InitaTirtk»i^*S'WOMi(nayaek 
Be qualified Accountant to bead their 
ion. Aged 3545 you will already have 
jtioa af simil ar reapwchffiy- 
15 TeL 0717023555 


choice 



„ TeL 071 9305111 

bent Accountant 

Bridge 00,060 

or finalist with strong skills, able to 
sd freseat <™««r«al reports to Baud. 

=d essential Trir 0719305111 


j Accountant West End £30,000 

x . Accountant with previous experience 

of property accounting required for this major 
West End company. 

RefcR5364 TA 071 9305111 

Support Accountant West End £30,600 
Qualified Accountant with strong comraraicaiiou 
drills and desirably a public rector background. 
Immediate suit for stumble applicant. 

Ref: R5360 Td:07193051U 

Company Accountant Slough £36k+Car 
Diverse Group of companies require high 
caHbie young ACA to head Accounting function. 

Td;07S35544T7 


Asrist Group Management Accountant 
West End £30,000 

High profile UK Retailer reek an experienced 
young qualified or finalist, from an FMCG 
background, to join their head office learn. 

Ref: R5348 Teh 071 936 Sill 

Group Accountant Wejbridge £30k+Car 
Manufacturing Company require fully qualified 
accountant with previous manufacturing 
experience, Mgt Accls/BudgeU, Forecasting, 
Statutory A/a Age 30-45. 

Ref: A1377 Teh 0932844466 

Qualified CA’s West End/Gty $25 - 30k 

We have a number of urn ten practices seeking 
experienced qualified CA4 to handle 
substantially increased woridonds. 

For further information contact: 0719305U1 


CASINO CONTROLLER/ASSISTANT 
FINANCIAL DIRECTOR 

To control all financial activities for two casinos in Moscow. 
Successful candidates will have a minimum of three years 
experience in an equivalent position in the casino industry, 
preferably with some international experience, and a degree or 
similar in accountancy. $45,000 to $55,000 per annum (Lo.c. 

8 weeks holiday, medical insurance, housing and living 
allowance, 2 trips borne each year. 

SEEFAR ASSOCIATES 
Casino staff recruitment specialists 

TtL 0732 822739 Fax; 0732 822872 



ACA • ACCA • ACM A 
Considering a 
Long Term City Career? 


UK BANK 

Excellent Package Negotiable 

Existing and Projected, Profitable Growth 
of our client demands the addition of □ key- 
person to join their high quality treasury team 
- initially as a Financial Accounting Manager. 

Considerable room exists for scaling rapid 
learning curves and for growth. 

With an investment banking background, or 
perhaps from within the profession, you will 
have 18 months to three years post qualifi- 
cation experience, be familiar with a wide 
range of fixed income products and possess a 
thirst for learning new techniques and finding 
innovative solutions to new problems. 

Interested to hear more? 

Telephone Peter Willingham 
on 071-321 0336 or 062S5 21097 at the weekend 


Kidsons Itapey 

Search & Selection Limited 

29 Pall Mall. London SWlY 5LP 

Tel: 071-321 0336 Fax:071-9761116 


KIDSONS 

IMPF.Y 


UK, German Italy. AiuLrla. UuaRny Poland, bnlMwiui 

Belgium, Wnrltul, Crash RnpubUe rad Slovakia MnmSuaGiu 



APPOINTMENTS ADVERTISING 

appears in [he UK edition every Wednesday <& Thursday und in 
the International edition every Friday 

For further information please call: 

Gareth Jones on +44 71 873 3779 
Andrew Slnnynski on +44 7! 873 4054 
Philip Wrigley on +44 71 873 3351 





per cent WDAs will be raised In the near flows involvi 



SIAM TRADING LTD. 


Chief Financial Officer 


Siam Trading Ltd. is a fast growing international conglomerate quoted on the Alberta Stock Exchange, 
Canada with interests in Britain, North America and the Far East. As part of a strategic review the company is 
seeking to appoint a CFO who will report directly to the Chief Executive and will play a key part 
in the global development of the Group's business: 

Responsibilities will include: 

•To provide full budgetary and financial management for all the companies within the Siam Trading Group. 

■To prepare financial accounts for audit for the Group. 

■To evaluate acquisitions, disposals and joint venture opportunities. 

•To develop funding strategies in the banking and capital markets. 

■To assist in the prospectus preparation for the flotation of various business investments of Siam Trading Ltd. 
Qualifications: 

■Qualified FCA/ACA, aged between 32-42 with CFO/ FI nance Director experience at PLC and international level. 
-MBA (preferably U.S.) 

■Knowledge of U.S. and Canadian GAAP. 

•Highly PC literate 

Salary and package will be commensurate with the position and experience of the candidate. 

Please send full c.v. to: 

■Tim McCarthy, Chief Executive Officer, Siam Trading Ltd- 346 Kensington High Street, London W14 8NS. 






London 


Oil Trading 

TO £50,000 PACKAGE + BONUS 


Our client is an international oil trading 
group with well established operations in 
several countries. A new operation, due to 
commence worldwide trading in November, is 
being established in London and an exciting 
opportunity exists for a skilled and experienced 
finance professional to set up and run an 
efficient and effective finance function. 

Reporting to the Chief Executive Officer, 
you will play a key role in the development of 
the new operation. This is a broad role with 
wide ranging responsibilities. Your objective 
will be to ensure that an accurate and efficient 
service is provided to the CEO and parent 
company and to introduce effective financial 
procedures, systems and controls. 


To succeed in this challenging role you must 
have gained broad accounting experience in a 
commodity trading environment. Probably in 
your thirties or forties, and ideally a qualified 
accountant, vou will have a practical, flexible 
approach and excellent communications skills. 

To apply please send a CV with salary 
details quoting reference 1741 to Joan Coulter 
(071 489 6050)" 

Binder Hamlyn Fry, 20 Old Bailey. London 
EC4M 7BH. 


Binder Hamlyn Fry 

Arthur Andersen worldwide organisation 




Finance Director 

European responsibility for an international leader 
c£5 0,000 + Excellent Benefits 


. _ Our client Singapore Telecom 
{111! J International, is a major 
Wk ■ J transnational 
telecommunications company 
m with extensive plans for strategic 
expansion, both globally and across a variety 
of technologies within its domestic market 

At their European Headquarters in High 
Holbom, the opportunity has now arisen for 
a qualified and highly experienced Finance 


Director to take full responsibility for the 
entire European investment portfolio. In 
compliance with corporate financial 
policies, you will be expected to develop 
accurate financial management controls, 
manage funding for joint-venture 
investments, ensure accurate and timely 


financial management reports and 
supervise ongoing MIS development 

ACA/ACCA-qualified, you should combine a 

§ ood, recognised Accounting or Finance 
egree with at least 15 years’ relevant 


This extremely senior position also demands a 
high level of ambition and motivation, plus the 
confidence and Initiative needed to work 
independently, sometimes under pressure. 

For further information, please contact 
Reed Accountancy, 76 Cannon Street 
-v London EC4N 6AE, telephone 
■ J 071-489 8005. Ref: 2809U497A 


Bi 


Singapore 

Telecom 


W I want to be 
moving into 
marketing 95 

BUSINESS 

CONTROL 

EXECUTIVE 

c.£26,000 to 
£32,000p.a. 


Td>! 

PRUDENTIAL 

We are an equal opportunity employer. 


You want m be uMngycnir accotinianiy skills in si wider contcM. VnuVe atu:uu\l to 
marketing anti (.rearing business- Yuu know th .11 crv.itmty is nothing without some 
«jntn)l. the helpful .md practical control «’U'l like tu prut ide 

You want to be with Prudential. 

One of the ITs's leading providers -if pensions, with one ot tl«e lnaa respected 
names in financial services, we ate committed ti • set\ iimj .111 ever wider range of 
customer needs We cmucf.indt scan.li lor new marker np|ninuiiifiw» and 
implement nett initiatives tlimugh .1 lughh' piiifc.-vMini.il m.vketmg team 

Now we seek.i pn» active Business Conin<l Executive tu manage, monitor, design 
.uul repon on various asptvts of marketing in formal 1011 jikI contml pnjcvuo. This 
will include management of the detriment's trqiense budget, sales perfonnance 
reporting, market share rorec-.isting and the ongoing detvlopmem of informanon 
sources anil systems 

This is a key role for .1 professional with strong .tnalviicnl and planning skills, ability 
01 indueiKe people and issues, an in-dejtih knowledge of financial control 
processes and experience of PC based st stems. A iormal business or aicoiintuig 
qualification is essential anil this- would be an ideal opportunity fur a recently 
qualified Ao-oumanc to move into the marketing arui 

Salary will be between iZo.onu and &32.0iMp.i including l-Piukm .ilhwtuuvand 
ii".. bonus. Financial sector benefits will include noii-contnbuior> pension anil 
low'-inierest mortgage- 


For more details, pkr.i«r telephone (Tl-334 sl32 for ;ui application juefc. or 
alternatively semi tour full rtireer and current teniuneratioii details to 
Helen Jackson, HSPCS, The Prudenual Assurance Company Limited. 

250 Easton Rrail. London NWI 3PQ. 

Closing date: 2 1st October 1**94. 



TO SUCCEED AS A 
CHARITY, WE HAVE TO 
FUNCTION AS A BUSINESS 


Director of Finance and 
Corporate Services 


Based: London 

With a current annual expenditure approaching £I00M, 
Bamardo's has the dimensions of a substantial business. 

Our business is children and the issues that affect their lives - 
everything from homelessness to physical and sexual abuse; 
from disability to acute disadvantage. 

If we are to achieve more for children than just good 
intentions, we need the disciplines and skills that make any 
business successful and effective - maximising revenue, 
controlling costs, making the best use of resources, winning 
the hearts and minds of die public 
As one of the four executive directors running the largest 
children's charity in the UK. your job will be to provide 
professional services which enable the vital child care and fund 
raising activities of Bamardo's os be effective. 

You will need to be comfortable in a highly visible role, a 
creative thinker, with die skill and persistence to get your 
ideas into practice. Your strength of personality wiQ 
complement die logic of your arguments. You will be the 
kind of manager who achieves objectives by taking people 
with you. Your professionalism and strong business instincts 
will be accompanied by a personal Christian &idi. 

In terms of background, you’ll be a qualified accountant with 
10 years post qualified experience, five of which should also 
have seen you managing in a corporate services department - 
Ideally in a role that encompassed functions such as Finance. 
Personnel. IT, Property Services and PR. 

The benefits package includes a competitive salary, car, 
contributory pension scheme, permanent health insurance 
and 27 days holiday. 

Application forms together with further details of the 
post and a statement of Bamardo’s bads and values 
and equal opportunities policy are available from 
Margot Adams, Head Office Personnel, Tanners 
Lane, Barkingskte, Ilford, Essex IGA IQG. 

Tel 081-550 8309 (answerphone). Please quote 
Ref 1059. 

Closing date for completed application forms 
17 October 1994. 

(Charity Reg. No. 2IA2S0) , 


Bamaraos 


BARNARDO'S : MAKING LIVES WORTH LIVING 


THE TOP OPPORTUNITIES SECTION 

For senior management positions. 
For information please contact: 

Philip Wrigley 
+44 71 873 3351 


BAKYRCH3K GOLD PLC 

Our Client is a rapidly developing London-based public 
group which has entered into a joint venture with the 
Kazakhstan Government to expand and develop an 
existing gold mining operation located in north eastern 
Kazakhstan. Knowledge of Russian is a significant 
advantage. 

QUALIFIED ACCOUNTANT - LONDON BASED 
A recently qualified accountant is required for the 
London Head Office of the Company. Candidates should 
be computer literate and should ideally have some 
experience of taxation matters, preparation of annual 
reports, budgeting, vat and company secretarial duties. 
In general, an "all-rounder" with a good examination 
pass record is required, who is familiar with the 
workings of a small public company. Candidates should 
be* prepared to work overseas for short periods. Terms 
and conditions will be negotiable. 

ACCOUNTANT - KAZAKHSTAN BASED 
An accountant is required to assist with the 
accountancy function of the mining and township 
operations. Applicants should have experience of 
computerised accounting systems and be able to 
function energetically on a remote mine site without 
close supervision. Previous mining experience would be 
an advantage but not essential and an ability to assess 
local accounting systems and integrate them into the 
Company's system should be demonstrated. A one year 
renewable single status contract, with an attractive 
salary, leave conditions and general conditions of 
employment are offered. 

In the first instance, a written career history should be 
sent to: 

Dennis Thomas, Thomas Mining Associates. 

PO Box 2023, Bournemouth, Dorset BH4 8YR. UK 
Tel/Fax: 0202 751658 



HUNTING Technical Services 


DOMINICAN REPUBLIC - 
FINANCIAL CONTROLLER 

Hunting Technical Services has commenced a major, four- 
year project, funded by the EC. There is an immediate 
vacancy for a Financial Controller/ Administrator with 
responsibility for accounts, preparation of all budgets/cost 
estimates and financial reports for various rural 
development schemes. The contract will be for four years, 
with an attractive package commensurate with an 
overseas assignment 

A professional qualification in accountancy and fluency in 
Spanish is essential. Ideally candidates should be over 40 
years of age, with a minimum of 10 years experience in 
accountancy, office management and administration. 
Working experience in the Caribbean or Latin America 
regions would be an advantage. 

Applications in writing with full CV should be sent to; 

Mr N G Schofield, Company Secretary, REF: DRP/94 
Hunting Technical Services Limited, 
Thamesfield House, Boundary Way, Heme! 
Hempstead, Hertfordshire, HP2 7SR, England 





tf-. if 


Touche 
Boss 
_ & 


MoHrtncfe 

fcb 


Guildford 

Our client Is part of a US multi-national software 
development, sales and service company. With a 
recognised position as a market leader it has a long 
term record of consistent growth. As well as running 
the UK company, it has financial responsibility for the 
Scandinavian and Benelux operations with combined 
tumo ver ofapproximalelyXt 7m. 

Reporting jointly to the European Rnancc Director 
and UK Managing Director and beading a team of six, 
the Financial Controller will assume responsibility for 
all finance and accounting functions. This will indude 
forecasting, planning, budgeting, consolidations and 
the production of timely and effective financial and 
management information. The Financial Controller 
will also be expected to participate fully in the 
commercial management of the business. 


Competitive Salary + Car+ Benefits 

Candidates will be qualified accountants with several 
years of financial management experience gained in a 
sales driven environment. Superior finance and 
control skills together with the commercial acumen 
to work closely with the Managing Director in the 
profitable running of the business are essential. 
Creativity, decisiveness and a hands-on, participative 
management style arc all important personal 
attributes. 

To explore this opportunity, please send a 
comprehensive resume stating your current 
remuneration package, quoting reference J4IS to 
Christopher Rose, Touche Ross 
Executive Selection, Friary Court, 

65 Crutchcd Friars, London n 

EC3N2NF. 

Management Consultants 



CIAL CONTROLLER 


FMCG Manufacturer 

A challenging opportunity has been created to head finance at the largest 
manufacturing site in this £250m turnover company. Continued profitable growth has 
resulted in a pre-eminent position as a respected supplier to the major high street 
retailers. Part of a major blue-chip multinational until IQ93, the company is now 
further developing a strong independence. 

Reporting to the Site General Manager responsibilities will include.-- 

• All aspects of financial reporting and control for the manufacturing site. 

• Development of management information to enable efficient planning 
mechanisms and maximise business performance. 

• Financial control of a £l0m capital expenditure project. 

• Provision of strong financial and commercial input to all site operational decisions. 

Applications are sought from qualified Accountants who are fully conversant with 
computerised factory accounting and can demonstrate significant achievements in a 
manufacturing environment. The successful candidate is likely to be aged 29-40, will 
be a tenacious team player and exhibit strong interpersonal skills. You will also have 
the porenrial and ambition to develop within this high profile environment. 

Please write with CV, to Andrew Mackie at Robert Half. Brook House. Spring Cardens. 
Manchester M2 2BQ. Telephone 0M -230 0101 or fax 061-230 1024. 


c£35,000 

+ Car 
+ Bonus 

Manchester 




* « N A N c I ,\ L 
KFCRUITMLNT 


APPOINTMENTS ADVERTISING 

appears in the UK edition every Wednesday & Thursday 
• and in the Internationa] edition every Friday 
For further information please call: 

Gareth Jones on 444 71 873 3779 Andrew Skarzynski on +44 718734054