Skip to main content

Full text of "Financial Times , 1994, UK, English"

See other formats


Pore^ investors 
arepilingin 


■« 



Education 


Direct investment 
in educationpays 



Bad news tor Arts 

A Treasury man at . ’ 
dze heritage ministry 

P*g»13 


Agenlal baron 


FINANCIAL TIMES 



Europe’s Business- Newspaper 


MONDAY OCTOBER 10 1994 


D8523A 


toavo*d°F^ntest d I nvcs t° rs set to pour into Russia after rules tightened 

conflict of interest 


Italian prime minister Silvio Berlusconi should sell 
his Fininvest business empire or appoint a trust to 
manage Italy’s second largest private group to 
avoid a conflict of interest, a commission set up by 

Mr Beriusconi when he took office proposed. Its 

report rules out enforced divestiture as unconstitu- 
tional The opposition Party of the Democratic Left, 
the former Communist party, criticised the proposal 
as being too little, too late. Page 16 

* US to push for Mideast peace: US secretary 
of state Warren Christopher will today launch an 
intensive effort to bridge the differences preventing 
an Israel-Syria peace agreement. Page 7 

Russia and west split on security: Growing 
differences between western nations and Russia 
over European security are expected to emerge at a 
conference of S3 nations which begins today in 
Budapest Pages 

GPs aero-engine test plans challenged: 

Rolls-Royce mid Pratt & Whitney are challenging 
proposals by General Electric of the US to change 
part of the testing procedure for large civil aircraft 
engines to power the new generation of Boeing 777 
aircraft They say the proposals, if adopted, would 
give GE a competitive advantage. Page 17 

Saraflovo add flights resume: UN aid flights to 
Sarajevo resumed hilly for the first time in nearly 
three weeks, taking food to a city with less than a 
week's supply. Page 2 

Ford is offered aid to buHd Jaguars in UK: 

The UK government has offered a financia l aid 
package to Ford, the US carmaker, in an effort to 
persuade it to build a new range of Jaguar cars in 
the UK rather than the US. Page 8; Lex, Page 16 

Tories back away from Thatcher claims: 

The British Conservative party' sought to distance 
itself from Baroness Thatcher after allegations that 
her son, Mark. Thatcher, made cigm ($l9m) in com- 
missions from a Saudi Arabian arms deal while she 
was prime minister. Page 16 

Cult leader reported dead: Joseph di Mambro, 
a leader of the Order of the Solar Temple sect, was 
among the 48 cult members who died in two vil- 
. la Res in Switzerland last week. Swiss television 
* reported. Warrants had been issued for di Mambro. 
a French Canadian, and the cult’s other leader. Bel- 
gian Luc Jouret. 

EurapMO lionotwy S ytem: The Irish punt, 
helped by the strength of sterling, climbed above 
the Belgian franc in the 8MS grid. The spread 
between strongest and weakest currencies was little 
changed because the two most active European cur- 
rencies, the Italian lira and the Finnish markka, are 
both outside the grid. Currencies, Page 45 


EMSs Grid 


October 7 , 1994 



D Q 1% 3% 3% 


e% e% 


7 hr chart slrwvs tire member currencies of the 
exchange rate mechanism measured against the 
weakest currency in the system. Mast of the curren- 
at-s air permitted to fluctuate within 15 per cent of 
agreed central rates against the other members of the 
mrhamsm. The exceptions are the D-Mark and the 
fWt'Wtr which more in a 2.25 per cent band. 

TAN MfMKts £20m from salo: T&N. UK 
automotive «xunponents and engineering group, is 
expected to raise more tlun £20m <S31.fim) from the 
disposal d part of Gwtee. the German piston ring 
pntduwr acquired last year for DM250m ($l62m). 
Page 18 

PiSgn picks 12 tatecoms contestants: 

Twelve international telecommunications groups 
huve been selected to enter the first round of bid- 
ding for a stake in SPT Telecom, the Czech Repub- 
lic's national telephone monopoly for which the 
government is seeking a strategic foreign investor. 
Page 19; Deutsche Telekom sale. Page 17 

Profits slip at Aker: Norwegian oil and gas 
tcclinolngv and cement and building materials 
croup Aker reported pre tax profits for the first 
eight months down to NKr35Sw ($M.4ro> from 
NKrSttm. Pag* *9 

ttettco (tapoU rating rovtewsd: l&CA.to>, . 
European credit-rating iinency. has put Banrodj 
Naoolis rating “under nhservation pending lur- 
i\xer <wuninati(Ki of the Italian hank's disappointing 
half-year figures. Page 19 


The FT influence 

i Tb# RnsrtcW Tfcms t**m b«*n namoO as tf» worttTs 
j nutt Wmnnti*» pobBortwn in wi 

! kb^»cW wseutiv**. Out of 800 ffiwneW 

i MffNMd hi SO counWo® blf lb* magaxtao fte 
I I nterna tional Booootn y, 80 p«r con* of thoo* who 
] noted cted ®» FT- 

TOa aunwy wt*t> named Sir Snwd Brittan. th* Fr» 
dtef aconotec conwnantator. » tte *w«n most 
IMlutetlal etetedile Joumstet. with 32 par cant of 

Mid Dautd Mu ih_ afl of th® FT, won rastwcttaly Idnt 
•tcond. OtW «*»d Joint mc * t Wtomte** 


tats 

ntfiwi wire 
mjw nwis 
Mm 

CWUI 
ct** Hr 

CWrv** 

I -fit* 

»»J«J 
fan 

aw 


a** w» 
Hytguvn h*X:S 


«V 

c,w 

5W* 

mn> 

Bȣ 

ftfw 

i>rt» 

SMJ« 


W 

bn* 

tS« 

■¥» 

JXA* 

tuat 

(«oau> 

Vii 


■urn 

SM>« 

uw 

IfctS 

uU'bO 

U«b 


m«j Lpose 
Umpi mt'5 
MaoCnJ W»I5 
feffi f*iS 

hcm> Mn«:m 
te Qfiia 
l»a» 'MO 
mnn« ftrfO 
(Wd JAW 
HnsSrOad 
EaZS 


Oaur amaro 

s Anno am 

snwnSM 

S. Maes R1200 
Span PiaES 
SxmMR Ski 16 
SMM 
&na SSSQ00 
Tima Ofll.SQD 
Tt **r L30000 
USE OhISOO 


By John Uoyd and 
John ThomMI in Moscow 

Foreign investment capital is forecast to 
"Bood” into the Russian market if the 
government can reform regulations 
which cast doubt on the legality of share 
and property purchases that are made 
by foreigners. 

Prospective investors and analysts 
have poured into Moscow in the past 
two months to examine the Russian 
market But they are hampered by rules 
that often foil to conform to foreign, 
legislation, especially that of the United 
States, governing the activities of pen- 
sion and other investment funds. 

One senior manager of a large US 
investment house predicted over the 
weekend that if appropriate legislation 


were put in place, between $20bn and 
S25bn could pour into Russia “within six 
months”. He and some other fund man- 
agers played down the political risk, 
arguing that the process of market 
change was now too for advanced to be 
radically altered by almost any occupant 
Of the Kr emlin 

CS First Boston, the international 
investment bank, estimates that total 
foreign portfolio investment this year 
may exceed $3bn. 

However, Mr Martin Andersson, chief 
executive of Brunswick, a Swedish- 
owned, Moscow-based stockbroker, 
warned: “In many respects, Russia 
is a pre-emerging market and lacks 
many of the most basic playing 
rules. We will see a number of 
problems and scandals in the market. 


Foreign speculators raise the 
stakes... Page 15 

That is only to be expected." 

Under US legislation, particularly the 
1940 Investment Act, mutual and other 
fund managers cannot invest in foreign 
stocks unless there is easy access to 
share ownership records, unless 
assets can be freely traded 
and the rights of property are clearly 
defined. 

None of this is now exists in Russia - 
and in some cases, the only register of 
the purchase of a share is in one ledger 
in an office thousands of miles 
from Moscow, which could be suscepti- 
ble to either fraud or accidental 


loss or destruction. Asset prices in 
Russia have shot up without there 
being any effective settlement system in 
place. 

A World Bank study released this 
month on the issue of privatisation 
noted that privatisation had put 14,000 
companies employing more than 14m 
workers into the private sector - 
"achievements marfe in the absence of 
consensus on the desirability, scope and 
pace of liberalising reform in general 
and privatisation in particular, and 
without what would normally be consid- 
ered the requisite administrative and 
financial resources to implement, moni- 
tor and enforce a privatisation pro- 
gramme of this magni tude". 

Ms Danielle Downing, director of Rus- 
sian investments at GA. a Russian stock- 


broker, said that share registration was 
the big hurdle for mainstream western 
investors. "But we think there should be 
infrastructure in place within the next 
six months, and we think that most 
of the emerging market funds would 
put 5-10 per cent of their weightings in 
the Russian market once that hap- 
pened". 

A number of Russian government 
ministers, including Mr Anatoly Chu- 
bais. the deputy premier for privatisa- 
tion, and Mr Sergei Vassiliev, deputy 
economics minister, are working on leg- 
islation for a Securities Exchange Com- 
mission which would answer the needs 
of foreign investors. 

However, there remains fierce rivalry 
between ministries as to which of them 
would oversee the process. 


US warns Iraq of ‘horrendous 
price’ and steps up Gulf force 


Iraqi troops continue to 
mass near Kuwait border 


By Mark Nicholson In Cairo 
and Robin Aten h Kuwait 

The US stepped up deployment of 
"formidable force" of troops, 
warships and jets in the Gulf yes- 
terday and warned Iraq it would 
pay a "horrendous price" if Presi- 
dent Saddam Hussein ordered an 
invasion of Kuwait. 

The warning, from Mr Warren 
Christopher, the US secretary of 
state, came as thousands of Iraqi 
troops continued to mass near 
the border with Kuwait. 

In Kuwait City residents 
fonaed queues at petrol stations, 
more in a desire to top up than 


IRAQ MENACES KUWAIT 
Page 4 

■ Washington takes no 
chances 

■ Saddam back to the brink 

■ Citizens get In supp&es 

■ Editorial Comment —Page 15 


from any immediate panic. They 
also stocked up with water and 
bought extra supplies from super- 
markets. 

Kuwait has called up reservists 
and sent some 20.000 men - 
thought to be its entire army - 
near its border with Iraq, and 
moved up 50 t anks . 

Mr Wfltiam Perry, US defence 
secretary, said “many squadrons" 
of F-15. F-16 and A-10 jets 
together with Awacs early- 
warning aircraft were being sent 
to the region. 

By late yesterday, 2,000 ship- 
borne marines had arrived in the 


Gulf and 4,000 more troops were 
due to arrive in Kuwait within 
days to operate tanks and 
armoured personnel carriers posi- 
tioned there after the 1991 Gulf 
war. 

Mr Perry said an additional 
8,000 California-based marines 
had been put on alert Warships 
armed with Tomahawk cruise 
missiles were also on their way 
to the Gulf and the Red Sea. 

Mr Christopher, sp eaking from 
Jerusalem on the first leg of a 
Middle East peace shuttle, 
warned Mr Saddam he would be 
subjecting Iraq to "devastawr* 1 * 
if his forces crossed into Kuwait 

"We're moving a lot of forces in 
there at the present time. It will 
be some time. 1 think, before his 
forces are ready and we are in a 
very strong deterrent mode." 

Mr Christopher said be would 
visit Kuwait during his week- 
long tour of the region. 

The US show of strength came 
amid reports that Iraq was 
deploying as many as 14,000 more 
troops and support armour 
towards the Kuwaiti border. CS 
officials said a 64 .000- strong Iraqi 
force would soon be in place. 

Mr Hamed Youssef Hammadi. 
Iraq’s information minister, con- 
firmed on Radio Monte Carlo that 
Iraqi troops were within 20km of 
the Kuwaiti border - just 5km 
north of the demilitarised zone 
straddling the bonier and policed 
by the lightly-armed United 
Nations Iraq-Kuwait Observer 
Mission. 

However, Iraq’s intentions in 
massing troops north of Kuwait 
were no clearer yesterday, 
although the state-run Baghdad 
Radio repeated threats that Iraq 



Iraqis in Baghdad offer an enthusiastic show of support for Saddam Hussein’s initiative 


would take unspecified "mea- 
sures" if the UN Security Council 
did not take immediate measures 
to ease the four-year-old embargo 
on oil exports, which has devas- 
tated the country's economy. 

The commentary said Iraq had 
the "right to take any measures" 
to defend itself in the face of 
what it called "an injustice of 
unprecedented proportions” 
being inflicted by the UN, the US 
and Gulf neighbours. 

Iraq appears to be attempting 
to force the band of the Security 
Council which will this week con- 
sider a report from Mr Rolf 
Ekeus. the UN envoy, that com- 
prehensive systems to monitor 


Iraq’s chemical, nuclear, biologi- 
cal and tong-range missile manu- 
facturing potential are ready to 
become operational 
Iraqi officials have said this 
means they are in compliance 
with UN Gulf war ceasefire reso- 
lutions and sanctions should 


therefore be eased immediately. 
The US and Britain have said 
they oppose setting any definite 
criteria for the lifting of sanc- 
tions at this stage. The US main- 
tains Iraq has failed to comply 
with the bulk of such resolutions 
and remains a regional threat. 


Austrian 
coalition 
sees its 
majority 
reduced 

By Ian Rodger In Vienna 

Austria’s long-standing conser- 
vative-socialist ruling coalition 
led by Chancellor Franz Vran- 
itzky looked set to return to 
power after yesterday's elections, 
but with a much reduced 63 per 
cent share of the vote, down from 
75 per cent in 1990. 

Disenchanted voters deserted 
the Social Democratic party 
(SPO) and the conservative Aus- 
trian People’s party (OVP) in 
large numbers for both right and 
leftwing fringe parties, raising 
the prospect of a broad realign- 
ment in the near f ut ure. 

The biggest winner was the 
| charismatic Jorg Haider, leader 
of the far rightwing Freedom 
I party. The FPO raised its vote 
share from 16 per cent in 1990 to 
nearly 23 per cent, and could the- 
oretically form a conservative 
coalition with the OVP. 

Mr Haider said last night he 
would not enter such a coalition 
as long as Mr Erhard Busek 
remained OVP leader. Mr Busek 
also opposes such a coalition. Mr 
Haider said he expected to lead 
the government after the next 
election in 1998 "at the latest". 

The poor result for the ruling 
coalition means it would have 
only 118 of the 183 seats in parlia- 
ment, down from 140. Thus it will 

Continued ou Page 16 


China to increase borrowing 
abroad for next five years 


By Tony Walker and Martin Wolf 
In Beijing 

China’s finance ministry expects 
to increase significantly its for- 
eign exposure by borrowing 
about $iobn over the next five 
years on international capital 
markets to help fond foe coun- 
try’s infrastructure requirements, 
according to a senior ministry 
official. 

Mr Goo Han. director of the 
ministry’s debt management 
department, said the ministry 
would take advantage of foe lon- 
ger maturities available interna- 
tionally to boost Its capital-rais- 
ing abroad. This year the 
ministry has issued Slbn in 
global bonds. 

At the same time the govern- 
ment would closely monitor bor- 
rowing by other state agencies 
and corporations to ensure that 
China’s debt service ratio did not 
exceed 15 per cent. The present 
ratio is about 11 per cent 

Mr Gao said China's "long-term 
strategy* was to diversify its 


sources of capital, it would seek 
fands in foe US. Japanese, Asian 
and European bond markets 
depending on interest rate 
trends. He indicated that among 
the factors pushing China into 
the international capital markets 
was concern about rapidly 
increasing obligations to domes- 
tic bondholders. Most govern- 
ment paper carries short-term 
maturities of between one and 
five years. 

China this year issued more 
than YnlOQbn (Sll.Tbn) of trea- 
sury bonds. Payments to bond- 
holders will rise sharply to an 
average of YnTObn over foe next 
few years from Yn6bn-Ynl0tm in 
foe late 1960s. Mr Gao said it was 
difficult to persuade domestic 
investors to purchase bonds with 
longer maturities because of con- 
cern about rising prices. 

He indicated that China expec- 
ted to maintain a foirty heavy 
borrowing programme for the 
rest of this century, but it would 
he sensitive to cost This reflects 
a conservative approach within 


CONTENTS 


foe bureaucracy. China's foreign 
debt including that of state 
investment agencies, was $83 -5bn 
at foe end of 1993 and is expected 
to rise to about SLOObn by foe end 
of this year. 

The official Xinhua news 
agency quoted an official of foe 
state administration of foreign 
exchange control as saying 
recently that “it was time for 
China to limit its foreign borrow- 
ing and use as much direct over- 
seas investment as possible". The 
Xinhua dispatch also reported 
that foe authorities were survey- 
ing some 500 enterprises and pro- 
jects to assess how effectively for- 
eign borrowings were being used. 

Chinese institutions, including 
the state investment company, 
bare been active in international 
capital markets for some time, 
but the ministry of finance was 
relatively slow to tap external 
sources until last year, with the 

issuing of $300m of "dragon 
bonds” in foe Asian market, fol- 
lowing an earlier foray into the 
Eurobond market 


Nm 

rnCPimns raws 


r— tw 


Gutt 

13 

32 



M 









Curie to Be 
PrtffcPBQS— 



9 



12 






13 

EmgngMjrtua — 
watt Bond tatob 

21 

WMAbaad^^ 

.... C3 

BuMcmTiM 

11 

S2 


E?*s Matas. 


JT Watt Aenoaes 20 

Ungid Funds 2SJ7 

MnyMafctfe 85 

SanKStomaan 3i2B 

Watt Seat Matts 24 


Susneslsnti — Sacson 3 


This announcement appears as a matter of woord only 



nutreco 


Acquisition from BP NUTRITION 
$550,000,000 financing 
jointly led and arranged by 



Baring and 

Capital Investors 


cm 

uia 


CINVen 


Equity Underwriters: 

Funds managed by CINVen 
Ponds advised by Baring Capital Investors 

Equity Investors: 

Funds managed by CXNTVfen 
Funds advised by Baring Capital Investors 
ABN - Amro 

Commercial Union Asset Management 
Foreign & Colonial \fen hires 
Legal & General Ventures 
Montagu Private Equity 
Ontario Teachers' Pension Plan Board 
Prudential \fenhire Managers 
SOPA.E International 
The Candover 1991 Fund 

Mezzanine facilities underwritten by Intermediate Capital Group and Samuel Montagu. 
Debt facilities co-airanged by Morgan Grtofefl and a group of leading international banks. 

PieJaanMiirfpMxi AahamMonfaCriBp aped mgoHcltnre to rtie Company «ndlO the Equity Investor* 

KfMO Mad X iwim1c»Hay«vwnlinib> 


<A>Skrettiog 

Euribrid ft tan* 


fim 

MANTA 


CROUPE 


NOKIA 




■ cam ■ 


CMhn um wl Bfcng Caffcd h*mn uum am imn a tttfC- 


TMt UN VNMAI. TIMES LIMITED 1994 No 32.493 Week No 41 


LONDON • PARIS - FRANKFURT - NEW YORK - TOKYO 







ijer coil- WDAs will bo raised In the near nows Involved. 


FINANCIAL TIMES MONDAY OCTOBER 10 1994 


NEWS: EUROPE 


Paris seeks Russia and west split on Europe’s security 

1 A. ~ ™ T 7 ' T T By Bruce Clark In Budapest The ideas mooted by Russia include vraalth of Independent State a cool teponse from Engiish^peak. in i anted Ada and Tram 

O I f Al* U I the creation of a lfaation steering In Russia's vision, the CSCE com- ingconntnes. p °I ™ 

4X3i Id XL/ Xj Growing differences between most committee - with the DS. Russia, mit tee would license Nato, the CIS or Critics have sagged that Rnssra Russia a free! r hand l - 

^ western nations and Russia over the Britain. France and Germany as per- forces drawn from both blow to wante to use the CSCE to gam as wM h> Mowow but 

future of European security are manent members, and the other seats maintain peace in regional trouble mtu* influence as possible i«w rthe rejcjti fS.SiSh mwHllv 

A I! J expected to surface at a conference of rotating - that could intervene in spots. Most western nations, in par- decisions of Nato, while gaining max- The t» o-nonU > ““***“8 

TO I I T CJ Q rrpFI H O 53Mtioiis which begins today in couflicS and allocate peacekeeping ticnlar the DS and Britain, have mum freedom of action for its l own start* today Jg}\ 

IM,XIvI 5 i|2L vlllld Budapest Russian officials want the mandates. rejected this idea out of hand, but military activities m the southern tants dpi «* tt* ™ “ 

Conference on Security and Co-opera- During the recent ceremonies in senior German officials have republics of the CIS. Ross : ia s dll ptonMtt eoffnulw. 

tion m Europe (CSCE) to be trans- 
formed from a weak talking shop into 
a powerful institution which could 
effectively manage the division of 
Europe and the former Soviet Union 
into western and Russian spheres of 
influence. 


By David Buchan In Paris 

France's parliament, in a 
display of anti-Maastricht 
pique not often associated with 
Paris, has pushed its govern- 
ment into requesting European 
finance ministers to refrain 
today from discussing the 
French budget deGciL 

The German presidency of 
the EU finance minis ters meet- 
ing in Luxembourg will not 
want to accede to the French 
request. Germany is keen to 
see debate on Maastricht's fis- 
cal disciplines and France is 
one of 10 countries that figure 
in a C ommiss ion recommenda- 
tion on “excessive budget defi- 
cits" that tbe Council of Minis- 
ters is being asked to approve. 

Prime Minister Edouard Bal- 
ladur last July promised MPs 
they would be consulted on 
draft EU legislation before it 
went to the Council of Minis- 
ters and that Paris would 
object to the Council changing 
its agenda less than 14 days 
before a meeting. 

Mr Philippe S6guin, the anti- 
Maastricht president of the 
National Assembly, last week 
leapt on the technicality that 
the Commission's “excessive 
budget" recommendation was 
only put on the Council agenda 
five days ago. On Friday he 
helped persuade the parlia- 
ment’s EU affairs committee to 
pass a unanim ous resolution 
asking Mr Balladur to carry 
out his July promise. Later 
today the parliament's finance 
committee is to review what 
transpired in Luxembourg. 

Mr Seguin has been able to 
play on the irritation of many 



The ideas mooted by Russia include 
the creation of a 10-nation steering 
committee - with the US, Russia, 
Britain. France and Germany as per- 
manent members, and the other seats 
rotating - that could intervene in 
conflicts and allocate peacekeeping 
mandates. 

During the recent ceremonies in 
Berlin marking the Russian with- 
drawal from Germany, General Pavel 
Grachev, Russia's defence minister, 
redoubled calls for the CSCE to 
become the apex of a new European 
security stru c tu re which would sub- 
sume both Nato and the Common- 


wealth of Independent States. 

In Russia's vision, the CSCE com- 
mittee would license Nato, the CIS or 
forces drawn from both blocs to 
maintain peace in regional trouble 
spots. Most western nations, in par- 
ticular the US and Britain, have 
rejected this idea out of hand, but 
senior German officials have 
suggested there is room for a little 
movement in the direction Russia is 
proposing. Germany and the Nether- 
lands have aired proposals for the 
CSCE to become a kind of intermedi- 
ary between Its members and the 
United Nations, but this has met with 


a cool response from English-speak- 
ing countries. 

Critics have suggested that Russia 
wants to use the CSCE to gain as 
much influence as possible over the 
decisions of Nato, while gaming max- 
imum freedom of action for its own 
military activities in the southern 
republics of the CIS. 

Western CSCE members were taken 
aback during the summer by Russia's 
abrupt withdrawal of support from a 
draft set of “peacekeeping guide- 
lines", apparently because the text 
provided for too much western influ- 
ence over Russia's military posture 


in central Asia and Transcaucasia. 
Other versions of the text - giving 
Russia a freer hand - have been 
endorsed by Moscow but so far 
rejected by the west 
The two-month meeting which 
starts today will provide an impor- 
tant sign of tbe success or failure of 
Russia’s diplomatic offensive. Presi- 
dent Boris Yeltsin wants the session 
to culminate in December with a 
meeting attended by himself. Presi- 
dent Bill Clinton and as many other 
leaders of CSCE nations as possible. 
But it remains unclear whether the 
U5 president will go to Budapest - 


Baltics struggle to muster a credible defence 


W hen the Russian 
army left the Baltic 
states of Estonia, 
Latvia and Lithuania, it took 
every piece of useful military 
hardware which was not nailed 
down. To complete the job. 
much of what was nailed down 
was ruined’ the vandalism was 
so petty that even barracks toi- 
lets had concrete poured into 
the plumbing to make them 
unusable. 

As a result, the Baltic states, 
poor and poorly organised, 
have little effective defence 
against their heavyweight 
neighbour. The three countries 
have only small arms, a few 
thousand barely trained con- 
scripts, a greater number of 
enthusiastic but amateur home 
guards and some ex-Soviet pro- 
fessional soldiers of varying 
honesty. What is worse, nei- 
ther Estonia, Latvia nor Lith- 
uania has any money to 
improve matters. There is no 
doubt that if the Russians 
decided to ze-invade tomorrow, 
they would face little effective 
resistance. 

S mall wonder then that the 
Baltic states are looking to the 
west for help. The objective of 
all three is full membership of 
Nato in the shortest possible 


Sdguin: irritation 

MPs that the Luxembourg 
debate should be taking place a 
day before the National Assem- 
bly starts debate on France's 
1995 budget. A spokesman for 
Mr Seguin said it was “an 
encroachment on French par- 
liamentary sovereignty”. But 
the presidential election season 
is opening in France and Mr 
Seguin. who supports Mr Jac- 
ques Chirac against rival- 
Gaullist Mr Balladur, is not 
averse to stirring up trouble 
for the government. 

An Ifop opinion poLI in yes- 
terday’s Journal du Dimanche 
for the first time put Mr Jac- 
ques Delors. the European 
Commission president and a 
Socialist, ahead in a first- 
round vote for the presidency, 
giving him 20 per cent 19 per 
cent for Mr Balladur and 10 per 
cent for Mr Chirac, in the sec- 
ond round run-off, Mr Delons 
would be beaten by Mr Balla- 
dur (5149 per cent) but would 
win against Mr Chirac (5446 
per cent). 


Russia's army left little when it departed, except 
poorly trained conscripts and a Soviet military 
ethic of dubious value, reports Bernard Gray 


SEA V* 

<“ ESTONIA 


RUSSIA 


order, but most Baltic military 
commanders and politicians 
are realistic enough to know 
that remains a long term ambi- 
tion. 

Nato would be reluctant to 
commit itself to the defence of 
areas a long way forward of its 
main bases, and is also sensi- 
tive to Russian concerns. The 
idea that the Baltic states 
could become a forward base 
from which Nato power could 
threaten Moscow plays into the 
hands of Russian hardliners. 

Nato Is probably also unwill- 
ing to incorporate countries 
which cannot pay for their 
own defence. “Nato member- 
ship is a matter of responsibili- 
ties as well as rights,” said Mr 
Malcolm Rifkind, UK defence 
secretary, recently. "We have 
no objection in principle to 
expanding Nato membership, 
but potential members must be 
able to make a contribution.” 

While they work towards full 
membership, all three coun- 
tries are desperately seeking 


diplomatic and military ties 
which pull them into the west- 
ern sphere and out of Russia's 
orbit. All have signed up for 
Nato's Partnership for Peace 
initiative, which offers 
co-operation and joint exer- 
cises; they have also agreed to 
form a Baltic battalion which 
would be available for UN 
peacekeeping operations. The 
working language of the battal- 
ion will be English, and the 
troops will be trained by Scan- 
dinavian and British soldiers. 

Political visits, such as that 
by Mr Rifkind last week, are 
another important signal 
which the Balts wish to use to 
strengthen their position. Hie 
Baltic defence strategy cur- 
rently is to raise the political 
price of any Russian interfer- 
ence. If the Baltic states' pro- 
file is sufficiently high in the 
west, a coloniaHy-minded Rus- 
sian leadership might decide 
that pressure on the states was 
not worth the candle. 

If that strategy is to work. 


o' 1 *"** 1 -'»«/ , 



w 

E 

S 

T 

I 

N 

T 

O 

K 

Y 

O 


' c/ tb*t offer* ’ 


c * end Am®* 



ON OCTOBER 14, ITS ALL GOING TO HAPPEN. 


Westin proudly announces the opening shops, cinemas, restaurants, even a beer 
of one of its finest hotels ever - The Westin hall and a French Chateau. Our convenient 


Tokyo. The Westin Tokyo is designed to location is just a few minutes via moving 
meet all your needs, no matter how big or walkway From the jRYamanote Line’s Ebisu 
small. And we're located In Yeblsu Garden Station. We open October 14, joining japan's 
Place, a planned city complex full of other premier hotel. The Westin Osaka. 


small. And we re located In Yeblsu Garden 


****•> me Information on reduced opening rate*. 


Company. ___ 


Country: 


r*«.- 


The WeMHl tokyft I «-l MlM. Mrguio Lu. tte.o ISJ. Lun, 

Td.Bl-l-54ZJ.71XU Fu; Si -J- $413- 7600 



however, the Baltic states will 
have to reform their armed 
forces sufficiently to work with 
the west. That is no small task 
because equipment and prop- 
erly working barracks are not 
all they lack. Since their previ- 
ous defence forces were the ex- 
Soviet army, they have no 
indigenous military structures. 
Those regular officers who are 
available served with Soviet 
forces. Many of them still 
cleave to Soviet military doc- 
trines and do not wish to learn 
Nato-style methods. Some are 
also corrupt 

These concerns have led 
Estonia to appoint a retired US 
Army colonel and Estonian 
emigre, Aieksander Einseln, as 
armed forces commander on a 
salary of $700 a month. "We 
have to build a professional 
armed force under civilian 
rule,” said Gen Einseln last 
week. “When I first took this 
job on {last year] I thought it 
would take two years, but 1 
was too optimistic. It would 
have been better to start from 
scratch, because then we 
wouldn't have had to get rid of 
all the old Soviet habits." 

Gen Einseln. who says he 


Rtga LATVIA 


/ . LITHUANIA 



0 Mm 10 0 
0 Km 160 


has "no plans to invade Russia 
before the year 3000" is also 
finding it hard to bridge the 
cultural gap with his ex-Soviet 
colleagues. ”1 come from a 
place where the norm is to tell 
the truth. Here the norm is to 
lie.” 

Latvia and Lithuania have 
even further to go in reforming 
their armed forces, not least 
because many senior officers 
do not accept the need to move 
to western ways. 

Besides reform, the Balts 
must also hang together if they 
are to secure western assis- 
tance. The states have little in 
co mmon save geography and 
compete for export markets for 
many of their products. The 


Spain to speed 
up telecoms 
deregulation 


By Tom Bums in Madrid 

Spain has given a clear signal 
that it wants to keep abreast of 
the European Union's richer 
economies by waiving a five- 
year transition phase for the 
deregulation of its telecommu- 
nications sector and announc- 
ing that Telefonica’s monopoly 
as a national operator will end 
on January 1 1998. as laid 
down by the European Com- 
mission's fast route timetable 
for the industry. 

Hailed as a “leap forward of 
historic dimensions" by Mr 
Felipe Gonzalez, prime minis- 
ter, the deregulation package 
drawn up by the government 
has Spain tracking the tele- 
communications sectors in 
France and in Germany and 
rejecting the slower liberalisa- 
tion route mapped out for 
weaker EU economies such as 
Portugal and Greece which 
allow state-controlled monop- 
oly operators until 2003 to 
adjust to the open market 

The development opens the 
door to large telecommunica- 
tions investment in Spain - in 
the short term large s ums are 
likely to be routed towards the 
cable tele visixm business - but 
it is also a political indicator of 
the government's ambitions to 
catch up with the core of 
Europe and, in so doing, to 
decouple from the ElTs poorer 
peripheral members. 


The measures, which were 
announced after a Friday cabi- 
net meeting, are nevertheless 
weighted towards a continued 
dominance of Telefonica in the 
domestic market and they also 
favour Spanish telecommuni- 
cations companies. 

Teleffinica. which is 32 per 
cent government-owned, will 
have one of the two future 
cable television licences in 
order to protect its telephone 
business. This reflects an ear- 
lier r uling which reserves one 
of the two new mobile tele- 
phone licences to be awarded 
later this year for the monop- 
oly operator and invites the 
private sector to bid for the 
second licence. 

A main plank of tbe deregu- 
lation initiative is to assist the 
development of domestic tele- 
communications groups. The 
government therefore said it 
would favour a primarily Span- 
ish consortium as the second 
basic telephony operator in 
1998. 

In addition, the authority 
which will regulate the future 
cable and local television net- 
works and oversee the deregu- 
lation process is to be a depart- 
ment- of ~the transport and 
telecommunications ministry 
whose present incumbent, Mr 
Jose BorreU, has long been 
viewed as a determined protec- 
tor of Telef6nica's monopoly 
privileges. 


Spaniards make a 
meal of feast day 


By Tom Bums 

When the church and civil 
society clash over holidays In 
Spain the maHana syndrome 
asserts itself in all its laid 
back glory. 

Because December 6 - a pub- 
lic holiday marking the 
endorsement by referendum of 
Spain's post-Franco constitu- 
tion - falls on a Tuesday, and 
December 8 - the Roman Cath- 
olic feast of the Immaculate 
Conception, one of the several 
religious public holidays in 
the calendar - falls on a 
Thursday, many Spaniards 
will take the whole week off 
jnst a fortnight before the 
Christmas partying starts. 

The employment ministry 
bowed to the inevitable over 
the weekend when its efforts 
to contain the damage by 
bunching the two holidays 
together came to nothing. The 
trade unions refused to have 
the constitution day holiday 
moved Forward to Friday 


December 9 and the bishops 
opposed bringing the Immacu- 
late Conception feast back to 
Monday December 5. 

Earlier, the ministry had 
drawn the combined fire of the 
unions and the bishops by 
attempting to negotiate mov- 
ing both the holidays to suc- 
cessive Mondays. 

The result Is that, in addi- 
tion to the expected massive 
absenteeism during the nomi- 
nally working days of the first 
week of December, many 
industrial plants will grind to 
a halt during tbe whole period 
because the transport of dan- 
gerous goods is banned on a 
public holiday and on the eve 
of a holiday. 

The ministry's woeful nego- 
tiating skills, and the obsti- 
nacy of both unions and bish- 
ops. came in for sharp 
criticism from the employers, 
save those in the travel and 
hotel bnsiness who have 
reported very strong bookings 
over the week. 


rivalry runs deep; Mr Rifkind 
signed co-operation agree- 
ments in all three states last 
week, and observers in each 
country were keen to know 
how their memorandum dif- 
fered from the others. Deep 
dawn, army commanders may 
know they need to co-operate 
and offer each other security 
guarantees, but there is Utile 
political drive to do so. 

The most immediate aim for 
all three states, however, is to 
construct credible defence 
forces. In that they are being 
realistic; the assistance they 
are ashing from Nato members 
Is mostly training, rather thaw 
heavy weapons which they 
could not use effectively. 

Yet the legacy of 50 years of 
Soviet occupation is heavy, 
and has seeped into every cor- 
ner of life. In one example 
which stands as a metaphor, 
military airfields, and the sur- 
rounding water tables, have 
been contaminated with avia- 
tion fuel During Soviet rule 
Russian pilots, reluctant to 
train in aircraft they consid- 
ered unsafe, falsified their 
flight logs. Unfortunately, this 
left them with an embarrass- 
ing amount of unused fuel, so 
before the regular tanker deliv- 
eries arrived they drained the 
excess into nearby fields. It is 
going to take the Baltic states 
a long time to dean up the 
mess. 


UN aid 
flights to 
Sarajevo 
resume 


By Laura SBber in Belgrade 
and Bruce Clark 

United Nations aid flights to 
Sarajevo got into full swing 
yesterday for the first time in 
nearly three weeks, despite 
Saturday’s sniper attack on 
trams in the city centre in 
which one civilian died and 11 
were injured. 

The resumption of the air 
bridge marked a success for 
the UN’s mediation efforts, 
after several days in which it 
has been accused of bias and 
ineffectiveness by both Bos- 
nian government and Bosnian 
Serb officials. 

UN officials said about 20 air- 
craft flew to Sarajevo yester- 
day, bringing desperately 
needed supplies to a city where 
food stocks were threatening to 
run out in less than a week. 

The UN'S h umanit arian oper- 
ation, vital to sustain the city's 
300.000 inhabitants, was dis- 
rupted after the Serbs, angered 
by an air attack last month, 
started firing on flights. 

General Sir Michael Rose, 
UN commander, sought to 
mend relations with Bosnia’s 
Moslem leadership by denying, 
in a newspaper interview, that 
he would ever ask for air 
strikes against the government 
side, stressed that the Bosnian 
government was the legitimate 
leadership of a UN member 
country which had been the 
victim of a ggre ssion. 

He also indicated that last 
week's killing of 16 Bosnian 
Serb soldiers and four nurses 
by government troops was now 
viewed as an ordinary military 
action and not an atrocity, as 
the UN had initially alleged. 

THE FINANCIAL TIMES 
Published by The Financial Time* 
(Europe) GmbH. Nibdiingeapkatz 3. 
60318 Frank fun am Main, Genoa*®; 
Telephone 69 156 850. Fa* 

(ft *64481, Tdcx 416(93. 
in Frankfurt hv J. Waller Brand, « lh 
hchn J. Hrifcwd. Colin A. Kenmni M 
GMchaftsfCibrcr and in London of 
David C.M. 8dl and Alan C. MHOf- 
Primer: DVM Dowk-Vertrieb und 
fteting GmbH. Adonral-Rosemlahi' 


0174-7363. Responsible Editor. Rjcjwiu 
Lambert, do The Financial Times Lim- 
ited. Number One Southwark Bndft 
London SEI 9HL. UK. Shareholders * 
the Financial Times (Europe) Grnon 
arc: The Financed Time* (Europe U* 
London mid F.T. (Germany 
ingl Lul. London. Shareholder of t® 
above mentioned two cum panics 
Financial Tima Limited. Number ' U® 
Southwark Bridge. London SEI VHL 
The Company is incorporated under t® 


D.C.M. Bdl. 

FRANCE: Publishing DilwWf: 
Good. 168 Rue ik KiwB. F-75W4 P*® 
Cedcx 01 Telephone (Oil 4297-06* ■ 
Fax (011 Printer. SJk Nog 

Edair. 15/21 Rue de Cam. M* 1 "® 
Ronbatx Cede*. 1. Editor. Ridutjd “J* 
ben. ISSN: ISSN 1148-2753. C«MW 
sion Parilairc No 67S08D. 
DENMARK: Financial Tims 
uvin) Ltd. Vimmslskaftcd 7*3; 
DK-Ufil Copen ha pen K. Tfifcpb** *• 
13 44 41. Fax 33 B 53 35. 



1.1 

JilU. 


^I] 



*WMH 




FINANCIAL TIMES MONDAY OCTOBER 10 1994 


3 


NEWS: INTERNATIONAL 




Business reluctant to buy Scharping 

Christopher Parkes reports on the SPD leader’s bid for the management vote 

X 



GERMAN 
ELECTIONS 
October 16 


Mr Rudolf 
Scharping, the 
Social Demo- 
crat (SPD) 
leader, was out 
of luck when 
he went trawl- 
ing for a big- 
fish business 
name to join 
his election 
campaign team 
at the end of 
August. The 
best he could 
net was Mr 
Goeudevert, the fallen 


The German election next Sunday conld 
produce a stalemate between Chancellor 
Helmut Kohl's existing conservative-liberal 
coalition and the rival parties of the left 
according to the latest opinion poll, writes 
Quentin Peel in Bonn. The survey, carried, out 
by the EmnJd research group for Der Spiegel 
magazine and the ntv television news 
broadcaster, suggests that Mr Kohl’s Christian 
Democrats would win 42 per cent, and his Free 
Democratic party allies just 6 per cent - a i per 
cent drop on the week. 


The opposition Social Democrats (SPD) were 
backed by 37 per cent in the poll, and their 
potential partners, the Greens, by 7 per cent 
The Party of Democratic Socialism (PDS), the 
former East German conmumists, which conld 
get Into the Bundestag by winning at least 
three constituencies outright was supported by 
4 percent. 

Although the SPD insists it would not use 
PDS support to gain power, the stalemate might 
force a grand coalition between the Christian 
Democrats and Social Democrats. 


Daniel 

and faded star of the Volkswa- 
gen management board, most 
recently spotted earning a 
oust as a model in a computer 
advertisement. 

Although he has angled 
deftly - no thanks to Mr Goeu- 
devert 's suggestion that the ex- 
communist Party of Demo- 
cratic Socialism was not as red 
as it was painted - Mr Scharp- 
ing looks like having equally 
little luck catching the man- 
agement-class vote at next 
weekend's federal election. 

According to a poll of 500 
Gorman managers last week, a 
mere 9 per cent consider Mr 
Scharping a suitable chancel- 
lor. And while only about 48 
per cent of the population at 
large say they will vote for the 
current coalition parties, 78 per 


cent of managers are harfring - 
Chancellor Helmut Kohl’s alli- 
ance of Chris tian Democrats, 
the Christian Social Union and 
liberal Free Democrats. 

The fact that a solid 80 per 
cent prefer Mr Kohl to Mr 
Scharping appears to be at 
odds with the regular blasts 
delivered in the chancellor’s 
direction by such eminent 
industrial mouthpieces as Mr 
Hans-Feter s tihi. president of 
the federal chamber of trade 
and industry. But the better- 
the-devil -you -know factor is 
clearly at work. 

Although Mr Stihl, heard 
earlier this year comparing 
Bonn's economic policy and 
Germany's economic future 
with the style and prospects of 
a local league soccer side, has 
not recanted, he has since 
decided that the government’s 
own-goal scoring rate would be 


even worse under the SPD. 

His opinion has doubtless 
been coloured by the calcula- 
tions - and activities - of nmn- 
ber-crunchers in Frankfurt. 
Foreign analysts in particular 
have advised their employers 
to prepare sell orders for 
D-Mark investments in the 
event of accidents such as the 
induction of Chancellor 
Scharping. A precautionary 
sell-off which last week helped 
drive the Frankfurt stock 
exchange’s DAX index of 30 
leading shares down to the 
year’s low is also likely to have 
played a role in consolidating 
corporate support for the sta- 
tus quo in Bonn. 

German analysts, typically, 
have been more ctrcumspect so 
far and aspect the shock of any 
change to wear oft quickly. But 
their main guiding principle 
has been a common if Delphic 


view elicited in an informal FT 
sampling of German business 
opinion on the outcome of the 
election. 

There is a standard reply to 
questions on the result “We do 
not expect any major changes/ 
surprises/shocks. " This port- 
manteau attitude, while appar- 
ently supportive of Mr Kohl, 
also encapsulates the rose- 
tinted expectation that even if 
the SPD joins government in a 
grand coalition with the con- 
servatives - judged in business 
circles to be the second most 
likely outcome to a continua- 
tion of the present government 
- it will mean business as 

us ual. 

As Mr Adolf Rosenstock, 
senior economist at the Indus- 
trial Bank of Japan in Frank- 
furt, points out, the SPD has 
been a de facto coalition part- 
ner for years. Since it com- 


mands a majority in the Bundl- 
es rat or upper house of parlia- 
ment, which enjoys consider- 
able powers to block 
legislation, the solution of 
important differences has long 
demanded compromise and 
c ons e nsus -b uilding , 

However, such bright-eyed 
scenarios appear to be based 
on the shaky assumption that 
the decent, charming Mr 
Scharping would be able to 
smother the ambitions and 
voices of his more bumptious 
election-campaign cohorts, Mr 
Gerhard Schrtider, Lower Sax- 
ony premier, and Mr Oskar 
Lafontaine, the vinegary prime 
minister from the Saar. 

Mr Schroder, who runs an 
active, interventionist econom- 
ics policy in his home state, 
makes no secret of his view 
that he would make a better 
chancellor than his official 
party leader. He certainly 
emerged favourably from last 
week’s poll of managerial opin- 
ion in which 50 per cent of the 
interviewees said they would 
rather have him as economics 
minister than the present 
incumbent. Mr Gttnther 
Rexrodt Sadly, they were not 
asked the question Mr Schrfi- 
der and many others of all 
party hues would like to hear 
answered; how he is rated 
against Mr Kohl? 


EUROPEAN PRESS REVIEW } 

' ■jy ’ 


Media show signs of election fatigue 


GERMANY 


By Quentin Peel 


Perhaps it was always 
inevitable that in an election 
marathon year in Germany, 
with no fewer than 20 polls, 
exhaustion would set in before 
the bitter end. With 15 down 
and five to go, the German 
media are showing signs of a 
severe surfeit of politicking. 

Far from Hooding their read- 
ers and viewers with a torrent 
of conflicting information from 
the parties' headquarters, they 
have opted for the opposite; 
play it down and keep It sim- 
ple. 

Election issues are barely 
discussed. The only mil focus 
is on the opinion polls, the per- 
sonalities, and the possible per- 
mutations in coalition govern- 
ment which could emerge after 
next Sunday's poll. 

H is not ns if the outcome is 
beyond doubt Everything sug- 
gests that the result is on a 
knife-edge, in spite oT a surge 
in support for Chancellor Hel- 
mut Kohl through the summer 
months. It all depends on 
whether Mr Kohl’s current 
coalition partners, the Free 
Democratic party, can get into 
the Bundestag at all. And the 
other unknown factor is 
whether the former East Ger- 
man communists - the party 
of Democratic Socialism - will 
not sneak in and end up hold- 
ing the balance of power. 

Given that uncertainty, and 
the stark choice between the 
current conservative-liberal 
coalition, the left-wing alterna- 
tive nf Social Democrats and 
Greens, and a grand coalition 
from centre-left to centre-right, 
one might expect saturation 
cmvrage. Far from it. 

The mighty Frankfurter All- 
ocmeine Zettunj/. For example, 
b,is led its front page over the 
past week with a speech by the 
federal president on German 
unification, President Boris 
Yeltsin promising a steady 
reform course in Russia, 


upheaval in the Italian coali- 
tion government in Rome, the 
conflict in Bosnia, and Iraqi 
President Saddam’s troop man- 
oeuvres on the Kuwait border. 
The election has merited no 
more than a couple of leaders 
and a front-page brief. 

At the opposite end of the 
spectrum, the mass circulation 
BOd Zettung has led twice on 
the affairs of Britain's Princess 
of 'Wales, and once on the 
death of the actor Heinz 

The only real 
focus is on 
opinion polls, 
personalities, 
and possible 
permutations 

Rdhmann, Germany’s answer 
to Charlie Chaplin. Politicians 
and their pranks don't even 
rate a paragraph there. 

Perhaps it is because the per- 
sonalities ore simply too dulL 
Mr Kohl. For example, is solid, 
provincial, safe and uninspir- 
ing. He reckons that is what 
the German voters want His 
rival. Mr Rudolf Scharping, 
appears to think the same: he 
is making every effort to 
appear more solid, safer, duller 
and less inspiring. 

The media have tried to hype 
the polls, and they have even 
tried to hype the pollsters. The 
Form opinion poll, published 
in the weekly newspaper Die 
Woche, and on RTL television, 
was the first to dare to suggest 
that the FDP might sot be re- 
elected. Five worthier and 
more established pollsters 
denounced the results as 
unsound, giving massive pub- 
licity to their rival on every 
other television channel. 

Not that the press is averse 
to slamming the pollsters, on 
whom they still rely for most 
of their election -watching. It is 


the “Sunday question" - "Who 
would you vote for if there 
were elections on Sunday?" - 
which is original sin of the 
pollsters, thundered the left-of- 
centre Frankfurter Rundschau 
this weekend. 

“Originally this was just one 
indicator among many, with 
which one tried to identify the 
current political mood," the 
newspaper said. “But then the 
opinion researchers themselves 
were instrumental m elevating 
the answers to this question to 
the level of a prophecy." They 
should realise that the modern 
media will publish the results 
in the most simplistic way. 
without any serious effort at 
explanation, or indication of 
the margin of error, says the 
Rundschau’s Mr Martin Win- 
ter. Which leaves it less than 
dear who is to blame. 

After the polls have been 
exhausted, all that is really left 
for the press is the personali- 
ties. And that Is really how Mr 
Kohl wants it. because he tow- 
ers (literally) above the rest, 
and has fought his whole cam- 
paign on his personality, not 
his politics. 

Even in these last few days, 
as the newspapers cast desper- 
ately around for a new theme, 
the chancellor managed to 
oblige: he promised to stay in 
office - if elected - for the full 
term until 1996. But would be 
resign, or would he not, after 
1998? 

The fact that he declined to 
give any clear answer to the 
question does not appear to 
have deterred any of the news- 
papers from instant specula- 
tion. It gave a whole new lease 
of life to the weekend colum- 
nists. 

The Bessische AUgemeine. 
from Kassel, put it succinctly: 
“That is the price of the media 
society: everyone reports on an 
event which isn’t one. That the 
chancellor announces some- 
thing which has Long been 
known is barely worth report- 
ing. But it still gets written. 

“Helmut Kohl has often 


enough complained of the 
power of the media, and 
always managed to present 
himself as the loser. But it is 
perfectly clear (on this occa- 
sion) that he is the one who 
sets the tone. 


“Everyone one came along, 
and they all presented him 
with a first-class election cam- 
paign appearance, on prime 
time, and on all the front 
pages.” He could scarcely ask 
for more. 


Western groups sign 
Russian telecoms deal 


By Anckew Adonis in London 
and John Ridcfina in Paris 

France Telecom, Deutsche 
Telekom, the German state 
operator, and US West, a US 
Baby Bell regional operator, 
have signed a memorandum of 
understanding with Russian 
partners to develop Russia’s 
long distance telephone net- 
work. 

The initial investment to 
launch the project will be only 
“several hundred million” dol- 
lars, but the Russian minis try 
of communications believes it 
could lead to a total invest- 
ment of $40bn over the nest 
decade. It will be channelled 
through a joint venture com- 
pany. 

Meanwhile, AT&T, the big- 
gest US operator, bas signed an 
agreement with three Russian 
operators to upgrade Moscow's 
telecoms network, providing 


400,000 new phone lines. The 
four-year project is expected to 
cost $20Qm. 

AT&T said it would give 
Moscow upgraded digital tele- 
coms fa ciliti es “comparable to 
other cities with modern net 
works". 

Analysts believe these 
investments and others 
announced in recent months, 
although significant, fall far 
short of the level required to 
provide Russia with a modern 
telecoms network by the turn 
of the century. 

According to the World 
Bank, the former eastern bloc 
luires between $10bn and 
of telecoms investment a 
year - about half of it from the 
private sector - if it is to build 
a basic telecoms infrastructure 
by 2000. Russia has barely 15 
phone lines per 100 people, 
compared with 43 in western 
Europe. 


France T&lecom said its proj- 
ect with Deutsche Telekom 
and US West would include the 
construction of 50,000km of 
fibre optic cables, and could 
result in a doubling of Russia's 
22m telephone lines. 

However, the three western 
telecoms groups and their two 
Russian partners - Russian 
Overlay Network and Rostele- 
com - have yet to develop a 
business plan for the project 
and one is not expected to be 
agreed until next year. 

The project has been dubbed 
50x50, because it envisages the 
construction of 50,000km of 
fibre optic cables and more 
than 50 digital exchanges. 

According to a statement 
from the three western compa- 
nies, the capital will be raised 
from their own resources, the 
sale of telephone concessions 
and by the participation of 
investors. 


US drug tests raise hopes 
for anti-influenza vaccine 


By Daniel Green 

Clinical trials in the US of an anti-influenza 
drag have raised hopes of a vaccine on the 
market within the next three years. 

Tests on 46 volunteers Infected with the fln 
virus showed that the drug, developed by the 
UK company Glaxo, cat their infectiousness 
100 -fold It also ent the period for which they 
woe infections by half to less than two days. 

Infect! uusness, measured by toe number of 
new viruses shed from toe patient's nose, is a 
way researchers quantify effectiveness. Dr 
Frederick Hayden of the University of Virginia, 
Charlottesville, who conducted the trials, said 
toe volunteers also had fewer flu symptoms. 

Clinical trials involving another 600 people 
this winter should help set the dose for toe 


drug and determine when is the best time to 
take it. If such trials are successful, Glaxo 
Intends to submit the drag for regulatory 
approval in 1696. A product conld reach the 
market later that year or, more likely, in 1997. 

No treatment today is very effective because 
toe flu virus changes shape frequently. A flu 
vaccine immunises against three or four of 
these shapes, or strains, leaving people vulner- 
able to any others they may encounter. Such is 
toe speed of mutation of toe vims that new flu 
jabs are required each year. 

The new drag was developed by researchers 
at Monash University in Australia and is 
licenced by Glaxo from Australian biotechnol- 
ogy company Biota. It works by interfering 
with an enzyme tire flu virus uses to break into 
healthy body cells. 


“I like to th ink of it 
as my European flat 
in Man! rattan.” 

Erom l lie moment you enter its marblc-and-gilt lobby, the Pierre 
calls to mi ml the quiet splendor (lie worlds groat lioiels are acclaimed for. 

Our staff is poised to greet you, and serve you, in over 60 languages. 

At u moment's notice, our master chefs can cater a last-minute partners' 
minding in one of our luxurious suites, and our concierge can obtain 
"sol! -out "opera tickets — often for the some evening. In fact, they will 
attend to wur needs until such grace and warmtb, you'll feel tbai 
Pifili Avenue and 61 st Street is not merely our address, but your own. 
Telephone your travel counselor or call us at 071-936-5019. 



, fcw* 

a rwihnwi'lMWiKm 1 




■ IMiL Lil 


thought this was 
a radio commercial for 
ED&F Man Funds? 



...it was, but they couldn’t figure out how to 
include a coupon so people could write for more 
information... 


“Do you think they wilt? ' 


Well, the script sounds interesting... 
the world’s foremost promoters of investments 
products... international group with a 200-year 
trading history... launched over 60 funds, created 
products with leading financial institutions”. 

“That's it?” 

No, there’s more about combining outstanding 
performance with guarantees for investors who 
don’t like unpleasant surprises. And how the 
innovative nature of their products sets them 
apart., bit like this ad... then it says CUT. 

“ Does that mean cut out the coupon?” 

I suppose it does now. 

If you’d like to know more about the unique investor appeal of our funds, just fill in your name and address or contact us 
at one of the numbers below. ED&F Man: Gel in touch. 


Name 


AdrinrM 


Country 
Fax No. . 


Home Phone No. 
Work. Phone No. 


Please (in Hide j uur phone number no we may rnntart you in answer any questions you may have regarding our services and lo discuss our investment products. | 
!■:!»& K Mim International Ud ts rvguf Jlerf bi the I ; h h} the Securities and Investments Board. Rules and regulations mode under the UK Financial Services Act 1986 j 
ilii nm appl> lo imealmriU business conducted uulside Ihe I K. j - 1 

’ , __ r_j 


London: Diana Hill or Brian Fudge. Fax +-M 71 626 6458, Tel. +44 71 285 5200. Bahrain : Arthur BradJy or Antoine Massad, Fax +975 555 078, 
Tel. +975 533 JSS. Rotterdam: Rob Engels, Fax +31 (10) 4 147 700, Tel. +31 (10) 2 134 049. Miami : Sieve F. Phillips or Tamara J, Mora, 
Fbx +1 ( 505; 350 06JI, Tel. +1 (305) 359 9700. Montevideo ; MarceJo Cichowsky, Fax +598 (2) 97 01 70, Tel. +598 (2) 97 01 91. Tokyo : Matthew Dillon, 
Fax +81 15) 5238 6527, Tel. +S 1 (3) 5238 6521. Hone Kong : .Anthony Hall or Margaret Yao, Fax +852 537 1205, Tel. +852 521 2933. 


ygg 

Ipf! 



ED&F MAN INTERNATIONAL LTD 

\ UKMUI-.R OF THIS MIN OROte. l.'STtBI.ISHKD IN 1783 




-U««, «.■»« inc level of flnancial M "" ''**■"*' F ” : WD-Mmuw 




FINANCIAL TIMES MONDAY OCTOBER 10 1V94 


NEWS: IRAQ MENACES KUWAIT 


I I k/ ■ * I ft— ■ If I ^ W W W M M 1 

Leaning on Security Council seems to be Iraqi leader’s main motive — but his threat has a lready failed 

With gun in hand, Saddam goes back to the brink 


By Mark Nicholson In Cairo 

Once again President Saddam Hussein, the 
Iraqi leader, has forced the world at gun- 
point to try to guess his motives and 
intentions. 

His apparent motive in ordering the 
massing of tens of thousands of troops and 
supporting armour near the border with 
Kuwait is, as the past week's bitter rheto- 
ric from Baghdad suggests, to give the 
United Nations Security Council an ulti- 
matum: take immediate steps to ease the 
crippling oil embargo or suffer the “con- 
sequences". 

This threat appears already to have 
Called. An emergency weekend meeting of 
the Council stated the “complete unaccep- 
tability” of Iraq's threat to cease co-operat- 
ing with the UN over implementation of 
Gulf war ceasefire resolutions. Instead, his 
actions appear only to have confirmed that 
the Saddam of the Gulf war Is unchanged 
- that he is. in the words of the Washing- 
ton Post last week, “an unregenerated 
potential repeat offender”, a leader whose 
primary foreign policy tool is force and 
who is entirely capable of the dangerous, 
unpredictable, apparently illogical and 
almost certainly self-defeating gesture. 


The limited logic of ins action appears to 
be to suggest to the Security Council, and 
in particular Britain and the US as the 
members most resistant to alleviating the 
four-year-old oil embargo, that unless he is 
given imm ediate hope that the sanctions 
will be lifted, be can and will be a danger- 
ous nuisance in the Gulf. 

The mobilisation of US and British 
forces already shows he can quickly force 
costly military deployments into a region 
which, outside Kuwait at least, remains 
uneasy at the thought of a permanent US 
military presence. 

Mr Saddam’s immediate target is the 
Security Council discussion due this week 
on the readiness of long-term monitoring 
systems installed to prevent Iraq from 
renewing acquisition or manufacture of 
weapons of mass destruction. Mr Rolf 
Ekeus, the UN envoy, will report that 
these systems are ready and a test period 
can begin. And before Iraqi troops moved 
south, there was strong sympathy among 
some Council members, notably France, 
China and Russia, for giving Iraq a defi- 
nite “probationary" test period, after 
which the lifting of sanctions should be 
discussed. 

Whether such sympathy will survive Mr 


Saddam's belligerent troop deployment 
must be highly unlikely. “It's brmkman- 
ship,” said one senior Arab diplomat- “But 
what Saddam has not learned is that his 
brinkmanship usually rebounds on him." 

Perhaps more damaging to Mr Saddam’s 
case is that the Security Council is unani- 
mous in requiring that, before anything 
can be done to lift sanctions, Iraq must 
unequivocally recognise both Kuwait’s 
sovereignty and the post-Gulf war UN-de- 
marcated borders between the two coun- 
tries. By threatening this very border, Mr 
Saddam has suggested an instinctive 
refusal to recognise it and made it hard to 
take credibly any eventual recognition he 
might decide, or be forced, to accord. His 
actions only appear to strengthen the 
argument of those, like the Kuwaitis them- 
selves, who say that sanctions could never 
safely be lifted while he remains in power. 

Iraqi officials have made clear that they 
believe this to be US policy, although 
Washington denies this. The US has cer- 
tainly maintained the hardest line against 
offering Mr Saddam any concessions in 
recent weeks and. before the troop move- 
ments, were beginning to look isolated 
within the Security Council. Even British 
officials have suggested privately that had 


Iraq behaved during a six-month testing of 
the UN weapons monitoring systems, they 
would then be forced to consider seriously 
easing the embargo. Iraq may now have 
lost this diplomatic ground it had been 

winning. 

But to see Mr Saddam's renewed aggres- 
sion solely in terms of influencing debate 
around the Security Council table may be 
a mistake. Like most Middle Eastern lead- 
ers, his most basic motivation is to take 
whatever actions he deems necessary to 
remain in power. This, for 15 years, he has 
done with genocidal brutality, but with 
success - crushing Kurdish. Shia and any 
other domestic political opposition and of 
course, surviving ignominious defeat in 
the Gulf war and four economically ruin- 
ous years without selling oil, previously 
the fount of more than go per cent of Iraq's 
earnings. 

But there have been recent clear signs 
that the regime may be wobbling under 
the accumulated effects of sanctions. Iraq 
is so short of food that government 
rations, on which most Iraqis rely for two 
thirds of their basic nutritional intake, 
recently had to be halved. 

Rocketing inflation has driven all but 
Iraq's elite into penury. Army desertion 


has become so rife that Mr Saddam 
recently ordered that deserters should 
have their ears severed. Similarly brutal 
punishments have been decreed for com- 
mon criminals in what recent visitors to 
Iraq say has becoming a dangerously law- 
less place. There have been recent reports 
of Mr Saddam having to crush opposition 
within the army. 

If such thing s have pushed Mr Saddam 
close to desperation, it is also the case that 
he has little room to manoeuvre. He may 
well consider a military adventure tho 
best, perhaps even the only, means of reas- 
serting his leadership and distracting 
opponents. At least one western diplomat 
in the region wondered over the weekend 
whether, having survived the Gulf war's 
allied bombardment. Mr Saddam might 
believe that inviting another war was his 
best hope of persuading the Iraqi people 
that the US, Britain and the west are the 
true enemies responsible for their suffer- 
ing, while attempting once again to stoke 
up Islamic groups and anti-American feel- 
ing within the region. 

According to Arab diplomats, there have 
been recent attempts to persuade Mr Sad- 
dam that bis best hope for an eventual 
lifting of sanctions lay in sitting out UN 


weapons monitoring programme for six 
months, formally recognising Kuwait’s 
sovereignty and continuing to lobby 
fiercely [or a humanitarian reprieve. Many 
influential Arab states, among them 
Egypt- might then have been able to rally 
strongly behind attempts to lilt the 

embargo. 

But Mr Saddam seems to have ignored 
this advice. The quality or independent 
information arriving to him in Baghdad is 
almost certainly worse now than four 
years ago. At the same time. Mr Saddam is 
clearly more desperate today than in 
August 1990. 

Conventional wisdom among Arab and 
western diplomats, echoed widely in yes- 
terday's Arab press, is that Mr Saddam is 
once again bluffing. One Saudi paper, at 
Riyadh, even suggested the Iraqi leader 
was making a last defiant gesture before 
conceding to the recognition of Kuwait. 
“Fabricating a military situation is noth- 
ing more than prelude to more conces- 
sions." it said. 

No-one doubts it would be folly for Mr 
Saddam to push his troops further south. 
Given his record, however, few observers 
can confidently exempt him from the 
capacity for folly. 


Washington takes no chances 


By George Graham 
in Washington 

Iraq's movement of around 
14,000 troops to join the 50,000 
or so it already has in position 
near its border with Kuwait 
has left US officials in consid- 
erable uncertainty. 

No-one finds it easy to 
believe that President Saddam 
Hussein would try to repeat his 
1990 invasion of Kuwait, partic- 
ularly at a season when clear 
skies would leave his army, 
bereft of air cover, at the 
mercy of US and allied aircraft 

But no-one wants to take a 
chance on it 

“We can't afford to assume 
that this is just a bluff That's 
why we're taking the actions 
we're taking.” Mr William 
Perry, the US defence secre- 
tary, said on Saturday. 

Those actions include send- 
ing 4,000 US troops to reinforce 
the Kuwaiti army - although 
this is clearly not a large 
enough contingent to repel a 
full-scale assault on its own. 


More important the US has 
moved aircraft and cruise mis- 
siles within striking range. 

“We clearly have the capac- 
ity to go to downtown Bagh- 
dad,” said Lieutenant General 
John Sheehan, operations 
director at the Pentagon. 

US officials are anxious to 
ensure that Mr Saddam has 
not miscalculated President 
Bill Clinton's willingness to 
emulate the firmness his prede- 
cessor, George Bush, showed in 
1990, or the degree to which 
the US military involvement in 
Haiti might limit its willing- 
ness or ability to respond to 
Iraqi aggression. 

“I want to make clear one 
more time: it would be a grave 
error for Iraq to repeat the mis- 
takes of the past, or to mis- 
judge either American will or 
American power,” Mr Clinton 
said on Saturday. 

Although the Iraqi troop 
build-up in itself does not 
breach the terms of the cease- 
fire imposed after Operation 
Desert Storm drove the Iraqi 


army out of Kuwait in 1991, the 
US is also anxious that Bagh- 
dad should not conclude that 
such threatening gestures are 
the best way to persuade the 
UN Security Council to ease its 
economic sanctions, notably a 
ban on oil sales, which remain 
in place today. 

“If Iraq really is trying to say 
in some insistent way that 
what they want is relief from 
the UN sanctions, there is a 
clear way for them to achieve 
that relief: simply comply with 
the United Nations resolu- 
tions," Mr Clinton said. 

Some diplomats suggest that 
Mr Saddam has concluded that 
the US, the UK and Saudi 
Arabia will never allow the 
sanctions to be lifted so long as 
he remains in power, regard- 
less of the extent to which Iraq 
complies with the resolutions. 

This may be true, though US 
officials tend to reverse the 
argument, and say they doubt 
that Iraq will ever comply with 
the resolutions so long as Mr 
Saddam remains in power. 


Whatever the truth. Baghdad 
has never come remotely close 
to testing the hypothesis. 

Although a system to moni- 
tor Iraq's weapons pro- 
grammes has been set up - Mr 
Rolf Ekeus, the head of the 
United Nations special com- 
mission in charge of the moni- 
toring. is due to report to the 
Security Council today - Iraq 
still refuses to comply with 
important segments of the UN 
resolutions. 

Mast notably, Baghdad still 
refuses to recognise Kuwaiti 
sovereignty or the border 
between the two countries 
mapped out by the UN. 

The US. meanwhile, does not 
want to overreact to what may 
prove to be simply posturing, 
but wants to be prepared in 
case tension should escalate. 
The forces the Pentagon has 
moved to the region, though 
well short of the massive expe- 
ditionary force of Desert 
Storm, are believed to be 
enough to react strongly to any 
provocation. 



Kuwaiti observers watching a maintenance crew position American-made MlAl 
military vehicles are stationed here for rapid deployment 


..wll 1 

tanks at the Camp Doha base yesterday. About 500 I 



Kuwait depends on US assistance 


IRAQI 

FORCES 


Ve \ 


Taiwan ■>. \ 

. .... ^UmmOaar > 


Ravdhatain 
oilfield i 


KUWAIT 


A kuwaiti {:<££> 
ponces I -r 

\ v. ... • •** •=' f 
>... -.Ktoimmir' 

r yEgSHSE?!? 

Do^:.r FORCES^ - 


I US forces] Vf'kU h '*t US 

" ’v^y- IPORCisl : 

..... & Minagfch V* V ;£•/> ; .'V 
\ •*<*** The- Golf, . 


SAUDI ARABIA 


. *•■■«' I 

v;-.: 


Hafar al Batin 
I GCC FORCES I 


Ras al KhafjT. 


By Robin Aden in Kuwait 

Iraq has deployed some 64,000 
troops, including two of the 
seven divisions of its much 
vaunted Republican Guards, in 
an area 20 to 40 miles north of 
the Kuwait-Iraq border, accord- 
ing to US administration 
sources. Iraq has also moved a 
mechanised infantry division 
and some 200 former Soviet 
T-72 tanks into the area. 

An artillery battery is also 
reported to be within range of 
Kuwait. Additional elements of 
another Republican Guard 
division are moving south from 
Mosul in northern Iraq. 

According to senior US mili- 
tary sources, Iraq had rebuilt 
its army in the last three years 
to some 27 divisions, number- 
ing 350,000 men backed up by 
more than 2,000 main battle 
tanks. US sources say the Iraqi 


air force was “cut in half' in 
the 1990-91 Gulf war and Iraq’s 
navy is said to be "negligible", 
while But the same US sources 
have suggested that while 
Iraq’s military is not the force 
it was in August 1990, it is still 
a “formidable military force 
relative to its neighbours". 

It is particularly formidable 
when contrasted with Kuwait’s 
military strength. Kuwait has 
called up reservists and sent 
some 20,000 men - thought to 
be its entire army - up near its 
border with Iraq, and moved 
up 50 tanks. A critical report 
last March from the national 
assembly said arms purchases 
of over $5bn (£3.Ibo) since 1991 
have been made more for polit- 
ical reasons than for a sustain- 
able military strategy. 

The government has bought 
most of Us weaponry from the 
US, and mnch of the new 


equipment is so new that the 
army has yet to become famil- 
iar with it. 

Kuwait is thus overwhelm- 
ingly dependent on US assis- 
tance. On Saturday the US 
announced it was sending 4.000 
troops to Kuwait to join other 
US forces in or near the area. 
These include 11 US warships 
in the Gulf, including an 
amphibious group led by the 
USS Tripoli with 2,000 marines. 
In all. the US has some 12,500 
forces in the Gulf area, backed 
up by some 200 fighter aircraft, 
F-117 Stealth fighter bombers 
and Awacs reconnaissance 
planes using bases in Saudi 
Arabia and the Gulf. Arabia 
also hosts the GCC “Peninsula 
Shield” force, ground forces 
comprising 8.000 men. 

Other US forces expected in 
the area soon include the air- 
craft carrier the USS Washing- 


ton, on its way from the Medi- 
terranean to the Red Sea; a 
military cargo ship sailed on 
Friday from Diego Garcia with 
more military equipment 

The US is the only country 
with which Kuwait has an 
agreement to preposition mili- 
tary supplies. Warehouses at 
Camp Doha, west of Kuwait 
city, contain enough equip- 
ment and housing to support a 
brigade of 5,000 troops. 

The CJK.in answer to a 
Kuwaiti request has sent the 
guide missile frigate HMS 
Cornwall to Kuwait It arrived 
in Kuwaiti waters yesterday. 

Should the Iraqis try to 
invade Kuwait, the initial 
allied response would come 
from sea and air power already 
in the area, on advancing Iraqi 
ground forces. Judging from 
the experience of the Gulf war, 
the effect could be devastating. 


Citizens get in 
supplies for new 
war of nerves 







Cl 




£ z ft 


r ^ 


’A -j ' ' 


•io-. • ■ 


---:i.nc *— 





Now, all 1M93 issues of the Neue Ziircher Zeitung - Switzerland's globally respected daily - are available on one CD-ROM. 

Within seconds, the full-text search feature by keyword, title, author, section or issue retrieves articles and displays them iff ttllil 

on your screen. In the convenient A4 format and with no changes versus the printed edition whatsoever. For derails. *** “vMII Mil I -vH 

contact: Neue Ziircher Zeitung. CD-ROM. Falkenstrasse ll. 802 f Zurich. Tel. +41 (01) 25S 13 22, Fax +4L (01) 25S 13 2S. ^ ~ ~ ‘ 


ON CD-ROM 


The heavy dust haze that 
settled over the desert seemed 
to envelop Kuwait in a protec- 
tive cloak. Amid the dust and 
the heat Kuwaitis quietly took 
precautions, alert to Iraqi troop 
movements on Kuwait's north- 
ern border. It is the latest 
chapter in a long war of 
nerves. 

Over the weekend. Kuwaitis 
and other residents formed 
queues at petrol stations, more 

There is stockpiling 
behind false walls 
in the basements 
but no sign of 
panic. Robin Alien 
writes from Kuwait 


in a desire to top up than from 
any immediate panic. They 
stocked up with water and 
bought extra supplies from 
supermarkets. 

They emptied many of the 
city’s cash dispenser machines 
of dinars; “same os any other 
weekend," remarked one west- 
ern diplomat yesterday. 

Money-changers in the souk 
took advantage of banks 
remaining closed on Saturday 
as part of the Friday weekend 
to charge a small premium for 
US dollars above the normal 
exchange rate or KD0.3 to the 
dollar. 

But when banks reopened for 
business yesterday morning 
the exchange rate had returned 
to normal, although one 
branch manager said the 
demand For dollars and other 
foreign currencies, and for 
transfers overseas, was abnor- 
mally high. 

“What can you expect?” he 
asked. "You can never tell 
what Saddam Hussein wifi do." 
Civil aviation traffic, however, 
and all public services were 
unaffected by Iraq’s intimida- 
tion; schools and offices contin- 
ued to function normally. 

On the flight from Dubai, 
which was full of returning 
Kuwaitis and visiting business- 
men. an expatriate Arab who 
has lived in Kuwait for 23 
years and stayed through the 
seven-month Iraqi occupation 
in 1990-91, suggested that 
Kuwaitis this time would stay 
put. “They are ashamed of 
what happened last time," she 
said, "and this time they are 
better prepared.” 


Many companies and fami- 
lies, drawing on the experience 
of those who lived through the 
occupation, have in the last 
three years built false walls in 
tbeir basements to hide their 
stocks. Including food, valu- 
ables and emergency items 
such as water, torches, bat- 
teries, and blankets. 

Few Kuwaitis expect an Iraqi 
Invasion but many are unsure 
and all are relieved by the 
western and, above all, the US 
response. 

But Kuwaitis need constant 
reassurance and scan televi- 
sion screens anxiously for 
updates on CNN and BBC. 
They are in a sombre mood as 
the time approaches for today’s 
UN debate on the lifting of 
Iraqi sanctions. 

They have no illusions about 
how exposed they are to Iraqi 
threats nor why the west is 
supporting them. One-half the 
size of Switzerland and with 
only 1,5m people, Kuwait 
would it be insignificant were 
it not sitting on one-tenth of 
the world’s proven oil reserves. 
Their very exposure, they say. 
is their strength. 

Once again Kuwaitis have 
forgotten internal differences 
and rallied round the govern- 
ment. which they applaud for 
having signed bilateral defence 
agreements since 1991 with the 
US, Britain, France and Russia 
But their concern goes far 
beyond the UN sanctions 
debate. 

Sheikh Saud Nasser alSabah, 
the information minister, 
recently stressed the imp<> r ‘ 
Lance of Iraqi recognition of j 
Kuwait's sovereignty and the 
border redrawn by the UN in 
Kuwait’s favour. 

Except for a brief period 
under a short-lived military 
dictatorship in 1958. Iraq l* 85 
never recognised its border 
with Kuwait, drawn up by U* 
British in 1920. has Kuwaitis 
have noted with concern Ufl* 
Iraq’s deputv prime minis 
Tariq Aziz failed to address the 
question of recognition to I® 
speech last Friday at the UN- 

The UN sanctions deba*® 
only focus on the link betwet* 
the lifting of sanctions and tW 
destruction of Iraq's weaP 0 ®: 
capability. But Kuwaitis 
not rest easy until Iraq acWP*J 
the existing border .** 
Kuwait’s sovereignty. ^ 
agrees to the return of save® 
hundred Kuwaiti detain*® 
inside Iraq. 





9 


FINANCIAL TIMES MONDAY OCTOBER 10 1994 


5 



> 



i 



\ 


* 


Now that we’ve reinvented ourselves, allow us to reintroduce ourselves. 

Edward E. Jlhitacre, Chairman and CEO 



We’ve Taken Your Name 

SBC is the ticker symbol for Southwestern Bell Corporation on the New York Stock 
Exchange. And because we’ve set the record among Bell companies for total shareholder 
return — 685 percent* since divestiture in 1984 — it’s a name many industry watchers 
already know well. 

So we decided to adopt the name for our corporation many people already use. 

We believe SBC Communications Inc. more accurately reflects the breadth of our 
business, both in terms of international reach and industry diversification. 

With annual revenues over $10 billion, a subsidiary that ranks among the 
top wireless players, and major business interests in Mexico, Australia, Israel, the 
United Kingdom and other foreign markets, we have become one of the world’s leading 
telecommmhcations concerns. 

We’ve set our sights on ambitious goals through our subsidiaries, which will 
continue to be known as Southwestern Bell Telephone Co., Southwestern Bell 
Mobile Systems, Southwestern Bell Yellow Pages, Southwestern Bell Telecom 
and SBC International. 

If you’d like to learn more about us, call us. We may have your name, but you 
still have our number: 1-800-551-7221. 

SBC Communications Inc. 

Tcletvtnmuniivtions. Wireless Services and Equipment. Directory Advertising and Publishing. Business and Consumer Telecommunications Equipment. Cable Television. 

■ Total sfaranclicr star, a :: 2Z. r :3i ;fcr. k^'s cri:? spewfejn plus tsinvssfed Ur/Htertis 





I'er cent WUAs will bo raised In the nw SiXSSi 




FINANCIAL TIMES MONDAY OCTOBER 10 


NEWS: INTERNATIONAL 


Fm ai scramble m us congress [Venezuela lenders look for action not words 


Democrats 
win desert 


Stephen Fidler on the government’s reluctance to administer a dose of economic medicine 

V enezuela's economic policy- cal problems they faced in getting for- 

makers see themselves as a eign exchange out of the country- Mr Rafael Caldera, president of 
badly misunderstood group. While now theoretically possible after Venezuela, said at the weekend that 


bill victory 


By George Graham 
in Washington 


US Democrats won one last 
victory in the closing hours of 
the congressional session on 
Saturday morning when they 
broke a Republican-led filibus- 
ter and passed a bill to protect 
6m acres of southern Califor- 
nian desert 

The bill has become a pawn 
in Senator Dianne Feinstein’s 
campaign to hold on to her 
Senate seat against a well-fi- 
nanced attack from Republican 
Congressman Michael H uffing , 
ton, who has poured millions 
of dollars from his family oil 
fortune into the election. 

Senator Feinstem, who spon- 
sored the desert protection bill, 
fought off the delaying tactics 
of Republican senators who 
had tried to deny her this cam- 
paign trophy. 

In the last hours before 
members went home to cam- 
paign for the November 8 mid- 
term elections. Congress also 
passed a budget for the Secu- 
rities and Exchange Commis- 
sion which has had to shut 
down many of its operations 
since the registration fee on 
which it depends for much of 
its income expired on Septem- 
ber 30. 

It also agreed to a bill requir- 
ing telephone companies to 
install new software that will 
make it easier for government 
law enforcement agencies to 
eavesdrop on telephone and 
computer communications. 

But other measures sought 
by the administration and the 
Democratic leadership, such as 
a safe drinking water law and 
legislation to set up a museum 
of African American history in 
Washington, failed to make it 
through Congress before the 
session ended. They joined a 
graveyard filled with the 
corpses of President Bill Clin- 
ton's efforts to pass laws on 
healthcare, welfare, telecom- 
munications, toxic waste, cam- 
paign finance and lobbying. 


Also, both chambers of Con- 
gress have had to agree to 
return at the end of next 
month for a rare post-election 
session to vote on legislation 
enacting the trade liberalisa- 
tion measures achieved by the 
Uruguay Round of negotiations 
on the General Agreement on 
Tariffs and Trade, 

The Californian desert bill 
was the 28th to face a Republi- 
can filibuster in this Congress 
session, an unprecedented use 
of delaying tactics which have 
generally been deployed only 
on big issues such as the 1960s 
civil rights legislation. Sena- 
tors no longer have to talk 
non-stop to sustain a filibuster 
and can prevent a bill from 
coming to a vote unless its sup- 
porters can muster 60 ol the 
Senate’s 100 members to vote 
for an end to debate. 

Democratic leaders were 
hard at work arranging charter 
flights to get senators who had 
already left for campaign 
events back to Washington in 
time for Saturday's vote. Sena- 
tor Joseph Lieberman. an 
orthodox Jew, moved into a 
hotel near the Capitol so he 
could take part in the vote 
without travelling by car on 
the sabbath. Senator Carol 
Moseley-Braun, who cast the 
decisive vote, had to make a 
last-minute dash to the Senate 
floor after the door of her 
garage jammed. 

If the Democrats were able to 
savour a final victory an the 
Californian desert bill, their 
prospects in the November 8 
election, when afl of the House 
and 35 of the Senate seats are 
in contention, still look bleak. 

Ur Clinton today begins a 
series of campaign trips with a 
visit to New Jersey, where 
Democratic Senator Frank 
Lautenberg faces a strong 
Republican challenge, and flies 
tomorrow to Michigan to cam- i 
paign for Congressman Bob I 
Carr, who is trying to hold the , 
seat vacated by retiring Demo- 
cratic Senator Donald Riegle. 


V enezuela's economic policy- 
makers see themselves as a 
badly misunderstood group. 
They believe their country's deep 
social tensions mean they must avoid 
the abrupt imposition of market medi- 
cine on their ailing economy lest it 
spills over into popular unrest. 

This justifies, they say, the return 
towards state control of the economy 
engineered by the administration of 
President Rafael Caldera in the face of 
a hanking crisis and a subsequent run 
on the currency this year. 

"None of us likes the controls. But 
there was a need for them at one 
moment.” said Mr Carlos Bernard ez. 
who is in charge of the government’s 
privatisation efforts. 

The controls on prices and foreign 
exchange transactions have been nec- 
essary in part, the government says. 
to retain popular support for the gov- 
ernment as it tackles the economic 
crisis. “We have learned that we have 
to have an equilibrium between the 
economic and political aspects of our 
programme, to preserve a climate of 
social peace,” argued Mr Luis Raul 
Matos Azocar an adviser to Mr Cal- 
dera and head of the new foreign 
exchange control board. 

Even though the government has 
repeatedly said the controls will be 
phased out over the next year or so. it 
continues to be criticised On the day 
members of the economic team 
appeared In London to talk about 
their economic strategy, the New 
York brokerage house Bear Steams 
sent out to clients a critical research 
note arguing that foreign investors 
could no longer use the Venezuelan 
stock exchange because of the practi- 


cal problems they faced in getting for- 
eign exchange out of the country- 
while now theoretically possible after 
a three-month delay, it remained prac- 
tically impossible to repatriate cur- 
rency. 

“The procedural blockade posed by 
the repatriation requirement is a 
disaster,” said analyst Ms Julie Dyk- 
stra. She was also critical of a pack- 
age of measures recently put before 
Congress that included “the normali- 
sation of intrusive executive powers." 

The government argues that foreign 
exchange shortages are slowly being 
covered and that the delays in obtain- 
ing foreign exchange are '‘administra- 
tive problems” which are being sorted 
out. 

Nonetheless, the senior officials in 
London have admitted that some of 
their economic measures have put 
obstacles in the way of other objec- 
tives. Privatisation is an example. The 
government hopes to raise as much as 
$3bn (£L8bn) by the end of next year 
in privatisations, starting with the 
2, 000 MW Planto Centro electricity 
generating plant this year. 

The biggest element in this is the 
flotation of the government's 49 per 
cent stake in CANTV, the telephone 
company. Forty per cent of this was 
auctioned off in 1991 for Sl-S8bn to an 
operating group led by GTE of the US. 
Yet now CANTV faces a host of prob- 
lems - most caused by the govern- 
ment - which will tend to make it 
less attractive to investors. 

Like other Venezuelan companies, 
it bas been forced to seek a reschedul- 
ing of its foreign debts, because of the 
lack of availability of foreign 
exchange. (The government eased this 


Mr Rafael Caldera, president of 
Venezuela, said at the weekend that 
his country was the target of a 
"detestable, perverse and anti-patri- 
otic campaign” carried out by "cer- 
tain sectors” through the interna- 
tional media, Joseph Mann reports 
from Caracas. 

Mr Caldera who began a five-year 
term in February of this year, did not 
say what those “sectors" were. How- 
ever he and other officials have indi- 
cated in the past that some support- 
ers of former President Carlos Andres 
Perez, who was forced out of office in 
1993, to have used the media to sully 
the image of the new administration. 
Official references to an international 
“campaign” have surfaced several 
times. Earlier this year, Mr Caldera 
said that Venezuelans who used the 
international press to attack tbe 
country were “traitors” and “crimi- 
nals". 



Caldera: gap with critics reduced 


last Monday by granting CANTV 
S19m for interest payments.) There 
have also been delays in government 
approval of tariff increases and a tar- 
iff structure now in place is regarded 
as unattractive for investors. 

The officials say that when it 
becomes dear the controls are only 
temporary, the state' companies will 
become a more attractive proposition 
to investors. 

One other issue is the persistence of 
negative interest rates in the econ- 
omy at a time when the government 
is anxious to build up foreign 
exchange reserves. Mr Ramon Espi- 
nasa, chief economist at the state oil 
company Petroleos de Venezuela, who 


helped to orchestrate the latest moves 
in the government's economic strat- 
egy, explained that this a conse- 
quence of excess liquidity caused by 
the bank rescue. It is why inflation 
has proved stubborn, since people will 
buy goods to store rather than save 
money at negative interest rates. 

The government needs now to mop 
up this excess liquidity - some 
l,000bn bolivars, equivalent to 13 per 
cent of GDP. To do this, the bank 
rescue agency Fogade - which owes 
this amount to the central bank - will 
issue up to 400bn bolivars in bonds. It 
will sell assets of the banks it now 
owns, probably to the tune of some 
40bn bolivars this year. The rest 


Fujimori to run for re-election 


By Sally Bowen in Lima 


Peru's President Alberto 
Fujimori chose a lima shanty 
town late on Saturday to con- 
firm that, as widely expected, 
he will run for a second five- 
year term of office in the gen- 
eral elections scheduled for 
April 9 1995. The deadline for 
registering candidacies and 
running mates is tomorrow. 

Backed by the parliamentary 
majority he acquired in the 
new Congress established in 
the wake of his constitutional 
coup In April 1992, Mr Fujimori 
rewrote the constitution last 
year to permit successive presi- 
dential terms. 

Claiming that remaining in 


office until the year 2000 was 
“the way to continue the work 
my government has carried out 
over the past four years", Mr 
Fujimori underlined his 
regime's successes in curbing 
inflation, combating terrorism 
and re-establishing relations 
with the international finan- 
cial community. "Peru must 
not stop now," he said. 

To the apparent enthusiasm 
of his shanty-town audience. 
Mr Fujimori said he was sure 
that “all Peruvians who feel 
themselves marginalised" 
would support him. The sym- 
bol of his “party” will simply 
be tbe number 95: apparently 
his original grouping. Cambio 
(Change) 90, is to be updated. 




THAT REDEFINES 


PARTNERSHIP 


*• 








gjpli;;. ■. : 

' * * * A . 


r* ~ * 

(tv A 

,f ! ^ ♦* .• • 

* :•>: 








ggpgjg 


Early opinion polls give Mr 
Fujimori a commanding lead 
over his closest rival, Mr 
Javier P6rez de Cuellar, the 
former UN secretary generaL 
The only other individual can- 
didate to show more than 5 per 
cent popular support so far is 
Mr Fujimori’s estranged wife, 
Ms Susans HiguchL 
Ms Higuchi has mounted an 
aggressive campaign against 
her husband, basing her oppo- 
sition on allegations of wide- 
spread corruption at high lev- 
els of government. At present, 
she faces a Peruvian legal ban 
on her presidential candidacy, 
although tbe Organisation of 
American States last week 
declared its support of her. 


right to stand. 

All the established parties, 
meanwhile, will present presi- 
dential slates and congressio- 
nal lists of their own. A pleth- 
ora of new movements has also 
been emerging over the past 
two weeks. By dose of registra- 
tion there could be almost two 
dozen candidates for the presi- 
dency. 

This could make Mr Fujimori 
vulnerable in a run-off Despite 
his consistently high popular 
standing, he will find it hard to 
o btain the 50 per cent required 
to avoid a second round, in 
which most of Peru's opposi- 
tion parties are likely to throw 
their weight behind Mr Perez 
de Cudlar. ... _ • 


Haiti army chiefs 
6 to quit today’ 


Haiti’s military leader Lieut 
General Raoul Cedras and 
Army chief of staff Brigadier 
General Phillipe Biamby will 
resign today at about 10 am, a 
source close to the Haitian 
army said yesterday. Renter 
reports from Port-au-Prince. 

He also said it appeared the 
two would leave the country 
and provisional president 
Emile Jonassaint would resign 
today but he could not confirm 
either event 

"I can tell you that it is con- 
firmed that both Gen Biamby 
and Gen Cedras will resign 
from their posts tomorrow," 


said the source. 

He said second in command 
Brigadier General Jcan-Claude 
Duperval would take control of 
the military. Exited President 
Jean-Bertrand Aristide, due to 
return to Haiti on Saturday, 
named Brig Gen Duperval to 
replace Liet Gen Cedras in 
December 1993 and has given 
no indication he would with- 
draw the nomination, 

Asked if Lieut Gen Cedras 
and Brig Biamby would leave 
the country, tbe source said, 
“it seems so". He said he could 
not confirm Mr Jonassaint 
would also resign today. 


PATHWAYS TO PARTNERSHIP. 


Every new venture begins with an idea - and environment, your bank's counselling skills are 


with a risk. Because your new associate always a vital aid for custom-tailored concepts of this 


represents an unknown quantity. So diverging nature. In addition to Internationality, expertise 


interests, and the incalculable 


and experience, DG BANK volun- 


human element Inherent in every 


teens an operating principle that 


business relationship, present 


makes every customer a partner 


possible impediments to coop- 


in a singular way. ■ We call it 


sary rapport is achieved through analysis of each is rooted in the classic tradition of the cooper- 


party's natural self-interest, within a balanced con- ative system linking equal business partners. 




sf 


should tv absorbed by the issue of 
doUar-denamlnated bonds inside 
Venezuela, which will bt> guaranteed 
by future oil royalties. This should 
account for some 6 per cent of future 
oil revenues (assuming a S12 a barrel 
oil price) or one half a per cent of 
GDP for seven years. By early next 
year, says Mr Espinosa, positive real 
interest rates should return. 

The government has also been crit- 
icised for delaying what is seen n* a 
critical decision -• the raising of 
domestic petrol prices to close the 
budget deficit. Mr Luis Giusti. presi- 
dent of Petroleos de Venezuela, says 
the time is needed to work out a com- 
pensation programme for the SO per 
cent of the people who use puhlic 
transport. They use only 20 iter cent 
of the petrol - some 16Q.D00 barrels a 
day - while the rest is consumed by 
the minority that owns cars. 

The government's recent commit- 
ments, in particular those to end con- 
trols and to accelerate privatisation, 
have reduced the once-yawning gap 
between the Caldera administration 
and its market-oriented critics inside 
and outside the country. But these 
critics - and others such as the inter- 
national lending agencies in Washing- 
ton - will want to sec its commit- 
ments converted into action before 
passing judgment. 

Furthermore, by introducing con- 
trols in the first place and then by 
seeking measures allowing wide scope 
for future interventionism, the gov- 
ernment may have inadvertently put 
in place a louger-term deterrent to the 
foreign investment it now says it 
wants. 


mN 


oils 
f = 


eration based on mutual trust. ■ DG BANK puts a the WIR PRINZIP, to which DG BANK and its staff ] if- 


premium on the partnership dimension. The neces- are wholeheartedly committed. The WIR PRINZIP I W ' ' 


cept that can transform strangers into business And it has a great future ahead of it. Because « f l'r . « 


;,>>v - • .v' 

h-rA" : '™,v 


friends. For both partners want to profit, both want exemplifies the central idea of partnership: that 


security. In an increasingly complex business mutual cooperation leads to mutual success, I [■ 


Head office: DG BANK, Am Plata der Republik, D-60325 Frankfurt am Main. Offices in- Amsterdam Atlanta. f ‘ 
Hong Kong, London, Luxembourg, Madrid, Milan. Moscow, New York, Paris, Rio de Janeiro^Tokycl, Zurich- | ; 


D6B4NKC 


V'- 


l 


4 


l 







? k: 


FINANCIAL Times MONDAY OCTOBER 10 1994 


'° r <Js 

' 1 ‘V 


US push Foreign 
for Israeli minister 
deal with ousted in 
Syrians Thailand 


NEWS; INTERNATIONAL 


Dishonoured cheque shakes economy 

In Taiwan’s informal system, a small default can make big waves, reports Laura Tyson 


tiicfs 


By a correspondent 
In -Jorupafetn 

US Secretary of State Warren 
Christopher will today launch 
an intensive effort to bridge 
the differences preventing an 
Israfil-Syria peace agreement. 
He is hoping to build on the 
improved atmosphere created 
by an unprecedented interview 
granted by the Syrian foreign, 
minister to Israel’s state televi- 
sion at the weekend 
Ur Christopher arrived in 
Jerusalem yesterday at the 
start of a week that will see 
him shuttling between Jerusa- 
lem and Damascus, visiting 
Jordan and Egypt and making 
a trip to Kuwait He played 
down hopes yesterday for a 
breakthrough on the lsrael- 
Syria track but there are now 
clear signs of progress. Mr 
Christopher has already tenta- 
tively scheduled a return to 
the region at the end of this 
month or early in November. 

The most obvious sign yet of 
Syria's determination to sign a 
peace treaty came on Friday 
when Mr Farouq a-Shara, for- 
eign - minister, gave a first 
full-length interview to the 
Israeli media, telling state tele- 
vision of his country's desire 
for “peace, tranquility, stabil- 
ity and prosperity" in the Mid- 
dle East 

“We have to change the face 
of the region,” he said, urging 
Israel to agree quickly to a 
peace deal involving the return 
of the Golan Heights. 

The Interview, conducted in 
a Washington hotel room, 
reportedly in the presence of 
Mr Dennis Ross, the US peace 
talks coordinator, was inter- 
esting also for Mr A-Shara’s 
pledge that Syria would “pave 
the way" for an Israel -Lebanon 
accord once peace had been 
achieved with Damascus, and 
for his assurance that the 
Israelis “will be absolutely sat- 
isfied " with the consequences 
of a peace deal. 

This was an apparent refer- 
ence to the folly normalised, 
diplomatic, trade, tourism and 
cultural relations Israel has 
been demanding as part of an 
agreement 

While taking issue with Mr 
A-Sbara’s declaration that 
Syria had never shelled Israeli 
Civilian targets, Israel's prime 
minister, Mr Yitzhak Rabin, 
cautiously welcomed the inter- 
view. 

Privately, however, many 
government figures shared 
what seemed to be the general 
public reaction to the inter- 
view: that it had been some- 
thing of a gimmick. I 


ByWBtam Barnes in Bangkok 

Thailand's foreign minister, 
Mr Prssong Soonsiri, has been 
ousted after a party squabble 
and replaced by Mr Thaksin 
Shinawatra, a prominent 
entrepreneur. 

Mr Prasong, a tough former 
intelligence chief, was some- 
times accused of handling deli- 
cate relations with neighbours 
in a devious manner, and fail- 
ing to erase the notion that 
Thailand supported the Khmer 
Rouge in Cambodia. 

His replacement, the founder 
of the Shinawatra Computer 
and Communications group, is 
an ambitious former police- 
man with no previous political 
experience. He started in busi- 
ness by selling computers to 
his own police department 
The leader of the Falang 
Dhanna {Buddhist way) party, 
Mr Chamlong Srimuang, 
pushed Mr Thaksin forward as 
part of a reshuffle of all the 
party’s u cabinet seats in the 
ruling five-party coalition’s 
administration. 

The former president of the i 
Bangkok Bank, Mr Vichit Sur- 
awongchaf, replaces Mr Wlnai I 
Sompong, as minister for 
transport and communica- 
tions. 

Mr Chamlong fears his party 
has been overshadowed by the 
ruling Democrat party in the 
two years since the last elec- 
tion. Mr Ciman Leekpai, the 
prime minister and leader of 
the Democrat Party, has said 
he will not interfere with the 
PDP reshuffle list which was 
given to the Democrats yester- 
day. 

In September Mr Chamlong 
engineered his return as overt 
party leader for the first time 
since 1992. His religious fac- 
tion which plalms Ugh moral 
principles also took control of 
the party executive. Mr Cham- 
long will enter the cabinet for 
the first time as a deputy 
prime minister, replacing for- 
mer party leader Mr Boonchu 
Rqjanastieo. 

He is expected to strive hard 
to holster the party's Bangkok 
power base particularly by try- 
ing to ease the capital's traffic 
jams. 

However Mr Chunking's dic- 
tatorial management style 
could upset his coalition part- 
ners, especially since they will 
not want to see Palang 
Dhanna be made the saviours 
of Bangkok by solving the 
transport crisis. 

The move may, however, 
improve the chances of the 
Tanayong group's elevated, 
rail way bring completed. 


L ast week’s precipitous 
drop-in Taiwan share 
prices demonstrates 
how quickly a relatively minor 
missed payment could escalate 
into a spate of defaults in 
financial markets that thrive 
on rumour and black market 

borrowing. 

Taiwan authorities appear to 
have largely arrested the dam- 
age from T$7.6bn (£U&3m) In 
share payments defaults which 
ssparked a 7.8 per cent index 
tumble • between Wednesday 
and Friday - Saturday's 6.13 
per cent fall in the index was 
blamed on a different cause, 
rumours from Beijing of Deng 
Xiaoping's death. 

Presented with an inade- 
quate formal banking system, 
the financially sophisticated 
Taiwanese resort to a paoopoly 
of informal financing tech- 
niques ranging from relatively 
innocuous “mutual savings 
societies'’ to underground lend- 
ing by fin ancial intermediaries 
referred to as jinchu or “mon- 
ey-lords’*. 

A sudden calling -in of loans 
by these “money-lords” fuelled 
the sell-off in the stock market 
Much of their money is chan- 
nelled into securities and their 
large backers, including politi- 
cians and otherwise respect- 
able companies, became ner- 
vous and wanted quick 


Taiwan stock exchange 

Weighted tafex 

7.DOO • ", 


6,500 /— 


5£00 l-f-' 


Scwrcw PTOapMto 

repayment 

Taiwan remains an economy 
which runs on cash and post- 
dated cheques. The importance 

of cheques in the fitianriat sys- 
tem is such that the ratio of 
dishonoured cheques to total 
cheques issued, both dollar 
amount and number, is pub- 
lished wwpthiy by ttiB central 
bank and is watched closely as 
an indicator of economic 
health. 

Companies commonly take 
deposits from employees and 
shareholders and pay above- 
market rates of interest to 
obtain funds to finance their 
day-to-day operations. Last 
month, the chairman and ^trfpF 
financial officer of listed 


Tatung, one of Taiwan’s big- 
gest electrical appliance manu- 
facturers, were convicted of 
taking US$390m in illegal 
deposits In violation of bank- 
ing laws. 

At the centre of lask week’s 
upheaval was a securities bro- 
kerage controlled by the Hua- 
lon Group, a textile and finan- 
cial services conglomerate run 
by Mr Oung Ta-ming. The bro- 
kerage. Hung Fu Securities, 
had foiled to honor a J200m 
cheque on Tuesday, prompting 
a rash of rumours and a string 
of defaults involving 27 domes- 
tic brokerage firms. 

Mr Oung is not only o ne of 
Taiwan’s richest businessmen 
and the most prominent player 
in the stock market but an 
Influential independent legisla- 
tor in the country’s parlia- 
ment He is a member of the 
parttaraAirta r y ffr|arw*o commit- 
tee and has the support of on 
estimated 30 lawmakers in the 
161-member body. 

Last week, regulators moved 
to restore ealm amid panic 
share sell-offs by promising to 
meet defaulted payments out 
of fund established with contri- 
butions from all brokers in the 
wake of a similar crisis in late ■ 
1992. 

The incident. highlights the 
fragility of the financial sys- 
tem’s regulatory framework 




Oung Ta-ming: biggest name on Taiwan’s stock market 


and its inability to cope with 
the underground financial mar- 
kets. 

Other problems are the domi- 
nant role played in the finan- 
cial system by institutions con- 
trolled by the government and 
the rating Nationalist party, 
and the close but difficult to 


define relationship among the 
government business and the 
underworld. 

These ties have arguably 
been enhan«»ri by the advent 
of democracy in Taiwan over 
the past decade, which has 
prompted same politicians to 
offer favours in return for con- 


tributions to their election 
campaigns. However, senior 
fin fliirtial officials are keenly 
aware of the issues at stake. 

Mr Liang Kuo-shu, governor 
of the Central Bank of China, 
has warned: “We have to be 
very careful to prevent too 
much concentration of eco- 
nomic power in the hands of a 
few groups. Actually, you can 
see all the same faces control- 
ling much of industry and 
finance.” 

Brin g in g the nnnffirial finan- 
cial markets into tine will be 
difficult Office workers and 
blue-collar workers commonly 
join savings clubs known as 
“hui” in Chinese to raise funds 
to pay for a wedding, put a 
downpayment on an apartment 
or invest in the stock market 

Then there are the money- 
lords, which finance share and 
property speculation requiring 
larger sums. There are very 
roughly a dozen jinchu in 
Taiwan backing some twenty 
or thirty major market players 
such as Mr Oung. 

The money-lards take funds 
from companies or wealthy 
individuals wanting a higher 
return than hanks offer. Inter- 
est rates start at 2.4 per cent 
per month and borrowers delay 
payment at the risk of more 
than their material assets. 


Together we lead the world in aviation technology. 

The combination of European skills and resources from our partners in France, Germany, the UK and Spain has put Airbus Industrie in a leading position in civil aviation. Onr constantly 
evolving Airbus family of aircraft with its 30% market share worldwide, shows how European co-operation can make a significant impact nn a highly competitive international business. 





FINANCIAL TIMES MONDAY OCTOBER W 


NEWS: UK 


Industry leaders press for budget stimulus 


Aid offer 
to Ford 


By Andrew Baxter 


Leaders of seven big industry 
associations have signed an open let- 
ter to Mr Kenneth Clarke, chancellor 
of the exchequer, urging action in 
next month's budget to stimulate 
permanently higher levels of invest- 
ment and improve the UK's competi- 
tiveness . 

The letter marks the first time 
manufa cturin g industry has banded 
together to make a united plea for 
tax incentives and other steps to 


stimulate investment. 

Timed to reach the chancellor 
before this week’s Conservative 
party conference in Bournemouth, it 
is part of a campaign to keep manu- 
facturing on the agenda in the 
run-up to the budget 

The letter is based on an initiative 
this summer by the Machine Tool 
Technologies Association. The other 
six organisations backing it are the 
Confederation of British Industry, 
the Engineering Employers Federa- 
tion, the Society of Motor Manufac- 


turers and Traders.Metcom (the 
Mechanical and Metal Trades Con- 
federation). Beama (the federation of 
British Electrotechnical and Allied 
Manufacturers’ Associations/, and 
the Federation of the Electronics 
Industry 

The letter says investment levels 
in the IK had been lower than in 
most other industrial countries for 
most of the last 30 years. 

Without permanently higher levels 
of investment, it says, the UK faced 
“the prospect of further boom and 


bust cycles of the kind we have so 
often seen and suffered from in the 
past" 

The industry associations want 
the chancellor in his budget to: 

• introduce fuD first-year capital 
allowances for at least the first 
£200,000 of plant and machinery. 
This, they say, would particularly 
benefit smaller companies; 

• index-link gristing capital allow- 
ances for plant and machinery; 

• reform capital gains tax for hold- 
ings of corporate equity, with the 


rate reduced according to the period 
for which the investment has been 
held. This, they say. would encour- 
age investors to take a longer-term 
view; 

• at least maintain spending on 
transport infrastructure, education, 
training and export support in real 
terms, within a controlled public 
spending totaL 

Some of the organisations have 
made their own budget submissions. 
But the united plea on investment is 
a reaction to past disappointments 


when they campaigned separately - 
notably on capital allowances, where 
a limited, temporary scheme was 
allowed to lapse last year. 

Mr Graham Mackenzie, the EEF's 
director-general, said the seven asso- 
ciations hoped to meet the chancel- 
lor after the party conference. 

The letter comes as a report on 
medium-sized businesses in the 
north of England says many compa- 
nies face a difficult path back to the 
high levels of profit, investment and 
employment enjoyed In the 1980s. 


over new 


Jaguars 


By Kevin Done. Motor Industry 
Correspondent 


Superquarry caught 
in centre of debate 



James Buxton examines the fierce row over the 
proposed destruction of a Hebridean hillside 


The eastern side of the island 
of Harris in the Outer Hebrides 
is a broken landscape of low 
rocky hills, tiny lochs and 
jagged indentations from the 
sea. 

Few people live here, 
because apart from a little fish- 
ing and sheep farming there is 
almost nothing for them to do. 

One of the hills, near Linger- 
abay, consists of a rock called 
anorthosite, in strong demand 
for use as aggregate in con- 
struction and road building. 
Tomorrow a public inquiry 
starts into a controversial plan 
by Redland Aggregates, part of 
the Redland construction 
group, to establish a quarry at 
Lingerabay and extract 600m 
tonnes of anorthosite in the 
next 60 to 100 years. 

The scale of the project justi- 
fies the term superquarry. The 
eastern side of a hfil named 
Roineabhal will gradually be 
scooped out and shipped away. 
Eventually the hillside will 
give way to a man-made sea 
loch. The quarry will cover an 
area of more than 1 sq m. 

The superquarry has the 
support of Western Isles coun- 
cil which is “minded" to give 
planning consent to Redland. 
But Mr Ian Lang, the Scottish 
secretary, has ordered a public 
inquiry because of the environ- 
mental and economic ^issues 
that the project raises. The 




. ' ' : ripL * - - 




fir ****** f, 

|S5:- gjK / J X-flafe 




... 


Some people on Harris point to the shortage of economic activity while others say the quarry may have only an indirect benefit 


hearing is set to go on into 
next year. 

Redland says Lingerabay is 
the best of more than 40 sites 
in Scotland for mining a badly 
needed commodity when there 
is a shortage of feasible quarry- 
ing sites in England and Wales. 
It says the quarry, which will 
initially employ 25 people, ris- 
ing to between 50 and 100 at 
full production, will give “con- 
fidence and hope to a visibly 
declining society in south Har- 
ris". 

The issue of the superquarry, 
over which the 5,000 people of 
Harris are divided evenly, boils 
down to whether mineral 
extraction is the kind of activ- 
ity which will arrest the 


decline in the population, or 
whether its environmental 
effects will cause further dam- 
age to a fragile economy. 

The most authoritative 
objector is Scottish Natural 
Heritage, the government's 
conservation agency, whose 
opposition made the public 
inquiry inevitable. It says the 
quarry, in an officially desig- 
nated national scenic area, 
would have an unacceptable 
impact on its “scenic qualities 
a nd character”. 

It would create a scar on the 
landscape visible from Skye, 20 
miles away - though it would 
be shielded from the rest of 
Harris - and would inflict 
noise, dust, vibration from 


blasting, traffic and waste dig , 
posal, so damaging the inter- 
ests of those dependent on Har- 
ris’s reputation as “a pristine 
tourist destination". Aggregate 
could be better obtained from 
other sites in Scotland, or from 
superquarries in Norway. 

This attitude infuriates some 
residents, who point to the 
decline in the population and 
the desperate shortage of eco- 
nomic activity in Harris. At a 
recent public debate Mr Ken- 
neth Mattheson, a crofter, com- 
plained that the agency was 
giving wildlife and plants pri- 
ority over people. 

A local doctor said that last 
year in the northern part of 
the island only eight babies 


were bom but 50 people died. 
The population, he said, was 
set to halve in the next 25 
years. 

But Mr fan P-aiiaghan a mer- 
chant banker who moved to 
Harris nearly five years ago to 
run a small hotel, believes the 
scale of the project is too big 
for the island to absorb. “The 
things we have here - like 
community values, lack of 
crime, peace and quiet - are 
beyond price." be said. 

Redland last week agreed to 
pay £15.000 a year or lp per 
tonne of rock removed, which- 
ever was the greater, into a 
community trust fund for local 
people once production started, 
probably at the turn of the cen- 


tury. At the 5m tonnes a year 
which Redland hopes to 
achieve by 2005, that would 
amount to £50,000 a year. 

The company is anxious to 
convince islanders that it will 
suppress dust emission from 
the site by spraying water and 
will ensure that ballast water 
pumped out of bulk carriers 
before they load from the 
quarry does not damage the 
rich prawn grounds off south- 
east Harris. 

Yet some people doubt 
whether the quarry, if it goes 
ahead, would directly benefit 
the indigenous population. The 
numbers it would employ 
would not be high, and in spite 
of Redland’s commitment to 


hiring the majority of its work- 
force from the locals, it could 
be in for a disappointment. 

One Harris man who has 
employed people on the island 
for 18 years said: “You can’t 
rely on the Harris crofters as a 
workforce. They sign on for a 
job but then take a week off to 
dip tbeir sheep or dig peat. 
They don't want jobs, they've 
got their sheep and their dole 
and their whisky. There’s a 
few good workers and their 
emplovers will want to hang 
on to them ” 

Redland. he concluded, 
would have to bring in its own 
labour force. That might bene- 
fit the island’s economy only 
indirectly. 


The government fats offered a 
financial aid package worth 
tens of millions of pounds to 
Ford, the US carmaker, in an 
effort to persuade it to build a 
new range of Jaguar cars in 
the UK rather than the US. 

The Department of Trade 
and Industry said yesterday; 
“We have made an Offer and 
we are discussing the details.” 

Ford which took over the UK 
luxury carmaker for £l.6bn at 
the end of 19S9. lias been pre- 
paring for the last couple of 
years a project to build a new 
range of smaller Jaguar sports 
saloons. A formal decision to 
go ahead is not expected to be 
given until next year. 

Codenamcil X200. the new 
car would be an addition to the 
jaguar range and would more 
than double output to over 
100,000 care a year by 1908-39. 

The government was forced 
earlier this year to provide 
around £9.5m in selective 
regional aid to persuade Ford 
to build the successor to the 
Jaguar XJS at Jaguar's Coven- 
try plants, rather than at a 
Ford plant in Portugal. Coden- 
amed X100. that car will go 
into production in the summer 
of 1996. 

Mr Alex Trotman, Ford 
chairman and chief executive, 
said last week that the £9.5m 
aid for the X100 “would pale by 
comparison” with that needed 
to ensure that the X2U0 sports 
saloon is built in the UK. 

The range is being developed 
as a derivative of DEW98. one 
of the US carmaker’s latest car 
projects, which is expected to 
lead to a new range of execu- 
tive/luxury cars to be produced 
in north America, most proba- 
bly for sale under the Lincoln/ 
Mercury brand names. They 
would compete with luxury 
cars from BMW and Mercedes- 
Benz of Germany and makes 
such as Toyota's Lexus. 

Mr Trotman said one oF 
Ford's US plants "could build 
Jaguars just fine. We have 
some of the best quality facto- 
ries in the world in the US." 


When an airline has a young fleet, 
experienced pilots, attentive cabin crew, 
and the pickiest ground technicians in the 
world, it is free to concentrate on what is 
really important: 



fa 

^QUs 


5°®pi 




i ! .< 

lord 

L ‘ r *K>, V 

o;ii s 


FINANCIAL TIMES MONDAY OCTOBER 10 1994 


II 

*N 





MANAGEMENT 


Business lessons 
on the timetable 

Companies should aim for more efficient 
links with education to improve the supply of 
skilled employees, their quality of life and 
employability, finds John Anthers 


Teaching service, not servility 


A cross the world young people 
equate the service industry 
with “servility' 1 , according to 
American Express. The company, 
whose business is critically relian t 
on travel and tourism, has 
responded with an ambitious 
programme of investment in 
education, tightly controlled from 
its New York headquarters. 

John Petersen, a director of 
Ames’s European division, outlined 
the extent of the problem. He said: 
“Europe's population is declining 
and there's a high staff turnover 
already in the industry as a result 
of its poor image. This is creating 
growing shortages of skilled 
labour." 

Young people's perception of the . 
industry existed, toe said, portly - - 
because education was “ill-adapted* 1 
to the industry's needs. Thus it 
failed to provide the necessary pod 
of skilled labour, even while 
unemployment was rising. 

Amex’s European response is 
carefully modelled on an approach 
pioneered in New York, where the 
company has created a foundation 
to deal with its philanthropic 
activities in the US and elsewhere. 

Local Amex managers play a role 
in implementing programmes in 
their areas, according to Donald 
Hirsch of Warwick University, but 


always under the frnanrfai control 
of the corporation. 

In the US, Amex decided to focus 
on pre-vocational and vo cational 
programmes for secondary school 
pupils. They chose to do this by 
setting up. with the investment 
bank Shearson i^hmnn Hutton, an 
“academy of finance" in a state 
high school in New York. 

It offered a curriculum tied to the 
last two years of compulsory 
education, organised thematically 
around careers in the financial 
services industry, but also 
including more general programmes 
in subjects such as maths. 

Teachers, as well as pupils, were 
offered opportunities to learn more 
about the industry. 

By 1988, the academy of finance 
had spread to 35 schools in 17 cities. 
A smaller operation, the academy of 
travel and tourism, started in 
Miami and New York in 1986. 

In the UK. Amex’s first 
educational involvement was 
modelled directly on the US 
experience, with an attempt to start 
a travel and tourism academy, in 
conjunction with several hotel 
companies, in the London borough 
of Ealing in 1986. 

But it soon found it was 
necessary to tailor the programme 
to the UK's more specialised school 


curriculum, where pupils study a 
limit ed number of subjects for 
GCSE exams from the age of 14 
Rather than operate academies, the 
company developed the syllabus for 
the new GCSE subject of “travel 
anil tourism". 

It also sponsored printed 
curriculum mater ial and terthnnte 
to help teachers deliver the courses. 
Amex accepts this will not produce 
directly quantifiable benefits. But 
with 50,000 pupils taking the GCSE 
evnm is England each year, it is 
confident its development can only 
help the industry. 

Amex has also adapted its 
programme to the needs of other 
markets. In Ireland the syllabus 
includes history and literature - in 
fine with the country’s approach to 
attracting tourists: in Hungary the 
programme accentuates skills 
which had not been fostered fay the 
communist regime, such as 
entrepreneurship and building 
personal and social skills for 
dealing with customers. 

According to Hirsch. Amex's 
centralised approach to the 
programmes “does not create 
dirigisme so much as a broadly 
common set of standards for 
controlling spending, and a set of 
local managers who identify with 
the central ethos' 1 . 


G rowing concern that edu- 
cation systems are failing 
to deliver a sufficient 
flow of good quality busi- 
ness recruits has been voiced 
around the world for several years. 
Companies are now more prepared 
to do something about it 
In the UK, the greatest worry is a 
lack of scientists. Provisional fig- 
ures suggest that UK universities 
have failed to fill all the places 
available on science degree courses 
this year, despite reducing the aca- 
demic attainment t a rge ts required 
from applicants. 

Research by Motorola, the US- 
based electronics group, and Cell- 
net. the UK mobile telephone opera- 
tor, suggests that schools and teach- 
ers are exacerbating this problem. It 
found that 85 per cent of teachers 
thought students found science and 
technology difficult. Only 29 per 
emit of the students agreed. 

Evidence like this has persuaded 
a growing number of companies to 
invest directly in education. In the 
UK alone, a survey by the London 
School of Economics shows that 80 
per cent of UK companies intend to 
continue or extend school links in 
the next three years. Since 1988, 57 
per cent of companies have 
increased their involvement with 
secondary schools. 

However, the Confederation of 
British Industry is concerned that 
this activity - which is new terri- 
tory for many bus inesses - is being 
managed inefficiently. This month 
it published a new code of practice 
on education-business links - 
including involvement in preparing 
curriculum materials and work 
experience for pupils - and 
launched a campaign to persuade 
all its members to build such links 
by the year 2000. It also wants all 
primary and secondary schools to 
establish relations with at least one 
business. 

The CBI also advised companies 
to use performance indicators to 
measure their educational involve- 
ment Only 14 per cent of the com- 
panies surveyed by the LSE did so. 

This is not philanthropic. The CBI 
believes that the links will not 
merely improve the long-term sup- 
ply of recruits. In the shorter tom. 
companies can teach new skills to 
existing employees and use the 
experience of students involved in 
enterprise projects to experiment 
with management techniques. 
"Employees - as much as students 
- should participate in links to 
improve their quality of life, their 
employability and their specific 
skills," it says. 

Such a strategy would also help 
attract and retain recruits. Gradu- 
ates, in particular, are now looking 
for employers who can provide 
extra skills, rather than a secure job 


or a large salary. 

A conference held last month in 
London by the Student Industrial 
Society, which promotes Industrial 
careers to students, found that stu- 
dents overwhelmingly looked for 
companies to teach them “market- 
able, transferable skills”, with 81 
per cent saying they would expect 
this of any company. More tradi- 
tional concerns were fkr less impor- 
tant, with only 11 per cent expect- 
ing companies to deliver a “career 
for life”. 

The CBI’s proposals on “best 
practice” are influenced by experi- 
ence from the US, outlined at the 
International Conference on Educa- 
tion-Business Partnership in Paris 
earlier this year by David Stem, a 
researcher with the Organisation 
for Economic Co-operation and 
Development Stem identified three 
“stages" of links between busi- 
nesses and schools and a momen- 
tum which leads each to develop 
into the nogt 

These are: 


STAGE 


Resources for Education 
At this level, support for 
education is a sophisti- 
cated form of public 
relations. Companies provide mate- 
rials free of charge, in return for 
positive publicity, or send employ- 
ees to give talks to schools. This 
satisfies employers' basic “enlight- 
ened self-interest". 

However, these partnerships soon 
became more complex, as they do 
not give students actual experience 
of working, and do not teach them 
how to use the workplace as a 
“place of learning ". 

This ipwd«^ ta 


STAGE 


Placements for Learners 
Employers allow stu- 
dents work experience 
in return for low wages. 
Several continental European 
nations have highly developed 
“dual" t rainin g systems where 
trainees spend most of the week in 
supervised training with the com- 
pany. bnt also spend time at a state- 
funded school, studying general the- 
ory to back their vocational work. 

In the US. the trend is more 
towards “career academies’ 1 set up 
within schools, of which there are 
now around 150 (see accompanying 
piece). Each academy is organised 
as a “school within a school", allow- 
ing a group of students to take a 
distinct sequence of courses 
together, and covers a broad voca- 
tional theme, such as health, or 
computer-related jobs. Narrow trade 
specialisms are avoided. 

These academies are used by 
their host schools to enlist active 
involvement from local employers, 
who help to formulate the curricu- 
lum, serve as mentors and offer 


STAGE 


work experience. Growth of these 
academies was encouraged by the 
School-to-Work Opportunities Act 
signed by President Clinton in May. 

However there is a problem, 
according to Stem, that students in 
career academies or apprenticeships 
are “mainly trying to become part 
of the workplace as it is”, and not 
“to change the way work is done”. 
This has led, he says, to the evolu- 
tion of a more ambitious level of 
business-education partnership. 

Support for Model 
Workplaces 

Under this model 
employers help educa- 
tional institutions to carry out pro- 
ductive activities which can serve 
as “laboratories to develop tech- 
niques for the learning organisa- 
tion”. The goods or services are 
then put on sale to people other 
than the students involved. 

Such programmes are nrwmnnn at 
university and graduate level - for 
example students staff teaching 
hospitals or produce law review 
journals. Stem's research for the 
OECD shows that 19 per cent of US 
secondary schools have at least one 
school-based “enterprise". US exam- 
ples involve students in building 
houses and running restaurants. 
Similar schemes are emerging in 
Australia and Denmark. 

Stem believes these enterprises 
provide better learning experiences 
for the pupils than work experience 
in real companies, as there is le ss 
danger of being left with simple 
repetitive tasks with low educa- 
tional value. As such enterprises 
need not have to make a profit, they 
can afford to allow students to work 
slowly and carefully, learning from 
mistakes. In this way they can also 
experiment with new production 
and manag ement techniques. 

One US hotel for exampl e, is con- 
sidering using its school enterprise 
to experiment with skill-based pay, 
while students operating a retail 
outlet in a commercial shopping 
centre have been divided by teach- 
ers into teams with different areas 
of responsibility. Each team is 
judged by a series of performance 
measures, including profitability, 
service and prevention of theft 
According to Stem, this might 
provide useful lessons to neighbour- 
ing commercial retailers, who have 
been slow to introduce the principle 
of team organisation. 

As Stem’s OECD report con- 
cludes: “By supporting school-based 
enterprise, employers might learn a 
tot; 

• “Creating a learning community: 
a CBI review of education business 
links”. CBI Publications Sales, CBI 
Centre Point. 103 New Oxford St, 
London WCIA 1DU £20 (£10 to CBI 
members). 


Bumping into office etiquette 


B y the time you read this, I 
will he sitting at home 
with my feet up enjoying 
the first week of a long 
holiday. Normally I would refer to 
this period as maternity leave, but 
"holiday" is the term that a senior 
col longue used the other day. It 
was, he now assures me. an unfor- 
tunate slip of the tongue, which he 
would never have mado bad he not 
been so weighed down with work. I 
accept his excuses, yet take his 
w embarrassment as evidence that 
pregnant women present a problem 
of office etiquette. 

From next week UK law will be 
changed, so that employers will no 
longer be able to fire pregnant 
women, nor refuse maternity leave 
iT they have not worked there for 
two years. Yet changing the rules 
may prove simpler than teaching 
men how best to behave around 
their bulging workmates. 

Initially I had planned to write an 
etiquette guide to help them out. 
But the more 1 thought about it, the 
more 1 realised it was an impossible 


task. Some women love to be fussed 
over, be made to sit down and 
brought cups of tea. Others wish to 
have their growing girth ignored 
and view any remarks as a slight on 

their professionalism. 

You have to feel sorry for men 
who are trying to deal with the situ- 
ation sensitively. What ever they do 
they cannot win. 1 find myself irri- 
tated when business contacts I 
scarcely know ask me whether this 
is my first child and then tell me all 
about their own families. Equally, 
when I waddled into a meeting with 
a stomach the size of a watermelon 
1 was put out to have my condition 
unremarked upon. 

To complicate matters further, a 
remark that is acceptable from one 
man may be out of order from 
another. Lord Weinstock has not 
only committed the sin of interro- 
gating me about my family, he has 
reprimanded me for sitting in Ms 
office when I should have been at 
home with my children. Instead of 
kicking him. I was amused, 
charmed even. 


LUCY 

KELLAWAY 



Even so, maybe I should have 
mentioned fathers. One manage- 
ment consultant has written to me 
explaining that the modem man- 
ager is not complete unless they 
play the parts of both mother (rich 
in instinct and feeling) and father 
(strong on intellectually justifiable 
analysis). It is my turn to be irri- 
tated again. 


have management consultants 
instead. Which will you vote for. 
Bain. McKinsey or Boston Consult- 
ing Group? 


Still, there are a few rules that 
can be applied in most cases: 

• Never touch. This should go 
without saying, yet at least one col- 
league has approached my belly 
band outstretched. 

• Never ask anyone if they are 
expecting, unless they are unmis- 
takably pregnant The chances are 
they have just put on wmght 

• Do not immediately ask preg- 
nant women if they are returning to 
work afterwards. This implies you 
have shunted them into a non-seri- 
ous class. 

• As the bulge gets larger and 
larger, try not to lode alarmed. It is 
annoying to be told that you should 


be in hospital when you still have 
several weeks to go. 


On the subject of friction between 
the sexes at work: I seem to have 
irritated quite a few fathers by say- 
ing last week that mothers make 
great managers. To set the record 
straight, I meant that anyone who 
hag put in the hours civ ilising chil- 
dren will have learnt a few manage- 
ment lessons. If 1 didn’t pay lip ser- 
vice to the New Man, it was because 
I assume there are not many of 
them about, especially not among 
Financial Times readers. 


We have seen management consul- 
tants take over big business, the 
BBC, the health service, 
schools . . . there can barely be a pri- 
vate or public sector organisation 
left that does not use them- But still 
consultants are not satisfied. Now 
they want to take over the reins of 
government In a letter to the FT 
last week, the head of Bain & Co 
pointed out that an the main UK 
political parties have the same 
strategy, but all are useless at 
implementing it and hopeless nov- 
ices when it comes to management 
So let’s get rid of politicians and 


One event I will be sorry to miss on 
my holiday is a seminar next month 
on “Quantum Leadership” which 
has been described as “magnificent" 
by Bus iness Week magazine. John 
Wareham, the brains behind it, is a 
member of the wacky school of 
management gurus who wears a 
paisley waistcoat and has his 
glasses on his head. His one-day 
seminar promises to teach you 
about “energy and aggression, lust 
and libido”, “the fallacy of the okay 
gal/guy and why more than 80 per 
rant of job ranriidates are mentally 
ill”. 

I win miss him in Europe this 
winter but I am cheered to see his 
world tour continues next year. Per- 
haps I shall book in at his Bermuda 
gig, though rm not sore where m 
get the $1J50 entrance fee from. 



PIONEE RS A ND 
PROPHETS 


Elton Mayo 

The Australian-born pioneer of 
Industrial sociology; is credited 
with instilling the “human 
factor” in management theory. 

■ The legacy of his ideas is 
evident in many modem 
management theories that stress 
communications, corporate 
culture and leadership. 

Although Mayo's most 
important work took place at 
Harvard, where he remained 
' notO two years before Ids death 
in 2949, hfe work on industrial 
unrest drew on an eclectic early 
eareer. 

Born in 1880, his career 
spanned medical training in 
London and Edinburgh, a 
partnership in an Adelaide 
printing company, teaching 
mental and moral philosophy at 
Queensland University and 
pioneering work on the 
psycho-analytic treatment of 
sbeD-shock during the first 
world war. 

He transferred some of his 
ideas relating to nervous 
problems to industry, arguing 
that “So long as commerce 
specialises in business methods 
whicb take no account of human 
nature and social motives, so 
long may we expect strikes and 
sabotage to be toe ordinary 
accompaniment of Industry”. 

Hfe best remembered work 
arose from the lighting 
experiments known as the 
“Hawthorne effect”, which took ' 
place at the Western Electric 
company's plant at Hawthorne, - 
Chicago. The researchers set 
factory lighting at diff erent 
strength s to discover what 
would have the greatest effect 
on productivity. The light was 
brightened for one group and 
left unchanged for another. The 
result was an eni gma: both 
groups increased their 
production. Subsequently, Mayo 
found that any change to the 
workers’ conditions led to a rise 
in output 

Mayo concluded that the 
employees had gained in work 
satisfaction by the attention 
lavished on them and by the 
co-operation between informal 
groups in the workplace. He 
argued that the main objective • 
of management was to 
encourage co-operation and 
team work among employees. 

“Worker-management conflict 
may be doe less to ostensible 
reasons for the dispute such as 
tea-breaks or insufficient light, 
than emotional attitudes,” he 
said. Workers were ruled by the 
“logic of sentiment”, while 
managers were moved by the 
“logic of cost and efficiency”. 

However, David Coffinson, a 
lecturer in organisational 
behaviour at Warwick 
University, describes Mayo's 
ideas as a “parados". 

Mayo's stress on 
communications and good 
personal relationships appears 
to be a more humanistic 
philosophy than fur example, 
the “scientific management” 
principles espoused by Frederick 
Taylor, Bnt it can be criticised 
for its patronising view til an 
irrational workforce and its 
supposition that conflict can be 
sorted out by improving 
communications between 
managem e n t and workers. 

Nonetheless, CoBfnson 
concedes that Mayo’s work “has 
a relevance today”. The 
“Hawthorne effect” remains • 
widely cited by academics. Ami 
management theory and 
consultancy projects continue to 
be influenced by the idea that 
worfcere want recognition, 
security and a sense of 
belonging. 

Vanessa HouMer 



Every day, 
we help 
thousands of 
people like 
Zoe fight 
cancer. 


with cancer a fighting chance 

f il ■% I ■»>«** '»• « wl 

i u.m ur V i » 

■-lid Nu 

hj 








Mr-M-M o'M; 

pj^ Kjuft, ^UBT Joctftk® «OJ 

—S’” tenpeHalCewcer . 

^ * ■- Keso/)rcb Fund uwrm wCJA jbr ^ FT *-* i 


NOTICE TO BONDHOLDERS 

IMHtag Manse 

Transport Corporation 

(bcnpuaM wtt* Uri 
ftafaBBytaTaftna. 

ttoBmMetfOM 

BS S9Q.0OQJJ0B 
fl/ZpfMBL S««fs fef 200! 
M| i ito—t tf C i m s nfM Pricy 

NOTICE IS HEREBY 
GIVEN dpt as a result of the 
distribution of 25 ,022^46 shares 
ofU-Miag Marine Transport Gor- 
ponaioo in (be farmafSack Divi- 
dends for tbc year 1993. Ac con- 
version price of tbe Convertible 
Bond has, ift a ccor dance with 
Sea ion &2cf the Indenture drted 
7ft February. 1994, barn adjusted 
Cora NTS35.07 to NTS33 with 
effort from 16* October, 1994, 
the cx-Diridead Record date. 
Owed: October TO, 1994 


Mesh Technique 


HERNIA 

Repair 


P er forme d as a day case 
under local anaesthetic by 
NHS Consultants. 

Fast, effective treatment 
erases your rapid return to 
normal Overnight stay 
available in our private 
hosptaL Affordable 
afl inclusive fees, 

RHA Registered. 

For further details phone: 


The London 
Hernia Centre 


071-328 1228 

AtMurid ifo Wes HsBpSsdCw. 
Esobb.'Kdtiprt 


The Financial Times ' v 
plans to pulffish a S«nvey o*t 



on Thursday, November 17. 


54% of Chief Exeutives in Europe’s largest 
companies read the FT* 
tf you want to reach this Important audience, 
and decision makers worldwide please call; 


Ema Pfo to Copenhagen 
Wrtll lMHn 

ftac 33935335 


Kbsty Saund ers to London 

T* *44 on 8734823 
R*C *44 0718733934 


FT Surveys 


* Sower Ontf Utatms m 
&TM1990 


Tenneco Inc 

HOUSTON. TEXAS 

1984 

Trie 1 994 fourth quajlertCvKtendoJ 40c per share 

is our 48th 

on ths Common Stock wffl be paid December 13 

consecutive 

to shareowners of record on November 25. About 

year at cash 
dividend 

100.000 cfinact shareowners wffl share in or earwigs. 

payments 

Kail A Stewart, Vice Presktenr and Secretary 


The Top 
Opportunities 
Section 

For senior management 
positions. 

For infbnnatioo caiL 
Philip Wrigley 
+4471 8733351 





Sovereign {Forex] lid. 

24hr Foreign Exchange 
Matpi Boding FodEfy 
Qupsftim Prices 
Defy Fax Service 
*±071-931 9188 
fac 071-931 7114 
thh&im | A..iy 
lonta 5W1W0BE 


V 





per cent WDAs will be raised in the near flows Involved. 





UN ANCIAL TIMES MONDAY OCTOBER 10 1994 


11 


BUSINESS TRAVEL 


Astenferecuts 

•VkUmi 

Of afar* 



tWMAttan 
MAMiM* 
Iv^SbWtos+MMiam* 
anap M totnw n Hurt ft ts 
■raWfeafem* for lint- »d 
•via 


fNjtaurf ami «m Inter. 
CttfeMrtfel route* by 
™>-®0 paroM^ write* - 
Jfltesn Cook* to ffoate 
AWAnkm. 
SWwraUooa Kong 
bwtoiiwihii Up on SU 
:■»« w *0511,770 PE7S3) 

from 6 * 2 * 82 . 

- TCSlwr cantors ta tho 
wrfon wo u n d i d to 
taOow 6W« aaoonpto. 


Wan to ban smoking 

The US House of ■ ■ 
^ >r8sen faaivea has voted to 
ran sm oking on all international 
to and from the u$> us 
the measure may faS one It 


S^Wng was outlawed four ■ 
Sps ago on as US domestic * 
ffighte except those lasting si* 
hoire or more. The House fag. 


ragnts. ft now goes to the . 
Sentfe, but anaidasaid.no 
action was expected Hs year. 


Smogctears 


The smoky 
hate that has 
affected 
Sfegapore, 
Malaysia and 
fadonesia had 
largely defeated 
yesterday, thanks to rains 
and favourable winds. 

Thick sarin from forest 
llres ragfeg in Sonakra and 
K alimanta n had shrouded 
large parts of- sooth-vast 
Asia. Singapore’s 
wuthoi rttto s cwi ftuw to 
acMsa people affected fay 

have to stay Indoors. Many 
people hm had brnattbig 
prablam, 


Courtesy on roods 

Teams of youngsteis positio n ed 
themselves at toad junctions - 
around B elgium on Saturday, 
urging drivers to apologise to 
feBow read users instead' of 
blasting their hcxns. It was pat 
of a national ‘'courteous driving 
day". 

The campaign, sponsored by 

an tnsu&ics-conY&ty afcns to- 
reduce noise generated by irate 
drivers, and to tackfe om of 
western Europe's highest ., 
road^accktentfatafify rates.: New 
statistics show an afinuai death 
rate from road accidani s oT 45 
people per 100,000 vettetee In 
Belgium. WHhJn the Bropeah ■ 
Unfan, only Portugal; Greece ‘ 
and Ireland hare worse rates. * 


Japanese^ftei^Hock 



yeeterday, tattttMeivav 
no reports of dtenago or 
ftwaathougfetto 
h«re beeoafa aftershock .. 
teetiw 53 —Bpltedo 
quake test Tuesday; which 
kteetf at least TO people JO 
tee Russtan-occopfcd Kurt 
Winds, just nordioy Japan, 
228fa««afes to 
tnon» broken 


_ to 

Hokkakto sold these wore 


Joel Kibazo flew to the recently opened Kansai International airport in Japan 


O n a dear day. Kan- 
sai International 
must be one of the 
world's most spec- 
tacular sights from the air. 
Japan's new airport, which 
H opened five weeks ago, is on a 
7 man-made island about 2% 
utiles offshore of Osaka. 

The terminal building, which 
stretches for just over a mile, 
is encased in glass, with white 
metal bars to support it The 
airport, . which took seven 
years and £9.2bn to build, is 
the only man-made structure 
other than the Great Wall of 
China to be visible from space. 

Yet for all the architectural 
splendour of the building, cre- 
ated by Italian designer Renzo 
Piano and his team, not 
enough attention has been paid 
to the needs - or foibles - of 
travellers. 

Leaving the aircraft to enter 
the airport, you encounter 
easy-to-follow directions - so 
long as you are fluent in Japa- 
nese or English. There are no 
signs in French, German or 
Arabic - which seems an over- 
sight. given that a large pro- 
portion of those using Kansai 
are likely to be international 
business travellers. 

On your way to the baggage 
hall, you may appreciate the 
bright yellow and orange 
chairs which you pass in the 
boarding lounge. But then you 
hit the arrivals hall. There is 
so little space that you have to . 
squeeze - or at times fight - 
.'l your way through the waiting 
hordes. 

Your fcDow passengers , are 
not your only problem. The 
new airport has became a tour- 


Nice view - shame 
about the crush 



Land ahoy; Kansai airport on Rs man-made tatand is an i mpressive sight from the air 


1st attraction for locals, so if 
you land at Kansai over the 
next few weekends, you will 
have to make your way 
through crowds of gawpers. 
The Kansai authorities daim 
that sightseers pose no prob- 
lem. but the long queues at 
each restaurant and the piles 
of rubbish outside the main 
airport terminal were evidence 
of the extra 300,000 people that 
had visited Kansai one week- 
end recently. 

Having made it through 


arrivals, there Is an informa- 
tion desk to the left of the exit 
where staff are keen to help 
with farther directions. Hotel 
and ticket information is avail- 
able at an adjoining desk (the 
main airport hotel does not 
open until next year). 

Just in front of this desk are 
two small bureaux de change. 
But there is only one window 
at each, so if two flights arrive 
within a few minutes of each 
other, long queues spill into 
the road. 


Two expressways link the 
airport to Osaka, so leaving the 
airport is not difficult There 
are plenty of buses, coaches 
and fcwis outside, though the 
£50 cab fare to Osaka may 
came as a. bit of a shock to 
first-time visitors. 

The authorities are keen to 
encourage use of rail connec- 
tions. The station is close to 
the terminal, and buying a 
ticket is easy. After you have 
bought your ticket, however, 
and are waiting for your train. 


yon may feel less Brnthnwaatin 
You could have an hour or so 
to wait, and there are no seats 
for tired travellers to use. 

Delays of that length may 
persist for as long as sightseers 
continue to be drawn to Kan- 
sai. The cleanliness and swivel- 
seats of the trains themselves 
may offer some compensation. 

Flying out of Kansai is rela- 
tively straightforward. For 
those who do not speak 
English or Japanese there are 
information machines that 

Speak Other Tari g iifl g ipg 
Be prepared for the stiff 
departure tax - euphemisti- 
cally called “airport facilities 
charge” - which is £17. And 
count on alm ost everything, 
from beer to hamburgers, to be 
expensive. The choice of drinks 
or cigarettes at the few duty- 
free shops is limited, with only 
the dearest brands on offer. 

Many international airlines 
have started flying to Kangai 
which is designed to serve as a 
hub for passengers to Australia 
and elsewhere. Japan Air lines 
is its biggest user to date, with 
the greatest number of flights 
from Europe, including four 
from London »nd three from 
Paris each week. British Air- 
ways has two flights a week 
from London. Surprisingly, All 
Nippon Airways, the other big 
Japanese carrier, has yet to 
start direct flights from Europe 
to Kansai. 

The big Japanese airlines 
have direct links from the sew 
airport to Tokyo. But the flight 
takes 45 minutes, so use Kan- 
sai only if yon are heading for 
the Kansai region. And remem- 
ber to enjoy the view. 


MEDIA FUTURES 


Typhoon bits. Taiwan 

Typhoon. Sem,wBh winds of '■ 
i07mph, struck Taiwan • ■ 
yesterday; leaving one person - 
dead. Four domestic airports fa 
eastern Taiwan were dosed bid 
.international airports stayed 
open.. 

A highway in eastern Taiwan '• 

was cfasad foOcxiuing fancteBdes. 
Officiate ware considering 
whether to cancel today's 
National Day celebrations. ' 

■ SeBi is the sixth typhoon to. 
hit Tdwan sine© fiarfy July. 
Storms have kited 30 people 
and caused extensive damage. 


D o you need a visa to 
visit the US? It 
depends. 

The Visa Waiver Program 
allowed many travellers to go 
to the US without a visa. The 
programme expired at the 
beginning of this month, but it 
continues to apply until the 
end of October. There is every 
chance that it will continue 
after that, but it is best to 
check at the end of the mont h. 

Another problem is that if 
you do need a visa, from 
tomorrow you have to pay to 
apply. You do not pay at the 
US embassy, however. You pay 
at Barclays B ank. 

Confused? You are not alone. 
Let’s go through this slowly. 

1. Do I need a visa to travel to 
the US? 

Yes, unless you are a citizen 
of Andorra, Austria, Belgium, 
Brunet Denmark. Finland, 
France, Germany, Iceland, 
Italy, Japan. Liechtenstein, 
Luxembourg, Monaco, the 
Netherlands, New Zealand, 
Norway, San Marino, Spain, 
Sweden. Switzerland or the 
UK. If you are not a citizen of 
one of these countries, go to 
question 6. If you are a citizen 
of one of the above, move on to 
question Z 

2. So that means 1 don’t need a 
visa? 

Possibly not. But read the 
whole of this answer first. 

You might need a visa if you 
also plan to visit Mexico. Can- 
ada or tire Caribbean. If you 
do. go to question 4. 

You will also need a visa if 
you plan to visit the US for 
more than 90 days. In which 
case go to question 6. 

You will need a visa if you 
are a government official, jour- 
nalist on assignment part of 


/ Likely weather in the leading business centres 

Mon rue «M Ttmr Fti 



22/ <*^ v22-- 

32 ^^32 31‘ 

jijie W & 15 1^14 .Hai a. 

&>** 



Mwfcnum tetrporatores W Cefc&is 

Vital 
statistics 
on visas 

Do you need 
one for the 
US? Michael 
Skapinker 
explains 

You'll N££P AVIS ft 
AND ANOr^FSoM 
yfaUR. MCTttEft, bud] 



an airline crew, or studying in 
the US. If so. go to question 6. 

If none of these applies, 
check you do not fan foul of 
the provisions in question 3. 

3. So I am of the right nation- 
ality and I am not a govern- 
ment official or journalist. 
What is the problem now? 

You still need to submit a 


visa application if you have 
ever been afflicted with a seri- 
ous communicable disease or a 
dangerous physical or mental 
disorder, or if you have ever 
been a drug abuser, addict, 
drug trafficker, prostitute or 
procurer. Similarly, you need 
to apply for a visa if you have 
ever been arrested for or con- 
victed of any offence, or if you 
plan to enter the US to break 
the law. You also need a visa if 
you had Nazi connections dur- 
ing the second world war. 

If you fall into any of these 
categories, go to question 6. If 
not, go to question 5. 

4. I plan to visit a neighbour- 
ing country as well as the US. 
Do I need a US visa? 

Not if you have a ticket 
home. Go to question 5. 

If you have an onward ticket 
to a neighbouring country but 
no ticket home, you will need 
a visa unless you are a res- 
ident of that country. Go to 
question 6. 

5. Good. So I really don't need 
a visa? 

No you don’t But you still 
need to arrive in the US with 
evidence of the purpose of your 
visit, of funds to support your- 
self and your plans to go home. 

6. So I need a visa. What next? 

From tomorrow, you will 

need to pay a fee after getting 
your visa application form but 
before submitting it In the UK, 
the fee is £13.75. It is non-re- 
turnable, whether you get the 
visa or not The fee cannot he 
paid to the US embassy. In the 
T7K, it should be paid in cash at 
a branch of Barclays - other 
banks may accept payment but 
might, charge a fee. In other 
countries, ask the US embassy 
if the fee has come into effect 
and where you have to pay it 


Two clear ways for managers to increase profits 


by Aten Cane 

Which of the new tdecommunisations 
services now on offer wQl give managers 
the best chance of increasing their 
profitability? 

OTR Group, u consultancy based in 
London and Brussels, has been 
investigating this question over the past 
two years anti concludes that two - virtual 
private networks and nationwide 
fibre-optic networking - “stand out like 
beacons". 

The first. OTR says, will enable large 


cost savings. The second offers the 
promise of new services where some 
companies could sake large profits in the 
not too distant future. The conclusions of 
Gift's report* will be welcomed by 
managers attracted by the excitement over 
multimedia and the information 
superhighway but dazzled by the options 
open to them. 

“They have no intention of going on a 
technology buying tenge in a fast-moving 
area of which they know little,” says OTR. 

Virtual private networks (VPNs) are an 
alternative to private leased lines and can 


work out 30 per cent cheaper. VPN is a 
form of outsourcing. The 
telecmnmuniratinns carrier operates the 
network on behalf of the customer, almost 
certainly be a medium-sized or large 
business. 

According to OTR’s figures, a VPN 
works out cheaper than private networks 
if the volume of traffic over the network is 
less than 2,000 minutes a day. The 
advantages from VPN include least cost 
routing - a call between the Amsterdam 
and London offices of a company, for 
example, would be charged only at local 


London rates. Holiday Inn Worldwide 
spends S42Sm with AT&T on VPN services 
mid reckons to benefit by a 40 per cent 
discount on tariffs, depending on 
volume. 

National fibre optic networks or 
information superhighways, are likely to 
be aimed chiefly at consumers. OTR has 
identified nine product categories for the 
superhighway, of which the first eight are 
consumer driven - video-on-demand, 
Hrtpip shopping, home information, garr^tx; 
home financial services, videotelephony, 
education, news and medicine. 


According to OTR, business needs are 
already being met by conventional 
communications: “There is not sufficient 
new demand from the business 
community to warrant the installation of a 
national fibre-optic network.” 

This conflicts with the commonly held 
view that business win be first to see the 
benefits of, and be prepared to pay for, 
information travelling on the 
superhighway. 

OTR sees the first beneficiaries of a 
national fibre optic network as service 
companies replacing, for example, 


expensive professional consultancy with 
videos explaining financial or legal 
matters. 

It estimates 2005 as the year when the 
superhighway will be fully operational in 
the US, Europe and Japan, but argues that 
the business be n efits will start to trickle 
through by as early as 
1995. 

*What nan telecommunications services 
will provide the largest opportunities for 
business benefits? OTR Group London 
071-402 3574; Brussels 32223029 


Bringing maturity to 
swashbuckling Sun 

Alan Cane looks at changes planned by Phillip Samper 


or a company with a 

reputation for the 
<4 kind or brasbness 

and aggression that 

frightens the giants 
computer Industry. Sun 
lysiems has been uncoxn- 
quiet of late, 
t should change once 
S.UU1XT. appointed pres- 
et Sun's computer 
l« diviwui (SMCC) at the 
ling of the year, gets his 
Jd strategy for the divi* 
p and running- Multime- 
rf networking are impor- 
intents in his plans, 
a California-based work- 
n manufacturer, is 
v a key contributor to 
ermit. the global web of 
inncrt.ti computers and 
ter networks which has 
;sm twers Sun was an 
adopter of the rules 
have to be followed to 
lit data on the Internet, 
luiisequonce. it reckons 
i much as 5G per cent of 
c it traffic runs on its 
it>r&, while mast of the 
iv written to help users 
nir way round the net- 

- applications with 

like Mosaic. Archie and 
r - was. developed on 

stems . 

potential of the Internet, 
•r, ts uften tost on users 
tii<> business of mak* 
c* connection difficult, 
i vc and nmcHwnsunrnig. 
ircjt. Sun announced 
nds i«f computers that it 
(fs ?s Internet servers 
will make it easy for 
ted un'IV to find tbter 
n to and around tnc 


Internet. The servers - micro- 
computers costing between 
£6400 and £13400 - essentially 
take the user step-by-step 
through the connection pro- 
cess. Sun has been a pioneer in 
exploiting the commercial pos- 
sibilities of the Internet and is 
a member of CommerceNet, an 
industry consortium working 
on the creation of an electronic 
marketplace over the Net Now 
live, it is expected to offer elec- 
tronic shopping and banking 
soon. 

There is a less serious side to 
Sun’s Internet activities: 
recently it worked with Think- 
ing Pictures, a spin-off from 
the Massachusetts Institute of 
Technology Media Lab, to cre- 
ate an Internet database for 
the Rolling Stones' “Voodoo 
Lounge” concert tour. Stored 
on the database are concert 
dates, video and audio dips of 
the band at work, and a library 
of photographs. 

SMCC is Sun's principal 
operating division, a company 
with no scruples about telling 
larger competitors like Interna- 
tional Business Machines and 
Digital Equipment that it 
intends to grow by eating their 
lunch (taking market share 
from them). Scott McNealy, 
founder and chairman, relishes 
what he describes as the com- 
pany’s “in-your-face" attitude, 
hamper is more moderate. He 
calls it “swashbuckling". He Is 
not the most obvious choice as 
leader of a technical workstat- 
ion manufacturer. Fifty nine hi 
February, he was formerly 

vice-chairman of Eastman 
Kodak. During his 28 years 


with Kodak he led the photo- 
graphic «ynri inf ormation man- 
agement division and managed 
Kodak’s operations interna- 
tionally. 

He does, however, have expe- 
rience as a purchaser and user 
of corporate computer systems, 
and has been on Sim's board of 
directors since 199L Kodak was 
at one point an investor in 
Sun. 

The company is at a critical 
point in its development. 
Founded in 1982, Sun grew rap- 
idly and profitably through the 
1980s by building workstations 
- hugely powerful personal 
computers used by scientists 
and engineers - that were 
demonstrably faster than the 
competition. The secret was a 
microprocessor chip called 
"Sparc". Today, Sun is still the 
leader in workstations with a 
37.6 per cent share of the mar- 
ket - ahead of Hewlett-Packard 
(19.6 per cent) and DEC (1L1 
per emit). 

A nalysts worry, how- 
ever. that other 
chips such as “Pow- 
erPC” from IBM 
and "Alpha” from 
DEC have leap-frogged ahead 
of Sparc. One answer from the 
CaHfornian company has been 
to seek an extensive alliance 
with Fujitsu of Japan - a 
world leader in chip manufac- 
turing technology - to design 
and build foster and better ver- 
sions of Sparc. 

Samper, however, believes 
that management changes are 
just as important, as the com- 
pany moves past the psycho- 


logically important $5bn reve- 
nue point. “We have to find 
ways of keeping the spirit qf a 
small company with the man- 
agement structure of a large 
one," he says. 

He makes two comments: 
“First, Sun has to understand 
the global market better. Sli- 
con Valley companies often 
have two problems - under- 
standing there is a US market 
outside Silicon Valley and 
understanding there is a world 
market outside the US. Second, 
Sun ryxylc a different approach 
to marketing and in particular 
to advertising and public rela- 
tions." 

At present, it spends only 
$15m or $20m a year on adver- 
tising and the like; a reUc of 
Sun’s origins in technical com- 
puting where recommenda- 
tions were passed on by word 
of mouth. Competitors spend 
up to 10 times more, and Sam- 
per is anxious to see a substan- 
tial increase in Sun’s advertis- 
ing budget 

His principal rule, however, 
is to inject experience and 
maturity into a young and 
ambitious management team. 
“We have to learn that swash- 
budding is not the answer to 
business; business is the 
answer to business.” 

He argues that executives in 
fast-growing companies 
become expert at fire fighting 
but do not spent enough time 
on fire prevention. An exam- 
ple: the financial hiccough Sun 
suffered around the turn of the 
decade when, of all thin^, its 
computer-based accounting 
system proved inadequate- The 



problem has been rectified and 

th«» new System is cmrtinnany 

upgraded. “God willing, we 
will never have that problem 
again." says Semper with feel- 
ing. 

He believes that Sun win be 
a leader in each of the key 
technologies over the next few 
years. He argnes, few example, 
that the likely winn ers of the 
microprocessor wars will be 
Intel (probably in conjunction 
with Hewlett Packard), IBM. 
Motorola and Apple with Pow- 
erPC and the Sim Sparc. 

In operating systems. Micro- 
soft will be represented by 
Windows NT or a variant, IBM 


by OS/2 and Sun by Solaris, 
thepackaged version of Sun’s 
Unix operating software. 

In the key area of object-ori- 
ented technology, which many 
see as the future of computer 
programming, there will be 
Microsoft’s Cairo, Teligent 
from IBM, Apple and Hewlett 
Packard and NextStep from 
Steve Jobs’ Next group. Sun 
has a 10 percent stake in Next 

However, the low-margin PC 
business is one battlefield that 
Sun seems unlikely to invade. 
“We keep looking at PCs, but I 
have to be certain we can 
make money there," says Sem- 
per. 



• The FT is circulated In 160 countries woridwfds, wttti a 
readeisMp In excess of one mlDon people 

• Hie weekday FT Is read by 139,000 senior business 
people tai Great Britain 

• More UK business people read the FT than any other 
national dally newspaper 

■ More than half of Europe's top Chief Executives read 
the FT 

• The FT reaches more Captains of Industry In Great 
Britain than sty other national daOy newspaper. 


For a fall editorial synopsis and details of available 
advertisement p osi ti on s, please contact 

Pat Looter or Brian Heron on 

Tit 061 834 3381 Rbc 081 832 9248 

JUaxandn BriUfagi 

QmnStrast 
Mancbwtar M2 5IF 

D*m men: BMRC 1933 . EBRS 1333 , COittBX 

FT Surveys 


i 


| 





FINANCIAL TIMES MONDAY OCTOBER 10 1994 


PEOPLE 


Presiding over ‘creative chaos’ I j 


A love of travel led the young Peter Job to Reuters. Now, says 
Katharine Campbell, his empire extends to 150 countries 


H3 


S tep Into Reuters’ corporate 
headquarters at 85 Fleet 
Street, London, and the 
foyer - not even a clock in 
view - gives no hint of a 
pioneering media business flashing 
information to 150 countries at a rate 
of more than 1,000 updates per sec- 
ond. 

Meet its chief executive, Peter Job, 
and there is equally little evidence of 
the steel you might imagine necessary 
to drive a company whose arrogance 
in the marketplace has been a by- 
word among its customers. 

Job reckons that the importance of 
the chief executive’s role can he over- 
stressed. A young-looking 53 in a 
plain white shirt, tie shewed round 
revealing its DunhiH label be hardly 
looks like the boss of Britain’s largest 
media company - turnover last year: 
£1.9bn; post-tax profit £30 Qhl 
T m sure tbe visionary entrepre- 
neur leaping around inspiring every- 
one is a perfectly good model. But it is 
not ours,” be says. 

“He's so bloody quiet be gets over- 
looked,” says Sir Christopher Hogg, 
Reuters’ chairman, who, not surpris- 
ing y. is a great fan of the “undra- 
ma tic” style of management 
Three-and-a-h alf years ago. Job, 
running Reuters' Asian businesses, 
was picked from colleagues heading 
Renters’ other regional “baronies” - 
David Ure, in Europe, and Andre VH- 
leneuve, responsible for the Americas 
- to succeed den Renfrew, a tough 
Australian who was bowing out after 
a decade at the top. 

Reuters was suffering from the 
recession, new products were behind 
schedule, and the likes of Telerate 
and Bloomberg bad blossomed into 
fearsome competitors. Job’s task was 
to refocus an organisation that had 
long enjoyed the luxury of behaving 
hke a quasi-monopoly, largely ignor- 
ing its customers' needs. 

It was a measure of the manage- 
ment time this consumed that Reu- 
ters last year took the unusual step of 
a large share repurchase, effectively 
handing back £351m to shareholders. 
The company had been piling up cash 
and senior executives felt they had 
insufficient time to spend it sensibly. 
More recently, energies have centred 
on expansion, with a clutch of acqui- 
sitions ranging from equity data sys- 
tem Quotron to Teknekron, a Califor- 
nian software supplier. Last week, 
Reuters’s first radio station, London 
News Radio, went on air. 

In good Reuters tradition. Job is a 


-n ft 4 

* * 

% 


» ***** *#*# 

* * * # '#*■* 

ft ft 



» 

* * 

• 

* * # 

■* * » 

*r « 

S> 

* 

» * 

**%* 

♦ * # * * * * 

■?.- 4 



m. 

* * 

♦ 

* # 

Sr. : iy 



© © - 

* * 

*#«* 

* * * * « 



journalist by training, despite the feet 
that news these days contributes only 
7 per cent of total revenues. Informa- 
tion products, principally financial, 
make up 72 per cent of sales, and 
transaction products, such as equity 
dealing systems, the halanee. 

He has spent his working life at 
Reuters. Between them. Job, Ure and 
VCDeneuve have given the company 
85 years of their lives. But the young 
Job claims not to have felt a voca- 
tional calling 

Following an Oxford modern lan- 
guages degree, he says he applied for 
“all the usual things”, flunking both 
the Foreign Office exams and his 
Interview for the BBC (be arrived an 
hour late). It was almost entirely 
because of a yen to travel that he 
wound up at Reuters. 

After two years' tedium In London 
- “the; kicked your chair periodically 
to see if yon were awake" - bis first 
proper posting was Delhi. There he 
relished stories about famine, turbu- 
lence and revolution, and moved to 
Kuala Lumpur and Jakarta before 
returning to London in the late 1960s. 

An “adequate but by no means bril- 


liant” journalist, according to a one- 
time boss. Job switched into manage- 
ment, but not because he sensed he 
was marked for higher thing s “1 dis- 
covered when I returned from abroad 
that 1 was being paid below die union 
minimum wage.” There followed 
three years in Latin America, where 
he learnt to “savour the idea of mak- 
ing money” rather than following his 
natural inchnatians to make a marie 
by pruning costs. 

In 1978, at the age of 37, Job was put 
in charge of Asia, largely because he 
convinced his superiors of tbe lunacy 
of managing Japan from London. He 
spent all but three of the next 13 
years based In Hong Kong. It was a 
period of tremendous expansion. Rev- 
enues from the region, still only £41m 
in 1982, were £279m by 199L 

It was to his great surprise, he 
claims - apparently genuinely - that 
after gaming a seat on the board in 
1988 he was named chief executive 
three years later. “The serious new 
boy," as he describes himself, settled 
down to effect a change of style rather 
than direction. 

Internally, that meant a more con- 


sensual form of management It must 
be partly down to Job - as well as to 
the power of the Reuters culture - 
that Ure and VHleneuve did not quit 
in a huff, but one senses that the 
price for Job’s elevation is that he 
operates somewhat primus inter 
pores. “I can't remember taking a 
major initiative without consulting 
the top ream members,” he acknowl- 
edges. “Except once, when I forgot 
And I certainly regretted that later.” 

Job reckons that the ability to 
deliver better products at more or less 
stable prices over a three-year period 
ha <* hel ped Renters’ imap> considera- 
bly, although efforts to decentralise, 
and put decision-making nearer to the 
customer, have not always registered 
clearly with customers. The nimble 
Bloomberg gets consistently higher 
marks in toms of responsiveness. 

One thing Job likes is constant 
travel He has visited more than 70 
countries since he joined Reuters. As 
well as keeping him in touch with 
customers, travel suits his modus 
opertmdi, what Hogg describes as “a 
radar-scanner searching all parts' of 
the business”. 


It is a pretty informal style. T have 
long thought it one of the least ‘man- 
aged’ companies around," says one 
client, adding that Job’s regime “co- 
exists with this extraordinary concen- 
tration of very bright people. I sup- 
pose you could call it creative chaos.” 

There are no visionary statements 
about the multimedia future from 
Job, no platitudes from a man who 
distrusts management jargon. “We 
see through a glass darkly,'’ he says. 
“We are loath to commit ourselves to 
a grand strategy." It is rather a case 
of ‘peeping the quiver foil of arrows” 
and expanding in an “opportunistic 
way - if that doesn't sound too derog- 
atory". 

But surely a board composed of 
executive directors, only one of whom 
has ever worked outside Reuters (and 
that not for 16 years), must he prey to 
introspection in its long-term plan- 
ning? Job acknowledges Hogg's con- 
tribution. *T simply don't know what I 
would do if I couldn’t call on his 
expertise. With the share buy-back, 
for Instance, he undoubtedly a 
clearer view than the rest of us as to 
the options we faced.” 

While Hogg defends Job’s low-key 
style to the hilt, the chief executive's 
unwillingness to spout cm strategy, 
combined with a lack of presenta- 
tional «;knis i has perplexed the invest- 
ment community, particularly in 
America. “At the beginning, every 
Hrtn» he opened his wimitft the share 
price went down.” says one fond man- 
ager, who reckons colleagues are now 
warming to Job — sli ghtly . 

Further down the organisation, 
there is a solid fotamai constituency 
that perceives a lack of leadership, 
and a man "far approachable" 
than Renfrew. Where Job gets excited 
about Reuters’ push into television, 
overstretched (and cynical. Job would 
say) journalists see a management 
out of touch with p racticali ties, “ff 
tiie bomb goes up. do you file for text, 
radio or TV?” asks one. 

Asked whether he will be the last 
journalist to run Reuters, Job paused 
lengthily and gave no dear answer. 
But what he has to demonstrate is 
that it is not necessarily the most 
glamorous types who best run the 
most fashionable and writing compa- 
nies. 

Or perhaps, given Reuters’ collec- 
tive ex p e rien ce at the top, the task is 
Jpgs complex than it looks. According 
to Hogg: "Reuters has been in the 
right place at the right time. The 
greet thing fe not to blow that,” . . 


LeFauve makes 
small bigger 

“Skip" LeFauve, head of 
General Motors’ Saturn divi- 
sion, simply can’t build enough, 
cars at the moment, writes 
Richard Waters. The US auto- 
maker’s specialist small' cars 
division, set up in the late 
1980s to compete head-on with 
Japanese imports, has been 
running full-tilt in recent 
months to keep up with 
demand. 

Saturn’s success in designing 
and building cars that 
Americans want to boy (it 
hasn't turned a profit yet) has 
now propelled LeFauve up the 
GM executive ladder. Last 
week, the 59-year old career 
GM employee was given 
responsibility for all of the 
group’s gmaR cars. . . 

This gives him charge of the 
Tarwing division, which malms 

roughly three times as many 
vehicles as Saturn’s 300,000 a 
year. 

LeFauve fins nickname was 
supplied by a mariner grandfa- 
ther) draws plaudits from ana- 
lysts for malting the Saturn 
experiment a success. The mes- 
sage he has hammered home 
all wiring jg til a* thp nmnpt m y 
will stay smalL • 

As he told one int e rvie w er, 
Saturn “won’t be a huge com- 
pany, or get too big for its 
breeches’*. 

Recently, though, LeFauve 
hsra been clamouring for more 
investment to Eft the division’s 
production capacity. But with 
$5bn already sunk In the ven- 
ture, and no profit yet in sight, 
the GM top brass has so far 
failed to respond. . . 

Taking the reins 
at AlliedSignal 

Ralph Reins, president of 
AlliedSignal Automotive and 
nw of the lesdlng executives 
in the US automotive, compo-: 
ngnts industry, is leaving the 
group to “pursue career inter- 


ests” outside the company, 
writes Kevin Done. 

He is to be replaced by John 
Barter, who has been senior 
vice president »md chief finan- 
cial officer of tbe AlliedSignal 
group since 1988 and has 
headed the. company's plan- 
ning, development and admin- 
istration functions. . 

Rpinft has worked for many 
leading US components suppli- 
es including Rockwell Interna- 
tional, TTT Automotive, where 
he was chief executive from 
1987 to 3988, and United Tech- 
nologies Automotive, where he 
was president from 1890 to 
1991.. Between 1989 and 1990 he 
was chief executive of Mack 
Trucks, the US heavy truck- 
maker which is now a ’wholly- 
owned subsidiary of Renault of 
France. 

Reins has led a significant 
turnround of AltiedSignal’s 
automotive operations, which 
tiad a turnover of $L5hn last 
year accounting for around 38 
per cent of total group turn- 
over of $lL£ftm. ' 

Lee Hsien Yang 
moves up at ST * 

The hottest item of news on 
tiie Singapore business circuit 
in recent days has been the 
rapid rise in the i sland repub- 
lic’s corporate world of Lee 
ratten Tang, a son of Lee Kuan 
Tew, writes Kleran Cooke. 

Lee junior has . been 
appointed to the new position 
of deputy president of Singa- 
pore Telecom (ST), Sing a pore's 
biggest listed company. 

Lee Hsien Yang, who is in 
Us late 30’s, only joined ST six 
months ago. Corporate ana- 
lysts predict that before too 
long he could take over as 
chief executive at ST. Singa- 
pore's telecommunications con- 
glomerate, which is 90 per cent 
controlled by the government, 
has a market capitalisation of 
about $86bn (a figure s imila r to 
that of British Telecom) 
though its sales last year 
amounted to only $L8bn. 

Lee Hsiea Yang is a graduate 
of Cambridge and Stanford. He 
is a brigadier general, and 
before joining ST was head of 
the Singapore army’s joint 
operations and planning direc- 
torate. 

His elder brother, Lee Hsien 
Looeag, also an army brigadier ^ 
general, is now deputy prime 
minister and is generally seen 
as the most likely candidate to 
succeed GohChok Tang, Singa- 
pore’s prime nimWpr 


CONTRACTS & TENDERS 


M. ESTADO DO PARANA 

lEca SECtCTMlADAAGramjLnjRAEDOABASTECaiSfrU 
HBR IwShiln Wamnft^nnuaftmia 

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

The AGRONOMIC INSTITUTE OF PARANA - IAPAR will receive 
until 2:00 p.m. on the 18 November 1994. at the Parand State 
Meteorological System - SIMEPAR at the Polytechnic Center of the 
Federal University of Parotid. Jardim das Americas. Curitiba - Parana 
- Brazil, the Documentation for Eligibility and Technical and 
Commercial Proposals to manufacture the equipment .for tbe 
Telemetric System for the Collection of Meteorological and 
Hydrological Surface Data, 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 contained in this cdicL 

It is projected that the system for tender shall be an integral part of the 
Parand State Meteorological System - SIMEPAR and is to 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: 

Sisteroa MeleorokSgico do Parand- SIMEPAR 
Centro Polit&nico da Universidade Federal do Parand 
Jordon das Americas -Caixa Postal 3 18 
8000 1-970. Curitiba - Parand - Brazil 
Tel/fax: +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 of 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 current 
bidding, are available as part of the Parand Stale budget. 

At the 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. State. Country. Tel and Fax 
numbers). 

GONQALO SIGNORELLI DE FARIAS 
Director President 


Sierra Leone National 
Petroleum Company Limited 

The Siena Leone Government is offering for sale its 60% share 
in the Sierra Leone National Petroleum Company Limited 
rvp) Tbe Government has established the Public Enterprise 
Reform and Divestiture Commission (PERDIC) which is acting 
on behalf of die Government in the sale of public enterprises. 
NFs assets comprise four marine vessels, a storage terminal 
with product storage tanks located in Kissy, 35 retail service 
spoons and several braidings and residencies. 

Proposals u 1 "** he submitted to PERDIC and are requested no 
latex 17 November 1994, in sealed envelopes marked "Do 

Not Open Before 9:00 am, 18 November 1994". 

Foil reports on the assets of NP are available to prospective 
purchasers at a total price of US$3,000 per tender document. 
Acquisition of the tender document is a prerequisite for the 
prospective purchasers being considered for the bidding 
process. 

Dates and times can be scheduled for visits to tbe NP facilities. 
Please contact die Executive Director. PERDIC. 1 1 Rawdon 
Street, Freetown, Sierra LeoDe.TN22-228-S83.Fax 22-227-05 2 


ESTADO DO PARANA 


DOPPLER WEATHER RADAR SYSTEM 
SIMEPAR TENDER N» 0*2/94 
CALL FOR BIDS 

The AGRONOMIC INSTITUTE OF PARANA - IAPAR will 
receive until 2:00 p.m. on tbe 23 November 1994. at the Parand State 
Meteorological System - SIMEPAR at the Polytechnic Center of the 
Federal University of Parand. Jardim das Americas, Curitiba - Parand 
- Brazil, the Documentation for Eligibility and Technical and 
Commercial proposals to manufacture the 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 tbe Brazilian {federal Statute 8.666/93 and the specific 
conditions contined in this edict. 

It is projected that the system for tender shall be on integral part of the 
Parand Slats Meteorological System - SIMEPAR and is to be a 
priority for the work tn 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 Meteoroidgjco do Parana - SIMEPAR 
Centro Politdcnico da Universidade Federal do Parand 
Jardim das Americas -Caixa Postal 318 
80001-970, Curitiba - Parana - Brazil 
Tel/fax: +55(41)366-2122 

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

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

GONCALO SIGNORELLI DE FARIAS 
Director President 



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

Tbb survey wDl focus on Issues such as the tight 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: 

eniAH powm. 

Tel: *44 n 873 3223 





rainforests arc 
being destroyed at 
the rate of thousands of 
trees a minute, how can planting ^ 

just a handful of seedlings make a difference? 

A WWF - World Wide Fund For Nature tree 
nursery addresses some of the problems faring people 
that can force them to chop down trees. 

Where hunger or poverty is the undedying cause 
of deforestation, we can provide fruit trees. 

The villagers of Mugunga, Zaire, for example, cat 
papaya and mangoes from WWF trees. And rather than 
having to sell timber to buy other food, they can now 
sell the surplus fruit their nursery produces. 

Where trees arc chopped down for firewood, 
WWF and the local people can protect them by planting 
for- growing varieties to form a renewable fodf source. 

This is particularly valuable in the Impenetrable 
Forest, Uganda, where indigenous hardwoods take 
two hundred years to mature. The Morkhamia lotea 
trees planted by WWF and local villages can be 
harvested within five or six years of planting. 

Where trees arc chopped down to be used for 
construction, as in Panama and Pakistan, we supply 
other species that arc fast-growing and easily replaced. 

These tree nurseries are just part of die work wc 
do with the people of the tropical forests. 

WWF sponsors students from developing countries 
on an agroforcstry course at UPAZ University in 
Costa Rica, where WWF provides technical advice on 
growing vegetable and grain crops. 


leip 

soil is exhausted 
very quickly by “sUsh 
and bum* fanning methods. 
New tracts of tropical fores would then have - 
to be cleared every two or three years. 

This unnecessary destruction can be prevented by 
combining modern techniques wiih-tradirional 
practices so that the same plot of land can be used to 
produce crops over and over again. 

In La Planada, Colombia, our experimental farm 
demonstrates how these techniques can be used to 
grow a family’s food on a small four hectare plot 
(Instead of clearing the usual ten hectares of forest) 

WWF fieldwotkas are now involved in over 100 
tropical forest projects in 45 countries around the world. 

The idea behind aQ of this work is (frac~thc use of 
natural resources should be sustainable. 

WWF is calling for the rate of deforestation in the 
tropics to be halved by 1995, and for there to be no 
net deforestation by the end of die century. 

Write to die Membership Officer at the address 
below to find out bow you can help us ensure that 
this generation does not continue to steal nature's 
capital from the next It could be with a donation, 
or, appropriately enough, a legacy. 


WWF Warid Wide Fund For Nature 

Cfanraty •#*» TOfflfe Pari) 

International Secretariat, 1196 Gland, Switzerland. 


FT Surveys 


FOR THE SAKE OF THE CHILDREN 

W E G A V E THEM A NURSERY. 











nk 


FINANCIAL TIMES MONDAY OCTOBER 10 1994 





BKOHNOHAM 

The Birmingham 


season at fts home 
theatre, too . 
HJppodfome, with the 
earnpany'a first hav- 
ing of Ashton'S:. * 
^&dgmaVariaaons" 
and the welcome 
acquisitions - 


'masterpteWto;: 

Tricorne", replete 
with the original and 


IfP 

: iLMM 


: v-..w» 


NEW YORK: 

An exHbfbctfi ofJeiw^ v 

Wtelrefianminfet^ ■ V’ 

paintings opens at ttw 
Brooklyn Museum oa ,■ 
Friday. 6ntitietf "Raitims 
of Herotero\-tiwsha» 
flustratestoe hetefc' 
ideal rn a South Mm 
context - as warrior, ™ 
adventurer, Hindu tttty, 
secular nderand lowsfi: 
wktevar^SWatfflicri 
portraits,-' tan the INK ■■ 

to that 9th century,. - 

reveals foewrttttHnwi *■ 
stride mesas by SSch. 
Indian inters assarted 
l heir power and achfcw- 
mert. '*•' v ' < 


TATEGAIitRY, LONDON ; l'p 

Butte* dfiaertokfhfe wdrtc m‘ “a pci pfpajrt flqrigto the pdOHC® tew* but today 
. tt» paintings Jam® Mctesf Whfeflor bokda^de^consanative alongside . . 
:.nHpywijta«taTate , n»iw^8tfiS3^^ 
gMswj«nfpwttftB«i the^tefsrate.^teache; prikmeci^a^Btic 
•jriHjt-andcnaR- . ■ 

K^MNDC^FU^ ■ : 

^FBng^:dOtttoatesf^ qReirafWffWmie.Jn.tsBe msjpr Bmpazn dfias thfa 
weekandlhe worrieristhattoare amerKXjgfr rvxind. ■ 

fiBnkfcrt bejjns the ftstdf ftnMcanp^i^^tornor^ In the staging jby : : 


Camta^trxtoon and Paris are The *. . 

Jtoyriapete^pWjBue&^aQ^^ ’ 

. Jong* ^artsm.^.fVKhgakr'ik) Tbumd&M^mnnTm Friday. The- 

-dtttetet to Paris tatipMts • '■ 

^3ottardanwneas»g* on Sunday, to foe JefteyTsae-PSewB Stnjsaw product** 
■whfch»penBdto,4un&.'. *..'••• 


'4K 



icw 




Good 
knight 
rides in 
for ENO 

Richard Fairman 
on the opening 
of Don Quichotte 


TTTSST 

.-.V&v 


IKK 


A fter a year or two with its 
fortunes down in the 
dumps, English National 
Opera has found a new 
champion to send into battle. He is 
grey-baired and grizzled, a doddery 
old dreamer, but {him the reception 
he received on the opening night be 
is on bis way to leading the com- 
pany bach into profit 
By the time he wrote Don Qui- 
choue in 1910, Massenet was the 
grand bid man of French opera. He 
knew every trick in the theatrical 
handbook and was well aware that 
chapter one begins. Tick a good 
story". The tale of Don Quixote, 
known to Parisian audiences at the 
time through plays based on Cer- 
vantes, could hardly have been a 
happier choice for the ageing com- 
poser, himself a pensionable knight 
of the theatre dreaming of his past 
successes. 

The operas that Massenet wrote 
towards the end of his life are not 
bursting with invention, like those 
of Verdi or Jon&ek. Pick up a score 
of Don Quichotte and you might 
wonder where the music has gone. 
There are only a few ideas left in 
the drawer but. master craftsman 
that he was, Massenet knew exactly 
where to place them and how. The 
opera te a delicate balance of 
humour and sentiment, which asks 
little from a producer to win fairly 
certain success. 

From the minute Don Quixote 
and Sancho Pam come on, it is 
dear that ENO’s production will be 
good entertainment They enter rid- 
ing wobbly old tricycles, which dou- 
ble as warrior horses. Don Quixote's 
has the head of a once noble nag, 
now emaciated and ready for the 
knacker's yard, like Its owner; San- 
cho Panza’s is a donkey with 
expressive, wagging ears and a 
friendly grin. They were greeted 
with a roar of applause, 

The production team - Ian Judge 
(producer), John Gunter (designer) 
and Dewire Clancy (costumes, bril- 
liant and stylish, by the dozen) - 
have upturned expectations. After 
previous encounters with Don Qui- 
chaite in the theatre and on record, 
1 have come away with a mental 
picture of the opera in pastel col- 
ours, the silver grey of ageing hair 
or the distant blue of unfulfilled 
dreams. Here it is the opposite, 
ablaze with Spanish sun-baked yel- 
low and (lame red. 

Instead of an arthritic, old man's 
drama, we get dancing at every 



Richard Van Allan captures movingly the nobility of heart which beats on 


opportunity, fandangos a-plenty. 
Alongside seniority, the production 
helpfully finds a place too for youth. 
When the 80-year-old Verdi wrote 
Falstaff and JanAteK his late 
operas. like The Cunning Little 
Vixen, they wanted to celebrate the 
renewal of life, as a new generation 
takes over from the old. Massenet 
dearly did not view the advancing 
years like that and Don Quichotte 
sentimentally reflects on everything 
that old age has lost. 

As the knight of the doleful coun- 
tenance, Richard Van Allan cap- 
tures movingly the nobility of heart 
which beats on, while limbs and 
joints 3 re creaking towards their 
end. He looks perfect as Don Quix- 
ote (full marks to the make-up 


de partm e nt ), though his voice these 
days is starting to get as rusty as 
his armour. The role was written 
for Chaliapin, who would have 
made far more of a star turn out of 
his dying solo, where Massenet 
miraculously conjures a vision of 
the Island of Dreams cut of almost 
no music at afl. 

A couple of the best solos go to 
Sancho Pans® and were delivered 
with a trusty, down-toearth hon- 
esty by Alan Opie, words sharp and 
clear. His homely buffo figure 
makes him an ideal chnicp as San- 
cho Panza. (The casting department 
certainly had an eye for the right 
singers.) Louise Winter makes Dul- 
cinte a dry run for Carmen, tapping 
a burnished chest register and sing- 


AI together, this Don Quichotte is 
an evening of fun - the scene where 
Don Quixote charges at the wind- 
mill. gets bis spear caught in the 
sail and flies off out of sight is quite 
a coup di the&tre - and touching 
enlightenment, for like his weary 
hero, Massenet bad his wisdom, too. 
For ENO, it comes not a moment 
too soon. This is the new regime's 
first popular hit 

Performances untit Aft member 9. 


Culture shock 

Tourism is the unlikely focus of Stephen Dorrell, the 
new heritage secretary, reports Antony Thomcroft 


A rts ministers, now called 
heritage secretaries, fall 
into two categories - 
politicians on their way 
up and politicians on 
their way down. Only one man 
actually wanted the job, David Mel- 
lor, arid he left after six months. 
History suggests that it is those pol- 
iticians on their way down who 
serve the arts better. They enjoy 
themselves, hide over the traces, go 
native and end up fighting on 
behalf of every small dance troupe 
and community arts centre in the 
land. 

Britain's c ur ren t heritage minis- 
ter, Stephen Dorrell, who took tip 
the post in July, obviously has bis 
eyes on higher ground. As framer 
financial secretary to the Treasury, 
and widely believed to have his 
long-term sights set on No II Down- 
ing Street, he comes to the depart- 
ment of heritage steeped in Trea- 
sury lore. 1108 is doubly bad news 
, for the arts. And in his first public 
statement on Friday. Dorrell did not 
disappoint the pessimists. 

If he is battling: the Treasury hard 
for more money for 1994-95, he cer- 
tainly gives no indication. Arts 
administrators, who have been told 
to expect frozen grants next year, 
should not anticipate a last-minute 
miracle. There is no “Gowrie 
dowry”, the rumoured government 
promise to the new Arts Council 
chairman. Lord Gowrie, that he 
could start his reign propitiously 
with more subsidy. 

What the minister may well do is 
shift around the money in his £lbn 
budget between his various respon- 
sibilities. And the surprising sector 
that might gain is tourism. Tourism 
was scarely mentioned by previous 
heritage secretaries. The field was 
consigned to the deputy heritage 
minister, lain SproaL 
But for some reason Dorrell 
thinks that tourism (along with 
broadcasting) is going to be the sav- 
iour of the nation's arts and heri- 
tage. Perhaps that is why, in his 
first action as heritage minister, be 
chose to ignore the invitation to the 
Edinburgh Festival in favour of the 
Commonwealth Games in nanada. 

Someone i ms drawn his attention 
to the fact that his rag-bag of inter- 
ests - arts, heritage, broadcasting, 
travel, sprat - collectively generate 
an annual turnover of £50 bn. This 
looks an Impressive sum when set 
against £lbn in government sub- 
sidy. Why not better exploit the 
£40bn to boost revenue far the arts 
and heritage? 

In practice this means encourag- 
ing more foreign tourists to visit 
Britain's theatres, opera, concerts, 
and so on, as well as national heri- 
tage monuments, thus increasing 
revenues and saving the taxpayer 
money. It would be nice, too, says 
Dorrell, if the British chose to spend 
their weekends at the Huddersfield 


ing with fiery charisma. Her suit- 
ors. literally so in trendy silk suits, 
were a bright-voiced quartet. 
Emmanuel Joel conducted with 
plenty of vigour, though some of 
the wind tuning makes the teeth 


Contemporary Music Festival 
rather than on trips to Paris. 

This ignores the fact that the UK 
currently runs a £3bn tourism defi- 
cit, with foreigners put off by the 
expense of Britain and its unsophis- 
ticated tourist industry. It also over- 
looks the reality that overseas tour- 
ists are already happy to visit the 
West End theatre and heritage 
attractions like Madame Tussauds 
and Windsor Castle, which do not 
receive government subsidy and 
hardly constitute the cultural high- 
lands. 

It will take more than the good 
intentions of Stephen Dorrell to 
divert them to the Tricycle Theatre, 
Kflbum, Phoenix Dance in Leeds, 
the Amoffini Gallery in Bristol, or 
the hundreds of arts organisations 
throughout the c oun tr y which are 
cracking under the strain of lower 
subsidy, reduced sponsorship and 



Stephen Dorrell: a Treasury 
man shows his hand 

failing audiences. 

The minister's favourite example 
of tourism boosting the arts, the 
Tate Gallery’s new satellite 
museum at St Ives, which almost 
doubled its target of visitors to over 
100,000 In its first year, is a great 
success story for the seaside resort 
and for Cornwall, but it can hardly 
be repeated ad infinitum through- 
out the country. There is also the 
problem that if tourists do flock to 
visit, say, Elgar’s birthplace near 
Worcester, their numbers might 
destroy the site's appeal. 

Looking to broadcasting for cul- 
tural regeneration is also starry- 
eyed. Dorrell may shortly loosen 
controls over media ownership 
which, along with advances in tech- 
nology, seem certain to make broad- 
casting more populist and prey to 
Am eri can-style commercialism. 
There is probably a market over- 
seas for BBC videos of Shakespeare, 
and certainly (unions willing) more 
artistic events should be captured 
on film for a wider audience. But 
any gain for the arts in the regions 
from such developments is not 
immediately obvious. 

Stephen Dorrell showed bis col- 
ours by stressing the role of his 


department as a "catalyst”, which 
we all know means long on advice, 
short on money. The government’s 
"secret agenda” on culture and the 
arts is now so obvious that it can 
hardly be regarded as hidden. John 
Major confidently proclaimed last 
month that “the money raised by 
the (national] lottery will not 
replace existing government spend- 
ing”. 

Perhaps not. But in the view of 
the Treasury it will eliminate the 
need for any extra spending. That is 
why future grants under the three- 
year funding programme across the 
arts and heritage have been frozen, 
or even reduced. 

You can understand the Trea- 
sury's view. Here are these activi- 
ties - arts, heritage, sport, the Mil- 
lennium Fund ar»d charities - 
which are each likely to receive 
£150m, rising to over £300m, a year 
extra from the lottery. Surely they 
do not need rises in their annual 
grants as well? But they do, if they 
are to provide any derail perfor- 
mances in the new buildings that 
will arise from lottery cash. 

It looks as if Stephen Dorrell is 
seeking a philosophical justification, 
for freezing, or even reducing 
slightly, his department's budget. 
As he says: “The DNH is not a 
money fountain”. In view of his 
rumoured long-term ambitions, his 
financial credentials would cer- 
tainly be enhanced if he presided 
over the stemming of his current 
department’s cash flow: if the 
department became an enabler 
rather than, a patron. 

The minister has also revealed 
himself a populist He is in favour 
of widening access to the arts but 
told the Financial Times that be 
was dead against those artists (and 
they do exist) who maintain that it 
doesn’t matter if no-one is inter- 
ested in their work. DorrelTs view 
is that if the arts cannot sell them- 
selves to an audience, they should 
not look to the government for 
funding. This comes dose to saying: 
“It is fine to take risks, but only if 
they come off” 

Dorrell is new to the job. When he 
has bad the chance to tour the 
country, visiting arts centres laying 
on exciting work in difficult condi- 
tions; when he becomes familiar 
with the high quality performances 
at leading opera houses, theatres, 
and concert halls; when he realises 
that the arts themselves are an 
important industry and one of the 
very few in which the UK leads the 
world, be may show more imagina- 
tion in his approach. 

At the moment his only concrete 
proposals - to reduce the red tape 
on flu* building of hotels a nd to 
promote Britain more effectively 
overseas - are unlikely to raise the 
spirits of the currently depressed 
arts community, desperately seek- 
ing an inspirational lead. 


International 

Arts 


■ BERLIN 

OPBWOANCE j _ 

Staobiopar miter den Linden ine 
Barenbotm-Ch&reau production of 
WozrecK >s revived on Sat «Mta a 
cast needed by Catherine MaHBram, 
FfOt Struckmann and Graham warn 
(repeated Oct 17. 33. 30)- A hew 
nroductiofl of Rossmi’s Venice 

vsreton of Tancrodi. conducted by 

Fabm Lmai and staged by Fred 
Bemdt, has o final Performance 0:1 
Sun COO 4762/2035 4494) _ 
Dtlf&ehe Oper This week s 

KBSSSSSi 

Andrea Chen** with bsa 

production of BorthoM 
G<*l«hmidrs 1932 
opera 0 * gewaHtge 
MR on Fn, Repertory 3,30 ,£2? 

Le Conerentofo and a 

wort entited Retains (399 25551 

CONCERTS 

teftJtmpitft** Tomorrow: Rafaei 


FnJhbeck de Burgos conducts 
Orchestra of the Deutsche Oper in 
works by Mozart, Poulenc and 
Ravel, with the Labeque Sisters. 
Wed: Kurt Masur conducts Leipzig 
Gewandhaus Orchestra in 
Mendelssohn’s Fourth Symphony 
and Mahler's First Thurs: Alexander 
Rahbari conducts Berlin Symphony 
Orchestra in works by Hans von 
Buiovf. Wagner 3nd Brahms, with 
soprano Jean ine Altmeyer. Thurs 
(Kammermusiksaat): Kathryn Stott 
piano recital (2090 2156) 
Philharmonic Tomorrow. Ilya Stupe! 
conducts Lodz Philharmonic 
Orchestra in works by Mozart and 
Rakhmaninov, with piano soloist 
Sophie Mautner. Wed: Campania 
Flemaneca AJhama. Thurs: Lodz 
State Opera Orchestra and Chorus 
in programme of opera choruses. 

Fri: John McNabb piano recital. The 
Berlin Philharmonic Orchestra is on 
tour in Japan. Its next Berlin 
concerts are Oct 21, 22 and 23 
(2548 8132) 

THEATRE 

A new production of Goldoni's 
Country trilogy opens at the 
Schaubuhne on Wad. directed by 
Erik Vos (890023). Peter Zadek’s 
Vienna Festival production of 
Shakespeare's Antony mid 
Cteoparra opens at the Berliner 
Ensemble on Fri, with a cast headed 
by Gert Voss and Eva Mattes (282 
3160) _______ 

■ NEW YORK 

THEATRE 

• Uncommon Women And Others, 
a revival of Wendy Wfasserstein’s 
ptav about Wands at a small New 
England women’s coWege, who meet 


for tea and then for a reunion six 
years lata-. A Second Stage Theatre 
production directed by Cade 
Rothman. In previews, opening Oct 
26 (Lucille Lortei, 121 Christopher 
St, 239 6200) 

• Three Tall Women: a moving, 
poetic play by Edward Albee, 
dominated by the huge, heroic 
performance of Myra Carter. She, 
Jordan Baker and the droll and 
delightful Marian SeWes represent 
three generations of women trying to 
sort out their pasts (Promenade, 
2162 Broadway at 76th $L 239 
6200) 

• Angels in America: Tony 
Kushner’s two-part epic conjures a 
vision of America at the edge of 
disaster. Part one is Mffleniuni 
Approaches, part two Perestroika, 
played on separate evenings. The 
cast indudes F. Murray Abraham 
(Waiter Kerr, 219 West 46th St 239 
6200) 

• Philadelphia, Here I Comet 
Roundabout Theatre Company's 
revival of Brian Friers 1964- Irish 
drama, with MDo O'Shea, Robert 
Sean Leonard, Jim True and Pauline 
Flanagan. Directed by Joe Dowling. 
Ends Oct 23 (Roundabout, 

Broadway at 45th St, 869 8400) 

• An inspector Cedis: J.B. 
Priestley’s 1847 mystery in a 
stunning re-inter pr eta ti on by 
Stephen Oaidry, first seen at 
Britain's National Theatre (Royale, 
242 West 45th St, 239 8200) 

• Guys and Dolls: a top-notch 
revival of the 1950 musical about 
the gangsters, gamblers aid 
good-time gate around Times 
Square (Martin Beck, 302 West 45th 
St, 239 6200) 

• Carousel: Nicholas Hytner’s 
bold, beautiful National Theatre 


production from London launches 
the 1945 Rodgers and Hammerstein 
musical towards the 21st century 
(Vivian Beaumont 150 West 65th St 
239 6200) 

• Crazy for You: Gershwin's tunes 
and Susan Stroman’s choreography 
are the central pleasures of this fight 
and frothy entertainment, now in its 
third year on Broadway (Shubert, 

225 West 44th St 239 6200) 

• Blood Brothers: Willy Russell’s 
musical about twins who, separated 
at birth, eventually meet and fall in 
love with the same girt. The cast 
includes Carole King (Music Box, 

239 West 45th St, 239 6200) 

• Stomp: a loud, aggressive and 
energetic movement-theatre show in 
which a troupe of performers dance, 
dap and generally bang on 
everything in sight Far more 
engaging than you might expect 
(Orpheum, 126 Second Ave between 
6th and 7th Streets, 307 4100) 

OPERA/DANCE 

Metropolitan Opera This week's 
highlights are Idomeneo tonight with 
Pfatitio Domingo, ArebeSa on Thurs 
with Kiri te Kanawa and Marie 
McLaughlin, and Tosca on Fri with 
Card Vaness and Luciano Pavarotti. 
This month's repertory also includes 
Rigotetto, La bohame and Le nose 
di Figaro (362 6000) 

State Theater New York City 
Opera's autumn season runs tin Nov 
20. This week's performances are 
daily except tonight and Thurs, and 
feature Delibes* Lakmd, Borodin’s 
Prince Igor, fi bariuera di Shrigfia, 
Carmen, Mefistofele and Tosca (870 
5570) 

CONCERTS 

Carnegie Hall Lorin Maazel 


conducts the Pittsburgh Symphony 
Orchestra tomorrow and Wed in two 
programmes, including Bruch's 
Vtoftn Concerto (Maxim Vengerov). 
Beethoven’s Sixth Symphony and 
Tchaikovsky’s Second. Thurs: 
Carnegie Hall Jazz Band in a Count 
Basie celebration. Sat and Sun: 
Charles Dutolt conducts Montral 
Symphony Orchestra in two 
programmes including 
Rakhmantnov’s Third Plano 
Concerto (Horacto Gutierrez), 
Sibelius’ Violin Concerto (Sarah 
Chang) and Schumann’s Fourth 
Symphony (247 7800) 

Avery Fisher HaQ Paavo Barglund 
conducts the New York 
Philharmonic Orchestra on Thurs, 

Fri, Sat and next Tubs. The 
programme includes the first 
symphonies of Kokkonen (US 
premiere) and Sibelius, plus 
Prokofiev’s Second Violin Concerto 
with Midori. Oct 21; Ozawa 
conducts the Boston Symphony 
(875 5030) 

■ PARIS 

CONCERTS 

Th6fitm des Champa-SysSes 
Tonight Peter Runde! conducts 
Junge Deutsche Phflharmonie In 
Heiner GoebbeJs’ concert spectacle 
entitled Surrogate Cities. Wed: 
Jean-Jaoques Karrtorow conducts 
Ensemble Orchestral de Paris and 
Group® Vocal de France in works by 
Hersant and Mzoart, with vocal 
soloists including RenSe Fleming 
and John Mark Amsiey. Thurs: cello 
festival with Rostropovich and 
others. Sun morning: VOgler Quartet 
plays string quartets by 
Mendelssohn and Brahms (4952 
5050) 


Theatre de rAlh6n6e Tonight: Jordi 
LavaD directs Heeperion XX in early 
Spanish music (4742 6727) 

SaBe Pteyet Wed, Thurs: Semyon 
Bychkov conducts Orchestra de 
Paris in works by Florentz and 
Stravinsky, with vocal soloists 
including Anthony Rolfe Johnson 
and Elizabeth Laurence (4563 0796) 

OPERA 

Bastille Myung-Whun Chung ends a 
five-year association with the Paris 
Op6ra this week when he conducts 
the final performances of Simon 
Boccanegra tonight. Wed and Fri. 
Bob Wlson’s version of Madams 
Butterfly continues till Oct 22 with 
Miriam Gaud in the title role. This 
week's per f ormances are tomorrow 
and Sat (4473 1300) 

Chdtelet The new Ring production 
continues with Siegfried on Fri and 
GOtterdammerung on Sun. Jeffrey 
Tate conducts a staging by Pierre 
Strosser. with a cast including 
Gabriele Schnaut, Robert Hale, 

Heinz Kruse and Kurt Rydl. There 
will be two complete Ring cycles 
between Oct 31 and Nov 13 (4028 
2840) 

FESTIVAL D'AUTOMNE 
Peter Sian's Moscow staging of foe 
Orestela can be seen dally tHI Sat at 
Mafeon des Arts-Cr&elF (4513 1919). 
A Bob Wilson adaptation of 
Dostoyevsky opens tomorrow at 
BoKgny and tuns till Oct 23 (4831 
1145). Other highlights Indude 
Robert Lepage's Sevan Streams of 
foe River Ota (Nov 18-26) and The 
Merchant of Venice directed by 
Peter Sellars (Dec 6-17). The dance 
programme is headed by Trisha 
Brown Dance Company (Nov 3-12). 
(4296 9694) 


ARTS GUIDE 

Monday: Berlin. New York and 
Paris. 

Tuesday: Austria, Belgium. 
Netherlands, Switzerland, Chi- 
cago, Washington. 
Wednesday: France, Ger- 
many, Sc an d i navia. 

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

Friday: Exhibitions Glide. 

European Cable and 
Satellite Business TV 

(Centra! European Time) 
MONDAY TO FRIDAY 
NBG/Super Channel: FT Busi- 
ness Today 1330: FT Business 
Tonight 1730. 2230 

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

Euronows: FT Reports 0745, 
1315, 1545, 1815, 234S 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 12X1 

Sky News FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 






14 ★ 

Samuel Brittan 

A morning outing 
in Mitteleuropa 

Czech and Slovak Koruna 

CZBCMConmparDM Stov* Koura per czacti Kcrwa 

8 

10 

12 

14 

16 

18 

20 

22 

24 

26 

1968 90 . 81 82 98 94 1983 1694 



■tWh. Having a cou- 
f pie of days to 

| spare between 

'rfMflHS meetings in 
Frankfurt and 
Vienna, I 
decided 

■ spend the inter- 

■ '^r' V vening week- 
end in Prague, and to visit a 
colleague in Bratislava on an 
outing from Vienna. 

Prague is now a boom town, 
relatively inexpensive by com- 
parison with other European 
cities. It is awash not only with 
US tourists, but with young 
Americans living there. Indeed 
it reminded me of what 1 had 
read of Paris in the 1920s, 
where American writers were 
attracted both by the cultural 
atmosphere and the favourable 
exchange rate. 

By contrast the Slovak 
republic se ems to sell itself 
short. Gone is the hourly tram- 
car which rolled between 
Vienna and Bratislava before 
the second world war. If you do 
not want to take a train before 
breakfast, the only way to 
make a lunchtime appointment 
in the Slovak capital is by the 
9am hydrofoil, which I needed 
no urging to take, 

1 went on one of those bril- 
liant autumn days when the 
Danube seemed, if not blue, at 
least bright grey. Nearly all the 
journey is through a dull Oat 
Austrian stretch. Then sud- 
denly a ridge, known optimisti- 
cally as the Little Carpathians, 
appears. A fort perched on a 
hill emerges on the left, fol- 
lowed by a modem bridge, 
behind which one sees some 
co mmunis t- type structures and 
an 18th century baroque city in 
the background. You are in 
Malcolm Bradbury's Sla/ta. 

The military types at the 
customs station would have 
made the “good soldier 
Schweik” seem smart by com- 
parison. All this was great fun 
for the tourist from the last 
still-working socialist economy 
(Austria). But Bratislava itself 
was spruce and clean and the 
people uninhibited and 
friendly. 

Yet it is diffi cult to find 
information on Bratislava in 
Vienna, though it is less than 
40 miles down the river. And 
even in a top Bratislava hotel I 


SMWOttnlMm 

could only find a very brief 
business guide which said 
nothing about the many pictur- 
esque baroque buildings which 
make the old town into a well- 
preserved Hapsburg city, 
which would be a main tourist 
attraction if it were in Austria, 
the Czech lands or Hungary. 

What 1 found more surpris- 
ing was that I could not buy a 
copy of the financial Times or 
even order a cup of coffee with 
Czech korunas at the (now 
French-owned) hotel, even 
though they are the more valu- 
able variety. Nor were Aus- 
trian sc hilling s or D-Marks 
acceptable. So I had to go to 
the cashier to buy some Slovak 
korunas, which I had to pur- 
chase with schillings. He 
explained that under an agree- 
ment between the two coun- 
tries only Czechs could change 
Czech into Slovak korunas. 

I wondered whether the 
hotel behaviour showed that 
some people were prepared to 
pay a price in lost receipts to 
satisfy national pride. So I nat- 
urally offered Czech korunas to 
a waiter, a barman and taxi 
driver, all of whom readily 
accepted them. My train back 
to Vienna was due before I 
could continue the experiment 

Travellers are officially not 
allowed to bring either Czech 
or Slovak korunas into or out 
of either country. Nor is there 
much point in trying to do so, 
as the official rates are pretty 


near those prevailing in the 
inactive grey markets. 

In fact the frontier police did 
not ask me any questions 
about currency either on my 
way to or from the Czech 
Republic. But when I took the 
train Hack from Bratislava to 
Vienna, 1 was asked by a cour- 
teous young man in smart mili- 
tary uniform (no Schweik he) 
whether I had any Slovak 
korunas. 1 showed him my wal- 
let containing 240 (worth about 
£5). He told me (In German) 
that 100 korunas was the limit 
When I held out the remainder 
to him interrogatively, he 
smiled and told me to keep it 
alL He even politely shrugged 
off a tip of 40 korunas. 

The Czech koruna has obvi- 
ously been stronger than the 
Slovak variety. Since May 1993, 
it has been fixed against a bas- 
ket with a 65 per cent share for 
the D-Mark and 35 per cent for 
the US dollar. But the result 
has been scarcely distinguish , 
able from shadowing the 
D-Mark - the most grievous 
sin in the book, according to 
Lady Thatcher, who otherwise 
SO admir es Vaclav Klaus the 
prime minister. 

Since the 10 per cent devalu- 
ation of mid- 1993, the Slovak 
koruna has also been stable 
and growth has resumed. If 
Vladimir Meciar. the national- 
ist election victor, is wise, he 
will not undermine the prog- 
ress made. 


N obody in the City is 
shouting it yet But 
this year's narrow- 
ing in the UK trade 
deficit has raised hopes that 
Britain is on the threshold of a 
rare feat in its recent economic 
history - steady growth with- 
out a deepening trade deficit 
apd hniawcp of payments crisis. 

Exports are growing fast, 
according to the Central Statis- 
tical Office. Figures published 
last week showed a rise in 
export volumes of 10 per cent 
in the three months to July 
compared with a year ago. Oil 
and gas accounted for about a 
tenth of this rise, but most 
manufacturing sectors enjoyed 
expansion. 

At the same time, imports 
have remained relatively flat, 
in contrast to the 1980s. Then, 
imports were sucked In to meet 
rising domestic demand, con- 
tributing to a rapid deteriora- 
tion in tho trade deficit 
Between May and July this 
year, however, import volumes 
fell by 2 per cent compared 
with the previous three 
months, and were only 4 per 
cent hi gher than in the same 

period last year. 

Rising exports and flat 
imports have reduced the trade 
deficit to £2J>bn, a level seen 
only briefly since the mid- 
1980s. As a result of this - and 
investment flows into the UK - 
the current account deficit an 
the UK's balance of payments 
fell to £0.7bn in the second 
quarter, its lowest level for 
seven years. 

The figures have cheered 
economists in the City of Lon- 
don. Though many last year 
predicted a current account 
deficit of £l5bn in 1994, most 
now expect it to be nearer 
£5bn, below the government’s 
Budget forecast of £9.5bn. A 
few, Indniting Midland Global 
Markets, even predict a sur- 
plus Timrt year. 

The question now dividing 
economists is whether the 
turnabout represents a broad 
change in the UK’s economic 
base, or a temporary phenome- 
non based on rising world 
demand. 

Mr Geoffrey Dicks, chief UK 
economist at National West- 
minster Bank, is one of the 
optimists. He says the 1992 
devaluation of sterling has 
been the catalyst for a broader 
shake-up among manufactur- 
ers, leaving industry more 
competitive. “We me winning 
export markets and winning 
back our home markets too," 
he says. 

Mr John Mayo, finance direc- 
tor of Zeneca, the biosdence 
group, believes that the devalu- 
ation “obviously helped" the 
company's exports, which grew 


FINANCIAL TIMES MONDAY OCTOBER 10 1994 


Double strike 
well in sight 

Is the UK about to achieve steady growth without 
a balance of payments crisis, asks Gillian Tett 


by almost 20 per cent last year. 
“Our view is not that sterling 
is now super-competitive, but 
that it was overvalued before,” 
he says. 

Vosper Tho me y croft, the 
shipbuilder, is another com- 
pany with rising exports - up 
35 per cent last year, primarily 
to the Middle East. Mr Martin 
Jay, managing director, says 
devaluation hn« hpTp»d against 
German competitors, but 
improvements in efficiency 
have also been important “In 
the last five years our produc- 
tivity for steel ships has risen 
by 50 per cent,” he says. 

Businesses s uch as his say 
that rising productivity, com- 
petitive labour costs and a 
greater awareness of markets 
such as the Far East are contri- 
buting to export growth. 

“The improvement In the 
export volume has been going 
on for some time," says Mr 
Andrew Britton, director of the 
National Institute of Economic 
and Social Research. "The long 
decline in the UK’s market 
share of world trade which 
goes back to the war was 
halted and even reversed in 
the mid-1960s.” 

There is also evidence that 
UK companies are winning 
back customers in the domes- 
tic market Mr Ian Thompson, 
e conomis t at the Engineering 
Employers’ Federation, says 
that recent trade figures sug- 
gest that “at first sight”, some 
companies are now resorting to 
import substitution. 

Engineering company Power- 
screen, for instance, will next 
month extend its factory in 
Wales to produce goods previ- 
ously sourced from Asia and 
South Africa. “When sterling 
devalued, we had two choices 
- to push up prices or use 
import substitution. We’ve 
raised prices a bit, but now we 
are trying to make the thing s 
ourselves,” says Mr Shay 
McKeown, chief executive. 

Hie car industry is also seek- 
ing to source more components 
from the UK, says the Society 
of Motor Manufacturers and 
Traders. And retailers such as 
Safeway have increased their 
share of goods from the UK. 

Many in the City, however. 


.UK -trade? broad Grange orji^pt . . ■ I Vy >: 

•' . ■' i; .-fix 

' Imports of manufactoras index — *. **4.: ■„« 
ISWfa-WO Bootses • - W y. 

-CqmpQMnit — ■ 



«. ,,jt4 •: I**...-- Jw .:.. 

• UKvfe&tefracfe balance . 


y-*~ 


-10, 

-ts 

-2Q 

r25 



TT 


* 

"• • V ‘ ’ 

, t . ■ 4 

’ 



MB 84 86 


• :■ • : > V -v: ; 


remain unconvinced Hiat the 
improvement in the UK trade 
figures reflects fundamental 
change in British manufactur- 
ing c om p at i tiv apess 

The growth in exports, for 
prampio has accompanied the 
pick-up in world demand, par- 
ticularly in the US. Other 
exporting countries are exper- 
iencing similar upturns: 
exports from Spain and Italy, 
which also devalued their cur- 
rencies in 1962, grew by 15.4 
per cent and 9.8 per cent 
respectively last year, accord- 
ing to the Organisation for 
Economic Co-operation and 
Development 

As for the fall in imparts. 


there is duly limitwi evidence 
of UK manufacturers switching 
to domestic suppliers. 

Companies such as Casket, 
the UK's second largest bicycle 

raaTYnfarrhir*»r _ frtiH Hiat hiiy inp 
their fmnpnnmhi in flw TTK is 
not a viable n pHm. “South-east 
Asia produces them so cheaply 
it would be difficult for a UK 
manufacturer to compete," 
says Mr Joe Smith. Casket’s 
riii rf executive. 

Nor are many companies 
reporting sharp increases in 
domestic market share over 
foreign competitors. British 
Steel, which has seen expert 
demand rise to the point where 
it has now closed its export 


order books for steel construc- 
tion unite for the year, reports 
little change in its home mar- 
ket share. 

Some economists suspect 

that the new system for record- 
ing European Union trade is 
understating imports. But 
more significant may be the 
nature of UK recovery- 
consumer demand led the 
recovery last year, but has 
idwiy slowed, partly as a result 
eg tins year’s tax rises. Imports 
of consumer goods — which 
rep resent about 15 per emit at 
total imports — have fallen 
sharply as a result 
Meanwhile, corporate invest- . 
ment has barely picked up, 
leaving imports of investment 
goods and components - which 
account for about 30 per cent 
of total imports - flat 
A time-lag between recession 
and inv estment growth is not - 
iirmcnai, hnt the delay seems 
to have been longer this time. 

If investment rises sharply 
next year as capacity con- 
straints start to bite and busi- 
ness confidence rises, this 
could push imports op again. 

S ome economists, such 
as Mr BUI Martin, chief 
economist at Union 
Bank of Switzerland, 
warn that further economic 
growt h will herald a retum to 0 
problems with Britain's trade 
balance^ Mr Martin argues that 
the UK’s manufacturing base 
is too narrow to meet demand. 
Others say that exports may 
slow as growth Mters in mar- 
kets such as the US. 

However, the City Cassan- 
dras appear to be a minority. 

“It is diffic ult to be concerned 
about rising imports if they are 
being used to invest to expand 
capacity to export,” says Mr 
Ian Shepherdson of Midland 
Global Markets. 

And with growth in indus- 
trial output forecast to exceed 
consumer spending growth 
next year, exports are likely to 
become inc r easmgiy Imp orta n t . 
in the recovery. Annualised 
growth in manufacturing out- 
put was running at more than 
4 per cent in August, says the 
CSC, while the annualised 
growth in consumer expendi- 
ture in the second quarter, the 
most recent figure, was about 3 
per cent 

Meanwhile, imports of con- 
sumer goods may grow little if 
- as many banks predict - pri- 
vate consumption increases by 
less than 2 per cent next year. 

A balance of payments sur- 
plus may still be a distant pros- 
pect But the possfMHty of- an 
export -driven recovery is 0' 
eno ug h to make most econo- - 
mistsamfle. They are certainly 
taking the scenario seriously. . 




◄ B 



To find uut why more & more people arc turning n» Taiwan for 
trade & investment opportunities, fold the page so A meets B. 



PARTNERSHIP. It's the drama tic difference international busipessmen air discovering in their dealing! with Taiwan. 

By providing in vectors complete, easy access 10 Taiwan's combined resources, wc help bu*intr>s 
bridge the gap between buyer & seller, manufacturer Sc consumer, investor needs fit investment opportunities. 

I I 

Board of Foreign Trade, Ministry of Economic Affairs, 1 Ho Knu Street. Taipei, Taiwan. R.O.C TeL(8S6-2) J51-GZ71 3SMuOl 

I I 

I I 

( I 


LETTERS TO THE EDITOR - 

Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be clearly typed and not hand written. Please set fax for finest resolution 


Competition drives car market 


of evary aspect of customer 
service. The present system of 


More to cut 
in CAP cost 

From Mr Terry Wynn, MEP. 

Sir, It really is good ne ws 
that the European Commission, 
is willing to stimulate debate 
on further change to the Com- 
mon Agricultural Policy just 
two years after the MacSharry 
reforms were adopted (your 
articles “CAP report sends 
tremors through Brussels", 
September 30 and “Trouble 
down on the farm”, October 3). 
For “reform-minded" politi- 
cians the publication of this 
latest study signals a shift 
towards a more flexible 
approach from the Commission 
on agricultural policy. 

It also shows that the Mao- 
Sharry reforms were an impor- 
tant step but that less costly 
ways of compensating farmers 
for price reductions must be 
found. In 1995, the EU will still 
be paying Ecu37bn for the farm 
budget - nearly half the entire 
budget amount 

It may well be that one-off 
compensatory payments are 
not in the forefront of “Brus- 
sels thinking”. But in budget 
and trade terms, and as the EU 
expands eastwards, we have to 
find some way of eliminating 
export refrmds altogether and 
completely decoupling produc- 
tion from price support If not 
we will bankrupt ourselves. If 
the alternative to lump sum 
payments is the renationalisa- 
tion of the CAP - which way 
would the Commission go? 
Terry Wynn, 
chairman. 

Land Use and Food Policy 
Intergroup, 

European Parliament, 

Brussels, Belgium 


From Mr Rudolf Beger. 

Sir, Your editorial. “Brussels’ 
foot on the brake* (October 6) 
tacitly figynmaB that anything 
that looks good for producers 
has to be bad for consumers. 

Such an assumption would 
mean that manufacturers do 
not care about their customers, 
that they are not interested in 
competing with each other pre- 
cisely in the area of customer 
service quality and that they 
need to be told by national and 
EU authorities how to be com- 
mercially s uccess ful. This 
assumption betrays a surpris- 
ing ignorance of the competi- 
tive factors driving the auto- 


From Mr David R Richards. 

Sir. I would like to congratu- 
late Ian Davidson on his per- 
ceptive article. “Vichy casts a 
shadow” (September 28), which 
traces France’s inability to 
accept shared responsibility for 
its recent past, as mirrored in a 
recently published biography 
of Francois Mitterrand. 

As a Reuters correspondent 
in Paris from 1952-57. I wit- 
nessed similar psychological 
inability to accept events 
which were painful to the 
French psyche. For example, 
tiie Call of Dien Bien Phu in 
Indochina, and the surrender 
of the French army, were 
explained away by my French 
friends as the fault of the Ger- 
man members of the French 
Foreign Legion who were fight- 
ing there at the time. 

The French people are 
intensely individualistic, a 


mobile trade and a serious lack' 
of commercial common sense. 

Despite all the imperfections 
of the yet to be completed Sin- 
gle Market, there is no sector 
that has became as truly pan- 
European and competitive as 
the motor vehicle industry, as 
any manufacturer which 
wishes to survive well knows. 

The “pe rversity” referred to 
in your editorial is truly that of 
all too prevalent economic 
parochialism an unnatural, 
clinging to ideological catch- 
words, repeated ad nauseam. 

The single-minded objective 
of every car manufacturer has 
to be the highest possible level 


quality which manifested itself 
in the political arena in the 
many different paiti w i of the 
Fourth Republic in the 1950s, 
and which reveals itself today 
in the constant dissensions 
between party ranks. 1 suggest 
this passionate Individ ualism 
makes it difficult for them to 
accept a shared responsibility 
for the past 

Sanche de Gframont, in his 
book The French, Portrait of a 
People says: "France is not a 
synchronised c o unt ry . It is Hk* 
an ungaited horse, each of 
whose legs is proceeding at a 
different cadence." 

I quote this with affection for 
the days 1 sport in the country, 
and the friends I made there. 
David R Richards, 

480 West Ash Street , 

ZUmsode, 

Indiana 46077, 

US 


distribution is the best guaran- 
tee that competitive pressures 
win be sharpened. It is the cus- 
tomer who would pay far any 
upheaval in. the system, 
through less service, quality, 
dunce and competition, likely 
to result in higher prices. 
When wffi Europe's economic 
ayataHahs awaken to this fact? 
R udol f Beger, 
executive secretary, 

European Automobile Manufac- 
turers Association, 

Rue du Noyer 21L 
B-1040 Brussels, 

Belgium 


Out of order 

From Ms Juda HoUingworth. 

Sir, I recently asked at my 
local post office for a postal 
order for £13, to send to my 
nephew whose 13th birthday 
approaches. I was given two 
postal orders, one for £ 10 , for 
which the charge was 66p, and 
one fbr£3, for which the 
charge was 44p. This repre- 
sents percentage charges of 6 
per cent and 14.7 per cent The 
total price of £14J9 represented 
a charge of &5 per cent 

It seems to me that tins puts 
the contentious topic of bank 
charges into a new perspect i ve.' 
It is also a farther demonstra- 
tion of the fact that the poorer 
you are, the more you have to 
pay. I shad not be purchasing 
any more postal orders. 

Jaffa HoUingworth, 

Abbey Villa, 

Princes Road, Rhuddltm, 

Rhyl Cbayd LL18 5RA 


Not very synchronised 


Plans for agency owe more to dogma than concern for business 


From Mr Howard PelL 

Sir, Your report, “Companies 
House plans attacked” (Octo- 
ber 4). describes but one of the 
threats arising from the pro- 
posal by trade and industry 
secretary, Michael Heseltine, to 
contract out most of the agen- 
cy's services. 

Wi thin three to five years of 
a contractor being appointed, 
the agency’s London presence 
would be reduced to being that 
of a deposit-only (ie post box) 
facility. More than 100 jobs 
would be lost in the process. 

By then. Companies House 
would merely be a wholesaler 
of company information, with 
large commercial retailers 


offering on those data (no 
doubt supplemented with other 
business information which 
many users might not actually 
want) at “commercial” rates. 
At this point, many company 
search agents’ jobs, and per- 
haps entire businesses, would 
be lost 

Meanwhile, the contractor or 
contractors who had taken 
over what remained of Compa- 
nies House would be trying, 
understandably, to maka a 
profit. However, the European 
Court ruling in the so-called 
Italian Tax case (“Companies 
House to cut charges after EU 
court ruling", August 16) 
would prevent that margin 


from being derived from Com- 
panies House fee income. Since 
ministers have claimed that 
contracting-out would not 
increase costs to the t ax p a y er , 
the only way left to ensure 
contractors’ profitability would 
be by allowing than to reduce 
the quality of the service 
offered. 

This then raises a far bigger 
issue than the consequential 
loss of several hundred jobs to ! 
the struggling south Wales 
econcany. 

Company information is Mm- i 
ply not goin g to be as avail- 
able. accurate and complete as 
it is now. Good news no doubt 
for companies with something 


to hide: bad news for others 
about to do business with 
them. 

A large and growing number 
of our customers are now the 
ones who are saying loudest 
that Conservative dogma and 
ideology, and not true concern 

for business, are Wfaat realty Ha 

b ehi nd the Companies House 
review. It is about time that 
mi nisters started to listen. 
Howard Pell, 
member. 

National Union of doff and 
Public Servants, 

Room 2.145, 

Companies Haase, 

Crown Wag, 

Cardiff CF4 302 


m 


% 







**“'•* -IIS* .... 

v"\ ""M 

,: . ■’•’ll 

* -u , 


ce 


i 

to 

1(1 


FINANCIAL TIMES MONDAY OCTOBER 10 1994 


FINANCIAL TIMES 

Number One Southwark Bridge, London SEi 9HL 
Tel: 071-573 3000 Telex: 922186 Fax: 071-407 5700 

Monday October 10 1994 


The decision 
is Saddam’s 


President Saddam Hussein's 
decision to move tens of thou* 
sands of troops close to Iraq's bor- 
der with Kuwait is as Illogical as 
it is personally consistent 
Iraq's at least partial compliance 
with ON Security Council Resolu- 
tions passed following the Gulf 
War in 1991 was beginning to 
soften some western attitudes 
towards the relaxation of sanc- 
tions imposed when Iraq invaded 
Kuwait Mr Rolf Ekeus. the UN 
official in charge of monitoring 
the destruction of Iraq's weapons 
of mass destruction, is due to 
report to the Security Council 
today on the extern of Baghdad’s 
compliance. The report was 
thought likely to produce evidence 
which could have been used by 
countries such as France and Rus- 
sia to support Iraq's de m a n ds for a 
softening of sanctions. 

Instead of capitalising on this 
tread, the Iraqi leader has chosen 
to prejudge the Security Council 
deliberations with a characteristic 
act of belligerence, which suggests 
he has learnt nothing from his 
repeated gross errors of Judgment 
over the past decade and a half. 

Mr Saddam's intention to provoke 
a crisis was no bolt from the blue. 

Mr Hamid Hammadi, Iraq’s minis- 
ter of information, said last week 
tint it would have to find "other 
ways" of dealing with the Security 
Council if it insisted on following 
the "oppressive" determination of 
tbs US to keep sanctions m place. 

Regional domination 

The US attitude has been simi- 
larly well signposted. Mr Robert 
Pelletrau, the US assistant secre- 
tary of state for near eastern 
affairs, and Mr James Woolsey, 
the director of the CIA, have both 
argued strongly against any ras- 
ing of sanctions. They claim that 
Iraq still harbours ambitions of 
regional domination. Mr Pelletrau 
added: 'Iraq today is not in foil 
compliance with any of the UN 
Security Council resolutions. It 
has not even met the basic 
requirement ... of formally recog- 
nising the UN-demarcated bonier 
with Kuwait" Mr Woolsey addi- 
tionally asserted that the Iraqi 
regime was still hiding Scud mis- 
siles, chemical weapons and Us 
entire biological weapons pro- 
gramme. 

Whatever the relative merits of 
the arguments over the degree of 
Iraqi compliance with UN resoiu- 

Trouble ahead 
for the CAP 


dons, there can be little dispute 
that the instincts of the Iraqi 
leader have not been moderated 
by his experience during and after 
the Gulf war. Everything Saddam 
Hussein does is based on retaining 
power in Baghdad, and for the 
past 14 years he has sought to 
explain away the suffering of his 
population by first the war with 
Iran and then by the hostility of 
the US. Mr Saddam's current mili- 
tary posturing may be as hollow 
as his threat in 1990 to unleash 
the “mother of all battles" against 
the western allies, but it serves to 
e m b ell is h his role of the embattled 
Arab leader struggling against an 
international conspiracy. 

Humanitarian suffering 

It also seeks to disguise the fact 
that the Iraqi regime is solely 
responsible for the appalling state 
of the nation. Iraq could tomorrow 
renounce any territorial claim to 
Kuwait and, however reluctantly, 
accept the UN-designated border. 
It could make quite clear its inten- 
tion never to use force against its 
neighbours. Mr Saddam could 
avail himself of UN security reso- 
lution 706 which allows Iraq to sell 
some oil to relieve humanitar ian 
suffering within Iraq. 

He has chosen to do none of 
these things, but instead expects 
the UN to rase sanctions an the 
basis of his partial technical com- 
pliance with the demolition and 
future monitoring of weapons of 
mass destruction. It is difficult to 
believe that Mr Saddam, for all his 
ignorance of western political 
systems, could not have foreseen 
the reaction to his renewed mili- 
tary threats. It is almost as if he 
wished sanctions to be retained. 

In these circumstances be leaves 
the UN Security Council and the 
western allies very tittle choice. 
Critics may well continue to com- 
plain that the US has no coherent 
longer-term policy for dealing 
With Iraq, Other than maintaining 
sanctions which have so far failed 
to bring about a change of politi- 
cal attitude, or a change of regime 
in Baghdad. The west might well 
consider doing more to soften the 
secondary effects of sanctions on 
countries such as Turkey and Jor- 
dan. But In the final analysis the 
easing of the Iraqi tragedy rests 
with the regime in Baghdad, and 
perhaps with those who have the 
opportunity and courage to bring 
about its demise. 


It is one of the European Union's 
quainter superstitions that the 
Common Agricultural policy has 
quasi- magical staying power. 
Squeezed by budgetary stringency, 
bombarded in transatlantic trade 
wars, riven with internal contra- 
dictions of ail kinds, the policy 
cruises on regardless. Us powerful 
defenders - in the European Com- 
mission's agricultural directorate 
and in Europe’s form lobbies - 
speak as if its existence, and Its 
virtues, were synonymous with 
those of the Unton itself. 

If the warnings emanating from 
some authoritative quarters in 
recent weeks are any guide, how- 
ever, such confidence in Europe's 
farm policy is In for a shaking. 

On the one hand, the Union is 
still struggling to absorb the 
reforms Introduced in the early 
1990s tv farm commissioner Ray 
MacSharry. On the other, it faces 


new pressures resulting from its 
commitment to take in members 
from central Europe. An Indepen- 
dent report published by the Com- 
mission late last month recom- 
mended wholesale CAP reform to 
prepare the BU for further 
A nhpr flptt w i n t- Last week, the UK 
National Farmers Union warned 
that without fundamental change 
in the CAP, enlargement could 
stretch it to breaking point and 
even cause the demise of the RU. 

Biting reforms 

Warnings of this kind may 
sound odd only two years into a 
major CAP reform. But in truth 
the MacSharry changes - under 
which farmers am paid to "set 
aside* a given proportion of their 
arable land from production, and 
KU prices are reduced - havo only 
bought time for the KU and 
curbed the- excesses that threat- 
ened a trade war with the US. The 
reforms are biting, to the perverse 
extent that train shortages have 
recently forced internal EU prices 
up; the Commission was moved 
hut week to propose a minor 
relaxation of the set -aside regime. 
Hut the MacSharry changes ore no 
answer to the problems which will 
be posed by enlargement. 

Unless it carefully prepares for 
this challenge now, the EU coum 
face a serious ends over agricul- 
ture in 1996. when the MacSharry 
reform* run out, as the desire for 
farther enlargement collides with 
an inability to manage or finance 


it Such a crisis would complicate 
the fraught constitutional debate 
due to take place in the inter-gov- 
ernmental conference set for that 
year. At worst it could derail what 
Is arguably the HU’S most impor- 
tant strategic task: stabilising the 
countries to its east, and spread- 
ing its own prosperity. 

Price supports 

The problem ties in the GAP's 
price support measures, under 
which EU formers are paid more 
than world market levels for their 
produce. Extending such price 
supports to formers in, say, 
Poland would almost certainly 
cause a production explosion, 
growth of unsaleable surpluses 
and consequent trade conflicts, 
and the collapse of the EU budget 
On the other hand, excluding 
Poland and the other Visegrad 
countries from as central an EU 
policy as the CAP - either alto- 
gether or for a protracted transi- 
tion period - is unlikely to be 
politically feasible. 

Hence the urgent need to con- 
sider more radical CAP reform. 
One option, suggested in a paper 
produced for the Commission by 
Independent experts in June, 
would be to lower EU support 
prices to a level that covers only 
core production costs, establish a 
standard level of support pices in 
the eastern European countries 
and bridge the gap between the 
two by means of export refunds 
and import duties. Another would 
be to scrap or phase out all EU 
price support and replace it with 
some other form of social aid, 
decoupled from production. 

These ore not arcane or remote 
questions. Such adjustment will 
be necessary even without full EU 
membership on the part of the 
central European countries. For if 
the Union's promises to dismantle 
trade barriers with these states 
are to mean anything, it will have 
to let In more of their form pro- 
duce. creating greater competition 
for the formers of western Europe. 

That In turn is why some EU 
governments are seriously mis- 
taken if they think these issues 
will go away. Germany, for one. 
will be forced to address them as a 
result of Us own strong commit- 
ment to bringing its central Euro- 
pean neighbours into the Union. If 
the price of doing so is CAP 
reform, it will have to be paid. 


I n recent weeks Moscow's 
more opulent hotels have 
been crammed with foreign 
investment bankers, venture 
capitalists and fond manag- 
ers, chattering excitedly about a 
possible turn in Russia’s economic 
fortunes. 

'This is one of the greatest invest- 
ment opportunities of the 20th cen- 
tury,” enthuses one fund manager. 
“Russia is the single most impor- 
tant emerging market for us at the 
moment," says another. Mr Mark 
Donegan, an equity strategist at 
Morgan Grenfell, the UK-based mer- 
chant bank. 

This interest has triggered a wave 
of speculative buying. In the past 
six months foreign investors have 
been Hocking Into Russia’s infant 
stock markets, causing the prices of 
some shares to jump by as much as 
30 per cent a day. Some shares have 
risen 10 times In dollar terms over 
the past year, or about 25-fold in 
rouble terms. 

According to Mr Anatoly Chubais, 
privatisation minister, the rate of 
foreign portfolio investment has 
accelerated to S500m a mouth, com- 
pared with about $lbn for the whole 
of 1993. CS First Boston, the inter- 
national Investment bank, esti- 
mates total foreign portfolio invest- 
ment this year may exceed $3hn. 

But the excitement still needs 
some ex plaining . Hea dline statistics 
suggest Russia's economy is still 
mired in recession, with industrial 
production having fallen 28 per cent 
in the past year. The government is 
under severe budgetary pressure. 
The rouble is felling fast Thou- 
sands of companies are experienc- 
ing an acute cash-flow crisis and 
many have not been able to pay 
their workers for months - one 
industrial company, for example, 
recently resorted to settling its 
wage bill in job-lots of tampons 
which it bad somehow bartered. 

Yet the picture is far from uni- 
form. While some parts of the Rus- 
sian economy are contracting, oth- 
ers - particularly in the services 
sector - are growing at a frenetic 
pace. The mass privatisation of 
120,000 state-owned enterprises is 
also proving a brutally effective 
learning process for Russia's old- 
school management In how to ran 
their companies profitably. 

The speed of the privatisation has 
meant many of the most attractive 
assets have been hastily bundled 
into corporate parcels. That has cre- 
ated some powerful and potentially 
wealthy industrial companies, 
which could yet dominate the Rus- 
sian economy in the way giant cor- 
porations helped shape US develop- 
ment in the 19th century. 

It is these few corporate colossi, 
mainly clustered in the oil, gas, 
mining; metals, electricity and tele- 
communications sectors, which 
most appeal to western investors - 
especially following increases in 


Enthusiasm for Russia’s stock markets is growing, but 
the risks remain great, writes John Thornhill 

Foreign speculators 
raise the stakes 


global commodity prices. 

These companies are fast learning 
how to speak the language of west- 
ern investors to attract much- 
needed capital Lukoil, one of the 
most progressive of the new oil 
companies, has already made slick 
investment presentations in New 
York. Five other Russian compa- 
nies, which may issue global deposi- 
tary receipts - or certificates repre- 
senting shares - next year, staged a 
well-received investment road show 
in London last month. 

The investors' prayer is that these 
companies could eventually pro- 
duce phenomenal returns from 
their rich assets. One investment 
bank calculates that if Gazprom, 
which controls more than 30 per 
cent of the world's known gas 
reserves, could generate the same 
financial return on assets as its 
western peers, and attract an equiv- 
alent stock market rating, it would 
emerge as the most valuable com- 
pany in the world. 

Despite spectacular share price 
rises recently, such assets still 
appear cheap by global standards. 
The Moscow Times index of the 30 
most actively traded Russian stocks 
estimates their total market value 
at about Rbs74bn ($26bn). Put 
another way, the bulk of Russia's 
vast natural resources and corpo- 
rate assets is currently given about 
the same value as Glax o, the UK 
pharmaceuticals company. 

While this theory may be entic- 
ing; much r emains uncer tain - and 
there is plenty to alarm the inves- 
tor. “In many respects, Russia is a 
pre-emerging market and lacks 
many of the most basic playing 
rales. We will see a number of prob- 
lems and scandals in the market 
That is only to be expected," says 
Mr Martin Andersson, chief execu- 
tive of Brunswick, a Swedish- 
owned, Moscow-based stockbroker. 

Russian accounting remains 
opaque and the concept of corporate 
governance hazy, making it impos- 
sible to value Russian companies on 
conventional measures of earnings, 
cash flow or dividend yield. Instead, 
appraisals have to be made on fac- 
tors such as proven reserves, share 
of global metals production, price 
per unit of energy produced - or 
even density of telephone lines. 
There is inevitably a large dash of 



wishful thinking thrown in. If there 
were ever a reconciliation of accu- 
mulated inter-enterprise debts, 
many Russian companies would 
surely be bust. Far from being 
cheap, many current share prices 
could yet look absurdly generous. 

The other chief worry is the sheer 
difficulty of trading shares, a 
reminder of the old saw that an 
emerging market is one from which 
you 'cannot emerge in an emer- 
gency. A dozen relatively orderly 
local stock exchanges have been set 
up, but 95 per cent of shares are 
still traded over the counter 
through a myriad of small brokers 


- many of whom dabble in commod- 
ities from shares to h uman hair. 

One frustrated western fund man- 
ager says: “The biggest task is sim- 
ply trying to get buyers and sellers 
to meek It is still very difficult to 
know what the price of a share is.” 
Prices quoted to investors often 
prove meaningless and the spreads 
between bid and offer prices can be 
as wide as 40 per cent 

Even when shares are bought it 
is extremely onerous to register 
ownership. Legislation requires new 
owners to enter their names on a 
shareholder list kept in the compa- 
ny’s home town. Travel-weary 


stockbrokers spend much time scur- 
rying off to obscure Siberian towns 
simply to register their purchases. 

Loral stockbroker associations 
have been formed to address these 
concerns and introduce self-regula- 
tion. Western government-funded 
projects are also helping develop 
effective clearing and settlement 
systems. Baziks, such as CS First 
Boston and Chase Manhattan, are 
establishing custodial services to 
give investors greater confidence 
about the security of their invest- 
ments. But mainstream investors 
will remain deterred until such 
doubts are resolved. 

The Russian government is draw- 
ing up further securities legislation, 
which, promises effective regulation. 
It is also devising means of channel- 
ling the domestic savings pool into 
the productive economy, rather 
than into speculative investment 
schemes, which could give the mar- 
kets a further boost 

T he successful develop- 
ment of secondary mar- 
kets would solve many 
government dilemmas. A 
strong domestic share- 
holder culture would help entrench 
the economic reform process and 
produce greater Industry account- 
ability. Capital markets would also 
provide an alternative means of 
development finance, helping wean 
Industry off state credits. 

But the success of the reform- 
minded ministers is far from 
assured. It is only a year since 
tanks were shelling the Russian 
parliament building, and the politi- 
cal situation remains precarious, 
Russian nationalists are already 
campaigning about what they see 
as a sell-out to foreigners, and there 
remains a danger of expropriation. 
The economy, too, could unravel in 
the face of social unrest, demands 
for industrial subsidies and a fur- 
ther spurt of hyper-inflation. 

As yet, only the hedge funds and 
private individuals have been bold 
enough not only to identify the 
risks but to swallow them. Their 
interest is clearly to talk up the 
market and take their gains by sell- 
ing out to hmnming ftniH managers. 
That may already be happening as 
Russian share prices have softened 
in the last few days. But there is a 
chance that the astonishing speed 
of change in Russia’s capital mar- 
kets could presage the start of 
much longer-term growth in invest- 
ment, as mainstream fund manag- 
ers and Russian domestic investors 
grow confident enough to commit 
serious funds. 

“I would like to think that this is 
not a passing emerging-market fed,” 
says Mr Andersson of Brunswick. 
“The sheer size of Russia’s 
resources and companies must one 
day ensure that it assumes an 
appropriate place in the world’s 
equity markets." 


Sleepless and irritable in suburbia 



At the height of 
Washington's long 
hot summer, my 
house was without 
power for 48 hours 
as storms swept 


PERSONAL 


View 


brought home to my 
family the extent to 
which we rely on electricity for air 
conditioning, television, to keep 
food fresh - even to make a hot 
drink. 

After two sleepless nights and 
irritable days, we felt we had been 
through a major disaster. But we 
had simply experienced a few incon- 
veniences. We knew we could 
escape to the car’s air conditioning, 
we could buy fresh food at the 
supermarket, we could go to the 
cinema if we became bored with 
family conversation. 

As an employee of the World 
Bank, which is committed to 
fanproving the quality of life of the 
world’s poorest people, I could not 
help comparing our “devastating" 
inconvenience with the reality of 
daily life for the 2bn people in 
developing countries who have no 
electricity. 


The same number of people lack 
adequate sanitation - at least our 
bathrooms continued to function 
during our blackout. We did not 
much enjoy our lukewarm water 
and beer, but Ibn people do not 
have access to safe water. It is little 
surprise, therefore, that every year 
more than 3m children in develop- 
ing countries die c t diarrheal dis- 
ease. not to mention all the other 
illnesses that result from their liv- 
ing conditions. 

The 17 per cart of World Bank 
lending that supports investments 
in population, health, nutrition and 
education helps people in ways that 
are easily recognised. These invest 
merits te t y i to be mutually support- 
ive: educated women, for example, 
have gmitUw fanrilfeg and 
and better-educated children. 

Such projects often have obvious 
appeal to the public. An example is 
the World Bank-financed project 
which will enable 8m blind people 
in India - one-fifth of the world's 
blind - to see again as a result of 
cataract surgery. 

Less appealing is that portion of 
World Bank lending that pays for 
the provision of electricity, clean 


water and sewerage. In the last 
decade the bank has committed 
$25bn to electric power projects and 
more than $8bn to water and sanita- 
tion. 

The feet is that, in the past 30 
years, life expectancy in developing 
countries has been extended by 
some 15 years, the number of chil- 
dren dying before the age of five 

Unfortunately, big 
investment projects 
have the potential to 
cause environmental 
damage 

has been halved, and literacy has 
increased dramatically. Most of the 
credit must go to the people of the 
countries themselves, but .the 
investments the World Bank has 
supported have made a valuable 
contribution to improving living 
standards and reducing the inci- 
dence of di sease . 

Why then does the World Bank 
come in for so much criticism - 
especially over its l anding for Hums 


that create electricity and for other 
large projects? Small can often be 
beautiful but, for all the advances of 
the last few decades, the number of 
people who lack the basics in life is 
massive. 

Many can be helped by small- 
scale, grass-roots efforts, but these 
must be complemented by the big 
investments that will bring electric- 
ity, water and sanitation to very 
large numbers of people. Similarly, 
irrigation projects have contributed 
to a doubling of food production 
and an increase in average nutri- 
tional intake per person of 20 per 
cent over the past quarter century. 

Unfortunately, such larger efforts 
have the potential to cause environ- 
mental damage, and people may 
have to be resettled. The challenge 
for the bank and its partners in 
development is to work with the 
countries It is trying to help, to 
keep negative effects to a minimum. 

The batik has not always been as 
successful as it would Irish - and 
Its own self-critical reports, 
designed to improve future perfor- 
mance, provide ample fodder for 
critics. 

But a vocal minority does not 


want the bank to do a better job. 
This group would like the bank to 
steer clear of any activities that 
challenge the right of people to Uve 
in pristine poverty if there are any 
negative side effects. Unfortunately, 
the bank does not have the luxury 
of turning its back on that which 
may be controversial or difficult 

In 1651, Thomas Hobbes, the 
English clergyman and philosopher, 
characterised the life of people liv- 
ing in a simple world of nature - 
without industry, without trade, 
and without the benefits of modern 
inventions - as “poor, nasty, brut- 
ish. and short". The inconvenience 
of a few hours without electricity in 
suburban Washington is a modest 
reminder of what life is like for the 
millions without electricity, clean 
water or sanitation in Bangladesh, 
Bolivia or Burkina Faso. 

They must not be condemned to 
the state described by Hobbes. 

Tim Cullen 


The author is chief spokesman Jar 
the World Bank 


OBSERVER 


Harmonious 

union 

■ Choosing Belgian socialist Willy 
Claes to be Mato’s secretary general 
makes it easier to fill the same post 
at Europe’s other defence 
organisation, the Western European 
Union. But not much. 

Leading the WEU is a sensitive 
job. Whoever gets it will haw to jolt 
into full-blooded existence a body 
which - having finally got 
Washington’s blessing - has been 
designated as the European Union’s 
defence arm. 

Claes's victory probably 
eliminates his compatriot, Marc 
Eyskens, from the WEU race; the 
rules of European musical chairs 
dictate a limit on Belgians - or any 
other nationality - occupying top 
notches. 

Portugal’s Jose Cutilhefro is in 
with a chance, with his Atlantidst 
credentials appealing to the UK 
though not to the French. The two 
front-runners though are veteran 
Italian diplomat Giovanni Janauaa , 
currently ambassador to Nato, and 
Enrique Baron Crespo, the Spanish 
politician and former president of 
the European Parliament 

The Spaniard’s socialist 
background might count against 
tom. too many socialists bring 
almost as difficult to swallow as too 
many Belgians. 

The Italian camp stresses the 
quiet efficiency with which 
Janmngj coordinated the EU*& 


foreign policy secretariat for four 
years. France anticipates a 
stalemate and a ample of its former 
cabinet ministers wait in the wings. 

With so little union, maybe the 
incumbent, former Dutch defence 
minister Willem van Eritefen, 
would like to stay put? 


Phut phut 

■ The UK's Institute of Personnel 
anrf Development says that Dutch 
managers, whose work often takes 
them into Germany, Hke to run two 
cars. 

They keep the prestige motor for 
doing business in Germany - where 
they fed an impressive vehicle is de 

riguacr - and the clapped-out 
banger for working in the 
Netherlands, where an ostentatious 
company car might suggest a lack 

of investment in the business. 

Presumably they keep the moped 
for dealing in the UK ~ so they 
wont offend their poorer cousins. 


Pennywise 

■ Conservative central office’s 
efforts to reduce its estimated £15m 
overdraft will not be hriped by 
gaffes such as the one visited on Sir 
Alistair Grant, the genial Scottish 
millionaire who is chan-map of the 
Argyll sup er ma rket group. 

Sir Alistair, whose company has 
over toe past decade contributed 
some £250,000 to Tory coffers, was 
irritated earlier this year to receive 



’He’s a bit like Forrest Gump but 
without the feelgood factor* 

a gushing letter from party HQ 
asking him to consider making a 
“ fi rs t time** donation. 

As an indication of the party’s 
organisational prowess, Sir Alistair 
considered this less than 
impressive. He promptly cut the 
company's annual donation from 
£30,000 to zero. 

Who carries the can for the 
embarrassing error? Central office 
is understandably reticent but it is 
reliably understood the letter was 
authorised by David Sleffi the 
Marks and Spencer director, and 
until recently among the 
high-powered businessmen helping 
to run the Tories' finances. 

Foe entirely un co nne c ted reasons, 


Sieff is now devoting his spare time 
to being chairman of the board 
distributing cash from the UK’s new 
national lottery. 


Speaking volumes 

■ Telephone sex with a difference. 
In Switzerland, the PTT telecoms 
company is now running a 
commercial for mobile telephones. 
In it, a young woman tells her 
boyfriend that, alas, she failed to 
reserve cinema tickets because she 
could not find a payphone. Another 
young woman, eavesdropping on 
this sad event, whips out her mobile 
phone, books the tickets and 
captures the man. 

In the next scene, as the couple 
emerge from the cinema, the 
woman raises her eyes to her hero 
and says . . . different things, 
depending on whether the ad is for 
the German or French speaking 
market 

In the German version she says: 
"And where will we go for a drink 
afterwards?” In the French it’s: 

"And now, your place or mine?” 


Taxing break 

■ Chief financial officers of US 
companies know a good thing when 
they see it 

Fto a few days last week they 
were able to save millions of dollars 
on their securities registration fees, 
thanks to a congressional delay in 
approving the Securities and 


Exchange Co mmissio n's new 
budget 

The delay meant the SEC was 
temporarily unable to charge 
companies its usual fees for 
registering securities. 

Instead of the normal 0.035 per 
cent the agency was forced - by 
the rales of a temporary funding 
bfll passed earlier this year - to 
charge only 0.02 per cent 
Chicken-feed. 

Mind you, these are big broilers. 
Chrysler rushed to register S18-6bn 
of securities, saving itself a 
handsome $2.7m in fees. General 
Motors saved 51.4m on $7.1 bn of 
securities. 

Blame two Republican senators 
for holding up the new budget 
They wanted to attach to the 
foiling bill a measure giving 
married couples a bigger tax break, 
worth an extra $1,750, on their 
savings. 

Meanwhile, who will count the 
millions of corporate dollars saved 
at the expense of US taxpayers? 


Deaf to reason 

■ Earnest US youths working in 
the House Of Commons as research 
assistants to MPs sometimes 
encounter local problems. One 
recently asked a British colleague: 
“Whafs the politically correct 
expression over here for ‘dear?” 

The Brit pondered, then replied: 
“Well, I’ve got a relative who is 
deat We call him ‘stone* deaf. That 
any good?” 





!•••> * *vu«s will In raided in iho iww flow-. Invilm! 


| A FINANCIAL TIME ! 

( for change \ 


fegffit | 


FINANCIAL TIMES 

Monday October 10 1994 


Brossette J37jr 

Sanitaire ■ Chouffege ■ Canalisation ^ 


Mummo-u* 

C* t 3**MC*i 


Claims over Thatcher link to 
arms deal irritate Tory leaders 


By Roland Rudd bi London 


The UK Conservative party last 
night sought to distance itself 
from Lady Thatcher after embar- 
rassing allegations on the eve of 
its annual conference that her 
son Mark made £l2m (318.96m) 
commissions from a Saudi Ara- 
bian arms deal while she was 
prime minister. 

Mr Robin Cook, shadow trade 
and industry spokesman, called 
for a independent public inquiry 
"to get the bottom of the allega- 
tions". 

As the Conservative party tried 
to reassert its own agenda in the 
face of Labour attacks over the 
“sleaze factor", one minister con- 
ceded that the allegations were 
"most unhelpful" coming just 
before Lady Thatcher is due at 


the conference in Bournemouth, 
southern England, tomorrow. 

Conservative Central Office 
sought to distance the govern- 
ment from Lady Thatcher's 
administration of the 19S0s. 
“Allegations surrounding the son 
of a former prime minis ter who 
has been out of office for four 
years are of historical interest," 
said a senior spokesman. 

Ministers, however, were irri- 
tated by yesterday's report in the 
Sunday Times which alleged that 
Mr Mark Thatcher was among a 
team of middlemen who earned 
between them £240m in commis- 
sion payments from the Al-Yama- 
mah deal with Saudi Arabia. 

Mr Cook said: 

“There are two main questions 
that must be answered: what 
Influence did Mark Thatcher sell 


in return for these millions and 
how much did Mrs Thatcher use 
her public office to promote her 
son to make a private fortune?” 

Mr Cook said Mr Michael 
Heseltine should set up the 
inquiry since he was now trade 
and industry secretary and had 
been the defence secretary who 
signed the deal 10 years ago. 

The Sunday Times also alleged 
that Lady Thatcher had been 
warned by civil servants about 
the potentially damaging conse- 
quences of her son’s involvement 
in the Saudi Arabian arms deaL 

Mr Robert Sheldon, the chair- 
man of the Commons public 
accounts committee, yesterday 
called for wider powers to track 
public money across depart- 
ments. 

“The committee needs wider 


powers to follow public money 

wherever it goes," he said. 

Mr Sheldon was instrumental 
in deciding that a report into the 
deal by the National Audit Office, 
a government watchdog commit- 
tee, was not published on the 
grounds of national security. 

He yesterday said there had 
been no evidence that the Minis- 
try of Defence had done anything 
wrong in sanctioning the deaL 
But he stressed that bis commit- 
tee only had the powers to inves- 
tigate individual government 
departments. 

Mr Tam DalyelL the Labour 
MP who brought up the issue of 
Mr Mark Thatcher's involvement 
in the deal in the Commons two 
years ago, said: “I shall return to 
the subject when the House reas- 
sembles.” 


Jurists propose Maxwell schemes 
trust for Fininvest sue Credit Suisse 


By Robert Graham in Rome 


A commission of three jurists has 
proposed that Mr Silvio Berlus- 
coni, the Italian p rimp minister, 
either sell his Fininvest business 
empire or appoint a trust to man- 
age Italy's second largest private 
group to avoid a conflict of inter- 
est. 

The proposal is contained in a 
report handed over to the Senate 
by Mr Berlusconi at the weekend. 
He commissioned the report in 
May on taking office. He bad 
been sitting on it for 11 days but 
has so far refused to comment 

The proposals are not binding 
and merely a basis for legislation. 

The opposition Party of the 
Democratic Left (PDS), the for- 
mer Communist party, criticised 
the report as being too little, too 
late. Mr Cesare Slavi, the PDS 
spokesman in the Senate, wel- 
comed the fact that the report 
accepted a conflict of interest 
existed. But he said the contents 
were too vague and lacked teeth, 
especially over sanctions. 

The report avoids any mention 
of the need to reveal the full 
nature of ownership of a busi- 
ness. Mr Berlusconi's ownership 
of Fininvest is obscured behind 
22 holding companies and two 
fiduciaries (trusts). 

The jurists suggest that any 
member of government must 
within 40 days of taking office 


mak e a full statement of their 
business interests. If a person 
holds business interests of L50bn 
($3£2m) or more, then he must 
either sell them or hand over 
their administration to a trustee. 

The report rules out enforced 
divestiture as unconstitutional. 
Mr Berlusconi has consistently 
refused to contemplate a forced 
sale; the PDS has argued that 
this would be the sole means of 
avoiding a conflict of interest 

All non-media interests would 
be assessed by the existing anti- 
trust authority, and the latter 
would retain monitoring powers 
over any conflict of interest aris- 
ing with assets being managed by 
a trustee. Media interests - a spe- 
cific reference to Mr Berlusconi's 
three commercial TV channels — 
would be monitored by the media 
watchdog commission. 

The antitrust authority lacks a 
chairman. This means that, in 
the present parliament, the right- 
wing coalition of Mr Berlusconi 
would be the ultimate policeman 
of any conflict of interest 
.The Senate discussion, which 
will start today, will take place 
against the backdrop of two exist- 
ing conflicts of interest - Mr Ber- 
lusconi's battle with the Milan 
magistrates over its investiga- 
tions into Fininvest and the gov- 
ernment’s takeover of manage- 
ment and editorial control of 
RAI, the state broadcaster. 


By John Mason 
in London 


Maxwell pensioners return to the 
UK High Court today in two legal 
challenges attempting to recover 
more than £80m f$ 126 m) from 
Credit Suisse, one of the banks 
which loaned money to the late 
Robert Maxwell. 

Trustees for the Mirror Group 
Newspapers pension scheme and 
the liquidators of Bishopsgate 
Investment Management, the for- 
mer managers of other Maxwell 
company pension schemes, are 
suing Credit Suisse for accepting 
pension fund assets as collateral 
against a loan to the late pub- 
lisher. The action brought by the 
MGN pension trustees is seeking 
more than gssm in damages. BIM 
is seeking £28m. 

The dispute surrounds a £5Qm 
loan facility from Credit Suisse to 
the Robert Maxwell Group which 
was agreed in July 1990 and 
drawn against in September that 
year. Both the MGN pension 
trustees and BIM are arguing 
that Credit Suisse was, or should 
have been, aware that the shares 
offered by the late publisher as 
collateral were pension fund 
assets. The ownership of the 
shares was split between the 
MGN pension scheme and BIM. 

Attached to the action brought 
by the MGN trustees is a further 
claim against Credit Suisse by 


Bank of America for £25m - the 
sum paid by the San Francisco 
bank to the MGN scheme, with- 
out any admission of liability, in 
January this year. Bank of Amer- 
ica had acted on Mr Maxwell's 
behalf as custodian of the dis- 
puted shares and passed them on 
to Credit Suisse. Credit Suisse 
has mounted a counter-c laim 
against Rank of America. 

Miss Margaret Cole of Stephen- 
son Harwood, the solicitors act- 
ing for BIM, sal± “This is an 
important step in recovering pen- 
sion fund assets. It is the first 
time a court will rule on a bank's 
liability for taking pension fund 
assets as collateraL" 

In February, the MGN trustees 
settled one case involving pen- 
sion fund assets when it accepted 
out of court payments totalling 
£32m from three securities 
houses, Lehman Brothers, 
Invesco Asset Management and 
Capel-Cure Myers. 

Although the actions being 
brought by the MGN pension 
trustees and BIM are legally sep- 
arate, they will be heard 
together. They are expected to 
end early next year. 

Credit Suisse is fighting both 
cases. In a statement, the bank 
said it was under no liability to 
MGN pension trustees or BIM, 
and that the security taken for 
the loan was valid as it had been 
taken in good faith. 


Austrian ruling coalition sees its majority cut 


Continued from Page I 


no longer have the two-thirds of 
parliamentary seats needed to 
secure constitutional changes. 

But the coalition will be able to 
count on the support of the Lib- 
eral Forum, a new left-leaning 
party which won 5.8 per cent of 
the votes and 10 seats, for the 
vote to ratify entry into the Euro- 
pean Union. 


Mr Haider first came to inter- 
national attention after making a 
complimentary comment three 
years ago on the employment pol- 
icies of Hitler's Third Reich. 

Three months ago. he looked in 
serious trouble alter a losing ref- 
erendum campaign to persuade 
Austrians to vote against joining 
the European Union. But he 
bounced back in the national 
campaign, rooting out alleged 


examples of excessive patronage 
by the socialists and the OVP. 

The erosion of support for the 
ruling coalition was attributed 
mainly to voter di s e n chan tm en t 
with the cosy partnership 
between the socialists and con- 
servatives that has controlled 
Austria's economic and social 
institutions since the second 
world war. 

This disenchantment has been 


apparent in the OVP’s eroding 
popularity since the mid-1980s. It 
continued in this vote, with the 
party's vote share dropping from 
32.1 per cent to 28.1 per cent 
However, for the first time, the 
socialists, were hurt with their 
share falling from 4ZS per cent in 
1990 to 35 per cent Socialist lead- 
ers said last night the outcome 
did not undermine Mr Vranitz- 
ley’s position as leader. 



V 


THE LEX COLUMN 


Hands across the ocean 


This year has so far seen two hostile 
bids fought simultaneously in Britain 
and America. The failed Enterprise/ 
Tjmmn bid and the current Browning- 
Ferns Industri es/Attw oods battle have 
come under the jurisdiction of both 
the UK's Takeover Panel and the US 
Securities a n d Exchange Commission. 
The reason is the large proportion of 
each target's shares held by US inves- 
tors - over 20 per cent in Lasmo’s case 
and about three-quarters in Attwoods’ 
case. 

Though operating in two jurisdic- 
tions adds to the complexity and cost 
of takeovers, more bidders are likely 
to be driven down this route as US 
investors increasingly diversify their 
portfolios overseas. Acquirers may 
find it worth pursuing a US stake of as 
little as 5-10 per cent given that they 
can only compulsorily purchase 
minority stakes if they win over 90 per 
cent acceptances. 

Such dual jurisdiction bids subtly 
change the nature of the takeover 
game. Bidders and targets have to 
appeal to two sets of shareholders, 
eanh with slightly different ways of 
valuing companies. In the Lasmo bid, 
much was made of the fact that US 
investors look at oil exploration com- 
panies cm a cash-flow basis while UK 
investors are more concerned with 
assets. Meanwhile, BFI has argued 
that Att woods' earnings should be 
converted to US accounting standards 
in order to decide how much the 
shares are worth. It will be no surprise 
that this turns what first looked like a 
mean offer into an apparently gener- 
ous one. As more bids straddle the 
Atlantic, dreaming up similar wheezes 
should become a growth business for 
bankers. 


UK properly 


FT-SE-A Property Sector 

100 -A 



Aug 1994 

Source; D ai aatream 


sustainable recovery. The nagging 
worry remains, however, that Austra- 
lia's current account is once again 
revealing the country's structural 
weakness as a commodity exporter 
with a relatively small domestic man- 
ufacturing base. Mr Willis points to 16 
per cent compound growth in manu- 
factured exports since the mid-1980s as 
evidence of change, but the base was 
small and the August trade figures 
showed a slowdown in non-farm 
exports. 

While such concern persists, Austra- 
lia will need an eye on the limits to 
growth - still officially forecast at 4L2S 
per cent in the current financial year. 
Neither the currency nor the bond 
markets are likely to tolerate for long 
inaction by the Australian authorities 
once US rates rise again. Sydney equi- 
ties have fallen 17 per cent since their 
peak in February. They may not yet 
have fully discounted further interest 
rate rises in the pipeline. 


Australia 


The US is not the only country 
where markets are looking to see 
whether the authorities will push up 
interest rates. The chances are grow- 
ing of a further rise in Australia after 
the jump to A$2.14bn In the August 
balance of payments deficit, the larg- 
est monthly figure since early 1990. 
Last week Mr Ralph Willis, Australia’s 
treasurer, sought to downplay the pay- 
ments figures, citing the drought in 
Queensland and New South Wales and 
rising imports of capital goods as rea- 
sons for the disappointment If that 
was why the payments deficit was ris- 
ing, there would be less need for a 
monetary policy response. Evidence 
that companies are finally stepping up 
their investment would be a sign of 


European cars 

The European car market is set to 
recover from last year's cyclical 
trough. But much of this year's 
growth - expected to be 4 to 5 per cent 
- is due to government-sponsored 
sales incentive schemes in France and 
Spain. In Germany, election nerves are 
limiting the pace of recovery. The 
rebound in the UK market reported 
last week disguised a fall in the num- 
ber of cars bought by consumers, the 
growth coming exclusively from fleet 
buyers. 

All this points to a long, slow recov- 
ery. General Motors predicted at the 
Paris motor show that European car 
production would not reach the previ- 
ous cyclical peak of 1989-90 until the 
end of the century. The path back will 
be dogged by mounting competition. 


Property 

Reality has caught up with UK prop- 
erty, last year's second top-performing 
sector in the stock market This year; 
the property Index has been struggling 
ever since the Fed raised US interest 
rates. Higher bond yields and UK 
interest rates have added to its woes. 
Since the Fed moved in February, the 
property index has underperformed 
the market by 10 per cent 

For a while, property shares were 
sustained by expectations that eco- 
nomic growth would generate higher 
rents. Those hopes have been dashed. 
Although there have been pockets of 
progress for a few premium commer- 
cial properties in the West End of Lon- 
don and the City, income growth has 
proved elusive. Many property groups 
are less dependent than they were on 
London. But beyond the capital there 
have been even fewer signs of an 
upturn in commercial, industrial or 
retail rents. The market’s forecasts for 
rental growth for the year to March 
have fallen from 12 per cent to about 7 
per cent There are fears it could actu- 
ally reach zero. 

Eventually, the effects of 3.8 per 
cent GDP growth must begin to filter 
into the market The absence of cranes 
that once dominated the City's skyline 
bears witness to the lack of new capac- 
ity in the pipeline. But it could be 1996 
before rents move significantly, 
upwards throughout the country. A 
case for near-tom optimism is diffi- 
cult to make. Some may wish to pick 
stocks with good portfolios. But even 
the more dynamic groups will find it 
hard to escape the malaise restraining 
the sector. 


This announcement appears as a matter of record only. 


The British Petroleum Company p.l.c. 


Managed Exit from BP Nutrition 


Sale of the 


European Consumer Food Division 


Sara Lee Corporation 


Sale of the 


European Pet Food Division 


Dalgety 


Sale of the 


Agrispeciality, Animal Breeding, Aquaculture 
and European Animal Feed Divisions 

to 

Nutreco 


The undersigned has provided overall advice 
on this process and has assisted with 
the above transactions 


Lazard Brothers & Co., Limited 


1992-94 








between the big US and European 
manufacturers as well as from Japa- 
nese producers. It is thus unlikely that 
margins will ever be restored to the 
levels achieved in the late 1980a. 

Shares in European manufacturers 
such as Volkswagen and Peugeot have 
risen strongly over the past 18 months 
in anticipation of a pronounced recov- 
ery in earnings, but the scope for 
recovery in Europe is hampered by 
social and political impediments to 
rationalisation. The measures taken 
by Mercedes-Benz and Volkswagen. to 
cut costs look feeble in comparison 
with the root-and-branch restructuring 
pushed through by the US majors. - 
European car man ufacturers may 
experience a bounce in ea rni n g s from 
current levels, but the cyclical upside 
for investors is likely to be less pro- 
nounced than it has been in the USi 


If Of] 


J*Stre 

M%\\ 


*e,?* 




M?/ 
jJS-i' ■ 

*£< ■ ' 

VV ; 

as* 

• 

lV • 


%V’ lv 




17 



can 


-Jif A EUROPE'S LEAPING DEBT 
\ MUMWIIJI COMPANY 

intruui r| justitia 

** I N K A 6 8 O 

VNITMEIB HOD MB TB6 WORLD DACE 


MARKETS 


THIS WEEK 


f STEPHANIE FLANDERS; 

ECONOMICS NOTEBOOK 
Experience in the US shows the 
link between unemployment and 
crime should be handled with care. 
Most people believe there Is a 
relationship between the two. 
However, they recognise that a 
complex web of personal and 
cultural factors wiH determine whether a given 
individual will turn to crime. Page 2D 

OERARD BAKER: 

GLOBAL INVESTOR 

The invisible hand has been at work again in the 
Japanese stock market as Finance Ministry officiate 
attempt to prop up share prices. 

Page 20 

BONDS: 

Heavy with capital and hungry for new assets, 
many banks are now eager to start tending again, 
and have turned aggressively to the market for 
syndicated loans. Page 22 

EQUITIES: 

In London the spread of forecasts by City analysts 
for the FT-SE 100 Share Index on December 31 
widened as a poor start to the final quarter 
deepened the market's gloom. In New York 
concern over interest rates still lurks below the 
surface. Page 21 

BktBtGING MARKETS: 

Iraq's latest maneouvrings around Kuwait coincide 
awkwardly with the latest initiative from fund 
managers with a taste for developing countries, 
who are attempting to sell the Middle Fa«t as the 
last frontier for emerging markets investment 
Pag® 21 

CURRENCIES: 

The market will this week focus on US inflation, 
retail sale and industrial production data to get a 
sense of when the US Federal Reserve may next 
tighten monetary policy. Page 21 

COMMODfTIES: 

The world metal trade wiH be in London this week 
for the London Metal Exchange's annual jamboree. 
Pag® 20 

UK COMPANIES: 

The triumph and tragedy which have attended the 
career of Mr John Broome. Pag® IS 

INTERNATIONAL COMPANIES: 

Twelve international taieaxrimunicafeora groups 
have been selected to bid for the Czech Republic's 
national telephone monopoly. Pag® 19 

FT M A N AQ E D FUNDS 8BWICEZ 
From today readers in Continental Europe wffl 
receive a more streamBned version of the FTs 
Managed Funds Service. The service wfl] 
concentrate on offshore and overseas funds, and 
from Mondays to Fridays wffl omit categories of 
fund which are of interest maWy to UK domestic 
investors. UK funds will still be listed once a week, 
in Saturday’s FT. 


STATISTICS 


Base lending rtttas. 25 London noart Issues 25 

Company meetings. ......... 23 London Shan service. 28*29 

Dividend payments. 23 Manafledfunda 26-27 

FT -A Worfd indices. 20 Money markets....... 25 

FT Guide to currencies.... 21 New M bond tasuea. 22 

Foreign exchanges...... — 25 World stock rrtd kxSce®.. 2* 


FINANCIAL TIMES 

COMPANIES & MARKETS 


©THE FINANCIAL TIMES LIMITED 1994 


l» ;] 

BARR 

'iv 

■ construction 


Expanding by Contracting 


Telephone Ayr (0292) 281311 


Monday October 10 1994 


Rolls-Royce challenges GE’s aero-engine tests 


By Paid Batts, 

Aerospace Correspondent 

Rolls-Royce and Pratt & Whitney 
axe challenging proposals by 
General Electric of the US to 
Change part of the testing proce- 
dure for large civil aircraft 
engines to power the new genera- 
tion of Boeing 777 aircraft. 

The dispute, which has come 
before the US Federal Aviation 
Administration (FAA), is likely 
to have significant impii^aHnnc 
for the fierce competition 


between the big three aero- 
engine makers to supply heavy- 
thrust engines to power Boeing's 
new 777 and future jumbo jets. 

The controversy centres on 
GE’s proposal to use an alterna- 
tive test procedure for one of the 
most critical elements in the air- 
worthiness certification process 
for jet engines, the “blade-out" 
test 

Under the traditional proce- 
dure, a blade is released at its 
root or dovetail while the engine 
is running. To pass the test, the 


blade and other broken frag- 
ments must be confined by the 
engine’s containment ring to 
avoid the risk of metal particles 
flying out of the engine and dam- 
aging the rest of the aircraft. 

GE is proposing to separate the 
blade not at its dovetail but some 
distance above the root area. The 
US company, which has devel- 
oped a new composite fan b lade 
for the GE90, argues that a com- 
posite blade root failure is highly 
improbable. 

Rolls-Royce and Pratt & Whit- 


ney have already completed the 
tests for their respective Trent 
BOO and PW404S engines under 
the traditional procedure. 

GE's rivals are understood to 
be pressing for no change in the 
regulations since they consider 
t hi s would give GE an unfair 
competitive advantage. They also 
suggest that the risk of a compos- 
ite fan blade failure at the dove- 
tail may be higher than predicted 
by mathematical analyses. 

Under the GE alternative test, 
the engine containment system 


would have to be less robust 
because only part of a blade 
would be separated. 

This could give GE a market- 
ing advantage since it is the only 
one of the big three eng j pp mak- 
ers opting for a composite fan 
blade for its heavy thrust engine. 
Rolls-Royce, which unsuccess- 
fully attempted to develop an all 
composite blade for its RB211 
powerplant in the early 1970s, 
and Pratt & Whitney, are using 
wi de-chord, hollow titanium 
blades for their new big engines. 


However, should the FAA 
reject the GE alternative pro- 
posal, industry experts said this 
could delay GE's certification 
programme with the posable risk 
that the company will not be able 
to deliver its first GE90s to BA on 
time. 

The FAA, which has been ana- 
lysing the GE proposal for the 
past few months, is now expected 
to reach a decision soon 
following the submission of 
responses it solicited from GE's 
competitors. 


Richard Lapper sees banks chase a lucrative slice of Germany’s giant share issue 

Geld galore 
in Deutsche 
Telekom sale 


M ost international hank- 
ers would not willingly 
submit themselves to 
an intensive oral grawiinatip n by 
civil servants - especially if the 
language of the test is German. 

Yet for five days towards the 
end of last month, senior execu- 
tives from at least id leading 
international banks* patiently 
underwent the ordeal at the min- 
istry of post and telecommunica- 
tions in Bonn. All had spent 
months preparing written 
accounts of how they i ntende d to 
sell the shares of Deutsche Tele- 
kom to international investors 
when the giant telecommunica- 
tions company bpgins a massive 
capital-raising exercise - and 
“part-privatisation” - in 1996. 

The mandate to organise the 
sale is the most hotly contested 
on the market And the assess- 
ment process - conducted by 
civil servants from the finance 
and post ministr ie s , and offi cials 
from Deutsche Telekom, has 
been tough. Rarely have so many 
banks been asked to tender for 
international equity offers - only 
four or five were involved in 
other recent European cases. 

Whoever eventually wins the 
mandate, all those competing 
agree that the prize is highly 
attractive. Bankers will earn fees 
for raising at least DMlObn (E4ta) 
and possibly up to DM20bn in a 
deal which will dilute the govern- 
ment's existing 100 per cent own- 
ership of Deutsche Telekom. 

They are expecting the “fee 
pool” to amount to at least 
DM360m on the assumption that 
the foe structure will be similar 
to that adopted when the govern- 


ment sold part of its stake in 
Lufthansa, the national airline, 
last month. In the Lufthansa 
deal, fees for distribution are 
understood to have amounted to 
2.1 per cent, with foes related to 
administration and unde r wri t i n g 
amounting to a Anther 1% per 
cent, for a total of 3^ per cent 

Two German banks - Deutsche 
Bank and Dresdner Bank - 
helped the government in last 
month's assessment process, and 
are widely expected to be asked 
to place shares with German 
institutional and retail investors. 
They may also be ’offered part of 
the international issue. 

Analysts expect roughly 40 per 
cent of the issue to be placed 
with international investors, 
implying that a minimum of 
sane DM1 50m could be left for 
the international placement. A 
big chunk of that would go to the 
international bank which wins 
the rote of global coordinator. 


M organ Stanley and 
S.G.Warburg are 
among those men- 
tioned by competitors as strong 
contenders. It is Goldman Sachs, 
however, that has the closest 
links with Deutsche Telekom. 
Goldman advised it in its largest 
ever acquisition, that of Hungar- 
ian telecommunications company 
Matav. “It will be difficult to 
prise the mandate away from 
Goldman," says a banker at a 
rival US firm. The winner would 
still need to allocate same of the 
fee for the international place- 
ment to rival banks which would 
distribute smaller packages of 



shares internationally- Typically, 
banks earn between 2 per cent 
and 12 per cent of the lead bank 
fees for these subsidiary roles, 
known, for example, as “lead co- 
management”, “co-management” 
or simply "management”. 

In addition, the losers might 
also compete for another “run 
nets up" prize since a separate 
bank is likely to be appointed to 
advise the German government 
on its strategy. 

Overall the immediate fees 
available for international bank- 
ers are not considered by bankers 
to be especially lucrative, com- 
pared to some recent exercises. 
Bankers are said to have earned 
more- than 5100m (£63m) in foes 
from one recent smaller Latin 
American issue, mainly because 
flee rates were higher. And the 
overall task of marketing the 
issue, Germany’s second global 
equity issue, will not be easy. It 
will partly depend on the parallel 
organisation of a retail issue in 
Germany, in a country where 
equity investment is unfamiliar. 


The sheer size of the issue could 
also be a problem in its own 
right Large institutions may be 
attracted to Deutsche Telecom 
but they already have a sizeable 
portfolio of German stocks, and 
there are fears that in order to 
accommodate Deutsche Telekom 
they could dump other stocks, 
depressing prices. 

S et against these difficulties 
are two long-term attrac- 
tions. Bankers know that 
the winner of this first stage will 
be in pole position to win busi- 
ness stemming from the future 
capital-raising exercises that ana- 
lysts expect to take place over 
the next five years and, after the 
expiry of current legal restric- 
tions in 2000, a possible fully 
fledged privatisation. 

With Deutsche Telecom cur- 
rently valued at between DM50bn 
and DMSObn. the ultimate size of 
the prize for bankers could be 
very consider able indeed. “If you 
win the first tranche the chances 
are you will get a senior role in 


the others," says one UK mer- 
chant banker. 

“It’s a landmark transaction. 
The perception is that anyone 
winning their spurs doing it can 
expect to be in on the later stages 
of the deal,” adds a rival. 

And the winning bank would 
be in a good position to compete 
for mandates stemming from 
other telecommunications priva- 
tisations. planned elsewhere in 
Europe, Latin America and Asia. 
* Among the banks which are 
understood to have sent submis- 
sions : Morgan Stanley, Merrill 
lynch. Goldman Sachs, Lehman 
Brothers, Salomon Brothers, 
S.G. Warburg, fOemwort Benson. 
Barclays de Zoete Wedd, National 
Westminster, N. M. Rothschild, 
Robert Fleming, Swiss Bank Cor- 
poration, CS First Boston, Onion 
Bank of Switzerland, and several 
French banks, including Banque 
Paribas, Sociite Generate and 
Banque Nationale de Paris. 

Additional reporting by Nick 
Denton and Andrew Fisher 


UK fund 
managers 
optimistic 
about gilts 

By Davfd WIghton 

UK fund managers are much 
more optimistic about gilts fol- 
lowing last month’s base rate 
increase according to the latest 
Smith New Court/GaUup survey 
of institutional investors. 

The balance of fund managers 
looking to increase gilts holdings 
has jumped to 47 per cent from 4 
per cent in September. 

Smith New Court believes this 
may reflect the impact of the 
base rate rise on inflation. 

The survey shows Japanese 
equities r e turnin g to favour with 
the balance of institutions 
looking to increase their weight- 
ing from 21 per cent to 44 per 
cent. But fund managers are cau- 
tious about tiie prospects for US 
and continental European equi- 
ties. The balance of fimd manag- 
ers looking to reduce exposure 
has risen to 26 per cent and 25 
per cent respectively. 

UK equities have fallen out of 
favour slightly, with the balance 
of those planning to add to hold- 
ings slipping from 15 per cent to 
7 per cent Fund managers are 
slightly less optimistic about the 
outlook for the UK economy and 
corporate earnings but still bull- 
ish about share prices. 

Among individual sectors, 
institutions are most positive 
about pharmaceuticals, engineer- 
ing and diversified industrials. 
Among the least favoured are 
construction, general retailers 
and - following last week’s prof- 
its warnings from S.G Warburg 
and Hambros — merchant banks. 

Following last month's interest 
rate rise, fund managers are pre- 
dicting UK base rates of &8 per 
cent in a year, compared with a 
6.4 per cent forecast in the 
previous survey. 


This week: Company news 


J.P. MORGAN/US BANKS 

Expect better 
news from 
Main Street 
than Wall St 

Predicting the quarterly profits of 
hawks which trade heavily in the 
financial markets has become a 
hazardous business. 

After the upheaval in bond and stock 
markets - and a profits warning from 
Salomon Brothers tost week - 
J.P, Morgan's third-quarter figures will 
be approached with caution on 
Thursday- 

Du ring the record 1993, Morgan s 
income from trading averaged a 
quarter. In the first six months of this 
year, that average foil to 5292m - 
roughly the level most analysts expect ■ 
for the latest period. 

Largely as a result, earomgs per 
shore at the New York-based bank are 
Generally expected to fall from 5239 n 
year ago to the 51.5WI.60 range. 

For most other big US commercial 
banks, whore results crane in the 
fallowing days, the news from the third 
quarter is likely to be for more 
predictable; continuing declines in bad 
debt provisions, a slight depression in 
lending ivuirglns os interest rates rise, 
and accelerating loan growth In some 
areas should underpin solid (if 
unspcctoodarl earnings gains. . 

Average earnings per share growth fs 
put at about IMS per cent 

The best year-un-year improvements 
are expected tit come from bonks where 
provisions have furthest to fall or 
which operate in areas which have 
shown the greatest economic 
improvement. 

West Coast institutions such as 
BankAmerica and First Intrastate, 
along with most of the big New York 

banks, are high on most analysts lists. 

Sohd earning* per share ^ 
improvements are expected from 
BankAmerica (up to 51-37 from $1.18 a 
war before,) Citicorp (SI JO. compare 
with 97 craws) and NationsBank (up to 
SI .&5 from $!.&,) among others. 


Body Shop In te r na tio na l 

Stare price rotative to the 
FT-SfrA Rata tera . General Index 
120 



1989 1W 

9aW0« FT QrapNM 

BODY SHOP INTERNATIONAL 

Healthy results could 
mute critics’ voices 

Body Shop International, the UK-based 
natural cosmetics retailer, will try on 
Thursday to put a summer of criticism 
over its ethical credentials behind it 
and focus attention on its boding 
prospects, as it announces interim 
results. Analysts are looking for a 
healthy increase in pre-tax profits from 
£i0m to about £lL5m for the hair year 
to August 30. Total sales are forecast to 
have increased 15 per cent 
Sales in the US, where Body Shop has 
added 60 new stores, are expected to be 
about 30 per cent ahead. The results 
could boost Body Shop’s share price, 
which has shown some recovery 
recently alter foiling more than 15 per 
cent in August Amid criticisms of the 
company’s “green” standards. 

Franklin Research, the US ethical 

investment fund, sparked the debate by 

advising clients to sell shares partly 
because of fears that an article in US 
magazine Business Ethics might prove 
damaging. The criticisms, vigorously 
countered by Body Shop, do not appear 
to have damaged sales, and the 
company has since been backed by 

other ethical investment funds. 
FnufcHn. however, published its own 
report concluding some of the 
criticisms were justified. 

Meet analysts feel Bod)' Shop has 

weathered the storm. House broker 

Nat West Markets predicts annual profit 
growth of between 15 and 20 per cent 
over the next five years. 


OTHER COMPANIES 

UAP’s advance to be 
held back by Worms 

Union des Assurances de Paris, one of 
France's largest insurance groups, is 
due to publish interim results on 
Wednesday, with some analysts 
predicting profits up slightly to 
FFrLlta-FFrl.3bn <$200m-$24Gm). It 
made FFrLlbn in the first half last 
year. Profits on insurance may be 
dragged down slightly by continuing - 
though smaller - losses at Banque 
Worms. There will be no reflection in 
the results of recent acquisitions, 
including Provincial, the UK non-fife 
company, and fee outstanding shares in 
Colonia, the German insurer. 

■ Chrysler The good news from US 
carmakers looks set to continue into 
the final months of this year. Despite 
the potential damage done to sales by 
higher interest rates, all three big 
producers continue to have trouble 
meeting demand. Chrysler, which 
tomorrow will be the first erf the three 
to report third-quarter figures, made 
5350m after tax a year ago: this time, 
most expectations are .running at about 
5550m. Mr David Healy. motors analyst 
at S.G. Warburg in New York, is even 
more optimistic. Wife vehicle sales up 
by as much as 100.000 over a year ago, 
net income could reach 5750m, he says. 

■ Lucas Industries: Mr George 
Simpson's first set of results as chief 
executive is likely to include provisions 
or up to ElOOm (5158m) for 
restructuring. Before provisions, annual 


UAP 

Shore price (FR) 



Oct S3 
S'uco.FTGapbtts 


189* 


Oct 


pre-tax profits at the UK automotive 
and aerospace components supplier, are 
forecast at £60m to £80m, up from 
£30 .3m. 

M Scottish Television: Interim pre-tax 
profits, announced today, are expected 
to rise from £3.13m to £&9m, but 
advertising revenues could be weak. 

■ St Ives: The UK’s largest 
independent printer is forecast to 
announce annual pre-tax profits of 
about £25m, against £22. lm, tomorrow. 

■ Lloyds Chemists: The UK’s 
second-largest chain of chemists’ shops 
is expected to announce annual pre-tax 
profits of about £56m on Wednesday. 

■ Gardner Merchant: Tie largest 
contract caterer in Europe announces 
interim results on Wednesday. Plans to 
float the UK group, bought out from the 
hotel group Forte, appear unlikely to go 
ahead until next spring. 


Companies in tills issue 


Aker 

19 

Bxovein 

18 

PlBchon Mfnera 

19 

Banco cfl Napoli 

19 

General Sectric 

17 

Pratt&WMtney 

Rofe-Roycs 

17 

17 

Boeing 

17 

Global France 

» 

SPT Telecom 

19 

Cemblor 

19 

SM 

19 

Smith New Court 

17 





T8M 

18 

Deutsche Telekom 

IT 

iNA 

19 

Try Group 

16 

Emap 

18 

Mcraerti 

M 

Warta 

19 


Going Private 



Telia and friends build Italy's private 

GSM network 

Italy, with i» more than 57 miHkJO people, » rapidly taldng 
lo nutate telephony. Last year the number of usexs increased 
by n*xre than 50% to around 1 2 million. and that is merely 
a taste of the avalanche to come. Right now, a rescwrceful 
i nWiaHnMl mm. «ilim ^ f temitri Pmofn Italia. t» hufldfng 
a nationwide GSM network. R>r die firs* time e«r, the ItaHcn 
state mraopriy wig be challenged by* private atoroitee. 

Tefia is part of h. and that should surprise nobody . 
Thirteen years ago. Telia in Sweden introduced what is now 
the world's most successful mobile telephony service. The 
company, a ct ive l y involved in the development of the GSM 
tedanoiogy, is also engaged in nmflar business operations in 
eastern Europe, Africa *od South America. 

Yet. mobile c ouu n mu carion Is merely one of TgBa's many 
talents. In the UK. it is one of tiir first foreign -owned compa- 
nies licensed lo provide Meraatloaal telephony services. In 
Estonia, the company be part-owner of the pobBc tetephotry 
service and deeply committed to foe modoniaiion of the 
0P unU riSnat tt » ut l Bfttl inl gmyirwal Uliwmm Milnilwmi 

Together with PIT Telecom Netherlands, Swiss Telecom 
PTT and, shortly, tdefoaia de Eqnfia. Tela is a pot-owner 
ofUnjso uo ce- a leadin g European eappHer of global managed 
net w ork sendees tor the international business community. 

Whoever you arc, and whatever your business, Telia is 
there to boost your perfoca tan cg. oay way we can. 


£pr mrr a tt a fa gy, Ttba ha bear the 

fearffr# (rfcumiim marfjons operator m Scealns. 
Ihr marUs mast open ulftwwufl taatHgg 


asriEO. Bcadts Ite anHjwd bSefbotty ntfesorti. 
Ite company tuaxsafaBf operate) AttfT fad 
GSM woWenctewfa. OtOtUeStoalea. Tdm is 
dhredy atgogal mop aiih on j sad dtodopmcai 
ptcjatsamadEimjeaBd beyond. 


S-tiS BB FARSTAi SMta 

TahshsnK -ta-8-TO VOL F«c -W-S-TO 3J33. 


f^l 


telia 


Your Swedish Telecom Partner 


V 





18 


FINANCIAL TIMES 


MONDAY OCTOBER 10 1994 


COMPANIES AND FINANCE 




Prag 
w in 
from 
je is 
sly u 
a wit 
It is : 
urist 
cans 
jndet 
of P 
• Am 
ted l 
;pher 
Liige 

ecu 

btic 

Got 
whi* 
na a 
«con 
want 
iklas 
Leal* 
be SI 
i hyd 
virgin 
went 
it av 
nube 
stbri 
lrney 
jslrir 
nly a 
lly af 

jpear 
,11 en 
iwed 
chind 
smni' 
nlSt 
he b 
.talco 

The 
:usto 
nade 
Scbw 
parts 
for t 
still-* 
(Aus 
was 
peoi 
frier 

info 
Viet 
40 i 
eve 


T&N poised to sell 
Goetze elastomers side 


By Tim Burt 

T&N. the automotive 
components and engineering 
group, is this week expected to 
raise more than £20m from the 
disposal of part of Goetze. the 
German piston ring producer 
acquired last year for DM250m 
(£102m). 

The deal is expected to 
involve Goetze's elastomers 
business, which manufactures 
rubber and metal bonded com- 
ponents. 

A senior official at T&N indi- 
cated this could be the first of 
a senes of non-core disposals 


aimed at reducing the group's 
£3£2.6m net borrowings, equiv- 
alent to gearing of 60 per 
cent 

Such sales and improved sec- 
ond-half cash flow could cut 
gearing to about 50 per cent by 
the year end, the official pre- 
dicted. 

The strategy Is designed to 
give the group additional bor- 
rowing resources should it 
decide to buy a majority stake 
In Kolbenschmidt. a leading 
German motor components 
producer. 

T&N announced last month 
that it had agreed to acquire 


options on a KL2 per cent stake 
in the piston and bearings 
company. 

The acquisition opportunity 
arose after MetallgeseUschaft - 
the troubled German metals, 
mining and engineering group 
- decided to sell its 47 per cent 
holding, while Magna Interna- 
tional, the Canadian automo- 
tive components group, is to 
reduce its stake from 12.5 per 
cent to 15 per cent 

If T&N exercises its options, 
it would greatly strengthen 
its position in the German pis- 
tons market, the largest in 
Europe. 


Securities vendors link up 


By Martin Brice 

Three systems of electronic 
settlement of securities trading 
link up today, bringing paper- 
less trading a step closer. 

The link allows paperless 
trading between subscribers to 
Sequal. the London Stock 
Exchange's system which con- 
firms individual share transac- 
tions. the International Securi- 
ties Markets Association 
system called Trax, and Thom- 
son Financial Services' system, 
Oasys. 

The move follows a year of 
testing the system of electronic 
trading confirmation between 


the three vendors. Many insti- 
tutions and brokers have 
backed the introduction of 
ETC, but few have subscribed 
to a system because until 
now they would have had 
to subscribe to all three to 
confirm trades with each 
other. 

ETC is a screen-based pro- 
cess which replaces the prac- 
tice of sending paper contract 
notes between brokers and 
clients. It also shortens 
the time taken to confirm 
equity or fixed-income trades 
between brokers and institu- 
tions. 

Ms Christine Dann, director 


of operations at the London 
Stock Exchange said: “The suc- 
cessful conclusion of the inter- 
vendor links illustrates how 
we can work together to pro- 
vide solutions to the markets' 
needs." 

Mr Roy Lambert, managing 
director of ZSMA said: “This 
link will encourage as many 
participants as possible to 
adopt ETC on all trades." 

• Thomson Financial Sendees 
signed an agreement to become 
the sole provider of electronic 
trade confirmation services for 
sicovam. the French central 
depository for securities, ear- 
lier this year. 


CROSS BORDER IUA DEALS 

BIDDER/INVESTOR 

TARGET 

SECTOR 

VALUE 

COMMENT 

Reed Elsevier (UK/ 
Netherlands) 

Mead Data Central (US) 

Publishing 

£9S5m 

Move (or edectronic 
leadership 

Hanson (UK/US] 

Assets of Carter Mining 
(US) 

Mining 

£229m 

Peabody cash 
for coal 

J Salnsbury (UK) 

Giant Food (US) 

Retailing 

1205m 

Stake bolsters US 
presence 

Axa (France) 

Boreal Assurances (Canada) 

Insurance 

£76. 4m 

Completion 
expected soon 

Rabobank (Netherlands) 

PI BA (Austrafie) 

Banking 

£48m 

Asian bufld-up 
stategy 

Nomura Securities 
(Japan) 

VUB Kupon (Slovakia] 

Fund 

management 

£39m 

Taking 26% 
stake 

Watts Blake Beame (UK) 

MPR (Germany) 

Specialist 

days 

£11m 

European 

expansion planned 

Walker Green bank (UK) 

Topwand (Netherlands) 

Distribution 

£0.54m 

Renewed inter- 
national expansion 

Avesta Sheffield 
(UK/Sweden) 

Eastern Stainless (USD 

Steel 

rVa 

Buying US 
assets 


Emerson Electric (US) 


FG Wilson (UK) 


Engineering 


n/a 


Preliminary agree- 
ment announcement 


Strong 
overall 
trend 
in MBOs 

By Richard Gouriay 

Management buy-out and 
buy-in activity in the UK was 
sharply higher in the third 
quarter of the year compared 
with the same period last year, 
according to the Centre for 
Management Buy-Out Res- 
earch at the University of Not- 
tingham. 

Estimated third quarter 
activity rose nearly 5 per cent 
to £750m after a 15 per cent 
rise to £X.75bn in the first half 
of the year. 

CMBOR's figures did not 
include the £366m buy-out of 
Nutreoo, the animal feeds busi- 
ness bought from BP, which 
the centre considered an inter- 
national deal. 

CMBOR, which is sponsored 
by Barclays Development Cap- 
ital and Touche Ross Corpo- 
rate Finance, said there was a 
particularly strong Jump in 
management buy-in activity 
which accounted for more 
than a third of the value of 
deals in the first half. 

Ken Robbie, CMBOR 
research director, said there 
had also been a sharp fall in 
the number of completed 
MBOs in London and the 
south-east or England. Corre- 
spondingly, there was a sharp 
increase in the number and 
value of deals in the Midlands. 

The strong overall MBO 
trend was confirmed by KPMG 
Peat Marwick. The accounting 
firm said there were 16 MBOs 
with a deal value of more than 
£10m in the third quarter. 

KPMG forecasts a strong 
fourth-quarter for MBO activ- 
ity leading to a five-year 
record level of deals valued at 
more than £3.3bn. 

Mr Chris Beresford. KPMG's 
head of MBOs, said there were 
"plenty of MBO’s being 
worked on". But he called on 
merchant banks with compa- 
nies to sell to give greater con- 
sideration to MBO's in prefer- 
ence to trade sales. "I feel 
strongly that sellers should 
encourage managers, not stifle 
them,** said Mr Beresford. 
“With their intimate know- 
ledge of the company's poten- 
tial and the current weight of 
funds available for Invest- 
ment, the MBO team . . . can 
often he the highest bidder." 


A tale of triumph and tragedy 

Simon London charts the career of the flamboyant John Broome 


M r John Broome has 
always worked on a 
grand scale. His 1,200 
acre Carden Park leisure devel- 
opment in Cheshire, to which 
receivers were appointed last 
week, is only the latest in 
a string of ambitious proj- 
ects. 

Carden Is certainly a vision- 
ary exercise. The complex 
boasts an 18-hole golf course 
and one of Europe's most 
northerly commercial vine- 
yards. Work so far has 
involved planting nearly 30.000 
trees, 10 acres of vines, and 
restoring 14 miles of dry stone 
walls. 

Aimed squarely at the corpo- 
rate hospitality market, sports 
on offer include croquet, bowls, 
fly- fishing , game shooting, hot- 
air ballooning and archery. 

More than £20m has been 
spent, with planning permis- 
sion granted for more. Mr 
Broome’s personal commit- 
ment to Carden is not in doubt 
He owns the estate in person, 
rather than through a shell 
company. 

Last year he sold Stretton 
Hall, his country home on the 
edge of the estate, for £3m 


JOHN BROOME 

1943: Born near Chester, the 
son of a headmaster. 

1968: Elected a county 
councillor. 

1973: Marries Jane Bagsbaw, 
whose father owns Alton 
Towers. 

1987: Buys 1,200 acre Carden 
Park estate for undisclosed 
sum. 

1987: Buys Battersea Power 
Station from Central 
Electricity Generating Board 
for £l.5m. 

1990: Sells Alton Towers to 
Pearson Group for £60m. 

Feb 1993: Control of Battersea 
passes to Whang brothers. 
October 1993: Sells Stretton 
Hall for £3m to raise funds for 
Carden Park. 

October 1994: Receivers 
appointed at Carden Park. 

to raise funds for the project 
Mr Broome's career before 
Qgrrien imnlains both t riump h 

and tragedy. 

In the early 1980s he turned 
Alton Towers Into one of the 
country's biggest tourist 
attractions. 


His involvement with the 
Alton estate dated from his 
marriage in 1973 to Jane Bag- 
shaw, whose father owned the 
former seat of the Earls of 
Shrewsbury. 

By the time it was sold for 
£6om in 1990 to Pearson Group, 
the media and leisure company 
which owns the Financial 
Times, Alton Towers was the 
country's most popular paid 
tourist attraction outside Lon- 
don. 

Tragedy stands in the shape 
of Battersea Power Station, Gil- 
bert Scott's masterpiece on the 
banks of the Thames. 

When Mr Broome bought the 
Grade 2 listed building from 
the Central Electricity Gener- 
ating Board in 1987 be was 
seen as one of the few entre- 
preneurs capable of seeing the 
project through. 

Battersea was supposed to 
accommodate 7,000 visitors an 
hour at peak periods, many of 
them shuttled to the site by a 
“Battersea bullet" train from 
Victoria station. 

Work started in June 1988, 
with Mrs Margaret Thatcher, 
then prime mini ster, per- 
formed a renaming ceremony. 


But problems beset Battersea 
from the outset The founda- 
tions were found to be suspect. 
Blue asbestos had to be striped 
out 

The project's financial foun- 
dations proved inadequate to 
take the strain and Battersea 
Leisure Group was put into liq- 
uidation last year. 

Hong Kong property develop- 
ers George and Victor Hwang 
bought the company's debt at a 
discount and now have effec- 
tive control of the site. Work 
on a re-designed leisure ahd 
retail complex is expected to 
start next year. 

But finan cial reverberations 
from Battersea are still being 
felt. In June, Battersea Lei- 
sure’s liquidator issued a writ 
seeking the return of £16m 
transferred from the company 
to Alton Towers six years 
ago. 

Former colleagues of Mr 
Broome describe him as flam- 
boyant but deadly serious. The ^ 
Battersea episode clearly ran- 
kies after the commercial suc- 
cess of Alton Towers. Carden 
Park was another attempt to 
show' that a grand vision could 
bring rewards. 


Eurovein float to raise £14m 


By Andrew Baxter 

Eurovein, a Sheffield-based 
specialist engineering concern 
which has emerged from WA 
Tyzack, the old quoted com- 
pany, is to raise £14m through 
a share issue designed to pay 
off debts and enable it to 
expand. 

The flotation, announced 
yesterday , will involve a full 
Stock Exchange listing for 
Eurovein, best known in the 
UK for its Spencer & Halstead 
shotblasting equipment and 
Tyzack machine knives. - 

It will mark the return to the 
stock market of Mr Bill East- 
wood, who was responsible for 
putting together WA- Tyzack 
between 1987 and 1989. Eurov- 
ein's mana g in g director. Mr 
Don Stain, was on WA 
Tyzack's main board- 

WA Tyzack went private in 
1989 via a heavily-leveraged 
£42m management buy-out, in 
which neither Mr Eastwood or 
Mr Stain was involved. They 
formed Eurovein the same 


year, acquiring most of their 
old company's components 
business for £5m. 

Only two years later, how- 
ever, the buy-out vehicle, GSM, 
collapsed - a victim of the 
recession and its own financial 
structure. This gave Eurovein 
the opportunity to buy GSM’s 
re maining businesses from the 
receiver for £2I.2m. 

The re-established Eurovein 
now has three businesses. The 
largest, surface treatment, 
makes shot-blasting equip- 
ment. used widely in industry 
to clean components before 
p ainting - It has operations in 
the UK. Germany and Italy. 

The other two businesses are 
filtration, based around the 
French company Eurofiltec, 
and components. 

Mr Eastwood said Eurovein’s 
sales fell sharply in 1991. 
prompting a search for new 
markets in eastern Europe, 
east Asia and the Americas, 
and a cost-cutting drive. The 
most important step was the 
transfer of shotblast equipment 


manufacture from Germany to 
the UK. 

The recent trading record is 
much improved, with operat- 
ing profit of £2.6m (£i.6m) in 
the year ended July 31. on 
sales of £35. 7m (£29. lm). At the 
pre-tax level it had a profit of 
£635,000 (loss Of £1.2m). 

Mr Eastwood said the busi- 
nesses generated enough cash 
to service the group's debt, but 
Eurovein's financ ial structure 
prevented it from expanding. 
There were opportunities for 
organic growth or acquisition 
in the three divisions, and the 
acquisition of a fourth leg in 
specialist engineering was not 
precluded. 

The flotation, which is being 
handled by Albert E Sharp, the 
brokers, and has yet to be 
priced, will eliminate Eurov- 
ein’s £l4m term debt. 

New shareholders will end 
up with slightly more than 50 
per cent of the company, as 
none of the current investors, 
which include Hambro Group 
Investments and 31, are selling. 


Try director 
stands down 

By Christopher Price 

Try Gronp. the construction 
and housebuilding group, said 
on Friday that Mr Terry Wood, 
managing director of the Try 
Build building subsidiary and 
a main board director, had 
resigned with immediate 
effect 

No reason was given for the 
move, although the company 
later elaborated that Mr Wood 
was “retiring of his own voca- 
tion". 

Mr Wood. 54, joined Try in 
1989 from R Mansell, the 
building group. He was 
appointed to the main Try 
board in 1992. 

Emap purchase 

Emap has acquired « 
Devon-based Sewells Interna- 
tional, a privately owned pub- 
lisher of motor industry Infor- 
mation. inclnding Car Digest, 
for £880,000 casta. 


JOHANNESBURG CONSOLIDATED INVESTMENT 
COMPANY, LIMITED 

(Incurve rated in the Republic of South Africa) 

Rcgboarirm number 0),1XW2fW6 

NOTICE TO HOLDERS OF SHARE WARRANTS TO BEARER 
ISSUE OF NEW COUPON SHEETS 

Notice is hereby given to holders of share warrants to bearer that new sheets 
of coupons nos. 138-143, inclusive, with talons attached, may be obtained 
against surrender of talon no. 6 detached front share warrants to bearer to 
Barclays Bank Pic, Barclays Global Securities Services, 8 Angel Court, 
Throgmorton Sticct. London EC2R 7HT. 

Talons must be listed on forms obtainable from Barclays Global Securities 
Services and deposited on any week-day (Saturdays excepted) and left at 
least seven dear days fur examination. 

Holders of share warrants to bearer arc reminded that they may reconvert 
their bearer shares into registered shares by surrender of their bearer 
warrant, talon and outstanding coupons together with a reconversion form 
which may be obtained from Barclays Global Securities Services. 

DIVIDEND NO. 137 ON SHARE WARRANTS TO BEARER 
Pursuant to the notice published on 7ih September 1994 holders of share 
warrants to bearer are informed that payment of the above dividend will be 
made at the rate of exchange of I rand equals 17.716361 on or after 34th 
October I**U upon surrender of coupon no. 138 to Barclays Bank Pic. 
lijrcijx*. Global Securities Services. 8 Angel Court, Throgmorton Street, 
London F.CfR ?IIT. 

Amount Per Share 
UK Currency 

Go** amount of dividend declared 27J!li32 

Levs: South African Non-Rex idem 

Shareholders Toxto 10.2 tt*V 2 8047 

Amount pa>able where a UK Inland Revenue 

declaration is lodged with coupons 24.47S5 

Lrv. United Kingdom Income Tax tg 1 4.72*7, 

on the gross dividend (Sec notes 1 iS. 2 below) 2.6519 

Amount payable where coupons are lodged 

w iilmut a UK Inland Revenue declaration 21.8206 

Coupons must be listed on forms obtainable from Barclays Global 
Securities Services and deposited fur examination on any week-day 
tS.iturdi> excepted) at least seven dear days before payment is required. 


ri St. James's Place 
LONDON SW1A INF 
10 October 19«4 


Johannesburg Consolidated Investment 
Company (London), Limited 
London Secretaries 
PEC Dexter 
Secretary 


NOTES. 

Ilr The puss annum! of Uic dividend fur dm for United Kingdom laconic and Surux 
purposes ix ZT.ZSKp. 

(21 UoJe: thr Double Taxation Agreement, between the United Kingdom and the 

Republic or Smith Africa. South African Non-Rcsidem Shareholder,' Tax applicable lo 
[be dividend h jlhmablc as a credit against the United Kingdom tax payable in respect 
of ibr dividend. lUe deduenon of tax at the reduced rare of 9.72*3 instead of at Die 
-i-ndrrd rate ct 2l/T icprexents an alluwaiue of credit at tbe rate of 1028-7. in respect 
of South African Non- Reddest Shareholder* Tax. 


Notice of Early Redemption in Respect of 

Alliance & Leicester Building Society 

£50,000,000 

Subordinated Variable Rate Notes 1998 

NOTICE 15 HEREBY GIVEN w ,|ie holders ot the £50,000,000 
ruKvJin ivd V.iri.rHc R.rrc Note* 1^8 irhe “Nona") of" Alluncc & 
Lciccxti-r but: Jin" Society It lie “issuer"* ch.tr. pursuant to Condition 
? lM .. i the More- . the I—JICT will redeem all-f ihe.nustanding Nurei at 
then prinetpil amount un the Inrvrrrxr Paymenr Dare falling on llrh 
Nox er-il'cr. I U0 4. from which such date interest on the Notes will cease 
To.iCsnre. 

i’l ureiit- vt gniKip.il and interest ,*n ihe Global Note w,l( be made 
•ubicxf »■> mil in .iccor.ljnce with the respective rufesnnd procedures of 
Kun-ek'ir or Cedel, as the ease may be and will only be made upon 
< untie. irion ,|. r.' n-uvU.S. K-nelicial ownership a? promis'd in the 
Gl.-bif Nate. 

Cl.itm* i*-r pas ment <4 principal will bvc-miv soul ten years and claim' 
:‘..i pjvnunr ,.f iRtcresr will K-cnmc void live ve.us after the Relevant 
Date a-- Jennnl in Condition o -it the Notes. 

.Venial mrcrv.t due on 1 1th November, 1994. will be paid m 
K-.i-rJ ince with :hc procedures of Eurocle.tr or Cedot. as ihe case 
mas be. 


□ Bankers Trust 
Company, London 

IC-h October. 1«4 


Agent Bank 


0*4, 

CROUPE 

SUEZ 

GROUPE SUEZ FIRST-HALF RESULTS 
SHOW A SUBSTANTIAL ADVANCE 

The Board of Dneaoxs of Cotnpagnie de Suez, chaired by GiardWonns, 
met October 4. 1994 to review the consolidated financial statements for 
the fust six months of the year, first-half 1994 financial highlights were 
as foflews: 


fin FRF millions) 

1993 

I st-half 
1993 

1 st-half 

1994 

Net operating income (loss) 

fl.268) 

135 

478 

Net non-operating income 
Effect of changes in 

22567 

381 

317 

accounting principles 

276 

- 

- 

TOTAL 

L575 

516 

795 


Net income of Suez for the first: half of 1994 amounted ro FRF 795 million, 
substantially higher than for the first six months of 1993. 

The FRF 343 million growth in net operating income during the first 
half of the year (FRF 478 million versus FRF 135 million for first-half 
1993) reflects good performance by all Group subsidiaries. This 
satisfying result was achieved despite difficult markets and a tough 
business environment for hanking activities and, once again, heavy 
pro viskms reksed to the depressed French real estate market 

Net non-operating income was FRF 317 million. It resulted from the 
estimated loss incurred on the sale of Groupe Vicioire, provisions for 
impairment in value of securities and other elements, and various 
capital gains relating, in particular, to the sale to UnibaiJ of the major 
part of CFJ.'s real estate assets. 

Following four years of asset disposals to reduce the indebtedness of 
Group holding companies, to finance the effects of the crisis in French 
real estate, and to regain room for maneuver. Suez today has the 
wherewithal to accelerate the development of Group businesses and, 
cither through than or directly, to capitalize on the best opportunities 
for growth. 

October 5. 1994 


w 


ABN-AMRO 


ABN AMRO BANK N.V. 

USS 100,000.000 

Subordinated Collared 
Floating 
Rate Notes 
1993 due 2005 

In accordance with the 
terms and conditions of the 
Notes, notice is hereby 
given that for the interest 
period October TO. 1994 to 
April 10. 1995 the Rate of 
interest has been fixed at 
5.8125 per cent, and that 
the interest payable on the 
relevant Interest Payment 
Date, April 10, 1995 against 
Coupon No. 4 in respect of 
USS 1,000 nominal of the 
Notes will be USS 29.39, in 
respect of USS 10.000 nomi- 
nal of the Notes will be USS 
293.S5 and in respect of 
USS 100.000 nominal of the 
Notes will be USS 2,938.54. 

ABN AMRO BANK N.V. 
October 6, 1994 


LEGAL NOTICES 

PI THE 11K31 CQUBT-QE JUSTICE 
CHAMU.YDiytSION 

COMPANIES COURT 

IN THE MATTER OF 
INNER CITY ENTERPRISES PUBLIC 
LIMITED COMPANY 


IN THE MATTER OFTHE 
COMPANIES ACT 1«3 

NOTICE IS HEREBY GIVEN ihu iptlaton was 
proofed to Ha Majesty's Hyb Cnn of Justice 
QB ihe ZOib day of SrpiCBbcr IW tor ihe 
cmflmuum of ihe icduakn of ibc capful of ihe 
above- turned company from £ 10,000.000 10 

£9.1X000. 

AND NOTICE IS FURTHER GIVEN (ha Lbc 
said Perinoa a directed tu he beard before Mr 
Rcpsur Buckler u ihe Iml Cuura of Justice. 
Strand. London WCA 32. an Wsdaradsy the 
MhdbjrofOcJobtT IVW. 

ANY creditor oc Vmdnklci al Etc sU cum pony 
dEkirnic H nppoxc ihe mikag pf b Oida far die 
cmfinMua of tb* aid redaction at ihore capita 
afaaald appear a the me of Un hearing is penna 
or by Counsel tor tfcu porpuoc. 

A cup? of ihe ml feritem will be fcnontxd lo 
any each person requiring the *ame by tie 
(mJermeiUuiiBl ulieuan on pafnenl ol the 
tcsnlalcd charge tar tbc mbdc. 

Hotel ittf l(hh fey of October IW 

Dana Hall 
Five Ctan cay Lane 
OrfCjnfi hm 
LOQE&HI 
ECIA LBU 

Ra£ MFK.’CHGG (79110 
Tit. 071 312 1212 

SoUdmra to d* nhanj-nminJ Company 


MAKE SURE YOU 
UNDERSTAND THE CHANGES 
AND OPPORTUNITIES IN 
EASTERN EUROPE 


Read ihe following publications from the Financial Times. 

East European Markets 

including ‘Moscow Bulletin" and ‘The Changing Union 1 

Finance East Europe 
East European Business Law 

East European Insurance Report 

• 

East European Energy Report 

For a Free sample copy 

Please contact: Sinii Bansal. 

Financial Times Newsletters. 

Marketing Department. Third Floor. 

Number One Southwark Bridge, 

London SEI 9HL. England. 

Tel: f + 44 7i> 873 3795 Fax: <+ 44 71 ) 873 3935. 

Hie mfumwini juj pn/vulc will he hcU fey up* difcj may be u-aJ bj «4hcr *Hk\i 
«pk4H)r cwjxrvs l*w nuilm? 1 m purpwc'. 


FT 


FINANCIAL TIMES 
Nenilettcn 


tTBiu*n,I^Kijn«slJj. Ibpomd Odur Monte, I M. S,nidmi Undpr LinbvSI IVtlL Inf toy] 
RcrmneJNii W* V*1 Rvri^ram N.. GB jr» X«»J Jl. 


@3 


Cheung Kong 
Finance 

Cayman Limited 

U.S. $500,000,000 

Guaranteed St*p-Up 
Floating Rate Notes 
due January 2001 

R>r rhe interest pe rind 6th Octo- 
ber, 1994 to Mi January. 1*191 
the Notes will Ciiny an interest 
rate of 6.17031% per annum, 
with an inreresr amount of 
U.S. $78.84 per U.S. $5,000 
Denomination Note and U.S. 
9l.57b.86 per U.S. $100,000 
Denomination Note, payable 
on bth January, 1995. 

LtfnlraHlcUiraKaRiSwl Eulumx 


Q Banker* Truat 


Company, London Agent Bank 


Inf IRISH 
PERMANENT 

bi iuiiv; soum 

aoo.Qoo,ooo 

Floating rate notes 1998 

Notice is hereby given that for 
the interest period hom 
6 October 1994 to 6 January 1995 
the notes will cany an interest 
mteof6.30%perannum. 
Interest payable on 6 January 
1995 will amount toS]58.79per 
SJ0. 000 note and &l £87.95 per 
5/00.000 note. 

Agent: Morgan Guaranty 
■frust Company 

JP Morgan 


DO YOU WANT TO KNOW A SECRET? 

The I.D.S. Gam Serrtnar wi show ytw how the makes REALLY work. The amaang I 
trading techniques of the legendary WJ3. Gam can increase yotr prate and contain your ) 
tosses. How? Thaft Ihe secret FBng 061 m 0080 to book your FflEE place. 


Currency or Bond Fax - FREE 2 week trial 

also daily gold and silver faxes , An v , hltbv 

frem Chart A r-s lysis Ltd I?,,*’! 

T Swallow Street. London WtH 7H0. UK - ; el: 0 ‘ 7 • • 73 “ 7 1 7J 

exchange rac*spccSalta:$ tor over 23 years Fax: Oi7}-lJr 4966 

=:»d 1-1* P»:w. :"*i Aultiu.f.ry 



INDEXIA H Plus 


Technical Analysis Software 

Tel: (0442) 87S015 * Fax: (0442) e76S34 


THE SMART CARD, INVENTED BY ROLAND MORENO, IS 20 

From 18 to 20 October, at the Palais dea Congrfcs in Paris, the Cartes 94 exhibition will celebrate the first smart card systems 20* birthday. The various 
events will be marked by die presence of the inventor, Roland Moreno, founder of the Inn ova tron Group. 

An invention furthered by Innovatron’s licensing policy 

It all began when Roland Moreno, between 1974 and 1979, filed the two families of smart card systems pioneer patents. The result of an open and 

attractive licensing policy was a remarkable growth for the smart card 
market Public telephones, bank transactions, health, mobile phones,... 
these ha ve all benefited Immensely from this extraordinary development. 
To date. Insovatnm hm y a ai to dtiO Bn6<*p£D 200 companies throughout the 
world and the accumulated flow of royalties should amount to FFrSOOm 
for Ihe yean 1974 -2000. 

A licensing policy to last until the year 2000 

The patents known as the second family patents, relating to the 
card/reader interface, were filed by Roland Moreno in 1978-79. Those 
patents, called "SC UP 1 (Smart Card Link Interface Finder) are now used in 
all smart card systems and will expire, depending on the country, between 
1998 and the year 2000. 

The German Patent Office, whose analyses are acknowledged worldwide, 
played a decisive role in clarifying for the Innovjtron licensees the scope 
and validity of the “SCL1F patents: in July 1994. it dismissed the 
opposition filed by Landis & Cyr. one of the main Innovatron licensees. 
The validity of the *SCU F" patents family has mice again been confirmed 
and Innovatron will therefore continue to conclude license agreements for 
the second family patents. 


1974 ►►►►►►►»►► 2000 

25 YEARS OF LICENSING 

• 80NT ■mECASHBBUU.il HRACMIIMMMII OTBEN WATCH! FUJI eUCTTWIH 
DASSAULT AUTOHAnSMBS ETTEL£CONMVNIC«nONa ■ NCR ■TOSHIBA ■ FUJITSU 
N CANON m ALCATCL WnoraSPHMa ■ SRKSSON MOTILE COtL ■ ITT (SBALBCnW) 

■ NEC ■ NOMA WMOX PHONES ■ SANYO BLECmc ■ AEO woeu COM. ■ SHAIIV ■ 

MATSUSHJTA EUECTHC MOi 0 LANDIS A OYH ■ BOSCH TELECOM B OEMPLJJS CARD 
INTE»«ne«AL ■ PHUVS OecmOMOUE QRANB PUOJC M AS IfCIHKUreTMMCS > 
aRDKAH ■ wwra. ■ tow couuumcxtkw equphewt ■ saheware ■ GENERAL 
ELECTRIC COWANY ■TELENOfUIA II US3 ■ ffTTELUCENT DATA CAPTURING SYS. ■ 
NOKIA CONSUMER ELECTRONICS ■ VEHFONE S JL S WAJHETER « 

CPS OSeHTHUH ■ TftANSTEL « ROBOTT BOSCH ■ CMXW 

■ lureuswn COIL MD. UK 

CAMMOGE TELEPHONES . l SRACALQUAKMIANT1TT 

■ KUBOTA ■ 038 WTOOF A L 

DATACARD ■ UMMaC « 

■ ELN. ■ SBS THOMSON 
ADVENTURE KORBTELS 
> KUKLSN ■ UMML ■ 

TOPCOM * SKTELCOU ■ 

■ RCCfTEL II ANRTTSU ■ 

BAD ■ KTOOO PftnrmG 
V BANYL CORPORATION ■ 
toppan prewnwo m pacs ■ 



MoascoaFomnoNic 
■ Musnun tschkol ■ 
ota a HeconouooALE 


CSCE m ECHOSPHERE 
TOKYO TSTSUNO N PXL B 
NSKICOaa PLASTICS BTC 


■vakn PAixoH ■ nmaoEc 

■ ZEXEL ■ 1NTENCAHD ■ 
OBERTHUR CJLft U C6LLtXWArt3ttrP ■ HLEC ■OttBECKE « DEVHCHT ■ ntTSUKO 

■ HAISUMn COM, SfeN ROHM ■OEHPLUSd^OTnOMCSOLOCKAll men NOtKA 

ANT JAPAN S UBMI WPPON PfONTTNO ■ MATSUSHnA EAT. MOL « SMART DISKETTE Ltd 

n*w aeenue woraa ■ oenvlus ombh * shod prmtmc b crjcar record ■ 
WMTK NC*reW TmNBA«tKSYSNOeiAHUEN3ETT5eOrMSPOM.IAPaWMCmoO 

■ ErwBJEenioMesN turauswra Ma Eoupuarrca ■anreHNceeaec COMBS 

■ PMLfS MnnNATIONftLUf ■ AUTOMATIBMES ET 5Y5TE1ES ■ saeis a SQLAIC ■ 

SCMinaSEROSI BSIIJ3TnES ■ SOO EPSON MTHOUSON CONSUMBI BPCTROMCS 
■NOlPflOLAMWOBilPIAieCEgatWtNltoaufeWMMBgWHW, 


During Cartes 94. a amfnence on “Innomtron'% licensing policy : 1974-3000" will be 
held an TuesJiiy. IB Cfctoiw al 6 p.m. on lent 7 of tite Palais de s CmgrAs. For further 
information, please contact the Inrw&uron Group Information Services Department. 
T± mm 133940- Far. 37/1/40 133949 








FINANCIAL TIMES MONDAY OCTOBER 10 1994 


19 




COMPANIES AND FINANCE 



» -i 


' ' i 


W 




« director 

n| ls down 




..v 


Banco Napoli rating reviewed 


IBM in bid to reclaim PC 
leadership with ‘Warp’ 


By Andrew IOT in Mian 

IBCA. tbe European 
credit-rating agency, has put 
Bancc dl Napoli's rating 
"under observation" pending 
further examination of the Ital- 
ian bank's disappointing half- 
year figures. 

Lost week, Banco di Napoli’s 
shares fell li per cent after the 
bank - one of Italy's largest 
and oldest financial institu- 
tions - announced a heavy 
first-half deficit, caused by 
losses on its investment portfo- 
lio and provisions against bad 
loans. 

But Mr Lnigi Coccioli, the 
bank chairman sip^p May, has 
hit back at tbe negative com- 
ments on the bank’s results, 
arguing that investors, and rat- 
ing agencies, should be looking 
at the group’s prospects rather 
than its recent difficulties. 

"We've already seen good 


By Robert Graham m Roma 

Italy's opposition parties have 
criticised the management 
shake-up at INA, the partly pri- 
vatised insurance giant, accus- 
ing the government of dampen- 
ing competition in the 
insurance business. 

The former communist Party 
of the Democratic Left (PDS) 
claimed Friday’s shake-up had 
brought in those who were too 
closely tied to Mediobanca, the 
powerful Milan merchant bank 
and the strongest voice behind 
the running of Italy’s Generali 
insurance group. 


By Karen Fossil bt Oslo 

Aker, the Norwegian oil and 
gas technology and cement and 
building matepafa group, 
announced weaker results for 
the first eight months of the 
year and warned of a lower 
annual profit. 

Group pre-tax profit slipped 
^ to NKr35&n ($S3.45m) from 
• NKrS26m as sales dipped to 
NKrllbn from NKrll.Mm. 
Operating profit fell to 
NKr441m from NKrSISm. Tbe 
result was in line with ana- 
lysts' expectations, however. 

Hie decline was due to a 


signs of recovery, in terms of 
loans, in terms of revenue for 
the bank, which will certainly 
lead, in my opinion, to a far 
better situation by the end of 
the year,- he said on Friday, 
after IBCA announced its deci- 
sion. 

In tbe nest few days, Mr Coc- 
cioli is expected to meet Mr 
Gustavo Minervini, chairman 
of the foundation which 
controls Banco di Napoli, for 
an informal discussion of 
the first-half results, which 
were published an September 
<30. 

Banco di Napoli lost lae&Bbn 
(5108.48m) before tax in the 
first six months of 1994, com- 
pared with a pre-tax profit erf 
Ll62.2bn in the same period 
last year. The bank made pro- 
visions of T.yrehr? bad 

loans, mostly to small and 
medium-sized enterprises in 
southern Italy, where some 600 


The PDS also claimed bring- 
ing in Mr Cesare Geronzl, the 
chief executive of Banca di 
Roma, reinforced INA’s politi- 
cal links with the Christian 
Democrats. 

Tbe changes were made by 
the treasury in advance of the 
avwiyi tranche of tfrp national- 
isation of INA, due early next 
spring. Mr Lorenzo PaOesi, the 
chief executive responsible for 
raising L4,90flbn ($3.15bn) 
through the «gfe in June of the 
treasury’s 51 per emit stake, 
was eased out 

He is being replaced by a 
new 13 -man board of which the 


lower activity in oQ and gas 
technology - particularly by 
Norwegian Contractors (NC) 
and Aker Engineering - which 
will post a significantly lower 
result in 1994. Aker also 
warned of weaker offshore 
activities in 199ft 

NC faces a substantial reduc- 
tion in business due to changes 
in market conditions and will 
cut the number of its employ- 
ees to 300 in 1995 from 2,000. 

Domestic and international 
fpmpnf -md building materials 
markets are experiencing 
growth - after a four-year bill 
- which will Improve tbe divi- 


of its 800 branches are located. 

News of (he loss was pub- 
lished after the dose of trading 
on September 30, but prompted 
a 14 per cent decline in the 
bank’s share price in tbe first 
four days of last week. By Fri- 
day, Mr Coccioli’s efforts to 
reassure investors appeared to 
be paying off thn shares 
recovered by L50 to Li.496. in 
spite of a heavily depressed 
market and the IBCA 

a nw Q f uirwrn onf 

Mr Maurizio Mortdli, one of 
IBCA's Italian analysts, said: 
‘This loss came as a surprise. 
We think it may well be due to 
cleaning up of a bad Loans, but 
we are waiting to examine the 

results” 

Mr Coccioli said Banco di 
Napoli’s experience with bad 
loans and the unfavourable 
environment for securities 
trading was no different from 
that of other I talian banks. 


treasury, as majority share- 
holder, has appointed 10 menh 
bers. Minority shareholders 
can appoint the other three. 

A senior treasury spokesman 
said the changes had been 
made after dose consultation 
with INA’s new international 
shareholders. 

He Initiated that for th e first 
Hum professional i pigiffiMfinm 
and international experience 
Had been key riamgntu in the 
choice - two foreign board 
members are one from France 
and Mr Michael Butt, who 
recently left the UK’s Eagle 
Star. Two-thirds of the June 


don’s 1994 result 

"Even though the upturn is 
modes t, thfe has a si gnifican t 
impact on profits as a result of 
restructuring and cost-effi- 
ciency measures undertaken 
by Aker in recent years,” it 
explained. 

The cement and building 
materials division achieved 
sales of NKr4.16bn against 
NKr3.9lbn as pre-tax profit 
rose to NKr2Um from 
NKrlSlm. Aker expects the 
improvement to continue. 

The oil and gas technology 
division’s sales fell to 
NKi&39hn from NKi7.48bn as 


Indeed, the bank has pointed 
out that its ratio of doubtful 
loan* to overall loan commit- 
ments is lower than tbe 
national Italian average. 

Italian banks are suffering 
from the hangover of a deep 
recession, even as other Italian 
companies are showing signs 
of recovery. 

Earlier last month. Banca 
Popolare di announced 

poor first-half results, which It 
blamed on past over-exposure 
to heavily indebted Italian 
industrial groups, such as Fer- 

rozzL 

Banco di Napoli's IBCA 
credit rating is A1 for 
short-term loans and A+ for 
long-term loans. That com- 
pares with Italy's highest-rated 
financial institutions, IMI and 
Cariplo, which have an AA rat- 
ing for long-term loans and a 
rating of A 1 + for short-term 

tpari s- 


aeqmred by North American 
and British investors. 

Bankers puinfai out over the 
weekend that it was an unwrit- 
ten rule that the TnanagRmgnf. 
was usually maintained 
throughout the privatisation 
process. 

Mr PaUesi has so far declined 
to comment on the new man- 
agement structure, which sees 
his former deputy, Mr Gian- 
carlo Giannmi, share tbe main 
responsibilities with Mr 
Roberto Pontremoli Former 
Comit ch^trman Mr Sergio Slg- 
lienti r foriraum. 


pre-tax profit declined to 
NKrl56m from NKz343m. 

At the end of the eight- 
month period, tbe division’s 
order book stood at NKriUbo, 
down from NKrlObn at the end 
of 1993, due to lower activity in 
the domestic offshore sector 
and postponement of several 
new development projects. 

NC, which builds concrete 
oil and gas platforms for the 
offshore sector, saw eight- 
month sales fall sharply to 
NKi2.1bn from NKrJbn and j 
plunged into a pre-tax loss of ' 
NKrSm from a profit of ( 
NKrlSten. i 


Prague 
picks 12 
telecoms 
contestants 

By Vincent Boiand in Prague 

Twelve International 
telecommunications groups 
have been selected to enter tbe 
first roun d of bidding for a 
stake in SPT Telecom, the 
Czech Republic’s national tee- 
phone monopoly for which tbe 
go v er nm ent Is seeking a stra- 
tegic foreign Investor. 

The 12 are AT & T, GTE 
Telephone, Ameritedh Interna- 
tional, Ben Atlantic Interna- 
tional, Southwestern Bell 
International Development, 
Deutsche Telekom. France 
T&gcmxL. PTT Telecom Nether- 
lands, Italy’s Stet Interna- 
tional, Telecom Denmark, 
Swiss Telecom and Korea Tele- 
com. 

Pre liminary bids are expec- 
ted by next month, from which 
a short-list will be drawn up of 
companies to proceed to a sec- 
ond round. The winner should 
be announced by the govern- 
ment by March 1 next year. 

Under the pr ese n t plan, SPT 
Telecom's share capital Is to 
be increased by 37 per cent 
The government will then sell 
27 per cent of the enlarged 
equity to the strategic part- 
ner. 

The state's shareholding wfil 
then foil from 74 per cent to 51 
per cent; a stake it Is to retain 
for up to five years. The 
remaining shares, represent- 
ing 22 per cent of the capital, 
are held by institutional and 
private Investors who have 
received them through the 
government's second wave of 
mass privatisation. 

Estimates of the value of the 
stake range from $65 0 m to 
Slbn. J. P. Morgan is acting as 
financial and strategic adviser 
to the government and SPT 
Telecom in the bidding pro- 
cess. 


Cambior expands 

Cambior, the Canadian miner, 
has moved into Argentina by 
buying 40 per cent of Pachon 
Mm era, owner of the El 
Pachon copper property in San 
Joan province, writes Robert 
Gibbens in Montreal. 

Mlnera San Jose, an Argen- 
tine company, sold tbe interest 
for SiOm. 


By Louse Kehoe 
hi San Francisco 

With the launch tomorrow of 
“OS/2 Warp" a personal com- 
puter operating system pro- 
gram, IBM begins a concerted 
effort to reclaim technology 
leadership in the PC industry. 

Warp is a direct challenge to 
Microsoft Windows, the soft- 
ware that comes with virtually 
every PC sold today, except the 
Apple Macintosh. 

At public events throughout 
North America and Europe, 
IBM executives wfll tout the 
advantages of Warp. Several 
leading PC manufacturers, 
including Compaq Computer, 
Twffl Computer and Toshiba as 
well as IBM’s own PC division, 
are expected to participate in 
the presentations, promising to 
offer Warp as an alternative to 
Windows. 

Warp is, however, just one 
part of IBM’s strategy to 
reclaim its PC leadership. 


Kerin Hope hi Athens 

Global Finance, the Greek 
venture capital company asso- 
ciated with Baring of the UK, 
is to launch a $30m venture 
capital fund in Bulgaria next 

month. 

The International Finance 
Corporation fund, the World 
Bank’s private sector financing 
arm. and the European Bank 
for Reconstruction and Devel- 
opment are together contribut- 
ing®) percent of Hir capital. 
The remainder is being pro- 


By Christopher BoWnskl 
in Warsaw 

Warta, Poland's second largest 
insurer with 14 per cent of (he 
market, is planning a new 
stock issue later this month 
accompanied by a flotation an 
the Warsaw Stock Exchange. 

Warta has 2.6m shares of 
which 46 per cent are owned 
by the state. The rest are 
owned by private investors 
including Elektrim, the listed 
telecommunications and power 


Another critical element of the 
plan is to establish a new hard- 
ware standard for PCs based 
on the PowerPC microproces- 
sor, jointly developed by IBM, 
Motorola and Apple Computer. 

IBM is believed to be in 
intensive negotiations with 
Apple aimed at agreeing on a 
standard design for PowerPC 
computers that will run both 
Apple’s Macintosh software 
and IBM’s OS/2 Warp. 

Talks between the two com- 
panies have been held, on and 
off for several months, but are 
now a “high priority". 
Rumours that an agreement 
may be close and that it could 
be cemented by an IBM equity 
investment in Apple fuelled a 
sharp rise in IBM's shares on 
Friday to $71% from $68%. 

If the companies can agree 
an a design for a PC that can 
run both Macintosh software 
and OS/2 Warp it could pose a 
gignifinant rhaflPDgP to today’s 
PC standard based on Intel 


vided by Euromerchant Bank, 
the private Greek hank con- 
trolled by the Latsis shipping 
group which is sponsoring tbe 
fund, and a group of Greek and 
international investors. 

Euromerchant Balkan Fund 
will take minority stakes in 
private companies based in 
Bulgaria, including ventures 
launched by northern Euro- 
pean concerns. It will focus on 
companies serving the local 
market in food processing and 
retailing and those that export 
to the former Soviet Union. 


equipment trader, with 15 per 
cent 

Warta employees are being 
offered between 100,000 and 

260.000 new shares priced at 

400.000 zlotys each. The gen- 
eral public is being offered 
between 700,000 and lm shares 
with a minimum price of 

800.000 zlotys. 

The offer which starts on 
October 21 should raise a mini- 
mum of ftOQQbn zlotys ($26m) 
in new funds and could go over 
the 9,200 zlotys mark if all the 


microprocessor drips and 
Microsoft Windows software. 

Talk of an IBM investment 
in Apple follows a week of 
intense Tumours of Apple take- 
over bids by either Motorola, 
the communications and semi- 
conductor group, or AT&T, the 
telecommunications giant 

While the earlier rumours 
have been dismissed by most 
industry analysts, the possibil- 
ity of IBM taking a stake in 
Apple rings true because 
IBM has a keen interest in per- 
suading Apple to help it to 
establish a new PC industry 
standard. 

Of more immediate concern 
to IBM, however, is the run- 
away success of its latest stan- 
dard PC products. The Aptiva 
line of IBM PCs for consumers 
and small businesses is a sell- 
out. Just three weeks after 
introduction, Aptiva orders 
have overtaken IBM’s planned 
production for the fourth quar- 
ter. 


It plans to help finance 
acquisitions of companies 
under Bulgaria’s privatisation 
programme, which is expected 
to speed up as a voucher 
scheme gets under way, and 
Mr Angelos Plakopittas, man- 
aging director of Global 
Finance, said it would help 
“mobilise capital for larger pro- 
jects that could be backed by 
the IFC and the EBRO”. 

Bulgaria has attracted only 
about $I0Qm in foreign invest- 
ment since 1990, of which same 
$40m has come from. Greece. 


shares on after are taken up. 

Currently Warta’s total capi- 
tal and reserves are worth 
4£38hn zlotys while the com- 
pany reported a 50 - 2 bn zlotys 
net profit for the first six 
months of this year. Last 
year’s net profit was 169.7bn 
zlotys. 

The flotation will mark the 
first insurance company listing 
on the Warsaw Stock 
Exchange, which trades 34 
stocks capitalised at 87,S53bn 
zlotys. 


INA management shake-up under fire 

privatisation stock was 


Aker warns of lower full-year earnings 


Fund to invest in Bulgaria 


Polish insurer plans share issue 





FT GUIDE TO WORLD CURRENCIES 


Th« table gfciM tho bMi*t HHb rate* al toc ha npa *xm»J against tour hay ourandM on FAtoy. Oactm 7, 1994 . in soma 

1 (hay are (town to ba othniK In oolite 


casae tha me a norrmA Martial nw are tta average ai Buying and seUng i 

those of totegn aw no w to «Mcft they an Mad. 


cm 


tttS MUM 


am 


MW 

AfeM OenA 

Mum (FrFfl 

(5pPM» 
MiqoK pte» Itearva) 
MOM (ECvrfl 




fftartnl 

tfueli 


|6MnS 

pna) 

fBpPate* 

IB«b» 

«s» 

ICFAFri 

Ownatona 

pguttwn 


£ito| 

Drum It 

(M 0 aM> (Lad 

Hufan o Fag (CFA Ftl 

Buns W»il 

towd feaw* r «l 


C anboda 

Camm'On 


«W9 

tCFAFiy 
% 

Canary M gp P— M 

dyianh tea* 

UMM. itop KFAftl 
CM 

CAM PMIPOM 

CM !»«** 

CouraM fWteH 
ctt* (HatCM 

Comma W 

Com (Start (CFn Fit 
Carta Rea JS?S 

CtodMn tCTAH) 
Craabt (Hum! 

Cuba /Cianneaag 

Cnwa 

CniJDM ItauW 

OnM (Oanan Mart* 
(yuan* 

ain wuc a 

aomMMittop <0 FMPt 
IcuMHr 13UCJW 

raw* ieflW*anO 

til W ato 

r«aurrauna« {PF*n 
Catena V"**! 

EMM* rWopanOol 

r«Mh 

famk (QvMHonal 


r*a art 

(lua 
r« n> -Africa 
O Qim 
r> PaoVia 
riabcai 


CVS 

(MMMaJ 

IP 1 
fCMro 

Coca HI 
t&PPl 
fiFAFrt 


*143 BT 

260528 

1*8058 

1MJ30P 

160384 

84360* 

■58353 

403887 

28513 

847V 

82*87 

24173 

3078*1 

127*21 

02*122 

2215475 

138794 

W387 

44834 

2.7825 

1.7598 

13MB 

08877 

QM?4 

?jM>r 

1.7017 

1.1*26 

2.15** 

12548 

06760 

173908 

1D848S 

7*M 

350210 

157315 

102*01 

15800 

1 

06480 

04887 

0377 

03440 

SW38V 

127*21 

02*122 

atom 

3K3B7 

25*904 

3L203Q 

23*32 

13835 

SO.* ITS 

31.888 

205602 

11340 

*0018 

1298 

837 JIU 

028371 

3*1.753 

14305 

1 

00480 

48JM5 

313078 

2035*3 

7.4U& 

4*908 

3*297 

43162 

1711? 

1.7608 

13400 

0*425 

0*460 

3 3855 

1.4008 

0*608 

988488 

823411 

40.7771 

837*70 

526*71 

341753 

B35« 

5*160 

8778* 

305.150 

2*84*4 

101J213 

*11535 

75W** 

1*78.87 

337 870 

538*71 

341 753 

2.1432 

13475 

0*743 

202981 

W7.621 

02*122 

132088 

880*8 

85*683 

137W 

on 

03389 

837370 

528671 

0*1.733 

837.370 

528871 

341.759 

858.626 

414*07 

208868 

135636 

8B207 

53949 

133 121 

836*78 

849.187 

1.82630 

06452 

a*i v 

4338 Wn 

282748 

1888.69 

«28«A 

385*23 

2583*9 

sv.ero 

520871 

941J59 

25*004 

198.701 

108629 

837.870 

528*71 

041.789 

8 OS76 

83829 

3*977 

14406 

1 

06MB 

0.7498 

0*712 

02080 

*43250 

2780** 

180421 

8S8O0 

ooxn 

3*128 

S82J030 

177387 

116*8 

4338« 

2.7020 

1.7390 

231733 

138*31 

9*470 

3624.83a 

2978.1* 

1*78*2 

an»AM 

290888 

1426.14 

53940 

33)18 

• 22M 

118480 

8.7889 

5*609 

337*70 

528*71 

94L/59 

189884 

123221 

7*897 

55808 

5.408 

35073 

130 

0.02*7 

04070 

34808 

80301 

3*196 

22853 

1.4*51 

08964 

7M28 

4,7966 

10751 

8370r 

82687 

3.4173 

637 370 

528*71 

941.753 

817*7 

820V 

84173 

152.623 

889601 

623071 

837 VO 

97807? 

341.753 


SUM 


M»1 

IZ7J4F 




1.7W7 

KLS229 

1MB7 


PtoMlKiM* 
«6 Can U 
PJXMW 
W3S 


(ft) 
. JMt 
fCtayamaa*} 


(Mm [UmpWO 

HBneHBte 
ftoio^r 


321SM 

W. 341 
KMSt 

ojan 

S2UH 

KUH 

413.128 

8511 

835.138 

OW> 

am-or 


S2&J514 

1M35 

825514 



oam 

0.4/01 

27.7434 

&OHH 

177.487 


atom 

IMcfrwta FUW 

MMFtap (CFAfV) 

-'Maaattal 

OW* 


VUM25 

mu 

27S&0S 


47488 

UU14 

112851 

5J8SZ 

08273 

80188 

1.080 

4JKB 

SJ»1 

525514 

USUI 

85748* 

sasi* 


HsaanbitMi 


MadeanPMtfr 

Cfrmn« 


CSARnt 
item a lAuMAnS) 
Naan 8tapakaaFMMN 
H Martatoa VtoBOaO 
nriMfra tvotaate) 
HaoZaateal 

Mearaooa (OoUCtettM 
MgarTCp (Cte.fe 


(Nor. KnwJ 

(RWO»*n9 


csta 

use 

MtMK 

TW 

PM) 



£ 8TB 

15.1638 

85910 

81806 

8*13 

pram Pre.fk*«t 

48*886 

5.4611 

1*41 

1 

L5397 

Patema 


1*006 

156**4 

008441 

648553 

084*51 

Pacu No» Gwi ftnt 

1-4712 

1*0 

0*287 

04078 

08273 


njann* 

3052*6 

374.154 

236243 

152*47 

234726 

Paiu 

f'“ So) 

15753 

MM 

80301 

3*129 

80101 

PteW«a 

P*aot 

40.7150 

42W 

87025 

1.7536 

2.0960 

PStarefr 

C8 3S 

1*0 

83767 

82687 

34175 

5*561 


2*291 

1*800 

1 

0*458 

04078 

Poland 

fa«yi 

38763* 

81688 

87M7 

3.7408 

5752 

Parent 

«ao«J01 

230*10 

156858 

878*81 

835*45 

078*12 

PanoRco 

<usq 

1*805 

1)636* 

12484* 

8100*3 

12*588 



87848 

226*6* 

K-134 

82*296 

141*22 



188761 



83767 

982M0 

180178 

12*405 



277850 

14.1888 

8KW 

5.7305 



w 
ec ana 

IQ 

21820(0 

4*904 

U» 

112800 

171*87 

7.7278 

107*57 

8.0144 

68*924 

7.7107 

107*2 

SJ CteWte 
to iMaea 

107*80 

67*9* 

44*im 

67*83 

SrUoa 

05 Can# 

4*98* 

48*006 

31*878 

20*543 

31*889 

Sj Pana 

ffteJenPt 

8*787 

3458*0 

2172*8 

1410 

2168.16 

SVrcW 

Hem# 

12964 

2704*0 

1731*5 

112178 

172804 

San MaM 

tatanwa 

2494*0 

a*8» 

0*112 

0*010 

0*105 

SraToma 

PCSMt 

129097 

1J71W 


04126 

08345 

SaOMM 

P8|Ut 

59700 

4J83S 

3*138 

1*568 

10072 

s«ga 

PfAFty 

837*70 

3*04*0 

153883 

1017*7 

156118 

intwa 

m»4| 

r*4» 

51.7400 

32*306 

21 .lore 

B2-4SO! 

Sajalaw 

OLaonat 

831*20 

1504OS 

100922 

88*332 





1.1101 


04528 



ti«2J 

105.746 




44*882 

Sotamon t> 


11958 

2.13*4 

3422B 

1*645 

2.199 

0*788 

1*004 

1*516 

11473 

Seme Rap 
Soos> Aaica 


15779c 


788*24 

518*51 

mar 



60408a 

0*73* 

0*875 

0.181 

02968 

ScanUbFOtela 



1145*4 

72Q 870 

487*43 

711007 


apPasae) 

2SC961 

0*882 

0646* 

03548 

05452 

Sdtrato 

Aovi 

78*218 

2047*1 

188445 

1080*3 

1HO* 

Sudan Ap 

pear) 

405112 

8*778 

MM 

2*164 

1562 

Skaum 

(Gukirt 

281*45 

1*805 

1 

0*488 

06075 



5*778 

04357 

OJ0O3 

Q.1B81 

03047 

fttoraTtefl 

ycnxa# 

11*187 

2*118 

1*774 

08288 

1*746 


<F0 

24018 

8*880 

4*037 

2*88 

3*0*9 

SyTm 

a 

310420 

504173 

*1*80 

20*882 

31*284 

tafeaan 

m 

41*062 


7*8 

5.1848 

7*734 



800*24 


3348,10 

2108*5 


MaaaPd 

®4T4J 

39*068 


167*15 

10U81 

1S807 

fegoBn? 

tCMRJ 



13*027 

8.7318 

13473 

Tonga 1* 

(P*“te 




1JJB4 

15585 

TaMdadrroteoc 

» 




7*771 

11*051 

Tonten 

FSnart 



528*71 

3*1*03 

52SSM 






0*350 

0*643 

TtelCuM 


837V 

5*087 

14175 

8*551 



108*07 

121*67 

50*484 

123*90 


1464*4 

2815*5 






54354 







83787 

5*687 

34178 


ttokMMaedom 



83787 

5*887 

34176 



10805 

638800 

42964 

400377 

17025 

1.7630 

18888 

Uagray «P-ol>utWS 

B91S2 


88255 

5*27 

88064 




1008859 

8341.77 

4115.13 

8377*5 

Mac 







BMW 

8*778 

3*508 

2*104 

1562 


(Cknd 

175805 

2.1*44 

1*5*5 

0*708 



KB# 

15808 

785052 

40*005 

32.053 


vugs* MS 
Wmihii Him 

(US# 

1*005 

2.7438 

1.7201 

1.1184 


Pam 


2*407 

1.7817 





2*201 

1*53 

1*720 

1*S83 

Yamea8*p«* 

fltea 

8830BCS 


87383 

*3711 


y»ra>o i9Fi«p cR 

p~5 

088041# 

837*70 

521871 

341*63 

521514 

VupMtete PiaoDna^m 


3**808 

100832 

21*880 

6*08 

142751 

4*482 

8*833 

ZMflW 

Zanau 

PtoaetoJ 

321175 

108804 

0*123 

0*80 

02488 

038*2 

Znten 

» 



us s 

n MflfTff 

YBI 

pliOt 

300104 

18*68 

30*511 

1 

0*488 

0*878 

0*240 

0*002 

09229 

1018*1 

12*5*2 

181506 

2*470 

14588 

12*29 

213B8Z 

180111 

215*3 

0*287 

04079 

0*273 

1*5* 

lJWIfl 

l£4«3 

25114* 

140887 

2300.8 

157*15 

102*81 

156*7 

1 

06488 

09076 

10*34 

2X642 

3*354 

5*867 

X4175 

12551 

17*108 

1132-78 

17410* 

13&832 

■8*052 

136.634 

Z7IE5 

1J338 

2*088 

OBZ87 

0«7B 

0*273 

17025 

1*536 

2*088 

1*607 

1*175 

12561 

2*025 

1.7536 

2*066 

1508*1 

10T7*7 

1560.18 

*11*78 

52868 

800083 

17530 

2*356 

17466 

528*71 

341.783 

326014 

49346 

1202 

49236 

flgS5V 

378*8 

584268 

i*aoe 

09009 

1*777 

31.1927 

20*407 

31.1242 

121611 

1*0446 

121047 

3*667 

21187 

12595 

362247 

1701* 

2810*1 

UM 

2*164 

3*62 

4.1740 

1708 

41867 

1*7*21 

620122 

127041 

VZ7-B21 

820122 

1270*1 

449*35 

310537 

*41353 

91.1285 

211906 

31X608 

383.4S3 

114087 


10666 

20184 

1082 


4*476 

7*003 

1*774 

0*288 

10748 

18*886 

120277 

147252 


38725 


Vtti£5 

870832 


1687*5 

3*7.18 

NL24J33 

341JS3 


08857 


08788 

987844 


04078 

08488 

38372 


101787 

11083* 

7172.48 


18*6* 

388248 


131185 

435.183 

549C8 


23.1017 


2487Z7 

9868M 

18513 

537 

08775 


08873 

18516 


00273 

08378 


113347 

1565.18 


110283 

088TB 

08978 

28317 


08318 

an78i 

888.158 

88*45 


V134889 

52 wSSeSStw aSi o sSw wn * an * a amh, i 


JMM VM8J80 Pmpm CUraocy Unit totoa OclDHr 7. 188* UmbO WWW OL78Z783 UaMd J 


MMiUim 

tea. iW iMteaitw iw 

am»S*a*tow 


aaatt BoteO amt ft Uaaay watoW tea 

3w US Otter M Ttoawe : * CO wetaa to am ai v» Mtt 7xn p> YugeMM Otaar naa oAl 0} ft*Wm 

a Dtomant Uadm 1 ) 8*0 Cmpo. EnoMtiK on 894 4380& 

ftigOLtoON T. 1384 


nae 33 evcMK a Nao ooonmal me 0 a 

Ftewnp afra ; 4 CS aafraa i 


a»kx3lxS4.CftV0art 


Now there's 10,000 more 

. 

1 A 1 

reasons to fly to Osaka. 

J4fc« 

Japan Airlines 

. v . .^ } . e U p { Q io.000 mileage credits available on all return JAL flights direct 

jal a^eage bank europe 

VJ 'oOsaka until 31st October 1994. Cali your local JAL office for details. 



This Notice is issoed in c omplianra i with the reqniremeois of The International Stock Exchange of the Uaiaed 
Kingdom and the Knubfie of velmd Limited (the “London Stock Exchange")- It does not constitate an iavitnim to 
tbe public to subscribe for, or purchase, any securities of Regent Corporation PLC (the •“Company"). Application has 
been made to the London Stock Exchange for permission for tbe ordinary shares of the Ccmpany. issued and now 
being issned. and the 4 2 per can. cumulative preference dares of the Company u be admitted to the Official list 
of tbe London Stock Exchange. It is expected mat listing wiO become effective and that dealin gs will commence st 
830 aJTL oa la November 1994. 


REGENT CORPORATION PLC 

(Incorporated in Scotland wider the Companies Acts 1862 to 1890 muh Registered No. 3520) 

Proposed acqmsation of Rayford Holdings Limited 

Proposed placing and open offer of 12^)58^29 new ordinary shares 
of lp each at 27p per share 

Proposed subscription of 

2£Q0,0QQ &5 per cent (net) cumulative redeemable preference shares 

of £1 each at par 

Proposed issue of warrants 


SHARE CAPITAL FOLLOWING IMPLEMENTATION OF THE ABOVE PROPOSALS 
Authorised Issued and fidly paid 

Number £ Number £ 

75,000.000 750,000.00 ordinary shares of lp each 5 1 248,930 5 12.489 JO 

60.000 6QJOOO.OO 42% aanuhmve preference shares of £1 each 60.000 60.000.00 

2JOQ.OOO 2 J00.000.00 8S% cumulative redeemable preference shares af £1 each 2,500.000 2 JOQfiOO.OO 

3.829.950 3829920 deferred voting shores of !p each 3,829,950 38299 JO 

3,920,449 39204.49 deferred non-voting shares of Ip each 3220,449 39.204.49 

2,034 J72 20J43.72 deferred ordinary shares of l p each 2.034J72 20J43.72 

78291,729 785SI729 redeemable deferred shorts af ip each 78,591263 785.915.63 


The n«ing particulars relating to the Company which include details of the ordinary shares and the 42 per cent, 
comnlttive preference shares have been published and copies of the fisting particulars may be obtained during usual 
business hours up to md including 12th October 1994, for collection only. Bom the Company Announcements Office, 
Loodon ffrorfr P«4ning^ Tower; Capri Coon entrance, off Bartholomew Lane. L ondon EC2N 1 HP and din ing usual 
business hoars up to and including 24th October 1994 from the r egi stered office of the Company, Saltire Court, 
20 Castle Terrace, Edinburgh EH I 2EN. the Company's registrars, Neville Registrars Limited. Neville House, 
18 Laurel Lane, Halesowen, West Midlands B63 3 DA, aod:— 

Keith, Bayley, Rogers & Co. 

Ebbark House, 93-95 Borough High Street 
LONDON SE1 1NL 

Manbertf The Seaeities and Hums Awhariiy Landed 10th October 1994 


Notice to dw Holden of 

wuiiunih 

to adnrbu far shews of 
common stock of 

Ttisaki Shin ju Co., Ud. 

issued 'm cor^uncfion wdh 

uiSrao^xjo^oo 
IK per cert. Guaranteed 
Bonds Due 1997 

la rasped of A* c a p t i o ned Wprranb. 
txA»ij hereby gwwi os feBwrs: 
ki accordance the resolutions af the 

Board of Direeton of Tasolu Shin{u Co., 
Ud. pkn ‘CompauyT adopted a» #» 
maeteps Md on 12lh. 19* and 27«i 
September. 1994, be Company issued 
Japanese Yen 10,000,000.000 Hi per 
cent. Co n ver ti ble Bondi due 2003, at on 
Mind coiMnipnprice of Yert 1,446 pet 
thora, on 5* October, 1994. The said 
cnnvonnn prim is less *on *8 currant 
market price per dtsw of *o Company. 
As *• rasub of such issue, Jhe 
SutucnptMfl Price af *u condoned 
Wanants has been changed as mows: 
Baton adjustaaenl: Yen 1,230.00 

Arm adjustment: Yen 1,210,00 

SbdM dakr. 6th October, 1994 

(Japan tiro] 

TASAKISWUUCOvLTD. 
By: IhuNarinehukin Bank 
asPrindpolftjyingAgort 
10* October. 1994 




.v , 1 1 ,-,rrrr 



Notice of Event of Default 

BaocaCrenB,SJL 
B£7S% Hates 0an1995 

Pursuant to lh« provisiorB of Guv 

dfbons 9 and 1 1 of aye Tezms and Con- 

ditions of the 8X75% Note due 1995 
(the "Notes") issued by Banca Cieml 

S^(ihe'lsate"} > tiotBceisheKbygjv'- 

csi of the ocmnaice. on about Septem- 

ber 6, 19M, of an "Evas of Deautt* 

de*o8«dinsrfipaiagraph(v0ofCcr- 

dition 9 cf sudiTesaa and ConAbom. 
Srmffting InM MBteMMUri (Bade 
ky the Ministry of Fbancr and Fubhe 
QaditofME9do)oiiSe{rteBiln-^199t 
tiie WBmsnylwinstitirwSa nunageri- 
al nttmrtten ty the Nalicru] Banting 
Commission ("NBC*) of Mexteo of au 
of the aitities boning a part of die 
Cpam-Union Rnandai Group, mdud- 
ing the fewer. AautdmgtovieMinb- 
07*3 announcement a "maiugaul in, 
lewtian" mvrvluef tfn substrtalionof 
odslinginana^nent of die entities by 
broadly eopenrered appointees cf the 
NBC Such action appears to consttboe 
an asumptioB by tiw prwmment of 
Meoco or an authority thereof of the 
botocB and operations of the Bank 
within die meaning of subpsanoph 
(vi) of Gondnm 9 of die leans and 
Conditions cf tiw N«es. Pttreuant to 
titr further provisions of Condition 9, 
iheHokieat* Notes of athasi3)V3% 
aggregate pdndpel amount of ihe 
Ntnaoottiacat%may,bywdileano- 
tke to the Issaer aito the undemtewl 
fiscal Agent dednrejheprinelpaJ of all 
the Notes ubedue and piyabit 

Tbe Bade tribal fork 

KfiStdAgni “jOgW^ 
Ctoe* Ctotobei 6,1994 



X- 





















20 


■ FINANCIAL TIMES 


MONDAY OCTOBER 10 1994 



FINANCIAL TIMES 


MARKETS 


THIS WEEK 


Best Emerging 
Markets Bank 


ING lit) BANK 


.HMhOMI 1AV I' 


i 


p 

ie 

fn 

je 

i 

tt 

ar 

ca 

ill 

of 

te 

;pl 

mi 

«' 

C 

w 

no 

;ec 

wa 

ikl 
:e : 
he 
i h 
on 

Wl 
it 
flU ’ 
St 
im 

jSt 

nl\ 

fly 

>pe 

a 

>wt 

jhi 

m 

ill 

tie 

,lal 

T 

:us 

na 

3cl 

pai 

for 

sti' 

(A- 

wa 


in 

V 

4C 

& 


The invisible hand has been at 
work again in the Japanese 
stock market. Not the one iden- 
tified by Adam Smith, but a 
rather less dextrous instru- 
ment, the far-from-geutle touch 
of Finance Ministry officials 
attempting to prop up share 
prices as the market threatens 
another slide. 

Traders first noticed it a few 
weeks ago. spotting an unusual 
renewal of buying interest in 
the market on the part of pub- 
lic fund managers as the Nik- 
kei 225 dipped towards 19,500. 
This week they appeared to be 
at it again. 

The authorities' target is 
immediate and specific. On 
October 27, 436,666 shares in 
the privatised Japan Tobacco 
will be offered to the public, 
the largest equity issue this 
year. Since the share price was 
announced at a staggeringly 
high Yl.4m ($14,220) last 
month, the market has been 
overwhelmed by fears that the 
issue will flop. That would not 
only be yet another disaster for 
the government’s privatisation 
programme, but would deal a 
sizeable blow to stock market 
confidence just as the collapse 
of JR East last October sent 
the market into a three-month 
tailspin that saw it decline by 
20 per cent. 

Concern about a repeat per- 
formance seemed misplaced 
last month when it was 
announced that 8m investors 


had oversubscribed the offer 
by a multiple of 50. But the 
time lag between that initial 
application and the issue itself, 
together with Japan's rather 
odd rules on tenders, have 
heightened the sense of alarm. 

The applications already 
made were merely tentative. 
Under listing rules, those who 
have applied have until tomor- 
row to pay for the shares. If 
they do not like the look of the 
stock closer to the impact day, 
investors can simply let their 
applications lapse by not 
stumping up. At the end of last 
week, brokers offices in and 
around Tokyo were alive with 
rumours that the number of 
applicants who had not paid 
was running at about 75 per 
cent. 

Many investors appear to be 
running scared of the general 
malaise that has gripped the 
market in the last month. They 
have also learned a salutary 
lesson from another bungled 
offering - last month's Japan 
Telecom debacle, where the 
shares are now trading at 
nearly 20 per cent below the 
offer price. So the authorities 
have turned to intervention to 
shore up the market and avert 
a catastrophe. 

But these attempts to buy 
temporary stability in the 
run-up to the issue will proba- 
bly come to nought. If the 
issue goes better than seems 
probable, the intervention will 


Global Investor / Gerard Baker in Tokyo 


The invisible hand 


Nikkei 225 lOyr benchmark bond yield 

Index f 000} ^ J* Percent 



Soudk Da&nmm 


Total return h local cur re ncy to .6/10/94 


— 

03 

«fePWi Germany 

war period-- 
Franc* 

■tut* ' 

SK 

Cash 

Week 

0.09 

005 

0.09 

0.10 

016 

aio 

Month 

0-4T 

021 

042 

0.4S 

070 

042 

Your 

3J50 

2.44 

5.88 

8.13 

8.50 

5.63 

Bonds 3-5 ywar 
Week 

-033 ■ 


-028 

-034- 

-029 • 

' 02S 

Month 

-1,29 

034 

- -0-S2 

-014 

1.66 

■ ai4 

Year 

-2L98 

062 

1.16 

-0.47 • 

OM ■ 

029 

Bonds 7-10 year 

Week -0.62 

-089 

-025 

-093 

-22 6‘ 

037. 

Month 

-250 

- 030 

. -023 

■077 

127 

0.15 

Year 

-7.99 

-0.69 

-4.40 

-7.56 

-8.04 

-6.97 

Equities 

Week 

-2.1 

02 

-32 

' -1.7 

-63 

'-04 

Month 

-3.8 

-1.7 

-0.0 

Ol 

-1.7 


Year 

0.9 

-3-0 

-1.3 

-9J> 

7j7 ‘ 

or 


Sooroo: Cash & Bonos - LaMnan BratMre, Equated ftefWea.Swwtttea. 

The FT-ActuarfM Wcrid taefloas are Jolntiy owned by The FhancW Tknee Umfcetfc 
QoMman SjcJa & Co, and rirfWmt Secuttas United. 


presumably stop, since the list- 
ing will be safely away. The 
market will then be tree to 
resume its downward path. If, 
on the other hand, the worst 
fears are confirmed, the shock 
to confidence is likely to be so 
great that the weight of 
adverse sentiment will punch 
right through the govern- 
ment's support level. 

In other words the real prob- 
lem is not hi fact the price of 


the issue, nor the circum- 
stances of its listing, though 
once again these could have 
been better handled, but the 
simple fact that the market is 
in no mood to absorb this mas- 
sive injection of equity. The JT 
cash call of about Y9€0bn 
comes on top of a succession of 
convertible bond issues in the 
next few weeks that may take 
another Y400bn. With average 
daily trading values at not 


much higher than Y250bn, this 
is an impossible burden for 
investors to bear. 

Individuals, on whom most 
hopes for equity market recov- 
ery are pinned, have been 
heavy net sellers in the last 
few months, in advance of the 
JT listing. That Is likely to get 
worse. According to Mr Jason 
James, chief equity strategist 
at James Cap el Pacific. “Indi- 
viduals may not stabilise until 


November - by which time the 
performance of Japan Tobacco 
is likely to have put some of 
them oft" 

Of course, none of this neces- 
sarily means the market will 
repeat its slump of a year ago. 
The coming half-year reporting 
season is expected to help 
prices. But these supply-driven 
difficulties, by dealing a fur- 
ther blow to individual inves- 
tor sentiment, have probably 


postponed yet again a lasting 
recovery for Japanese equities. 

■ Interest Rates 

Apt id the mayhem, the econ- 
omy continues to emerge from 
its permafrost recession at a 
suitably glacial pace. Second 
quarter gross domestic product 
figures Cfltte as a rude shock 
to some analysts who had 
hoped to see the first quarter's 
rapid growth sustained. That 
was never likely though, since 
the first three months' figures 
were themselves inflated by a 
sharp downward revision to 
the previous quarter’s data. 

This confusing roller-coaster 
picture is not a true and fair 
representation of the econo- 
my’s performance, of course. 
The longer term, more reliable 
figures suggest first half 
growth of about 0.4 per cent, 
which should mean full-year 
growth for 1994 of a little below 
1 per cent, picking up speed to 
perhaps 2 JS per cent next year. 

This would be a painfully 
slow recovery even by British 
standards, but by Japanese 
experience it is almost imper- 
ceptible. All the less reason 
then for the bond bears to con- 
tinue to dominate as they have 
- yields rose this week close to 
the 5 per cent level. The dis- 
count rate has now been held 
at the historically low 1.75 per 
cent for more than a year and 
the steeper yield curve sug- 


gests that the market is expect- 
ing an increase in short term 
rates soon. It would be unwise 
to count on It- . , 

Bond yields shot up in the 
first half of the year along with 
those in the rest of the world. 
However, in Japan, the strong 
recovery on which that 
increase was predicated has 
not materialised, but yields 
' have yet to adjust accordingly. 

All the inflation data points 
to stable or falling prices - 
unemployment continues to 
rise; figures last week that 
showed the first fall in nominal 
incomes for 44 years; and the 
yen stays stubbornly high - 
suggesting that monetary con- 
ditions should be tight enough 
even for the most predatory 
in nat ion hawk. Indeed, should 
the recovery continue to show 
scant sign of strengthening, 
another cut in the discount 
rate should not be ruled out 
What is more, a new gover- 
nor of the Bank of Japan will 
take office in December. It is 
difficult to imagine that he 
could be tougher on inflation 
than Mr Yasushi Mieno, the 
current incumbent who raised 
interest rates three times 
within eight months of taking 
office four years ago. bringing 
down the curtain on the unla- 
mented bubble economy, but 
bringing with it Japan’s lon- 
gest postwar recession. His 
successor is not likely to emu- 
late that 



London hosts metals jamboree 


The world metal trade and its 
entourage will be in London 
this week for the London Metal 
Exchange's annual jamboree. 

As dealers, analysts and 
industry executives mingle at 
lunches, conferences, se mina rs 
and, of course, tomorrow’s 
LME annual dinn er, a frequent 
topic of conversation is sure to 
be the recent surge in the 
prices of most metals - can it 
be maintained, especially if the 
investment fund money that 
played a large part in fuelling 
it is attracted elsewhere? 

“The underlying force for the 


climb in metal prices is 
demand from end-users, as is 
shown by the premiums being 
paid for certain types of metal 
in certain places," Mr David 
King, the LME chief executive, 
told the Reuters news agency 
last week. 

Some senior LME traders are 
concerned, however, about the 
growing influence of the 
investment funds. “These 
funds owe no loyalty to com- 
modities," one pointed out. 
“They could bring instability 
to the market when they try 
and take profits". 


But that view was not shared 
by Mr King , “It would be dan- 
gerous," he suggested, "to 
exaggerate the importance of 
fund investment in driving 
prices higher." 

LME Week gets under way 
today with the start of a 
two-day conference on the 
metal industry of the former 
Soviet Union and a lunch given 
by the American Metal Market 
publication. 

The London-based Metal Bul- 
letin magazine holds a seminar 
tomorrow on the role of invest- 
ment activity in base metals 


markets. And in the evening, 
guests at the LME annual din- 
ner wifi hear speeches by Mr 
Rqj Bagri, the exchange's 
board r-hnirmaTi and Mr .T uan 

Viilarzu, president of Codelco, 
Chile's state-owned metals and 
mining concern. 

The fun continues on 
Wednesday with a Japanese 
Metal Mining Agency forum 
and a presentation by Magma 
Copper, the US company that 
last week made the winning 
bid in the auction sale of Tin- 
taya, Peru's second biggest 
copper mine. 



J-'A If ! U A V, | T^Oi 1 
* n b\ s ^ \._j i\a u 


First half 1994 results up 13*2% 

Net income excluding minority interests 
ofFF 1.27 billion (USD 222,6 miUion) 

.45 of June 30, 1994, Compagnie Financi&re de Paribas consolidated net income excluding 
minority interests amounted to FF 1.27 billion, a 13-2% increase over the first half of 1993. 


BIS requirements 
Tier 1 

06/30/94 1 ~~WV 


1993 

1992 




28%. 


Tbe first half of 1994 was marked by: 

- an increase in the contribution of Paribas Affaires Industrielles, 

10£% “ a mar ked reduction in loan loss provisions at Compagnie 

Bancaire and Banque Paribas, 

go^ - the completion of the provisioning of non-core activities, now 
discontinued, at Credit du Nord, which also sold its main Paris 
g% real estate assets, 

- a downturn in tbe asset and liability management actiinties and 
capital market activities of Banque Paribas, 

- a strengthened •Cooke* ratio, of 10.2% (including tier one, 8.9%) 


Results 


(In millitiaO 

Ob/30/94 

0 (W3 

Change 

12/31/95 
(t l montiisl 


FF 

USD 

FF 

ln% 

FF 

- Tofcd rvtrniK.* from opcrjffons 

17,496 

3,067 

17^9 

1.4 

34684 

itiduiting: 

• net tanking revenue 

14,458 

2.534 

16,504 

(12.9) 

30.943 

■ odKT net menue 
from operations 

3.058 

532 

745 

X4.1 

1,741 

■ General and administrative 
expense* and anmnisuioa 

(10,001) 

1.753 

(9,449) 

5-S 

(19.602) 

- Net income From operations 

7,495 

1314 

7,800 

(3.9) 

13,082 

■ Prmisoiti fur loan losses. 

(4324) 

758 

(4.754) 

(9) 

(8.778) 

- Total net income (including 
(nuuTrin inicrcMs) 

2,064 

362 

1,934 

6.7 

2.7 SO 

- Net income (excluding 
minority interests) 

1,270 

223 


13.2 

1,449 


• Tbe 3.9 % decline in net income 
from operations reflects mixed 
results firm tbe Group’s four core 
activities, wbicb can be analyzed 
as follows: 

■ a 12.4% decline in net banking revenue, 
essentially due, in a climate of interest rate 
bikes, to slower activity in asset and 
liability management and capital markets 
at Banque Paribas and. to a lesser extent, 
to lower banking revenues from Credit du 
Nord and Compagnie Bancaire, 
a strong Increase of FF 2-3 button tn net 
revenue from other operations, uibicb 

include contributions from companies 

accounted for by the equity method, capital 
gains on disposals of assets and provisions 
on investments. This increase reflects three 
major elements: 

• Paribas Affaires bulustrielies benefited from tbe increase in tbe results of companies accounted for by tbe equity method, 

• the i mutual if tbe Group's capital gains increased markedly thanks to tbe sale of assets on tbe stock market earty In tbe 
year by Paribas Affaires industrielles and an exceptional capital gain of FF 980 ntiUton earned by Credit du Nord on the 
sale of its three buildings in Paris, two of which were the object of a leasing agreement. 

• losses ofFF 7ti? million recorded by the real estate development companies, Cogedlm and Simtim, 

- a 5.SV.. Increase in general and administrative expenses, linked to costs to develop tbe core businesses of Banque Paribas 
ami Compagnie Bancaire. 

• Tbe allocation to loan toss provisions declined 9%. 

Allocutions by Banque Paribas and Compagnie Bancaire decreased by 365% and 25%, respectively. On tbe other band, the 
allocation to loan loss provisions at Credit du Nord increased by 57% and includes tbe completion of provisions for 
| discontinued activities (UBS, commercial real estate and development, international activities). 

3 

| Total net income for tbe first half of 1994 amounts to FF 2.064 billion, a 6.7% increase over tbe same period in 1993- 

3 

Estimated net asset value per share (after results) amounts to FF525. us of June 30, 1994, versus FF568 (adjusted) at 
December 3 1, 1993 


USD I = FT 5.-043 


Economics Notebook 

Criminal 

flexibility 

IIS crime: no easy answers 

Crime, prison Incarceration and male youth unemployment 
Index 1960 = 100 



Source; US official ■ataSsttca 


Mr Tony Blair, 
the Labour 
party leader, 
has pleased 
voters and 
academics 
alike by prom- 
ising to be 
tough on 
crime, and an its labour mar- 
ket causes. His two-sided 
approach was well captured 
by the reference to an "unem- 
ployed youngster" stealing a 
radio in last week’s speech at 
the party conference. But 
experience in the US shows 
that the link between unem- 
ployment and crime should be 
handled with care. 

That there is a relationship 
between the two certainly fits 
with most people's basic intu- 
itions. Time being the Devil’s 
Hand Maiden, it “stands to 
reason" that young people 
with nothing to do are more 
likely to commit crimes than 
those who spend their days at 
work. 

Some of the same bar-stool 
wisdom accounts for the abid- 
ing popularity of the “loci 'em 
up” rhetoric more likely to 
feature at this week's Conser- 
vative party conference. Other 
things equal, it seems obvious 
that crime would foil, if only 
criminally inclined individu- 
als were given less opportu- 
nity to commit crimes. Tbe 
only difference is whether you 
think 24-hour supervision is 
the answer, or merely nine-to- 
five. 

Other t hi ngs are not equal, 
of course. Most people recog- 
nise that a complex web of 
personal and cultural factors 
will determine whether a 
given individual is one of the 
small minority who would 
consider turning to crime. But 
these do not lend themselves 
to clear policy prescriptions. 
More prison sentences, or 
more jobs, tends to emerge as 
the basic choice. 

A report published last 
week by Leicester University’s 
Centre for the Study of Public 
Order comes out firmly in 
fovour of a focus on employ- 
ment. The author. Professor 
John Bunyon. admits that the 
relationship between unem- 
ployment and crime is com- 


plex. Nevertheless, he believes 
it is “undeniable" that the 
increase in long term youth 
unemployment is a principal 
cause of rising crime in the 
UK, As long as ministers 
refuse to accept this, he says, 
law and order policy will be 
condemned to “just dealing 
with the symptoms of crime", 
not its underlying causes. 

The trouble is that, by 
focusing on employment 
alone, policymakers might 
make just the same mistake. 
A recent paper* on crime 
trends in the US, by Professor 
Richard Freeman, a Harvard 
economist, finds that while 
labour market developments 
have played an important role 
in the country's crime prob- 
lems, unemployment is only 
one piece of the puzzle. 

As in the UK, sending many 
more people to prison does not 
seem to have reduced c rime. 
The US prison population 
soared during the 1980s. Since 
young men account for the 
majority of offenders, the 
effect on that chunk of the 
population has been stagger- 
ing. For men aged between 18 


7S 00 85 00 


and 34, some ll per cent of the 
workforce was in prison or cm 
parole in 1998. For black men 
in the same age group, the 
proportion is one third. 

As the author points out, 
one would expect this to have 
had some effect on the crime 
rate, if only by removing from 
society large numbers of 
proven cr iminals . And yet, as 
the chart shows, the trend-rise 
in recorded crimes, at best, 
stabilised over the period. 
“The bottom line is that the 
propensity of the non-institu- 
tional population to commit 
crimes must have risen 
sharply in the 1980s." 

Labour market trends can 
explain much of the increase. 
In essence, the returns to legal 
employment fell, relative to 
the returns to crime, for many 
young US males, just as the 
long term costs of getting 
caught - and landing in jail - 
grew considerably higher. 

Part of the de cline in labour 
market opportunities for 
young men shows up in high 
unemployment. Like their 
counterparts in the UK, young 
people in the US suffer more 


unemployment than the rest 
of the population. Roughly 15 
per cent of teenagers are out 
of work, compared with about 
6 per cent of adults. 

Does this mean that rising 
crime can be traced to a short- 
age of jobs? Reviewing the evi- 
dence, Prof Freeman con- 
cludes that there is a positive 
relation between joblessness 
and crime. But, unlike the UK, 
there has not been a long term 
rise in US unemployment 
large enough to explain the 
exponential rise in crime. 

By and large; the job market 
problem which has helped 
raise crime in the US is not so 
much a lack of jobs, bat a lack 
of good johs. Young people in 
the US may be frequently job- 
less, but only a small part of 
youth unemployment is long 
term. 

Young people are eligible 
for very little state unemploy- 
ment support, and tend to 
move in and out of different 
jobs over the course of a year. 
This kind of employment flexi- 
bility has long been a feature 
of the US job market What 
has changed dramatically is 
the wages young workers are 
offered. Recent US Census 
Data shows that one half of 18 
to 24 year-olds working 
full-time earned less than the 
official poverty fine in 1992. 

About half of young offend- 
ers tend to have been 
employed at tbe time they 
were arrested. Crime can pro- 
vide a supplement to low 
income for the employed and 
unemployed alike. 

In the long run, of course, 
crime rarely pays, especially 
now that the chances of bring 
sent to prison are so much 
higher. Prof Freeman finds 
that a spell in prison has a 
large effect on offenders’ 
future employment prospects. , 

But as long as working pays 
so little, crime has consider- 
able short-term attractions for 
young unskilled men, even if 
they have a job. In short, 
being tough on crime, and 
tough on unemployment . has 
not been enough. 

Stephanie Handers 

•Crime and the Job Market. 
(unpublished). 



FT-ACTUAR1ES WORLD INDICES 


Jointly compiled by -nut Financial Times Ud. Goldman, Sacha & Co. and NafWtst Securities Lid. in conjunction with the Institute of Actuaries end the Faculty of Actuates 
NATIONAL AND 

— “ HSDAV OCTOBER 7 1994 THURSDAY OCTOBER 6 1994 DOLLAR INDEX 

US %chg Pound Local Local « Grow us Pound Local 

Dotw Ww Srafflrg Yen EM Currency eftg from Dw. Dote Starting Yen 0M Currency S week 52 week 

Indax 31/15/83 Ylad Inde* tet taw Inttot Index Index Ugh Low frppmx) 


REGIONAL MARKETS 

Figures ki parentheses 
show number of Enos 
of stock 


Indax 31/12/93 Indax index index 


AuEtraSa (6S) 

166.44 

_ 100.28 






243.61 


177.09 






301-20 


201.35 


77.71 


158.08 






.207,76 

New Zealand (14 

.7020 

195.05 



.313.B7 


... .137.18 




101.00 

United Kingdom (mt) — 
USA (5151 

193.92 

IBS. 03 

EUROPE (7091 

160.25 


167.41 

Euro-Pacific (l^W 

-ifia« 



Pacfflc Be. Japan p?0) - 

258.01 

_ 168.77 

Worid Bl UK (1947] — , 

—.171^3 


-0.9 15421 104.01 13SL55 149.04 -0.8 

-AS 168.04 114.21 144.44 144,38 -133 

-0.4 151412 102.65 129.81 128.66 -18.7 

02 127.27 86.50 10039 13333 2.3 

-1.6 22097 15437 19010 199.72 -12.6 

433 106.07 112.18 141.88 17002 17.fi 

-r.O 15Z22 1GB27 131.10 13&T9 -17.1 

-3-B 125.98 05.62 108JM 1082S -14.S 

-22.1 35532 241.60 305-42 37820 -22.1 

8.7 187.68 12766 16123 18038 

132 72.43 4923 6220 91.04 3.0 

215 147.35 10015 126.66 10016 9.1 

-64 51630 35082 443.00 54728 -102 

-54 3040.47 T 38888 1753.91 8179.68 0.9 

4.3 193.66 131.62 16648 163.59 -72 

3.1 0527 4426 6611 61.46 -4.7 

8.6 18180 12657 15627 17723 -63 

4.1 380.70 242.44 3058f 281.17 -42 

IM 292.65 19821 25185 28650 14.4 

-1.0 12787 8691 109,91 132.04 -12.1 

12.1 20616 13645 17635 33641 -10 

08 150.12 102.04 129.04 127.56 -138 

-64 18076 12288 16687 18070 -128 

-2.1 17321 117.73 14688 18683 -2.1 


3.72 16640 15635 10482 133.61 14988 189.16 14986 14887 

1.11 18084 16887 11071 144.80 144.75 19889 167.40 175.07 

485 161.66 15092 101.98 12980 12073 177.04 149.33 14992 

282 135.75 12673 8589 10699 132.33 14531 120.54 1248S 

1.4B 243.49 22731 15653 195.50 200.24 275.79 23027 23382 

080 17986 16601 11387 144.49 18082 18238 11671 110.71 

3-20 182.46 151.66 102.43 13044 13431 10687 15034 17077 

ISO 134.99 12603 85.12 10639 10639 15040 128 37 13380 

322 30182 355.90 24037 300-09 37621 50650 317.30 319.64 

3.55 20081 18740 12602 1B124 180.47 21660 171.40 172.86 

1.70 7959 74.30 6610 6691 93.05 07.70 57.88 73.15 

077 15651 14608 10001 12735 10601 17010 12424 135.78 

1.54 567-20 629.53 357S4 OSBM 559.00 621.63 43071 432.16 

1.25 218230 2046-88 138631 176022 818678 2647.08 1674m 1680.72 

653 205.92 19225 129.04 16634 16651 21619 187m 189.50 

3.96 70-42 65.74 44jM 58.54 8104 7759 5932 B2A3 

166 78002 183.56 1209? 157.87 179.50 211.74 10552 179.02 

1.61 384-43 35690 242.40 30607 26621 393.12 294.66 309.55 

124 312.71 291 £4 107.17 251.00 28004 314J4 202.72 212.02 

4.18 13603 127 nO 95.77 10922 13158 155.79 12680 13614 

1.08 22039 205.76 13847 17696 239.87 23155 175.83 194m 

1.90 18015 149.53 10X99 12660 127,16 17656 14250 14390 

421 19280 180.00 121.57 154.B1 18000 214.96 181-11 191.36 

2.92 184.74 172.47 11649 14633 184.74 19604 176SS 787.84 


12 J 


7.8 

-18 

02 


137.87 

24049 


Wortd Ex. So. AL (2092) 17053 

World Ex. Japan [1883} 163-61 


10532 

13X20 

14436 

-11.6 

3.18 

105.71 

154.70 


133.05 

146.78 

17828 

154.79 

160.77 

135.53 

171 AO 

108.42 

-1.7 

1.43 

214.80 

20054 

135.44 

172.47 

200.18 

222.18 

173.19 

184.74 

10&06 

134,13 

110.72 

4.7 

1.09 

108.09 

15022 

105.89 

134.99 

1f0.70 

17029 

134.79 

16>26 


133/14 

125.02 

-2.7 

1.97 

168.90 

1 55.37 

10527 

134.05 

12425 

175.14 

143.68 

10121 

1 15.78 

146.43 

183.17 

-13 

Z.90 

101.09 

160.63 

114J56 

14528 

101.12 

192.73 

17507 

18172 


1HL51 

12503 

-11.2 

2-66 

147.07 

137.86 

93.11 

1 1B.56 

12560 

158.12 

13594 

14121 


200.72 

229.72 

-14.0 

223 

250.90 

242.70 

16322 

208.73 

23125 

29821 

216.18 

21518 


13522 

128.78 

-2.3 

1.98 

108.89 

157.07 

106.49 

13560 

128.69 

170.65 

145.58 

16124 

108.61 


14184 


2.11 

17123 

15820 

107.87 

137.40 

14221 

17B29 

15596 

10507 



14&37 

~2& 

2m 

17Z2S 

16021 

108.61 

13020 

14501 

160.03 

15554 

16824 




-6.3 

226 

18223 

170.78 

11524 

14628 

172.82 

19520 

17534 

17805 


TTte ittrid tedtecpiai) — IM M 161-a 1M.87 13694 148.42 -13 Ml 173.14 im.tu 100,7 im " mm 


CoptriEfn. TO* f»wn EM rente U wtnJ. jS xwm Seda 2 Co. ml Names! Secumro UnxutL 19B7 

Centiuoft miiMN Mk T/ iot* *«Mox Jam* ftHteaS gSoSilSS? TW a-lM-M (Us 5 wad. liana (Pouxt Staring) and i gua lin ed). 

teCh^<>n*.C«n«CoroU*»|. P *mnateA M «o. M n 3 d« nB *^ 








FINANCIAL TIMES MONDAY OCTOBER 10 1994 


NEW YORK 


EQUITY MARKETS: This Week 


State of grace 
may prove 
fleeting 

Wall Street may have had a lucky break 
with last week’s employment figures. 
But concerns over interest rates are 
stifl lurking just below the surface as 
tha quarterly results season gets under 
way this week. 

"It's going to be a classic tug of war 
between rising Interest rates and 
superlative earnings.” says Mr Steven 
Etnhora, head of equity research at 
Goldman Sachs in New York. 

The stage was set on Friday, when 
the jobs data proved to be Inconclusive. 
Still, after so much hand-wringing 
ahead of the report, there was p lou gh 
mollifying news to allow equity 
Investors to squint at the awkward 
bits. 

in the end, it was the realisation that 
the Federal Reserve would not put up 
interest rates immediately that carried 
the day and averted the hairjfp^ p'n g 
which many had feared. 

The headline figure - a weaker than 
expected gain of 229,000 in non-farm 
payrolls - caused the Fed to bold its 
fire, at least until after considering this 
week's flood of economic reports. 

As a result, bonds improved and 
stocks appreciated after a week of 
steady declines. 

Friday’s state of grace, if it can be 
characterised as such, may prove 
fleeting. The yield on the be nchmar k 
90-year Treasury bond is just a shade 
below the 8.00 per cent level, a red flag 
for investors. 

“The likelihood of the long bond yield 
moving above 8.00 per cent and of 
staying there increases the more the 
Fed delays, H say J. P. Morgan analysts 
in their October market briefing. 


Frank McGuriv 


Dow Jonws Industrial Avwrag* 

3850 



With a sixth interest rate increase 
looming: “Wouldn’t it be nice if the 
market could focus on earnings?” aqfr s 
Mr Hugh Johnson, ch ie f investment 
officer at First Albany. He is not alone 
in the opinion that many rompup ip* ? 
will show solid improvement for the 
quarter. 

Mr Johnson goes a little further than 
some in predicting plenty of pleasant 
surprises, based on stronger than 
expected exports by US companies to 
recovering European markets. “That 
wifi be good for stocks provided we 
don't get blind-sided by had inflation or 
interest rate news,” he says. 

He sees the September data on 
producer and consumer prices, due out 
at the mid of the week, as the key. He 
expects both inflation readings to be 
tame, allowing the bond market to 
stabilise, or even improve, “if that 
proves to be the case, then the stock 
market could focus on what really 
counts and we could move higher," 
says Mr Johnson. 

Mr Binhora is less certain, however. 
“My sense is that the market will 
remain stuck for the next month or 
two," the Goldman Sadis analyst says. 
"It will have some upward bias but it 
will be constrained in that bias by the 
level and likely direction of short-term 
interest rates.” 


LONDON 


Poor start to 
final quarter 
deepens gloom 

The spread of forecasts by City analysts 
for the FT-SE 100 Share lodes: on 
December 31 has widened to 
astonishing proportions as a poor start 
to the final quarter has deepened the 
market's gloom. Fund managers axe at 
present invited to place their faith in a 
range of Footsie forecasts between 2340 
- well, 2,200 if we really want to get 
bearish - and 3300. 

Such a wide spread suggests that the 
stock market is becoming a victim of its 
own nervousness. Shares are still 
reacting very sharply to the slightest 
hint of discomfort at the Federal 
Reserve and the futures markets 
continue to throw the underlying 
equities around as if individual 
companies were no longer of any 
significance. 

Nor is there much sign that this week 
will fare any better. Markets have to 
face a barrage of Important economic 
data both at home and in the US, with 
the regular meeting of the Bundesbank 
policy council thrown in for good 
measure. And then analysts can brace 
themselves for the UK Budget 
scheduled for late November. 

However, there Is still a strong 
bullish tendency in the UK market, 
willing and able to defend Footsie 
year-end targets in the 3.400 area. 
Technical factors in the market are by 
no means entirely negative. UK bonds, 
the recognised key to an equity 
recovery, have remained relatively 
steady, and there was a passive 
response to Friday’s much-dreaded US 
payroll numbers. 

Derivative Securities, which tracks 
trends from the viewpoint of the 


Terry Byland 


OTHER MARKETS 


FRANKFURT 

Thursday’s Bundesbank 
meeting and next Sunday’s 
federal election dominate a 
volatile market Few expect 
the Bundesbank to change • 
rates. James Capel says the 
weakness of the August 
industrial production and 
orders data largely reflected 
seasonal problems. It believes 
that the German recovery 
remains robust 
UBS notes that the polls 
suggest the present CDU/ 

% CSU-FDP government of 
Chancellor Kohl bolds a 
slender lead. In the event of his 
re-election. It expects "a 
significant relief factor to be 
manifested in the markets". 


FT-8C-A AJl-Sftaro Index 



Sawn* FTGrapfaftB 

futures markets, has repeated its belief 
that the UK stock market remains 
“very oversold," and that support levels 
are very dose, indicating that further 
downside appears fairly limited. 

Trading volumes, while not exciting, 
have not been, as poor as painted in 
some quarters. Retail business remains 
steadily above £lbn a day, and the 
fall-off in private investor business is 
no threat to big securities firms. The 
problems for market-makers have come 
from the risks of taking on trading 
programmes in these troubled times. 

These risks have fed through to the 
stock index futures market, where the 
unwillingness of the big institutions to 
play has left power and influence in the 
hands of the independent traders, the 
locals, who now stand accused, not for 
the first time, of being able and willing 
to move share prices at will. 

Experience would suggest that the 
market cannot be manipulated over 
anything but a very short time-span. If 
the bond market turns, then all the 
arguments about corporate earnings 
growth of nearly 50 per cent between 
1994 and 1998, enabling companies to 
raise dividends by around 10 per cent in 
each of the next two years, will be back 
in focus. 

But first we have to survive this 
week’s economic data. 


ZURICH 

Third-quarter sales figures are 
due from Cfba on Wednesday 
ahead of Roche's figures next 
Monday. 

Analysts are forecasting a 
satisfactory set of figures from 
Cfta, with a 4 per cent rise in 
sales in local currency terms 
translating into a l per cent 
fall in Swiss francs, with the 
continuing strength of the 
domestic currency still taking 
a toll. 

This Is, however, unlikely to 
deflect investors from then- 
main preoccupation and 
further sounds of the growing 
battle for influence between 
UBS and Mr Martin Ebner’s 
BK Vision will be eagerly 
awaited, ahead of the EGM 


called fin- November 22 to 
discuss the bank's proposed 
share restructuring. 

Merrill Lynch expects UBS 
management, in all probability, 
to (any the vote, but says BK 
Vision is likely to challenge 
the move in the courts as well 
as at the meeting. 

It describes the situation as 
confused and says both the 
registered and bearer classes of 
stock have been driven 
substantially above 
fundamental value. 

"Although resolution may be 
some way off, we think that 
any solution to the dispute will 
lead to a sharp fall In the price 
of both stock classes. There is 
more money to be lost than 
made here and we remain 
sellers,'' it says. 


NORWAY 

A busy week is in store with 
eight-month results. Bergesen, 
Norway’s largest shipowner, 
which reported a steep fell in 
pre-tax profits for the first four 
months, reports on Wednesday. 
Thursday brings figures from 
Norsk Skog, the forestry group, 
and Friday sees details from 
Kvaerner, Europe's biggest 
shipbuilder and Norway's 
second largest stock market 
listed company, which 
increased pre-tax profits by 36 
per cent in the first four 
months of 1994 against the 
same period a year earlier. 

Mr Thomas Wold at Knskilda 
Corporate points out that the 
Norwegian market’s sluggish 
performance this year has left 


it down about 3.5 per cent 
although it has outperformed 
Europe, excluding the UK, by 
close to 7.7 per cent 

He expects the market to 
continue weak for another 
couple of months but thinks It 
has the potential to resume a 
positive trend towards the end 
of the year and into 1995. 

The substantial uncertainty 
about the outcome of the EU 
referendum on November 28 is 
holding back investment in the 
stock market and has added a 
political risk premium to 
interest rates, he says. 

However resolution of the 
issue, with Sweden and 
Finland also voting in favour, 
would have a positive effect an 
interest rates and tire stock 
market 


International offerings 

Greece gears up for 
telecoms flotation 


The long-awaited flotation of 
OTE, the Greek state telecoms 
monopoly, is finally taking 
shape, with the government 
hoping to raise more than 
Dr320bn (?L3tm) from staling 
25 per cent of the company to 
domestic and overseas hives' 
tors at the mid of November. 

As some 18 per cent of the 
company’s equity will be 
placed with Institutions 
abroad, OTE’s management is 
gearing up for road-shows 
around Europe, the US and 
Japan. CS First Boston and 
Schrodars, global co-ordinators 
for the issue, are manag i n g an 
underwriting syndicate of 10 
investment banks that 
Includes Lehman Brothers, 
S. G. Warburg and Yamaicbi of 
Japan. 

To boost investors’ confi- 
dence in the offering, Mr Yan- 
nos Papantoniou, the economy 
minister and. architect of 
Greece's revised privatisation 
programme, will be on band 
for OTE'a presentations in Lon- 
don and New York. 

Doubts remain to be dis- 
pelled after last year's attempt 
to dispose of 48 per cent of 
OTE, plus management rights, 
fell through as a result of polit- 
ical wrangling and fierce oppo- 
sition from the company’s 
trade union. 

This time, the government is 
treading more carefully, pledg- 
ing that OTE will remain 


TOKYO 

With fears of over-supply 
easing in the wake of strong 
damand for the Matsushita 
Electric Industrial convertible 
bond and the Japan Tobacco 
issue, investors are expected to 
start small-lot buying a g ain , 
unites Ermko Teraztmo. 

Market participants are 
expected to focus on JT 
subscriptions, with shares not 
taken up by successful 
investors in the lottery being 
allocated in a second round cm 
Friday. 

Corporate earnings revision 
announcements are expected 
to continue throughout the 
week, and companies with 
strong upward revisions may 
see buying. 


under state management, but 
as one official put it “It’s going 
to operate like any private 
Greek corporation." 

New legislation due to be 
approved by parliament in the 
next two weeks provides for 
substantive price rises for local 
calls so that OTE's domestic 
network can break even by 
1997. The company's pension 
obligations, another drain on 
earnings, are to be capped at 
Drllbn a year and it will stop 
subsidising ELTA, the loss- 
making Greek postal service, 
at the end of 1984. 

Last year, OTE reported pre- 
tax profits of Drl29bu on turn- 
over of Dr389bu. Earnings fore- 
casts for 1994 are buoyant, 
thanks to the expansion of 
card phones, which are bring- 
ing In over DrlObn a month in 
new revenue. 

However, analysts agree the 
question of management will 
affect the price of the offering, 
to be determined by a three- 
week book-building exercise 
among overseas investors. Mr 
Victor Pisante of Telesis Capi- 
tal says: "The commitment to 
state management is likely to 
have a negative effect on pric- 
ing. To protect its future, OTE 
needs to make a strategic alli- 
ance, like other European tele- 
coms operators are doing.” 

OTE officials are reluctant to 
give details of their business 
plan before the new law goes 


However, profit-taking is 
expected to appear above the 
20,000 level, and traders expect 
the Nikkei index to fluctuate 
between. 19,500 and 21,000. 

HONG KONG 

External factors will continue 
to direct trading this week, 
although brokers reckon that 
after a L000-point correction in 
the Hang Seng index from the 
recent highs, the downside is 
now limited, writes Louise 
Lucas. 

Investors will start the week 
by digesting Friday’s US 
unemployment figures with 
any signs of a rise in US 
interest rates proving negative, 
since such increases feed 
through to the colony. 


through. But they are already 
hiring foreign executives to 
handle marketing and new 
product development 

OTE also plans to enter 
Greece's feat-growing mobile 
telephony market, preferably 
by acquiring a stake in one of 
the country's two GSM (Global 
System for Mobile Communica- 
tions) operators, Telestet, con- 
trolled by Stet of Italy, and 
Panafon, in which Vodafone of 
the UK has a sizeable holding. 

The issue’s domestic tranche 
Will require careful han d lin g , 
given the limits on liquidity at 
the Athens bourse. After some 
Drl5bn of the offering is 
stripped out for sale at a dis- 
count to OTE employees and 
pensioners, shares worth about 
Dr75bn will be offered to 
domestic investors. 

However, this would still be 
triple the amount raised in 
Greece’s largest public offering 
to date. To ensure as wide a 
share distribution as possible. 
National Bank of Greece, 
which is managing the domes- 
tic tranche, is expected to 
include almost all the coun- 
try's 20 banks in its underwrit- 
ing syndicate. 

The government will also be 
trying to ensure the success of 
the flotation by launching an 
advertising campaign aimed at 
attracting small investors. 


Kerin Hope 


A second focus will be the 
health of China's paramount 
leader, Deng Xiaoping, whose 
rumoured death spooked both 
the domestic China markets 
and Hong Kong for much of 
last week. 

On Friday, Shanghai’s A 
index, of shares available only 
to local investors, fell by 
almost 18 per cent at one stage, 
prompting the foreign ministry 
to issue a statement assuring 
investors that Deng was in fine 
health. This prompted a late 
rebound which left the index to 
close 12.4 per cent higher on 
the day. However, the 
statement will do little to allay 
fears if Deng remains hidden 
from public view. 

Compiled by Michael Morgan 


EMERGING MARKETS: This Week 


The Emerging Investor / Roula Khalaf and Richard Lapper 

Fund managers turn to fledgling Arab bourses 


I raq’s manoeuvring!*, rais- 
ing fears of another inva- 
sion of Kuwait, coincide 
awkwardly with the latest Ini- 
tiative from fund managers 
with a taste for developing 
•countries, who are attempting 
to sell the Middle East as the 
last frontier for emerging mar- 
kets investment 
Having watched returns in 
Asia and Latin America slip 
earlier this year, the profes- 
sionals have turned to a clutch 
of fledgling Arab bourses. 

Three funds have been 
launched since June, and 
another three are waiting to 
take off in the next two 
months - the Fraxnlington 
Egypt Fund, the Foreign & 
Colonial Emerging Middle East 
Fund nnd the Fleming Arab 
^ Countries Fund. In all, fund 
■ managers may have raised as 
much as S270m this year to 
invest in the region. 

Long constrained by political 
turmoil and strict government 
economic controls, the Middle 
East and North Africa got 
short shrift during last win- 
ter's emerging markets invest- 
ment boom. Of J52bn in cross- 
bonier equity flows invested in 
emerging markets worldwide 
In 1993. a mere 0.4 per cent 
wont into the Arab markets, 
according to Baring Securities. 

No-mu? i* bracing for a Mid- 
east ‘'mii'acte’’ Mid the political 
risk, ns evidenced by Iraq’s 
threatening moves this week, 
remains high. But with the 
pmm process in full swing, the 


CURRENCIES 


Arab boycott crumbling, the 
World Bank forecasting real 
regional GDP growth of 5L8 per 
cent a year in the coming 
decade, and most countries 
successful graduates of the 
IMF’s liberalisation policies, 
fund managers are eager to 
cash in. 

The International Finance 
Corporation's emerging mar- 
kets index was down by &5 per 
cent in the first half of this 
year, while all Arab markets - 
with the exception of the more 
mature bourse In Amman - 
shot up. “The overall idea is 
that these countries can't go 
right and left, either you eat in 
the hands of the IMF or you 
don’t eat at all," said Mr 
Mohamad Mourabet, fund man- 
ager at Fleming Investment 
Management 

The rash to the Middle East 
began earlier this year when 
the Omani government, seek- 
ing to boost the Muscat Stock 
Exchange but rein in volatility 
- only 70 stocks are listed for a 
total capitalisation of $2bn - 
approached Blakeney about 
setting up a country fond with 
the exclusive licence to invest 
on the bourse. 

The *52m closed-end Oryx 
Fund, launched in June and 
jointly managed by Blakeney 
and the Oman National Insur- 
ance company, has already 
invested 70 per cent of its 
funds and expects to be fully 
invested before the end of the 
year. Listed in London, the 
fund recently traded at about 


Uneasiness In Israel over the latest 
developments in Iraq and Kuwait left the Tel 
Aviv equity market’s blue chip Mishtanim 
Index down 3.68, or 2 per cent yesterday at 
182.58. Turnover stayed low at Shkl37m, 
ShklQm higher than last Thursday’s figure. 

In Kuwait itself, brokers sold shares on Sat- 
urday on news of Iraqi troop movements north 
of the bonier, but volume remained slim and 


the index fell by just 11 points, or LI per cent 
to 956. Here, turnover was 2.7m dinars against 
L3m dinars last Wednesday. The reaction was 
similar in Jordan where the Amman general 
price index fell L47. or I per cent to 14436. 

In Morocco, meanwhile, geographically far 
removed from the Iraq/Kuwait border, brokers 
on Saturday were complaining mainly about a 
lade of liquidity in the market 


£7, a slight premium to net 
asset value. 

The Muscat bourse was up 17 
per cent in the first half of the 
year. Now, says Mr Abdel 
Majeed, who manages Oryx, 
Blakeney is planning another 
fond to Invest in unlisted secu- 
rities in the Middle East and 
Africa. 

Also in June, the US’s Salo- 
mon Brothers Asset Manage- 
ment and Morocco's Omnium 
Nord Africain launched the 
first Morocco country fund, 
worth 552m. The fund will 
start trading next year, when it 
is fully invested, on an 
exchange yet to be determined. 

Next came the Maghreb 
Fund in September. Framhng- 
ton Investment Management, a 
unit of CCF of France, raised 
530.5m from institutional 
investors and the International 
Finance Corporation, the 
World Bank's private sector 
arm, to invest in Tunisia and 
Morocco. The closed-end fund 
trades in Dublin. 

Bolstered by the success of 
the Maghreb Fund, . FramUng- 
ton announced last week Its 
intention to raise another 530m 


at the end of October to invest 
in Egyptian securities. 

Other fund managers are 
taking a more regional 
approach- Foreign & Colonial, 
the UK fond management 
group, is marketing a $60m 
closed-end fund for emerging 
Middle East markets. At least 
65 per cent of the fond is to be 
invested in equities of five cere 
markets - Morocco, Tunisia, 
Egypt, Jordan and Oman - 
with the remainder placed in 
neighbouring countries, 
mainly Turkey and Israel, and 
fixed income instruments. 

F ]pmmg investment Man- 
agement, meanwhile, is 
focusing on Arab mar- 
kets only. Fleming is "consid- 
ering" launching a $50m 
closed-end fond concentrating 
on Jordan, Egypt, Tunisia and 
Morocco, but expecting also to 
invest in Bahrain, Kuwait, 
Oman and Lebanon. Expected 
to be launched by the end of 
November, the fund will be 
listed In London. 

However, it is still early in 
the game. First, the region may 
burst into conflict again, driv- 


ing countries to redirect 
resources Into defence at the 
expense of economic develop- 
ment Second, only five mar- 
kets in the region - Egypt, Jor- 
dan. Morocco, Oman and 
Tunisia - allow foreign invest- 
ment, and this In varying 
degrees. Tunisia, for example, 
requires authorisation for 
every investment: thus, every 
purchase or sale may take up 
to a week. 

Oman, which had granted 
Oryx the exclusive right to 
channel foreign capital into the 
Muscat Stock Exchange, has 
informed other fund managers 
that they will be allowed to 
buy selected stocks, while Leb- 
anon is set to open the Beirut 
bourse this year and promises 
open access to foreigners. 

Bahrain, which has 64 fisted 
' stocks, allows foreigners to 
invest in only four companies. 
Saudi Arabia boasts the largest 
stock market in the region 
with a healthy $42bn capitalis- 
ation, but it is not expected to 
open to foreign capital before 
1997. 

These markets are also, for 
the most part, extremely illiq- 


Philip Gawith 


Dollar stays focus of market attention 


ring last Friday’s 
iusivc US employment 
the market will this 
focus on US inflation, 
safes and industrial pro- 
i data to get a sense of 
file Fed will next raise 
t rates. 

US three month money 
t at about 5.63 per cent 
rod to a Fed funds rate 
tty of 4.73 per cent, the 
clearly believes it is a 
m at when, rather than 
s next rise. 

observers believe that 

*d action is required to 

* the US bond market 


Without this, there seems little 
chance of a recovery in tha dol- 
lar. given the close link 
between bonds and the dollar 
in recent months. 

The outlook against tha yen, 
however, is more encouraging. 
The dollar finished on Friday 
above YlOO for the first time in ' 
five weeks. It was the benefi- 
ciary of the recent US-Japan 
trade agreement, and renewed 
tensions surrounding Iraq, 
which could hurt the yen. 

Technical analysis suggests 
the dollar may have broken 
upwards against the yen, and 
recent price behaviour con- 


firms that the market may be 
trying to take the dollar 


Traders will also be forced 
this week to don their political 
hats. Both German national 
elections and the Finnish refer- 
endum on joining the EU take 
place tm Sunday. 

If Chancellor Kohl is re- 
jected with a workable coali- 
tion, this should support the 
D-Mark. Anything less, and the 
D-Mark will be vulnerable, 
with the Swiss franc, and pos- 
sibly sterling, Ukely to benefit 
The Bundesbank council 
meeting on Thursday is not 


expected to produce a move in 
rates, though the IG Metall pay 
claim could hasten the next 
if it threatens the 
Jtkm outlook. 

A referendum victory in Fin- 
land would probably buoy all 
Nordic currencies. though they 
remain vulnerable to setbacks 
until the Swedish and Norwe- 
gian EU votes, nest month, are 
also out of the way. 

Elsewhere, sentiment toward 
the Italian lira is Ukely to 
remain -nervous while the stan- 
doff between the government 
and the Milan magistrates per 


US federal funds rate 

Percent 

B 



uid. Morocco's Bourse des 
Valeurs, which offers the most 
promising prospects in the 
region, has a market ca pttaHaa - 
tion of $43bn and average 
monthly turnover of 560m. The 
Tunis stock exchange trades 
daily between 10 and llam 
and, with 20 listed stocks, has 
a market capitalisation of less 
than 52hn. Average monthly 
turnover is 514m. 

Fund managers, of course, 
are all too happy to get in 
before the markets expand or 
be ready to enter when more 
markets open up. They a re pin- 
ning their hopes mi big privati- 
sation programmes planned in 
most of these markets. 

Predictably, some pro- 
grammes are moving fester 
than others, with the Egyptian 
one bogged down in bureau- 
cracy. According to LCF 
Edmond de Rothschild Securi- 
ties in London, lead manager 
of the FramUngton Egypt 
Fund, the IMF has delayed the 
last of a series of Egyptian debt 
write-offs to pressure the gov- 
ernment into action on the pri- 
vatisation front A more prom- 
ising programme is taking 
place in Morocco, where the 
government last year selected 
112 companies to sell off for a 
total of and was able to 
raise 5250m in 1993. 



News round-up 



Investors in emerging markets 
have been warned that while 
prices could advance by a com- 
paratively modest 20 per cent 
over the next six to 12 months, 
a substantial setback was 
likely to follow. 

Mr David Shaw, strategy 
director at Legal & General 
Investment Management. said 
that the trigger was Ukely to 
be an increase in US 
short-term interest rates to the 
critical 6 per cent level, which 
would prompt selling by pri- 
vate US investors and mutual 
funds. 

“While there continues to be 
a compelling, secular case for 
emerging markets, the purely 
cyclical justification is near 
the end of its shelf life.” said 
Mr Shaw, who advised taking 
profits when the IFC Compos- 
ite Investable index breached 
the 400 level 

■ Pakistan 

Hub Power Company, which is 
building a 1.292MW plant near 
Karachi, is to issue shares 
worth Rs&lTbn (5266 million) 


to foreign and domestic inves- 
tors. The prospectus was due 
to be published last Saturday 
and the one-day subscription 
for next Sunday. The offer 
price was said, to be Rs 13.26 
but, in the kerb market, shares 
were trading at Rsl&50. 

■ Poland 

Creditanstalt Bankverein of 
Austria pl ans to create a Polish 
investment fond with a domes- 
tic partner. A local representa- 
tive said that the open-ended 
fond would mainly invest in 
papers available on the Polish 
market, including government 
bonds and companies listed cm 
the Warsaw stock exchange 
but that, if permitted, manage- 
ment would alsn like to wake 
some foreign investments. 

■ Thailand 

Thai Petrochemical plans to 
raise money through an IPO of 
167m shares, at a price to be 
disclosed later, partly to 
finance its BMObn folly inte- 
grated petrochemical complex. 


Baring Securities emerging markets indices 


Index 

mom 

Week on week movement 
Actual Percent 

Month on month movement 
Actual Percent 

Year to date movement 
Actual Percent 

World (301) 

—183.77 

-4.87 

-2.58 

-0.45 

-034 

+1536 

+9.12 

Latin America 








Argentina (20) 

107.89 

-4.15 

-3,70 

-7.72 

-6.68 

-7.49 

-8.40 

Brad) (21) 

240.17 

-15.48 

-8.06 

+1332 

+537 

+10032 

+71.98 

Chile (12) 

211.20 

+5.12 

+2.48 

+15.68 

+8.02 

+63.66 

+43.15 

Mexico (25) 

148.83 

-432 

-3.20 

-430 

-2.74 

-12.43 

-7.71 

PerufIS) 

88231 

-25.12 

-2.77 

+139.14 

+18.71 

+30632 

+5338 

LOtin America (94) 

1 74.57 

-6.07 

-338 

+226 

+131 

+2532 

+1637 

Europe 

Greece (10) 

87.51 

+3.37 

+4.01 

+233 

+238 

+431 

+5.43 

Portugal (18) 

11732 

+0.17 

+0.14 

-539 

-433 

+5.70 

+538 

Turkey (21) 

8527 

+1.27 

+1.46 

+9.54 

+12.12 

-73^44 

-45.41 

Europe (55) 

101.10 

+1*47 

+1AB 

+0.22 

+032 

-11.14 

>932 

Asia 








Indonesia (26) 

15595 

■*8.18 

+4.10 

-532 

-338 

-14.09 

>834 

Korea (23) 

16090 

-3.65 

-232 

+12.00 

+8.13 

+51.19 

+46.67 

Malaysia (23) 

23544 

-1.69 

-o,n 

-12.70 

-5.12 

-1731 

-636 

Pakistan (11) 

117.52 

-1.62 

-1.36 

+5.47 

+4.88 

+533 

+532 

PhiBippinea (12) 

28759 

+11.49 

+4.17 

-537 

-2.04 

-35.18 

-1031 

Thailand (25) 

260.51 

-3.10 

-1.17 

-1430 

-537 

<335 

-1.16 

Taiwan (32) 

17238 

-13,62 

-730 

-232 

-136 

+1937 

+1233 

Asia (152) _ 

— 22434 

-028 

-1.44 

-6.08 

-234 

+232 

+1.18 

ai Men in Sim, January m 1M2-100. Source; doing SacufttaB 


1994 


SQwae Ottoman 


Emerging routes: 

Vancouver Lcrdift-K-: Del!;:. T.-jrcr.lO V.l!iC0:r;iir*5f;0'il. Tcro-to-Qi^ko' 







22 


FINANCIAL TIMES MONDAY OCTOBER 10 1994 


★ 


WORLD BOND MARKETS: This Week 


NEW YORK 


Patrick Harvei'scn H LONDON 


Philip Goggan 


FRANKFURT 


Christopher Parkes 


TOKYO 


Emfko'Terazono 


In spite of last Friday’s 
surprisingly resilient 
performance by the bond 
market, investors are likely to 
be in an apprehensive mood 
when trading reopens 
tomorrow after the Columbus 
Day holiday. 

The rally in prices - which 
helped the long bond yield 
drop back below s per cent 
after a brief period above that 

psy chological ly-iraportan t 

mark - was prompted by an 
analysis of the September 
employment data that judged 
the figures to be generally 
neutral for the Treasury 
market, and unlikely to push 
the Federal Reserve into 
raising interest rates again. 

The analysis came as a relief 
to investors, who had feared 
before the jobs figures were 
released that they might be so 
strong as to trigger a monetary 
policy tightening. 

That relief, however, may 
prove short-lived. Later this 
week the September producer 
and consumer prices data are 
published, and any sign of 


US 

Benchmark yield curve (tt)‘ 
7/iom—. Month ago «= 



"Ml yields am marker eomsntkm 
Scarce: MwrtJ Lynch 


resurgent inflation may 
persuade the Fed that another 
increase in interest rates is 
required to slow the economy 
and restrain, inflation. 

With this few in mind, 
trading is likely to be subdued 
over the nest two days as 
investors choose not to commit 
funds to the market ahead of 
such sensitive data. If there is 
any movement, it could be on 
the upside, as most analysts do 
□ot expect September inflation 

figures to be threatening. 


A busy week for the gilts 
mar ket kicks off with the 
publication today of the 
minutes of the September 7 
meeting between Mr Kenneth 
Clarke, the chancellor, and Mr 
Eddie George, the governor of 
the Bank of England. 

The debate about last 
month's base rate rise will be 
closely scrutinised, with 
traders obviously interested in 
clues about future interest rate 
policy. 

In addition, there is a full 
menu of statistics in both the 
UK and the US, with markets 
most likely to concentrate on 
the inflation data on both sides 
of the Atlantic. 

Many expect recent signs of 
strong US economic activity to 
lead to an increase in interest 
rates by the Federal Reserve 
this week. 

August's inflation data in 
the UK were rather 
disappointing: analysts are 
hoping that the underlying 
annual rate will have dropped 
back to 2 J2 per cent in 
September, from August's 2J3 


UK 

Benchmark yfekf curve (96J r 
7/lOflK — Month ago = 



per cent. The headline rate is 
expected to have stabilised at 
2.4 per cent 
On Friday, the Bank of 
England will announce the 
stock for the next gilt auction. 
Ms Katy Peters, senior 
economist at Daiwa Europe, is 
expecting the Bank to pick an 
ultra-long stock. "It's a cheap 
part of the yield curve, they 
haven’t issued such stock for a 
while and there's lots of 
institutional demand," she 
says. 


Pre-election angst appears to 
be a condition limited to 
foreign observers of the 
German scene, who parted 
with their D-Mark investments 
in increasing numbers last 
week as opinion polls 
suggested a close-run election 
next weekend. 

German analysts and 
investors are altogether more 
phlegmatic. Many weight the 
scale heavily in favour of a 
return to power for Chancellor 
Helmut Kohl and his 
conservative/iiberal coalition. 

One favoured theory among 
the not-so-sures is that even if 
the Social Democrats come to 
share power in a grand 
coalition with the Christian 
Democrats and the Christian 
Social Union, there is no real 
risk to economic, monetary or 
fiscal stability. They argue 
that, by virtue of its majority 
in the powerful upper house of 
parliament, the SPD is already 
effectively a partner in 
government and law-making. 

But the most rousing noises 
emerged from Deutsche Bank’s 


Germany 

Benchmark ytefd Curve (%)* 
7/10/94—. Wcnftsge «= 



institutional investors’ team in 
DQsseldorf on Friday, where 
they appeared to be putting 
out the flags a week early, 
rating the current coalition 
with a 70 per cent chance of 
returning to power, and 
promising “fireworks" if it 
does. 

These would include a gain 
of up to 300 points in 
Frankfurt’s over-sold DAX 
index of 30 leading shares, and 
a “powerful rally” in the bond 
market. 


Bond yields on the Tokyo 
market rose to a one-month 
high of 4.77 per cant last week 
on expectations of higher 
short-term money market 
rates. 

The Bank of Japan’s neutral 
stance on the money markets 
at a time when the current 
reserve maintenance period 
ends this week and US interest 
rates are expected to rise, 
discouraged traders, prompting 
profit-taking. 

Market participants will 
continue to focus on the Bank 
of Japan’s money market 
manoeuvrmgs fchfo week- The 
central bank may try to limit a 
rise in the overnight call rate if 
the stock market remains 
sluggish ahead of the October 
27 Japan Tobacco flotation. 
Financial officials have become 
increasingly concerned over 
the listing, and are expected to 
support stock market volumes. 

However, economic data due 
this week, including 
machinery orders for August, 
and the government’s official 
assessment of the economy, 


Japan 

Bencftmaric yleM curve (%)’ 
7/10/M— » MonOia&o =» 



due at the end of the week, are 
likely to confirm the ongoing 
recovery, and may create 
turmoil on the bond market 
Bankers are also worried 
about a rise in short-term 
interest rates since the 
short-term prime rate, the 
lending rate to first-tier clients, 
is tied to three-month 
certificate of deposit rates, 
which firmed last week- Banks 
are reluctant to raise lending 
rates when demand for funds 
among companies is still weak. 


Capital and Credit / Conner Middelmann 

Bears continue to hold sway 


After nine months of 
bloodletting, the last quarter of 
this year could be a bit kinder 
to international bond fund 
managers. However, amid con- 
tinued worldwide economic 
growth and expectations of fur- 
ther monetary tightening in 
Europe next year, many say 
any recovery is likely to be lit- 
tle more than a temporary 
reprieve in a continuing bear 
market environment. 

"I t hink there’s good scope 
for a fourth-quarter rally, but I 
don’t think the bear market is 
over yet,” says Mr Edward 
Dove, director of fixed income 
at Julius Baer Investments. 
"The current level of economic 
growth is not a flash in the pan 
- it’s here to stay, and that 
could be consistent with the 
price of capital being pushed 
higher," he says. 

“On a technical basis, mar- 
kets do seem oversold - but 
even if there is a rebound, 
helped by subdued economic 
data, I doubt it’s enough to 
generate a sizeable rally, given 
what looms in 1995,” agrees Mr 
Paul Abberley, head of fixed 
income at Lombard Odier, 


adding: “We are still positioned 
defensively and see upward 
pressure on yields as econo- 
mies continue to strengthen.” 

Some are more upbeat. “We 
are expecting some sort of 
recovery, though it’s hard to 
pinpoint the timing,” says Mr 
Mark Gull, bond fund manager 
at Gartmore. "We feel bond 
yields are rather high and 
when confidence - that rather 
elusive quality - returns to the 
market, it will recover." 

The market’s troubles began 
on February 4, when the US 
Fed raised interest rates for 
the first time in the current 
cycle, highlighting fears of 
inflation fuelled by economic 
growth. Further pressure came 
from the failure of US-Japanese 
trade talks, which undermined 
the dollar. Both of these fac- 
tors triggered heavy selling by 
highly leveraged bond market 
players, causing prices to spi- 
ral lower. 

In this environment, many 
investors took refuge on the 
sidelines, keeping their expo- 
sure to a minimum. But while 
investor demand for bonds was 
shrinking, supply was swelling 


though the heavy issuance of 
debt by governments around 
the world. All this pushed 
bond yields to dizzy heights, 
where, it was hoped, they 
would eventually entice inves- 
tors back into the market. 

Indeed, that now seems to be 
happening, with dealers report- 
ing cautious nibbling by inves- 
tors who have been building 
up large cash positions in 
recent months. 

"People have been far too 
bearish, and we think there is 
an increasing risk in being out 
of these markets." says Mr 
Dove. “Bonds offer very, very 
good value at these levels." 

That’s especially because - 
at least in Europe - fears of 
growth-fuelled Inflation now 
appear to have been overdone, 
with some recent data in Ger- 
many and the UK pointing to 
steady growth accompanied by 
subdued inflation pressures. 

"The inflationary implica- 
tions of the economic recovery 
have been grossly exaggerated 
by the market,” says Mr Rob- 
ert Kyprianou, chief invest- 
ment officer at Kidder Peabody 
Asset Management. 


While growth will remain 
Intact and short-term rates are 
likely to rise, tightening will 
not be as drastic as bond mar- 
ket players have been assum- 
ing. he argues. “The current 
risk premiums are too high; as 
time passes and confidence 
returns, prices will recover 
slowly but surely,” he predicts. 

Some feel it will take specific 
developments, like dear signs 
of US economic slowdown or a 
resumption of buying by Japa- 
nese investors, to jump-start 
bonds. Others say it is simply a 
matter of time, with cash and 
confidence returning to the 
market as the inflation spectre 
becomes less daunting. 

When it comes to picking 
their favourite market, fund 
managers are nearly unani- 
mous in their enthusiasm for 
UK gilts. 

Gilts - this year’s worst per- 
forming bond market - last 
week rallied sharply, partly on 
switching out of German 
bunds ahead of the October 16 
elections, but mainly due to a 
reassessment of the fundamen- 
tal picture. This caused the 
yield on the benchmark 10-year 


gilt to drop some 15 basis 
points to 8.71 per cent on Fri- 
day. with the yield gap over 
Germany shrinking to 118 
basis points from 148 the previ- 
ous week. 

"We are overweight gilts in 
our global bond funds and 
happy to stay that way,” says 
Mr Gull at Gartmore. “We 
don’t see many inflationary 
pressures; the UK is politically 
stable; the preemptive base 
rate hike underlines the UK’s 
commitment to controlling 
inflation; the PSBR is on a 
clearly defined downward path 
and the improving trade bal- 
ance is supportive of sterling,” 
he lists. 

Depending on the outcome of 
the German elections, Ger- 
many’s is another bond market 
that may offer good value. If 
Chancellor Helmut Kohl 
returns to power and his gov- 
ernment's planned fiscal tight- 
ening measures are introduced 
early next year, bund yields 
could benefit substantially; 
indeed, some are calling for 
yields of 6.75 per cent by mid- 
1995, from current levels 
around 7.72 per cent 


10 year benchmark bond yields 

Percent 



aam ma r rates at * <hmkb 



■| "U8A-. ’ •- 

Japan'. 

Q«mfuiy. 

• France 

Italy 

UK 

Discount 

• - AGO'- 

1.7S • • 

• -fc50 

. 6.40'. ■ 

, 7.50 

5.7S 1 

OvemkjM 

■■ - 4v78' • ‘ 

•aaa- 

'4AT '•• 

5.18 

.7.93 

4.75 

Three monft - 

• • &*» - . r 

. ' • 2^34 : ', 

• ' 5.10 

'&58 

8.78 

5.93 

One- year,- 

"e.07 ; . 

• 2.75 

5.88 • 

' 6£t 

• 1031 

7.31 

Five year 

• 7.4a- * 

• .4,11.. • 

74* 

7.8i 

12.42 

8.61 

Ten year 

• •'•'7.77' . • 

•4.77 

• 7.73 

'• 8.27 

12-31 

8.75 

(T> fancHtapo take R).UK>8tM rata- Scnrc& pautora. 





IIS TBEASUnr BOtm FmuneSiGBn SI 0Q,00032r»da aMOtfKr ' 




Open " Sett price . Change. "H19fr ' • Law..' . vol. open hit. 


Dec ' • - - 9T-31 • . 98-07 • ; ' t(H6 . '98:11 97-00 ’ 181290 396.320 

Mar SS-19 •• 97-17 '-*0-1* . 97-20 * 90-tS 1.539 £5,886 

Jurt 98430 ” ' 98-29.; • .*0-16 • 96-01 ' 9600 205 10.901 



FINANCIAL TIMES 

CorJcrcnccs 


DOING BUSINESS 
WITH HUNGARY 


Investment Prospects Re- Appraised 
14 & 15 November 1994 - Budapest 

With a new government recently elected to office, this conference will provide a timely 
opportunity fora re-appraisal of Hungary’s attractiveness as a location for direct and 
increasingly, portfolio investment. 

ISSUES INCLUDE: 

• New directions for privatisation in Hungary 

• Power sector privatisation and de-regulation 

• Investing in Hungary as a European base 


SPEAKERS INCLUDE: 

■ Dr Gyula Horn 
Prime Minister, 

Hungary 

• Mr Laszlo Bekesi 
Minister of Finance, 

Hungary 

• Mr Ferenc Bartha 

Government Commissioner for Privatisation. 
Hungary 

• Dr Gyorgy Suranyi 

Managing Director, 

Central-European International Bank Ltd 


Mr Ernst Hofmann 
Managing Director, 

Opel Hungary 

Dr Lajos Bokros 
Chairman & Chief Executive, 
Budapest Bank Ltd 
Chairman of the Council, 
Budapest Stock Exchange 

Mr Andrds Simor 
Managing Director. 
Creditanstalt Securities Ltd 


There are some excellent marketing opportunities attached to this I irffhanca 

conference, please contact LyncLte Northey on 07 1 8 14 9770 for further details. 


DOING BUSINESS WITH HUNGARY 
Investment Prospects Re-Appraised 

PIcOm; tick relevant bo\c>-. 

0 Conference information only. 

O Cheque enclosed for £550 flO. made payable to FT Conferences. 
1*3 Please charge my Mastercard/ Visa with £X50.(10. 

Cart no □□□□□□□□□□□□□□□II 


Please return to: Financial Times Conference Organisation, 

PO BOX 3651, London SWI2 SPH. Tel: 081 673 9000 
Fax: 081 673 1335. 

Doing Business with Hungary, Investment Prospects Re-Appraised 


Name M r/M rvM i ss/Ms/Othcr 

Job Title -Dept , 

Company _ 

Address ........... 


Name of card holder .. 

Exp. dale Signature 

Tie uforeuuon j«if*OT«k »BbC tchl by «> nuy I* u-ed fcj hrp (■*! ntanncilijl hT praJocU M imU , 

tiy urfM tdcord cnap j wn fi« maim wnw , . 


.JPosiCode 
..Fox ..... 


International / Graham Bowiey 

Syndicated loans return to favour 


Heavy with capital and hungry 
for new assets, many banks 
have become very eager to 
start lending again - and have 
turned aggressively to the mar- 
ket for syndicated loans. 

This sector of the interna- 
tional capital market allows 
banks to participate to varying 
degrees in a loan to a bor- 
rower. 

The loan is usually arranged 
by one or two lead banks but 
an unlimited number of banks 
can contribute to the loan, 
enabling them to generate 
income while at the same time 
sharing the risk with other 
lenders. 

Banks have repaired the 
damage done to their balance 
sheets by the bad debts of the 
late 1980s and many of the 
loans granted at the end of the 
last decade are now close to 
maturity. 

“There is a vast amount of 
liquidity in the syndicated 
loans market at the moment, 
mainly because banks have a 
shortage of assets,” said Mr 
Martyn Powell, vice-president 
and head of syndication origi- 
nation at UBS in London. 

As a result, there has been 
fierce competition among 
banks for new loan business, 
often from reluctant borrowers 
who still have painful memo- 
ries of the difficulties which 
arose from excessive borrow- 
ing during the last recession. 

This his driven the cost of 
the loan to borrowers down to 
extremely low levels. Over the 
past year, the spread over 


Libor on a syndicated loan to a 
typical European corporate 
borrower, with a Single A 
credit rating, has dropped from 
about 45 basis points to around 
20 to 22 basts points. The inter- 
est rate on a syndicated loan is 
usually set at a "spread” or 
margin over Libor, the bench- 
mark interest rate for the mar- 
ket 

Many borrowers, however, 
faced with such a low cost of 
borrowing and deterred from 
entering the bond markets by 
the current painfully high 
yields, have begun to turn 
back to the syndicated loans 
market as an alternative 
source of funds. 

“Pricing is down to levels 
where the loans market is very 
competitive with the bond mar- 
ket” said Mr PowelL “Borrow- 
ers are now closely examining 
both options, and in many 
instances the loan market is 
turning out to be the most 
attractive to them.” 

He added: “As prices [con- 
tinue to] fell, the [volume of 
deals] will pick up. Corporate 
treasurers are looking at the 
bank market and realising 
there is an opportunity there.” 

Most regions of the world 
have been witness to this 
growth in syndicated loans this 
year, although recently Scan- 
dinavia In particular has seen 
a marked pick-up in activity, 
sparked by a dramatic fell in 
pricing spreads. 

“A significant number of 
Scandinavian borrowers with 
existing transactions have 


been watching the market 
closely and have decided now 
is the time to refinance or 
reprice their existing deals,” 
said one syndicate manager. 

Mr Powell said: “A Scandina- 
vian borrower would have had 
to pay 25 to 30 basis points 
[over Lzbor] for a Eve-year loan 
at the end of the 1980s; two 
years ago he would have paid 
60 to 70 basis points. But now 
we have come back almost full 
circle to a price of 25 to 30 
basis points [over Ldborl" 

Both Televerket of Norway 
and Vattenfall of Sweden have 
been able to come to the syndi- 
cated loan market this year 
and secure loans priced at 
around 19 basis points over 
Libor, whereas last year they 
were forced to pay around 40 
basis points over Libor. 

"Scandinavia suffered a deep 
recession which caused a lot of 
problems for companies and as 
a result it was out of bounds 
for many banks for a long 
time,” said one syndicate man- 
ager. “Now it is back in favour 
and many companies are tak- 
ing advantage of the opportu- 
nity." 

Rumours swept the market 
last week that Securum. the 
Swedish state-owned company. 
Is considering a SKr20bn syndi- 
cated loan to refinance out- 
standing debt. “Something of 
that volume could have a dra- 
matic impact on pricing.” said 
one syndicate official. 

The syndicated loans seen in 
Scandinavia have tended to be 
large, “jumbo" financings of 


around at least 5500m. In Nor- 
way, for example, .Phillips 
Petroleum Company is cur- 
rently involved In a 5500m syn- 
dicated loan, which is also 
Interesting because of its rela- 
tively long maturity or seven 
years. As well as price, many 
banks have been prepared to 
sacrifice maturity and other 
terms and conditions on loans 
in their attempts to win busi- 
ness. 

It is also no longer the case 
that only borrowers with high 
credit ratings have access to 
syndicated loans with low 
spreads and favourable terms. 
Increasingly, competition 
between b an ks is blurring the 
difference between the higher 
and lower quality borrowers. 

“Why are banks doing this? 
Because the loans are relation- 
ship-driven," said one banker 
in London. “The asset itself is 
not the only reason for doing 
the transaction - banks will 
lend where they see opportuni- 
ties for doing other business.” 

Southern Europe, including 
Spain, Greece and Italy, is a 
region which has also seen a 
marked increase in syndicated! 
loan activity. This is probably 
linked to the fact these coun- 
tries’ bond markets have suf- 
fered particularly badly In this 
year’s bear market. 

The Kingdom of Spain 
recently borrowed Ecutjbn over 
five years at a spread of just 
4'/a basis points over Libor. The 

Kingdom of Italy is also 
rumoured to be considering a 
syndicated loan. 


NEW INTERNATIONAL BOND ISSUES 


Bhrmt 






Lsndi Bookiumr 
uml W 




50 OcUDOl 250 10090 

500 0ct19» 75! 99.43ft 

300 Ho*. 1996 6875 9MW 

mmi** esi ottawj m i mo 

DOffittaamiifcht oclzom bus 99399 

Grfcfi local tfeftSKS 200 to.1997 725 918731 

1K gg^ 

too MH-IS9S zsn B7.23R 

50 QCt 1997 1025# 99.70R 

1.739x1 mi ioaoo 

»0 OCL2004 8375 9935R 

200 Nov.1996 7.00 99.9* 


Mfl 4Z5nt%-MRl/J 
0927 +15pyir95 f"~ 





7.070 - t 

1037+J40(6lj*97)l 


'LIES 


7.006 


CS Rat Baku 

♦lOphtgq JP Mgrpn Sauna 


Rnrtsti Effort QetKI 


20X1 DCC.1997 350 99S9R 
2 2n Oct 7097 IX 9RS9B 3504 


YanaUM KLfcrcpe) 
ttnm uenaoaaa 


sramc 


Coaad of Earns 
MWWS 


100 to-1996 8375 09558 8403 +17P0V0Q SS Waring Swrtfca 


women* 

FRANS 


an 0*1999 735 99.432ft 7390 tl5t6S*-99} Onmdd ILSatay 


do* PM* Franc* Zn to.1999 7575 99.78ft 

m sa O* 

LK 


7330 +2281**99) CCF 
*49 *28pl;V04) SOdtt G6** 


tSOta tolXfl 11.12S 101.125 

iFtaancaMM. a»n mag 1UJ 1M37S 

■dural RramaH item W-1999 8375 91399 

JiJotaU 200W Nar.1998 1133 93.77* 


Baraev 

M. 


Amort 


Uaturtr 


Ytatt Lan* Booknnur 
mce % sp read bp 


EunAna 250 to-2004 7.675 

faHHriBtOtatFtosu 250 Un. 1999 7,75 
AUSTBAUflH DOUAflS 


99S5R 


7327 «0PV 
7.700 *7f7f 


ABU Amo Bank 
KG Bart 


BartAustta 

SWISS BLANCS 

100 Nn2D04 10X75 

10158 

10.61 

- 


Wsm Hones Cd34 

150 00.1993 250 

10030 

. 


dan axssa 

Wft* 

125 fey-UOT 5J0 

1ULI0 

- 


fttarS unco CapJKs. 

fast Loci Os France 

150 Nor.1997 53 

IU23/5 

4.034 

- 


OasL Bondeatrtnart*! 

100 Nw-2004 jfrt) 

ioaoo 


- 

CrctilSotse 

JotiBa 8 JohKM iLrtsay 

1E0 to. 1997 6375 

ior?n 

4374 

- 


WCnabrofB 
LUXEMBOURG FRANCS 

IX to.1990 5.75 

101J5 

5320 

' 

Sanqus 

Art-Cger ftoib) 

101 00.1998 200 

102.10 

7375 

. 

BstoUCL 

CCBPH 

2X1 toXOI aso 

102-60 

8301 

- 

BCEE 

Bangs Mow 

3tn Uw2004 aes 

10215 

83m 

. 

BCEE 

ConoomtankW. Im 

40) MN3004 8£S 

101875 

1230 


KhdrtHk 

5HCF 

PESETAS — 

26n ltaXOI &2S 

1023 

7320 


CrtdC faroptai 


2D&a Oec.1999 & 

9930ft 

- 


Banco Cbm asm 


tM7 fiefib Item 

'138 Oetorte Bart London 

'0.78 Deutscrt Bart lortn 

1132 -5719*90 H Bart Urtmtxxxg 


final knot and MfrotoM 
by n« nd moBar. SComrtUg. 
attJySM. it taTfHXfe-pfca 
to 140* honSu, at 102* (rang T 
Lftfllzba. 4 fat Iftlbn at 102 : _ .. 

7 yr*. t£5 tnsft Ubor *3»p, m* !«%. 63) 

to Carts awn? OKs bon Nmsb at par. aiBjmtonr t) 3-mih Uta .i'SOjp-B) Uih Ufir 

m amt SWUM i50 auto. Bodae tote W38. fft 788Rffifr. 




s* tttnj- Tba yttd qxeai taw mtomnl gonsna 

to. mams da iKXMWMtT arty ■aratfi >■ 

VOmw Obn pax MB4J.1. Cabbie true W10I90. arttoct 

rartmUtoad maMy; 15032*. b) Xwwrtto 
Iraoww fan! M aster Tiud. Hi) Eaectod natty: 15MTO. Average to. 
Mmatrty: 1&SAML unapt Ba;TSyn. towwyanmm.1 


ams. ntn fax. Swt re anpn. . . _ ulj 

coupon, q SJurt w coupon. Male: YfeUs are laamtaad on BMA basis. ' * * 






23 



FINANCIAL TIMES MONDAY OCTOBER 10 1 994 


DIVIDEND & INTEREST PAYMENTS 


THE WEEK AHEAD 


■ TODAY 
A^ospace Bug. o^p 
Banco Bilbao Vizcaya Pts38.Q 
Copymora2.6p 
Export-Import Bk. Jap. ?%i% 
Gtd. Bd.‘Q2 C$77.50 
Fife Indmar 0.75p 
Gardiner Grp. 0,25p 
Uo 1 B Mtg. Bckd. FRN *35 
Cl 915.41 

Leo 2 B Mtg. Bckd. FRN ‘32 
£191,54 

Lothbury Fdg. No.1 A1 Mtg. 
Bckd. FRN '31 £1219.0 
Do. Class A 2 £1408.63 
Do. Class B £1608.08 
Nat West Bank 7.3p 
Nationwide Bldg. Scty. Varied 
Nts.- ‘95 £86130.58 

UK COMPANIES 


OKI Beet 7%% Bd. 1998 
Y725000.0 
Rath bone Bros 3p 
Road Executive ip 
Stavert ZJgomala 9.4l45p 
Tomkins 5.3p 
Wamfbrd Invs, 5p 
Williams HWgs. 5£5p 

■ TOMORROW 

Abbey Natl. First Cap. Sb. FRN 

‘03 $27.13 

City Centre Restaurants 0.45p 
Collateralised Mtg. Sec-(No.ll) 
B Mtg. Bckd. FRN '28 £175.39 
DKB int Rtg/Fxd. Rate Gtd. 
Nts. JuJ.*04 $14876.74 
Islington 12.65% Rd. 2007 
£6.325 


Kobe Steel FRN 1996 
Y59416.0 

Macfertane (Clansman) 1.7p 
Morris (Phiflp) $0825 
P & O 14.896 Nts. 1905 
AS7400.0 

■ WEDNESDAY OCTOBER 
12 

CRH (R2-5p 

Enterprise Ofl 11%% Un. La 
*16 £5.8125 
Hewlett-Packard $0.30 
Howard HJdgs. 0.8p 
Jersey Phoenix Tat 1.5p 
Scottish Eastern Inv. Tst IL52p 
Tate 4 Lyle Int Fin. 8% Gtd. 
Bd.-99 £33.33 
Telegraph 5.5p 


Wace 1.5p 

■ THURSDAY OCTOBER 13 
Barclays 8p 
Blotch ley Motor 5.375p 
Brad. 4 Bingley Bldg. Scty. 
FRN ‘97 £133.03 

Do. FRN 1998 £133.90 
Enterprise Oil Sb. FRN *99 
£33090.41 

Gibbs 4 Dandy lJ2p 

Do. A NAftg. 1J2p 

HK 4 Shanghai Bank. Prim. 

Cap. Und. FRN $64.69 

Lloyds Bank 7.5p 

Marine Mkt Fin. Gtd. FRN *94 

$13.42 

NatL Australia Bk. Und. Sb. 
FRN $230.02 


Sakers Fra R0.24 
Slough Estates 3.1p 
Treasury 9% Ln. 2008 £4.50 

■ FRIDAY OCTOBER 14 

Assoc British Foods 1 0p 
Australia Ln. 2012 
£237.50 

Bermuda Int Bd. $0.20 
Chrysler $025 

Courts 5p 

Domnick Hunter Ip 

Eurotherm 2p 

Evans Hatehaw 5p 

Friends Provident Ethical Inv. 

Tst 3p 

Do. Units 3p 

Genbel RO.11 

Greggs 7p 


Johnson Fry Second Utilities 
Tst 1.5p 

Johnson Fry Utilities Tst 2.4p 
Jones Stroud 5.5p 
Jos HWgs. 3.625p 
Lazard High Inc. Tst 1.6p 
UHiput 1.65p 
Madett 0.75p 

Mid Witwatersrand R0.078 
Morgan (JP) $0.88 
Quaker Oats $0.57 
Richardsons Westgarth 1.3p 
Rosebys 1.5p 

Royal Bk Can. Govt Sterling 
Fd. Ptg. Pf. Ip 

Sanwa Australia Fin. Gtd. Fttg/ 
Fxd. Rate Nts. *04 $2427.29 
71 4.05p' 

TLS Range 0.5p 


Tops Estates l.6p 
US Smaller Co’s Inv. Tst 0.5p 


■ SATURDAY OCTOBER 15 
Alex & Alex 11% Cv. Sb. 
Db.'07 $5J50 

American Brands 12)496 Un. 
La *09 6.25p 
BCE C$0.67 

Brit Assets Tst 41496 Pf. 
1375p 

Do. 5% A Pf. 1.75 p 
Bdridge Pope 6%% Irrd. Ua 
La £3.125 

Do. 7%% Irrd. Ua Ln. £3.75 
Finland (Rep of) 11)4% La '09 
£287.50 

Franklin Res. $0.08 


Goode Durrant 3%% Pf. 
0.875p 

Govett Strategic Inv. Tst 9%% 

Db. *17 £4.9375 

Mandera 5% Cm. Pf. 1.75p 

MTM 0.5p 

Pacific Gas & Electric $0.49 
Richards 496 Cm. Pf. 1.4p 
Do. 5%% Cm. Pf. 1.44375p 
SindaJI (Wm) 5%96 Cv. Pf. 
2.8125P 

Wereidhave Prop. 9)496 1st 
Mtg. Db. ’15 £4.75 
Do. 10*496 1st Mtg. Db. 2015 
£5.375 

■ SUNDAY OCTOBER 16 
Swansea (City of) 13%% 

Rd.‘06 £6.875 


our 


■ TODAY 

COMPANY MEETINGS: 
Jackson (Wm), Ferguson 
Fawsitt Arms. WaJkJngton, 
Humberside, 11.00 
Roxspur, 62, Threadneedle 
Street E.C.. 10.00 
BOARD MEETINGS: 

Finals: 

Inch Kenneth 
Manganese Bronze 
Scottish Asian Inv. 

Tay Homes 
Interims: 

Goldsmiths 

Hanleys 


Scottish Television 

■ TOMORROW 
COMPANY MEETINGS: 
Renting Overseas Inv. Tst, 
25, Copthal! Avenue, EC., 
12.00 

Howard Hkiga*, Kingston 
Lodge Hotel, Kingston HBI, 
Kingston upon Thames, 10.30 
Macro 4, The Brewery, 
Chtswafi Street EC., 12.00 
Wyko Grp, Birmingham 
Botanical Gardens, 
Westboume Road, Edgbaston, 
Birmingham, 12.00 


BOARD MEETINGS: 
Finals: 

Beckman (A) 

Bolton 

FAC PEP Inv. Tst 
Lendu Hldgs. 

St Ives 
Thorntons 

Throgmorton Dual Tst 

Wescot 

Interims: 

Black (A 4 C) 

Brown (N) 

Bufgin 
FR Grp. 

NB Smafler Co’s Tst 


Pentos 

■ WEDNESDAY 
OCTOBER 12 
COMPANY MEETINGS: 

TR City of London Tst, 3, 
Finsbury Avenue, EC., 330 
US Smiriler Co’s Inv. Tst, 
Smith New Court House. 20, 
Fartfngdon Road, EC., 12.15 
BOARD MEEnNGS: 

Finals: 

Uoyds Chemists 
Interims: 

BNBRes. 

Capital 4 Regional Properties 


Fine Decor 

Ipeco 

REA 

Time Products 

■ THURSDAY 
OCTOBER 13 
COMPANY MEETINGS: 
Tottenham Hotspur, Whites 
Restaurant & Club, Paxton 
Road, Tottenham, N., 230 
Westport Grp^ 32-36, Telford 
Way, W., m00 
BOARD MEETINGS: 

Finals: 

Eieco 


Maunders (John) 

Interims: 

Abbeyccest 
Alexander Worfcwaar 
Body Shop Int 
Bridgend Grp. 

David Brown 
DelynGrp. 

Martin brt 
Tudor 

United Energy 

■ FRIDAY 
OCTOBER 14 
COMPANY MEETINGS: 
Brasway, AH Saints Church 


HaH, WaisaH Road, Dariaston, 
11.30 

Jones Stroud, Donlngton 
Thistle Hotel, East Midlands 
Airport, Castle Donnington, 
12.00 

Second Alliance Tst, 

Meadow House, 64, Reform 
Street, Dundee, 1230 
Stanelco, Oliver House, 27, 
East Barnet Road, New Barnet, 
Herts., 10.00 
BOARD MEETINGS: 

Int e r i ms: 

Aberdeen Steak Houses 
Aberforth SpBt Level Tst 


Eidos 
Tie Rack 

Value & Income Tst 

Company meetings am annual 
general meetings unless 
otherwise stated. 

Please note: Reports and 
accounts are not normally 
available untfl approximately 
sax weeks after the board 
meeting to approve the 
preliminary results. 


OCTOBER 11 
Measuring the value of LT. 

Investments 

lift conference dwaraies how to ams the 
value of LT. projects and prioritise LT. 
investment successfully, it presents 
guidance from leading academics and 

2SS23K2Sr* 

Contact: i nwiii^i^ . Ccnnct: Nefl 3tcwart Associates 

Tet 081 543 6505 Fax: Ml 54* 9020 0719760682 

LONDON LONDON 

OCTOBER 13 QQjQggp 24 

^whmftyor^St ? 

Organised by Retail Week addressing a& Acmtooe » no^ and the 
aspects of this rapidly devetofring sector uf dmlkagea and appBotioa u commerce 
retailing, with spoken from both sides of *“1 lbc pnAUc sector of the new 


CONFERENCES & EXHIBITIONS 


OCTOBER 24 NOVEMBER 1 

SocWAraflce Corn u i toaluu Report RiB Circle Irrto Tits Futm? 

Hie find report of Hie Commim i onoa Steal The commercial imperatives facing 
Justice. Housing, employment, personal cogamsatioosinro the 21st Centmy. 
finance and government policy "wiyi* The Henley Centre is celebrating Ha 
Sir Gordon Barrie. Tony Hi«ir UP, Ben Twentieth Anniversary with this 


die Adamic Key sessions wiD look at tte 
Skciy impact on trailing, the opportunity 


KkcoomnnKntioBa technology, and to 
exanano Goseianent potioes m fine ttaM 


fra reraifeafrand ironcn and the appeal challenge*. Government Minister and 


Teh 444 (0)18! 688 7788 
Fax: +44(0) 181 6800306 
Royal Lancaster Rot 


.LONDON 


Liny living USA Secretary of Qnmcroe 
Contact: Ned Straw Amodates 
0719760682 

LONDON 


OCTOBER 13-14 

nr a servant of radical change 

A conference for decision makers on 
Gnwpwaic and Computer Supp o rted Co- 


OCTOBER 25426 
Tha Third Aqs of Madia 
The c han g ing face of media - tte media 
opportunities m the 50* markets. A joint 


operative . Work, Six intciBUtonal, conference organised by Age Concern 


independent erpetta win explain bow ttenc 
technologies enable raguiMiMa to adapt 
to harsh economic pressure* ufl 
dranwuaUy feme their profitability. 
Comad: Anna WObrnm 
TcL- 11582 84l232i873A72 

DTL LONDON. SW1 

OCTOBER 17 
MBA- 

Bua ln— a Sch ool Reception 

The Association of MBAa v*QV honk its 
annual Business School reception for 


England rod The Hcntcy Centre, this rare 
day month n t otip rab ra mive htioductioB 
to the exciting ootid of mawo marketing 
and media. Ctec £730 + VAT 
Coaact: Anna Hannan at 
He Henley Centre Tel: 071 353 9961 

LONDON 

OCTOBER 25/26 
Successful Selling *94 
is the onty independent Conference and 
Exhibition for the Saks and Marketing 


Mending students. Over fatty leading protasmonL The Conference programme 


schools from continental turtle, USA and of fea un b ra ab fc value wtttpB w e m at i anafufl day neminsr/worJcahop. Fracti 
the UK. Ftee of charge. To register w of ideas, conoqxs and farad area experience, exorites, waxarfnl case nudes. 
aUcnd and for further details contact the 

event apoanr. NaiWea Bank oo Cell free for a brochure on 

Tel Freephone U3U0 700. Tel: 0800 132 122 

— ..„k9SSSS BKMINGBAM 

rrv^^^oM^f^TVTVunlciidonB OCTOBER 26 4 27 

no- WGrowyurBMi PM. 

«»t nchik cu— n icnlloea, the various uekifl Merrot Research 
techno Idgiea being adupicd and new Infonaaiioa k boeondn* fandammual It 
upcnbn-ttTBtegK* itetvmii^ofabtisincsidmwghtteusi 

l wpjtricV VnanculThnn of tcehnotogy. Tte too day seminar wia 

Tci mi o739(ian Fax: 08i 673 1335 show you bow to get the best oni of 
LONDON research and the real reaseoa far Bring tL 

■ ■■I ■ i — Contact - International Professional 

OCTOBER 18-19 Omferenera Ltd Tel: 06] 4458623 

INPOWER 94 _ LONDON 

The Independent Power Generation 1 ** * — — 

Conference and lixhibitwn. Kempton Path OCTOBER 27 
Krhanlion Centre. SmAnry-on-Thames, T - [ulf ^ 1 . ni -. 

Sane) . f ngbod. Rv free athmsson tkfccts ™amaiional Tex Conference - 
rortacr Managing G lob a l Expansion 

LonatncBopn. Conference on the tax Issues facing 

FMf fntcnutxvMt Phhlirarum lAL raulti nationals in the changing global 

Tel (0737)768611 Fax:(0737)761685 

KEMPTON PARK Price: 1200.00 phi* VAT 

***** UfcheOe Beard. Exnat A Yoorar 

Tet 071 931 2297 Fax: 071 5862 

Introduction fo Foreign lcmexw 

Exchange tmd Money Markets 

Ilighty participative (raining coarse OCTOBB? 27 4 28 

emerrae tradin.™.! fntwTwtlonaJ Bond Congress 

remlct* faWwtnR /JJ* a antone opooronrity far all mforitmals 

Wradr*, hased Jeahnjt sunnkhon). Rw P ™ 

Corporate ireasnrera. hank dealers. » the bond marten io moose 

mwarram finudal comroOcre. lh«r knowledge with 98 special.*! 

n-jumj and iap(axt prrwaneL prenenutiona. With in croaning 

(OuVjiT. globaiiaation and deregolstioa iKMhiug in 

Limsri Uavrd IntfrashiUMl Ud a dramatic surge in investment flows 

IrltwyiVSRai Fax: fWS9S6!WCl beMoeaooiimrie^miaavcatbncsaealiri 

LONDON reformation source for the internaiioul 

SSSS ■ ■ ■ 1 "■ bond msrk et v 

OCTOBER 18-19 CbntaBtlBCEvemOfSee 

TTwMereeyukfeCofnpcdwaiow ^*44^5625776306 
tor tetri n-de*<top«nemiaa»Geoc«ri Fax: +J*(15 1628 32323 
Itril Maior manufactorers of hardware, BARBICAN. LONDON 

viltviare. rnollimcdia, wpcr Ulteipi. ISU 

hterntt . \tvol iratoy. tte lanat a Meteda . OCTOBER 31 

mannfactnrtog mdratrial ««« andl teeal 
TcJ ill' I policy. Pte Badfd oadoofc asm Rsdiog 

STERLING EVENTS, communicatDrs. 

LIVERPOOL C«t*»Nafl Stewart AsMcmtes 

— - r. "" ~ — 071W6O682 

OCTOBER 19 QE11 CENTRE, LONDON 

WOVEMBER1 

:Jvw»a! the uPK Study Outeoutdng: How to assess 

U;eup iron* meinher*) New (newr ^option 

dLVhwrd befonl. OinsouitciiiE nrawore aertrities is likely to 

be among the moat Impenut business 


Ccnbreace dal looks forward to die next 
20 yearn aid what h wffll bring not only in 
Ktan of the big picture but also the 

Cost: £350 + VAT 

Qmtncc Amm htarama at 

Tte Healey Centre TeL 071 353 9961 

LONDON 

NOVEMBER 3 1994 " 

The 1 st Annual Reviser of IT law 

This prestigious one day conference will 
have the leading speakers, cover the 
critical nenesi the essential developments, 
taw, litigation, regulation and policy. It 
will have a practical approach for 
practumaeo by praedteaea. 

Farther details from International 
Pitfamoual Conferences Lad 
■01:0614458623 

LONDON 

NOVEMBERS 

Ctaering 4 Settlement Dinner 4 
Conference 

Over 300 delegates attended ibis meeting 
last year and aaore are expected in 
Nenc t ribtt. Tte t rad e c n ee wai oan rim to 
bring the impartm* hack office moor not of 
tte shadows and took at how operational 
managers can And new solutions to 
preUesMoftradeproeesringctc. 

Agates & Options Vfadd 
TU: (071) 827 9977 Fhx: (071)827 5236 
LONDON 

NOVEMBER 8 
Khow Your PariORnence 

Criuirinft t^Seni Anwfc ng. Aptnctiralooc 
day seminarfworkahop. Practical case 


We’re famous for our facilities 

Many renowned csgansanons choose V*> " ^ ^ > r ^ 

the BSC for conferences and ■SvTlV^ECvwl 

exharitions. These superb, purpose ftaMfeSnfifejlJ 

tank SadHoes and foencfiybdpful staff 

ensure your function runs suxxxhiy 

and successfully —Ideal fw iqa id 4000 

delegates. 


NOVEMBER 2B29 

Annual Company Secretaries 

Conference 

The con fer e nc e win Jnfim developments 
in tte Corporate G overnan ce, Benefits ft 
Remuneratio n strategies, Penrion Scheme 
Lepalatkm and Company Law and how 
this wonld impact on the increasingly 


DECECEMBER 7 
Transport growth and 
AirCk^ty 

Conference "^*■"'-.■"3 trends ft problems 
in air quality and the possible solutions. 
■Spcakrre brindc: Steven Nwria UP. and 
"trf”— n af' -ra from Royal co mmtei on on 
Environmental Pollotio*, CES Ltd. 

UK. Westminster City CoddcU, British 


diallenging and demanding role of the A^jTftS^terAi^^ 


Get the fact* 
more to this 


r -there’s ■nartr mtmcb 


Conferences • Exhibitions • Seminars • Meetings 


Oompany Seoetaiy. 

OrtetaateCtedafakriCOnbare 
lht071 3294445 ftm071 3294442 

LANGHAM-HILTON 

NOVEMBER 2B-29 ' ' ' 

Global Emwging Matkete 
Investment Marngement 

M^or Intcmatioari conference on global 


NOVEMBER 10-11 
Hofei Invest m ent ATouriwn 
Dewtopment ha Central 4 Entam 
Bsope & the Cenkal Aston reptftrics 

Invesanot ppparnantics in 15 coonries and 

amp cvem for i uahBited iovesmg and dxac 

exploring the mates, fofogs together die key 
players from East and Wen. Conference 
a*pas pncnmdby 30«cfem. 


Fax: 081 4403227 


LONDON 


iwwiMflkllal^H ■l IJI I 

C^ Aatuiiinn 1DOUIML 

Call fine Sara broehtne on 
Tel: 0800 132 122 

BIRMINGHAM 
OCTOBER 26 4 27 

How to Grow your Business 
using Market R e s e a r ch 
Information ia becondeg fandammal In 
tte nmnfa$ of a burincss dmwgh the use 
of technology. Ttw two day sestiaar win 
show you haw to get the best out of 
research and the real reaseoa for nsmg h. 
Contact - International Professional 
Conferences Ltd Teh 06] 4458623 

LONDON 

OCTOBER 27 

International T«x Conference - 
Managing Global Expansion 

Conference on the tax Issues facing 
multinationals in the changing global 
scene. 

Price: £200.00 plus VAT 

Contact: Michelle Beard. Etna! ft Yocng 

Tel: 071 931 2297 Fax: 071 2*2 5862 

LONDON 

OCTOBB1 27428 
rntsmatfonat Bond Congress 


Contact: Patricia Donnard. EMP 

Thh 071 4875665 Frit: 071 933 1640 
HEATHROW 

NOVBUSER8-8 
Corporate Image 

Leant how to slope your company^ image 
for ingttac competition, capitalise on tte 
value of the brand name, build an 
hrifoential re p a ration , and transform the 
workforce with inaovatiaa. A conference 
BoardAABONyncx meeting. 

Chraa c n Kaddeca Smart-Ring in Brussels. 
Tel: 322/675^405 Fax: 322«75fBOS 


NOVEMBER 15 
tetecnatlonel MobMty 

C81 conference addrraaca Gndregs from 
survey on entreat practices and new 

•* leg — T I ^ W — air ml 

policies, particularly in newly emogiag 
cc mw m ira of Cental and Eastra taupe 
ami Ac Pacific Rio. »■■■■»'■■ ■ 

practical approaches to remnoeniian 
pndrage. oca conaol mi provides aunpwij 
mciUi| oa rap l rt . 

Comacc Srarin Aimed. Ol Qatenas 
TcL 071 379 7*00 Fax: 071497 3646 

LONDON 

NOVEHBEfTi 5-16 
Strategic Managemefit 

Sharpen 70m ability to manage 
Strategically by learning bow to: lead 
strategic change, manage for vatoc, parent 
a atraiegie exmomer loaa and bridge cram 

Cteracc Kaddeca Snon-Eng in Braarefe. 
Tefc32jMS7554JK Fax: XL2KJSJX5SS 
LONDON 

NOVEMBER 15 4 16 
Strategies for High hwotvement 


NOVEMBER 21 422 

TWW Central Banking Conference 

fatora leadisig speakers bran die <w*«i 
banks of China, India, France, Hungary, 
Fmfanrf, Anam, Botand, Vrocreicla and The 
Bank of Eagtind. EMI and IMF. Sponstaa 
The World Gold Cooncd, Bnfeys Preciocs 
Maria sad ChSadCbance. 

Details Gnyfornm Ltd 
Td;aZ2S 466744 Fax: 0225 *42903 

LONDON 

NOVEMBER 21-22 
B usi ne ss Process 
Re-engineering (BPfl) 

Cram mi n g senes of —««■■»■« for managers 
ctotgrd wnb designing and implementing 
BPft iwiiiati— «_ pre sented by US 

laactitiunn rmdBFRandmc Proven how4n- 
ckHT hapknnratiaa gaide dhatratod with 
am mda md wadraopa. Cbnae book also 
ovaifebie. Over 50 organimooos in the private 
ft jxMic socaaa fame already attended. 
Com ace Richard Parris. Vertical Systems 
Intercede Lid 

Tet *44-435-250266 (24 terns) 

Fax: *44-455^90821 

UNIVERSITY OF WARWICK 

NOVEMBER 22 
Investing in Commodities 


Ooeagh Goodman, The Waterfront 
CWrcm Co. Tet +44 (0) 171 730 0410 
Fbk 444 0)171 730 0460 
LONDON 

DECEMBER 7 

Essential Tax Techniques for 
ftoperty D art opiw it & h iBrt i iB t 

Tbs conference wffl them Ore namin g md 
tro ub l esom e tax pitfeOa; key tax fee a for 


Dealing with Rights 
Intellectual Property Rights must be 
properly dealt with if they are to confer 
hoped for benefits upon their rightful 
owner*. An international panel of 
imeilcana! property managers and lawyers 
examine the problems owners lace in 
handling rights and in portfolio 
management. Farther details from 

Infr,.iMwsn il P mfaainml f W » , » , .«■» «. f M 

Tel: 061 445 8623 

FRANKFURT 

OCTOBER 20-21 
Windows In Finance 
Conference 4 Exhibition 
Bill Gates, Chairman of Microsoft 


me £■«_— r • r ~ . . ■ . troumesome rax pntaita; key lax raas for 

Mediterranean ^^itan^dfodlu property jmnr wamres; VAT in tte current will give tte keynote address 

Subcontinent. Latin America and the «ew cSmare; safes and Leaseback bock in * tins mqor event designed to update yon 
Carribeaa. Programme designed for the new regime for stamp duty; 00 the latest developments in Windows 


international portfofio investors and SMct 
afloemna and emggnm mates roe drita 
Coraact Ahsou Elpji. 

Dow Janes Tekxate Ltd 

Tek 071 832 9532 Fax: 071 353 2791 

LONDON 

NOVEMBER 29-30 
Managing Corporate 
Transfor m ation: 

The Ur» premier event on planning, 
mpi menpug and aretiohi fM gwi^ Niw^ 
and cultural change. This two-day 


maximising capital allowances and new based solutions for retail and wholesale 
ideas for investing. There wiD be a special banking and rapial markets, 
c oanaen i from Michael Quinlan, inland Leac&« vendra wffl te demonstrating tte 

wsssssr 

Tet 071 6374383 Fax: 071 631 3214 Tet +49 (0)69 17 25 25 

LONDON FRAI 


Tet +49 (0)69 17 25 25 


FRANKFURT 


Trar a rormatton: DECEMBER 7-8 

The UK'i premier event on planning. Succeeding Vftth Teams: 

a»pl( "■< I'm — ^ arniini^ m gutedDBri prarairal aim gin tr imu'i^ 

and cultural change. This two-day “• driving (be team-based o^ammaoo. An 

conference includes fmif discussion of feceiaatioiial two-day conference specifically 


why so many initiatives fail and explores 
proven methods, for achieving critical buy. 
in and support for ocw organisation 
sti inline* and waiting practices. 

riiFPTw*** IrtffiU g frvy 
Tet 081-543 6565 Fax: 081-544 9020 
LONDON 

NOVEMBER 29-30 
Accounting and Taxation for 
Derivatives 

This conference considers (he IASC 
i mfj M riu ial ac eramrin g draft standard, the 
infernal a emnn i iu g treatment and finandri 
reporting of derivatives, topics include 
hedge accounting, derivatives valuation. 


F m t mfo g speakers from The Worid Bank, risk management and trading accounting 


pay -off activities: creating partnerships; 
strengthening torn; motivating and 
enhancing learn performance; and 
stimulating innovati on. T hese are issues 
included 10 xhd oioctivt co rmn 

both opembu mod top otAa^mcpt 


BZWIM, Warburg Asset Management ft 
Sabre Fund Management, this foil day 
semhras looks at the new liquidity 
available to fond managers investing far 
commodities. Of interest 10 anyone 
imereaaedmc nnuno c B ty mv a— «aL 
FnD tmetonre; Funara ft Options World 
Tek (,071)827 9977 F*C(im)827 S236 
LONDON 

NOVEMBER 23 

Dovaloping ■ Loaming Organtaatian 
Bob Gansu katfing expat in management 
c do r a ri on. and m otiv ationa l speaker, Robert 
Swan will a dd ress rtckgatei ««wnC"g dais 
essential and interactive seminar. 


support. Speakers include the Hon. 
Christopher Sharpies (SFA) and David 
Damxa ( CSAM). 

For more infonaation or to register, can 
Ambrore at AJC Conferences 00 
Tel; (071)8275988 Fax: (071) 242232a 
LONDON 

DECEMBER 1 _ 

Ciy fegfekn- A UgM evolution 

This conference will debate the 
development and future of financial 




te%cd m be^> aenimeBcuives ufeatexl the 
fa n damenM teats involved in des^nug and 
nratantege fcam-tmed agantetion. 
Contact: Busmera Intelligence 
TCL- 081-543 6565 Fax: 081-544 9020 

DECEMBER 8-9 
Opportunities and Competition 
for Building Societies 
Ftok Lane Hotel Strategies rod actions for 
improving Building Society business 
pe rfoman e r and mailer ihare. Presemahoos 
on general insurance, mortgages, value 
sanaagemeut. customer loyalty, database 
segmentation, distribution channels and 
fomnne di a ri e s SpcaJceta arc drawn from 
senior management of foe Hafifex, Alliance 
rod Leicester, tte Woolwich. Bradford and 
Bingley, Nationwide, Ctefaea. Forum and 
Leeds PeanuBOL Contact Stmone Wills 
TeL 071 342 1548, AIC Conferences 

LONDON 

DECEMBER 12 

Reappraising Corporate Share 
Schemes 

Una conference will miiM tu detail: the 
im p ratiiu co of pcrfa ma nc c an gas; the highly 


Tnrmnti <° ®pe»tc effeaiw ly >u ~ 

WjW UW empowered oigroisations. T)e*claping a Learning Organisation 


„ — Comacc Rachel Thomas or Sarah WMam* 

NOVEMBERS IBC Technical Services 

Pra —BfeMo ne lor Profegfeo ntte Tcfc 071 637 4383 F ax: 071 631 3214 

by Professionals ASHDOWN PARK 

At the Mnroutid Theatre, a s emin ar os 1 ' 

creating effective presentations. From NOVEMBER 15-16 
presentation techniques and we of BUStaWSS Performance 
Irog u^e, to AV derig^ t&k prodncfeoc. Measurement 

Keynote speaker; Alan Dibbo. Chartered conference explores tte relevance and 


civil law procedures, regulatory 
intervention, and seduction La criminal 
toncri o n a - define a legal evofedon at the 
interface of the criminal, civil and 
regulatory disciplines. Sponsors: 
Buiio worths Fublisben. Contact: Gtmtine 


on tte prinrtptr that urgauiaationi Smm»r M»dng« a4 »Mg «-r»T it 


bnaue of Madcethm. 

Qotaicr EWafiroM.&aagivePreaectatiagi 
TeL 071 8378199 Faa: 071 8378190 

LONDON 

NOVEMBERS 
'VMonsof Goid* 


pracdraMSty ofdevdopfegaew "c ai po rato 
dashboards*, which indude noo-fiaandal 

Piri| |g CQStOBKT 

quality and beadnathfog. 


A unique o pport u nity for all pro fessi onals Conference celebrating the Modern 


involved in tte bond markets to increase Apprenticeship pro gramm e and the pan 
their knowledge with 98 specialist t^ ^^«uy«to teve » playfa 

presentation*. Wi, h Mike Boon. Bin Jordan. Prae Leith! 

jdotelWKm and rferegriauou rewriting m 

a dramatic surge in investment flows CoataccHiteyJeimhiga, UK Skills 
between ooomrit^fltia event Is Mi eweatiri Tfcfc 071-753 5222 fits 071 436 7630 
ia formal ion source for UK international m.OaireAu ati uie. Nano nai Ctmari 

t. * iw ii rj-i _ T riming OtyniwiioBa 

^ Tet 0763 247285 fta: 0763 347302 

OmractlBCEvrotOfflee ALDGATE, LONDl 

TU: *44 JO) 1 628 776306 — — 1 — ~ ■ »_ii 

Fax: vMflO 1628 32323 NOVEMBERS 

BARBICAN, LONDON Future of Exvcutlvn and AD- 


Tfcfc 071-753 5222 ft* 071 436 7630 
or Pam - Annmong. National t~* nwini of 

TM OM3»^S o5toW7302 

ALDGATE, LONDON 


Tet 081-543 6565 fira: 08I-S44 9020 

LONDON 

NOVEMBER 17 
Managed Futures Funds - 
Trading Adviser Setnfrw 
Looking at the riaits, rewards and 
pafomusce of traftog advom. a panel of 

key anei feeing fee managed derivatives 


au rady become and remam effective if the 
people selected to ran them sr« capable of 
leammg eoBtiononsly and givny (Enxxien. 
Canaec SBC (Homan Resources) Ltd 
Td: 0823 321421 

BRISTOL 

NOVaiBER 24425 
Oibhora ThtstAdministraOon/ 
Offebora Dusts 4 Trustees 
iPC have a r ran ged two onxfey c o n fa enc q 
on related a spec ts of the otobore worid, 
fwa nj i iiB i sid frii otfK T p qjbq |y l bat 
^fbkL conbe BT V iyIM 
Farther details from International 


Tet 061 4458623 


JERSEY 


OCTOBER 31 
Manufacturing Matters 
The National Pre Budget Conference on 
manufacturing. A woriefog opnf e fcoce ofl 
mmfactnring mdratrial strategy rod fireal 
policy. Pre Badger outlook from folding 
communlcatera. 

C«t*» NaH Stewart Asroriates 
071 976 0682 

QE11 CENTRE, LONDON 


NOVEMBER 1 
Outsourcing: Haw to 1 
the option 


NOVEMBER 9 
Future of Executive end A0- 
Entployee Share Schemes 
Labours Coy Spoteaaan. ASRahr Oadmg 
MT and leading oompany Dtoctta dtlcnsi 
beat practice in employee share arbrnwL 
Can studies from Britfah Gas, BT. FI 
Group, flFC Nortteai Foods and Uiupait. 
Organised by Pro Share, a non-profit 


NOVEMBER 24^25 
Differentiating Customer 
Proposition 

CBvbeveEnft Patmi coeferenoe, teaired 
by Jofao Hompfays, stews bow to eaarfbmi 
Key business processes to deliver com 
for current ft pcccntial fond advisers rod efficiencfes and market differentiation, 
■poearaa, imintaal find inroagea rod (Optional worialiop 00 «™4 day) 
anyone else in volved m this field. CtaOKC Behnds Rogasun, CBI Ctefrrences 

mures ft Options Wbdd Tet 071 379 7400 Fax: 071 4973646 

Tet (671) 827 99/7 Fas (071) 827 5236 Jufis Robins, Devdin ft Fartnes 

LONDON Tel 071 9179988 

=S — .-■■■■—■! LONDON 

NOVEMBER 17 — — SSS 

Kenya N OVSiBBR 2405 

CBI coafemce plus workshops, in FTMandheaferPOSt^atiuMaRBir 
taaocuan with Stxndanl Chartered Baak, Dns is foe Ecu pasgiadMe fair to be Ud 

considers current development*, in Manchester. This fair will provide 


Thfc 01252 795414 Fax: 01252 792101 

LONDON 

DECEMBER 2 

Derivatives -The New Frontier 
of Tax Planning 

With (he increasing number of new 
products and strategies coming onto tte 
market, this conference will help you 
decide whether your com pan y should be 
using derivatives rod if so, tew you can 
evaluate (he worth of the different 
products on offer. Lean tew d eri v a t i ves 
can be used as part of your corporate 
CO DBoiBUU 

Contact: Vfcfci GofEn, IBC Legal States 

and Services rftni mi 

TU: 071 637 4383 ftcc 071 631 32K 

LONDON 

DECEMBERS 

Money Laundering - The Law, 
ReBponsibBitfes & Procedures 


r T" bankfos, insurance. Lemfing intemanonai 

Pi raite re can tejp; bow to cbowc between and Ua^an Buancia] hmiiulioM present 

sfetM.f-*e-mt systems. Indudee penel 
CttoM^vStiG^Sf^'Legal Studies ^ vtador ifi^lays. Contact: 

rodScrvicaiU^^ (Itey) Cristina RurateLTkU 051 521285 

Tfcfc 071 637 4383 ftx:07I 631 3214 pa e n ta te tuOAl Beth, Tel: 444 253 358081 

LONDON 


OCTOBER 24-26 
CoaTTrsns 94 

The woriifs largest cnlmdmgcooferenoe. 
Frodocexs. bnyeo. * Ta ^ w t j to 

do business and analyse die jninfiwiiin jl 
coal narfat . It provides the bedrock for tte 
coming year's contractual negotiations. 
Keynote: Pik Botha. Delegates 10 date 
exceed LDOO. 

Sorie Constable 

Tet 0711798045 fteOH 7798946 

HAMBURG 

OCTOBER 25 426 
EC Business Regulation 
Cvcryone concerned with international 
business t ran s acti ons mnsr he aware of tte 
BC Botiacas Regilatiou rod ia increasing 
influen ce on the way we transact business. 
Tin* conference will provide an insight ami 
a su mm ary of current regulations and 
p ra ctice, aboteura EU poEcy. 

Further details from International 
Ftofemiopal Conferences Ltd. 

1«: 061 4458623 

BRUSSELS 

OCTOBER 26 

Adwnced Software AppBcaOone In 
Banking, Fferance and Insuance 

S wmn« r liirl»i^l«tBHl lw l iiJ n i l n m y i | 

showing use of practical appKrattions of 
logic prog ram ming software tu finance. 
banJdj)& insurance. Leatfing international 
Bsd TtaMap Snutdal inttitoiiofis prosed 
state-of-the-art systems. Includes panel 
discussion and vendor dbpfeys. Contact: 


MILAN 


DECEMBER 14-15 NOVEMBER 8-9 

Occupational Pensions European Union AM for 

Be brought op to date on all the practical Development Conference 
HnpbcatJona of UK government and EC Bmreess Opponutities in EC external aid 

^^eSC’Sly"^ r S a C S? lOU,,, ^“S I 5 bill 30 ?rt- CU 

it will ooat- Tor pensions fond manager, A05. MED^ AffA, and 

trustee or professional adviser it is an ACP ’ Reworking with EU and new 
important opportunity to bring your member state companies. Proc u re me nt 
knowledge up to (tee. opportunities for manufacture a/ 

Contact Simon Wilk, Tel: 071 242 1548 rappCera. 200 page EUROAiD GUIDE ou 
AIC Cooferaacea EU aid programmes todnded. 

Cootaa: Sodfe6 Gtefeale de 
Ptvetoppe uj e ni SA 
Teh 1-3225124636 Fax: 4-3225124653 
BRUSSELS 


EXHIBITION 


OCTOBER 26-27 
BP R9fc Eiepp e’BLearthgShotyon 
Nw gawt 

and P Btfo miB ncel iq a w n a i t 

Whether you are ewafe^ng re-cagmecriag 


The Criminal Justice Aet places new <°ofe “4 amsoliancy for the first lime, 
respoub&iiKs on iwoineio fw and kw tj q g for new nttigftfe. ceaunply wfefa 10 

staff. This one-day co u rs e will address c ompar e foe l e ndin g ve nd o r s 1 products and 
Definition, Identification, Regulation, services. BPR 94 is a uniq u e Opportunity. 
Responsibilities, and the role of EorymFREEexItMifoatidBi 
Supervisory Bodies with practical Contact: taauras taeffigojce 
examples, fi apw- Psirpfaee Banking ft Tfcfc 061 543 6S65 ftx 081 544 9020 
Financial Turinfog LONDON 

Tfcfc 071 329 0595 “-* — " 1 I 

LONDON MARCH 1-3 

■aramuHauamBBroamowste Asian Companies i 

DECEMBERS This entirely new coacey 

DBotnma Of Chofca - AWoridng markera brings 1 together I 

Conference vrith Charles Handy extensive and diverse 
For senior managers coocmed about bow 

they manage personally the difficult I°«H rat ional mveatora 
balnea between nine and rerolts hmtwm 

involved ia today's organisations. Also 
wah Andrew Ftaifct. Matbo Mays-Smith. 

0«g Parsion, Charles Pollard and Teh +44 ((» 


fron, wrera mroagcoww rod 
in via Jtaeussl.ura sat 
. tii: ! k ding «r*uk«* In*™ 

•HWfetv AJltaoiT «tl tjr veatw . 

Oinfakt \0r» r 1 irevn. llatWd 

tel: *44 Ifll ‘«I I3HM 

r„ u)NDON 


Osna Andy Fefetead, Ftadme 
Tci: 071 6000984 Fax: 071 6000947 

LONDON 

NOVEMBER 9 410, 23 4 30 
PoaWve Management of 
Worictorce Re ttru ctoring 

There is no easy sobtfoo to (be probfoms 
of wtxtforce restrvcnreBg. But nmxgad 
wjfo skill, tte impact mi tte • and 

those who must leave on bn massively 
reduced. This workshop la dcalgiwul to 


developments of the 1990*. Director " omsmveiy 

_ . v tr t—' refoiced. Thfe workshop Is designed to 

Omferew** P***® 1 * . Qlostratt through prarticml case study 

on the benefits and risk, of bayreg-fa ^ wnranige restructuring 

professional services t Bending positively. For fhnha details contact 


opportnnilica and f stare pr ospects for 
iu » truss rod exporters. Keynote address by 
Proidcoi Damd T atap Moi rod speakers 
from the high powered delegation of 
Minium rod marine tffchh 
Comxc Nicoi* Marfak CBI GmfcRaca 
Tet 071 379 7400 Free 071 497 3«6 
LONDON 

NOVEMBER 17-18 
Beyond Economic Reform: 
Madco under ZmSQo 
E conomic reform in Mexico bm bam nmdi 
praised, but doubt remains repring the 
soda! snd pefitio! symoL Tbe tienfereacc 


Olnstntt throngb practical cue study ^ ^ ^ prtvitfos for reform of 
material be* to manage restraentring President-elect Zedillo. Speakers are 


narnwg i ^ramna lam l I wra liravicaa. 
Ilirectnr Conferaocs 
Tel: <171 7300032 

LONDON 


positively. POr runaei oetalt* contact 

Rncbd Thomas dr Sarah WflBams, IBC Details and booking; of 


Technical Service* 

TO: 071 637 4383 Fax: 071 631 3214 

LONDON 


American Sndian r rotf UatgaBcocad 
Tet 071 387 567] ftx 071 388 3024 

LONDON 


exhibitor* with a unique opportunity to 
snraa tte highest calibre of stmtoux fix 
postgraduate n mi Bockfog dcadtme for 
etMlitaa - Oetnbcr 2L 
Goraacc Say Day st Mnctester 
Tet 061 275 3952 

MANCHESTER 

N0V3IBER28 

FT Ftoandal Reporting In the UK 

Hre ycVsconfeteBoe win provide essential 
gsidnre for prepams and nu M attomris 
on fotaprefog tte compiexiiiea of tsofog 
ad emetgiqg ASB smndnli, fofuES to be 
cowered will Accounting for off- 

bslaacc sheet finance; merger ud 
ar t pitilfcH i fe Vrautfin g . vahiag iaxqgfoles 
aodfanrafe; derivatives. 

Furyrirfer FmandalTnaa 

Teh 0« 673 9000 Far 081 6731335 

LONDON 


MARCH 1-3 

Asian Companies EXPO 
This entirely new concept for the financial 
msrttfte bnagi tDodher izi one an 

extensive and diverse stray of leading 
Asian Companies, and provides 
institutional investors with a unique 
Opportunity to evaluate potential growth 
and r et u rn Oral band acrom aU seems on a 
onc-co-ooc basis. 

Cocoa: Baomooey EXPCs Limited 


Bantam Young. 

Office for Public Ma nag ement 
Tel: 071 833 1973 Fax: 071 837 6581 

DECEMBERS 
Practical Tax Treaties 


1895 624447 

COURT. LONDON 


INTERNATIONAL 


I# !: 1 3 rfcf; L? 


Kaizen -feom concept to prattles 

A Seminar and Workshop for component 


NOVEMBER 24 & 25 1994 
Profit without Pain 

Bow far can 1 copy or cmnlatc ray rivals 
products before I step across the line of 
legality? Why ia apparent copying 
widespread and tdkraied in some industries 
tet nM other*? tearing Law Practices will 
give their opigtous 00 these manax. Further 
details from International Professional 
Conferences Utl 
TefcH61 445 8S23 

AMSTERDAM 

NOVEMBER 25 
Human Resources Forum 
How can HR managers help European 
compani es stay competitive and main t ain a 
highly-skilled, motivated workforce? 
Hosted by KFMG, tins Conf e rence Board 
European man a gem ent forest will mmmr. 
the prospects for Europe's employers and 
enqjqyeca in the global m arketp l ace. 
Contact: £>*■»<■«•«» Rtnan. Rmg m Bnsuh 
Tel: 32^7554.05 Fax: 322fo75JJ3JJ5 

BRUSSELS 

DECEMBER 5-6 
COMPETITIVE INTELLIGENCE 


Key topics mriodc Strategic tax pfenning suppliers to the European consumer Seminar for manages who want to learn 


through doribk tax ticarics hi ’weran fteope, 
Noah America md the developing oouu&kx of 
Axis. Africa and Larin America; the 
devcfopmnu and sppBcerian of dotririe tax 
Beteea to Rntea «d Eaaton Eraupe; tte new 
USNethafcnds dotele tax tteay ad eroem 
devdcpmeuB rod nrepmfebsre m UK docfrfe 
m agrtaaentj. Cteiaa: Kate Roberts, IBC 
te ^d S radfcsredSg vicre l 
Tehim 6374383 Fto: 071 631 3214 
LONDON 


electronic* Indutry hosted by the 
Electronic Industries Association of Japan 
rod tte European Amocfatini of Conamer 
Ekctreoies Mronfacmrea. 

Guest weaken Mr. Manmlti Inrei, author 
of ' KAIZEN, T HE KEY TO JAPAN’S 
COMFEimYE SUCCESS’ 

Cost: No Charge, Sponsored by the 

fenfMOwdaiH, 

CcoraeeStteadGflfeMCEL 

Tel: 4322 2387802/3803 

Fee +3222387716 

BRUSSELS 


how Competitive Intelligence supports 
both opoationl effectivenere and stnte^c 
positioning. Ibpks foctefe aims and role 
of intelligence in films, collection 
methods, analytical techniques, 
organisation, and coanier-intelligence. 
Principal kouieo are fonner professional 
imetligeBCe cfficen, 

Cranact: Business Reaeareh Gtotqr 
Tel: 0229291900 Fee 0227880824 
GENEVA 


W 


•w* 


I HE 





FINANCIAL TIMES 


MONDAY OCTOBER 


10 1994 


WORLD STOCK MARKETS 



»/- taab m» w w 


+/- Baa inn ym hi 


yu m 


a ■ /- K mu TM M 


+/- at uiw w 


+ /- HUB Unr YM WE 


• J- lam YU H* 


EUROPE 

NSTlaA(0ct7/ScrA 


AinAtr 

DABI 

CnnlPf 

EA Gen 
EVN 

Lwiavi 

Mayr-41 

Dem 

iVCm 

Roman 

SWYitJ 

VA lac 

VeRUg 

WmBh 

vtuir 

Whmba 


68lGlVM/UIXEMBOU<tG |0fl 7 / Fra.) 


1.960 

*10 2.200 1.750 

2.G 


850 

-M 1 070 

850 

00 


60S 

+4 834 

597 

1.7 

Am.. 

2020 

.. 42902.T9B 

00 


UF& 

*61.7131,190 

1.4 

((|1 

1.1* 

-6 1,387 1.850 

04 



610 

-5 744 

358 


, 

973 

+21,067 

845 

10 


925 

... 1050 

895 

22 


400 

*98 

387 

2.8 

-- 

195 

+J 258 

in 

11 


1.0S3 

-4 1.180 

874 



334 

-a *06 

3=6 

10 


650 

+> 791 

946 

Z 4 

_ . 

464 

-s ota 

*30 

1.7 


3,620 

+3 4040 a.411 

1.0 

— 


Inflnl 37120 
mic 630 

LVMH 842 

LSfCOO 390 JO 

1,032 
6j6SO 
330 
48800 
E1130 
119 
833 
118 
200 


LMW 

USwB 

LMma 


-00 570 370 9.7 
.. 709 SQO B0 
*13 002 ffil 20 
*3049130 377 35 
*2 Iff 30 10830 __ 
+30 1595 1545 15 
■•ISO 7.050 5,480 00 

-smlsoziojo _ 

+050 824 463 3.4 
-3 274 207.10 1 I 
-.40 13XM S750 55 


BemyC 


Adams 

Ahnort 

Artscrt 

B8L 

BMnU 

BGrtLPl 


Bsnro 

Behn 

CSKChfl 

CMfi 

Ccocju 

COUP 

Crtnrt 

Ditac 

Boca 

EttlAC 

Forts 

CEO. 

CBUtr 

130 Go 

OcnBna 

G«ort 

Ovbd 

inunoCI 

MSbl* 

ttnfcAF 

Ucxnr 

IWm 

PtMHJU 

PUrita 

INWftl 

K3k 1 

Rvtai 

rygaev 

SoCCtB 

“Khmv 

Sonne 

■satvoy 

iitm 

ocs 

UnWii 


4.100 

7.460 

4.800 

4515 

16.600 

23550 

3*.ncu 

2.330 

22500 

11.975 

7520 

5JM) 

195 

bum 

1J10 
6J340 
2550 
2. *10 

3.730 
3.620 
1.278 
7.640 

8.730 
4J90 
2.960 
■J.UM 

Q.090 

5550 

1.40D 

19550 
9.370 
?. no 
480 
4.360 
4.120 
1105 
2.1 OS 

125» 

1.510 

14.5CS 

9.410 

23.400 

2500 


. 4.450 3.70S 15 
-108593 7.450 35 

-30 5500 4500 ... 
_ 4.560 3.830 45 
-100 19.990 15,050 2.7 
*290 28.050 22.748 2.7 
-1KJ42.97534JBD 55 
-80 2.6S0 2.10S 1.4 
-it&t&sutojm 15 
+75 non ii 3.0 

*20 2.700 2.190 35 
-30 6.200 5.200 4.4 
-3 219 >54 6.7 

-100 9500 8,10(1 15 
15501.109 12 
+140 6520 5.110 7.8 
-20 3,791 2.BTO 4.7 
-5 2570 2.400 .... 
-70 4590 3525 62 
-75 4570 3.5SO 65 
-22 1590 1259 25 
*50 9.190 7.420 E.O 
-20 10 HO 8,720 19 
*50 5,550 4.160 25 
-45 1985 2.760 52 
*10 8.200 5.910 2.0 
-10 7.950 8,090 1.9 
„ 8.400 5550 45 
-10 1.830 1.400 8-8 
*5oi9.<anwno — 
-140 10.775 9260 3.0 
-JS 3.600 2520 52 
-2 598 420 3.6 
-10 6.200 4550 45 
-40 5580 4520 4 7 
-20 2.630 2.025 5.4 
*100 2538 2516 5.1 
-50 IS.iTU 12550 5.1 
-10 1075 1.492 9.9 
+25 17 J50 13750 4.6 
-4011200 9.320 4.9 
_. 26.100 r TOO "5 
-5 2030 2.440 45 


760 
904 

SS» 

520 
212 
123 
580 
735 
2.600 
622 

— SXoal 1.407 

— SOr*k 37190 

— Sob SA 514 

— Salkng 382 60 

— Smto 41D 

— SWaR 2085 

■- Sac&sn 931 

— SsinnA 2,000 

— SpUBt 272 

— Suara 237*0 

— SyfflM 208 

— ratttn 2.750 

— ThmCSF 139.70 


314 

137 

360 


— tomb 

— IMP 

— UFBLoc 

— UrasM 447 20 

— UUmFr 408 

— Vow 

... lMrc 

— Wmua 


W490 

290 

231 


- GERMANY (Ocl 7 / Dm.) 


AEG 

AGfeUV 

W48B 

Alku 

Altana 

AM) 

AWOPf 

BASF 

Bonn 

Bnkoss 

Bny<r 


141 

502 

1.010 

s.12481 

924 

732 

880 

292 

498 

3S2 

33030 


-3 1.101 
+10 1.025 
134380 


DENMARK (Oct 7 / Kl) 


ASPA 

eikum 

C®» 

Coon 

DT,12A 

DnfccO 

OOiHl 

EAO* 

FIS B 

GIMofd 

K38 

JyYtoiR 

Lrterfl 

NKTA'5 

NvtMB 

RaouS 

SopnsA 

Socrcfl 

Suprti 

Toton 

lepton 

IIWA 


630 
197 
25230 
5.560 
1 Da .000 
1B9 
JIG 
I5S 
415 
545 
151 
356 
975 
283.29 
534J0 
41BP) 
497 
495 
396 
328 
590 
221 


.. 760 565 2.4 
+3 281 193 2.7 

-.70 333 BO U 
-TO 7*00 5.300 0-9 
-3X00 VJaDCt 19UHS Oil 
+1 226 175 JO _ 

-I 427 307 30 
*220325 150 9-8 

+3 615 395 2-9 
— 943 445 £2 
-5 276 161 1 2 
-e 425 330 2J 
-5 1*50 950 0.4 
-a 71 385 252 3* 
-2.50 78381 486 0-7 

-12 737 418 1 2 
-3 815 497 08 
-2 67S 425 08 
-3 405 321 28 
+3 35633 300 - 
+15 1J72 510 1.7 
-2 26720788 48 


= & 


FINLAND (Oct 7 1 MF3t 


Amer A 
Cumx 
EtfuM 
EnsoR 
hum i 

w» 

Kesw 

KonuB 

Knmrm 

VooaA 

MmraB 

MasSA 

MettSS 

NakuP 

ODanpA 

*WfA 

PMHB 

RautrK 

Repot) 

SlcfcmB 

Tmoen 

untos 

VUirrrl 


105 

HI 

91 

4JJ0 

148 

10 

SB 

505 

m 

140 

240 

217 

S22 

97.50 

70 

63 

51 

98 

231 

1680 

1320 

97 


-I 154 
+1 176 
109 

-1.70 40.90 
-I 233 
-20 17.40 
-40 60 

-3 705 
-5 ISO 
*2 247 
— 290 
_ 259 

-9 260 
-19 576 
-2.60 107 
..- 104 

3BJS 

-3 120 

-4 244 
-10 31 

+.10 30.60 
+.10 129 


102 18 
121 18 
80 — 
35*0 1.4 
141 28 
9.01 — 
45 2.0 
60S 2.0 
100 08 
140 2-0 
140 2-0 
200 0-8 
190 08 
287 08 
69 _ 
59 1.4 
54.10 18 
41 — . 
84*0 18 
175 28 


748 

BovoV 399 
B-Kfen «a 
OolKr 263 
BHFBX 377 
tiaiBg 834 
CoiKfE 1810 
CoKrt* 810 
QimZDk 30380 
GontK 2ZB 
DLVU 389 
Oaknt 730 

Dguraa 457 
ft! Ball 2JS 
DschBk 879 
IMWik 13380 

tea? 

DniiA 300 
Pra« 375 
GBC 515 
CnsJnn 2SO 
Gkbeti 724 

N me 212 
NaktZni 1240 
NntalP 972» 
Hilltz 311 
lloctltl 9S4 
H-ctm 306 
Ifanum 975 
Horten 21480 
WB 269.50 
IIMi 344 
l&S 13780 
Krana 590 
KYhof 46980 

nSvit 131*80 

asr » 
ass s« 

* i*S 


FRANCE (Oct 7 /’*$.) 


ACF 

taw 

Akin 


211 
604 
71B 
48080 
AM . 237 

BE 621 

QWP 247.40 
Bncfr 494.30 
Eongm 2818 
Bnnies 564 
CSiP 1872 

fcjna+ 810 
CjcGtm 180 
CtMUm 17780 

Wow 2.096 

Caslro 163.40 
Cwpn 1862 
QuUMd 44380 
CCF 206J0 
Ofonf 000 
OtyO 410 
Otocf 369 
CrtW 3SQ 
Donwrf 6.040 
Canon* 630 
Docks) 7D2 
onus 3*0 
EBF 930 

EJuxGn 481 90 
Free ESS 
QUqu 373 
FOACI 31880 
BSan 237 
HPSoy 
ttVOs 

LiJJf 
Eto 
E ara?r 
EuteOl 
Euftns 
I rail 
lend* 


+.70 

+1 796 
-3 814 
-1.50 913 
+180 330 
-6 719 
-.203930 

I 68344810 38 


740 

Tin 

729 

3.450 

1.760 

sa: 

7 75 
109 
•A* 


Mua 

iiniimi 

i.fJnr, 

KMS 

imnUI 

Imili 

iruHW; 

mraii 


2.2U1 

340 

350 

419 

rev 

4441 

725 
51 M 


358 208.10 _ 
589 40 
855 28 
454 48 
217 146 
670 40 

. 227 18 

+8^0 :: 

-13 3,750 2,787 38 
-5 767 555 28 
-8 1.400 1033 48 
__ 1,155 784 48 
-.lOZOSOISUO 50 
+5.10 2133015889 — 
-12 2800 1,711 3,0 
+140 20513208 48 
-22 1870 1.204 38 
♦ 10.40 485 346 28 
-80 30090 201 2.1 
-4 1885 734 7.0 
-390 8SB 370 3.7 

— 6.1BO 5.000 £L6 
-2 1.002 885 30 
-S 830 610 _ 
~ 476 331 1.8 
977 760 2.7 
74945220 3 4 
740 500 28 
435 361 JO 58 
382299.19 &t 
282 191 152 
-7 1-088 728 .... 
+57 WS 653 83 
-11 830 835 10 

. . 3087 2,750 218 
-I 2.569 1,700 4.1 
-38 734 582 2.7 

♦ 85 18.70 675 60 

• JO 182 102 AS 

-B «Y9 578 IB 

-70 6.020 4,340 10 
-2 6^ 366 2 0 
♦55 2.754 1.010 0 7 
-J 383 7HM 1 B 
*: MS 355 X 14 
» 50 «J» 398 20 
-7 690 405 3 0 
. . 718 422 55 

. 1.078 052 8 3 
-150 110 51.50 58 



“ W*aP 

— 


... ITALY (Oct 7 /Ure] 


BGooim 
BNnAg 
BRORU 
BlMBf 
Bnatti 
Buga 
OR 


-3 
<1390 
*12 
+750 
*9 SO 
*1.30 


Cttfn 

am 

Dim* 

F*fHn 

HM 

FWPr 

HOIS 

F < TGpa 

tooK 

OmiAes 

«M 

IF (h 

M. 


TSm 


ss- 


5AS09 

SMI 

STET 

Sana* 

SUMfli 


3850 

2000 

1.550 

14900 

18000 

0,705 

1060 

1.720 

1040 

1058 

1.900 


S^S 

4,850 

10080 

1040 

38000 

^8 

8075 

10.425 

2050 

10090 

4.900 

18000 

13000 

1,210 

1070 

3.700 

2025 

20,700 

8000 

7060 

845 

4.425 

4.820 

3000 


INDICES 


Del 

7 


Oct 

« 


Oct 

5 


K* 


Aigmku 


Genual jyiZ'TT) 

196T7 ?6 1957203 

1974001 2547X40 1672 

1775X90 

AiBttxta 

« (MOThi-ian 

U MHOTtfU.’Stft 

1*75 

100.4 

19763 

10*4.4 

18798 

10441 

234X80 372 
113X10 3(2 

198700 

90400 

Autria 

OFftlwamWi^W 
traW Wo82l 

390SC 

101973 

39021 

10*9® 

39X78 

1048.15 

48X88 2/2 
122223 1/2 

39021 

1011J8 

Babkaa 

BE 120 .T 1.911 

1MS31 

I33BD9 

133633 

154245 AC 

133039 

Bt*k 

(29.1 2T3I 

48)67.0 

*9794.0 

516090 011X00 13(9 

390X91 

Canaria 

Sftas Knfc+Iim 

can»w9 (i9,’si 
(WK«AS 14.T.5T, 

4075.69 

09060 

2052JS 

400300 

ajreJO 

204083 

3994.10 
4S3.*q 
3026 69 

4TOXS9 199 
400901 Z5K 
218200 172 

329808 

318090 

186X46 

cut 

PGA Gci ai.liW) 

5*570 

52022 

5172.4 

536700 7/10 

390130 

Mranfc 

Cw*aou6ED.TK?1 

339.11 

33902 

34V1B 

4V5J9 272 

33611 

MM 

(Cl OwoCS'Cajl 

183(8 

18700 

18890 

187200 4T2 

1801.10 

Praota 

SBt rsoirnss® 

CAC 4a71.12.TD 

i:jssi 

185638 

11 

II 

ii 

123808 

183X72 

Gamnoy 

fa: AJriwoniw 

CamnK&M>il)i:i3 

MX 0B72S1I 

74156 

211680 

196050 

742.63 
21 IS BO 

1*1 ra 

742.W 

211630 

196872 

88X27 18(5 
248600 279 

ssn.ii IK 

74204 

211830 

190X38 

Gntcri 

ZCkns 5551.1:301 

W4X0 

57933 

87309 

mum m 

8D607 

Mng Kmg 

KPQ 9ng0l.T«4) 

925*88 

92783 

929636 1220109 4S| 

838X44 

REondErsi 

44S5B 

4379.48 

435005 45B71J9B 27 19 

345480 

UonU 

aanOtYTOncU^a 

51505 

SI 106 

«O04 

81209 5/1 

*4X72 

tatm 

5F0 Owrfljilfgffl 

173909 

176802 

1900.48 

2002.16 2QT1 

1BBL14 

My 

tad tarn Sal 11073 
KS torero (4TW| 

6S9 

10.0 

64697 

10180 

Ml 94 
HUM 

8t7.17 10/5 
127600 m 

58808 

94400 


- Stain 8070 

_ SW 10000 
-.. SWBBP 2015 
.... Totocm 4.115 
_ TnrOM 24,700 
TmtFr 160DQ 

_ Utuoam 10.000 


-110 11,700 8050 40 
-240 1X800 0001 50 
-106 2,7301082 20 
-105 5.1953,383 2.1 
-650 36000 MJBQ 10 
-400 £1.082 1A.100 3.4 
-50I&7H) A3C6 U 


~ Kn®aji»sf0et7/Fts.} 


«a 1048 008 8-7 -. 
+1.70 18000 MS 80 — 
+5 i'&i 184 .— — 
+00 525 316 58 — 
-8 535 305 70 
+200 234 13X50 9.4 — 
+5.30 371 95.40 7.5 ... 
-IS 930 752 20 - 
+410OS 785 — — 
+21.150 80S 10 — 
+12 H04 352.10 — _ 
♦2 2ST SOI — — 
_ 157.40 HUP 2J9 — 
-1 752 842 1.4 

+25 943 601 10 _ 

-60 3,290 +360 10 - 

*10 734 376 30 

-111.7091070 18 
-8.10 «A83 337.10 20 _ 
-« BOO 472 2.* — 
tSJO 010 373.10 78 — 
-2.80 700 382 7.6 „. 
-10 2.470 1.7B8 __ — 
-1 792 S23 40 _ 
_ 2000 1,710 20 — 
+1110 620 J03 — — 
-200 377 234.70 S 2 

-JO 237001*150 14 _ 

__ 3.120 2J91 1.1 — 

+40 214 13210 B8 
+700 3K4E0 30.10 10 _ 

♦40O2WJD1Z7JO 3J - 
-21 494 333 < J _ 

+00 BSO 42910 60 — 

_ aoo 403 B.1 — 

-3.10 307 221 3.4 — 
+.40 335 240 13 — 
_. 356 22710 4.9 _ 


— 1M 140 1J 
... 636 <90 2.4 
+1010481.010 14 
-4200 2gfl 2,122 0.6 


ASNAnt 65 
AEfiOM 10100 
AnoU 4700 
AKZON 106.10 
BsUNl 33 JO 
BtakOH 3700 
can Bin 

OSM 137.10 
ChcflPB 198-50 
Burnt 1730 
FWOpH 1400 
FAnnOR 0600 
Omu 92 
GBrOnn 42-30 
Haosiyr 13400 
HeHoi 231.60 
HcflSe 274 JO 
" 7410 
74 

38 JQ 

HGOpn 7150 
loTMue 9100 
KLM 44.70 
KM*BT 48.40 
KPN 8? 

KPWWl 4400 
Nodyd 55.96 
UTonC 92.50 
MnWI B50Q 
OraVflt 7150 
PWp 52.40 
PnlyGf 72 JO 
RobacD 11260 
RudRICO SI 
Rowe 119-30 
Hararn 8100 
ROuttft IH70O 
SWfMI 4100 
(MOD 19200 
VMJ 174 JO 
VnOOpR 45 JO 
WKDpn 120 JO 


+.70 73 JO 54 50 

+0oinueaup 17 

-.90 5140*200 ... 
-.70 229 18700 13 

— 47.® 32.50 30 

+1.10 52 3400 20 

-1 7700 8200 — 
-001565010600 1-1 
+140 208 17170 20 
+10 10.50 14.30 .. 
-.10 25 1300 5.1 

+40 88.40 6500 40 
10850 99-10 40 

— 5880 4100 11 
-JO 157 JO 123 — 
+J0 2S02C&ffi >0 

+ JO 33430 294 IS 

+100 83 4800 50 

-00 93000800 2.4 

— 45.70 34.70 II 
+00 94.70 7Z10 02 
-009600 74.70 2.4 
-00 5709 4000 2J 
-JO 92.90 42.10 00 

— 55.10*790 — 
+J0 57 JO 4300 14 

+1 8600 54 5.9 

+0O1ODJD 72 2.4 
-.10 00 85.75 — 

♦00 8800 0500 21 
+20 5000 40 1.0 

+00 8400 71 1.0 

+J0 131 112 21 

-00 88 50 C.l 

— 1354011400 20 
._ 10000 81 JO 5.4 

+20021508 1B4.80 4.8 

+20 5000 4000 10 

-.70 238 118*0 10 
+J0 203 1E4J0 11 
-SOGG0O 48 20 
+1001 33J0 1010) 1.3 


_ HhuBa 319 
- mES 690 
.... JefenHg 15B 
Landno 755 

Mane uoo 
1.188 
131J» 
1.425 
3070 
MB 190 
PfcfA 10 TOU 
- 11025 


_ flehoGn 


_ SMMBr TH 
„ GMH frj 15800 
_ SmUBt 852 


1029 


174 

781 

_ S*rfWt« 699 

S^rfl 815 

__ UnBkSr 1.194 

_ wmflo 574 

_ Zi*HB 1.152 


- **"9 


+4. 450 302 : 
_ 971 782 
+1 190 14350 
-10 891 700 

+EQ 1020 1.400 : 
•10 l.*37 1093 : 
+00 175 123 
-25 1.738 1.400 < 

+20 6040 3,780 
+1 263 IBS 

+20 (.540 1001 
13050 11.129 I 
S 7370 5.160 I 
-40 2000 1050 : 
-81085 710 
-100 227 148 ' 
-8 838 652 
*J 8T0 834 
_ 1.650 1.480 : 
+01,100 845: 
_1 631 352 

-1.50 269 173 , 
+10 815 584 
+11 770 615 

+5 888 735 
+19 1.503 1.059 i 

__ 832 588 ; 

+4 1,015 1,12B 


PAC1RC 

japan (Oct 7 / Yen) 


— WWA7 (Oct 7/ KfOOSf) 


575 20 
700 — 
015 I.) 
278 2.7 

435 1 8 
348 2.8 


-400) 

— 510 

-zSiwisomio fj 

+J0 S28 3MJ0 40 
*4 929 539 1.7 
+00 575 

+20 1.IOS 


395 3.3 

ns is 


+0034850 238 10 — 


374 30 
750 1 0 


-1 528 

+4 951 .... _ 

_ 1030 1.140 00 

— 1030 805 10 
.... 390 29290 4-0 

299 225 1.7 
+5 BOO 301 00 

— 904 B89 1.1 

-1 S88 443 1 0 

-1 29590 210 — 

+9.60 08700 8S950 2.4 
-1 188 131 10 

♦4 607 478 20 
-8 337 280 1.7 
-10O4HL5O 348 30 
+9 018 465 1.4 


MufAl 

BrffjnA 

ChrtW 

Dwnain 

EMrtY 

H31NA1 

Kvnr I 

Lett H 

tbSHfO 

HSRBAI 

(MdP 

R-bOfA 

SagnAl 


SMB 
IMVr 
Van) A 
VtttA 


70 

>41 

11.70 

178 

70 

114 

284 

B8 

24200 

188 

205 

138 

m 

72 

no 

103 

120 

2600 


-1 112 65 5.0 

-300 175 130 0.7 

1090 1100 ... 
+4 186 125 1.1 
-3 114 69 — 

... 149 100 30 

— 399 275 10 

-2 115-88 84 3.4 

-4 286 TDD 1.4 

-10 208 148 (LB 
305 1WS0 20 
..16400 130 16 

lit T2JK 2.7 

__ si n z 0 

-I 97 72 QJ 

+1 122 8500 10 

— 151 114 2-2 

-00 6400 28.10 _ 

-2 89 55 9.8 


Z 5PABI (Oa 7 / PtB.) 


-4 307 250 ZO — 


._ 730 590 1.9 
+2 245 100 3.1 
+3510801.141 10 
+4 SSI 582 1.7 
-1 440 310 3J 
+33 1099 657 1.4 
-43S8J025420 20 
+101099 830 10 

+.7D 253 208 20 

+300 313 55850 3.7 
+500 433 330 2J 
+100 Ifi9 131 .. 

+3 849 515 JJ 
-400 558 451 20 
— IC10O1I8U _ 
+100 178 102.70 30 
-4 800 630 2.0 
+3 850 880 1 0 
-8 968 B30 10 
-3 418 311 20 
+2 21850 157.50 _. 
+100 JD9 161 1.4 
-00 478 378 10 

-2 387 295 20 

-if 38 !f 

+10AQ 296 101 30 

— 3017 2070 14 
+00 282 J10 — 

.- 630 493 3-9 
*28 960 BZ2 0.4 
-90050100 416 2-4 
-1 £550 3 39 ZB 

■^iSiSSiS 

-r.S S %% 

— 313 246 20 
-25 Lmsg 868 10 

+500 438 350 1.4 
-1-20 798.5061450 2.1 

+?3 s 

♦ 1 32823809 22 


7J0+4J0 59150 
+4 400 

-IB -2 415 31* 
vug 478 *0 528 438 1J 

VW 438 +4 554 418 00 

ww - ns+s3i^ %% 

210 — 270. 208 10 


BCntH 

BExtor 

BPqpir 

es«i« 

Bomto 

CB*SA 

QntMt 

Qbti 

agin 

EtnoAn 

Bike 

EndaBf 

RXM 

GrlX*E 

FftfCen 

fcortr 

Kotpo 

uefte 

Mtova 

PDrtV 

Prrca 


Sente 

SevB 

TobacA 

Totofn 

Tudor 

Uh Fen 

unFm 

UoU 

VeBMl 

Vtodn 


8.150 
4095 
3.090 
2080 
4080 

11300 

828 

3.150 
4095 
8,620 
1020 
1080 
2025 
5000 

728 
877 
1850 
BOS 
6.980 
5000 
4.180 
9.520 
2030 
3005 
225 
500 
615 
1190 
1.690 
1.136 
$69 
1005 
1 JH5 
X025 
2060 


+S0 8080 5.1 » 2.0 — 
-S 8.780 4.770 3.1 _ 

-1030351780 20 - 
-20 3.400 2.415 70 — 

— 4075 3075 41 — 
+1301770014000 5J 

+«7 5.321 4,400 B.1 
+211.148 340 240 

-SO 3390 2.410 3J 
-195 5.110 3.400 2-6 
-29011090 8000 20 
-35 2,715 1.7S5 40 
... 1.77S 1010 20 
-£5 3060 2000 3.4 
+140 8.100 5,100 20 
1.100 720 50 
-4 924 416158 
-75 5.1*0 3000 3.7 
+8 1010 790 7.8 
+10 7.490 4.900 2.0 
+50 7,630 4000 20 
-100 5.490*060 2-4 
+30 12500 a *20 20 
+6 2.170 1000 _ 

-5 4.B00 3.80S ZB 
+10 355 102 0.4 
+20 OH 3E1 100 
+i ns sas 01 

+50 44S0 2005 3.6 
+5 2,165 1 095 3.7 

— 1.436 050 1 0 
+9 739 549 70 

-95 2,400 9S0 IS? 
-301.710 1.150 30 
-6 3.120 1,980 20 
-60 3080 2050 10 


DTWflM 

OMwoS 

Oeravu 

Don^M 


2 JOO 

558 

2,190 




GUnBC 


IT SWEDEN (Od 7 /Kronor) 


+101.4201000 

— 737 408 
-101010 ®1 
+10 1.560 978 
+20 1070 891 
+30 1030 1073 

-4 744 683 

+10 1.700 940 
+3 534 402 

+30 6000 3,100 
+10 5.640 4070 
_ 1 JSO 1.020 
+20 1050 1.000 
+2 811 590 

— 10001040 

+6 829 *10 

+5 513 380 

-13 8T9 550 
_. w» nsu 
-10 1.800 1080 
+19 801 415 

+20 3040 2010 
-81020 848 
+16 741 436 

+20 1020 1 030 
-10 3090 2090 
+10 1010 1.020 

— 611 315 

-7 482 337 
+4 997 841 

—7 BB3 490 

-10 1.440 1040 
-6 788 571 
-30 2070 2.430 
10301.050 
-JO 2.7B0 2.430 
-20 1060 1010 
+28 984 772 

+1 USB 768 
+4 82B 410 
+5 870 337 

-to 1070 i.-eo 

+50 1^00 1050 
_ 2060 1,700 
-20 1010 1.400 
+0 1020 em 
-0 1020 808 
-3 910 551 

— 670 «15 

+30 
-6 

— 1 

+11 ... 

— 1.120 951 

— 1.7101080 
+301070 1030 

—190 4,660 3.420 i 
•2 TO 545 
+3 638 4G9 

— 1010 1030 

— 1080 1080 
-ID 1.180 993 
+80 4040 3.800 
+10 708 SZJ 

+20 2.660 2.000 
+2 738 MS 

+1 513 275 

+8 685 360 
+10 1.040 719 

-10 1,270 990 
—10 2000 1050 
+201,180 Ml 
+4 788 514 

-iijs as 
*« 1 
» 

+3 s a 
US 1 ® 9 


0-5 


MMtapi 

MbSU 

KDTrO 

MMHue 

MOCmm 

MtSelt 

MR+i 

MRBlS 

JWFud 

MW*T 

HWMnS 

MUM. 


— — WnedA 

— — UortS 



NEC 

N&Ktn 

MBKSo 

WfCSp 

WOC 

NOK 

NSK 

WIN 

NeMFu 

Hg-My 


-2 734 
-2 840 
-18 


-80 5JB82 3.470 5.8 
-80 3085 2041 — 
-782.4501050 10 
— 211 7H — 
-8002X85018000 2.1 
-2151X480 8.110 ... 
-62 3,100 1084 2.7 
+5 20121002 _ 
-105 2096 1085 40 
-37 10101027 — 

sr 2 ju o ij« 40 

-6014274 9065 — 
-592084 1060 _ 
-00 7030 4071 10 
-70 4020 2,119 2.7 
-130 7050 3.879 3.7 
-aoo 170M licq 50 
—45 1 iTto 2 2 
-eootfrasagj 0.9 
.-80 40^2.675 _. 
-i.isosojm isjoa 10 
-315 8080 5056 ZO 
+75 i*J00 X170 _ 
+60 2.430 2000 — 
-575 15048 B.852 1 0 
-170 8.440 4071 20 
+26 19JS0 12500 01 
-250 1970917400 10 
-38 1.D49 870 ... 
-31 3.140 10*5 
-140 6.100 4610 1.4 
-30 3085 1.970 
-700 94030 »J0D 10 
-30 12.160 8 088 20 
-IDO ML1M 7,250 20 
-30 1.068 49Q 

-IS3 8050 4.065 20 
-30 7J00 4.145 ... 
-70 4,610 2.975 — 


ASA A 

68 


93 

58182 

ASAB 

85 

-100 05.75 

5715.4 


507 

-4 

BOO 

250 20 


507 

-4 

885 

438 2D 

AstraA 

177 


1(7/ 

IS 09 

.Tl 

176 

+1 

194 

144 00 


89 

10800 

fifilttl 

Attaas 

9800 

-.50 10800 

79 1X2 

trrdj 

354 

+3 

439 

282 1 0 


38800 

-100 

437 

333 10 

EaftnA 

87 


13* 

87 3-? 

Estate 

8700 

+00 

>34 

85 3.1 

GrntmB 


-00 

110 76.50 7D 

H8MB 

380 


430 


WiOsA 

42 

-00 

893800 20 

IncnA 

21300 

“400 

311 

137 3J 

IncreB 

21400 

-300 

312 

178 3J 

bmtA 

1GB 

-200 

350 

1S5 3J 

to*S8 

1BB0O 

-2 

?15 

162 32 

RtoSoB 

314 

-11 

372 

17 22 

pnacmA 

12900 

-00 

155 

M 1.7 

PlOrmfi 

128 


15b 

109 1.7 

SCAA 

114 

-300 

!«b 

102 3D 

SCAB 

114 

-300 

136 

OO 3D 

SKFA 



184 

123 — 

SKFD 

12400 

-100 

188 

124 3.4 



+171.120 812 — 

+3 948 712 _ — 
+30204010*1 _ _ 
— 1.120 82T 




SmMcA 108 

SndvKS 10800 

SM 43 

Skndttl 122 

StalD-fl 140 _ 

SWraA 394 -22 

GneB 398 -1050 

' ‘ " “ +100 


SxttenB 

Sp*lA 

Tram 

VahaA 

VWnB 


89 

93 

88 

9900 

132 

132 


143 33.SJ 2.1 

— 142 800 2.1 
_ 733900 — 

-1 10850 9700 10 

233 1 28 23 
475 351 10 
480 350 10 

144 65 XZ 

110 88 30 

122 8200 30 
128 78 60 

159 108 60 
175 105 50 


+3 


s 

JCC 

sr- 

a 

* 5 ??. 


- SWTTZEHLAJ® (Oct 7 / Ffs) 


MUBr 

AhLBr 

AhLHg 


iflf 

QbaSr 

□bang 

EUMr 

BMa 

Hsma 

Fnwer 

HdDhB 


209 

852 

060 

2045 

1.048 

199 

509 

715 

717 

338 

3030 

1019 

2.430 

335 


-1 292191— 

-8 721 $68 10 

-10 713 $67 1.9 
+50 3088 2.173 1.3 
-8 1049 1015 1.7 
_ 250 190 10 
+6 7*7 500 35 
970 70S 2.1 
._ 9*2 896 2.1 
+2 422 331 .... 
+10 3030 1060 1.7 
+5 UDO 1060 08 
+25 2032 1*00 3.0 
-18 993 859 1.9 


-10).. 

+2 520 

— 790 081 — 

avra = 

+26 8SO 609 — 
_ 2040 1060 00 

r 

-81030 525 OB 
— 1070 723 — 
+10 1,140 972 — 
SO 3070 2.790 — 
+19 525 261 — 
-20 20101070 — 
+8 457 292 — 
BBS 348 

3 85* 

+-jj*§S*§ r 

+20 2,070 1,730 — 
+ 10 954 528 — 
-301.7701.490 00 
-6 448 284 — 
-6 778 605 0.7 
+4 SOI 398 — 
-3 886 479 — 
—10 2.120 1010 — 
+3 400 2« — 
-1 MS uflO _ 

-3 715 431 

+30 1040 822 ae 
+30 2000 2050 00 

-310 13.4011 9000 ... 
-10 1.470 1010 0.7 
+181.050 B25 _ 
+101060 1080 _ 
-4Q2/1H2 1080 ... 

— 420 339 _ 


-5 720 801 
+0 615 515 
-1 970 814 

■SHT* 

3 1 * 1 * 

— 960 707 
+30 2,480 1000 
-20 2.700 2.1 BO 

— 9S7 752 

— 749 605 
+10 983 8*9 

-8 787 551 
-8 973 425 
-1 623 318 
-10 1090 1010 
-0 845 408 
+203000 2020 
*100 7035 5080 

— 666 376 

-10 aar no 

+4 1050 905 
-20 20600480 
-7 782 BOB 
-1030 788 
-101040 985 
-17 KB 512 
+ 10^220 1060 

-a ® a 

-a 483 321 
+1020101.420 
-30 20201.700 
^40 10201.500 
-101030 990 
+70X8*0 2080 
-Z BOO 711 
-2 848 397 
-6 882 BBS 
-4 732 567 
+18 792 5B2 
-20 1040 1090 
+14 903 <60 
-3 893 388 
+1 1030 790 
_ 3,018 ZJ80 

— 1070 1020 
♦17 724 520 

— 1008 805 
+9 550 335 

— 833 603 
-2 584 394 
+4 1010 798 

+10 1030 842 
-15 7S US 487 
-7 580 407 
*0 484 310 
+8 639 305 
-20 1080 1.140 
+2010101.450 
+4 568 425 
-1 890 456 

-3 086 673 
400 301 
-20 1020 1.100 
+2 890 743 
+2 489 378 
-2 4S3 337 
—3 B30 378 
-1 940 770 

+2 449 310 
+30 1000 845 
+111.110 790 
+10 2030 1030 
-7 782 605 
+10 1010 aee 
-» 2003 1083 
+1 624 49S 
-30 2.700 2000 
+6040903072 
-201010 B50 

— 1.170 065 

-10 1080 1020 

S 630 39S 

-8 238 231 
+1 925 869 

+19 791 526 

+0 774 493 

+11 404 315 

-21 816 811 
At 1 JHO 701 
+2 588 500 

— 20801.500 

— 10601070 
-Z SIS 690 
+4 810 828 

— 556 400 
+1 851 579 
+1 520 412 
*40 1,440 1 060 
+22 1.140 855 
+30 7000 5020 

-88050 BO? 
-2 482 318 
+10 2.130 1010 
+40 20001030 

-20 1.110 

+3 — 

-30 2. TOT 1090 
+2 850 826 
-10 795 478 
+1010801010 

S 

+11 772 484 
-101090103} 

+2 817 450 

+1010001.050 
-1 615 441 
+151.110 750 
+10 1040 1000 
+1010101,160 
+« 630 

3 S 345 

-100 +7,700 >0,500 
- 6 v 0 oo tiute 7250 
*8 612 364 
+S 667 521 
+00 819 365 

-30 1^0 IJM 


1.8 — 


SO — 

10 Z 
M Z 


jo 

3v8e» 7.710 

S*»p 1020 
aits' Z47D 
Sttnb 967 
SDOOi 2JJ80 
sred 880 

ShcSa 1090 
StaakJI 438 
SHmUd 501 
SAhObd 3«8 
sn>ew 558 
StmSm 505 
3twS7.S 1090 
SM» 2050 
SruSrM 782 

^ HS 

StmSM 727 
SBRlOnh 1000 
SunQm 559 
SumCp 895 
SwnSe 1070 
suhhw 407 
SumUM 428 
SumUar B89 
swam 343 
SunMIM 354 
SukiOui 524 
Sunm BSfl 
Surtbr SS8 
SwirtrS 1,430 
SunWbe 749 
SgaM . lt+50 

832 
1070 


a 

Tkrasn 
Tarave 
ThdsCti 
TenSBt 

1^1 
TeMUn 
ToaGM 
TMvra 
TobuRw 
Touch 
Tod 
TtfU 18000 
TohttP 2080 

TKaBH 

TttKD 
Tokico 
TaMoM 1.1. 
Ilgn 


aoo 

1000 

548 

741 

830 

74SS 

440 


TkOorna 1.750 
TWPw 


Uam 

nsfias 


0.7 — 
— 780 


3.11 . 
440 
ESS 
2030 
TkSM 1070 
liutor 606 
671 
556 
1040 
1 A «0 

fig* VS 

TshbEC 1,010 


TlmCrp 

TTtuLnd 

Toma 

SST 



+8 812 381 
-1808,360 7030 
+10 1010 1020 
-1020*02030 
-31,110 775 
+20 203) 1010 
*81040 040 

— 1090 1,130 
-201080 1090 

42 636 433 
-1* 870 411 

— 396 398 

— 700 $00 

s m «i 

+6010901,110 

— 2020 2080 
-3 828 700 

+IX £080 5.490 
+8 557 BIS 
+7 747 425 
—20 3090 1020 
-7 6B7 404 
+81,100 837 
— 1080 1080 
+0 475 360 
+8 486 288 

-3 1030 051 

-2 3G3 2B2 
-IS 1010 884 
♦€ 573 432 
-10 734 611 
-10 1,130 BIS 
— 1020 1080 
-8 BIS 674 
-90 1020 1050 
+100 9050 3.7B0 
-7 749 BIO 

— 2010 1030 
+1 722 559 

— 862 679 
_ 1090 1070 

+10 1040 1090 
-4 1040 85* 
-3 805 400 
-5 B2B 618 
-1 1.100 705 

— ffil 589 

+6 655 367 
-1 720 602 

— 993 B70 
+17 907 533 
-600 21 0» 17011 

— 30»204O 
+10 J. 420 1,110 
+15 638 326 

+3 507 415 

— 1090 1.120 

— 592 421 
+20 1020 1050 
+20 7,020 1010 
+30 2000 1070 
-50 3040 2050 
+40 3,460 2.7*0 

570 432 

— 705 520 
-TO 2.750 2J00 
-20 2,148 1.620 

H? 780 450 

-4 829 957 

— 730 540 
+3Q 10501080 
-1010601.190 

-3 TOO 573 
+11 878 670 

— 1080 1000 
+19 754 433 

-8 905 TOS 
*1 414 285 

— 2.000 1000 
-1 see 421 

+10 2.000 1030 
— 754 516 

*7 733 524 
+ <0 3060 2080 
+20 2050 1.760 
*8 E27 330 
+10 10&O 968 

-5 50S 330 
-4 880 432 

+8 630 345 


— - HONG HMG 0Ct 7/ HAS) 



— 170 200 8.4 204 
_ 174 101 ... - 

— 400 308 4.1 — 

*08 808 MO 4,7 — 
-07 605 800 10 - 
-05 002 7 JO 20 — 
+02 205 201 60 _ 
+03 60S 4.03 10 — 
-08 602 3J0 1.7 — 
-04 80S 200 4.4 — 


HSBC 
HLmioD 13.76 
HScng& £3 
HaiMSn IOJO 
Hem nr SJ5 
Sferiral 47 JO 
HKCfcG 1400 
«GhW 11.10 
HKAK 33.40 
MB* 2300 
HKLana 1800 
HKm 1X10 
HKTfl 16.10 
Wool 7J3aJ 
Hltmw 35.313 
Hymn maJsaf 
jertnM tojo 
JMB 1 B 20 Od 
JSOV 23.33*3 
KM Bui 140SX 
MandOr IOJO 
NawWU 25-50 
RHM 3500 
GHKPr 5508 
StwOr 1200 
SMBE 405 
SMan 1100 
SCDMP 4.70 
SHXCo 307m 
S+tnA B8JS 
EWIraB 9 JO 
TdaBr 3500m 
ISSOMl SIM 

muse ft 18.40 
wtagQn 1100 

10 J 6 


+001800 80S 40 80 

- EO2S0O20S2.1 

-0015.701040 30 — 
+.40 62 3000 X7 _ — 

-00 G7 37 11 380 
-25 61 99 20 85A 

-.10 14 &1S — — 

-.06 27001800 10 - 
-.15 19.10 1B0O 30 1* 9 
-0S 1030 10 00 — 

+07 806 4.10 20 — 

-100 45 2900 10 - 

+0Q 131 SO 20 — 
-.0$ 210? 11 JO 4.7 40.1 
-08 8000 47.75 18180 

— 1300 10 30 2.6 

__ 080 R.95 4.4 _ 
— WH O T ? «n 4,4 — 

+06 2406 13 20 200 

—00 1500 1000 10 7J 
-1.10 S4 3300 XO 116 
+00 3600 3L30 30 — 
+J03 31 JS 1700 00 _ 
-JO 30-25 1X90 30210 
-J05 17.70 12 34 — 

+.16 1080 5.90 5l0 — 

+.10 42JQ 2700 10 _ 
+J6 33JS 19J5 44 — 
-.10 13.10 7.60 as _ 
+ J9 8400 4H.75 00 __ 
-05 3800 24-90 04 — 

-09 25 1200220 214 

_ 1200 800 00 — 
+.10 4200 2000 34 
-00 39 SO an 86,7 

+.75 77 41 JO 31 OKI 

-.101800 11 3D 45.0 

-D3 8-15 375 3J 130 
-.10 11-40 905 04 350 
_ 5.48 3D0 84 _ 

„ 7.60 306 aa _ 
-05 71 50 2D 190 

„113D 8 20 150 

-JO 3700 23 2J — 

-40 4| 2GD0 2J 

♦D5 230014.75 20 _ 

+.10 iava 10.40 zd _ 
-05 17.40 IOJO 7.7 _ 


riJ “ MALAYSIA (Oct 7 1 MYFJ 


408 -04 800 302 2D 

— ~ Gentrn Z2.BO -00 25.75 1BJB 1 J 

— — HU&td 1800 -S0 18.10 1200 00 

“ ~ MeWMc 1700 -S0 1080 1300 1.1 
~ NMki 4.14 -.10 600 MO 1.7 

~ ”■ MuPiap 408 -.0* 80S 208 OJ 

PB8 440 -.06 8.05 302 1.1 

— SacnaO 095 -05 a w 5.9} ZB 

~ TWetan 2000 -70 24.10 10OT 0.7 

“ Tenaga 1300 -,10 20001200 — 

1J> — 

984 

— - SINGAPORE (Oct 7 /SS) 



+1 

+91.1 

♦11 1.1 .. __ 
♦7 TO « - _ 
-J 74S *98 _ — 


Z AUSTRALIA (Oct 7 /AusC? 


ABtOjf 3.70 
Amcor 8.48 
MVOtt 176 
flmttj 


8= zSSS 


as _ 


00 __ 


& « 
er 3^3 

S3? .££ 



815 — 


Nmm 

sssu 


_ Omron 
.... OnoPh 


PWrvi 

Print**! 



- 


B33 1 J _ 

. ... _ J14W Z Z 

...80104010 OJ _ 
-10 1000 1,050 14 _ 
-7 744 630 _ _ 

-170 4J2Q 2000 04 600 
—4 533 415 _ _ 

_ 779 603 10 _ 
-30 3040 2410 _ 

+5 682 380 1.1 _ 
+4 810 440 10 _ 
+34 1028 705 — _ 
+80 4050 3030 _ _ 

... 1.770 1080 _ _ 
-S 858 447 __ _ 
—10 1040 103® _ 

_ 704 515 — _ 

— 2.680 2.110 04 — 

— 2,150 1010 — — 

— 2JTO105O _ 
+2 1000 886 _. _ 
<D 609 416 — 

+4 1.000 870 — 



■12 


MAS 

SS& 

9Nntt 


+.12 505 306 
-08 11.12 848 
+09 6.10 305 
-1100 705 
+ 302 2.60 
—,0* S.W 1.75 

— 4.79 3.B0 

— 205 1.49 

— J4 2006 18 

-.03 308 245 
-02 4.62 3.15 

„ 106 064 
-JO 1006 1200 
-01 1.18 004 
+05 003 3JS 

— 046 4J4 

205 

700 . 

-02 5.70 309 
+.15 500 4J0 
+.10 088 800 
_ IJ 2 07 B 
+.01 008 CL3S 
+.05 602 097 
_ 102 1 JO 
-.05 1.40 008 
-04 345 244 
-06 305 200 
+ 02 1.47 000 
-01 200 215 
+04 300 2.12 
+05 1.78 1.10 
+02 1.76 IJ4 
+03 206 2 

_ 202 1.12. 

-01 282 108 _+ _ 
+.1011S0 9.75 
+.02 400 208 
-.18 18.84 15.70 
_ 840 2.45 
+07 308 205 
-05 1004 707 
+.05 401 206 
-041308 907 
-01 700 5.25 
-.191000 7.72 
._ 808 30* 

+03 2.79 100 
-03 4.15 3.03 
+01 502 3-BO 
-02 2.13 1J8 
.. 243 103 
-.04 3.48 200 40 HI 
-05 4J5 249 60 _ 
_ 9J5 500 1.0 
-04 4J0 203 17 _ 


.. JR Iff 

i 9<2 +U no 1 ! is** 

20*5 +3.^ M 
iK +3*1* «5j7 
9M +1 

262 S 

s^as 

1S< SIB 15V 
11% +V«H 1> 

24V +V0V23V 
2B% +ViaSV26V 
215 -4 218 214 
2H» +**SI1V21V 
■ TOKYO - MOST ACTIVE STOCKS: Friday, October 7, 



158706 Bnmtaa 
29869 BraotiA 
8146 Bmcw 
48948 CAE 
63844 Cmotfl* 
4000 CBnOp 
1700 OuFdA 
120KS outer 
8860 CarncSI) x 
27240 cameea 
775384 Cartmp 
22085 ConOca 
504653 CMita 
69 Conlk 
173876 emto* 
14025 CanUtA 

1000 CanUB 
80112 cnrtw 
1500 CanTng 
200 cmaen 

8074 Cebu 
191 CdCkp 
11740 CtneOd 
88000 Comnco 

JW 

14700 Cmot 
213820 Caff 

CrneX 
Burnt 
157690 Odaeo 
33700 Otnikvr 
180001 Demur 
16400 BaPrtAx 
7826 DindBA 
20500 &T3M* 
123150 EcnoB 
1400 Grace 
1 89305 EurtJB* 
1000 m 
1044 a Fkmin 
2100 FdMA 
1300 F«m 
20770 ft-Nw 
3700 FWmiV 
32807 FadbiA 
mm ASeesn 
22300 GUmb 
9900 Dni 
1300 OIWLU 
1200 aas CE 

4IE0 GndsA 
100178 Genbe 

106 W msu 
5*611 sure 
800 HarSlA 
torn HawhSd 
5810 HtMrfn 
*0050 HenrioG 
23700 On 
25684 ItoiOa 
18880 Hawn 
28855 HudBar* 
23700 ffLEn 
94664 mUCO 
144083 tmpm 
403818 bee 
GOO Master 
200 toma 
2ftfl tSfsMM 
207100 Uattix 
5 (wsaaA 
8190 .knock 
200 Kerata 

81883 Laban X 
12325 Ldm* 
56840 LdtmB 
2D00 LeHSn 
127 SB® Wadtnz 
5731 tMMb 
11330 M0S8 
217000 uececb 
400417 Macndl 
123900 
26740 
2218 

140350 

1500 Mdinai 

67880 MKd 
43750 Mdsn* 
56105 Moore 
148 Mute 
1130880 *»5Bl«C 
1 691 33 N3MMg 
4300 Noma A 
29840 MmaaF 
744457 KmdaM 
233990 NMcnE 
138558 NttiTd 
854999 Nona 
2500 

8000 

43600 Onaxx 
129100 OMWM 
28040 PlonM 
34311 RieaP 

467952 FYYA 
78800 tan* 
360 PanCnP 
75205 PgenB 
108340 PotCon 
4100 PfiS&i 
480070 PtDome 
58384 PnwrCb 
TOSS Punrt+i 
*00 
1100 

100 

5400 HoHimn 
44000 RngOB 
25 RsedSi 
408113 Hen En 
14S24SQ 


BO -3 W » 
360 3500380 

'4 

31 % +v»n) 31 

*4 

iji 

i +; 42S 4)5 

s +VSSV 3SV 
110 +3 110 110 

BV *8V 8V 

IJlJ Si I9jt 
10 V wbV id 1 ! 
lav +v siav <3V 
10V 

9V -SS3 1 * 3 V 
41 +« WV 40V 

21 V -v easii 

84‘2+3fa*5«JV 

14 V -VS14V14V 

16V SI 5V 18V 
44 46 42 

lo*: -vskpiiov 
1CV 111 1 * 16V 
13V +V SUV 13 
1SV rlmUSV IS 
13 -VSUV 12V 

21 +*t *21 SUV 
77*j SZ7V 27V 

28V Sal. 28V 
37 W7V 36V 
«V +1SW>«5 

. ' & 

isi 

*h e*h 2*h 
27 SZ7 27 
15 +V *15 14V 
21V — V S21V 2lV 
10V *10*1 10V 

10 V +VJ*.10V 
22V 


13*2 +VS13 > !13 , 2 

Ssr'B.i'i 

11V WV » 

av sav av 

40V +VW0> « 

8V +v*bv av 

44 V +V S45 44V 

M( 75**^ 

rv ♦*» S7V 7 
19 V -V SUV ns* 
IJIj +VJ114 11 V 
B }+ 15V BV 

A ( K4»V 

1SV ♦‘flSIG^ 16V 

isv -VaisH i 5 V 
iW iSES+S 

S3 
2151 


MONTREAL (Oct 
4pm dose 



AFRICA 

south AFfflCA (pet 7 / Rand) 

+ #- Htd> Law 1M PA 


9 

1^ 



48 V +VSU*< 

10V -V *11 « ! 
24V -VS»V 24 

BV S8V 8V 
480 -S 470 460 

120 +15 120 120 

450 •: 450 43fi 

11 % +vmv iiv 
25V +v *i» 25V 
ITS +v *) TV 17V 
48 S46V 45V 
14V P+V 13V 
18V J»V 18V 

13 V 4.KA 

-•S’S 

av ssv mv 

57 -1 58 66 

470 +10 475 4ES 
42V 42V 

21V +VK1V21V 

115 +iaS3”!= 
7h +V *7V 7*1 
314 -Aifevaii 
10V -v S19V 19V 
2S +% 929 28V 
5>z KJa 5 V 
16V +VS1EV1BV 

& 

2BV 4VWV3TV 
•TV *^tfV7 

- 28 ‘JI 
V 0 

1994 


absa lain 
A83 27 JO 

A8U0 

Arnett* ^ 

&SB 1 
SSSS U 

Some 29 
& ^ 
t!S 

gr “s 

BanffB 34 

ssa, a 

0»Sr 14J9 
OFSA 128 
Mammy 42.75 
KM 24 

KtvtKrf 31 
SCOH 4.73 
implat 100 
Jd 106M 
non 74 
Xftn(B 70 
UMJQ 87 
Maawt 16 
Hedcor 31 
PWMM 71 
preraGp 6J5 
RBntlfn S2JS 
RmbrGo 2400 
RmbrCn 1X75 
RudPI 114.75 
SdHan 8.75 
sratnes 15.30 
SABrne 8350 
SMMfUn 5*50 
SLDb 3200 
SUnil 135 
Room 4100 
TngHU 41.76 
Ml 458 
WAraa 73.90 
WDMP 223 
IMnMh 80 


-.10 mSS 670 4 J 
.... 29 17 50 2.1 

__ 123 3308 ZO 
-10 285 118 2.1 

-1 284J0 182. 50 1.7 
+3 506 344 20 
-50 140 102 10 

57 28.50 

+JO 31 2078 !D 
U.50 GO 42 5-7 
-J2 4.30 3J5 1.9 
+J0 121 a 97 04 
+JS10JS ODD Zb 
+.73 73JO 40 17 
-.40 14J5 7JS 4 J 
-.50 35 22.50 20 

-00 42 30 4.3 

-,2fi 2150 19.75 17 
+2 80 3375 S3 

+.15 14.95 704 1.1 
♦00 130 6700 1.7 
+1.7S 47 23JS ..- 

+ .75 28.78 18.75 17 
+ 1 34 IS 1.0 

-05 405 2.15 1.3 
_ 104 55 1.4 

+100 122 76 10 

-1 84 SO 6300 30 
+00 78 41 20 

-00 100 75 10 

221500 _ 
__ 38 28 10 

_ 91 5800 70 

._ 7.73 4.75 8.7 
+J8 58003700 5.4 
•J5 3X75 2300 10 
.... 2X50 1600 10 
.... 138 72 1.4 

-js 1300 xro _ 

♦ JO 20 is 22 
_. IB4SQ 70 10 

+100 66 2600 1J 

_ 37 27 2.4 

... 184 102 2.1 
._ 56 40 1.7 

_45JB23J6 ZD 
*6 498 359 3.8 

♦ JS 7400 33 42 

♦C 223JD 151 20 
-1 804400 30 


).k-f 


AHeniWiyMikn 


NOTES - Prica* on Ws Sage are 05 raotW 00 bt 
IMMM ■ONra ai M an mat i» ndea 
Mm. MgWUaa «i Hr tOK noser 7mtt* 
faM uaM 1 Detogi amw U Ej 
dhUencL *c Be ao« ■*«» w B riqhb. n Ex * 


FT FRS ANNUAL REPORTS SERVICE 
Igucao aHda to end amdAwta mut <e mi 
conwvamaa na X Phaugudi »■ coat 
FBAnieDSi no 0711) heat 3< t>m taubg 
■Md It ■> DM 7511 3822. » caWfl kM ■ONI *1 
IK m *41 »1 778 1718 or to *44 fl 770 X22. 
Mm ■« ea uu ea M MO nmag or. uNM 4) 


A. 


- Honda 

784 

-1 

809 

516 

00 



8.700 

+30 7 J80 6050 

00 

„ QBE In 

406x0 

+D2 

XM 

4.48 60 _ 

— KnmtnJ 

535 

+4 


4 30 




5)700 

+30 90405000 


OCT 0» 

I07«l 

+DI 

1.74 

1.13 X8 __ 


2L4BO 

+1Q2S70 2.4G0 


__ 


4D30 

+20 4060 3J7Q 



400 

-JO 

BJS 

*J8 00 _ 


6GS 



42S 

■Mt 




+40 1020 108Q 

00 



_ 

5J0 



1.150 

-10 

1 J10 1,140 


, 


U90 

-30 109O1JMQ 


3MDS 

306 

+D8 

402 

308 80 9J 

n; ? 


+3 

5 00 

338 


, 

Safyu 


-10 1010 1 J60 


__ SriHnHw 

X1S 

-02 

7.10 

60S 40 

_ KawKsn 


+ 1 



■aai 



869 



_.. Saida 



X10 4.4 

— KawSf 


-4 


303 

- 

■— 

SakHjB 

1.140 


10 

_ Swan 

297 

+04 

300 

20G — — 


US INDICES 


Oct 

7 


Od 

6 


Od 

S 




PC (NW 19781 


CBSTVMMEM 83) 
C8S M SV End 83) 


421.9 

2GS0 


41 as 
2630 


Cap. 40 (1/70G) 


0doSE(MCn/B3l 


Marta Coro WWS 


BTA 11977) 


SE5A0-StnreO4/75) 

Soulb Alrtca 
JSE D*) (2»X7ffl 
JSE ML (+8/9/78) 
Sonin Kona 

toraoOi*B44/1/8Dr 

MW 

MartfSE QOnzMS) 
Sweden 

tanmttmvzm 


287X7 23850 


S7474 57708 


23S8DY 
6261 DY 


23Z7.0 

62700 


29WS 30.40 


SMsa Ok H (31712(58) 117401 
SBC Ogowai (UW7) 


IW^NBdPf.OWWr 

Thabnd 

Knptak 5E7 0QW79 
Terkay 

WXW CoDKJan 1«6J 

MRU) 

MS QcM IK (V1/7QS 
CHOS^BOFDBt 


3722X01 


ais,?’ eiw 


JCJikDiiu (31/I3M W 33109 
tabus Eran(7/1fl2) 133J7T 185.31 
■ CAC-40 STOCK WDCX njTUfllS (UAT1F) 


26*139 

28*1.17 

8(2 

19B7J3 

aw 

4193 

45400 

31D 

40B30 

2KB 

283.4 

29*00 

31/1 

29700 

21« 

303531 

243904 

3/2 

19401 

11/7 

10400 

121 L10 

202 

88001 

21/B 

297331 

330837 

471 

2S07J3 

9/3 

n 

322X80 

16/2 

281200 

20(8 

504® 

64101 

in 


Hi 

23673 

253400 

7/9 

17*600 

li/3 

62710 

87S70Q 

15(8 

544X00 

19/1 

10572* 

108903 

6/10 

85X37 

27* 

29X07 

35X31 

sin 

29X07 

sna 

1384.20 

160X90 

31/1 

1334J0 

6/7 

117106 

142334 

31/1 

115707 

18/7 

88X07 

109X29 

31/1 

88X07 

5/10 

694409 

7191.13 

SrtO 

619403 

19(3 

142188 

1753.73 

01 

719X9 

Hi 

267310 2968180 

iw 

1290030 

24/3 

B17.1 

8080 

2/9 

59100 

4K 

128X48 

134X10 

31/1 

128848 

5710 

11X46 

1311(01 

2/2 

1WW8 

5/10 

332X9 

3B5.TS 

sn 

290 

21/3 

10X26 

191 JB 

36(9 

141 08 

SM 


Daw Jbbw 

Od 

Od 

Dei 

199* 

Sacscompaun 


7 

8 

5 

Hfe 

Lot 


Uw 

Matt 

3797 43 

377508 

3787J4 

397X38 

3593-35 

387X88 

41J2 





PI/1) 

(4/4) 

(31/1/84) 

m 32) 

Haro Boats 

6501 

99.17 

96^42 

10501 

9501 

W9J7 

509 





cam 

(7/101 

(10/10/93) 

(1/10(81) 

Trarcprt 

144478 

143850 

144302 

1682J9 

143800 

1362-29 

I2J2 





<2/3 

(6ft« 

asm 

IB/7132) 

umtas 

178.42 

17703 

17706 

22708 

17505 

25X46 

1X00 





(3/TJ 

(2(W) 

t Siam 

mm 

OJ kid. day* Mgh (uo (381009 ) Lw (u) BT7S2D1 ) (TDtorarica+N 
Day's high 380201 (3794.74 ) Low 3769.77 0768.18 ) (Actua+k) 



Wnlml nd Poor* 







CorapoMa t 

*55.10 

45236 

45302 

48200 

43802 

48200 

448 





|2(2) 

(<^ 

asm 

(1/602) 

HusDtabV 

SB 87 

S3BJ9 

53X18 

56X83 

51X05 

56003 

302 





HM) 

Pl/fl 

nsaw 

<21/5(99 

mu 

*200 

4=05 

4201f 

4X94 

41J9 

4X46 

00* 





P47SJ 

m 

08(9(93) 

(1/10/74) 

WISE Omd 

251-23 

X4S3 

25X35 

3BTJ T 

20.14 

267.71 

4,48 





9Tb 

KM) 

asm 

(35W49 

Aims MM Val 

455.12 

45300 

451.11 

48708 

4C207 

48708 

2031 





P/3) 

P 8 « 

asm 

&nrrs 

NASDM 

74906 

744.19 

74X28 

80193 

603.79 

88103 

5407 




ns® 

(2MB 

oaoiM 

(31/1009 

■ RATIOS 









Sop 30 

Sap 23 

Sap IB 

Year bqo 

2.76 

2.76 

2.00 

2.86 

act 5 

Sep 28 

Sap 21 

Year ago 

2.43 

2.30 

2.41 

2.51 

2033 

20.78 

30.S4 

27.52 


Dow Jonas Ind. Dhi, Yield 

S S, P kid. Ov. yield 
SAP tnd. P/E no to 

■ STANDARD AMD POORS BOO WDEX FUTURES $500 limes War 



Open Sett prioa 

Change 

HRgh 

Low 

Eat vol Open im. 

Dec 

453.90 

456.85 

+2.7S 

457 JQ 

452.30 

66698 

217,439 

Mar 

456.70 

456.75 

+275 

40023 

45X00 

576 

8^55 

JU1 

46SL95 

463.60 

+2-90 

463.30 

459.80 

48 

2570 


Cnw maracl flgum we ice mMdup <k*r- 


M NSW TOR* ACTM STOCKS 

Friday 


J3tw 







Open 

SettPrto* Chansd 

rtgn 

Law 

EsL ooL open InL 

KWsri 235 (ISS'49) 

197+475 196&523 1975)05 715E0J IM 

1736X74 4/1 

oa 

18*5.0 

1867.0 

+15.0 

1871.0 

1634.0 

23527 

2X586 

wa an r r -a , K3 

23111 

3800 

26909 

31 U1 13(6 

28X22 4/1 

run 

185X0 

1875.0 

+150 

1876.0 

18450 

as 

67l 

Tcjrt h+l.Q* 

157105 

157127 

136205 

17T55J3 1OT 

W4W7 *1 

Dec 

1662-5 

1684.0 

+14 S 

1886.0 

1853.0 

748 

26,354 


BN 

CMeenar 

Gen Moon 


W Seem i4.l«a 221974 


187303 VI 




Open merest Sgimi hr nnwwo Ml 


112233 IKXQ n 33.72 131*46 il 

“ Sal Ocl 1 ■ Taiwan Wng m cO Price 713X115 Kora* Camp Ex 1054J3. Saw dun of a* njeffi se 100 tncaOt; AussaBa An Oxsntey 
and iwvto - soft Aae <a Tiodttd. BB30. HEX Gat. MB ton, SBF2S0. CACAO. Eua Top- 100, BPS OM t Toronto Cam+TMatan A 
LinwaS ttW DAA - dl 1.000. JSE Odd - 255.7. JSE 2fl Muartab - 2040, NYSE M CoRknon - SO and Standard ml Vrt - IX » 
Mcnueed. 4 Tmw Id CmmL U linttvnnacle. ( rBtg/OAX MterJmav md«c OP 7 - 197707 +I2J6 


TMonoG 
SW AMkn 
V#SM 
taulU 
Santa Fa 
K Mart 


Stacks 

Haded 

4,493,900 

3036000 

gJMJPO 

2096.600 

2.685.600 
1471 JOO 
3,455,300 
2.422JOO 
a32SflW 
£314230 



B WlAPWi ACTIVITY 
• Vofcone (m*orO 

Oct 7 Oct 6 Sets 
New YoA SE 27X^62 299092 3SS037 
Amo 14005 17003 19070 

MASOAQ flfl W7.W) 973.071 


32W 

m 

+4* 

+M 

NYSE 

fSSOH TwM 

2032 

2023 

2064 

21ft 

,, 

RM9 

1J06 

988 

538 

22 H 

•W 

Fate 

934 

1.113 

1755 

52 

+v» 

UntMagM 

690 

724 

571 

14* 

♦ft 

New rtd» 

28 

18 

9 

ISM 

•44 

tew Lows 

W 

141 

254 


T Canecuon. ■ CMttb i bd e* 15JB GATT. • Ekduding bonds, t Industrie! Oka Uttldw. Fkwictw ana TranapartaDon. 

mtoaw^eiMMpMNMkrtmaricrtraaen^di^Mdaylyi 


6 7Ba CU Ind kxMM Vfcneal ebrv am Jowl ars 
Block; wturoot 0» actus day's Mgta and lows (aupptad by Tdafcm) 


(krtig 8» day. (n* flgtree In bradiab an pravtort «*/*$• f SubWei w wfldM racatoibttan. 


1 m wgfiflBr and tone** vakiaa m tfta Max noa raocnad 


The Future's History. 

The largest provider of dedicated financial ultimate financial pager on die market. Try 
paging worldwide, Hutchison Telecom, brings Pulse for FREE now and you'll soon sec why. 
ycru Pulse. With more features and in-depth 

information than anyone else, it really is the Call 0800 28 28 26 Ext- 134 today. 


Easy 
f swop out 
' from your 
k existing page 
provider. 




► PULSE 


Hutchison 

Telecom 


Stocks 

Ctatag 

Chang® 


Stocks 

Closing 

Change 

Traded 

Prices 

an day 


Traded 

Prices 

on day 

6.0m 

990 

+17 

Honshu Paper — 

4.2m 

687 

+25 

5.8m 

722 

+17 

Fujitsu — 

X8m 

1080 

+20 

5-Zm 

379 

-2 

Canon .... — ... — 

3.7m 

1(900 

+20 

. 4.8m 

746 

+11 

Kawasaki Sieei 

3.6m 

434 

-4 

40m 

281 

-6 

NEC . . — 

XI m 

1230 

-20 


Any time any place 
any share... 


Instant access to up-to-the-minute share prices from 
anywhere in the world 


Whether you’re doing business in Berlin or hatching deals in Hong 
Kong, FT Cityline International can link you with all the UK stock 
market information you need: 


•real time share prices 
•updated financial reports 


• daily unit trust prices 

• personal portfolio facility 


FT Cityline has proved invaluable to business people and investors 
in the UK for years. And now it is available from anywhere in the 
world. 


If you would like further details fill in the coupon below or call 
the FT Cityline Help Desk on (071) 873 4378. 


FT Business Enterprises Limited, Number One Southwark Bridge, 
London SE1 9HL Registered in England Number 980896. 


FINANCIAL TIMES 



mimnom 


Complete details below and send to: FT Cityline International, 
Number One Southwark Bridge, London SE1 9HL 

Name: 

Address: 

Postcode: Tel:............ 












FINANCIAL times MONDAY OCTOBER 10 1994 


■25 


POUND SPOT FQRvva.su AGAINST THE POUND 


otn 


Europe 


_25*J' c»*y BUM* 

on dpy *f**7rr1 


Day's Md 

Nah low 


CURRENCIES AND MONEY 

£ 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


WORLD INTEREST RATES 




Auatrtn 

(Sch) 

17ftS09 

- 


MSbrn 

PR) 

60.4173 



Owmark 

SKI) 

9-5&09 

^0. • 


Fnmd 

FM) 

76325 



RwiW 

(PPr) 

63787 



Qwnany 

(DM1 

2.4S11 



Gmac« 

(Dfl 

374.154 



kstand 

m 

1.0114 



My 

« 

24MftO 



Lutembcun 

{LP» 

50.4173 



Nadwrtonda 

(FO 

67438 



Nonrey 

(NKI) 

10.6532 



Portugal 

(6» 

250210 

- 


Spain 

. (PN) 

202.901 

‘ * 


•TumHin 

OWWiWi 

tSKr) 

11.8387 



Satozoriteto 

(SR) 

£0318 



UK 

(Q 




Ecu 


1-2823 



SDftf 

- (LS2S1SB 

— . - 


Amarteaa 




“= ^ 

Argentina 

(PeM 

1.58B9 

7i, % 


BmzB 

(«) 

1.3400 

*•— 


Canada 

(W) 

£1432 



Motto CNewPeao) 

64354 



USA 


16005 


t*° ' 887 Wfl lT^tea 

-O0»1 Mt - 335 60X210 503120 

25® * *= M173 &X6B7 

jS®* 2? * £5 7 6960 7.-950 

-0.0056 735-809 &3880 g g sgn 

-000^5 497 . 524 2.4SH 2.4440 

MO - 657 374X63 37*303 
W ‘ t!f1 1 Al» 1.0096 
®B - 6G2 250084 2487.10 
951 - M5 505210 50J120 
OA. 003 428 ■ 448 2*7488 2.7375 

-A0277 485 - 578 10.7359 10.5901 

*<W4 059 - 380 250673 240618 
884 - 078 203.628 202.871 
-0-0382 254 - 479 11.7114 11.6260 
“0.0018 904 - 332 2.0366 

-0.001 815 - 831 1.2848 1 


One month 
Rate HPA 

Threa mando 
Mb KPA 

One year 
Rato %PA | 

Bank ot 
eng. Me* 

Ocl 7 

Closing 

mks-patnt 

Change 
on day 

Bid/oHw 

spread 

172465 

Oft 

!Tft347 

04 



11SJ) 

Empe 

Austria 

(Sch) 

108485 

-0023 

«40 - «o 

50.4373 

-Oft 

50.3523 

Oft 

500223 

aa 

116.7 

Belghan 

(BR) 

31.7000 

-0.088 

950 - 050 

9ft868 

0.5 

9.603 

-Oft 

00107 

-03 

1107 

Denmark 

W 

6.0303 

-00102 

283 ■ 313 

63764 

- 

- 

- 

- 

- 

801 

Rtoand 

FM) 

4.7301 

-00357 

311 - 411 

ai 

8J725 

Oft 

55125 

08 

1105 

France 

(FR) 

SftflOS 

-00116 

657 - 880 

2.4+9S 

Oft 

2.4466 

07 

2ftisa 

1ft 

1201 

Germany 

(D) 

1ft411 

-0X033 

407 - 415 

- 

- 

■w 

* 

■ 

- 

- 

Greece 

W 

235ftS0 

-0405 

000 - 500 

1.0113 

at 

1.0116 

-0.1 

1ft138 

-Oft 

105.8 

Ireland 


15727 

+0.0047 

719. 734 

2501ft 

-S3 

251055 

-3.0 

2S65 

-2.8 

74.7 

Btoy 

04 

1568.68 

+3.16 

810 - 925 

664373 

-Oft 

mare 

Oft 

300223 

Oft 

1107 

Luxareboup 

(LFr) 

31.7000 

-0X88 

950 - 050 

2.7428 

0.4 

2.7391 

07 

2.706 

1ft 

120ft 

Nethertands 

(R) 

1J252 

-0.0039 

249 - 254 

166526 

0.1 

10.6563 

-0.1 

10,0672 

oo 

803 

Norway 

(NKr) 

8.0982 

-0X278 

972 - 992 

251ft4 

-8ft 

355.12 

-7ft 

- 


- 

Portugal 

<m 

157320 

-024 

270 - 370 

203L381 


204.061 

-2.1 

208.618 

-1ft 

86-1 

Span 

PM 

127ft2S 

-0A25 

600 - 650 

11A557 

-2.0 

11.7032 

-2ft 

11.9167 

-2.4 

703 

Sweden 

(SKr) 

7ft186 

-00354 

116-216 

20866 

1ft 

2X031 

17 

1ft82B 

04 

123.1 

Swttzartand 

(SR) 

1ft77S 

-0X031 

770 - 780 

1ft8l9 

- 

- 

- 

- 

- 

80ft 

UK 

« 

IftflOS 

+00025 

900 - 900 

Oft 

1ft017 

Oft 

1ft7B5 

03 

— 

Ecu 


1ft403 

+0.0020 

389 • 407 

- 

- 

- 

- 

- 

• 

- 

SDftf 

- 

1/48488 

- 

- 


Day’s mid 
tow 


0n4 month Three months one< 
Rate %PA Rats %PA Rate 


war JJ* Morgan 
%PA IndM 


10. 8690 10.7920 108465 OO 10B463 OQ 10.7715 0.7 

31.7700 31.8130 31.7 00 31.71 -0.1 $1.77 -<X2 

6.0488 6.0022 80345 -08 6.0438 -0.9 8.1003 -12 

4.7800 4.7090 4.7361 0.0 4.7386 -02 4.7520 -03 

82783 02416 02685 -04 02674 0.0 5J697 -0.1 

1A190 13330 1,5400 02 13393 05 1.6317 0.6 

235^20 234400 23555 -1 JS 238.125 -1.5 238.625 -1.4 

1.5808 1.5678 15726 0.1 15724 0.1 15572 1 Si 

1572AM 1564 .S3 1573,43 -3.6 1581.38 -Z2 1826.18 -3.7 

51.7700 31.6130 31.7 04) 31.71 -0.1 31.77 -02 

1.7280 1.7172 1.725 0.1 1.7232 05 1.7154 OB 

&7600 66533 67042 -1.1 67217 -1.4 67832 -1.3 

157510 1565BQ 1S602S -5.1 15952 -*X 16657 -44) 

12a030 127.410 12751 -2.7 12038 -ZA 130875 -2.6 

7.3712 75020 7.3328 -2.7 75641 -ZB 75398 -34) 

12802 147700 1.278 15 1.2728 15 1.2SB8 15 


15965 1.5887 1.5801 

12444 12378 12398 


05 

0.7 


15895 

1239 


02 15772 

04 12338 


68 

08 


1042 

1067 

1061 

822 

1065 
1067 

868 

764 

105.7 

105.6 

963 

955 

800 

81-2 

1066 
867 


1-3427 12387 
2.1540 2.1400 
64338 64264 
15965 15887 


Indie 


+0502 883 - 074 
■00019 388 - All 
■0.0021 422-442 
00116 299-409 

P*C*WMk)dte EmB/Africaf 905 "" 100 " » 

J55 £15% *°- m 530 ■ 557 2-1MS 2.1507 

Hong Kona (HKR 122809 +00198 888-951 125362 122772 

^ +00729 704 - 105 500740 466410 

w 1 M! +1 31® - 488 156970 166480 

(MU 4.0788 +00109 708-807 4.0058 4.0883 

fSS?* J * 0JXSa 272 - 308 245375 25287 

'1-22 4 a 4 ® - 066 422550 408235 
S»d Arabia (SR) 5.9706 +08092 801 - 730 53825 52649 

TS SH i, u .. V 'm +0 - 009a 540 - 568 2-3828 23510 

+0-0036 739 - 819 5JS31 68719 

S Antes (Rrv-1 PJ 68402 -60058 224-579 681S4 68189 

SetA Keru (Won) 12 76S3 +158 009 - 097 127628 126921 

!***>. TO 41.0082 +60307 080-243 41.7881 41,6580 

T ™“ lwj VP*) 368066 +0.0748 929 - 202 39.9660 367520 

Jw iyd wftiwtinaiaE niiniirxT hfltn rd c 

the Do ter Spa tetfea dartre! tom THE MMAEU1HRS CUWNQ spot Hates! 


CROSS RATES AND DERIVATIVES 


2.1426 

03 

2:1413 

cu 

2.1358 

0.4 

1X901 

Oft 

1X895 

Oft 

1ft772 

Oft 

2.1543 

OX 

2.1557 

-Oft 

2.1730 

-Oft 

12ft87 

Oft 

12ft859 

Oft 

12X93 

ao 

188X23 

3ft 

157X73 

3ft 

152.588 

4.3 


-1ft 

2.6408 

-1ft 

2.6631 

-1ft 



- 

- 

- 

: 


87.7 

622 


I860 


Mid Mot are not drectly <*ioted to l 
_ i ISM - lOQXkL OHer and I 
I onM by the f.T. 


EXCHANGE CROSS RATES 

Oct 7 BR- DKr FFr 

DM 

K 

L 

n 

MCr 

e» 

Pie 

SKr 

SR- 

e 

CS 

S 

y 

Ecu 

Belgium 
Denmark . 

(BR) 100 

19X2 

18.02 

4X82 

2X08 

4947 

6441 

21.13 

496ft 

4025 

23.07 

4X29 

1X64 

4X51 

3.154 

316ft 

2543 

(DKr) 52X7 

10 

8.734 

2ft66 

1X54 

2801 

2860 

11.11 

260ft 

211 X 

1213 

2118 

1X43 

ajas 

1X56 

1662 

1X37 

Rape* 

(FR) 60.18 

11.45 

10 

2X26 

1ft07 

2978 

3X75 

1271 

298.7 

2422 

13X8 

2.425 

1.1B4 

2ft6B 

1X96 

190ft 

1X31 

Germany 

(DM) 2057 

3.913 

3.417 

1 

0.412 

1018 

1.119 

4X45 

102.1 

8276 

4.745 

nrPQ 

0408 

0X74 

0X4S 

SSX3 

0X23 

heUnd 

(IQ 49.88 

8ft8B 

BftSS 

2424 

1 

2467 

2713 

1053 

2475 

2007 

IlftO 

2X09 

0989 

2120 

1X73 

157.7 

1X68 


(U 2X21 

OJBB 

0336 

0X98 

0041 

100 

0110 

0427 

1003 

8.136 

0466 

0081 

0X40 

0X66 

0X64 

6X91 

0XS1 

Nethartenda 

F0 1038 

3.490 

3.054 

0ft94 

0389 

909ft 

1 

3X83 

81X1 

73ft7 

4X40 

0.740 

0385 

0781 

0500 

5611 

0467 

Norrey 

(NKr) 47ft3 

9X05 

7X65 

2X01 

0949 

2342 

2576 

10 

234ft 

190ft 

1092 

1.907 

0X39 

2012 

1/493 

149.7 

1X04 

Portugal 

(E3) 2015 

3X33 

3X48 

0X60 

0404 

996X 

1.098 

4X57 

100. 

81.10 

4.048 

0812 

0400 

0X57 

0635 

63.71 

0X12 

Spain 

(Ptto 24.84 

4.726 

4.128 

1ft08 

Oftse 

1229 

1X52 

SX49 

123ft 

100. 

5.732 

1X01 

0483 

1.066 

0784 

78X6 

0632 

Sweden 

(SKr) 43.34 

0246 

7ft02 

2107 

0X89 

2144 


9.157 

215.1 

174ft 

10 

1.740 

0860 

1X43 

1X87 

137.1 

1.102 

Swttzartra+d 

(SR) 24.82 

4.722 

4.124 

1X07 

0498 

1228 

1X51 

5X44 

123ft 

BflftO 

5.728 

1 

0492 

1X55 

0783 

78/48 

0X31 

UK 

« 50.41 

0590 

8.370 

2X61 

1X11 

2484 

2743 

1085 

250ft 

202ft 

11.83 

2031 

1 

2143 

1X90 

1SSL4 

1X82 

Canada 

<C9 23.52 

4.476 

3X00 

1.144 

0.472 

1184 

1X80 

4.970 

11BX 

94.68 

5.427 

0948 

0.467 

1 

0742 

74X8 

0568 

US 

(S) 31.70 

6.031 

&2BB 

1ft42 

0830 

1569 

1.725 

6X98 

1574 

127.8 

7ft 14 

1X77 

0.629 

1X48 

1 

1003 

0806 

Japan 

(V) 31.62 

6X18 

5ft5S 

1X38 

0634 

1565 

1.721 

8X81 

157X 

127X 

7X96 

1X74 

0.027 

1X44 

0997 

100. 

0804 

ecu 38.32 7.480 8ft34 1ft12 

Omufl KtoML Bench Franc, NoraegMi Kroner, red Gwadteb Kraoor 

0780 1945 2140 8ft07 195ft 

par lOt Sdpim Bmc. Yen, Escudo, Ua and Fwtoa 

155ft 
per 100. 

9X72 

1.684 

0780 

1X72 

1X40 

124ft 

1 


Anjortlre M 03975 -05003 977 -973 0.9978 0.8977 

Brazfi (W) OS4S -60025 420 -430 68430 68420 

Canada (CS) 1.3478 -1 

Mexico (Now Paso) 64175 ■ 

USA « 

PadOcAHdte Eate/AMra 

AuetraBa (AS) 12548 M 

Hong Kong (HXS) 7.7279 -K 
fmSa (Rs) 312688 -1 

Japan (V) 106225 i 

Matevsta $AS) 65645 M 
New Zealand (NZS) UBS30 -1 
Ph*ppb*aa ff>noo) 258000 
Seudl Arabia (SR) 3.7540 
Shig^jore (SS) 1X810 +1 
S Africa (Com.) (RJ 32700 -£ 

S Africa (Hn.) (R) 4.1750 

South Korea (Won) 7S68S0 
Taman (15) 261500 - 

ThaQand PQ 26028S -K 

tSDH rate tor Oaa. BUUfer rpma* ft the Otter Spot tebla mow or* Ihe leal tree ttetenei placn. FQnnrel rates we ret rarawtr ranted ton 
but are meted by ament Mm rate*. UK. Refend A BSU aw tented In US turner. JA Morgan nominal tadces Oct & Bass mersoa 1990-100 


FT GOLD MINES INDEX 


473 - 478 

1X495 

1.3405 

1X477 

OX 

1X471 

0.1 

1X539 

-Oft 

84 ft 

150 - 200 

3.4200 

3.4150 

3.418S 

-0-4 

3ft203 

-OX 

3ft277 

-Oft 


* 

- 

- 

- 

- 

- 

- 

- 

- 

85.7 

541 - 550 

1X559 

1X630 

1X549 

-OX 

1X566 

-ox 

1X623 

-0.6 

86X 

274 - 284 

7.7284 

7.7274 

7.7277 

ox 

7.7284 

ox 

7.7434 

-OX 


650 - 725 

31X725 31X650 

31/4538 

-ax 

31X986 

-X.B 

- 

- 


200 - 250 

100X00 69.7800 

99X55 

3X 

9&38S 

3ft 

96.73 

3X 

148ft 

640 - 650 

25660 

2X590 

2X566 

4ft 

2X44 

3X 

2X175 

-2.1 


523 - 537 

1X545 

1.8523 

1.6539 

-0.7 

1.8558 

-0.7 

1X611 

-OX 


SOO - 600 

25.6600 25X500 

- 

• 

- 

. 

. 

. 

_ 

535 - 545 

3.7545 

3.7535 

3.7553 

-0.4 

3.7594 

-Oft 

a778 

-Oft 


805 - 015 

1.4650 

1.4787 

1.4797 

1.1 

1.4778 

Oft 

1 ft71 

a? 


685 - 715 

3X736 

3X670 

3X655 

-Sft 

3,6138 

-4ft 

a 9905 

-3.4 


650 - $50 

4X900 

4.1660 

4X087 

-9.7 

4X675 

- 8 ft 

. 

. 


800 - 900 

799X00 788.000 

801 XS 

-4X 

805X5 

-ax 

823X5 

-3.1 


560 - 040 

28X010 26.1560 

26.18 

-Oft 

26X2 

-Oft 

. 



270 - 300 

25X300 25.0150 

25.101 

SJS 

25X285 

-3X 

25.7085 

S.7 

- 


HONEY RATES 








October T 

Orer 

One 

Throe 

Sbc 

One 

Lomb. 

Dfe. 

ROPO 


night 

month 

mtha 

mths 

year 

Mar. 

rtee 

rate 

Btttfraii 

4% 

6 

5*4 

5D4 

55 

7.40 

4J50 

_ 

week ago 

4% 

s 

544 

58 

35 

7.40 

4X0 

_ 

Ranee 

5& 

Si 

S# 

s 

6V4 

SXQ 

_ 

8.75 

weak ago 

5J 

64 

544 

Sft 

Bi 

GlOO 

- 

8.75 

Germany 

4XS 

4.05 

5X0 

5X0 

5.75 

8X0 

4X0 

4X5 

waek ogo 

4.15 

4X5 

5.18 

5X3 

6X3 

6X0 

4X0 

4.85 

hetand 

4*4 

St* 

as 

54 

794 

_ 

_ 

6X5 

week ago 

4*4 

514 

Si 

84 

744 

- 

- 

6XS 

May 

as 

as 

844 

94 

104 

- 

7X0 

8X0 

weak ago 

as 

Si 

Bfl 

8 

9fl 

- 

7X0 

8X0 

Wemertuto 

4X4 

5.02 

5X4 

5X8 

5.84 

- 

5X5 

- 

week ago 

4X4 

6X2 

5X2 

5X5 

5.75 

_ 

5X5 

- 

OettBMteito 

31% 

4 

444 

444 

41* 

0JS2S 

3X0 

- 

week ago 

354 

4 

4S4 

4*4 

44k 

6X25 

3X0 

- 

us 

4N 

S3 

53 

Sft 

ai 

- 

4X0 

- 

week ago 

4* 

5& 

Si 

50 

64 

- 

4X0 

- 

Japan 

2M 

3 

2M 

25 

24% 

- 

1.75 

- 

week ago 

214 

3 

2* 

25 

244 

- 

1.75 

- 

■ S UBOR FT London 








Matbank Fixing 

- 

514 

50 

58 

85 


- 

- 

week ago 

- 

51* 

51* 

54* 

6to 

- 

- 

- 

US Dofiar CD* 

- 

5X6 

6/40 

5.70 

6X7 

. 

_ 

_ 

week ago 

- 

5X5 

5X2 

5X8 

6X5 

- 

- 

- 

SDR Linked Da 

- 

344 

3fi 

39* 

4 

_ 

- 

- 

week ago 

- 

394 

34 

31* 

4 

- 

- 

- 


ECU United pe add rate* 1 nor 5*c 3 mtha: 5ft 8 rate fl£; 1 year 8H. S UBOfl 
test an ottered now far 910m quoad to dn martcst by tawrateranoa banks at Hem w 
dan- ire teu era: Bank** Tiuk, BanX at Tokyo. Bemkys end Nettomi Wedtt niwu t- 
Mkl ana ore shown for dw danasdo Money Hntse. US S CDs ad BOR LHcad Depoahs |D6 


EURO CURRENCY INTEREST RATES 

Oct 7 Short 7 days One TVree 

term notice month monthe 


months 


One 

year 


%chfl 

Del ttaoe 

7 31/12(83 


«of 

Oct MdCtte Said 
• Ste Men 


lUI N Law 


Belgten Franc 

*s 

-4H 

43 

-4« 

5 it 

-*3 

5ft 

-5ft 

A 

-A 

5ft 

-5ft 

Denton Krona 

5* 

* 5*2 

5% 

-5% 

A 

-5% 

A 

- 51* 

7- 

A 

7\ 

-71 2 

D-Mark 

*z 

-4JI 

4 J 2 

-4)| 

5- 

43fc 

A 

-51* 

A 

-A 

5il 

-sft 

Dutch GuSder 

A 

-4B 

5 ft 

-43 

5A 

-48 

5ft 

-Sft 

V< 

-5ft 

5ft 

-Sft 

Ranch Franc 

5h 

-A 

5ft 

-5ft 

5.1 

-5ft 

A 

-Pi 

6 - 

A 

5>2 

- 6 ft 

Portuguese Esc. 

Bi 

-9 A 

9% 

-Bi* 

« 

-BS, 

IQl* 

-83 

toft 

-toft 

105* 

- 10 ft 

Spanish Peseta 

7% 

-7ft 

7>2 

-7ft 


-7ft 

8 - 

A 

A 

- 8 >+ 

9*1 

1-9 

Staring 

5»i 

-A 

53. 

-su 

5jj| 

■ 5il 

6 - 

5* 

A 

-A 

7ft 

-7ft 

Sate Franc 

sa 

-«2 

3^ 

■A 

3§ 

-33 

A 

-41. 

A 

-A 

4ft 

-4ft 

Can. Ddtar 

a 

-4fi 

S - 

*a 

Sis 

-fi 

A 

-A 

A 

-e 

7- 

5ft 

USOoBar 

4a 

-4« 

*3 

-*a 

s 1 * 

-si* 

A 

-A 

53 

-5» 

A 

Bft 

man Lira 

9- 

7h 


-A 

A 

■A 

A 

■A 

9ii 

-Sft 

10ft 

-10ft 

Yen 

2i 

-2% 

2 ft 

-Sft 

2ft 

-21* 

A 

-2ft 

21 2 

-2ft 

2ft 

-2fi 

Aeton SSlng 

s 

-»2 

2H 

‘A 

3ft 

-3ft 

3& 

-3ft 

4 - 

A 

*A 

-4ft 

Short term rotes are can 

tor ihe 

US Deter sno Yen. 

where 

two t 

toy*’ nedca. 





6cM Mtam tedex (34) ZZ4S2S +67 2247 JD 5484 10800 


161 


ZXJM 1782 m 


MOMTM BIMBBUjjl pMM) »1m pofrita of 100% 


4teca(iq 3547.08 +73 349025 1624 3339 385 382320 230145 

Aatrabeta (7) Z793J2 +4J 280610 684 1252 1.73 301389 ZD8&97 

IfarBl Amatra (11) 1783J07 -42 1797.72 2655 54.09 67$ 203685145611 

CapydgM. The ftanaai Hmea IMted tfiei 

Bw«ea hi bradwte mow number of tuw re Baste US Dotera. Base values: 100000 31/12*. 
Itedacmaa OoU Mree hstec Ocl 7 : 2#t A weeks cMngc 43 pdrte Yaat age t 203.7. 

O I — n~ -n— -if-- /i fl-*iT fin ~ idndll 

LONDON RECENT ISSUES: EQUITIES 


■ IMMIKHIBI8B (MM) DM 125.000 per DM 




Open 

Sett price 

Chteigs 

Woh 

Low 

EsLMl 

Open W. 


Dw 

0.8480 

0.6486 

-0.0017 

0.0530 

a04S7 

17X58 

77X87 


Mar 

0.6517 

0.0474 

-00019 

0.6S30 

a 6459 

56 

1,ITK 


Jui 


0.8485 

-a 0Q2i 

“ 

' 

3 

583 


to SHRMPIMMC WTtllMB (BUM) SR 125.000 par &Fr 




in 


ON 7 

—-Ores — 

-Ptw. doss 

Eipot 

1X085 

1X907 

Into 

1X801 

1X903 

3 ate 

1X855 

1X0S6 

1ST 

1X73Z 

1X775 


FT OUPE lo WORLD CURRH4CIES 

The FT Guide to Wortt Curendes 
table cai be fouid on the Companies 
& Finance page n today’s edSxrt 


Issue 

price 

P 

Am 

paid 

up 

MU. 

cap 

(Eng 

1994 

H& Low Stock 

Ctose 

price 

P 

_±_ 

Nat 

drv. 

Drv. Grs 
ccw. yk) 

P/E 

not 

5125 

FJ>. 

17X 

130 

113 Compel 

113 

-3 

WN4X 

Z1 

44 

10X 

re 

F.P. 

1X0 

1ft 

1 CorrO Foods Wrts 

1ft 


- 

- 

_ 

_ 

180 

FF. 

442X 

181 

1TO HI & F Man 

172 


nox 

IX 

8X 

95 

- 

F.P. 

24X 

66 

81 Emerging Mtts C 

82 

-1 

- 




63 

FJ>. 

12X 

80 

65 Em rani. 

67 


RN0.71 

53 

IX 

&4 

115 

FA 

37X 

121 

115 Games Workshop 

121 

+3 

RNAX 

22 

4X 

114 

re 

FJ». 

30.0 

60 

60 1 tomtoms Sm Aston 

60 


_ 

_ 

_ 


re 

FA 

2X0 

29 

28 Oo Warrants 

29 


_ 

_ 


_ 

112 

FA 

2L4 

120 

1 18 todspoktonl Parts 

120 


LN4X 

2.1 

*. 2 

145 

160 

FA 

17^ 

195 

100 Mactos Ml 

161 


RN0LO 

2X 

4.1 

74 

60 

FA 

23X 

85 

75 Bjtand 

82 


LN3X 

1.7 

5X 

135 

re 

FA 

112X 

379 

362 Templeton E Nfw 

382 

-1 

_ 


• 

- 

re 

FA 

11X 

212 

160 Da WHs. 2004 

191 


_ 


_ 

. 

re 

FA 

283 

380 

340 Wrexham Water 

340 


. 

• 

_ 


“ 

FA 

4X1 

330 

325 Da NV 

325 


- 

- 

- 

- 



Open 

Sett price 

Chanoe 

Hgh 

Low 

EsL Yd 

open tm. 

Dec 

93X3 

94X3 

+0.10 

94X4 

83X7 

92.430 

471X23 

War 

93X4 

93.05 

+0.11 

3166 

93.49 

68X22 

394X79 

Jun 

03.11 

93.07 

+0.12 

93X4 

93.05 

49X46 

299,640 

to UB THUStRlV RBI. FUTURES (IMM) Sim per 10094 



Dec 

9450 

94.63 

+0.10 

94X4 

9446 

IX®® 

21.180 

Mer 

94.08 

94X1 

+an 

94X2 

94X6 

939 

9X64 

Jun 

93X7 

93X3 

+0.13 

93X3 

93X6 

237 

2.129 


AB Open kaeraet Sgc era tar predate day 




DSC 

0.7033 

0.7828 

-0X004 

17899 

0.7813 

9X99 

34X07 



Mar 

0-7800 

0.7858 

-0.0004 

0.7925 

0.7845 

18 

808 



Jun 

Q.7B55 

0.7882 

-0.0004 

0.7965 

0.7860 

3 

63 


■ JAPANBSte YW PVTUNM 9M8Q Yen 125 par Yen 100 


UK INTEREST RATES 


LONDON MONEY RATES 


RIGHTS OFFERS 

Issue Amount Latest 
pnoe paid Reran. 

P up rtm* 


1994 

High Low Stock 


Ctosmg +or- 
price 
p 



Open 

Salt pries 

Change 

ttgft 

Low 

Est-vol 

Opaolnt. 

Dec 

1.0077 

0.9991 

-0X085 

1.0007 

08984 

13.80? 

50X29 

Mar 

1X148 

1X070 

-0.0068 

1X148 

10065 

202 

3X03 

Jim 

. 

. 1X164 

■4X6093 

1X107 

1.0187 

132 

514 


Oct 7 

Omr- 

7 days 

One 

lima 

Sb One 

160 

to 

17/10 

9pm 

2pm 

jsmyn tm. 

2pm 

rkghr 

notes 

month 

monffa 

months year 

SOO 

MS 

75 

ru 

M 

ts 

18/10 

I'll 

1V11 

52pm 

24pm 

24pm 

Ration & Coktan 
Uftcham 

Ytatt ol Laflhw 

25pm 

llrtm 

Msitosrtt Staring 

6-4 

5ft- 5 

5ft - 5ft 

6 -5ft 

5ft - 6ft 7ft - 7ft 

5pm 

3pm 

1 1^X4* 

3pw 


(EMM) E62500 per C 


* - fl* +»J - +|| “+ 

6A. • SA «t ■ SU 

M-SA S%-5le 6^-«. 


- -in--. 

Dec 

1.5000 

1X658 

•00020 

1X980 

1-6838 


Mk 

15600 

1X840 

•0.0038 

1X900 

1X820 


Am 


1X798 

-0X030 

1X900 

1X780 


11.149 40.144 

44 373 

1 8 


Swing Os 
Tteeauy 80 s 

Bank BM m ■ m ■»+ *»ti - wa 

Local adtortyttepa. 5i-4il 5A-5A SA-Sft 5U - 5U 5 s * 5 s . 7£ 
Onccont Market dapa SVt - *\ SV - S 

UK daarihQ bank bast tending rate 5 * pat cert bom September 12 . IBM 
Up » 1 1-3 3-6 5-9 


FT/LES ECHOS 

The FT can help you reach additional business readers in 
France. Our fink with fire 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 wortd.For information on rates and 
further details please telephone: 

Philip Wrigley on +44 71 873 3351 


7i 


9-12 


ce 


m PWUUMttPHU«IKA|Qr n o>8>C»1jfiO{9a»>te par pound) 


Cara d Tat (tap. £106000} 


1* 


A 


A 


3*1 


Stnke 

pnea 

Oct 

- CALLS 
Nov 

Dec 

Oct 

— «ns - 

Nov 

DSC 

1x00 

8X3 

0.48 

9X3 

. 

0X2 

0.13 

1X29 

6X6 

6.12 

7.06 

- 

007 

0X0 

1X00 

3X1 

394 

3X6 

• 

Q.3T 

OX* 

1X78 

1.42 

2X0 

3X7 

0X4 

1.07 

1.62 

IXOO 

0X1 

0X9 

2.11 

1X2 

2X5 

2.73 

1X20 

- 

0X5 

1X2 

3.73 

4.15 

4X1 

PWWW OtoTa voi, CBM 6740 FW* 3XM . 

Pter. dayto opre tot, Ctote 3BUB Ptea a 

1,570 


Cwteat Tax «tep under DOftODO a 1»gic. ttepodte mtdun fat ate Vy. 

(tew tmdw rate q* dMoew* i49S0cc ECQD tad rate Sap Upon FnrecaUww •« <ky Sop sa 
19M. Amrad rate ler pwted Od 26 KM to No* 2S, 19M. Sdimwa a 4 ■ 78Bpc Rteawtew rate tor 
pmodShpl. 19M lb Bop 36 t9B4.SctefTiM nr 4 V673SCC- Faroe Hura Bora An Coe bcmOct 


BANK OF ENGLAND TREASURY BILL TENDER 


BANK RETURN 

BANKING OB»ARIMBrr 



o«j7 

Sep 30 


oa 7 

Sep 30 

GOsoo oftor 

ESOOrn 

ESOOm 

Top accepted raw 

54851% 

itan 

hud tf attetotetona 

C2O30m 

E174QBI 

Am. ma « dtocooct 

5.4850% 

5*710% 

Total akxator) 

esooo 

E500m 

AraagaiMd 

55713% 

55467% 

ittv accepted tk) 

E96530 

£90X30 

Otbr a ned tenter 

£K»n 

ESOOM 

AtoMtt • n*L tom 

99% 

100% 

Ma atnpL NS 182 days 

• 



Octobers. 1994 


btccMM or 
do n ee — for week 


Cap«i 

PUitfc ttepoeto 
Bankers depoeto 
Raaerva end other aceouw 


C 

14J68JOOO 

1J206881.B20 

1,736634,832 

■6386407^39 


+65A96953 

-IITAOajBSI 

+1261^41,626 


7.318,476.861 +1226337^50 


A— ta 

Gd—mmaM —cufti— 

Advance and other accounts 
Pnmesa. equipment and c*hw s 
Not— 

Cote 


1,126826917 
5.748,022,473 
436225354 
7^31 J988 
187J019 


-86176000 
+2JM6186913 
-1^46206208 
+1 AT 9.923 
+16322 


ISSUE QEPARTMFNT 


73T6476J051 +1J29AS7J860 


Not— m ckcuteSon 
Notee to Banking Department 


16206766012 

7,231.988 


+16486077 

♦1A16923 


Other Government aaoetti— 
Other SeCurtttea 


16216006000 

12^76587^23 

6836412A77 


+26006000 

-3.195^51 J088 
+6216251^88 


1621Q/XBA0Q 


+26006000 


BASE LENDING RATES 


Attorn A Company ..« 675 

AEed Trust Bank -5.75 

AS Bank 5.75 

•Henry Arabachar..-^. 675 

aotoatBaradB &7S 

Banco Bfcao Vboqat-675 

Btetod Cyprus 5.75 

Bsr* of itetand 675 

Bsrttollndto 5.75 

Bank OiScaBBnd 575 

Barclays Bark — 675 

BdtSkaTMU a« ..-.5.75 
•emnShldBy&COUL 575 
(XBankNadadand ...525 

OdtertNA 5.75 

□ydwtfcrie Bank SJ5 

The Ct>cpraMe Bank 575 

CouBa&Co — 575 

Oadk Lyonnais -.675 

Cypres PopU* Bar*. 5.75 


% 

OuncanUMda 675 

Exeter Bar* Um*ed.._&75 
nancUA Gen Bate -65 
•Robert Fkm*« & Co - 675 

Gkotw* —5.75 

•Gufnne— Mahon -... 675 
HaCte Sank AG ZLrtch 679 

•Harrtaos Bank -675 

HartoMa&GantnvBk.&75 

WaSarrateL. — 675 

CL Hoars & Go.... — 675 
HurV«rg & Shapghto. 535 
JJar Hodge Bark. _ 575 
•depot) Joavh&Soas 675 

Lloyds Bank 575 

MspUj Brt Lid 575 

MdandBsrk -6.75 

■MoitetBanMng 6 

r- -675 

» A75 


•ft amrohstetkUd ls 
notongartedhadsades 
abanimgkvftteort. 8 
RoyatBkolSccaan). 675 
■Grate 6 vvtomm Secs 675 

TSB STS 

•Unbed afcofNjml 675 

Urty Trust Bank Pt -675 

Wasted! Trust 575 

1Mtoiiie> Iteflte— 675 
ybdohre Bank 575 

• lAembere of Britadi 
Merchant Banking ft 
Securities He 


UK GILTS PRICES 


9Tk% AM 

DM POor t *i- P» 


■mat Ud CKy 
Oh « tow 


arkX am — — 

totes Wal *t~ pa dw 


Lad By 
to tea 


W»% AM 
Nows Mc*e *f- Da 


last By 
to ter 


w wn tew rate"-"—' fMteQ3»ipe WB9-4- 09 543 M4JJ4 

SJaLtSSlS . 106»> -1 1W ttolTNrit 1U1345 cwwdsRVtfeaaM—lMGto Oft 3^12^05025 

tSeHBS 10!« £350 jaajgS »|1»t Tte.MtfBJOOt#— ^ 88% 68 aftMHyaiMO 


8*01to15ter19 T(SteT^a*aKB-« 

I1W ft* 55S 2791306 

iS JS85K SBjKSSfa 

t7A 03 IftW AS6F M 308 - Ttete8«aJ»200»». 

not) 61 1790 jK22Jy22 1M11K 


r«*fcftaifla6«- BWto 214 Myiiiri 269 i»i 

- KTO 01 — 

- %s -i sss? 

isSmi»^ s • n .!*? -I '■SmSSm 

fwaiUtK 
ftttote Wlto 
Tnrarr Hr '""Tf *7 A o> 

tSTESr 

talLu iflOTS w . ... 101*4 02 WO i»1 » 

117 W 01 « W7VU 

ban « IsK IMR2 
rraralV« 

it*c MM'l - 

IlM ti'sK «W 

Iks iW t«M 

irawte^pc rWW - 


1tote8Vpc20Otft. 

8>2PC2D0S 

64129a a*»Hpea*»-- 


98b 03 LW IMOaiaO 

•tow 03 1708 tori tort 

1M& — 

l23A 03 
im, 03 LMBUJWJ 
103 03 1AM *13415 


1671253 J!mifltSCHW«. 

267W1 

<30 *371X27 20*1289 

- - 1381273 

HI - 



09 

543 Jk14Jyl4 

7X1274 


OX 

3/12 ApZ5Qc2S 

1901248 

80% 

00 

8000 Mytt IMO 

1944490 

90ft 

00 

2X00 JI7De7 

- — 

104tW 

08 

4,8*2 Aot»CcT0 

1301247 

120ft 

a* 

L200 UfiUkZi 

1441295 

0JH 

ox 

IHO WSSefi 

20 - 

Nft 

04 

2X» Ap50eS 

10133* 

1MQ 

00 

3,150 A22Jy32 

150 tan 

SB& 

06 

7.197 JalSJflt 

081330 

177U 

0.4 

1X50 IA2»Sfi8 

&J130I 

102ftti 

as 

5321 Apl30c13 

60 0*3 


a* -96- 


JH 


199 


4%pc-98tt — [!25j) urrite ai 

JljpCDI (703) 165% — 

JJapem goto 181& -.1 

thpCOW -.- (lSSaWBAto -ft 

JpeDB HA 1B7H -.1 

aijpcna (n% wift -ft 

ntpeii (74ft) 1S65 -ft 

2^*13 S*2> T26«t -4 


1,200 1818 Sett 
8BD ApZ70c27 
IftDD ltHSeZ4 
1JB0 IfySOMOO 
LflOO AP2I02J 
1JS5B teUJylS 
1JB6 ttfiottao 
2. WO M9A03 
ZXO FsieAriO 


1041313 

209 - 

TUIfttt 
1341917 
149 - 

1081914 
114 1918 
1671319 
nJISJO 
2351321 
951322 
1061323 
166 - 


num, 

8K UrSOSaSO H8UU6 


Lkn i.-'+pr ’ 

rtan 30*198 1 


11+11 04 OflSOMdBMB 2291284 

^ ,*v a* 1,32 toy 18 tort 1 134 080 

mL"!? 10 03 55mWO««« « " 

T^ to•• t,a *•*?-^»■ I OS Oft lJ8BIN»to« 16412*2 

mi - i*»*E*S; - 

KMU 0* U® to*?® 


Ore PHtere Ware 

i TlwaJpcJOtt — . 

«*ft 

03 

3.100 wrasses 

1901330 

r«raeiA«cK»o_ 

00ft 

aa 

4780 - 

1B.4 - 

Cattv8»c0i20nfr- 

KD 

as 

5773 JTZ.yiZ 

10012(5 

Traa»flsc!012« 

103ft 

as 

5.151 ROM 

300170) 

lto«5ftjca»0>12tt~ 

73ft 

13 

IX» Ml 05*10 

4X1330 

Tteteapeicisft 

Mil 

OA 

5350 uer sea? 

I U - 

Time 2012-15*? 

nft 

ai 

eoo jtesjygs 

2081332 

Date B*K atm 

lDtft 

OA 

7,150 WStofiS 

1871902 

, DC»r^c 2013-17 

129ft 

03 

1X00 jmsuma 

65 1200 


SbpE'l* «1* 1 WH -4 2786 JCSJyS 

PiSKS (BUDISIAto -* 2750 SpWOclS 

2l»e-a*tt (977) TWA “4 2.WC A17JJ17 

4l tf c > 3Btt. — 1 1551) lDBV -5 008 JsIBA® 
ft Bgwea In p nwtow aas show m Mas tor re terf i B (to 8 
monha pdor to dun and iww Mm adtoetod to rabsci ratsBing 
of HPt to 100 in January 1907. Coararena tecsor 1046 RPI lor 
janumy 1004: 140 and tor August 1984: M4.7. 


5* - Other Ftnd bitarest 


iQtoeciw* 

internum UN 

fttolltMM- 


sg fl4 «?«• 


18 - 
21713*4 

7ft 1299 ConMitK 


iBattW 
JTcJflUl 13 
61 k HO,' 
MM** 


lOM* 0* MUto3»iPc»- 

Wl ? Si CBrttfiAc-SlAL 

ms #* ji _ DnaBcWJtt- 


i 08 m j* w 

l-jz.” ; - ®4 »M 9 s«i 9 liiiaw lto»ft 9 


43 . Tto*3pcW« 

2.8 1W B0tcto**i8C— — — 


45ft 

>0 

3» 

MM 

2701239 

40ft 

-0 

1X09 

JalDsi 

2641953 

57ft 

1J 

119 

API OBI 

29X120 

3«S 

15 

50 

Ap50c5 

101924 

39ft 

-X 

ffSSMpJrik 

101236 

a& 

-IX 

475 

toil Ocl 

2501118 


Mtoi Ore IDl«pc200B_ 

109 


Btwall>agc2Dt2 

110 



Were Cep Bftsc 10 — 

95ft 

10 

Spec® 1996 

no 

ai 

13pc%7-» 

1W 

07 

Hri>nl%eWclipC2DU- 

Mi* 



LeadeUftpeZOOS 

12N 


Lkagseoftpckaa — 

SBft 

— 


MS - 

4931837 


mvoe 


UX3R-20A& 32 — 

r1U0C2B7. 113 — 

Be* Me — 

1*0*3^ 2821. IS. — 

4VnclZ» Wh — 

tm tuMltww ItolttrMnttfecSRB 196*2 — — 

t»n«»jwa£!-*~- ,,,U . 1J ^ " ’Ilm i T- ”•■-*+« teois- * Qatotoeod-OBStni h d a ri as * tea shnite to pia*tok9to*)»ttecmnostoMMi we ter re i re a ftotoy tp Ftktey b— . 

• Tar-kaa (0 non-tetetonte on ww' 


IDO ikMSto* 

*5 lifts MS 
383 Apian 
725 JHDftOO 

JO *#10C! 

40 MynikOO 2710 - 

40 ApiStt 3933146 
5 UtopfcOc 693 - 
20 ltetoBBe 053 - 

8 ApS0c2S 3933275 
25 alrlbl 5933301 
00 .KBJ0O 1933*0 

so m - 

SO WlStf 093 - 


# fw oto<6 »* 

stock mow** 

W? 


oa* on s 0*1 * M A- 


•“198*“ 

Ugh Uw 


nwi 

«Bb 


lift! 1* 

n« t«» 

H-tf ta) ao * it* 
ft -S| -ft 3W 

ria sAtoCtp _ 
Uftf SireiOPtolT» 
n«*Mte 


- ^. T MM.1 a w MM 23710 apflft BOM FMEBteMBlOB 

S? sSJ 34*&fl 418 LB 33S34 41821 13764 F68E EHKnck 200 

sSo SW 5*41 S 4MZ M2.4 41007 13783 FT Dnfetoj 

«« 15002 17763 145L3 W78J 0015 FT GM SstteHte 

^i^ilTUftOUB^ 80888B 177124 MU8UBUB FT FM Mmt 
wn*6 'W® lySlc iT^M 1 77407 3B0O2* 174M03WO73 138379 FT BM **«» 
liS5l3J2I!SSiJS!«W8sn^tiii4M5t3i4n «1* e**cm«ax*** 


on 7 oa8 Oct 5 oa * on 3 »» (a> )<» Lwr 

13BTAB 1380H 12K481312S7 130932384838 138648 1MUS 90045 
13*4.02 13(342 139S96 13BL61 13S730 100738 1335AB 70D7.1D 83002 
23104 23061 22869 23260 2320ft 2700 22535 271U 464 

SON 9083 90-18 6022 90ft* T87M «LS4 12740 40.18 

10753 T07ft2 10696 10003 107.17 T2U7 10050 12307 5053 

22*625 22*750 233740 2753 14 Z283J0 2^7417821)22X748 922.16 
281ft 201ft 282.1 290ft 290ft 2810 1850 7H7 40ft 


f utures Ltd 


EQUITY AND INDEX OPTIONS 

COMPETITIVELY PRICED EXECUTION SERVICE 
Ftir iunhtr iniurmaiion please con tact 
Phllrp O'Neill 

Tel- 07 1 329 33« Fax: 07| 329 3919 


{INVESTCMRS - TRADERS - CORPORATE TREASURERS 
SATQUOTE™ - Your single service for real time quotes. 
Futures * Options * Stocks * Forex * News * Via Satellite 

LONDON +71 329 3377 

LONDON +71 3253177 NEW YOKK+2L7MX486 FRANKFORT +4*9 440*71 


CLIENT 

TRADING 

ROOM 

nnxnE CLIENTS 
V.TXCOME 


Rf.rkri.f.y futures UMITED 

38 DOVER STREET, LONDON W1X 3BB 
TEL: 071 629 US3 FAX: 071 495 0022 


CALLING ALL CURRENCIES - 0839 35-35-15 

C*B now lor the latest currency rates, with 2 min updates 34 boras a day. 

For detafls ol our M range ol SnancUl iafgnaitkm sendees, call 071-896 SwO. 
Calls are charged at 39 u/mln cheap rate 49p/tnla aH other does. 

Futures Pager Lid, IS/21 Great Tower St. London EC3R5AQ. 


Futures Call 



XVX-FRFE SPECULAHO+N 
IN FLiTURES 


Ibobctoiyaurtar 

yy.al Httgd Motor cr 

to re IGfeidcc 71^611 


anbrip 
aaOmCMTZB o rate 
CtontoK toodooStmrOBD. 


FullerMoney - the Global Strategy Newsletter 

Covering £cnd>. slock;, currency; 5 ccitimodiliesT including v.hvic- To 
invest PuHert r.’cncy is vv;i>!en by Dcv.d F^ile: Tci irle.-nc' cnc.' invc •. ‘c-s 16 
pcsiCv. rnonthly Jingle issue -T5 O' UIJrr. or.nucl £iSi. ir. Lk' ru.’Cpo. 

' c-!5ov/hc-ie£.l2Q c: US$260. send cbeque or c:?d ! ccid detcils 
Cell Jane Fc-aohorsc-n c! Chc.-T Andys:: LIT. 7 Sy/cl-civ S!;c-- '. Lendco V; 15 
7HD UK To;, iersdsn 171-439 -941(0171 in OK) c-: Fox 171 4 >9 4944 


NEW l from FOREXIA FAX $ £ Dm ¥ 

A 0 TEAR PUBLIC HECORP OF ACCURATE SHONT TBBt P0RB6N EXCHANGE ntBCASTMQ 

NOW, FROM ANYWHBRE IN THE WORLD. QETTOOAY'S VERY 

1- A re st ' ISSUE OF THE FOREXIA FAX FROM 0730 GMT EACH 

WEEKDAY, MSTANTl-Y DELIVERED TO YOUR FAX 
USING THE HANDSET ON YOUR FAX UACtUNE DIAL +44 81 332 7426 
IN CASE OF DIFFICULTIES CALL US ON: +4+ si S4M914 


One Chart Equals One Hundred Stones 

p i cJiett • UK. t v'C-poo.i c-<; I:-Ic:i---!iCi-o! iqu:! c; 

<94 f c'c's) Cui:»»ttcy s+d ?f c: Commcilj-.'S cts} ?.■ ',74- - -c; c^-;5 
- pr;:essic-c^rvos:cis. :;w3o.-s or . cr e+sr-ie-ces 

Il r-O! I yOj - CS.I Oc. d Kc.*:V s: SvSci 5 33 fc: do'.o-.'.i 
lol isifij- 171 - 7J-S 7174 (O' 7‘. -- JK) cr Ic« :7T 4354445 
*< wsh.«-iv!i^n 


+s 


05 m 


+e 0 .o' 


Zi HULK 

oKl.K-N I \< H (Nt.f. 


I ill" n, -L 


CXmHPCY MANAGEMENT 
CORPORATION TIC 
II Oiflicwxy 
toMBBtllP 
Tcb 071-065 0000 
ns 0)M02 OPTO 


^ -FOREX ‘METfllS *B0HDS ‘SOFTS 

Objective analysis for professional investors 

0962 879764 , 

1 K }• N j) Fiesnes House. 32 Soiilfcgatc Street, WhcSsstei, v 

. , . ’ | i ..... . HJRt$S023 9cH Fax 0+24 774067 


IND1 


Ike MartctUfdctaBSprad bores -namealtetoSiicNU Fora 
breeterewtomaccoiint Fpphrteirn fate caft 071 20 3667 
Accomw era renraDj' opmad wttfate 72 boor* 
Sreeurup-ttvteiepr^ra faav to 9pm. p» Tehran p^a 60? 



for *U your lavestmenl tad oeriigzilosa] 
reqaiiEfflcau in 5oath Africa or fartber 
inlonnaiioa on ihi* emerging market 
i wiracr 

DnanB WattfRirianl Writer 



tewtewnw iiuji m ore 
ra m w at «w wwmew sotere wte 


nurttenre 
teMteb WlteUI 







PM 

PM 

PM 


tot 

Ax* 


ICKwr 





pa^awe® 






«• 

emxi 




"*V 

game 

DIM 

tAMUn 

“■te 

CWMi 

crunh 

Dion, 

0Q30 

052 

902 

0X2 

0030 

9X5 

8X5 

0X5 

0100 

O«0 

033 


0100 

9m 

9X3 

030 

0130 

085 

BXZ 

8X2 

0130 

1000 

053 

oxa 

0200 

10X0 

852 

052 

0200 

17.00 

8X3 

9X3 

6230 

0*0 

aa 

a a 

fl23b 

17X9 

9X3 

063 

0300 

MO 

062 

062 

moo 

17X9 

963 

9 SB 

0330 

Bias 

058 

9X2 

0330 

17X9 

8X3 

9X3 

0*00 

OBJ 

052 

052 

0*00 

10.00 

9X3 

9X3 

0*30 

MO 

9X2 

9X2 

0430 

BXO 

8X3 

8X3 

0500 

MO 

052 

9X2 

0500 

9X5 

864 

964 

0530 

985 

Oil 

0X1 

0530 

932 

BX* 

90* 

0600 

835 

8X2 

862 

0800 

9X7 

9X6 

9X6 

0830 

oas 

052 

9X2 

0630 

10X3 

9X4 

904 


83+ 

052 

8X2 

0700 

18.71 

1112 

16X8 


9.BS 

9X3 

9X3 

0730 


1639 

19.13 


1000 

064 

9X4 

QflOO 

3877 

17X8 

1901 


17.41 

as4 

ox* 

0830 

40LBO 

17.19 

18X3 

0000 

17X9 

11A7 

14.10 

0900 

40X1 

17X1 

1808 

0830 

17 JO 

nxa 

14.19 

0830 

nR 

iaea 

21-44 

1000 

17.71 

12.71 

1534 

1000 

S9L07 

24X5 

28X2 

1030 

17J1 

15X0 

1643 

1030 

3900 

24X8 

20X4 

1100 

1037 

HUM 

1064 

HOC 

3RJJ7 


28X8 

1130 

1037 

2018 

2279 

1130 

38X4 


2608 

1200 

32M 

31 JO 

3033 

1200 

3060 


20X8 

1230 

aa*s 

31 JO 

■ 2.1 ■ 

1230 

30X5 


2084 

1300 

32X8 

91.70 


1300 

3023 

18X8 

71-44 

1330 

SOJf, 

2016 

HL78 

1330 

0OJJ3 

18X4 

21X8 

1400 

1830 

15X0 

1043 

1400 

3087 

18X3 

21X7 


1038 

12J1 

15X4 

1430 

2XW 

18X2 

2107 

1500 

17.T1 

12J1 

1 534 

ISOO 

2936 

17X2 

19.77 

1830 

1030 

12.71 

15X4 

1530 

26X3 

17X2 

10.77 

1600 

1050 

11X8 

14X1 

1800 

26X« 

17X8 

19J8 

1630 

1060 

11X8 

14X1 

1830 

20J1 

24J« 

27X0 

1700 

1060 

11X8 

14.19 

17D0 

3010 

24.77 

27X3 




14.81 

1730 

82.17 

24.75 

27X1 

1800 

1038 

11X8 

14X1 

1800 

3237 

24.73 

27X8 


1036 

1009 

1052 

1830 

43X9 

17X2 

IOlTB 

1&00 

4066 

14A6 

irxB 

1800 

4850 

1806 

19J1 

1830 

51.20 

15X5 

17X8 

1830 

4828 

1807 

19.71 

2000 

61-20 

2048 

23.11 

2000 

4126 

37X8 

4042 

2030 

51X0 

37X8 

4001 

2030 

32X1 

37X8 

4042 

2100 

5130 

2738 

4001 

2100 

21.78 

37X7 

4042 

2130 

28.10 

37X8 

4001 

2130 

19X7 

1806 

19.70 

2200 

1030 

2048 

23.11 

2200 

19-19 

1806 

1070 

2230 

1007 

16X6 

18.18 

2230 

1670 

1600 

ia?o 


lorn 

1MB 

17X9 

2300 

1670 

18X8 

1941 

2330 

17X9 

1271 

15X4 

2*30 

1&7D 

13.12 

18X8 

2400 

“Wte 

830 058 

9X8 

3400 

Pjtete re 

fSB 

11X8 

asm mm n pot 

1441 


Awvi 


wtoretei 
till Itelfc Mtawteltew 
Maanisste enUOUl 


paM wotel be hm era tera V M MC eg 

te M Wawi branra itetoMWi tote te ra tr Bm 

^^■rere cl pod tew m rera m tw ta+e 

Braiont lOiyoowire mW, gum Dw 

Het* teaMsr pool u Enrem ml ten 

nwftwtPmrra, Prtw uw nrauetPn ratoAr ot 

rawre BwWtepmatewM report of mattte 

uteM teeuM 9» peel the ePtea o* pool pttrao 

■toMbMlBateB 1 * prae ■* b 



m> Item M Motel be 

meed opra ore4M pool era to my am ■*« 

■» Mow m PM pea pme tor M « nw pool 

poMteMraontbiMteMMignte 

b be pera pm b» wren <* owewtey 



t 


REUTERSIOOO .... 

24 hours a day - only $100 • monthl rY| 

IM RHANGUI. DAIM DMOTT9 TOUR PC 


ra»UKsnti«i 




071 329 8282 


The ewn t tnl tool lor rite aoiloua luma 

Market-Eye 

London STOCK E3CCHANOE 



Signal 


O 130+ software eppiicetians 0 
c R7 data from sio a day o 
C S",uil SOFTWARE GUIDE 0 
Call London ■ Al - (Oi 71 221 .3556 
tor your guide ,^nd Signal price list. 


Argus Fundamentals 

Petroleum Argus 

CALL FRET TRiAl It, is ?v1on!hlyD;;biica!ir.n (44 71) 


t£° o* 



ECU Futures pic 
MGhsahanPlaes 


FUTU8F5 t OPTIONS gROKeflS 


UmdonSWlXM. 
Tat +71 245 0081 

ftoc+n z» ana 




ROUND 

TRIP 


EK5Cu;iO« OH 11 





\ 






































































































































































































FINANCIAL TIMES 


MONDAY OCTOBER 


10 1994 



LONDON SHARE SERVICE 


16 Fab An 
14 Fob Jt* 


27 tqU 
* UarOct 
1? Jin Oct 
42 Mar Sea 

■tag 

E 


S3! 


Oh 

Dtv 

net 

CSV. 

011% 

17 

678 

15 

30 

OE 

6>j% 

- 

100 

08 

65 

28 

44 

10 

07 

13 

18 

— 

18 

6.7 

1.75 

IS 



iii 


WW 


a. 


i$to*3» 
25 Ang Hi 
11 Job teg 
- tar 
14 Fditag 
14 Mi tag 


M Del Raj 

' J -V 

10 Ho* May 
14 Jen Jd 

34 A#r Oct 
10 Kb tag 
U JR Oct 


14 Jd Jn 
2£ MM 

10 tar Jd 
i JI SW un 
14 Oct 
1-3 JmJd 

10 Her 

11 Oct Jon 

♦ MOot 

1.4 JdMnr 
4 Jan tag 
-May Hoi 

1.7 SepM 

11 Jaa Jd 

2.4 Oetfab 
65 MO* 
i.o oat** 

12 JdFeb 

* Oct Jan 
2J Septa* 
18 Apr Oct 

1.4 Ibn May 

12 tar Am 

5.4 Feb tag 

11 jUJan 
- May Hoi 

14 Jaa Sep 
18 tar Oct 
1.7 MrOd 

04 Mi tag 

13 JanOd 
10 Oct May 

14 Jan Jib 
U JdDec 

12 star tat 
23 Apr Ho* 
18 Oct Aw 


Itat 09 
ad Cne 

6js em 

60 340* 
14 1043 
214 1520 
IB 1562 
119 1839 

218 1873 
216 1998 

4,1 3391 
119 1427 
118 1886 
119 1831 
208 1048 
11.4 1810 
6H2 1979 
187 2018 
so.® am 
118 
18 
210 
18 
228 
18 
110 
110 
206 
4.7 
08 

219 
4.7 
110 
117 
3*92 


4*90 

as 
88 
119 
47 
158 
218 
6*91 

08 18 Sap 18 
1» 10 Mm May 110 
128 38 Oct 
na 19 Od 
1M * Jdtov 
138 27 Mm 
TJS 20 odApr 
78 13 JdDec 
384 19 tov May 
115 25 tag Ml 
125 18 Hoi Jw 
10 04 tag 

04 -Dectag 

08 24 AprOd 
IB 12 Sap Sap 
£74 12 tartar 
138 49 Jan Jd 
18 22 JonOct 
18 18 JaaJd 
88 ill Mar tag 
48 13 tar del 


rrr 


m 


Oh Oh OtridenH list 
OH. m « 

13 Ok JR IIS 

U May 2 14 
03 Jan Dec ns 
1.7 liar Oct 117 

® 117 
128 
1M 
110 

187 

08 Sap tar 18 

oiJSS ^ 

0 tar Hot 1*8 
38 Martov 142 

« 28 AfrOet 158 

- - - m 

08 Jpa Ok 1012 

ftwa 

44 AprOd - 
$ tag fei 10*93 
08 Jpa Deo 11.4 
1.1 JnJd 254 
ISA Mar 4*so 
- Jon Dec 118 
18 Apr Oct 328 
28 Apr Oct 2Z8 
379 -Jdtov 119 
£87 I8ttoy OK 174 
- -MejfUfeSd 4*93 
773 - Jan Jd 61G 

_ - _ urge 

28 48 May Oct 118 
423 19 Ml tag 208 
18 19 JdDec 118 
38 24 - 

- - - 11*99 

89 May Mm 298 
* J» 1112 
i May 213 
- Mar TW 
14 Jen Oct 119 
4> DwsJm 1?B2 
18 tar Sep 47 
1.7 MarApg 216 

- - 10*85 

* Joe Dec 18*92 
77 Jd 147 
13 AngJen 47 
23 Odtoy 129 
4 May Him 11.4 
1.1 Jaa Ok 1792 
48 JaaJd 08 
18 AprOd 158 


18.1 17 M Oct 158 
01c - Sk 158 


DM Or DMtanM Lot 
net cm. odd a) 
405 08 Oct tar 257 
44 - Dec in 219 

68 -Kay Mm 128 
078 OB Apr Oat 298 
174 IfltoaHay - 
18 1.4 Ap-ffld 47 
18 03 MJ8 208 

54 IS Maytov 114 
72-11 17 Junto* 25.4 
IB8% 07 May 493 

- - -. 493 

- - - 693 

87 ♦ JaoJua KM 

177 28 May Mm 108 

88 - JaaJd 188 

- - - 1091 

- - - 791 

- - - 1091 

13 38 Oct Hay 510 

- - - 1191 

040c -taJySefle 119 

94 IS JriSd) 188 

- - - 14.12 

081 1.7 mat Oct 158 
48 - Jan Jd 188 

98 M Hoi Jw 1)0 

779 - JdJaa 16 

10 18 Ang Jm 47 
48 1.7 AprOd 187 
- 091 

880 18 
183 17 






17 38 AprOd 
,13\ 3.1 Hoi Apr . 

48 23 Hoi stay 3 
78 * Jin Dec II 

&0 * tartan 19 

10H $ Oct Apr 75 

485 1.1 Jdtov II 
ITS OJ Hor Oct ZL 
125 -Maytov 35 
08 I 3 Apr tel W. 
175 - AprOd 15 

18 - JdDec OS 


- JdDec 
39 Jim Nov 


-35 258 
-19 45 

07 
54 
146 
125 

aw 
02 
447 
10 
18 
OS 


36tegEeft 

' fl to* May 

18 Jan Mm 
1.9 Od Apr 

- Oct Apr 

11 Feb Sep 

- Apr to* 

12 May Oct 
OB Feb Aug 


4 Apr Mm 
lOKbyON 

08 JdDec 

- Jd Nov 

- JunHov 
iSNovKay 
21 Maytov 

nv 

zXA* 

13 Feb Sep 
13 May tor 
-Jan Dec 


58 - JdOec 

U 27 Jd Feb 
03 20 Mm May 
e as _ jd 


1.3 30 Dec Jd 
447 18 JdJon 


f»4 


M 




880 
185 
03 
01 
10 

08 

-18 074 
4.17 
34 
588 
78 

27 
16 
64 
10 

170 
470 
124 
18 
18 
ajs 

28 
17 

788 




Her; 










7*9 




Mir 


Q.B MarOd 

10 MarOd 

28 Feb Ang 
12 Mar tap 
23 Mm Oct 

29 JaaJd 

11 MjtOc! 

■31! Mar Oct 

12 Mar Oct 

3-4 Nm Jd 
25 MarOd 
25 MarOd 
11 Feb Ang 

29 Feb Ang 
28 MarOd 
27 MarOd 
27 MarOd 

ELECTRICAL EQPT 

wv% Dtv ffli DManh Last Oi» 

•dingo net cor. paid nl b* 

L -10 (ED* OJ Apr 493 - 

I or ax 18 Mi Aug ZM 9C 

1 — - - - 1194 15 

i -17 U U AprOd 190 1644 

5 10 08 - Apr Ho* 287 IBM 

9 1.19 4.1 May He* 303 164ft 

4-09 - - - - 10© 

i -54 09 45 Junto* 59 1994 

1 23 197! 09 JdJaa 354 1127 

I asms. - Jd JU 68 3238 

5 — 9.7 0 FebOd 228 1781 

I -«7 - - - - 3588 

! - - - 490 1748 

J -1.4 104 22 AprSRJ 2S.7 1852 

I -3 886 12 One Jd TflJ 1887 

1 -48 079 4.8 teg 4.7 ZOO) 

! 04 £0 25 JU m zm 

1 — 17 19 MJmi 66 2103 

5 -17 - - - 1789 2131 

I -J 7.75 20 Feting 206 2220 

1 41 IB Octlfar 119 4700 

-1.1 225 * Apr &P 25.7 2272 

-18 01 14 Feb tag 4.7 20S3 

-53 28 1.1 Hm May 103 4301 

— 18 - - 587 am 

-(9 18 68 JaaJd 165 1593 

-1.3 148 15 Jun Dec 119 2333 

-07 15 QJ Jun Dec 254 2330 

•90 110 3.4 Apr Sep 208 2350 

_ 15 29 Apr Jd 68 2363 

-*.8 188 1.1 Od May 109 2369 

-10 108 45 FebOd 58 2300 

178 - - - - MOO 

1.7 mm 1.1 Hay 593 - 

-31 01 - May 283 2456 

-SQ43* 10 May 593 £492 

15 15 Apr tap 4.7 9103 

-.5 40 18 ta>Od 4J 2MB 

-1.3 6JS 30 tar Jon 198 1420 

15 38 AM fab 4.7 2548 


19 Jd 188 
14 tag 4.7 
as Jd Dec J6S 
1.4 Jen Dec 105 

I tov 3.10 
Job Dec 11.4 
18 JdOct 128 
39 Oct Jae 108 
15 AprHn 109 
35 Feb Ang 47 
16 MarOd 257 
- Oct Apr u 
- - 5*92 

18 Apr Sap 18 
05 MarJd 208 
- Jdtoi aiD 
13 May Oct 59 
08 Dec Jd 254 
-Maytov 11.4 
1.1 MayOd 119 
15 tovJUa 105 
- Feb Jd m2 
28 FWbAag 208 
- - 12*90 

- MarJd 68 

-apc*3i 

A Apr toe 288 
« Jn Jd 47 
9 Jn Jd 47 
30 Oct 47 
07 Sip Fab 18 
13 Dec Apr 203 
1J JdJaa 165 
18 JdDec 268 
1.7 JuoOd no 
35 Ad) Dec 47 
OOBMyOd 198 
1.5 JnJd 254 
- JdJd 105 
9 MarOd 167 
17 Od Jen 156 
10 Mar Aug 47 
- - 9*89 

03 Fob Oct |0 

35 Od Mar 150 
17 Jan Jd 206 
ll tar Ang 206 
14 fib Jut 20.8 
18 Feb Jd 68 
- - 8*89 

- - 3*91 

- Oct Apr 228 
1.2 Mi Jd 105 
9Ad-tov 14.3 
15 Jan Ang 4.7 
07 Jntov 105 
1.4 MayOd 298 
10 Jd Jn 198 
£1 MayOd 198 


Uu 


—u 


mt 


Mr DMfeOA 

Last 

CBy 

It. paid 

d 

■at 

- Apr 

— 



— 

tim 

m 


!f1M 

28 DacJtn 

305 

— 

15 JkAkBU! 

_ 

1.4 JkBk 

165 

fm 

— _ 

4*89 


<> Apr Hnv 203 

- 

— — 

_ 

-> 

— ^ 



- Od 

m 

— 

— — 


3071 

«*r*P 

88 

1782 

17 Ang 

N 

1639 

1867 

- Mar Dec 

31.1 


t Bar Sep 

B0 2D00 

_ _ 


2084 

IS May tov 31.10 

" 

“ “ 

3T» 210 

- — 

-a 

3477 

— *m- 

— 

4297 

A is 

1S8 


IStoi May 1093 2322 

-FfftAag 


“ 

UMAug 208 

- 

- odJen 


_ 

" - 

era 

2364 

10 M Ang 

am 

_ 

— _ 

2116 

2399 

IS Dec J» 

108 

2396 


MM 4«M 

>0 JUJn 30.12 

- 

17 Mm Sep 

08 

2432 

17 Dec May 

200 

2474 

- - 

- 

MM 

14 Dec Joe 

IBS 

MM 

3.7 Ang Feb 


" 

18 Od 

1093 Z720 

35 MarOd 

met 

_ 

30 MarOd 

i.ii 

4966 

18 Mar Sap 

58 

2717 

- Od 

-- 

— 


— 

2773 


88 

2779 


493 

- 

17 Jaa Jd 

w 

— 

- Dec Jn 

■a 

ISNdftp 

58 


j AprOd 

9r» 

: 


4938 

— 

— 

14S3 

08JaSaDaMr 383 

- 

15 Ha- Sep 

68 

_ 

38 FKAng 

2D0 

— 

4> Mar Sep 

H8 

— 


>411 

•m 

-Mar Dec 793 

- 

4e Dee Ang 

147 

- 

18 AprOd 

<793 

- 



2434 

4 May Hot 288 

- 

- - 


3401 

- - 

2*91 

4834 

— - 


W 

— — 

4.1 

— 

1.4 Feb Sep 

31.1 

- 

10 Oct Apr 

- 

- 

13 Jon Dec 

4*93 

3634 



3600 

— _ 

l 

1478 

- JOB 

41 


~ ~ 

“ 

- 

IS OdApr 

_ 

- 

m — 

— 

— 

10 MayOd 

109 

2264 

17 DecJd 

209 

3880 


US 
Mi 

JdDec 3.10 


Jd Dec 203 
Jdft* 68 
Oct Apr 228 


7* 


— *5 


145 143 2724 
19.7 148 2712 


5E 


SEE 




6859% 

-5 178 
-IS 172 

-17 OEM 
-8 385 

77 88 

- 

-15 448 
-78 Ql-ttc 
-15 15 

125 

-37 78 

-57 133 
-55 779 
-43 41 

-17 173 
-16 2Sfi? 
-2-3010% 

07 153 

033 

— 077.1* 
-IS 25 

260 

878 


Ol tov May 
11 Jdtov 
35 OMHiy 

2? oiSL 

2-1 Sep Mar 

IS OdJn 

* OdJd 
28 FA Sep 

44 Jm 

* Jan Oct 
28 Feb Jd 

-Maytov 
11 Oct Apr 

18 Jen Ang 
13 On Mr 
13 May Dan 
00 JaaJd 
13 Jan Jd 
48 Jen toi 

45 MarOd 
20 AM May 


WV& 

Or 

Oh DMdaxJs 

Last 

ctfone oat 

cm. paU 

si 

18 

-a 

— — 

1*31 

-14 

30 

12 JdJaa 

68 

-15 

4A 

05 May Oct 
IS id Fab 


-48 

168 

68 

-22 

45 

-Mavtav 

109 

08 n% 

-May May 114 

-54 

32 

06 Dec Jen 

114 

1-801 

033 

+ to* Apr 

28 Jun Dee 

198 

1 -38 

60 

264 

1-107 

00 

<f JtaSep 

J7 

-.18K7S 

- toy 

5*33 

08 

10 

38 

4S NtoSct 

47 

298 

-13 

209 

09 Juntor 

290 

i 

98 

12 Ang Jaa 

167 

-5.1 

100 

17 Jan Dec 

2&4 

-07 

70 

OS Jdtov 

203 

-201 

— 


- 

1 

10 

'6V 

Z&3 

16.10 

-18 

72 

♦ Sap A<lr 

60 

— 


— — 

— 

-38 

403 

17 Feb Oct 

47 

-03 100! 

03 tov Ha* 

128 

-15 

60S 

12 tain 

208 

-OD 

307 

17 - 

— 

17 022% 

- Jdl 

TO 

17 031% 

♦ May 

4*33 


foge net m. paid 


— OHM 18 - 


ad car. mU 


-35 BUB -JaApJv 
-48 102 15 Feb ft 

35 - - - 

77 - - - 

■Ll — - - 


07 - An 

- - Jdl 


S3 za - 


-10 - - - 


38 - - - 


i Last 

ray 

ad 

fld 

205 

1518 

165 

2561 

1.0 

1674 

109 

1601 

2Z0 

>747 

107 

176! 

143 

1807 

110 

1872 

8-93 

- 

200 

I860 

193 

2030 

198 


68 

2078 


2483 

47 

2270 

158 

2303 

114 

2304 

11.4 

Z3M 

683 

ion 

268 

*98 

203 

BOO 

105 

2065 

204 

2705 

993 

3390 

no zru 

47 

290G 

47 

2859 

264 

2998 


<369 

IBS 

2593 

47 

3008 

218 



«a 

204 

2838 

105 2406 

260 

3308 

2-9Z 

2803 

683 

— 

128 

mg 

306 

3S38 


3517 

1(791 

■*an 

IBS 

3838 

209 

— 


4WB 

11.4 

1325 

160 

4621 i 

106 

4173 i 

114 

4972 

216 

4893 ; 

306 

4544 

207 4347 

5*93 

43WJ | 

263 

4370 

1.11 

2550 | 

114 


120 

4484 . 

17.1 

4911 

198 

1879 | 

UR 

ra» ! 

ad 

ha 1 

IBS 

1912 . 

165 

2037 1 

105 

“ 1 

1 

UR 

ray I 

81 

tar i 

JDS 

1490 

208 

1600 1 

- 

2949 

— 

•m J 

107 

4984 

112 

- | 

18.7 

1818 

- 

3373 ' 

ISO 

7610 i 

- 

ZS72 

110 4739 

25.7 

3968 1 

— 

4505 1 

2 68 

mr 

- 

2260 1 

47 

2584 

119 

4871 1 

165 4091 1 

- 

3818 

109 

1946 1 

- 

1499 

198 

3967 1 

HO 

2948 

47 

4989 ( 

209 


— 

3114 1 

09 3850 

7-93 

3281 

- 

4878 

— 

43R ' 

198 


7-90 

1519 ’ 

<7 2861 f 
128 2SD4 [ 

218 

3482 1 

- 




-14 - 

-10 

-1.0 02t 
1 7 j r~i 

-5 12 

-40 

-7.7 - 

-17 40 
-5 10 
-48 - 

-5 mz 
-1.9 118 
I -10 249 
-5 407 
-as 058 
-8 - 
-12 088 
-8 - 

-A 

-18 - 

-28 03 

- 1.8 

-28 - 

1.1 

-14 20 

-1.7 28 

-vfi " 
MS 32 
-15 38 
-28 182 
-09 

-23 07 

-2.4 - 

079 

-01 

-47 

-.6 - 
-17 180 
-28 07% 
-16 - 
-28 - 
-15 091 

-67 27 

-13 - 

-7.1 


1-7 



























































FINANCIAL TIMES MONDAY OCTOBER 10 1994 


LONDON SHARE SERVICE 







«4 

— tn 

—O 31 


135 1.7 Mtkm 
TIX3B 13 Jmtue 
U - JhM 
29 * ZJHotCtr 
48 £95*11* 
ms 12 juju 
174 12 MayOd 
825 IlSjN 
104S £1 Apr AM 
S3 - MJ? 


35 " 


-S3 1U 
-123 as 
-23 03 13 

-15 S3 15 
-5 157 13 
-S 250 IS 
- A 79 * 
-44 225 13 
-SI - - 

7 h% - 

25 103 
1.1 tt« 
212 29 

1775 2$ 


Of* 

Price etrtifl# *e 
2Hi -SB - 

: 

28 -3.4 - 

2X2 -47 SB 
M -tO U 
1712 19 - 

82 -73 15 

184 -11 U 
1H -45 3.75 
MB 15 753 
an* -.i qe% 

-etSS 

-33 SIS 

-45 

-22 US 
-&2 4J8 
-32 19 

SB 

£5 

-SB 028 
-ID 

-5 14 

-12 t£0 
-48 SJ5 
1.1 S3 
15 

-122 SI 

U 

1258 

SG 

-11 

-15 2R8 
-S3 - 


-35 35 

as 

-15 S23 
-L9 4 BS 
45 Ol 
Q1 


on maah Last CBy 
cot. pdd as sh 

- - m am 

- m fbb r» 

- - 19.10 ITU 

- - 4*80 1BBZ 

U 54D*c 110 1531 
15 jKOd 1S7 2364 

- - 1V81 WB7 

- Jd Jm 165 3016 
22 JBE Pag H£ MOO 
17 lot - 4202 
1.4 FehAap 47 lStfl 

- - 29J - 

- PprOd 225 2104 

- Mr Sap iu 

15 580*0 110 1878 

- - 731 SM 

15 Oct tar 125 45® 
-■»!% 110 43® 
1.7 -Bator 254 2066 


85 2071 
25.7 4388 
- 4122 
110 5718 
165 2128 


— . Sfi 07 PprOd 
— - £5 u£s*> 85 


1.1 M* 110 5718 

1.7 Me 44 165 212* 

- 0d0d 225 2121 

IIMhr - - 

- - 253 2(48 

- BO> 110 2BS 

£5 44 65 3460 

<J> Od B*S3 - 

15 Od 195 4829 

- - F93 Jill 

25 Mr Oat 1&8 2296 

- - 8-90 2511 

- - 8*90 1408 

- - TOO 2526 

15 MS* 187 2327 

1.1 48 165 2238 

- 4*1 1»C 165 2335 

2.1 Bov My 11.4 2SO 

- Mv 11*90 2168 


3C 


b-~ 


- - - 2*80 

- - - 11*92 


m 


ISO 106 
85 - 

459 15 
OTUe 4> 


28(4044 

♦ May Dec 

1.9 Jm tag 

15 act Mr 

15 4 b JM 


05 


on 

Oh OMdaodi lad 

Mt 

cm pda 

* 

a 

— — 

TO 

1.H 

39 9 b 

254 

50 

- P*F* 206 


_ — 

TOO 

25 

14 Jd 

66 

29 

If Oct J* 

229 

z 

I z 

TO 


_ — 

11M2 

75 

1.1 AmO* 

199 

15 

,J 

1 

1 1 

47 

SI 

ITS J* 

165 

022% 

17 Mr* 

TO 

175 

55 Not MB 

165 

OBc 

14 tor Oct 

148 

M 

3« Jd 

165 

07 

17 Mr 

199 

011c 

1.: JdHer 

65 

80 

£2 JW J* 

66 

mac 

19 PprOd 

59 

753 

1.4 JbM 

158 

0% 

-Mrs* 

TO 

OS 

-A* MOTTO 

so 

29 DdMB 

15 

48 

f PprJ* 

sn 

135 

l -MiJd 

209 

U 

29 Jdltar 

31.4 

051 

♦ Ok Oct 

157 

— 

- — 

«7t1 

mm 

— ■■ 

Be 

29 

XM 

x lA 

66 

47 

798 

IJMhDk 

11/1 


105 

-1S7 - 

-5 253 
45 IX 
19 (M2 
-250712% 

082 

-43 

02 

-148 15 

-45 15 

-15 

-1.4 175 
-5 SI 
-5 SO 
-50812% 

03 SB 

SIMM 
14 - 

-112 856 
45 188 

^14 SIS 
-15 M% 
-11 04 

0712% 

018 15 

05 

-14 65 

-42 0 »e 

-34 240 
05 018% 
84 010% 

04 010% 
-16 0B6c 
084 

55 - 

78 

-1.1 42 

-18071.% 
-18 


B4 

-35 £5 

83 in 

18 

-14 228 
-7 848 
- 1.1 

(1.4 - 


15 48 Od 128 8119 
09 Jo y*y 2S4 

- - 451 2487 

£1 Ju tag 187 2587 
41 Mrs* 1S5 2912 

♦ m * 16.10 270 

-DO JM as 2155 

- M* - 3414 

- - 285 4251 

- May 254 386 
IXMrOd 47 2B6S 
14 41 DM 265 2811 


IU 2838 
47 2790 . 
286 2737 | 
118 4868 | 
110 2764 | 
144 1436 | 
- 2777 | 

110 2813 j 
7.12 2634 | 
254 2687 | 
S6 2888 | 


1.1 DM 48 
05 Bo* Jo* 


£7 Mr 48 
♦ 4dM 


18 DaeJd 
-IMS* 
- IMS* 
-AogJM 
89JMIM 
24 tag Dae 

IX NO tag 
18MMf 
-AprS 


65 3688 . 

185 5048 | 

1.11 2887 | 

110 2M8 1 
8*83 - 

2*8 8 2881 Up 

592 - Lmfca 

65 8133 Lm_.' 
2&4 3130 Mira 
225 - 

20.6 5282 
9*83 

185 3181 
4*90 3188 
47 3718 
206 •wn* 

298 3203 


mt 


18 Oct Mr 
SI Mm 
MM* Mr 
- Od 

58 Mm PM 
« Jn Jd 


m*l -67 QPK 

111 -15 £4 

If -95 - 

M2 1388 

1*3 -2J 241 
117 -1.7 S5 
B -1.1 115 

15 - 

23 -44 - 

7-224 - 

Ml 44 U 

2203d —5 114 

226d -13 775 

1 

a -15 
40 -2* - 

IB -14 28 


£1 Odder 

-Sap Mar 


£0 Mas* 
13 PprS* 
13 AprOct 
£8S*F*b 
; M*JM 

oj Wad 

.iSffl 


17 Oct MM 
1SJM4M 
<>M*r8ot 


05 QdMaf 
18 PprOd 
15 PprOd 


85 3340 
6*90 MB 
r 15 3319 
HD 3348 
r 110 4MB 
208 MB 
I 31.1 M30 
185 3433 

- *1*4 
11*82 3550 

- 3570 
10*83 3558 
25.7 .3723 

- 4573 
SI 3624 

- 4K7 
1*02 1471 

- 4103 

- 3108 
205 37Z7 

- 37 X 

125 IBS 
125 - 

- 37B 

- 3040 
2511 3800 

5£ SMB 
289 4233 
2S7 1388 

125 3827 
25.7 6158 
47 3868 
793 4882 
59 408 
187 3019 
85 4781 

- «B 
13 4059 

- 3247 
IU 2713 

- 

1190 4098 
793 4112 
293 3281 
18 4254 
IU 42M 
283 CM 
190 4298 

292 4000 
890 2704 
128 «45 
325 4*B 
228 4434 

1291 4440 
992 4441 
TOT 4487 
187 MSI 

293 4EB 


H 




$ 


Q 








hr-T^- 


rriw 


_ 

BU - 

- 

968 - 

NM 

86422.10 

- 

309 - 

- 

162 - 

- 

SOB - 

IprSeo 

741 15 


363 - 

• 

1.18 - 

Ol 

8619 - 

MarOcf 

2069 129 

Am 

-204 

Jw 

20*9 141 

_ 

*461 369 

A 

33*51.1 
431 66 


461 - 

- 

lO - 

Bi 

48* - 


4719 6*83 


119 - 

_ 

510 - 

kxfim 

BS6 159 


1309 - 


_ 

_ 

*9 - 

_ 

4*5 - 

_ 

319 - 

_ 

2S0 - 

_ 

SLB - 


8*8 - 

o 

182 - 


169 - 


624 - 

m« »■« 

, iniM m 

SB - 

» 

W.1 ' - 


S7 1.7 
1SS21410 

_ 

3SD - 

_ 

149 - 

_ 

179 - 

_ 

U5 - 

Apr 


IV 

-22* 

Apr 

4®B TO 

K* 

- 224 


790 - 


Lit - 

Mir 

339 261 


12U - 

_ 

Ml - 

Bi 

ISO - 

_ 

1*2 - 

_ 

625 - 

Jai 

HU 275 


151 - 

* 

ISO - 


I5JMS* 
26 Hiyad 

12 MayOd 
58M*0d 
59 MayOd 
25 Mb* Jn 
17 Jd Dec 
15 OdMr 




H 


fie £ 


iwur. 
Pen *91*01 
prom*** 


un Wa 

* M 

V* ■ JR 

S n 

. . # 

flH «» 


DM W own 
Bd CM pM8 

w 

6*8% - Oct Apt 

483 * JdMw 


SB 10 PprOd 
118 22 3 dOd 
«0 r.0M*M» 
111 aiJdtMM 
087 ♦ 4*0 


£70 £SAprM 
2JB 25 Ml Wo* 

is - h* 

1,78 2 8 Oct 


lad 

CB7 

m 

he 

— 

2BK 

1512 

1415 

- 

tM 

-a 

1368 

169 

— 

— 

5830 

129 

1MZ 

— 

1382 

- 

2036 

ISO 

2178 

1*83 

1310 


324D 

1010 

22M 

_ 

4ZH 

— 

1406 

415 

2428 

— 

Ma 

- 

3544 


2292 

189 2462 

189 

3B1 

_ 

S2M 

- 

4070 

- 

Z7B 

253 2714 

TO 

2742 

309 4737 

as 

22T1 

TO HSB 

269 3180 

69 

3180 

■ 

3032 

- 

3H6 

-> 

300 

354 

a Kjf 

1B9 

7753 

- 

SMB 

- 

SOB 

- 

3360 

- 

on? 

2.H 

— 

ma 

3782 

TO 


TO 

- 

SO 

5882 


SB 


"Z 

- 

3047 


_t« 123d 
.fJG 250 

— O Va 

.ttc 184 

mo hz 

_f* 276 

106 

_□ vaa 

% 

nziS^S 


nr 

Pitednge ■» 
M4 -1.4 575 
3M -5 85 

283al -ID 65 

MM8 588 

387* -15 t£36 
117 -17 15 

461* -3-3 1385 
179b -12 Z3S 
257 -18 48 

442 -1.1 025 
ZtS -56 7*2% 
01 -348 «8 
142a -72 25 

WM -11 11 

IBM -58 4S 
01*1 *1 0«% 
3B1*i 17021a 

3 -74 ua 
1* -28 155 
317 -8 15 

829 07 208 

76 -SO 187 
117 —4.1 U 
IB*. -SB 033 
B4Vi -5 OBK 


-S3 tZS 
-19 573 
-18 Z8B 

-T2 852 

58 

-4 U 
-79 03c 
-48 - 

-18 103 
-57 LS 
0.4 4.1 

-W 


M -12 M 
IB -18 73 

705 45 185 


84 £5 

DBA -S5Q29S 
36 -25 - 

36 -25 - 

20 d -22 45 

til -11 58 

2M -U M 
S77M -5 88 

129 285 


car. pda nj 
19 JtoJd 1S5 
19 (MJM MS 

18 M* May 189 

1 £ Od Jo 199 
15 Mar My 289 
15 Od 893 

19 OdJoa 129 
-s*Mr 155 

54 Mr My 142 
£4 Mar Mr 2S4 
— J*Drc 18i 
15 FBI* 257 
35 388 m 85 

i9.MJd am 
25 Dae H* 310 
27 Jb 6*93 
38 Pd Oct 2210 
£8 J* B.HI 
21 PprOd 15£ 
54 Jar Pag 4.7 
£2JMP*« 85 
13MMP* 285 
18MarMr 2&4 
£5 Major 1&5 
19 - 

15 OcfPM 228 
15 DaeJd 66 

02 PprOd 269 
25FBS* 47 

- - 25.11 

1 4 Pdf M 47 
25 8* Par 85 
27 JM Jd 185 
43JMM* 235 

- Mar 49J 
£3 M*Od 225 
£0nbJM 155 
UMBlOd U 

- - 692 

£5 - 
19 7*36 
19 F*Jd 68 
£2 0*38 159 

- - TO 

£6 Jrntae <7 

| J* TO 
£43*0* 254 

18 Mr Joe TO 

- - 591 

27 J* POO 47 

19 TMJd 1&5 
lJMrOd 85 
19 7*38 56 
UPaBF* SOS 

* «■» 

- - 791 

- - r» 

33 Od Jw 295 

- 3636 85 

£2 JMPbS 47 
24 8a* Apr 189 
35 Pop Mr 47 


w*- 


ira on on immwh tas 

flfcBdrtB *i col gdd jA 
B -35 398 19 JM 36 254 
VhtS -2SSV% -PprOd 295 
1*4 - - - « 

® -u - - - 

117 08 32* 22 3BMe 185 

1014 -5 64% -3810* H5 


FOOD 

WY* Mr 
McrctTM* i* 
« 4J Ul 

IH 88 

3M -05 ns 

«Q -18 7.12 

» 18 

15 

8W. -20566c 

344 SB 

41 0B7% 

ns lUtBH 
MB £1 SI 
1873*1 -5 115 

15W 15 392 

0 

641 -30 HOB 
3B6 — 14 

t* -23 115 
ft. -152 82 

OO -£3 184 
224b -25 525 
TOM -12 88 

m -34 24 

S -40X 

-5 KL6 
21-I25 027 
32-135074% 
237*1 05 88 

D144 -.1 09% 

176 -1.1 SB 
373 -5 148 

GENERAL 

w*% on 

Me* coiigr *d 
m in 
2a -35 si 
sand -25 S3 

227 803% 

78 -55 51 

159 -18 085 
244 05 59 

-7 1* 
-27 25 

44 ISO 25 
STM -75 £29 
2M -7.1 29 

4M -52 ISO 

34 - 

*44 -38 48 
B3 77 £0 

MS -28 48 

223 -A 78 
18 M -27 £0 

SOM ISO 

HI -19 471 
tB -51 (BBS 
31 -25 25 

M -55 45 

72SM -5 375 
255 -SI SB 
182 05 IB 

74 -7 85 
04 — - 

IS -17 SB 
279 -108 7.7 
472 -43 143 

B 

1M -450191 

244 -A 

255*3 -138 54 

C 18 

121 08 1.1 
571 04 SO 

188 -34 47 

284 05 18 

*n— l n» u 

81 £35 

405*3 -8 Mi 

IN 18 

34H -29 48 
2B -45 79S 
ISBBf -25 75 
Vmt -2* 48 
80M -15 326 
40* 04 12 
587*1 -12 118 
327 — 79 

238 -4 875 

108M -54 892 

91 27 - 

MB I8H30 
27 — 

00 29 

1Bh -154 - 

r» -1.7 579 

38 19 

23 -119 09 
MU -54 435 
Wl*i -1* 173 
TP2 -si 
B di -4 - 

<524 -1.1 184 


Oh QMUea* 
car. odd 
£4 AprOd 
4> JaoJd 
2XFMA* 
39 DtcJu 
T9 OdApr 

28 BaeJoD 
27 OdMr 


- JU0«c 
38 May Od 
48MvM* 

li JdW 
3 l 2 JnJBi 

85 May Mr 

£7 MU 
£0 Mr Od 

27 J*Jd 
24 Aprs* 

-ft* tag 
-Apr Mr 
18 


UC Gay 

M Me 

158 1MB 

206 1643 
165 1936 
155 17B 
7*93 2291 
3793 - 

1S7 30M 
155 1431 
187 1425 
105 2609 
155 2774 
199 2056 

- 4362 
169 am 
254 3228 
15.7 32B7 
17.1 3512 
114 3422 
257 3421 
199 SB* 
56 3596 

- SK8 
56 3904 
Ifi 2SE2 
SB 40*8 
28J3 4197 
1S7 34* 
MJ BM 
47 4446 ' 


UU 


M DMdndt tad Cly ] 
cor. paid * Me i 

- - 1S11 TG86 | 

22AogU 187 27» [ 
£3M*Hty 1’0 14T1 | 
1.4 Jm Dae 105 - | 

45 Jd W9 1684 l 
32 JHAap 47 1671 I 
10 JdDac 254 37M | 
12 MtJd T99 178* | 
1.4 JaaHmr 269 1808 | 
55 Jm Jd 85 4S3B | 
■11 F*Qd US 1846 j 
53 Jd J* 56 166* | 
17 Fab Pag 89 IBM j 

- Jd TO 1W4 ! 

28 J*id 85 MBS « 
09 M Jd 20 8 2020 « 

* PprM* 143 2056 * 
IJFdlS* 16 2464 1 
2£ Oct dry 199 2132 < 
15 MayOd 109 2UB < 

29 May May n A 40 n i 

J Me Job S11 - i 

Mm 31.1 2IM i 
DaeJd 169 2EB6 t 
51 AprOct 256 2BB \ 
£1 J* 169 3EM 1 
15 MrOd 167 2MB 1 
- J* Jd 205 225B \ 
- - 11*89 2481 

18 PprM* 287 5313 - 
19 J* Jd 66 2499 T 
£2 JaoJd U SB 
- - 392 22D7 

49 OdPpr 169 2788 . 

- - TO 2B33 * 

18 MJ* 199 SSD . 
19 Jd 55 260* * 
42 Pag 1*7 35TB 
26 Mata 142 27*0 f 
27 D* - «H 
-J*M* 510 2816 
27 D* 310 380* 

£1 Jan Jd 169 2932 P 
29 MIM 109 4SM p 
35 Apr 41 3067 P 
04 My Mm SO 2164 P 
39 JMDM 143 3172 B 
-Nor My t29 3173 B 
£0 MOd 59 2024 B 
17 MOd 55 3274 8 
Z3JKABB 69 328Z 
1* AprOct lMS»t 
29 Joa Dec 185 30* C 
£4 JdJM 165 340 D 
T9 MayOd 199 - D 

- - TO 36GB E 

1.7 MS* 229 *« 

- - 1791 3673 B 

25 Sap Apr 257 5321 F 
- - S*S3 3036 C 

18 JdDac 185 OMO C 
15 PprMa TO 8117 fi 
15 Jd 86 3386 G 
19 OdMr 293 1173 U 
16 OacM 169 SID fc 
- - TO STS J 

- - 30.12 5048 L 

17 PprOd 59 400 5 


m 


RTTT 


s 


XL 


EC 


3 ^ 


^VTU 


m 


i 






Wi 


Mf .1* 


















































30 


FINANCIAL TIMES MONDAY OCTOBER 10 1994 


4 pm dose 7 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


cvw 

m n sb Bam 

»r * E MB* Jfefc taw 0 to 
0 48 3.8 21 57 1Z% 12*8 12* 

0.18 1 1 37 797 IB* 15% 16% 

168 27 Z6 1775 75% 74% 75% t* 

856072 49% 49* « +* 

13 84 3% 3 ’4 3% +% 

700 3 9 33 591 51% 51% 51% -% 

076 2.5 18 9913 31% 30'; 31 *114 

050 35 10 40 14% 14 14% 

0 52 2.6 28 20% 70% 70% *-27 

29 206 ul6 15% 15% -% 
65 25% 24% 

375 9% <9% 

IBS 7% a? 

7% fl 


IBB* 

M» bwStack 

17% 12% AW 
17% 12% A L Lab9 A 
78% 57% AW 
72% 45% AW 
5 3% AW 
56% 38% ASA 
31% 25% AE&CLX 
15% n%A5moiPr 
23% 17% ABU me » 

18 11% Acgnxln 
31 22% M2 LB ( 

12% 9% ACMMh* 10911.4 
10% 7 ACM GvODPl 080114 

10*8 7% MM CUSP I 036 135 
12 8%aCUG*Sft> 1.09111 
11% 3% ACM Man 1 106113 
9% fltCMKamgOi 872 8.7 
15% 0 %AcbwOv 044 3 4 16 103 13% 
9% fi% Acme Bret 7 

28% 23 Acnnflj 060 £2 13 
13% 5% Aetna 
17 11* flown 

14% 16% Adana Expt 0.46 IB 0 
64 46% M Mcrd 


DU IS 31 


37U 

672 

179 

44 


8 % 08% 
8% «% 
8% B% 
13% 12% 



a 

9% 

7 

a 

8 % -% 
8 % -% 
. - 13% -% 

113 8% 9 9 -% 

5 27% 57% Z7% +% 

036 38 2 MS 10% 10% 10% *% 

127 151 16% 16% 18% 

79 17 16% 16% *% 

100 5.7 404 53% 52% 53 

100 12.2 1011041 a 24% 24% *% 

016 32 7 23 B% <C 5 

010 08115 41 17% 17% 17% -% 

1.47 as 13 78 66% 58% 59 +% 

ire 59 71538 47% 47 47 +% 

(146 1.4 13 1906 32% 31% 31% -% 

088 4 4 14 2473 20 19% 2] 

1 73 2% 2 2 

099 22 24 1248 45 44% 44 

030 12 14 1553 23% 23% 

46 145 26% 26% 26% 

184 116 12 5 1S% 15% IS% 

6064 28 Z7% Z7% 

020 1.4 21 1383 14% 14% 14% 

0.35 2 1 28 254 17 16% 16% 

020 1 4 3026 14% 14 14% 

028 15 15 3S 22% 22% 22?a 

018 13 Ifi 71 21% 21% 21% 

044 1.5 23 1138 26% 28% 28% 

030 I 1 71 5857 26% 25% 26% 

i.OO 1.7 41 2043 59% 99 99 

070 17 4 60S 26 25% 25% 

010 05114 52 1B% 19% 19% 

048 23 19 895 21% 20% 21% 

1 64 60 10 4018 20% 20% 20% 

0.16 08 16 13 19% 13% 19% 

0.44 1 7 IS 453 25% 25% 25% 

I » i ;! % 

1.64 fl.0 21 13S 20% 20% 20% 

DIB 1.3 68 9% 3% 9% 

0.W 3L9 14 29 23% 22% 23 

067 £0 7 4733 34% 33% 21% 

OB4 9 2 24 9% 09% 9% 

088 3.4 18 607 26% 25% 25% 

25 1160 6% 6% 6% 

II 2B65 30% 29% 30% _ 

1.60 1 91 11 6177 BS% 82% 64% *1% 

36 2098 20 19% 19% +% 

7 AeiGmlnci 096132 291 7% 7% 7% 

8%AmPr*oa 0 25 23 26 164 7% <’% 7% ♦% 

QOS 1 1 13 1299 7% 7% 7% -% 

052 2.4 15 232 C% 21% 22 4% 

0® 1.2 49 8888 48 *a 46% 48% *2% 

024 27 68 8% 08% 0% 

0 10 04 33 9881 25% 25% 25% -% 

100 5.7 10 1270 35% 35 35% *% 

22 21% 22 +1; 

13) 7% 7 7% +.65 


I46>2 

31% 16% MW 
6 T a bAdiicsGrp 
3) iSAowinci 
59% 49% Aegon ADA 
65 % 44%«St0 
36% ft* ribs 
22% 16% AKnran 

4 1% AtaJlUt 
50% 38* *Wj 
39% a* teont Fit 
3% 19% ABoao he 
17 14* Ariose* 
23% 21% tttdi 
15% 13% AtasVfl Ar 

21% 16% AIMnyW 

17% 13% Affiiwl 
25% 19% AtoCuB 

22j I,’% AKuhrA 
30 t 3 25% A1W5H 
27% 19% AlenAI 
65% 49% AEoSl 
30% 23% AteBrwvn 
2% 14AbnAI 
24% 17A*cgftlufl 
»% 19% AflegP 
22% 13% Altai Can 
78 20 AJtaipn 

4% ji ATon 
27% 17% Aimce Cap 
10% 9A8ro»a» 
27 % 21 % AMD'S* 
40* 33% AUJOq 
11% 9% Afimer 
20* 24 Aflta era 

7 4%A8WMB 
35 21% Ahjtrcn 
87% 64% ACH 
30% 19Al»CoA 
11 % 

9% 

0% 

25% 

52% 


I 

+% 

4 

-S 

I 

+4. 


6% AnuxCd 
20 Amort ma 
WAmEHs 

31 20% Am BAirtt 
37% 29%AmBnd 
25% 18% Am Bui Prd 080 16 14 
3 6% Am Cap he x 065 91 


1 54 9 0 30 51 17% 17 17% 

1.08 5 B 0 13 18% 16% 16% 

165 10 57 2668 99% 99% 99% 

2.40 7 7 16 1821 31% 30% 31 

090 30 1313737 30% 23% 3}% 
1.16 4 3 23 2359 27 26% 38% 

130 6 05% 6 

124 


20% 16% Am Cap Bo 
23% 18% Am Cap CV 
99% C>« AmCjan 
37% 27% AmfiPvr 
33% 25% AmEST* 

30% 24% AmGefll 
9% 5^ Am God h x 0 77 128 

27% 21% Am Hltn Pr 2.30 10 6 0 124 21% 21% 21% 

20% 16% Am HdttB4 1 OK 38 It 32 177+ 17% 17% 

65% 55% AmHome 292 4.9 12 2563 59* 58% 59% +t% 

2% 2% Am Hotels 075 300 3 20 2% 2% 2% -% 

96-a Hi's AmM 048 05 15 2260 89% 88 89 +% 


77 % 7 Am Opp tar* 1.00 138 

30 23% AmFDnn 1 088 14 

34 is Am Pram 040 16 
8% < % Am Rea Ea 044 58 
27% 2l AmSttrx 0.48 19 
22% iSAmWatrb-fc 1 25 6 7 
32% 26 Am WMr 

43% 36% Amrtcn > 


447 7% 7% 7% *% 

132 26% 26 28% *-% 

9 955 25% 24% 25% +1% 

5 394 8 7% 7% 

7 1889 25 % 25% 25% 

. .. . 220 18% 18% 18% 

1.08 4.1 n 260 28% 26% 26% +% 

1.92 49 14 4633 39% 38% 33 


43% 32 Amman he 1 28 3.7 S 14 34% 3a? fl 34% 

ITU 11%AlMtak 024 14173 802 17% 17% 17% 

61% SO^j Anna £20 3.7 1613735 59% 5B 56% 

9% 6% AmpcoPM . 0.10 1.4 5 100 7% 7 7 

4% 3%4mmwx 012 2.7112 328 4% 4% 4% 

34% »% Ancomn t.40 4.6 9 917 30% 30% 30% 

4% 2* Anacorop 10 30 27 8 2% 2% 

58% 42% Anautlm 0.30 <L6 67 2520 48% 47 47% 

33% £3% Anglos 31 <383 32% 30% 32% 

£»% 34% Angora 094 3.4 24 51 27% 27 27% 

55% 47%Al*scH 180 12 23 2711 50% 50% 50% 

34 19%Anl*m 21 345 31% 31 31% 

18% 14% Anthony h 044 £5 17 78 17% 17% 17% 

35% X AonCll 1JS 4.0 7 S77 32% 37% 32% . 

29% 22% Apacne Op * 028 1.1 37 4931 26% 24% 26+1% 

10% 8% ApeiUtaF 073 00 242 9% 8% 9% +% 

24 14% AW 38 1711 22% 21% 22% 

7% 4 AppU Mag 0 187 4% 04 4 

24% 16% Appi Pw A 012 a5 36 56 22% 22% 22% 

28% 21 % ArcnOn 010 04 18 4771 25% 25% 25% 


+% 


20*4 21 ‘A ArttlUn 010 04 IB 4/71 25 J 7s*4 zyj 

51 43%An»ChflW 2.50 52 21 142 47% 47% 47% 

51% 45% Anna 4.5P 4 50 08 4 45% 45% 45% 

6% 4% Anna 3 684 8% a 6 

‘ - 2 23% £3% 23% 


23 23 Anna £. IP £10 01 


57% 41% AimstW I.2B 00 32 1490 42% 42% 42% 

45% 33% Allow Bee 14 530 35% 35% 35% 

7% 4% ArtraCip 2 62 5 4% 5 

33% 23% ArvUiW 076 3£ 13 26S 24 23% 23% 

34% 21% Asms 040 1.2101 £156 33% 32% 32% -% 

31 % 22% AsiM Coal att 13 12 28 30% 30% 30% +% 

44% 33% AsWrt I 00 2 7 13 4107 364 36 36% +% 

25% ie% Asa Pas F 0£T 1.5 120 17% 17% 17% 

3% l"g ASMS tarn 03107 6 161 3% 2% 2% 

37 IS* Asa HI Gas k 0.12 0 * 23 13*3 34% 33% 34% +1% 


57% 401; flTST • 

1.32 

55 21859 52* 

51* 

52 

+* 

263*2161; AH R*n! 

2® 

12 

ti® 

242241V; 241* 


33% ADntaGas 

2® 

08 13 

297 30% 

301; ft* 

♦* 

9* b*AB«aStB 

023 

4J 6 

13 

6* 

6% 

6% 

-% 

21 V id AdrOL. Epy 

154 

06 8 

382 

16* 

16% 

16*8 

-% 

112% M»;AB» 

550 

£5172 

3920 101* 

97* 

1®* 

♦2% 

10 4* ACM 


0 

1® 

5 

4% 

5 


3»* 18% Atmos Engy 

0® 

52 8 

18 17% 

17 

17 

-% 

12* 8* AttwiCADR 

034 

38 10 

874 

9% 

9 

9 

-* 

24% Ifl; Aixpl 

01$ 

08 23 

546 

20* 

TO* 

19* 

■* 

12% 8%AlEHUlFd 

010 

1.1 

503 

a* 

dB* 

8% 


56% 45^] WJM 

0® 

1.1 24 

683 

54% 

54% 54% 


a* I )’i terns x 

044 

25 13 

7 

17$ 

17* 

17% 

+% 

1? .-)• Arad 

fltH 

04 4 

ITS 

9u 

9% 

9* 


45 Xi* Aimcl 

Oft 

1.7 19 

189 35% 

34% 

35 

♦* 

$2': 4.?%Awrtt 

2® 

34 17 

1567 

50% 

58% S8>d 

+* 

14* 10% Avon COT 


9 

41 

10* 

ID* 

10% 

+ % 

7"; 5%«B 


73 

282 

0% 

G* 

0% 



3.’ % Jl% RCI 
9% r.% I'd ADR 
9 % .1 R.Tima .1 

17% IVj rj»n Fell 
::% i7[LMiii 
77% 21% raw™ tic 
30% MO 

15% n% auutf 
r s*; aii» rum 

»% 1 3 i 0-A! 0".cp 
13 23 FtacCrto 

£5% XU fijne-iflii V 1 
11% 9% OareaCenW 
34% ;r07pHiwai 

1% ~j Ton: lees 

fJ% 4‘1% CmriJC 
»% J3% BjriiAm 

« SI % turn 6«t 

23% 7.'% OW 
49% 45E0r«amP 
-V% UotXJO 
50*: 43% EvrtAm a 
94 :AEw*AinB 
8J% R7 ? P (talTn I 
15% 30 Ortan 

30% 2:% Bonne r> 

B 7i% RamrsCiD 

4S% » 4 9an» 

1 ) 87; BflCM 
w'j A4% fiutsdi 
71% Eirt3 
3% 23% tar £4 US 
22% 1D% Ba Ti 1839 
73% 15BmEBio 
50% 46% BcarStFBV* 
37% 27% tamp 
32% 23 BreXEUR ta 


- B - 

7 6235 8$S 

.1 2 27 10 

5.U A 67 
25 101 

2 4 4411680 

16 73 59 

21 27 C 
05 U U5 

12 tan 
5 7 12 1052 
1 0 JO 212 

4 2 9 4970 

30 8 335 
R5 5 56 

IS 7 704 

J7 34 
13 13 41 

3: a con 

08 *40 

3 3 It I5F6 

87 98 

.17 5 79a: 
74 39 

81 7 

5 7 5 7245 
11103 «M 
25 W M0 

17 53 17 

39 10 7036 
041K2 4111 
25 14 2715 
39 41 4835 

09 14 32 

86 5 

IS 4 3002 
66 20 
£0 r 95 
1 3 £5 342 


36% 35 35% 

6% G% 5% 

4% 4 4 

16% d15 ? g 16 

19% 1B% 19 

34% J4% 74% 
78% 3B 23% 
10% ID 10% 
7% r 7% 
72% 22% 22% 
20 % 20 % 20 % 
29% 29 £9% 

24% nu 24 
11% 11 11% 
79% 29 20% 

1% l 1% 
52% 57% 52% 
44 41% 43% 
81% UB1% 81% 
20% 36% 26% 
45% 45% 45% 
30% 29% 29% 
44% 043% 437* 
74% 074 74 

63% 63% 63% 
35% 317, 35% 
24% 24% 24% 
37% 37% 37% 
42 41% 41% 
12% 12% 12% 
39% 38% 38% 
27% 27 27% 

24% 34% 24% 
2U 19% 20 

15% 15% 15% 
47046% <8% 

e at% 31% 
30% 21% 30 


BE 

OUR 

GUEST. 


RE 


jfite- 


1STAN0UL POLAT 


NAISSANCE 


When viHi siav with 0s 

in iST,\NBlX 

*>ux in much - 

iv nh \11ur complimentary copy of ihc 


FINA!YCli\ L TIMES 

runon \ iumnivi tiivv^PiF 


n 


IBM 

Mgb Lon SMB 
48% 34% SaanO 
7% SBtaBfti 
58% 498«Alx 

20% 14% MA 
83% 53% BaSSQuc 
55 43% BlklA 
25% 20% Barts 
EB 55% Beat O' 
44 34% BtaMf 
38% 24%BmD0RA 
1% % BenguaB 

19% 13% BergBr 
195U15100 BbAH 

10% 8BanyPtt 

39% 19 Seat But 

28% 20% Ben Si 2. 
55% 51% BeStam R 
24% 16%B8BS| 

51% 42% Boat. 

18% ll%Bn£m 

£1% 11% BtanA 
32% 23% BBffltagm 3 
23% l8%BBJflO( 

22% iSBartHPL 
10% 8BB3TCMhr* 
8% 6% BUMMi 


51% 50% 51% 


m n sh 

d» u m w 

074 \& 18 2087 40% 

038 01 3 6 

2.78 04 15 2868 — , 

040 20 « 38 20% 20% 20% 
£78 5.1 28 *806 54% 53% 54% 
080 1^ 22 312 *9% 48% 49 

054 £3 £6 3599 a% 22% 23% 

4 JO 7.7 3 S5% 055% 55% 

1.72 44 12 £266 38% 38% 38% 

047 1.9 14 30 £«% 824% 24% 

95 » li 8 

555 18% 16 16% 

1 183031825018300 

9% 




004 4J 18 
048 10 £1 
43 


0.40 

42 

33 SO 

9% 

3% 



24 2378 

38* 

38% 

£50 

£3 

42 

S2* 

28% 

5® 

9.5 

70 

a* 

0.4Q 

2.0 

81083 

19* 

13% 

144 

10 

23 754 

47* 

47% 

14% 



32157® 

15 

010 

06 

271731 

(9* 

17% 

040 

16 

57 842 

2b* 

24% 

040 

19 

2111® 

21* 

Zl* 

1J2 

06 

12 101 

ft 

19* 


io% 8% soradat » 

48% 37%Btae* 

8% SSgBkttOio* 
14% 9% BMC tad 
50% 42% Boring 
30% 19Bri38Cx 
21% 10 But B S H 

25% 9% Bond dun 
18% 11 Bnnlan 

22% lB%a«nCrit 

29% 20% BlMNtr 
38% lH%Bae9Frtf 
34% 29% B8E Pim 
90% 88% BdgSl 
33% 19% BrMtan 
59% 50%aUtfiq* 
74% 54% ft Hr 
54% 398rlGdS 
7B% 55% BP 
77 l9%BPPtwW8 
27% 1SB51M 
71% 53% BT 

BWtnU 

Brwnep 
, ..anmSft 
30% 26%amFm8 
32% 24% BrFer 
4% 3%BHT 
25% 17% BmMk 
18% 13% Bfirta Wb« 
41 35% AxtaydR 
28% 12% 0*1 Cost 
66% 47% Bum 
49% 36% tat! Rase 
19% 15% BrtUan Pe 


8% dS 

6% d6% 


14% 

18 

20 

s 



0.73 80 31 

0.75 12-0 392 

07D 12 337 

IJ5 18 26 1288 

ai2 U 201 

am 06 8 72 _ . . 

14)0 2.3 12 26*8 44% 43% 

060 11 61735 28% £7> 

008 0.4 32 232 15% 1_ 

1.16 50575 3057 24% 22 
030 £2 17 8097 13% 13 
1.25 5J 7 901124% 22 

060 £2 14 198 28 27 

0£7 08 1651 33 31% 

£40 7 8 7 261 30% 30% 

104 £7 11 204 68% 68% 88% 
20 2665 24% 23% 24 

20? 52 1* 4814 58% 55% 58% 

1.77 3.1 13 41 57% 57% 57% 
307 07176 22 46% 45% 45% 

1.78 £2 28 7954 u75i% 78% 79 

1J8 72 7 589 r% 21% 22 

032 1.2 27 1777 36% 26% 26% 
£77 03 15 5414 60% 60% 80% 
1.35 04 14 130 25% 25 25% 

1.60 4.8417 128 33% 33% 33% 
032 4.8 4 39 8% 6% 9% 
035 £6 4 205 26% 26% 2fi% 
06a £2 25 5539 30% 29% 30% 

37 2100 4% 4% 4% 

044 £2 35 1073 20% 20% 20% 
032 U 42 484 17% 16% 17% 
£80 7 7 10 36 3&% 36% 36% 
10 2151 13% 13% 13% 

1.20 £5 15 3596 48% 48% 48% 

055 1.4 19 3845 38% 37 38% 

1.44 9.4 19 295 15% 015% 15% 


•JO 


35% 23% CB 
361253% CBS 
2$ 19% CMSEn 
82% 59% CHAFA 
54% 44% CPC > 

18% 14 CPI Cup 
92% 85% CSX 
20% 19% CIS Cop * 
24% 17% btfcfifffrB 
53 33 CBDMOfl 

28% 24% erne 
23% 1B%CaM080 
18% lO%CuhcaOi0i 
59 35% Casas Wl 
£% 1% Cal Bart F 
15*4 10% CrigpnClm 
19% 15% 0£n» 

15% 9% cn Fad 
25% 17% Calm*! CD 
' 34%CntaUSx 
% Camprt Ra 
18% 14% CanPac 
85% 80% CapCBx 
14% 12% CpM 126 
37% 20%C9rid1J 
42% 22% Caprid ug* 
28% 15% Cvaraak 
35% 30% CMOS 
231; iB%Cam*flQ 

12 A Canto Pc 

13 8% Canto Ff 
30 £2% CtaPRl. A 

66% 56% CpnOT 
9%CBttaWri 


- c - 

048 £1 27 1727 23% <E3 23% -% 

£00 06 16 293328% 322327% +4% 
0B4 00 11 481 £1% 21 21% •% 

15 193 62% 81% 61% -% 

1 J6 £7 17 1922 50% 50 50% +% 

086 3.0 20 231 ul8% 18% 18% +% 

1.76 £7 19 1575 66% « 88 

040 1*4 22 19 28% 28% 78% -% 

064 £4 17 1561 18% 18% 18% *% 
45% 44% 45% +% 


16% 16% 


■a? 

1 

laU 



52% 53% 
12% 12% 
30% 30% 
9 9% 


344 23% 23% 23% 
510 23% 23 23 

101 £1% £1' 


21% 21% 


1 1 2419 45% 44% 45% 

058 £2 T£ 437 25% 3% 25% 

016 09187 295 18% d18% 18% 

91B 2439 u!8% 18 18% 

11 923 41% 40% 41% 

020100 2 23 £7% £ 

016 1.S 23 306 11% 10% 11 

16 334 16% 

0 1264 12% 12% 

040 £D 55 31 30% 20 20% 

1.12 £9 1* 1186 39 38% 39 

62 1323 % A % 

032 1.9 63 2995 16% 16% 16% 

030 02 2 1231 81% 80% 81% 

1.2610.1 193 12% 12% 12% 

150 7.6 Z 21" 

£32139 B 115 23' 

22 1499 

080 £5 17 132 32% 

15 40 
0 965 

020 22 8 152 5 
1.70 6.8 1218042 

£40 01 14 111 58 

033 £4 23 800 14% 13% 14% 

18% 13% CNcdfl N 6 x 096 68 13 39 14% 13% 1 " 

2J% 18% CassCp* 020 1.0 OS 19% 19% 1 

10% 7%C3ai«m* 005 06 16 244 7% 7% 

S>% 50 cap* 080 1.1 7 6626 54% 

IS 10% CHCop 32 22 12% 

36% 28% CMvFrir* £25 7.3 11 SO 30% 

13% 8% CantEn 080 85 1 784 9% 

45% 22% Mi 020 09 9 

30% 22% Cenr Kdal x £08 00 8 

25% 21% Cenrlol 1.46 07 12 .. . 

IS 10% Ca«r 14*1 x 090 02 8 568 11% 107 s 11 

3O24%Can>Hto>*05B £0 33 52 38% 28 28% +% 
22 12% Cent-VM 1.43 11 J 7 88 12% 12% 13% -% 

1.70 7.8 14 651 32% 22% 22% ♦% 

032 f.l 20 242 28% 28% 38% 

90 964 25% 24% 25% +% 

020 05 20 2940 38% 37% 37% -% 

020 £4 77 35 8% 6% 8% -% 

12 156 6% 6% 6% *% 

180 4.7 1712W3 34% 33% 3* +% 

2 83 4% 4 4 -% 

109 7V 17% 17 17% +% 

£04 00 19 121 34% 34% 34% -% 

. . 1.76 SJ) 6 9201 35% 34 35% +1% 

11% 7% CtJtio Waite 020 £6 5 300 7% 7% 7% +% 

35 22%Qta9Bp«ri« 073 £1 76 2E9 33% 33% 33% 

47'« jq7 a Owm 185 M 1013781 42% 41% «% *1 

58*2 40%CNteFitad 1.45 £0 176 48% 48 48% +% 

020 1.4 2723 15 14 14% .% 

82 442 5% 5% 5% -% 

7 957 38% 37 37% -% 

43 *100 30% 30% 30% 

1JX) £2 612811 44% 44% 44% +% 

16* 26 18 1115 70% 69% 70% +1% 

£04 51 18 1212 60% 59 60% *% 

090 1£4 444 7% 7% 7% 

£46 64 11 20 29% 29% 29% -% 

080 4 3 20 127 18% 18% 18% +% 

1.72 7.8 73 473 23% 22 22% *% 

036 1 4 20 2068 25% 25% 25% -% 

IX 170 3% 3 3% 

£00 7 4 IQ 65 27 26’* Z7 

0.10 a4 20 7924 26% 26 26% 

16 1736 31% £1 31% 

060 14 11I0SCB 42% 41% 43% +% 

£28 09 14 25% 25% 25% *% 

60S 7.3 5 7S% 75% 75% +% 

7.00 6 2 8 05 CO* 85 

73 179 13* 13% 19% +% 

1.52 112 6 310 13% 013% 13% +% 

0 64 SB 31 5TO II 10% 11 +% 

DOB 10 1117 a% 8 8% ♦** 

013 1.2 8 697 10% 10% 10% -% 

27 10*2 66% 65% 66% +% 

16 353 18% 18% 18% +% 

057 SB 40 9% d9% 9% 

7 56 106 4 71 70% 71 

120 22 a SS 38% 37 V 37=5 -% 

7.40 104 1 73 71 71 

1.92 1 7 16 *60 52% 53% 53% +% 

030 1 3 10 16 32% 22% 22% +% 

60 10 10 

6* 13 12-* 12% 

032 1 9 18 507 17% 16* 17 

a*0 1.4 27 3463 27% 429% 27% 

078 1.6 2813644 *3% «B% «8% 

005 03138 157 18 17% f$ 

015 07 22 561 21% 20% 21 

a 92 33% 32% 33% 

1 64 £9 16 1302 57% 57 57% 

0 65 05 2DT 10% 10 10 

060 6 6 232 7 8% 7 

07011.6 61 6% 5% 6 

6% 6% Colonial U * 056 09 159 6% 06% 6% 

30* 21% CoCas 232 8J 0 221 26% 26% 26% 

45% J6% QoACA 012 03 49144$; 40% 39* 40% 

24* 17* Comdfccn 036 1 0 9 1495 20% 19% 30% 

31% 25% Cwoertca IJ8 4.7 9 747 27% 26% 27% 

30% 12 Com tone 050 £7 14 117 18% 17% 18% 

» 21 Gowri Uet * 0 48 18 17 21 27% 27% 77% 

25* 21 CtosCdlO* 1-90 09 8 £1% 21% 21% 

36 21 * Cnnm&CO) t £00 0 0 2 3 22% 32% 22% 

19 11% CtnmalPst 036 £7 73 992 1J% 13% 13% 

39% 24% OrtBpre 1422909 32% 31% X% 

1* % Cbnta w fwn* I 83 % % 

45% 37% QmpAaa 020 04 23 5683 1148% 44% 461; 

45%31%Oqfia 25 1*93 42 41% 41* 

10% 6% Comp*T&! 0.10 I t 3 77 87 3 8* 8% 

30 20% CCasS a78 £2 13 4CC0 34% 24% 24% 

33% 25% Qtfara am 28 16 5730 30% 29% 30 

31* 22% Ceramet NG 1.«5 64 12 Z) 23% 23* 23% 

25 HCaMtttEs 1 30 59 15 85 32 21* 21% 

2D% 10%CanvPB> l 1718 10% 10% 10% 

71%54%CoeE4.«X 4*5 88 3 5S C53 53 

32% 23CansEd 200 00 9 5444 25% ?*"s £5 

75 61* Cto Ed Ff « 500 03 15 62* C61 51 


30% 20%CenBW 
30% 21% Camay n 
37% 18% CMdn 
40 26 CJmpUl 

13% BCXaparrrt 
15* 5* dm Use 
40 30% doaeM 

a l%aou»B 
lOVcndfiy 

36% 30% dtameri 
43% 33%disnBkx 


19% i1%Otor 
8% SCRoekFvA 
41% 33dldn 
34% 24%CWattaa 
B3% 43%dkyrir 
63% 6a%QtabD 

74 570gna 

9* 7 CJpBH I 

37% 28* Qtaxp In 
20% 15% dun Bril* 

27% 20% One G«s 
27 18% Qrtfl 
4% 2% CkHttatO 
10% 25% Op3Qj 
27% 16%Ora41Qji 
«0* 20% acua Or 
45% 36% dto 
26% 25010913 
96 74%CkgPCAd 
100* 84 QcpPDAd 

17% 1J%CtnWA 
17* 13% CDntMB 
12% 7% QtyttniU 
12% 7% CUE 
23% 9% CUmre Si 
71% 50%Ctaft&1 
26% 17 dawn An 

11% 9% Oemcnla G 

89 70 CWW/J6 

45% 34% CMC 1 
K 70% CkrUB 
SS* <7Cknu 
28% 22 OuD Ued 

13 97] QUtaonai 108108 
18% 11 * Cgocnmea 024 1 a 7 
19 UCosasn 
33* 2B%0ma 
50 38% Coca C 
IS* MOaoGn 
fl% 16% Cooar Wn 
36% 25% QoHman 
65% *9% CatGPa 
11% 9%Cotaahr 
8* 6* Cokrts H « 

7% S*C>toUlx 


■I 


20% 20% CnSFVt 
<7 J9*OcMG> 
69* 48% OdU 
30% U% Cara Stas 
66% *3Ca«*« 

60 47* Otar 4. 16 
100 84CPM74S 
ISO* 83% CriiP7£S 
12% 7% CwrtUede 

28% )2Cs»nq> 

I07 a 8* Cow HU* 
11% 10% ComHPI 
8% 4% Comet Com 
3% i# Cooper Cn* 
K% 34* Coopta 
73% 21% Cooper T3A 
15% 10 Care tad 

39% 24% cm 
34% 27% CRdno 
16% !i%QuskTm 
19 12% Gantry Cnc 
10 15%Cnu0tfi 
1£ ? 8 10% drio 
29% 34% Owe 
17 14* Oanhn] 
33* 13% Ciaift) 

49* 33%Cratffl 
13 0% CflM 
6* 4* rH Uq Re 


23 3407 31C3D% 2D% -4 

f 94 il 18 1259 38 J7% 37% ♦»{, 

1 50 11 17 237B 48 7 3<K3% 46% A 
18 138 I? 16% 17 +4 

050 1£ 4 6230 43d4i% 41% -l) 

4 7 » as 7 49 49 4 S 

745 8 7 2 86% 36% 28% A 

768 00 ZlOO 85 85 S5 * 

9 562 8^2 8% 8% A 

JOB /*S 55 1622 13% 13% 11% * 

0 04 0 4 II! 

1.16 !U 


II! 9% 9% 9% 

34 10% 10% 10* 


056112 5 191 5 +n 


5 

15 

18 1756 38% 37% 37% 

aiZ 1.1 31 13 11% 11* 

a72 105 180 7% d67 

0BI 10.1 48 3% d7% 8 

** 531 31% J»% 3t* 

0® 50177 7 16% 16 16 

050 U 7 475 33% 39% 39% 

082 05 12 43 10% 010* la* 


24% 13% CrampBnSK Q4S £2 15 537 15% 

4t% 33%tfrmCS * 

13% 9'jCRSSirr 
8% 6 7 ; C5FS8 r 
9* 7%cS=BoSD» 

»7g 25 CUC ta 

17% I2j CriDra 
57% 35*g CuimEn 
13% 10* Curas in 


’ft 


km mw a am 

a* Us Stack Ota % £ in H* li* Mta 

37 32% Otettr 14U £0121 2 35% 35% 35% 

11% 8* OHM 1.08 113 7 14 9% 0% 9% 

13* 7* CyeenSy* 9 flOO 12 « 12 

20% 13% 4|xSa 75 8037 15% 15% 16% +% 

33% 25% Cjptanxx 080 £8 15 22B6 29% 28 
38% 12% Cjtac 131351 


- D - 


£1% l8%pn.HsUg 

• 13% (SritasSem 


■a-i! 


038 


1.18 

art .. 

30* 24% Dm 084 
47 StMUarCd 012 
13% iDDartritad 018 
(if); 6% ftaaer 
7% 2DanpoW 
9% 6%0attMW» 020 
8B%04%DmnH 1« 
? U0DLB 
B* 4 Do Sota 014 
33>2ZS*DeaiFM68 0E8 
" 31% DoartK) 050 
7%M0W8rx 000 

Oterax £20 
1% AMVriFn 

16% DaWlx 1.54 
57$ 3S%Dlta«r 020 
■2% 9* MtatttM 040 
38 23* Drim 1.48 

101 84 08007.45 7/45 

102 <8% 0ab6f7.68 706 
30% 24%DMEd £06 

28 22% OtadarOp 088 
24% 17* Dtag Prod* 040 

24 I9*0la0ri 060 
30 23%StKtan0S& 052 
14* UODtanaCop 
48* J4 Otebeid 

38% 18% DtgflE 
37% 2S%0MX 
48% 38%0<SKyx 
35% 28% Orian 

26% 2O0onridtan 028 

31* 26% Damty 064 
66% 50% Daw 14)4 
79% 58% Daw CD i £60 
4>%28%D0Ktas 084 

21% 17% OawaySU. 048 
34% 37% DQE 168 
28% 20% DlPcp 7Up 
13% 9% 0»a 0S 
24$ 19 Dress- 068 

10% 8%0iteFdSx 088 
11 8%0rfu»aGx 081 
11* 9% OrfusSMx 073 
78* 60% Ou fatHS t 4JD 
43 32$ OlMPm 156 
27% 20% Dritt FBy 158 
B4 5S%0unM £60 
82* *8* Daftrt 158 
29* 24% Hup. 01 255 

27% 22% 0uqsRB£75 158 
29% 23% 0 mp*4.Q0 £00 
20 25DML42 £10 

29 £*% DugaLK.15 £58 

100 n0uqL7J 7 JO 

47% 36 0uPcaf 058 

11% aowKtaSr 
20% 13D|toto 020 


19% 15* 
15% K* 
28 JS% 
43* 43% 
ii% 12* 
10 * 10 


23% 


28% 



25* 15* 1 


>7% 4%ecckxi 
19 14%ESSG 
46* 36%^S011 
27* 21% EzatUOta 
27* 22% EBdp 
56 39% EaflQl 
56* 40* and* 

S% 45*ESU1 
35% 24% Eltoi x 
23% 19% Eatotoc 
32% 21%BtonBm 
24* i6* emr£ 

8% 6%BraOnup 
25* 15 * Bar Cap 
'* " Etact Asa 

air 

- . , BtcM 
23 12* BlCConi 
9* ?%EmamGonj 
S* 56 %BotB 
7* 5% EmprfM.75 
20^2 16% Emptm Qs 
IB 8% EmpkyBaa 
55* 40% Ends® ADfi 
23* 19% BwnenCD 
31% % EngM 
18% 13 Enrta Bum t 

4» 378% Enron 105 
34% 27* Enron 
24* 18% Enron OK x 
101% 94 BbeMJPEx 

19% 12% Bara 
11 S* Beret) 6r 
37* 22% Efrtpy 
23* 18% Beam Co 
2* 2 KK Rarity 

30* 21* BpMx 
2* tj EqridSEx 
38* 29 

J 1 «*_ 

!»% iou am * 

14 iO*Emp«Bl 
16* 8% Er^tai 
17% ISEastatar 
67% 56% Bonn 


020 1.7109 677 
058 13 11 1284 
150 £8 11 12® 
154 7.0 9 817 
1.40 S.4 27 111 
1.® 3.1 2318 

1® £1 35 Mil 
1® £8 18 1008 
a78 £7 17 1177 
044 22 17 173 
124 55 10 105 
OSB 32 7 857 

S 107 
022 IJ 9 96 

5 457 
120 34 

6 43 

052 25 40 9236 
012 1.6 215 

1® £7 16 2613 

047 75 710 

1® 75 14 ® 

76 68 
1 09 IS 14 430 
1 12 55 12 41 

048 £014115041 

058 A3 11 131 
1050 £3 XI® 
075 £5 22 3177 
012 05 12 538 
7® 7.4 10 

020 15 20 1012 
030 282S8 12 

1® 75 8 2974 

a itt 
1.10 403 SM® 
06Z £1 34 884 
028345 0 50 
1.14 £7 13 1729 

2 1® 
05D 45 14 80S 
075 67 379 

77 79 

1® 67 40 

2® 09 1319714 





21 

JM 04 
13* 13% 
ull 10% 
23022% 
22 * 22 % 

n *% 

SS 
11* 11% 
11 % 11 * 
11 ID* 
15614* 
69% 57 



-F- 


4* £%FNIraur 007 
16% 13% FT Damn 1.12 
18% 11% FiMCant 012 
38* 35% Fltodl X 3® 

0 6% FaraM 040 
21* 10* Fatal he 

8 6%fs»sDnjg 020 
92* asUFtomut I® 
58* 44* FaS>9£875 2® 
29% 18% F«1 RBy 1® 
8* 4* Fadris a® 
80* 57% FadEw 

37% 21* FtaMri a® 
90% 7 S%Fg«M £® 
S20*F«rBdx 1® 
21% 17FaderriSg 0® 
25% 18* FedDesKSt 
3S* 21% FnrroCerp 054 
34* 22% FUCai 
13* 8% WWi 026 
»* OihRntertu 0.1 6 
40% 33% FtalAin 0 X 1® 
39 29* FUBO 1.16 
37 % 31 % FW Brad x 0.32 
98 79% FridlACFB 0® 
51% «3%FsaWC 3® 
101% SFstCttacpC 8® 
a%4i%Fitc»a 2® 
«* «% FSW 1® 
37* 32 Hi fd 2.1 £15 

18%ll%FWFfi 0® 
S5t%FWFnM 010 
®S*F®m £00 

20* 12* Fstfti 030 

23% 16%FriPh»F 076 
® 39* FsiUto 1® 
537»5l*FWUPf 018 
10% 6% Fstkfix 0® 
«*3Z*FW«gx 153 
36* 29FMBrC0 1® 
41* 31* HeriF 1.® 
27* 18* RtadEn* 056 
JO £27 j FtoCR I® 
«% 3a%T8gnwy« a® 
33% 24* Fling 1® 
20% liftawi 0® 
56* 40%FUr 052 
S* 45% FMCCp 
7% 4*FIC® 6® 
®4i%FeataC8B 1® 
17* 11* FccSKG 024 
35 26% Fort 090 
10* 8* Port* 0® 
«% 32% FOMta 074 
16* tl% Ftamsysr 0® 
39% 27* FPL I® 

10* S* FrTOSOpi 004 

9 7%FrartdPix 08) 

51 33%ftsMRsi 032 

0% 31* FredNeyar 
6% 4% BHwU a® 
5* 4FMMS 0® 
2l*l6%FroMeu 123 
27%20%FlMdH 0® 

26 £1% Frexs&l i 0.78 
33 23 Bloom 
79% 60 FdAaEo 088 

16% i3%FunnEsiy an 


13% tf13% 


il 


sa* 57% 

BO* 73% 


57% J| 

S •* 

21 * +* 


37* +* 
34* +1* 


56* 50 Emms i 
44%»*GAn 
57% 47% GBCO 
14% 7* GRCW 
35* 29" 

19* 15 


i ere 

i GTE F 125 


- G - 

355 75 4 57 50* SI 

1® OB 13 527 39% 39* 39% 

1® £0 12 436 51* ®% 51* 

21 3* 13% 13* 13* 

7.® S3 288221 30* a* 36* 

Itt 18* IB* 


US 77 
1® 9.1 


390 


IS* 

11 


*3% 

+% 

s 




2 

576 

8% 

7b 


h 

38% 

28% 6#™ 

088 

£8 

15 2 

31* 

31* 

31* 




4 

43/ 

* 

Jh 

2% 


)b 

1l*Grie®lta 

1.70 

£0 

«® 

13* 

13* 

1* 

13* 

1*7 


IJ2 

3J 

14 

3448 

39* 


39* 

+% 

4% 

1% GaNKrin 

004 

£7 

5 C 


024 

1.1 

18 

1083 

73% 


ZZ* 


59 

48%6arntt 

1® 

2J 

17 2248 

47% 

46* 


+* 

024 

2J 

10 

1? 

10% 

diO 

10% 


«8% 

30% Gattoc 

048 

IJ 

21 $223 

32% 

®% 

32* 

-% 

120 

45 

10 

SS 

»* 

X 

ft* 


11j 

25*CCCW 



40 20 

28% 


28% 


0® 

£1457 

,477 

32% 

31n 

32 


ItCanmni 

140 

£4 

58 

11% 

11% 

11% 


012 

10 


13 

12* 

12% 

12* 


20* 

16»»Ctn*dl 

030 

1.8 

7 104 

19 

15* 

18% 


032 


4 

304b 

14* 

14 

14% 


16% 

U>SGnearp 

a® 

5J 

B 355 

12% 

12 

12 


aaa 

S3 

X 

48 

16* 

’0% 

16% 

Hr 

22* 

19* IWJnir 

012 

as 

a 

20% 

20* 

20% 




22 

4 

11% 

11% 

11% 


57* 

38 EenOyn x 

1.40 

IT 

5 1388 

44* 

43* 

44* 

+iii 

075 

10 

1b 

93 

25* 

IS 

=% 

*% 

55 

45 Gerfiw: 1 

144 

£1 

91796! 

47% 

46% 

48* 

-* 

au 

13 

14 

2*6 

15% 

lb* 

15* 

-% 

6% 

4% GrilHOSt 

038 

88 

1 550 

4% 

83* 


-% 



B 

618 

20% 

ft% 

20% 


15% 

8* Ge* Hmor 

CUtf 

£4 

13 373 

13* 

13% 

13% 

-% 

1® 

£7 

12 

522 

43% 

*2% 

43% 

+* 

62% 

49%6nWi 

1® 

3J 

17 2179 

b/% 

56 

«% 

-1 

tie 

£4 

n 

853 

9% 

a i? 

9% 

85% 

43% Satotr 

080 

IJ 

3054205 

44* 

843% 

43% 




52% 4i*Gantadi 

5 % 2 * 

21* i3*Bmma 
7% 4% Gendtac 
-5* 33%6enft 


0® 1 J 24 4372 37 36* 38* 

080 22 23 998 37 38% 37 +* 

I® 72 9J1Z8 24* 24% »* *b 
1.® 12 13 291 108% 105* 1®% +2* 
0» £7 23 630 34* 33* 33* +% 
■ 10* 812 u52* 51* 52 ■* 

1 


7 1X0 2% <B 
16 85 17% 17 
2 289 5 

1.15 13 18 527 X 



42 21* Srgte® 

79 SB* SgtaP 1® 
104 91 % Bgta7.72 7.72 
16% 13% Scrtw Sd 022 

12* io%6tamny» 8-18 

12* 5* Bert* 

18* io* Griqr Par IDS 
14% g*Gtanidp 
10* 7% Start hdB 030 
73 577+ ona 1® 
Z1%l5^Gktat 087 


18% irtOaawCD 040 
7* S%aataf6*x OM 
9* 7*QoWtne 071 
4* 3% EkMttr 
8% fi% GUM YU 0BO 
®37*ffl«ftt a® 
48* afi*Mi 2® 
51% 47% Goods 3£ ISO 

43* 31% Gdysar 0® 
12* 7*Gritattft 
46* 38% BtariMR 1.40 
®% 56*6flVW 080 
30 23* 014* 1® 

27% )9*aWTi 0®. 
17* 12* taS G Ell 0® 
S ®* GlLriM Ci 0® 
SO 35<a«fih)x 4® 
21% 16*0*ftl 082 

3l*Z3*6rean»P £12 
1% 6aei Tree 025 
12 Growing 0® 

ami 028 
12% 8%GnMiSpn 0.15 
40* iBcmwim 
16% 96wrdsnan 032 
24* 18% Gritol M 0® 


ji 4 * t 
94* 21% 1 
17% 121 

19* 14 1 



- H - 


19* 13%H&0ttSrt 0® 67 
a* 16 HX Tri ADR 081 £1 
16* 13%H£Prita>X 1-12 7JB 
3* 2 Hadaon 

35* 27* imn 1® £0 
S* 2* Hatmod 
io 6% Kink Fail x 032 07 : 
17% 14% track tac 1J8 U 
24% I9%trackktn 1® 04 ; 

14 10 IttWto 0.44 02 

17% 13 Handy ttann 020 1 J I 

26* 3% Haas 050 £0 
art io* HamaUrei 0® io 

4% i Hanson Wl 
22* 17* Matson ADR 094 52 
38% 30* HsrcSe 084 12 
24* 20% Hatand 0® 09 
29* 21* Htatay Oar 0.18 06 
35 24% tkrman tad 016 05 : 
29% 18% Harrtg 040 1.6 : 
52* 41* Haiti 1J4 £6 
46* 38% tenax 1® £4 ' 
63* 42* HstHStmx Z20 01 


14* 14* 

19* 19* +* 
14* 14* 

2 * 2 * 

31% 33 +t* 
<C 2 -* 

6 * 8 * 

14% 14% 

19* 20 

&& 

24% 24% 

24 24* 

£ i 
15 18% 

34% 94* 

20 * 

25* 


a 

4 




7* 4% Wi Inage 
39* 23*Heumn 
37% 2S%maauret 
15 B* HactaM 
39* 23* Ha^tot 

3^s 30* Me 
39* a* HatanaCu- 
30* 20* HrimP 
121% 98*ttoto 

S ‘41% Hmy 
71* HeePac 
6% 2* Hoeal Op 

6* 4*HHm 


0 ® 04 
024 09 
1 ® 00 
0® 07 
050 17 
£24 22 
1® £5 
)® 1.4 
044 00 


28 181 36* 

19 700U38* 

27 2233 13% 

28 1536 28% 

16 2125 36* 

20 55 J2* 
28 SB S 
a 1147 101 
13 B® 45* 

17 6688 88* 

0 331 5% 


: 41* 4i* +ix 

l «* «* 

I 5* S* 

I 15* 15* +1 

l £1 81% +* 

1 013% 14 -% 

i a* a* 

% 


10 5 

020 £8 13 1277 


B% 

5*ra®tacx 

8® 107 

ft 

5% 

7 

5*Hghiocix 

0B311J 

54 

Si 

9% 

7 itiki he X 

QJ7122 

144 

71fl 

9% 

7% rand Ha x 

087 109 

re 

8 

13% ll*KkrogBH 

048 18 a 

20 

12* 


057 IJ 16 ... __ 
10 132 225 
1® 21 ® 755 577 
095 U 52 1® 9S 7 
016 04 40 6937 4H 


24 17* Wen 
74 49* HBtanH 
118* 72WhcNx 
46* 29* FteaOap 
1% 9%tooeS*p 

24* 17* nnapi 
1% 1 HrtitattUtg 

37* 27%ttaxHIADRx 
38% 3D% Hnyarol 
a* 22% HrcMairCd 
28% IB* Huai HUi 
23% 18* Htaari 
16* 12* HUtaBm 
13* 8* Hritfar 
3* 1% Hotel inv 
53 36% Heaurto M OM £1 » 
8% 1* HtoaFrii 048200 0 
33* a%HOdl» 





S3 

830 

11* 

10% 

n* 

020 

TJ 

a 

5503 

20* 

a* 

zo% 

0® 

5J 

0 

51 

1* 

1% 

1% 

024 

096 

0? 

23 

7B 

14 

33 

288 

St 

33* 

St 

029 

IJ 

8 

32 

617 

607 

Si 

dZ2* 

27* 

a* 

28% 

050 

22 

18 

387 

®* 

a* 

Z2% 


0® 04 X 18® 15% 
028 £8 25 5878 1 0* 
7 233 3% 
S 41* 
. 338 2 

1® U 13 11® 35% 

18 a* 


si 


27% £5% Hand I Dpx £38 00 
13% 10% Ham 016 1.4 3 2 

25% 11% Hudto Fda 012 08 15 250 

19% 14Hxnytap 034 22 3 M 15% 

32* 17 Huriee Slta 020 U 14 1092 17% 

23% 15* Hanoi 100 623 41 7725 23% 

18* 15% Mrt M% C 0® £3 17 90 18 

11% 4%Hw8ngto 022 03 9 44 8* 
10% B% HgMrtonx 090113 299 8* 


15* 16% 

9* ID* 

41% 41% 

1* 2 

35* 36% 

29* 29* 

11 % 11 % 

£1 21% 

SS 

A ft a. 


+i% 


22% BP toe 

. 8 Oi Flora 

31% Cl%PHn 
11* 8*HTPrap» 
5 ZKFKl 
30% 2i*ttnoPam 
43 33% B» Cup 
2B 24%®**4.42x 
4&1; 41%«PW7®x 
a 23 > Prt.CB x 
a 23% R Pr4 J x 
62% 46BIPI024X 
38% SBBnofcCn 
47* 

52 45BM 
22% 18* tor 

54% 44IQ 
49* 30V8CFW® 
12% 6* Imn Dal 
18% 15* BMhies 
31* 21% kno 
87% BOtatoV® 
30* lgmaacrsi 
23% 10* tad Energy 

— ' li* ladontad 

— « 10* hnsa 

41* 3Z*ta0M 

4£ 29*WdO 
9* 7% kntrSyat 
23% 1S*NSMrii 
49* 41*hMpnFb 
" 1* tauM 
ibtaWflta 
ataarRag 
15% taknap* 
f%Htaka 
71*51*04 

22* n* tan® 

44* 35% hire 
19% 15%HUi* 
80* B0%HPita 
34* 27% Hputs 
11% 7%htantJr 
30* Zlktorti 
8% 4* UTAH 
34 17* hSBameT 
a 13 he Rees 
4% 2tatTactm 
54* 42V tanks 
24* 1B*loMlG£E 
35* 28* Dried Ent 
ii* 8*wannn 
12% 8%triynM 

35* S*kriCam 

104* 78* in 



I 


020 06 19 6SS 32% 30% 
12 1® 12* 12% 
2® 11.4 4 1® 25% 25% 
084 90 12 3® 0% B* 

10 ia 2% 2% 

1® BO 10 191 ZJ* a 

19 79 ® 38% 

£21 89 
178 03 
2® 03 
£10 86 
012 01 
084 ZJ 13 918 29 023* 

3jOO 7JB 2 38 (OS 

ISO 70 Zl® 45 046 

0® 4.1 a 872 19* 19 

1.77 £5 13 914 51% 50% 

1® £7291 18Z7 4)* 40% 

050 SJ 2 123 9 B% 

1® 09 9 IS* 15% 

040 1.4224 28® 29% 28% 

7® 08 B 00 dBO 

I® 09 71 23% a* 

I® 53 14 48 19% 19% 

0® 04 113 14* 13% 

13 697 12% 12% 

074 22 21 1351 34* 33* 

0® 1.6 48 1154 ®* 37% 

0® 12 33 7% 7% 

020 09 18 3 21* 21* 

t® 41 9 3® 43* 41% 

7 2 4* 4% 

684 A d* 

a 24* a* 

1® 18 015% 

1® 2* 2% 
38657 U71* 68% 
19 1194 14% 13* 
1® £6 24 604 41% 40% 
0® 08 22 ® 18% 16% 
1® £2 ® 8691 76% 74* 
056 U 18 4® 3Z 31* 
012 IJ 4 43 8 7% 

2® OJ 13 SI 2ll 
0 2® 

012 OJ 21 2468 20\ 

64 99 19* 19* 

11 1719 4* 4 

24 83 49% 48* 

1.73 08 10 177 20 19% 

£12 72 14 1® 29% 29* 
007 07 a 10 9% 

007 OJ 1® 8* <*% 

65 5 32* 32% 
1® £4 li BOO 82* 81* 





45* 37%JRtwPF 3® 
46 37% JRMfl 3JD 
14% 7% JaStaX 6J X 032 
26% 16% Jacobs Eng 
14$ 6 JrioraQr 006 

t4% oia 

55% 43% JrilP 1.72 

ira®%toP7®x 7® 
81* 44% JnaCa 1.44 

52* ® Aanu 1.16 

13* 8* Jdsstao 0® 

20 15% Jorisna In 0® 


- J - 

01 11 41% 

03 S 42* 
14 18 140 9% 
19 375 £2' 
06 1® 

0 140 
13 230 IJ, 

£J 12 301 52* 
01 2100 97 

11 14 2102 
£3 18 5522 
O 11 61 

5.1 » 499 f 



S 21*KLUR(to 0® 

27*a ntnm oss 
BB 58Kan04J 050 
28* 23%KtaWBPP1 £» 
0* 8* KsnUSr 0J4 
4% 2%K2aebStas 
23* 1B% KaoCfP 1J2 
® i4*anCyS4* 1® 
62% 33%Xena33Sh 0® 
10% 4 Wrier 010 

11® 9j! Katytadi US 
«% ia%Kaafsanl» 0® 
23% 20* Ksydor 040 
)0 8% M Ban to « on 
56* 47*0*395 144 

27 19% nmt o.ffl 
11% fi tecta U**|(L07 
64% 35* Krcpn 0® 
10% 7% Kemper Hx 0® 
8% 7 MmpH 101X064 

13* 11 ttoerlhix 087 
13% IIKtaitaerStaxOJZ 
29% 21 Smut 059 
a 19* tor G 1.7 1.TO 
81 4QKM1MC 1® 
17* lOMysnCan 
a%:«*R4iww a?4 
so 51* 0*0 1® 

2* ItaHuntaaEn 0® 
44% 33* KntfMd 
21% 14* Kmart 0® 
8i48%n«dd* 1® 

19* s% Knoga&xp 0.10 

9* 8%Ralmrt«tt tt® 


- K- 

£0 31 137 
U 18 1® 
7J 210 

02 10 34 

isj e 

8 49 

7.0 13 379 
SJ 4 

09 15 790 

IJ 13 It 
23 7 23 
23. 13 1081 
IJ 197 
73 17 

£5 191585 
£7 9 3® 
04 78 

1.648412332 

103 1® 

00 138 

7.7 77 

7j a 
£3279 157 
04 3 

U 31870 

118 7 

£8 17 65 

£1 1818® 

1.8 8 ft 
13 715 

&S 1820883 

10 181421 

06 27 3 

1.1 44 75 


28* 25% 
25% 25% 

58 059 
24 23% 

as; 

34% 34 

k g 

13% 13* 
u24* a 
9% 9 

57% 56% 

a% a* 

9* 9% 

59 57 
»* 8 
7% a 
11 % 11 % 
n* ii% 

25* a* 
20* 20* 
47* *5% 
IJ* 16* 

19% 79% 

Si 

ft a 

49* *g 
18% 18% 
7* 71; 


IBM m .US 

m*> loai stack nr * E n 
Z7% 18% Sena Rt 001 00634 1323 2B 25 2S* -% 

25% 19*Kragir 1« 1285 28% 25* 26 ♦% 

29* 24% MJ Energy 1® 01 12 110 20% 28* 26* -* 

19* 14%KU*B»Ca 0® 4.1 ® 7 14* 14% 14% -% 

153* IMKjeoraCP 0® 06 84 2* 144 143 144 +2% 
20* 15 KysorlndBt 052 £5 12 35 20% 20* 20% +* 



19* 5* LA Gar 
41 33% LGSEBrx 
»%i5%iaLa 
38% IB* La Wall 
4oa*u»y 
2S% 20%lretafl»® 
27* 16%Ltoge 
8% 4% Leasts SB 
27* i6%LtosEnd 
13* ID*LawtarW 

18% 14% Laaronri 
38* 31% Lae BOm 
25* lB%u®Hnn 
48% 33*lepri4 
18% HLriman 
25* 14* lanrnr Crp 
4* 2%LeriayFsy 
2% 1*Lta»ta 


LBxnyCp 


34% 34 

20% a% 


11* 0*Ubarty® 

S a%u» 
<7%liy 
22* 16* 


22* 16* IMd 
®* LtacnH: 
ISLkxxi ICfd 
70 S7Ung0PB 
74* 28% LJBDR 
26% J9* UzOb 
5% 4*U0Ettyx 
79% 58* Lotto 
45% 36 LcdtH Co 

HE* 84% leave 
33% 25% Logical 
9* 4* LeroexffinCp 
24* 15%1®U 
39* 31* UtariXr 

S 1 6* Lnuto * F 
33% Lari 
32 2BUto1£6x 
45* 35%L0riri. 

ttzrtlraDP 

40% aVLtaM! 

21* 14 LTV 

8* 3%UVW» 
38% 2Bl 2 liDrd 
24% 2i%LubyeCeta 
39* 2B*Utoutae 
38% 27% liontto 
35* 2D*Lyda8kc 
32% 23*Ljaxtef P 


- L - 

5 M 7* 7 

£15 SJ 14 82 37% »% 

3515375 ||39* ®% 
010 03 M 510 38 25* 

088 £4 It ao a 277 

132 SJ ! 15 20% 

0® 1J1B81S20 10% 18 
SB a 7 67 

020 IJ fl 255 19* 19 

040 12 EK X 12* 

0® 3J 17 B 18% 15% 

084 £5 18 »8 

044 £1 8 « .. . _ 

064 1 J 16 480 35% 34% 

020 1.4 987 14% d!4 

010 07 6 23® 15% 14* 

0 485 1* (J2% 

0 75 1% 1* 

1® 105 316 9% 09* 

062 £4 12 1® 25* ®% 

£50 43 34 98*8 58% 56 

0® IJ 17 8538 18* 18% 

144 47 I 8S 35* <05% 

0® 60 ® 16 615% 

5® 07 2 57* 57* 

9 1350 37* 37* 

048 1 J 15 5778 29% 23* 

054104 34 108 5* 5% 

2® 13 10 1388 69* 68* 

084 £0 a 1® 42* 42% 

1® 1.1 9 6230 87% 06% 

032 1.1 11 54 23% 29* 

0 723 4% 4% 

1.78106 7 1579 16% 1B% 
1.12 33 14 74 34 33% 

062 £0 34 1070 17* 17% 

060 1 J 12 681 38% 37* 

£19107 7 28% 28% 

1® £2104 1282 U48% 44* 
050 IJ 13 2S2D 31% 30% 

019 05 2012395 37% 35* 

38 3111 19* 19* 

a s s 

0® £0 23 3048 a% a 

0® £8 17 491 23% 78 

1® £1 42 92 32% 33% 

04$ U S S 33% 33 

a 58 33% 32* 

090 £2484 2018 28 27% 


7 326 S% 6% 6% 

9 490 57% 57% 57% 


9* 4% MA Ckn 

85* a* IBM he 12* 22 - _ 

40% 33*MCN 1.72 4.7 14 1® 36% 38% 39% 

7% 4%&DC tadgt 0® IJ 11 335 S% 4% S 

32% 23* MDURn 1® 09 13 31 27* 23 27* 

9* 8*«Omax 074 &J 718 8% dB* 8* 

7% 5% WSGarMrx 050 04 91173 6% 05% 6 


22% MSA Grad 


I MB Prep* 



OM SS 20 94 15* 

16 134 29% 

16 206 20* 

37 12® 17% 

16 1® 13 
0® 01 89 

050 IJ 27 1871 
IJO 19 22 344 _ . 

008 03 a 1399 27% 

010 03 81 10® 28% 

MmualAtx 0® 07 20 118 3 

1® 212 27 IS 8% . . 

£7011.7 145 23% 23% ®% 

1® IJ 12 557 S3*B3% $3% 

1® £9 18 2926 25* 25* 25% 

1.15 £1.9 5 68 5* 5 5* 

011 06 18 674 2rt 22% 22* 

029 IS 2S MS ® 27* 27% 

£90 19 16 lift 76%d74* 75% 

7 114 £4% £4* 24% 
096 £2 10 2644 *4% 43* 44 +■ 

0.72 12 15 4837 23% <02% 22% * 

. . 11*Ma»TtoX012 IJ 12 2831 12% tflF* Ore 

8% 5* Mewnnit Ft 084 3.8 171 7* 7 7*+^ 

" a% KssuS £80 07 9 46 32* S* 32% - 

14 a 151; 15% 15* . 

7 183* 100% 183* +2 


16% 1. 
a* 

20% 1: 

18* 17 
18* 1?: , 

29* 17% Mriato F 
33% 28* Unde 
®* Mlktoe 
29* a*MtaoC 

ft'S 

10% 7 

25% 22%lkrrriaPI 
G4*53*lkpcO 
28% 15*lttiMarx 
5^2 4 Mien 

23% 15% HriklV 
a% 24% More 
88* 75* MriiUcLi 
29% 20* NtarioB 
51 _ 


a 8% a 

a 

t 


34% a:. 

17* 14% 

1W134* 

28* 20* Maori 
«5*a%HBUFf4 
5% 4% UbohE 
45% 37WyOSl 


5D% 1A 
27* 19*WMC0rp 
Z7* 21%M0CWHV 


MeduxaCrp 0® £0 21 
BkH 2® 05 


33* 2SBUtonk£2 2® 72 
31* 29* Mc0om2J 2® 09 
16* 12* Udkntav 
31* zs%MdHd 
iH^HEVrieOrCg 
77*G%ktaSW 
183* S2*MdCaen 
53* 39* MeedCp 
a 17*Maenei 
a* 30* MedBmst 

S . 

10% 8* Mnttto 
57 30% HereSt 
a 28%Mnk 
19% 13*UarovyRi 
49% 38*IMh 
45% 32* Mtalyn 
4* i%Many6aw 
8% 5 Mm 

3% 2% MenU Tri 
10% 9Meriakhc 
56 45MekE£J0 
24% 14*MekfM 
40% 24* Maria Fdx 062 £0 
10% 7* Ml 


IX 1J7 07101 

024 09 M 3555 261; 28 26% 

4® 11.0 21 37 S* 38% 

040 08 9 54® 4% 4* 4* 

1® £7 13 3953 38% a% 

0® £3 32 3330 16 15% IS . . 

072 10 IS 0854 24% 22* 2* +1% 

034 IJ £1 7 23% a 23% ♦% 



2 31 30* 

5 29*109* 29* 

032 £5 S 60 12% 12% 12% +% 

024 09 16 8480 26* 2B% 26* ■% 

1.40 IJ 12 1449 119% 117% 11«* +1* 

£32 £23® 685 73* 72% 73% +1% 

1® 1 J a 1235 102% 191% 102% +% 

1® £0 a 2149 50* 49% a -% 

044 £1 48 S 21* SD% 21% +% 

£85 &£ 15 £11 31% 31% 31* •% 

041 08 13 3755 51% ®% 51% +41 

197 24* 24% 24% +% 
48 27* 27* £7* ♦% 
£70 4J 12 785 50% 55% 56% +* 
1® 4.4 11 1075 34* 034% 34% 

0® 11 J ® 9% 68* 8% 

1® £5 17 800 41% 40% 40% -% 

I® 33 1913522 38% 25% »* +% 

032 23Z7 4402 14% 613* 14 +% 

072 IJ 2B £17 45% 44% 46% +% 

0J2 £7 5 7405 33% 33* 33* +% 

005 19 0 7® 1% 1* 1* +% 

1 845 5% <B 5% +% 

024 7.1 17 13 3* 3* 3* +% 

IS 2 9% 9% 0% 

190 07 HD 45 d*5 « 

0® 15 11 377 23% a* a +% 

9 712 32% 31% 31% ' 

8 3 8 % 8 * 8 * 


0® 08 a 
0® 1.1 47 3® 
1.78 £3 18 3Sa 


2 * 2 % 

5 S% 

9 9 

S3* S3* -it 
53% 53% 

21 22 +* 

17 18* +1* 

’av'* 

25 25 -% 


3* 2* ttricriberr 0® £5237 a 
0* 4* MdAmW 

10% rtUlUM 

57 38%Mprx 
57% <8%MM 
27i$* Wage « 

22% >8* DM® 048 £8 22 236 18* 

23* ifttMtcMM 053 29 309 18% 

7% 2%WriCerp 13 257 3% 

a 3KWRX 007 03158 $ a* 

80% 72Motri £40 03 1815057 80* 78% 79* +1* 
20* 5* McteestUr 7 254 13* 12* 13* +% 

12% B*MoMCb 0J0 £2 13 99 9* 09% 9% ' 

19* 11% MonkAcatn 811 13 9 27 

68% 7Z* Manta £52 13 IS 6689 
10% 5* Uort 68m 079103 2 200 
25* £1* HrtaaPti 1® 7J 11 34S 
20% 16% »ta*0OfnSl 1® 04 8 57 
18* Moan Cop 0® SJ a 5® 

72S%l*gnJP ZJ2 05 72832 
11* 9% MorganGra 1.18123 44 

89 aergauppi 5® 7.1 9 

13% 12Moqp*iKgn 032 £5 
9 4%Magai Pi 


14 13% 13% 
77 IB* 7B% 

22^ a* 22^ 
18% tf18 18% 
IB* 18% IB% 
60% 059% 60% 


. 9* 9* 
70dB8% 70 

5 112 13% 12% 12% 
4 5 5% _S _S 


4 

♦T 

+% 


SMtaril 
15MoiKn 

37" 

HWOPX 
11* 9MnPaiTx 
9* 8%MUddpri 
13* lOMonkaha 
47*31%MrphK) 

13% 9*Mwil£ 022 IJ 18 21® IS* 12* 12* 
27* 15%M|tolri»x0J0 08 ®31® 26* 25% »% 


^MIBSReri 


131 U 6 2779 90% 59% 59% 

0® 08 ® 516 16% 16 16% 

044 IJ 8 3022 27% 26* 27 

0J8 06 141B0B 50% 49* 50* 

° 4 ii a B 

063 05 £75 7* d7% 7* 

072 00 1® 9% dB% 9 

085 7J 94 8% ffl% 8% 

0® 01 234 10* 10% 10% 

1® 10 2 4® 43* 42* 43% 


+1* 

+% 

-% 

+% 


§ 


49 SSMBStaXp 
65% 56% NCHQop 
83 45* ttaoo 
a*NricoQi 
- . Z2%totw 
15* -|d%H>«1 
57% 44* Nam® 
42* 35* NtoaHBl 
46% 37% HetAuna 
» 24fffl3t»X 
a i5% noata 
7* 4% HtaEtkxs 

li AHriEntar 
39* 28*NrifWx 
18* 13* MtaG 
19% 13% I 


48 39%Nri Pieald 

24% 14*1 


- . ...Wane 
28* 24* MSaro 

14 7%MSbnd 
28% l2*Merrir 
54* 49% tetri* Gx 
a 27NS0® 

18* i3%NrimaUw 
14% 7*Ha(mk® 
14* 17* ReoaPwrt 
5* 4 ter Am « 

39 28%NEagB 
13* ii*Nea(TBany 
27* 20% Hew Jay (to 
24* S3* torftsrrP 

30% 18*HWE 

- . 18* ten! 

17* 13% NeM® 

®37*NMWS 
*8 37% MwnrtM 

81 47* NemCamx 
49% aMaffOB 
20% 12 Hoe* 

88% 48* MOB 
33 26% Spsa tod 
1i% 4*«.hd 
32* 22*1UMf 
9 5* HonsE 

40 3Z*NnaB* 

7* 4%NMRH 

74* ®%Mx6(5 
38% awnkHjtfr 
13% 7% Nataktac 
16% 12% NB Fate 
10% 4% RE Fid 
25* 20* ICUO 
3% 3S*K5Btax 
1* 

J%34%Nrfhp 
29% XHrtmP* 
a* 22* Korari 
11* 6* Non 
19% iD%Mweara 


- N - 

1® £5 14 SB 
1® IJ IS 124 
O® 1.1 ® 40 

0J8 £0 IS 16*9 
072 12 e 57 
032 £3 1736 

1J4 £9 10 81Z7 
£65 73 15 2® 
£55 87 13 g 
I® 04 11 3204 
044 2J 24 144 
37 131 
4 2 

m SJ 13 181 
114 1® 
048 £914810325 
1® 05 16 48 

10 6584 
1® 01 17 409 

6 5 

1 814 
8® 11J X 

120 *2 11 11 ® 
a® u 40 a 
a 889 
1® LI 11 184 
054111 2S7 

£30 7J 10 1® 
012 IJ 282 
152 7.4 11 3® 
13* &2 23 271 
£2012.1 81837 
040 1 J 10 B79 
040 £7 42 1® 
048 1.1 39 437 
0.48 1.1 37 2261 
017 04 14 1118 
3® 01 Z20 

1.12 85 7 )342 
0® IJ 13 958 
1.44 U 11 14® 
020 IJ 8 342 
016 061® 2947 
028 05 1437 

3® 88 12 

5S 337 
1 32 £1 15 1334 
048 IJ a 985 
010 08 £3 1® 
040 £6 18 IK 
121 ® 
1J6 73 13 668 
£64 83 13 2® 

4 IS 

1® £5 a 658 1 
1SS iS 13 27 
074 £1 11 8743 
024 23 2476 

11 1864 


47% 47% 
83* 61% 


50% 




+* 


12% ♦* 
«5* *% 


Mob Ira Stock Ota 

27% 22 Exacts 475 

17* i4*uCakbiix i® 
18% 15%HuNyMisx 1.13 
72 48*NdewCapx 016 
28* 16%H8 QxP »•» 
17% 14% FturCrix 103 
13% 11*NumiClx 077 
13% il* HnaaaaMI* 0J2 
17 KfcceanllO* U2 
12 9* MMtnNNx 087 
18% 1fi%N»4B»Px 1.10 
18% 13 


m re 
» E 

07 4 
7.1 
7J 

03 43 14® 
96 10 122 


8 

117 

57 


HurtoPP*!® 
!3 *NUWmPJ* 113 
l5%Rymataex 0-tt - 
M*NJWI* £38 01 27 3790 


7.1 

07 

7.0 

78 

88 

7.0 

7.6 

01 

£4 11 


. 9% OHM Op 
; is% Oak tads 
19* Oricwaod Hm 0® 
1 15% QcddP 1® 


IX 


26% 15% OftoSBpri 
24% 19% Ogden 
18 14* * 


OgdanPreJ 


S* 16%0MBEd 
83 M% 0*04.4 4.40 

62% GJW064J5 

97 WOtWCJA 724 
97% 81 0t*£7J6 7® 

37* 29* OMiGSEx 2J6 
60* 460bCD UO 
41* 25% Onytore 018 
51% 43* Orman 1 24 
17 13* Onto Ud 048 
20* 15* Otto 1-12 
28* 22* Opoanh Ota £® 
11* 8%0pMrilMSx 0® 

8% 8% Opes* W* 0® 
6% 5% Orange Or 
41% a* OnnoB Rric 
27* 15% OrttaaiSB 
34* a*OrtanCqr 
® 13% OryxEn 
25% ISOtXDdM 
28* 17*OiTfSh 
17% 13 *OmkM 
46 ®%0weaiC 
34* 2<%0rindtad 


£® 

0 ® 

0® 

040 

040 

0® 

018 


072 


- o - 

30 44 
18 1485 
as 18 147 
42 31 B107 
37 5348 
00 14 434 
14 3! 
8.0*5 1044 
88 2 
89 J® 

9.0 tf» 
09 II® 

00 1026785 
J» 15 257 
05 B 341 
£5 18 210 
£3 14 41 

05 11 151 

08 11 88 
100 191 

01 19 

13 10 

06 9 488 
32 ft 347 
£8 7 107 
£8 4 6052 
1.8 70 IS * 
£7 4$ 273 

1.1 599 
12 1504 

£0 12 5 


IttS Law 

22% d22 

15* «% 
16% *5% 
63% 61% 
16% die 
M* 14% 
11%di1% 
11* 11% 
14* 14% 
10* 10% 
15* 15% 
14% dl3% 
14% 14 

16% 10 % 

38* 37m 


10 * 10 * 
24* a* 
34% »% 
21 a% 

25% 3* 

21 a* 

17 1S7g 
10% 18% 
51* 51 

51 51 

BO* BO* 
82% E* 
32% 
57% 57% 
37* 37% 
50* 49* 
14% 13% 
17* 17 

®* 22% 

9% 9* 

6% D6% 

5* 5* 

29% <t29>.' 



10% +.43 
IS* +4) 
14% +1® 
14 ti 

a A 


io* 

24% 

24* 

a% 

25% 

art 

a 

51 

51 

80* 

82% 


I 


33% +* 
S7% ■% 
37% +% 
W 

14 % +* 
17* +% 
»* 


17* 17% 

a% a* 

14% 14 

22 * 22 
a* a* 

16 15% 
31 30% 
24% dZ4* 


29% 

28% 

1«% 

a 

22% 

18 

30% 

34* 


A 

2 

♦% 

■* 


43* 33PHHC 
31 % 24 % men 
42% 34* PPG In 
14 * 9 %PS&nta 
28% 19% PS 
18% KPaeAmhc 
30% 21%PacSCtan 
19% 15% Pttaep 
24% 19*P»CE« 

35 2l^FacGE 


58 »% Plate# » 
19* T3%PataeW 
20* 13% Pat » 

25% 18* PartvE 
35% a* Prn arid 
" 4% Parxrr 

34 RarWta 
i*PaBidtPi 
7* Para Pr 
3% 2% Paoan Crp 
29% Z3%nxoEn 
B6 ®%nfl.4J 
® 47Ptanayx 
27* l9*PanrfL 
31% Z9*PannErt 
56% 45% Pis® 

" a*PeopEn 


a 

10* 


40 39% 
1% dl* 
7* 7% 
3* 3* 
24% 24% 
56% ® 


- P - Q - 

1® £6 B 110 35* ®* 
1.40 5.5 B 45® 25% 25* 
1.12 £0 13 2421 38* 37* 
0® 01 5 ft 10* 9% 
124 06 12 386 22% 22% 
120 03 5 14% >4% 

0.12 0 4 22 217 30% 29% 
1® 04 12 25® 17 16% 

1® 02 10 887 20* 20% 
1® 9.0 9 5320 22 21% 

£18 72 86 8882 30% 30% 
048 3J 2 285 13% 13% 
037 22 24 1729 17* 17 

0® £7 17 1107 22* 22% 
048 IJ 25 18 34% 34 

115 2354 5% 5% 

1.00 SS 29 12 ® 

5 174 
0® 107 83 

14 

1® 01 101940 
4® 7.8 1 . . 

1 88 £2 14 4796 52% 51* 

1 £7 05 9 562 20 19% 

£20 7.4 82 29% 29* 

0® 03 12 112 47* 48 

1® 09 11 1® 28* 25% 

35% 25%PepB0KMx 0.17 05 ® 7® 32% 32* 

41% 29)4 Pepria 072 £2 16 7912 33 32* 

39% 2S%ftaan 068 22 56 1® 30% 30% 

21* 12%Pert*Bftnx 1.30 MU 9 1® 12* 012 
$1; 4 Potto Bex 051107 10 n® 4* 4)4 

7* 4% Pony Dn® 5 2480 1)7% 7 

20* 16* Art toe 03Z I J IB 44» 20 <9* 

30* 27% PriRes 0® 2J 42 121 28% 28% 

29% 23% Peotox 020 aB 50 481 25% 25% 

70* 53%P9ZV 1® £7 3313890 &9% 68% 

66 47%PB«pD 1G5 £7 22 3175 61% ®% 

19* 17* ftXStto f.T? SS 13 6* >7U 7/* 

62% 47* Fitter £30 &5 1411408 59% 59% 

35% 25*7101 1.12 32 341293 3b 33% 

39 17% MM aiS 08 13 1® 19% 19* 

23* 19%nedtaonM 1® 00 14 70 21% 21 

10% 7%Ptarinp 012 1 J 13 242 8 7% 

12* 9*PQ(p1mRB 028 £B 1® 10* 10% 

10* BVNotaP 006 06 11 30U10* 10 

22* I6PMHCP O® 4.5 9 2878 18 17* 

27% 22% Plan £125 x £12 92 

14* B%PtanearAii 0.15 1.7 
14* 11% Florin 1® 93 

386 303P«ay£12 £12 07 


s 5 

ft i 

22* +* 

14% +% 
30 +* 
17 +* 
20* ♦% 
21* -* 

3 


+% 

-* 


A 


30* 

13% 

34* ♦* 
5* ♦% 
39* 

7% 

3* 

24* +% 
59 -1* 
52 -* 
19* 

29% . . 
47% +1% 
»% ♦* 
32* '% 
32* -* 
30* +% 
12 -* 
4* +% 

7* +* 
20 +* 
®% +* 
25* 

99 
80% 
t/V 
59% 

34* 


+% 

♦I 

+1 


46* 34%Htaey6 
31* 21*PMi 
28* l9*PtaawDam 
27% 19% Mm PW 
13 BPtqOoyS 
32* 21* nutOeak 
24* 15% Pago Prod 
35% 29* MU 
41* ®*PfcyUn 
46* 37*Paty6nm 
‘ 17* Pop* $ Tri 
15* 10* Attache 
15% t1%AvkigriF 
42 22 *PmoOSm 
49* 38 Pnrii 

26% 18* PofiP 
24* 16* Prat 
i8*Pradriai 


ft* W^Pierrin 
15 It Marti 
1* % PrtaeMcLP 

80% 5l*PnxiG 
40* 27% Prgner® 
14* s% Airier tat 
55* 27% Atnui 
21* 17% Prop Tr An 
4* 3%PlDk>S 
48% 3G% ProflJ 
31% 24% MB 
38% 28%PTOdn 
* %PradR*tC 
® 48 PtiServ4,08 

1® 01 RSOV7.40 
99 83% PUSavCrt 
1® SI PbServ'J 
S 24RAE6 
13% 11 POSterito 

2% l%PUhft*a 
24% 161; PicetS 
38* 33*PuBzPx 
J8% 20* Artto 


11% 9%PrirnOiei 078 00 
10% 9Pitnne«ri1V 07b 05 

§ 7PukmMBy 0® 8J 
ll%PumadniGr 0® &Q 
QPatnemMn 078 04 
8* 7 PutambSadi 099 Mi 

8% 7*puman«a are 9j 
8* 7% PubnsPWn 072 101 
85 81% OorttrO 
18% 12% WdarSI 
27* 17 0uu>ei 

251; 21* Questvri D 
13* 12 OiariVU P 

35* ftOutor 
36* 23% Qrtdi RTy 


16 23* 23 

1 ft 9 8% 
48 11*411* 

Z1W 2® 318 

1.® £0 15 1226 36% 35 

020 07 31 593 ft* 27% 
0® 1 J S2 4362 24 23% 

024 09650 IB 26% ft 
10 40 B* 8* 
1.72 75 11 292 3* 22* 
012 OS 29 2055 22* 21* 
0® L7 24 368 35* 35* 
15 151 19% 38* 
040 IJ 43 147 41* 41* 
078 42 9 549 18% 17* 

12 10 14* 14* 

0J1 01 407 15% 15% 

1.44 19® 92® 37 35* 

1® 41 29 145 
1® 08 9 388 

028 12 21 3643 
024 09 14 401 
0® 22 7 1845 
040 1.7 22 733 

25 

2®Z77J 0 

1.40 £3 ft 5472 
022 06 10 1® 

029 17 49 80 

35BS35 
1® SJ 24 561 
042 1£4 215 

1.12 £6 12 27 

1® 4.0 10 134 

0® £6 1853 

0151024 0 ft 
4® 05 2 

7.40 82 3 

7.15 04 Zl® 

7® 7J 1 

£10 04 10 1041 25% 251+ 

13 77 7 12* 

1 8 2 

1® 92 10 4® ft 

058 1 J 17 40 33 

0?4 1.) 7 


19* +% 

J i 

& 

S 

23 
9 

11 % 

2® 

35* 

27* 

23% 
ft 


•* 

+* 

♦4 

1 

+1 


38* -2$ 

ft $ 

22* +* 

26% -* 



2*2 21 * 

49 9% 

I® 9 
334 7* 

205 12% 

134 0* 

279 7% 

221 7% d7* 
933 7* & 

£29 £1 17 259? 75 73* 

040 £8 ft 175 14% 14 

0® £2140 106 25* 25* 

1® S.1 74 23* 23 

ISO 17 ft 12* 12* 

1.14 19 13 3® 29 28* 

0.48 IJ 6 90 25% 25% 


8 5* HJR ma 
27* 20%flLICtxpx 
15 9J; ROCTataxc 
4* 3% RP5 Rarity 
19* 13* RriMp 
33* new 
33%tsjeftm 
13% FtayJameiF 
60*Riimnx 

A 


ZlZi 

7* »* 


IB* 16 ReriEriiTrx 
15% 8*ReagrriS) 
38% 28* Reatx* 

Jl 011 Regal M 
8% 4% tsmace 
35 ftRapnlW 
E* 42% RitubNY 
23* 14%Rax3k 
17% dRpxmQr 
ft* 19* ReynflA 
58 40*ReynlA 
21 2 1J*MtoPABS 
39* 30* Rhone? R» 
22* IS* RRtod 
SU 2HMITT 
23 12* Robot Hal 
ft* 18%H0tn6Ex 
25* 20* Koch Tri x 
B* 4%flockri1Ca>x 
rt% 33* Retail 
7% SRorinMam 
®* ®* ftanmrt 
12* 8% Mr 

6* 4 Rtostnr 

30* 23* Ate* 

14* Ji mmTn. 
9* $*4 Rowan 
27% 2S% RoySkSoi 
114* »% RDittb 
13* 10% Rpyts m 
35* ft* Rbdnxra 
23 15%RuHek 
l 5 * i2*Ara9em« 
32% 2+ RussCp 

24* 11* Run 
ft2l*Rtor3 
25% 15* Rytand Grp a 


- n - 

11216477 6* 6% 8* 

0® £8 *1 2 2J* 21% 21% 

ai5 12 270 12 11* 12 

032 7.5 ® 55 4* 4* 4* 

1® ulfl* 19 19% 
1® 2J 12 1770 40% 4Q% 40% 

032 aai97 776 41* 3^ 41* 

032 £1 8 187 15% 15 15 

1® £4 12 3022 84% 63* 83* 

1.40 £2 18 1873 44* 43% 44 

51 7SB 6% 8* fl* 

1J8 BB 14 99 18* 16% 16% 

4 383 7* 7% 7* 

030 0B 14 2257 37 36* 37 

15 zl® A A 

aft 02 6 4® 6% 5* 

0® £1 17 747 31 30* 

1® 11 8 109C 42*d42% 42* 
21 35 19* 19* 19* 

11 7083 IS* IS IS* 

034 1.4 9 219 23* ft* 23* 

1® 1.9 11 3882 55* S3* 53* 

UE OJ 4 17 17 17 

1.W U> 12 Eft 37% 37 37* 

0® £7 IS 4387 u22% 21% 22* 

0 156 2* 2* 2* 

201814 19 18% 19 

1.78 8 5 10 1289 ft* 2D* 20* 

0.6! 3.3 6 1013 21* ‘ 

0® 12.0 4 695 5 

1® 11 13 2227 35* 

17 4 5* 

I. 48 £6 ft 418 58% 

11 208 S* 

0.10 1 J 32 940 5% - , 

0® £1 18 548 24dZ3* 23% 

ft13 1.2 m 5® 11* 11* 11* 
187 3639 7* 7% 7* 
2ft SJ 37 M* 26* 2rt 
4ft 4J 19 9147 109% 108% 108% 

J. 15 4? 42 1(% If* Ifj 

a« 1.7 ia 1135 re* a* a* 
Oft 1.5 15 12 18* 18% 18* 
0® 4J 22 178 13% 13* 13% 

u s ns 30* 30 30 

„„ ‘3 40 13% 13 13% 

0® £3 18 1796 26 25* 25* 

0® £8 42 145 1$ 15% 10 



ft* 16% 5 Angara* 0® 
«3 10%SaKUSCD 038 
Z7* 18* SPSTe 128 
U* IrtSrirhent 1.19 
20 * UVSriKtait 030 
17* 11* SrietfdSe 
i$* 12*SftyU 036 
ft* 1^+ Satewey 

7* rtsmwqme 

®% 47%aueAtaer o ft 
®* ftSUosUP 1® 


52 17 

S 11% 
34 36% 
ft 13% 


- S - 

4J El 
32 23 
49 3 
09 9 
U 13 847 1S% 

6 31 13% 
£7 8 3833 13* 

23 2086 U29* 
233 uf* 

04231 5S 58 ! 
03 1 4 sa*: 

Coutiniiedi 


18 % 16 % -* 
11% 11% 

25 % 26 * 

13* 13* ♦* 
14* 15 ■* 

13* 13* -% 
13 13% ♦* 
25 % 29 * +% 





i !• 


41 



. • ...1 

it . .1 




^ FINANCIAL TIMES MONDAY OCTOBER 10 1994 ★ 

i*”**'****' NYSE COMPOSITE PRICES 


31 


NASDAQ NATIONAL MARKET 


4pmdosaCOober7 


_ m w a 

A* U lib 


■» Lm fa* SOi 


-«37^5>Mb 1.50 16 4 1389 « 41 42 

*% 5 State Op 7 K * rtl 

?g^.; i saa4 
ntaar " ,J *a J | i 

au« s Hi Hi S 

n? 7 20r» 14% 13% 14% 

2619% 5Kta.ee DIM 2.0 15*605 22% mu 

«|s Scam Cap 5*1 65 11 W3 

1B0 JM a«24 13% 13 13% 

31 BQ 41% 41% fit „ 
5AI UK W 70% b»3 70% £ 
t an 21 MUSS 57 54% 56% +lE 
OB 10 1313*4 29% 28 29% 4 

24 274 8% 8% lib -% 

UOO U 38 4716 19% 14% «ij 
0 10 06 1* 40 lS% lI2 }|2 .£ 

0JO 1.3 I6M3C 013 rob +4 

oji aso 23% a% ar 


a 1 : 12 % scaup « 

■ «2 31% bhanrita 
72% WljSctatt 
83S)%Sd*» 

3J% 234, StAMKI 
10% SbSdMar 
22% n&SMI 
Wft lSSMmmx 

56% S/% ScoM> 

28% IBVSmhHMtf 021 


4 1 

5 

2 

*% 

J! 

+1 

Jfl 

-% 


w 

MW LmSM 

9% S%Tak|M 

15% lOTMyPf 
44% 34% Tmbrdi 
IHl 10% TW4M 
48% 30% Tandy* __ . . 
12% 8% Toons Wm 0.70 7 8 
4 2%TCChO 
22% 1B%TmEMrg 
4DZ3%Tttw* 

26% 14% TeMya 

46% 34% TcleEapSA 
7B 50% Teton 
56% 43ft Trim 


art* 


+ *£ 

J 

4 


■St* 


12% 9%RWMEl# 0.16 17 

m% 13% Sdioie am 44 

K% K%S*lC1.AG» 146 a? _ 

32% aft Sava 060 20 38 2411 

28% 3Z% Soggd En 


s s .a 


1571 


96% »%SwWJUr 
S5% <2%SoMV 
13% 11 80191 Sd 

53% nSmmmm 
39% 3% Set*«A 
40% aasoqMB 
. 28 22*2 9«f*Cp x 
28% 22 MU 
S 13% 8nU 


;3 


874 

7 5 V 

*100 15?* 15% 

2411 30 23% 3ft 

* 1358 23% 22% a 
„ 23 31% 31 31% 

1® 3* 7X33 48% 46% 46% 
0B4 78 58 11% 1T% 11U 

US 0? 33 1811 33*2 32% 32% 

?! “ I* 26> 26% 

050 Lfi 16 to 31% 31% 31% 
OC 1^ 00 836 25% 25% 25% 
082 17 13 139 24% 24% 24% 
«. 022 1J5 17 1688 14% 14 14% 

aiWj BlwM HiMl 40 18 2856 31% Mart 
M*| 8%SUJW1 (LX 19 20 38 9% d&K 

2.44 36 2122706 67% 86% 6/U 
056 1.0 10 1815 31% 30% 3i 

9 1827 14% 13% 13% 

DIO 00 >4 SSfi 12% 6J2 12I* 

1.12 56 11 102 20 19% iflS 

_ 1 3 7% 7% 7% 

IDO 30 11 2569 34 331* 33% 

, „ 32 3086 25% 25 

1.12 96 31 132 12% 11% u% 

016 25 1 43 6% 6% e5 

043 23 20 256 21% 21 21% 

006 1 5 14 31 4 4 4 

020 4D 72 1 83 4% 4% 4% 

124 1507 16% 15% 16% 
OK M 18 33 33% 33 33% 

1.17 3 9 448 30 29% 29% 

052 2.1 16 455u25% 24% 24% 
050 U 18 29 23% 23% 23% 

1M 31 17 433 34% 34% 34% 
OJB 1 5 21 568 17% 818% 17% 
26 2334 25% 24% 25% 
1.08 35 10 1661 31% 30% 31% 
0.43 0.7133 587 58% 58% 58% 
0*1 WB1 SOB 12% 12% 12% 
060 8.9 22 40% 40% 40% 

£ SO 7.8 7 33 32 33 

1-44 A3 ID D 17% 17% 17% 
MO 15 90 361 20 19% 19% 

1J0 73 8 12 16% 18% 16% 
050 4.0 B 165 19% 19% ig£ 
118 8.4 S 3065 18% 18% 18% 
185 83 10 85 26% 25% 28% 

1.75 53 66 574 337* 32% 33 

004 02 20 2564 22 d21 21% 

0.82 48 20 17? 17% 16% 17 

16 15% 


70% 66% 8m8?i x 

3S%»%ShffW 

t l3%Smyx 
i?%5BDM«mt 
17% SwraPac 
8% 5%6«mMw 
43% 32%StaMBnh 
28% 18% SfconGr 
13% 11% 5 Mk 
8% 5%StzhriL 
24%17%SMH 
5 SbS-toS 
6% 4%50 AOoid 
17% «%6Kttta 
35% 26%9flfeM 
Sft !3%SfflWl 
25% 10% State* W 
X20%MoatorJ 
*4% X% SapOnT . 
2i%ieft stored 
34 23%50*Wroo 
34% 20 Santa 

63% <8% Sms 
19% 11% SUMP 
48% 40 Sara ftp 

45% 

24 1i 
X 

22 Ti 

22 18% E8*>Cp a 
22 tfftSsKb 

33% SftSOdMGE 
36% 28% mm 
39 21% SHWk 

19% n 



*s 

3 


*% 

+1 

•J: 

I 


3 

1 

5 

♦A 

*1 

4 


+88 


mu » qm* 

M> « E UBS HW UM DM 
440 28% 27% 28% 

042 4.B 13 123 8% 8% S% 

1J0Q 63 38ui5l£ 15 15 

m 4.4 20 451 38% 37% 38b 

31814 16% 19% 15% 

060 14 16 1454 42% 41% 42 

73 9% 0B% 8 

44 3 IC% 3 

MN 5.4 14 1624 1B?a 18% 18% 

&60 tS 25 476 38% 37% 38% *1% 

080 SJJ M 182 16% 16 16% +% 

1.M 4* 7 829 3»% 3»% W? ^ 

1J1 25 1225232 60% 59% 80b 
1JM U6 43 2885 54 53% 53% 

017 A7 T17 24% »% 24% 

T gaUSM iX OSO 02 95 6% 46% fib 

6% TnmpftSfd OQO A9 906 6% d6% 6% 

150 J.7 16 Z7B7 43% “ 

2.40 &S 11 57 28% 

27T762 27% 26% 27% 

Mft 99 1 733 7% 7 7 

040 0.7 34 2636 12 11% 11% 

T7 265 9% 8% 9% . 

120 52 1319756 61% 60% 81% +1% 
020 06 39 73 3Tb 31% 31% +% 

108 1.S 12 7432 66% 65% 05% 

0.40 ID 24 15 20 20 SO 

308 ftS 19 4495 32% 31% 32b 
1.10 333 1 197 2% 02% 2% 

1-40 3-9 11 4955 48% (M7% 47% 

C12 50 4% 4% 4% 

033 12 31 16% 16% 18% 

028 02 1S6 30% 30% 30% 

212 02 ZB 210 46 45% 45% 

068 22 7 138 23% 23% 23% 

224 32 23 1739 U68 86% « 

79 14% 14% 14% 


58% 42% Ti .. 

30 25% Tapped PT* 

X20%TMW. 

8% 4% Tons 
13% 5%T*rah8i 
12% 5% Toon 
68% 58% Tmeo 
39% 29% TnosM 
B&jj GITltaa 
21 '2 18% Toaiftae 
43% 29%HdW 
4% 2%Taainds 
ED% 47% Toom 
4% 4 Thackeray 

24% 14% Thai cap 
37% 24% TM Find 
47% 36Tlw wiO BC 
29 22% TNaU 

68% 58% IMM 

16% 13% TTxma M 0.40 22 37 
« 20%HmaaiM 220 52 17 



+% 

-% 

4 

-% 

a 


^ , 9 41% 41% 41% 

25 340 12 35 3316 21% 22% +% 

»a 28b1Wa»f 028 02 60 175 35% 35% 35% 

“J4% S3bTmWra 338 12 70 5841 34% 34% 34% +% 

37% 28% TmsMf 128 14 24 1617 31% 30% 31% +% 

39% 31% Timken 120 27616 234 37% 36% 37% 

a 2 %r*rijp 7 sr 5 % 55 %+% 

13%l0%TBanPI 120 S3 4 10% d10% 10% -% 
4% 4To«ap 14 13 4% 4% 4% -% 

15% 9% TokbalmQ) 356 81912 57 9% 9 9% 

Z7% 24% TotadEZBI 221107 4 26% 26% 26% 


19% !0%ToienB 
75 sa^Toowan 
49% 36% Tdnrtx 
90% 20% Too Cup 
35 27% Toscp 
18% SftTlMSut 
32% TpflUs 


0*4 07 IB 20 63 82% . 

1.12 ZD 12 967 42% 415 42% 

0.48 22 16 287 24% 23% 24 

024 27 12 1507 29% 28% 29 

009 02 28 102 18% 17% 17% 

- - . 2413714 36% 36 36% 

28 71 TUmaMpes 122 85 10 38 22% 22% 
57%48%Trt«4* 220 4.1 8 192 49% «8% 


l5%SB4fMEH0 074 IS 248 


30% 23% 

12% ASpwRnl 

7% 4% Spartan cp 

99% 29% 

40% 32 b SlkW 
18 13% SK 
19% 13% SU Conn 
28% 14% Su Uotar 
12% &%Ssv4PkU 
38%24%fitfl4s 
9 d% 24% S&Mler 
37 31% Stofloma 
44%38%Stt4Mv 
44% 37%SSifiKS 
25% 20% SUM 
»% 24% SblfedOk 
7% 8%SttrtiiBerp 
1ft 3%StaV3lM 
t4% 9% SBS 

S 25StMjS*w 
5%SBWflll 


27% 19% Stop Saop 
16% 13%Sl*3P 
41% aioTth 
22% SBMW 
<8?] 12 SWMflUn 

33% 23** SBam 8|Mr 


a 


a 


.. 18 
220 &4 ID 95 26% 26% 26% 

0*6 48 147 9% 9% 9% 

8 10 5% 5% 5% 

31? OJ S 14% d14% 14% 

170 34 13 125 35% s 35 

IDO 36 27 2979 37% 37% }7% 

040 23 22 56 17% 17% 17% 

040 25 7 265 15% 15% 15% 

032 16 12 25 18 18 IB 

0.13 18110 374 9% 6% 6% 

068 26 II 143 24% <E 4% 24% 

056 2.1 16 72 27% 26% 26% 

ire 32 19 26 33% 33% 33% 

1 40 36 19 333 40% 38% 40 

140 34 110 40% 40% 

066 3.1 19 22 22 21% 

064 2.4 7 622 26% 26% 26% 

0.711 2.9 6 1? 7 6% 7 

008 06158 SCO 13 12% 12% 

70 12 11% 11% 

29 3S6 29% 79 29% 

— .. air .'i m Hi a s( 

3J%2?%»»WM>baBl IS 26 SC 31?* 31% 11% 
21% 9% Stone Can 071 38 4 3545 19% 18% 18% 
2? 293 25% 25% K% 
DM 58 15 387 14% 14% 14% 

9 4345 29% 28% 28% 

SO 383 35% 35% 

038 £7 11 2672 13?* 13% 

1 » 44 14 84 27% 26% 27 

•% STtawHioe 03P100 1 52 3 2% 3 

11 10% IIS IBS T 117 lDl; 10% 10% 

6% 4S(l»ntB« ore 49 4 271 5 4% 4% 

• % 4%SimB«W ore 59 2b 103 4% 4% 4% 

v>4 SaijSnor 04H in 13 476 S% 36% 38% 

51% 41 Saw 1-70 24 IB 688 5l 50% 50% 

11% BGuatmn 119116 1*5 nDi iQ% 10% 

3% 1%SnWH 11M 2% 2% 2% 

51% 43%SaAt 128 £7 12 55* 47% 48% 47 

14% tB% SuperFood 036 34 13 65 11% 11% 11% 

46% »%6upeWi. 016 0.7 IT 407 26% 

411% 75S<N* OH 3 7 9 2366 25% 

70 !l7 a SWBCM 016 D8 22 877 19% 

re* issasiw 0.01 ai m 10% 

.11% 15% SpnM lee 58 289 re 

10% .'%btHHCei(U are £7 8 6 7 
19% 10% SiUUsFfl 045 2.4 17 63 
29% 21%5f5W 036 1.4 21 1229 25% 


- T - 

67, SUXVUTW are 34 23 132 
Ob 20% fi7 hninr I 00 2.7 12 814 
9% 5%1C«rr.wS* 0 94 9.7 167 

49% 34% !pk fjip * 0*3 1.0 46 
?% 1%tlSMl3e 
78% 17% TA 
n\ 13% IHPt/llsrp 

/;% 6i inw 


I 

a 

5 

% 

■%* 

I 

4 

4 


i 45%TnBB8fflm 
18% 14 Tnwoo 
14% l2%Tian*catfl 
17% l0%T1amladi 
43 31 HU 

16% 13% Tradeoff 

37% 32 TrlCOnCi 

28% 12b Trine 
54% 50% Train* 
24% 2lblrtt0n 
jTlkittyx 
40 31%Tniava 
37 24% T«U1 
4% 2% Tran B 
7% 4% TtteQp 
4% 6% IMdahta 
20% a% Twn Cent 
24% ib% -M alta 
56% 42% TjcoL* 

10 6% TyaiT 

6% 3% TVhr 


11 360 10% mob 10*. 

.3 

a i 


039 07 13 111 51 K9% 51 +% 

060 *2 10 S20 14% d14 14b -% 

5 2 14% 14% 14% 

035 01 10 20 12% 12% 12% +% 

060 ID B 3161 32 31% 31% «% 

02* 1.417 416 18% 17 17% -1% 

290 7.7 4 32% 32% 32% 

7 415 13% 12% 12% -% 

194 10 20 795 53% 52% S3 ' 

060 36 159 22% 21% 22 

Oa 2.1 18 454 32% 31% 32 

068 20 91 393 34% 33% 34 

010 03 21 1413 32 31 31% 

116 543 3% 3% 1% 

are 4.4225 n ft 

012 1.7 58 

004 M 2 924 . 

070 30 21 6 23% 23 23% 


4% 4% 4% 
7 8% 7 

12 1T% 11% 

. -J% a 23% 
040 OS 26 2541 45% 44% 45% 
0.10 1J 4 3re 7% 7% 7% 


A 

! 


OB4 

HW !*■ Stack 

24 15%USUCO 
10% 8% USLHhc 
10% 15%IEXN 
45% 30% USX US 
17% 12% USX D*H 
31% 25% Uttcnp 


CVB* 

W. W Bl titan 

Ota S E IflOs MB* Uw out Put 

024 12 1 15 20% 20% 20% 


080 9.7 0 64 8 1 ; 
are 3H4Q 7679 1 
1J» 29 91622 
ore 15 6 37 
1.72 64 13 2B3 


- V- 



I 

+% 


53% 44bffCp tja 27 12 SM 48% 47% 47% ■% 

24% 164*. VfeffnE OSH 24 T135 21% 20% 21% +% 

7 4% VbH he 008 1^140 10 5% 5% 5% -% 

8% SraVMIffWn* 094 135 202 7 ®% 7 +iJ 

10% S%Mbai«ffi ire 119 51 8% d9b B%+151 

12% AMufUli 034 8.1 80 10% 10% 10% " 

7% SjaltocnM S3 9H 7% 7 7% 

39% total 024 07 11 2171 33% 32% 3?% 

»% 27 8» 37% 37 

15% 12%lfettur* UB U O 8 13 13 13 

78% 60% VreSPSJW 800 83 z20 60% 060% EO% 

45% 31% Way hi 21 126 44% 44 44% 

25%19bfeblte 9 43 21 20% 20% ♦% 

27% 20% Vtaa Inc 22 TS Z7 20% 27 +% 

22% H ctodm 0.44 1.4 91667 31% 30% 31% 

14 6% VMrtea 11 12 7% 7% 7% ♦% 

18% 15%WbnCo9 19 274 1B% 18% 18% 

37%31%Mnada £00 59 40 S 33% 33% 33% 

64% 44ttjfcnM I J2 £4 22 547 54% 63% 54% 


29% 16b VMS lad 
32% 2S%m.Mdki 
20% 13 Witantnc 

35% 30%Wdlw 

S 12% WfftaM 
3% Htataoco 
33% Katan 
36M 2S% WflbceCS 
29% 23% Hbntl 
5% 2% Warns m 
8Gb SDHtatan 
18i 14% 

42b 33% 

25% 20% 

204221% 

36% 19% 

3% f% 


- w- 

15 270 17% 17% 17% 

1.92 7.0 13 87 27% 27% 27% 

84 826 1B% 18% 18% 

ire 18 II 746 32% 31% 32 

036 13516 5 153j 16% 15% 

51 902 5^4 5 5% 

068 1.8 IS 2760 39 38% SO 1 * 

004 12 14 253 29o»% 28?* 

017 07 2217807 23% 22% 22% 
104 13 S 75 31* 3% 3% 

244 3.1 37 2057 78% 78% 78b 
1.00 89 8 234 14% 14% 14% 
222 80 13 114 37 38% 36% 

ire 45 S 42 21% 21% 214* 


0.48 ID 22 
UftM&mM Ore 48 5 


18% 13% Webb (0*8 
40% 34% HMgvtai 
11 6%Wf4nonSt 
28 24% Wsfalft 
11*4 7% 1 


14% 14% 


a ,,! * 


.I27%l __ 

18% 13% W*fld|c 
26% 21% Wastes 
18% 14% Hfesttst E 
50 38% HHtas 
18% 9%8UUn 

20% B% WdDSfl 

35% l8W*3lnenx ore 09 17 605 21 
IBbVtasuitagx 023 1D148 53 

26% MffiRai ire 09 10 215 


1.4 15 1139 1 

£» 64 25 208 35% 35% 35% 

061 68 13 147B 9% 8% 9% 

075 29 15 2S 26% 26 26' 

023 22 14 3065 10% 10% 10 . 

024 a? 26 720 32% 31% 32% +1% 

460 17 19 2019 147% 144% 147% +2% 

024 1.7 17 4916 14% 13% 

048 1.8 19 456 U27% 26% 

a« 5D 11 92 16% 16 

4169 44% 

19 SB 17% 

57 2788 14' 


4 -% 


- u - 

26% 23% UJBFhlz 1.04 4D 18 796 36% 25% 26 

8 4% WS 33 17 6 B 6 

51% 4512USWB4.1 410 87 30 47% 47 47% 

38 17% USC 5 5107 18% 18% 18% 

31% 23% UST 1.12 4D 163489 29 28% 28% 

51% 48% US3CMPI 290 79 12 49% 49% 49% 

W 98S 84% 083% 83% 

1D8 701 I 902 2% 02% 2% 

IDS 72 20 475 19% 18% 19% 

2 226 6% 6 6% 

1J0 7.4 68 2886 £1% 21% 21% 

040 18 16 331 25% 25 25% 

0. H) OJI 13 21 12% 12% 12% 

2D0 40 10 2 58% 68% 8S% 

454 41 16 1283 111% 111% 111% 
1DB 12 662666 <0% 47% 48 

075 £4 31 7953 32% 31% 31% 

21 8 13% 13% 12b 

350 7.6 2100 «6 46 46 

450 7.7 4 58% 58 58% 

238 08 T2 4S1 35% 34% 35 

1.73 35 14 5313 50% 49% 49% 

08? 38 9 111 84% 3<% 




150 83% UN. 
mb 2%<jpCHm 
24% 17% UO Cap 
11% 5% UK toe 
MnbUdaa 
27 20% W* he 

i3B%no%u*mv 

m\ 42%UnC«*p 
srf 21%UHCtab 
13% 8% Union Cap 
54% 43>2WB3£0 
67 56 WQ 4.50 
39% 3O%U0 k 
67% 48%ltaP*C 
28% 23%Udffi9U 
2? 16% IManltoa* 
2% btMffn 
16*.' 6% IMP 

3% 2% uncap 

41% 28% 


3 


+% 

I 

*% 

-b 

+% 


15% 10% WrtpB 
6% 4% MAuCUl 
20% 13%WSa«ta10 
20% 14% Wtataac 
39 29%»ara 
51% »%WptBr 
51% 13% WheetaMr 
73% *8%mntoi 

22 1D%MUghal 

16 14% man 
19% 13% maker 
32% 25% Wear Inc* 
8% 5%WtaKSG 
33% 22% WtalB 
7% areMfetan 
12 6%Wtahm 
56% 42% WfenOxx 
13% 7% Wbnebagn 
57b 23%Msc6t 
33% 27 HfeEPltoS* 

18% T5 Uteri) 

35 26% IMfea Cap 
30% 22%WMXT 



020 ID 17 6214 
032 OS 0 131 

25 83 17% 

058 36 4 1B2 15% 

1.10 36 46 725 37 

IDO £6 16 2566 42% 

0.10 07 17 6571 14% 14% 14% 

132 £4 15 1987 51% 50% 51 +% 

24 152102% 21% 22% +% 
034 £Q1B 851 16% 16% 16% +% 
23 509 19% 19% 19% -% 
1 60 56 15 122 28% 28% 28% -% 

OH) 1.4 15 92 7% 7% 7% -% 

084 26 13 5551 30% 29b 30 *% 

ore 0915 13 7 51% 7 

020 ID 16 117 10?e 10% >0% Jo 

ire 31 15 287 51% 50% 50% +l[! 

16 120 8'« 6% 8% J* 

1.41 59 13 1381 »% 34% 25% 

192 69 II 111 27% 27% 27% 

040 £4152 204 16% 16% 16% »% 
1.12 49 60102* Zf% 27% 27% 

050 22 29 5934 28 27% 374 +% 


27% 1B% «***»» 0.16 07 14 463 25 23% 24% 

26% 12% WaataOt 060 35 32520 17 16% 17 

18b 14% Watotade OlO 07 24 14% 14% 14% 

7% 3% Worucup S 513 7% 7 T 

53% 38%Wlnglerx 046 1£ 26 707 43% 23lj 39, 

20% 15% Wile Law 028 16 18 161 17% i&% j?fi 

23% 16% Wynns K 044 £0 13 3 22% 22% 22% 


4 

i 




AO 43 2 . 

U66 32 1Q88» 17*8417% 17^. 
ore 59 13 83 14% 14% u% 

re ??% - ■ — 


200 26 21 


71% 71% -i 


15% 4USNr 

16% ubusreG 
23»2 n% usraw 

29% 14 USHone 
41% 31U5UCR 
2* UbUNw* 
32% 15% US3*9 
46% 37% ISWwt 
72 5BUUTK 
14% u% luwnr 
18% T3%Uflnd* 
34% 20% U* Foods 
IB l5%UohrWl 
% OIIUMML 
13% 9% UnMrQp 


5 I ft 5% 

78 11 10% 

« » A A 



are ID 55 4332 19% W?* 

o res !i % 

277245 7 8506 11% 11 

?S 1 56 3 % 3% 

.. 1« £9 19 481 36% 36% 

13% 12%Ud0anWV*arB 61 63 346 13«?% 

2?% iTbOMDowM 0» ID 17 10 W% »«* 

54% 38AuaM8ia« ore at 21 4092 53% 51% 53% +1% 

40 29Utthm £78 82 6 32 30 

6% 4%Udntan a» 6.1 

13% w%uw«nrwa.05 09 
*7 U UdMCM 1+ 01 .« i« ,i 

OW £7 04492 4^ 4% 

a» 19 14 969 13% 13% VP* 

V 1788 20% 20% 20% 

2 1M 15% 1S% 15% 

1^ 3L9 7 112 31% 31% 31' 

OS ID 58 1777 20% 20% 
aw 03 9 2580 27% 26% 

£1* 5.3 33 713? 38% 37% 

£00 82 17 6218 62% 61% 62% 

092 66 13 50 13% 13% 13% 

91 121 16% 18% 18% 

OK 32 13 413 29% 23% 2^, 



196 9D 


11 56 16% 16% 16% J* 

lHt ik» unwrap ua U 11 11 13% 13^1 13^ +% 

26% 17%UnMUpx 086 4£ 13 344 22% 22% 22% 

M% HbUonodx 080 2D 22 STUB 28% 27% a +% 

58 43U«MCap 096 £1 113221 49 44% 45% +% 

37% 25% UppOX 1.40 45 14 3103 33% 32% 33 J* 


109% 87% tow 

53% WXteCap 056 11 22 
25% aratontw 1D2 57 12 
42% 33% ftriclrt 
5% I 2 xbd « 

ia% raafl 

27% 20%7*n«if« 

7?* GbCsmuc 

16% H%tor. 

3V lbj 


135 


ib%£nm pea *c 

iO%2*wqfwd*1tB D? 

abziMoTre* 08410a 


X- Y-Z- 

3DD £9 52 1165 135% 11M% IWb 
M ■53% 45 j 
- 2i% 2*% re% 
aw a* re i«3 ii% 4i% 41% 
014 32 513 4% 4% *% 

5 7 re 11% 11% !!% 
100 4£ 3 ^ 23* 27*; ?ih 

an 120 TIC t; £* E?S 

040 II 15 -R •?% T’-’* 


•36 15% 
322 '.1% 
«& 6% 


■4 

4 


i-* 


■t 3 

J 

•;i 


raa rna ntPM % TMLa 


NHy tan *40 kxt tar NISI rataa namirar to • 

«Mn mam into MWW to a naan laitanr 
ptaLlta rw*rWta4f matadHMSnsontitamcoira. 
*taB mentaM mm. ms a Mm •* «w« aanm sms x 
MW«nM Stan I«hc a* tfvttta 
•dhttnd an mn taann ra» ■ oa anri as sew erac 
c-KWUOni (Mend «ak Sea (•***>■ atewJ -x x 

to paaaM* 1? nnet. ytian r Oman tee u>c t isa 
on-nMna M kMdnd ound aw wK-jo t saw sa 4+ 
art pad Bb yar. wm tons a ns «aer< sca> a uu snane 
■wow xdnMsd wetand iMMit* r sssreane asm *r. 
iWu rti a wn ih»w tea w npni S? maa The np 
UMIMMAM* MHMilnnmt « artrtorsinrt 
(•to (tatata IMS w»*i) 12 nans. saw enone. 
•to «*■ toto ta tagn wta na jr ME :-»un e saa c. 

MW to wto K nrti Mat wW na v aadee a 
wtawtaAn cm. aw par upi two; Wei r-c Uita.M.T a 
iMtaute a hang wpnwd unoa *■ toonpicr *x a aaas 
Www #j •**( c neitir nH8iu**M war. Suez. «■«» m 
iw-dMM m ntaa ow>««es- » «tae mi a 
i an h ml ik- pea na a r tt 


n su 

nto Dh E ins ii|i iw u 

ABSims are 19 5 13% 13% 13% -% 

ttCGcrp 012154 224 17% 17 17 -% 

fcetaimE 2315660 17% 17% 17% +1fc 

Acme Ms 187004 21% 20% 21% ♦% 

*04°® Cp 39 201 re 27% Z7% +% 

Mafcch 17 E594 18% 17% 18% +& 

WCTeie 32 343 39 % 38% 39 +% 

NSSnoton (6 298 12%011,^ 12 

AttSew 016 21 4 35 34fJ 34ft +d 

AO<K 5^x020 2813408 3b 34 35% +1% 
MBnceC 7 58? 10^ 10% 10% -% 
Malngk 6 38 4% 3% 3% 
MvfUyn 7 183 5% 4% 5% +% 
WTtaUta 13 96 15% 15 15% +% 

AMMU 020 14 502 29% 28% 38% -% 
«Tyma* 11 1032 16 15% 15% 

to*nta 010159 973 14% 14% 14% 
Nftapr 02* 17 377 25% 25% 25% 

Wan ADR £24 re 486 56*b 5B% 56% -% 
AWM 066 17 691 25% S 75 ft 

Msghuv a bsi toil 10% 10% 

Altai Orp 052 14 163 38 36*2 37 

AtaPil 4 209 8% 8 B% +% 

AWCap* 1D0 13 127 15 14% 14% +1* 

AM Cap ODD 12 83 14 13% 13% -% 

AtoeftrC 032 8 2B7 2% 2% 2% -% 
AtafWd 0D6 1? 87 1% 1% 1g ^ 
AtteraCo 275458 27% Z7% 27% +{J 

Am Baiter 072 B 644 21% £1 21% J* 
AmCMy 016 671 16% 16% 16% 

AraPyBu 14 4 15% 15% 15% 

AmManag 24 1609 25% 24% 25% +% 
AmUadB 9 3068 7 dB> 4 8% +% 

Am SHOW 03? 9 Z74 4% 4*2 4% 
AmFfWys 38 1£3 23% 22% 23% +% 
AmGrtA 056 163521 20% 2B% 20% ♦% 
AmW* 2 589 1% lft 1A 

AmHtal £20 7 17 47% 47 47% +% 

AmPmOonv 35 7533 19% 18 19 +% 

AraTBJ* 13 B30 16% 16% 16% +% 
Amgen Inc 199563 Mb 51b sl% J* 

AmtochCp 008 151611 11 10% II +ft 

AnnBn 4 64 10 9% 9% 

AnDogic 15 IB 17 16% 10>2 -% 
lytio 052 14 SB IB 17% 17% 
AnangeUa IDO 13 20 15% 15% 15% 

Andrew Cp 273171 49^2 46% 48% +1% 
AndnaAn 8 57 16% 15% 16 +% 

Apogee En 030 33 61 16% 16% 16% 

APPHo B 257 5% 5% 5% +% 

ApcUMM 306850 45% 43% 44% +% 

AppfcC 0*8 3332340 37*% 35% 37 +% 

AppfeMes 004 43 12*2 17% 15% 17& +}J 
Aitmr Or 024 47 159 21% 21 21* -A 

Aretco 019 13 470 IB 17% 18 +% 

Atgonatf 1.16 8 BG2 &£ 28% a% -% 

Annor AI 064 23 37 23% 23 23% ■% 

Arnold In 040 17 564 2D 19% 2D +% 

AspetfTrt 32 960 37 35% 35% >1 

AssocCaam 309 7 £4% 24% 24% 

AST Radi 8 46nl 12% 12% 12% +ft 

AUtkcan 12 8 9% 9% 9% -% 

AM SENT 03? 17 653 23% 2% 23 -% 

Autdsk 048 25 2713 M% 63% BA+% 
AstMrio 9 100 2% d2% 2% J, 

AroniD* 092 191096 7% 7% 7% +% 


- B - 

BEIB DUDS » 31 6% 5% 5% +% 
ages 10 33 12% 11% 12% +,% 
BakeiH 171 573 i di i 

fisher J 006 11 1041 19% 18% 16% 
BMwiOfl ore 3 2 15% 15% 15% 

fiancee 18 56 25% 24*2 24% -% 
BakSosO 052 11 1540 18 17% 18 +% 

BataasCP 040 3 1438 16% 15% 16 -% 

BmJfflnrOi 060 13 223 23% »% 23% +% 
J fiaaaGeo 052 16 110 33% 32% 32% 

( BasserF 080 14 98 £ 6 % 3^4 26 % +,% 
I Boyltea* 060 13 3 24 % 24 % 24 % +JJ 

j fiaitats 160 122040 56 54 % 56 + 1 % 
BS&TRa 1.16 9 379 2 S%d 28 % £ 8 % 

I EEAsro 21 20 9 % 8 % 8 % 

I EcxfcEcs * 04 ? 33 JlOO 14 % 14 % 14 % .% 

• BecSJeiry 13 118 13 % 13 13 % +% 

BefeyWS C 44 *3 13 35 % 35 35 % +% 

, BUO-p 052 IS 33 127 * 12 % 12 % J* 

■ ets SZ 21 5 4% 4% .% 

65 s cte is 3 « is% 11 11 % *% 

. Ere.-rW soe TS 145 :i% 13 % 13% •% 

• Eesc HET 96 55 40 % 5 *% - 5 % 

• ecnC £3^C3 121, 11% 1!?; +% 

’ Eoa. 3 -; I« n QE 31 »% 3 » +% 

; EWSjfc* 136209 46 % 43 43 % -2 

i B=£xn 3 1 36 91*24 30 % 30 30 % +% 

\ 30 cr= ore tb 233 «a% re% 20 % 

1 BaHsiS 15 46 30 % 29 % 29 % 

; Bflriaafl 152931 13 % >?% 13 % +1 

• SccaiBk 0 ^ 5 263 33 32 32 % +% 

; fcaaTe 591557 13 % 13 13 % ♦% 

1 EskIjWA. OM 19 29 48 % 47 % < 7 % 

. B TOP 024 23 536 12 £ 12 % 12 % 

I EaaoS 026 23 9822 10 % 9 % 9 % 

! bse= 5 i are 3 3 re 27 % 27 % 

j BTSMKO 0*3 5 130 2 % 2 % 2 % 

• Bates 22 4039 15 % 14 % 14 ft -ft 

J BnMenT 20 23 ll%flil% 11 % +% 

( OerEnra 361793 > 0 % 10 10 % 

j tetosdl 55 23 34 % 34 % 34 % 

' EaGertHs* 040 7 7 31 30 % 30 »« 


w 91 
to E 18 k 

40 8420 39 37 % 38 % +% 

030 2 P 473 34 % 33 % 33 % +-% 
1 12 0 109 32 31 % 31 % 

020 4 16 8% 7% 8% 

18 IS 22 % 22 22 % 

Ore re 256 2D% 19% 19% 

15 824 16 14 % 15 % 

81355 13 % 13 % 13 % 
571078 2 % 2 % 2& 

22 97 6 % 6 % 6 A *A 

17 49 36 % 35 % 35 % 

020 50 24 II dS S 
21102 4 % 

020 26 7390 28 % 

Data Hin x 088 13 £75 12 % 

DraraEnpy 9 7100 9 

DremOam 10 320 9 % 

CtorGD 034 22 251 25 % £ 5 % 25 ft *A 
Drug Erapo 006 43 224 4 % 4 % 4 % 

DS Bnar 1 D 9 15 452 20 % 26 25 % +% 
Dutan 042 12 74 16 15 % 15 % +% 

DynBBta 9 2207 u 27 % 24 % 27 +2 


Stack 
Del Coop 
Mp* 

ay 

Devon 

□Hindi 

ntxeiB 

own) 

Dig Mam 
Dg sound 
BoSya 

Domex U> 
DtdeWn 
DMA nan 
Dais fin 


n » 

E into 


Ogb lam IM I2ff| 


3% *% 

26 25% 
d12 12% 
9 9 

9% 9ft 


+% 

+b 

+>2 

+ll 


+% 

-% 

h 

■A 




- E 

. 


EjgfeFd 

2 7100 

3% 3% 

3ft 

EasalCp 

2 

295 

3% 3% 

3% 

EasBwml 

2 

re 

i% i A 

iA 

EQ Tel 

032 23 2305 17% 17% 17% 

Egtamd 

245 

830 

7% 7% 

7% 

BPasoB 

1 

IX 

iA diA 

1ft 

Bedifid 

14 

437 

14% 14% 14% 

Bate 

ore 48 

57 4B% 48% 48% 

EfedArb 

25364® 22% £0% ?T ft 

Eman As 

17 

42 

5% 5% 

5% 

Bruton 


409 

9ft 8% 

S 

EnsrVMrs 

51 

75 14% 14% 14% 

Mta 

64 

250 

2% 1% 

lit 

Enron tac 

4 

*40 

3% 2% 

3 


♦% 

+% 

+% 

+>« 

+b 

+% 


EqtayM Ol 0 19 61 5 4 % 5 +% 

Ericsnfl 048148 6 Z 7 B 53 % 52 % 53 % +% 

BUd 600 8 % 8 8 +% 

EwnsSU 65 2 12 % 12 % 12 % 

27 3061 Z 1 % 20 % 20 ft 
BataBxr 10 174 8 % 8 8 

Eddeaec 15 25 20 % 20 % 20 % +ft 

ExpadKI OlO 22 203 18 16 % 19 +% 

EzcsnMw 18 619 11 %<fl 0 % 11 -% 


- K- 

K Stats x ore 1£ 305 24 23% 23% ■% 

IOm»Cpx044 5 303 9% 9% 9% 

KefleyOl 3106B 6% 5% 5% -% 

feflySv 072 23 1183 27% 26% 27% +% 

Kentucky 011 10 15 6% 0% 6% -% 

MmtnB 064 13 81 23% 23% 23% -% 

Kksctxw 22 3G 10% 10% 10% 

KLAhstr (B 6420 47% 45 46A Z +1% 

Knuaedge 21307 3% 3% 3% +% 

MBA 0 153 li & £, 

Koraagte 238 1332 26% 25% S>4 +1 

ttJfidtsS 10 833 16l 2 16 16% +% 


- L - 

Ltaona 072 23 127 19 f 8 19 +% 

Ladd Fun 012 36 546 6 % 8 6 %+% 

Lara Rata 436414 38 38 38 + 1 % 

Lancaster 048 14 708 34 % 33 % 33 % -% 

Lotos Inc 006 18 08 16 % 18 18 J* 

LmtafeGpb 23 2171 18 % 17 % 17 % +% 

LanopUes 11 H 00 8 % B% 8 % -% 

Utsoxcpe 26 333 4 % 4 % 4 A 

Lattices 142638 17 % 16 % 16 % Jg 
LwtsonPr xo .48 18 107 25 % 24 % 26 % +% 
+% 
+% 
-% 


LOOS 2896881 21 20 ?1 

LDl Cp 016 1 55 5% 5 5% 

Lsditas 22 1514 18% 17% 17% 

Legem Cp 182397 27 25% 26% +1% 

Lie Tech 020 17 14 16% 18% 18% +% 
LdCSie 23 28 4% 4% 4% -A 
LtaylndA 03 12 648 14% 13% 13% -D8 
LtoBr 117 248135% 134% 135% +% 

UnCOtaT 052 15 017 18% 15% 16 +% 

LMteytH 13 15 30% 29% 29% -% 

UwarTec 02* 353429 43% 41% 43% +2% 
Uyflxi 040 17 18 33% 33% 33% 
LMMHtGp 006 27 071 a% 22% 23% +% 

1 Lone Star 9 157 6% 0% 6% 

LoOSO 2811434 36% 34% 35% +% 

i UXGp 31168 4% 3% 4 +% 

LVW 076 4 04 31% 31% 31% +% 


+% 

-% 


- F- 

FidlBrp 10 TO 4% 4% 4% 

FarrCp 024 31 22 6ft 5 6 

fta 004 64 504 40% 39% 40% +1% 
FHPM 172656 26% 27% 27% 
BHiOmlx 124 15 781 51% 51 51% 

FttyOfl 14 739 5% 4% S +% 
ROOtaA 024 0 S 0% B% B% 

FBanei 31 919 22% 22 22% +% 

ftSAm 084 0 135 31% 31% 31% +% 
WBcOWd IDO 12 1966 27 26% 27 +% 

FstCcBki 050 19 369 22% 21% 21% -% 
faSBdy 1JW 10 1706 26% 27% 28, 1 . +A 
FsTeon 158 10 419 44% 44 44% +% 

FS Item 038 7 930 9£ 9% 9* +* 
FstfedWc 056 7 162 23% 23% 23% 
fetar 104 8 24 32% 32% 32% 
Fteamte 52 162 u9% 8% 9 

Bser* 27 825 22% 22 22% 

AMU 17 346 6% 6 6% 

FtadLA* 0D9 15 2281 5% d5*£ 5% 
FaodLBx 0095621073 5% 5% 5% 
ftnemoa 106 10 291 32]*« 31% 31% 
ftadmei 10 203 11% 11% 11% 
FdArA 34 322 3% 3 3,V 

Ml Fm 104 12 98 30 29% 29*2 

FdFW 040 8 160 16% 15% 16% 
RttKHai 1.18 10 42? 28 27% 27% 

FiDerHB 050 19 B8 31 30 30% 
FcMunFin D£8 10 76 19% 18% 19% 
few* 02* 24 353)119% 18% 16% +D4 
Fumw»DR 12 170 3 ?% 2% 


-% 

+% 

-% 

+«4 

*A 

•% 

-% 

-A 

■% 


uaca 005 2217030 25 24% 24ft +& 

MS Care a 163 23% 22% 23% +% 
Mac IBB Ota « 43 13?* 13% 13l; ■% 
108 14 35 33% 33 33% 

Magma Pint 15 634 ‘34% 34% 34% 
UapaUp 076 13 133 20% 20% 20% Jp 
ltd Box 14 239 9% 0% 9% +% 
KscamCp 23 464 11 9% 10% +% 

Marine Dr 12 787 4% «% 4% +% 
ICp 9 4 41 >4 40% 41% +1 

Manjuesi 2 10 1% 1% 1% 
HBifetb 18 200 8A 8% BA -A 
MartaSn*A044 11 22 11% 11% 11% 

OOO 102559 20% 19% 20% +% 
9 67 7% 7% 7% +% 
■ttxbflbt 43 1836 57% 56% 57% +% 
rCp 0 700 5 4% 4% Jg 

McUMhR 044 12 ElOQ 15% 15% 15% 
McComdcx 048 16 1708 20 19% 20 +% 

Itatax he 016 16 68 13 12% 13 +% 
MeUcheS 048 14 275 24 23% 24 +% 

Metanhn 024 22 271 10% 10% 10% +% 
Mentor CP 016 55 600 (6% 16> 4 16% +% 
MenttO 024 2S 1568 11% 11% lift 
MoiataD OU 122164 21% 21% 21% 
MtanxyG 070 7 10 28 27% Z7% 

MeriUan L36 10 1674 27% 27% 27% 
Merisel 91603 9% 9% 9% 

Methods Ax012 19 141 19% 19% 19% 
man 372401 35% 34% 35% 
MfchMfF 020 19 319 11% 11% 11% 
WdlNtaS £003*3 128 76% 75% 75% 


G lii App 

tats 
Gama lb 
Gad Co 
GcrfExe 
Getdyle 
GenoPfi 


- G - 

6 47 3% 
OUT 231050 15% 
0 55 3% 
9 37 
0161*0 61 


3% 3% 
15 15% 
2% 3 

3% <□% 3% 
5% 5% 6% 


AMEX COMPOSITE PRICES 


4 pm dose October 7 


ft 


Ota. t TOO* Mgb Lgstdow Omg 

K5 I? TO 15% isjjto 


AtaUare 

Aftnfe* 2 K ■* 

OtaU 4 80 61a 
AdtJtaft 1«IJ ? </ 
ItsMsnA Otrt'.taS 45 23% 
AnrtaM 005 31063 8b 
Aratq* ? 101 

Ampn-Aim 47 Si 
ASH kiwi 077 22 68 

ABOtMck » 

«£BH 6 

AbeCMS <1 
AtXMnA ! 


a? 

9*a 

1 : 

116 


8 


.is .5 :js 

47 *7 +% 

is -> 

?% + 1 G 

^ 

B% ♦% 


3 3% 3% 3% 


BSH 0 a»fl«' « . 

BadgoMB 073 TO 14 »% »% J5% 
RdomnlA DM 11 746 5% 5% 5’ 
KanyKi 70 131 70% TO 70% «■* 
fiModr art 53 13% 13% 13|** +i« 
Bern 0 6?% 2% 2% 

Oak* Mm 0*1)149 3 n% _?l ?* 

BmflodA H 4K ,ti»j 75% 25% 
BkwntA D5 7 *7 R1 *3% 4.1 43 

Bownar 3? 3 

mwnr 030 S 522 

:w?31 24 1.1% 


Cdpnm 
tatatm 
Can Mar 

Dnnt 

Cwratacs 

Qumptan 

radWi 

CmfdA 

CncMns 

rimpdrac 


2 

D.20 16 
DM 21 
001 4 
4 

55 

004 38 277 14% 
Ofll 117 5% 
lUom: 2* ia% 

B 17.1 >8 


3% 3,1 3% 
17516% W% 
.1% 13% 13% 

1444 
0 11% 11% 11% 
£ n I J I Wl. 

• -4% 14% 

5% 5% 
Ifl 16% 

u a 


14% ii5 ♦% 

** u 

•A 


w at 

Stock Dt*. E 1068 Wgll UwCktaUv 
Coned FM 5«00 8% 8% 8% 
CtokAIA 064550 35 16% 16% 1S>£ +% 

Crown C A 040 41 10 18% 18 18% +% 

Crown CB 040 14 34 18% 16% 16% +% 

CUK 065 81 123 19% 10}£ 18% -% 

O atonw ft i 18 6 3% 3% 3% S 


nut 

DUnaK 


10 90 


1^ »6J 


Duplex 0*6 


Ealtn CD 
Ect» Bar 
fed Eft A 

bdtataRs 

Bn 

EnoySv 


27 ire 16l£ 16% 16% 

B ID ft ft 4% 

8 11 8%d8% B% 


046 13 * 13% 13% 13% 

607445 3444 13% 13% 13% 
030 S 23 10% 10% 10% 

17 1010 3§5| 37% 37% 

"SaJS!. 


FWOyBnexOre 15 

hpmu) ore ; 4 

Forest la 
Frequency 


Gtant MA 
(State a 
GMOBtad 


GutaCd* 



080 5 51 -. 

072 15 168 23% 23% 23^ 
070 36 132 17% 16% 16^ 
2 116 A d% 

14 66 6% 6% 

03« 13 an *A «A 


Stack 

Kthdtoi 


W 


Ota. E 100* Hob IwOnCtog 

1 29 1% 1% 1% +A 
Keka 015 44 nre to% 10% ia% 
HvmtanA 10 a 7% 7% 7% 


htamCp 
bL Com* 


35 12% 12^ 12% 


00 30 _ 

.. .14% 15^ 
006 192016 19% 19 19% 


JaoCHI 


KhaikCp 

KkhyExp 

»WBl 

Ltavge 
Laser tad 
Leeflnm 
Luma tap 
lynch Cp 



12 u 30 % 30 % 30 % +% 


HsdUA 
NtamO* 
MStotd 
Moag A 
HSR End 

HU PM 
HVlaA 
KddtanOa 
HunacE 

ram 


3 64 31% — 
044 28 105 28% 27 
02037 A 
8 

13 10 

100 68 


7 % 7 % 7 % 
1 u i 


S 162 
0563061131 




".s j ft's ft 

Z 7 S 63 5 % 5 % 5 % 


ft 


Otateo 0244*5 376 35% 35 
PegassaG 040 101356 16 15 


1 § 


Stack 
Perm 
PHHPwB 
PfflLD 
PBway A 

Etlf 

ProskBoA 

RapaAad 

RB&WCp 

SJWCsxp 

SttariMod 

Stake 


pf gig 

Ota. E 100 b Ugh LawdiawChns 

Ore 16 63 9% 09% 9% 

164 0 TO 0 «17%i 

024 15 555 57% 56% 57* 

090 19 10 36 3! 

012 29 161 22% 22% 

OBI 16 12 1#% 14% 14% 

01D 0 30 1A l,£ 


£10 9 


£ 


32 

5 % 


16 2Z4 17% 17% 17S 
~ " 5% 5% 


671 


TbProdb 020 46 4 

TaUDtaa 035 67 961 4! 

Thennedcs 68 3*6 IE 
Thennotan 3? 43 

IUPNAx CUD 18 308 13 
TownOny 58 WT 14. 

Tritan 1 156 1 % ift 

TnbosUex 7 li ft ft 

runraax OSff 71 257 19% 19*4 19j 

TumSrfix O07U5 915 19% 19% 194 



UdFoodsA 5 
UURmdsS 020112 
UAPlna 
US CBM 


2 % :% 
??< ?J* 


HacenA 

Vtaconfi 

ntanerta 

WFEI 

Wontiea 

Xywna 


28 32 7 % 7 % -% 

240 51 31 % 30 % 31 % +% 


ft 

5s 


362138 40 % Kb 40 % 
T 6706 38 % 38>2 38 % 
292173 12 % 12 12 % 

1.12 17 8 S 3 12 % 

0£D 13 68 29% 


d12 12% 
29 29% 


4 |44 4 % «A 4,1 +A 


Cotes 3 

Canon be OS 3124 
Canada 3 

tatexCm ttSJ 21 
Cascade 
CtsejS 
Ceigene 
CSaCp 
Cfftpnnur 
Crtrtfid 
0*1 Spr 
OoaSer 


Have your FT hand delivered in 



GJin the «to ««f your compctrtnrs by having the Financial Times delivered to your fwrw or office eveiy working day. 
Handdchwiyscniccs ate available lot subscribers In the Greater Brussels area, the Greater Antwerp area, Brugge. Gent. 
Halle. Kortrijfc. Leuven. Liege, Mechelen. Nivelles and Ware. 

Please cafl (02) 513 28 16 for more Information. 

Financial Times. Europe's Business Newspaper. 


-C- 

CTe 243 32124% 23 24%+!% 

a araMrt 8 323 6% 5% 8 +% 

taSdaaptanre 1G 3*3 28% 28% 28% -% 
CaomsCaeore 21 302 18% 18 18 
Caere 0» 5064680 10% 9% 10% +% 

Ctagena 23 S 07 8% dS% 

Cal UdD 24 1674 26 24% re% +1 

CMAL 1 49 2% 2% Z% -% 

90 1% 1ft +A 

32 89% 89% 09% 

5 5% 5% 5% +% 
64 26% 26% 28% -% 
060 22 Z7 24 % 23% £4 +% 

008 IS 1703 12% 12 1£% +% 

5 351 7% 6% 7% +% 

20 129 13% 12% 12% -% 

8 4397 17% 16% 17 +% 

1.12 11 1442 30% 30 30 

22 6 11% 10 11% 

9 42 5% 4% 5% 

OBO 7 687 20% 20 20A +A 

Buna x 009 1021834 7 % d 7 % 7\ +A 
Chmsdab 17 10 11 % 11 % 11 % 

Ctetspew 14 7 4 % 3 % 3 % 

CtaSH&Ta 9 *63 5 % 4 % 5 % +,»« 

CtmnCp 5839597 63 % 57 % 60 - 1 % 

Con Fin 1 D 8 12 275 52 % 51 % 52 

CtatasGP 017 33 1201 34 % 34 34 % +% 

CmaLgc £9 6497 2 B 27 % 27 % +]{ 

CS lech 118 405 2 % £% 2 % +% 
1543897 £ 7 % 26 % 27 % +A 
1 D 8 16 85 29 % 29 % 29 % +% 

23 4 B >2 6 6 %+% 

38 54 11 % 10 % 11 % +% 

7 X ft ft ft 

8 28 Z 7 % 28 +% 

137 139 B% 6% 6% +% 

28 33 11 % 10 % 11 % +% 

281904 18 % 17 % 18 % + 1 ,V 

123 27 13 % 12 % 13 % +A 

18 47 14 % 13 % 14 % +% 

040 88 792 22 21 % 22 +% 

CoWGas 126 13 86 £ 1 % 28 % £ 1 % +% 

CoM Grp 060 11 270 31 % 29 % 30 % +% 

Cocaw 024 14 1178 22 21 21 % J* 

cmesu 009 183812 15 % 15 15 

CrucsJK*! OOB 396639 15 % 15 % 15 % +,% 

CDBmUohsare TO SO 29 % 29 29 % 

Comma x 070 83 22 17 % 17 17 

GoamC 162273 24 % 23 % 34 ,& +A 
CacvtaB 304 286 9 % 08 % 9 % +% 

tansare 53 « 11% 11 11% 

Cowaocfcfl 34 410 3% 3/, 3.V -A 

CWPto 128 34 B 50% 50% 50% 

Cansfeon 5 363 5% 5 5& *\ 

CBHCta 58 74 23^ 23% 23% -% 

CMOata 9 332 6% dfil* 6% +% 

Cows* 050 20 454 18% 18% 18% -A 

Copy** 40 3055 5% 4% 5% +% 

ContaQi . 24 S530 5S% 54% 55% +1% 
tap CIA 47 1604 uI7% 16% 17% 
CoeharB 002364503 21% 2121% +>2 
Qaytaap 1 3Si 1% 1% i£ +,> f 


CbBancp 
OeanHbr 23 

□EbDr 28 

CB 3 «Sta 7 

CocaCdaB IDO 17 
CndaEogy 
CndBASrai 
QwCp 
Copra 
Cdhmct 


Cnmnte 

QBDen 


3< 25 
2 2915 


SB 5 A 5 i 5 +A 

3% 3A 3ft +A 


- D - 

35 C£n 18116*8 23 % 28 a 

OJUGrai G 13 32 10 83 re 83 

Dabfitotdh 10 IX 2 A 2 % 2 % 
Sattatax 3 * 46 * 6 % 6 % B% 
Dauseap* 15 433 15 % 14 % 15 % 
tafdnOp 09 ? 11 116 25 24 % a 
OebSnps 020 IS 23 S da 5 
Dtaatata 032 24 re 16 % IB 18 

tasftce are 42 noo 28 % a% 25 % 
Dtatanaps Oa 10 20 19 % ra% io% 


•19 

+1 

+% 

>% 

•*2 

■% 


040 20 200 19ft 19ft 19ft 
18 17 4% 4% 4% 
3 2354 9 8% 8% 

tatota 400 X1493 £1% 2121% 
Genus be 195 246 5% 5% 5% 
El 2956 33% 32% 33 

040 19 687 15% 15 15% 

OT2 12 1755 17% 17 17 

ODD 15 78 14% 14 14% 

13 38 05% 5% 5% 


Geaynw 

Eteona 

GJber! A 
OsKBam 
Good Guys 


15 760 


*A 

A 

-A 

+% 

♦% 

+% 

*% 

-% 

■% 

+% 


+% 
-% 
-% 
+A 
-h 
+1 

■% 

WCraHHl 10 376 3% 3 3% +% 

Manage 9 687 12% 12% 12% +% 
Mcrocon 61167 7% 7 7,1 +£ 

Mfcrgndx 10 635 5% 5% 5% +% 
Mcrpota 2 334 7 6% 6% +A 

Mkafl 1531947 54% 53% 54% -% 

MdAOM » 237 £6% 28% 28% 4-% 
MdanOc 052 10 5188 27% 27% 27% +A 

MMwGota 050 22 9 27% 27 27 *% 

' MIlerH 052 17 663 23%d23% 23% +% 

M«cin 1166 23 2? 23 ♦% 

Hannah 20 19 15 15 15 -% 

' MnhteTel X 9237 20% 19% 20 +% 

Modern CD 020 19 8 7% 7% 7% +% 

ModlneM! 052 20 798 28% Z7 27% +% 
total 004 348 38% 37% 38% +% 

Mdexlnex 0D4 30 407 40% 40 40% 
Uoscam 004 14 763 7% 7 7% 

MostaeeP 038 22 5 31% 30% 30% 

MTSSyS 056 10 II 24»£ 24% 2«% 


IV Sta 

tow ttta. I to Ip in WM 
Oateiainfi62 70 28 17% 17% 17% t% 

UdlFand 02016 22 21% 20% 21% +% 

Cknntum 65 8818 14% 13% 14% 4% 

Quttdfly 23 138 15% 15% 15% -+% 

OK Me a 457 43% 43% *3% +% 


- R- 

Rtantamr 11 650 11% 11% 11% +% 
RTOp 3 230 4% 4% 4% +% 

1 171 3% 3% 3% 

27 163 20% 20 20% 
Rea*® 15 1345 18% 15% 16% +% 
RoUto A 22 13 23% 23% 23% 

ReyilpM) 21921 3% 3 3% 4% 

8 6 3% 3% 3% 

nesdM 19 158 1Tb 11 11% 4% 
Routes 037 IS 2284 42% 42% 42% +A 

Raanlnc 9 153 5% 5 5%-% 

»RH DDO 10 B 34 33% 33% ft 
RndtaSx IDO 171891 64%d5a% 53% +1i 
RttMO* 012 13 ZI00 6% 6% 6% +% 
RDCttteSkxOAO 4 187 18 17% 18 *U 

044 3 1878 1B% 15% 18% +% 
tea sir are n 799 14a* 13% t«% 4% 

RMBCMfed 334881 27 26% 27 +% 

How 066 58 61 19 16% 18% -% 

RFMtaC. 09 £1 1035 1B% 18% 18% +% 

050 14 16 23 22% 23 4% 

10 775 6 6% 5% -% 


RSFta 

RyanFcdy 


Mimed 

Mycogm 


134919 29% 2B% 28% 
5 574 10% 10 10% 


+% 

+% 

+% 


GatkJJPtnpxQW 18 8GB 


1Z 11% 11% 4% 
» 21 % 2111 +A 


OadcuSys 

312 

15 3% 3% 

3% 

+A 

Grants 

ax to 

10 21ft 21 

21 

■% 

OeenAP 

02* 11 

11 18% 18% 18% 

-ft 

Guardi Pb 

0 

334 A A 

ll +A 

Grammas 

1 1243 2% 2% 

2% 


Mwr 

625 

48 13% 12% 12% 


endup 

13 583 17% 15ft 17ft +1% 

GONTSxg 

51781 9% 8% 

9 



- H - 

ItanlngA 85 17 7% 7% 7% -% 

Hxlevytf Q£B 9 6 23% 23% 23% ~% 

Hemet Gp ere 12 432 14 13% 13% -% 

HBO&CDx 016 271079 32% 31% 32% 4% 

HcaHhcar 241232 27 28% 26% 

Hsatncre 006 18 273 11% 11% 11% -% 

11 85 a 7% 7% -% 

016 221972 13% 13% 13% *A 

Hektat) 36 10% 9% 10>2 

HtenTroy 9 70 17 1B% 16% -% 

HeM 088 11 798 17 18% 17 +% 

Hogan Sys OIS 16 824 6% 6 8%+% 

Hototac 78 241 15% 14% 15% +% 

Hone Bent ore 8 X 20% 620 20% 

Han tads 044 18 10 25% 25% 2% 

H0RttEk 18 2854 15% 14 15 41% 

HametAa 044462 44 4% 

HumjB are 18 ore ib% 

Hurttogm 080 7 911 18% 

MnoCo 006 1 65 3% 


- N - 

MAC Re 016 10 611 24% 24% 24% -% 
Nadi Rich 072 11 405 16%015% 16A * A 
taCampl 0361T4 25 14 13% 13% 

taro Sun ODD 20*100 13% 13% 13% 
Hwtgawx are 5 2100 14% 14% 14% 

NECx 043108 15 81% 81% 61% 
Meteor 182741 29% 28% 29% 

HeWi GW 27 1254 19% 18% 19% 
NetekS 101 Z75 7A 7% 7% 

Heurogw 10 173 7 6% 6ft 
NawEBia 080 20 316 I7%di6% 17% 
HewfelMO* H2 830 6% &>2 6% 

UMgeNrt 22 811 31% 29% 30% 

HampriCp 004 20 49 7% 7% 7% 

Motto Dri 227506 7% 7 7% 

058 24 583 55% 54% 54% 

040 2512849 44% 41% 44+2% 

14 4 19% 19% 19% -% 

3 32 ft ft ft ft 

0D8 12 417 37 38% 37 +% 

19 3157 18% 17% 18% +% 

71534584 14% 14% 1*A -A 
41 3149 45% 42% 45% +2% 

B4 6% 6% 6% -% 

7 20 2% 2% 2% 


Itehn 


4 » 

-% 

+% 

+% 

-% 

A 

+% 


+ 1 * 

-% 


i 

NStarUn 
MonhnTst 
WTAk 
I New« 
Howtos 
| NPCA 
1 NSC tap 


HutahTtCh 

HycorBki 


1*8 1064 
17 26 


4A 4% +% 
16 16% +% 
18 18% +A 

3% 3% -% 
25 26% +1% 
4% 4% 


- I - 

21 7% 


- o - 

OCtnrtsys 30 S3 12 % 12 % 12 % +% 

I Odd Com 16 688 21 20 % 2 Dft -A 

OtMcsA 19 557 7 6 % 6% -% 

OOEfnLg 13 284 12 % 12 % 12 % +% 

OgtotflyN 120 10x100 30 X X 
OHoCs 1/46 B 451 30 % 29 % 29 % -% 

OMKsri 1.18 10 438 X% 31 % 32 A +A 

DU Man 092 16 40 37 38 % 37 

Onbaimp IDO 7 844 28 27 28 +% 

One Price 7 234 9% fl% 9 % +A 

OpOcrtR 22 1007 u 23 % 33 % 23 % +% 

OradeS Bl 30739 43 % 41 % 42 % +% 


7 

8 % 


43 21 7% 7 

BB Comma 25 7877 8% B% 

■Skoal 3 87 3ft 3A 3% 

tamsar X 143 6% 8 6% 

tamwam i 81 4% 3% 3% 
Invert Be 0.4) 32 Eire 17 17 17 
tad tag 024183 5 13012% 12% 

hfFte 13 2384 I2%ini% 11% 

Mental 3121213 28% 26% 56& 

ore 16 x ii% n% it% +A 
238422 19% 18% 19% +1 
33 3X 14 13% 13% +% 

8 287 2ft 2% HI +A 

0D4 1153*10 60 59% S9,i +% 

0 28 2% 1% 2% 

040 272549 15% 15% 15% 

20 133 B% 8 % 9 

are 17 277 13% 13 13% 

2 >975 8% 07% 7% 

4 734 4% 4 4% +% 

6 791 14% 14% 14ft +A 

28 1478 14% 14% 14% 

13 467 16% 16% 16% -% 
002 17 41 2% d2% 2% 

275 19 &% 5% 5% 
are is 261 28 % Z 7 % a 
2 158 3 % 3 % +A 

18 115 19 18% 18% 

1D9 38 4 212210%210% -% 


QrbSciKB 42 414 1B% 

OrixdBdi are 27 350 9% 

OrtUSupp 7 83 10 

OrcsanUri 031 9 47 5% 

Oshsp 18 13 2^ 


tatattfflfet 

M 

taH 


OatariU 041356 102 14% 14% 14% 
OxtdashT 050 11 59 11% 10% 10% 
OOmTbI 1.72 15 Xll34% X% 34 


-P-Q- 

Paccar IDO 11 1024 43% 043 43% 
< pfffiutaop 082 11 121 1211J7 11% 


KerTeJ 

HstCeA 

Mgpb 


tobahe 
Hemdc 
egOtaryOA 
Ira Res 
to Tear 
kraunx 


+% 

•% 

+% 

-% 

•ft 


+A 

+% 


PsncTrty 
PtoiVkg 
PtoWr 

it 
>L 

PaoptMH 
Mrotaex 
+% | Plannaey 
i Ptoanfleh 


16 1B% +% 
9% 9% 

9% 10 +%i 

5% 5% 

2 % 2 % 


pTefcm 

pactnere 

Pffanahc 


PtaCOAn 


Mbiodo 


■ J - 

JUSmek 141273 12% 12% 12% 
JaajBfnc 026 1 3 428 9% 8% 8% •% 

JLGInd 010 33 82 39% X 38 -1 

Johnson IV Bl 10 24* 24% 24% 

Jones ki 10 381 14% 14% 14% 

Junes Med OW 12 294 8 % 7% 7% +A 

JtrflynCp 120 12 219 28% 28% 28% +% 

•SB Fin 080 16 552 25% 25% 25% -% 

JtooLta 028 18 177 18% IB IB -% 

Juste x 016 9 111 13 12% 12% 


1-32 15 131 H 23% 23% +% 

31 244 76 74% 75% +% 

405750 34% 33 34% +1% 

03644 481 38% 35% 3&% 

21 IS 8 % 8 % 8 % -% 

050 59 11 13% 13% 13% 

9 2BS TS% 15% 15% +% 

IDO 23 4 XXX 

072 17 2D9 39% 39% 38% -% 

13 41 5% S ft ft 

020 27 74 »% 24 24% +% 

032 142847 14% 14 14% +> 4 

1.12 18 2 30% 28% 30% +2 

34 112 12 11% 11% 

2B 70 5% 5% 5% V% 

048 3 IS 8% 8% 0% 

PKtonto » 271 16% 16 16%+% 

Ptatartui 42 176 16% 18% 16% -% 

PUBeertta 064 31 390 45% 44% 45% +% 

Ptowrttx ore 21 1684 31% 30% 31 +% 

PfoneoStx 012 9 291 17 16% 16% 

PHtoFert 8 a 8% 8% 8% 

PDWdl is 25 5% 5% 5% 

PM Life 009 3 565 6% 6% 8% 

| Pros** 154 1650 43 41% 41% +A 

I WOoa Miwn 18 % 15 % 16 % +A 

MtaPBt x. ire 5% 5 5 +A 

U23 21% 23 +% 

28 re% 2S% +24 

uX 21% 22% +4> 2 

8»i 6% 8% +% 

10 16 671 6% 671 -D5 


- s - 

Safeco X IDS 7 1275 50% 50% 50% ft 
Swdenon XOX 14 66 16% IB 19% -% 
SdfiitpA OX X 1484 27% 28% 27% +% 
SdMadL 123880 45 43 44%+!% 

sasyan 171604 21% 21 21% +% 

Sdos 7 612 6% 6% B% -A 

SdtexCp 052 10 2377 22% 21% 21% Dg 
Scomftd B 204 4 % 4% 4% +% 

SeaflaU t£D 43 14 35% 35 35% +% 
ffoata 1018716 23 21% 22% +% 

SB Cp 016 24 171 19% 19 19% +% 

SefcetaB 036 6 8X 3A 2% 2% +A 
1.12 15 8 25% 25% 25% 

Saquart 82 2062 17% 18% 17% +% 

Sequela 30 421 4% 4% 4% +A 

SemTach 14 33 lift ft ft ft 

SenFrad 17 4 *H 4ft 4J3 

Sauansan 022 16 Z100 17% 17% 17% 

SfeMedX 084 X 506 27% 27% 27% -% 

9LS)ram 2 296 5% 5% 5% -% 

SheRMDod X 665 29% 19% 20% +% 

StaffttoP 7 359 B% 8 8%+% 

Sana On 161986 22% 21 22+1% 

StaraTuc 4 105 3% 3% 3% -% 
SbRW 033 151283 34% 33% 34% +% 

Sbmtafes 20 277 8 7% 7% -% 

SBdttBC ore 57 19 11% 11A 11% +% 

SlcriVty 442583915% 14% 15 -% 

Stalpsai 040 15 734 12% 12% 12% 

Snttfid 34 954 X% 24 24% +% 

Snappfcftt 3110210 12% 12 12% 

SoRhicP 1 134 4% 4 4 

Sonoca 056 171946 23% 22% a% +% 

Sndtitat 068 10 708 19% 19% 19% +% 

Spiegel A 028 351122 17 1B% 18% +% 

St JudtMd 040 152218 35% 34% 35% +1% 

St Pause OX 9 812 20% 19% 19% 

Stcyfit 1 220 2A 1% 1% -A 

Stapto X 7999 32% 32% 32% 

State Strx 080 155299 38% 35% X +% 
SDUGOQ 131003 20% 19% 19% +% 
SU Regis 068 12 151 10% 18% 18% -% 
Steel Tec OX 151*82 14%tfT3% 13% -% 
SUktyllSA 020 X 320 9% 8% 8% +% 

SMH 157 28 22% 22 22 -% 

S&rataax1.1014 18 23 20 23 

SttucflOy 104383 5 4% 4% +% 

Stryker 028 28 908 33% 33 33% ft 
SUhanD » 53 13% 13% 13% -% 
SonknaiaB 060 19 21 25% 25-242*24 
ScramS Be 064 12 1585 20% 13% 20% +% 
SoBxnttTo 
sun Sport 

QmMip 

Swft Tea 
Sybase tac 
Symantec 
Sgmtatoy 
Synscooi 
Synenyan 
Synbc 
Symptes 


35 1477 34% 33% 33% +% 

13 34 5% 5% 5% 

IBISES’ 2S% 28% 29% +% 

44 1097 42% *2% 42% +% 
5312427 46% 43% 46+0% 

*12732 15% 15% 15% +% 
OAO 18 12 18% T7% 18% 

95 99 s 4% 4% -% 
1 2782 5% 4% 5% ♦% 
68 30018% 16 16% +% 

1432717 15% 14% 15ft +1% 
SyaraStSl 072 14 382 12% 12 12% +% 
SystamSco X1215 19% 17% 18% +% 

Stotannd 411092 8% 8 8%+% 


- T- 

T-CeBSe 5 191 3% 2% 2% 
TJDaePrx 052 181034 30>2 2B% X 
TBCCp 13 1879 10% 10 10 

TCACaUBxO44 28z100 23% 23% 23% 
Taddlaa 
Tecmnsatt 
Tetatac 
TStaSys 
TtaOnA 
Titoto 
T*Bata 
TCtan Cp 
TwaTac 


11 416 19% 17% 18% +% 
are 12 10 47% 47% 47% +% 
4 IX 12% 12 12% 

101246 14, 7 , 13% 14% +% 
18217740 21%d20% 21% +% 
8 617 5% 5 5% -A 

32 3852 45% 44 45% +1% 

am 73 106 13% 13 13% +% 
89 IX 8% 8% 8% +% 
TEMPbADR 010 309970 29% 28% 29A +1& 
TUraGOm 74T77W 38% 37 33 +% 

TI 15 5A 5% 5A -A 

TJM 022 27 101 18% 17% 17% ft 
Tokos Mad 61184 08 7% 7% +% 

Tokyo Mv 034 34 27 57% 57% 57% -% 
Tom Brown 71 405 13% 13% 13% 
TopplOD 0283065512 8% 5% 6% +% 

TP) Enter 3 107 6% 6% 8% -% 

TlWSHHd « 11% 11% 11% 

Tnenwk* 1X0 10 88 37% 37 37% +% 

TOCan 20 115 2% 2% 2% -% 

Triad* 761746 15% 14% 14% +% 

TtttttalBkC 1.10 10 7 2D 107* 20 +% 

Tseng Lab Q2D IT 788 6% S% 6% -% 

TysFdA 008181 1908 23% 23% 23% -% 


- u - 

US Htticr 084 178389 *8% 48% 47« +1* 
LHM> 2 3U ft ft ft ft 

UCttoGB IDO 13 IX 16% 16 IE 
USTHx £00 12 71 uS3% 52% X 


UcttedStx 040 81513 10% 10% 10% 
IMOO 0D6 14 94 18% 17% 18% 

U&tata IDO 25 552 *7% 48% 48% 

acp IDO 10 884 25% 24% X 

US Energy II X 4% 4% 4% 

1ST Carp 1.12 8 52 11% 11% 11% 

UWiMte 15 57 9% 9% 9% 

UUTdw 11 21 52% 51% 51% 

tab 12 IX 4% 4% 4% 


-% 

-A 

-% 


+% 

-% 


40 1270 
Prod Ops X 024 23 is 
| Puritan B 012 1221727 
Pyramid 6 818 

OusboLop 


- V - 

lUnont- 030 35 3 15% 15% 15% 
VtagnICd 1001003 X ZS X +% 
■ 24 824 22% 21% £2% +% 

Mar 33 X 25% 24% 24% -% 

VtorpW 10 328 16% 19% 16% +% 

Mewiogie 24 646 19 16% 18% +% 

VIS Tech 24 39*2 11 10% 10% +% 

tttoafi 017 3 03 18% 18 18 -% 


-w- 

WtetoEnxOIDIB 153 24 23% 23% 

Wwnriech 92 IBB 5,*< 5% 5A 

ItbshMidSQ 072 71809 19% 19% 19% 
WB»ed3L3dUM 8 747 20 19% 19% 

VWBBdA are 10 336 204 24% »% 
HfeustaiPM 024 14 389 23% 23 23 
WD-40X £40 IS 77 42% 42 42% 

wreck 7 133 4% 3% 4% 

Wes Ora x 072 102421 27 26% 27 

Mam Bn? 068 2£ 4 31% 31% 31% 

WUMi 11 13! 13 12% 12% 

A 1 2007 13% 13% 13% 
UttSetfA 10 42 3% 3% 3% 

Wrote) 09824 577 49 48% 49 

WaaStmoma 73181S 32% 31% 32% 
WtohwL 028 15 122 18 17% 1 7% 

Wttngr 040 27 719 21% 21 21% +% 
WPP Grata ODQ 20 124 3% 3ft 3& 
WymtfrSdnO.40 >341 6% 5% SU +A 


+A 

+% 

+% 

-% 

+% 

+% 

-% 


-X- Y-Z- 

Mtax 3STW195 SB 40% 49% +2% 

Mm Cap 2 88 3% 3>* 3% +% 
YOkw 094 a 782 18 1^ 18% +A 

IMRtCO 129 425 4 3H 3% +% 

ZomUhOx ire 9 11 37% 36% 37% +% 


V 


32 


MONDAY 


Ell convergence criteria 

The European 
Commission is to make 
recommendations on 
how all European 
Union member states 
except Luxembourg 
and Ireland should 
bring down their budget deficits and 
government debt, to get in line with the 
Maastricht treaty requirements for 
European monetary union. 

The advice, due at a meeting of EU 
finance ministers in Luxembourg, is 
the first instance of the aycalled 
“excessive budgets procedure" envis- 
aged by Maastricht. Unusually, the 
Commission recommendations are 
likely to be made public, partly to avoid 
any speculative pressure on the curren- 
cies of the most indebted states, such 
as Italy. 

Security In Europe: Officials from 
53 European, North American and for- 
mer Soviet states gather to start pre- 
paring for the December summit of the 
Conference on Security and Coopera- 
tion in Europe. Russia wants the CSCE 
to be given greater powers to intervene 
in local conflicts, and is also seeking 
western approval for its military pres- 
ence in the republics on its southern 
border. 

UK economies: 

Minutes of the 
September 7 
meeting 
between Ken- 
neth Clarke, 
chancellor of 
the exchequer, 
and Eddie 
George, gover- 
nor of the Bank 
of England 
(left), are pub- 
lished. The duo 
decided to raise base rates from 5.25 to 
5.75 per cent but the decision required 
a second meeting two days later. Their 
debate may provide clues on the future 
direction of base rates. 

Nobel prizes: The annual season gets 
under way in Stockholm with the 
announcement of the prize for medi- 
cine. Tomorrow and Wednesday see the 
awards for economics, physics and 
chemistry. On Friday, the stage shifts 
to Oslo for the peace prize announce- 
ment. Hot favourites for the peace prize 
are Yassir Arafat, Yitzhak Rabin and 
Shimon Peres for their part In the Mid- 
dle East peace process. 

Romanian students protesting at 
educational conditions have threatened 
to chain themselves to railway tracks. 

UK politics: The House of Lords, the 
unelected upper chamber of parlia- 
ment, returns after its summer recess. 

FT Survey: Business Travel. 

Holidays: Argentina (Columbus Day). 
Canada (Thanksgiving), Japan, Kenya, 
Peru. South Africa (Kruger Day), 
Taiwan, US (Columbus Day). 


TUESDAY 

War crimes tribunal 

The chief prosecutor in the 
International War Crimes Tribunal. 
Richard Goldstone, is to bold a press 
conference in The Hague after his first 
visit to former Yugoslavia. 

Judge Goldstone last week visited 
Croatia, Bosnia and Serbia to try to per- 
suade the authorities to hand over war 
criminals. The Tribunal's first indict- 
ments are due to be made by Novem- 
ber. 

Tory parly conference: 

Britain’s governing 
party opens its annual 
conference in the resort 
of Bournemouth on the 
south coast of England 
(to Oct 14). The leader- 
ship is determined to 
avoid the temptation to attack Tony 
Blair's new-look opposition Labour 
party and will try to concentrate on 
what it sees as the government's solid 
record of achievement - particularly 
in its handling of the economy. 

Prime minister John Major speaks on 
Friday. 

Potential flashpoints include North- 
ern Ireland, and home affairs, where 
the performance of struggling home 
secretary Michael Howard will be moni- 
tored closely. 

Pakistan opposition leader Nawaz 
Sharif has called a general strike as 
part of an anti-government campaign; 
prime minister Benazir Bhutto has 
called for talks with the opposition. 

Peru election deadline: Hopefuls 
for the Peruvian presidential election 
nest April have to register their candi- 
dacy by today. The incumbent Alberto 
Fujimori, is expected to stand again. 

Fujimori’s many challengers include 
his estranged wife, Susana Higucbi, 
who must win a ruling from a constitu- 
tional court to overturn a bar on rela- 
tives of the head of state standing for 
the presidency, and 74-year-old former 
UN secretary-general, Javier Perez de 
Cuellar. 

Bid to smash Windows: 

IBM attempts to 
oust Microsoft’s 
Windows oper- 
^ a ting system for 
desktop com- 
puters from its 
market domi- 
nance by 
launching 
Warp, a new version of its OS/2. Its 
attack comes at a bad time for Micro- 
soft, whose own challenger. Chicago, 
has been delayed. 

Saleroom: Two miniatures by 
Nicholas Hilliar d, who portrayed the 
characters of the Elizabethan Court, 
come up for auction at Sotheby’s in 
London. One of Queen Elizabeth L 
dated to 1590, is estimated at £6,000 
while a melancholic young man could 
make £30,000. They are part of a group 
of 200 miniatures collected by the late 
RX. Bayne-PowelL 


WEDNESDAY 

Gore visits Nicaragua 

US vice- 
president A1 
Gore visits 
Nicaragua to 
attend a sum- 
mit of central 
American presi- 
dents focusing 
on the environ- 
ment Central 
America's six 
presidents are 
to meet in 
Managua in a bid to strengthen the 
Alliance for Sustainable Development 
a plan to protect the region's environ- 
ment wh Be exploiting its rich natural 
resources. 

UK economy: Inflation may be low. 
but judging by gilt yields, investors 
cannot believe it win stay that way. 
However, September’s retail prices 
index, out today, is expected to show 
that under lying inflat ion is still within 
the lower half of the government's 1-4 
per cent target range. 

Aftershock: A week after an 
earthquake off Japan’s northern island 
of Hokkaido, measuring &2 on the Rich- 
ter scale, Tokyo hosts a United Nations 
public forum and open lecture by Pro- 
fessor Haresh Shah on why the global 
earthquake risk is increasing. 



Ukraine president Leonid Kuchma 
presents his programme to parliament 
covering economic and constitutional 
reform, nuclear arms and Crimea. He 
will also ask the assembly to sanction 
budget cuts in line with an IMF plan. 

Salero o m; A Christie's in London 
auction of correspondence from the 
archives of Bowood House in Wiltshire 
is expected to raise £700,000 and 
includes letters to the 2nd Earl of Shel- 
burne, who was British prime minister 
in the 1780s. from George HL George 
Washington and Benjamin Franklin. 

There are also 15 letters to the earl 
from the 18th century Scottish econo- 
mist Adam Smith, who converted the 
earl to the doctrine of free trade, which 
are expected to fetch more than £90,000. 

Football: A host of unevenly matched 
UEFA cup qualifying games takes place 
today, including: Ireland v Leichs ten- 
stein, and Russia v San Marino. 

Rugby: Wales play Italy in Cardiff in a 
World Cup qualifying game. 

Holidays: Brazil: Chile. Ecuador. 
Mexico, Uruguay, Venezuela (Columbus 
Day); Spain. 





THURSDAY 


FRIDAY 


Bundesbank council meets General strike In Italy 


The Bundesbank policy-making central 
council meets with Sunday’s federal 
election on its mind, and prices on its 
agenda. It will contemplate the poten- 
tially inflationary impact of the IG Met- 
aTi engineering union's 1995 pay claim, 
due on Tuesday or Wednesday. 

A demand for about 6 per cent is 
expected, but the key question is how 
hard the union will press its case. That 
depends on the election result. The 
return of the current government will 
mean a fight But if the Social Demo- 
crats Win a place in a new coalition, a 
peaceful and non-inflationary settle- 
ment can be virtually guaranteed 

Singapore hosts d meeting to 
promote links between Europe and east 
Asia, organised by the Singapore Eco- 
nomic Development Board and the 
Geneva-based World Economic Forum. 
Key speakers include Malaysian leader 
Dr Mahathir Mohamad and President 
Fidel Ramos of the Philippines. 

Canadian economy: Federal and 
provincial finance minis ters meet in 
Toronto ahead of next week’s economic 
statement by the federal finance minis- 
ter Paul Martin. That will set the stage 
for consultations on his next budget, 
expected February 1995. Also an the 
agenda will be debt and deficits, and 
sales tax reform. 

FT Survey: Bulgaria. 

Holidays: Hong Kong. India (Bombay 
only). 


Italian trade unions plan a general 
strike in protest at plans by Silvio Ber- 
lusconi's government to rein in spend- 
ing and cut pension and health benefits 
as part of an austerity budget for 1995. 
The detail and timing of the action - 
originally planned as a four-hour stop- 
page - could well depend on the sector 
and region. 

Individual unions and even factories 
have begun to stage strikes at short 
notice over the past fortnight, as the 
general protest coincides with more 
localised attempts to put pressure on 
employers during the annual round of 
wage negotiations. 

Stock standard: Deadline for 
submissions on the London Stock 
Exchange's plans to replace the 
Unlisted Securities Market, which 
closes in 1996. Initial reaction to the 
Alternative Investment Market from 
advisers, brokers, bankers and small 
company representatives has been 
favourable. 

Portugal’s government presents its 
1995 budget to parliament Finance 
minister Eduardo Catroga aims to cut 
inflation to between 3.5 and 45 per 
cent keep growth between IL5 and 3J5 
per cent and reduce the deficit from an 
original forecast oT 6.5 per cent of GDP. 
Economic growth, which resumed in 
the second quarter after a recession in 
1993. is now forecast at the lower end of 
the government’s 1 to 2 per cent target 

FT Survey; International Standards. 




WEEKEND 

German federal elections 

Chancellor Helmut Kohl, hoping to win 
his fourth election in a row, may scrape 
home if the Free Democrats, his junior 
coalition partner, pick up last-minute 
support Failing that. Kohl’s CDU will 
probably form a grand coalition with 
the opposition SPD. 

There are also state elections in Thu- 
ringia. Mecklenburg-Vorpommern and 
the Saarland, and municipal elections 
in North Rhine- Westphalia. 

Haiti’s military rulers are due to step 
down on Saturday. 

Bo t sw an a holds a general election on 
Saturday. 

The Ulster Unionists, Northern 
Ireland's biggest political party, begin 
their annual conference in Carrickfer- 
gus on Saturday. The party is the main 
moderate unionist voice in the province 
and its support for the UK-Irish. peace 
initiative is vital if it is to have a 
chance of success. 

Finland is expected to vote heavily in 
favour of European Union membership 
in its referendum on Sunday. 

Macedonian vote: The former 
Yugoslav republic of Macedonia holds a 
general election and votes for a presi- 
dent No party is expected to win an 
outright majority in the 120-seat parlia- 
ment, but President Kiro Gligorov 
should be reelected comfortably. 

Compiled by Patrick Stiles and 
Sean Daly. Fax: 1+44) (0)71 S73 3194. 



Jr N* ’ : 

V. «.'£• . 


ECONOMIC DIAHY 


Other economic news 

Monday: UK producer price 
figures for August showed 
signs tbat manufacturers were 
starting to pass on raw mate- 
rial price rises to their custom- 
ers. September figures are 
expected to show a further 
increase in the annual rate or 
output pnce growth to 2.4 per 
cent. 

Wednesday: As well os the 
September inflation figures, 
the UK will release details of 
September unemployment 
(expected to have dropped by 
20.000) and August average 
earnings numbers. The latter 
have been stuck at 3.75 per 
cent for some time; any 
increase will frighten the gilts 
market. 

Thursday. US producer price 
figures for September will give 
further clues to inflationary 
prcssures in America. Nomura 
Research Institute expects a 0.2 
per cent monthly rise in the 
headline figure 

Friday: A big day for US eco- 
nomic statistics, with the con- 
sumer price index, retail sales 
and capacity utilisation for 
September oil being published. 
Following last Friday's mixed 
employment report, analysts 
now expect this butch of data 
to determine whether the Fed- 
eral Reserve decides to tighten 
policy further. 


ACROSS 

l Crash Victoria, for example, 
encountered (7) 

S Struggles to get maternity 
benefit in Ascot, say? (7) 

9 Wines for ramblers and climb- 
ers (5) 

10 See first at Beverley having 
girth adjusted? U is a plant] 
19) 

11 One raises the issue at meal- 
times (4-5) 

12 This character a help, per- 
haps. in Hebrew 151 

13 Channel to get rid or /5) 

15 Reading for the night? (9) 

IS Dishonest sort of pleasure- 

seekers (9) 

19 Run off with the Spanish golf 
tournament, almost (5) 

21 River work without effort (5) 

23 Butterfly operating madly 
16-3) 

25 Warmed up food from noth- 
ing? (9) 

26 Name given to half-back here 
in France? (5) 

27 Jabber in the clinic? (7) 

26 Longed for 1994 to end in 
some order (7) 


Statistics to be released this week 


Day 

H ai f a — cl Country 


Oct 10 UK 


Oct 11 Japan 
Japan 


Oct 12 France 


Thursday US 
Oct 13 US 


Economic 

Statistic 

Aug Consumer cretfit 

Sop producer price Index Input* 

Sep producer price Index Input” 
Sep producer price index output" 
Sep producer pnce index output** 
Sep prod price output, ex foodjob 
Johnson Redbook. w/e Oct 8 

Aug machine or ders* 

Aug machine orders*" 

A ug motor va hide s ales’ 

Sep housing starts 

Sep Atlanta Federal index 

Sep consumer price index* 

Sep consumer price index** 

Jul cunent account? 

Sep retail price index* 

Sep retail price Index** 

Sep retail price indx ex inert mt 
Sep unemployment 
Aug average earnings 
Aug unit wages 3M" 

Sep producer price index 
Sep prod price indx, ex food 

Initial rfalms. w/a Oct 3 

State benefits, w/e Oct 1 


Medan 

Forecast 


Pravkxw 

Adust 


Day 

B d c— Cd Poultry 


Pttnftoua 

Actual 

44.0bn ■ 


$320,000 


$317,000 


Eco no rofc MkBu 

sarttetfc Fared 

M2, w/e Oct 3 S3-1bi 

Sep monthly M2 SO .71* 

Gross domestic pr od (2nd quarter) 1.0% 
Sep retail sales 0.4% 

Sap ratafl sates, ex auto (L5K 

Sep consumer price i ndex 0.2% 

Sep cons price indx, ex food 0.3% 

Sep Industrial production 03%- 

Sep capacity utilisation 84.8% 

Sep real earnings 
Sep bank crwflt 

Sep company and Industry loans - 
Sep wholesale price Index* -0.2% 

Sep wholesale price index** -1.3% 

Sep cons umer price Index* 0£% 

Sep consumer price ftdex** 0JZ% 

Sep cons price Indx. ex food OAK 


Japan Sep trade balance, custom did - $6.1 bn 

Germany Sep wholesale price Index* 0.1% 0.2% 

Germany August rated sales - Pan-Germany - 1 . 0 % -8.0% 

Germany August netaa sales - Wrist** -t.O% -6.0% 

Germany . August final M3 - 9.8% 

France August M3* 0£% 1-2% 

*month on month, “year on year tseasonalty adjusted Statteafcs. courtesy MMS International. 


During the week... 


DOWN 

1 Power-vaulted without water 
(7) 

2 Like a gun without an aiming 
device, sot seen (9) 

3 Orslno’s amatory aliment? (5) 

4 Word-book shut a ruse 

that Is different! (9) 

5 Free Conservative humorist 
15) 

6 Suggested butter-substitute 
for a royal piece? (9) 

7 Outlook for a crook? (51 

8 Case used by some scholars at 
Chelsea ( 7) 

14 Charge reduced easily (5.4) 

18 Man of the match has hard 
lines farming (9) 

17 They show (airness betting on 
Merton's conversion (9) 

18 Cuts in musical parties (7) 

20 Former partner pretended to 
be betrayed ft) 

32 Bow freed, unknotted (5) 

23 Not allowed, note that is inde- 
corous (5) 

24 Jib sail .... one put up In 
Georgia (5) 



MONDAY PRIZE CROSSWORD 

No.8,580 Set by DINMUTZ 

A prize of a Pellkan New Classic 390 fountain pen for the first correct 
solution opened and five runner-up prizes of £35 Pe litem vouchers will be 
awarded. Solutions by Thursday October 20. marked Monday Crossword 
8.580 on the envelope, to the Financial Times, 1 Southwark Bridge, London 
SEl 9 HI- Solution on Monday October 24. 

Name 


Winners 8,568 

j.E. Owen, Dorridge, West 
Midlands 

F. FrankL Shipley. Yorkshire 
D. Johns. Loughborough. Letcs 
R.H. Jones, Chorlton, Manches- 
ter _ 

B. Lallers, Combertou, Cam- 

Mre^Whfch, Le Mt Pllerin, 

Switzerland 


Solution 8,568 


□HDnaS LUrmr.UdLJLH’J 
O0QSC1CIQB 
□□□□□□□ □□mnmcio 
QQBQQOlfill 
naan EnamaaaiiBOE 
0 3 0 0 B D D 
□□□□DEO 

000000 0 13 
0QQHG3EH DBEU3BI3 
n B B 0 B B E 
□QBHEJHQOQQ □□□□ 
□ □BBQEQE 
EQnancia EsnisDOB 
00 0OQ0UB 

aannaaniE hbeeeq 


Leave London 
before lunch and 
arrive in Sydney 
for supper/ 




Fly our of London before midday and out new morning 
flight? ihu of Singapore will have iou in Sydncv the next 
evening. That & one 1e« night in rhe air and one more evening 
on the town. Call your travel agent or Singapore 
Airlines for derails. SIHGAPORE AlRUflES Jaw 1 


m ui mi main nu. n «i\ ■o» wv . „ nv„ . fllC| .. in . 4 ni * JTO , 


_ ; • ,.£f’ 




* -r f 

*■ 


Of taking and jobbing (hr Pelikan's fwd. 

Stv how sweetly fit! puts your word onto bond. 


JOTTER PAD 



- v • — 













FINANCIAL TIMES SURVEY [ 

BUSINESS TRAVEL 


Monday October 10 1994 






W hen British business 
travellers step onto an 
aircraft, they leave 
behind hordes of envi- 
ous friends and colleagues. Friends 
and colleagues of Ge rman business 
travellers, on the other hand, gfg 
more Kkely to pity than envy them. 

These are some of the finding's of a 
rece nt survey into the attitudes ami 
St experiences of business travellers in 
\ 10 European countries carried oat in 
June by Visa International, the pay- 
ments group. The differences 
between travellers from the 10 conn- 
fries are the most striking features 
of the survey (see charts, pages 2. 8 
and It tJL 

Sixty per cent of Dutch business 
travellers feel lonely when they 
travel; only 36 per cent of Spaniards 
da Only 29 per cent of Dutch travel- 
lers enjoy staying at hotels, com- 
pared with 56 per cmt of Cheeks. 

Yet this year has seen three large 
takeovers in the travel industry, all 
based on the idea that business 
travel is now global and that travel 
sgnnts need to be able to service 
clients in the same way, whether 
they live in Caracas or K™ig Lum- 
pur. 

In March, Wagonlit of France 
announced it was combining its 
business travel interests with those 
of Carlson of the US to create a 
network with combined revenues of 
SHO-Shn. operating from 4JXX) loca- 
tions in 125 countries. The new com- 
pany, Carlson Wagonlit Travel, said 
it wanted to '‘service the growing 
needs of the global business travel- 
ler”. 

Last month, American Express 
paid $375m to buy the business 
travel operations of Thomas Cook 
outside die US and all the company's 
interests in the US. 

Thomas Cook's reason for leaving 
the business travel industry had a 
famOiar ring: it did not have suffi- 
cient international representation to ] 
cater for the global needs of the bust- i 
ness traveller. In particular, Thomas i 
Cook's US business had to be oper- ] 
ated by a franchisee. This was ^ 
because Th omas Cook is owned by < 
Westdeutsche Landesbank and US t 
banking legislation prevented it 
from operating an American travel r 
business itself. s 

Both groups claim that the process a 
of integrating two companies is 1 
going well Travel industry insider s, n 
however, believe the American t 
Express/Thomas Cook grouping has ti 
a betterchance of success than Carl- g 
son Wagonlit A 

Their first reason is that American 


m 






m. 


* 




mss™ “rr 


• ss'-i.v 


*ii hHml 'l 


White the industry is putting r©c©ssion 
behind it, some countries are still 
languishing, writes Michael Skapinker 

Global trends, 
national traits 


» Express has taken over Thomas 
? Cook ratter than setting up a joint 
venture with it There is no doubt 
i about who will be in charge. 
r Although Thomas Cook is Ger- 
: man-owned, it began In the UK over 

■ 150 years ago and shares an English- 

■ speaking background with American 
Express. The two companies have 
both competed and co-operated over 
the years. When American Express 
began producing traveller's cheques 
in 1891, Thomas Cook helped to 
ensure the new product's success by 
agreeing to accept it in its 150 offices 
throughout the world. 

Carlson Wagonlit is a joint ven- 
ture rather than a takeover, which 
means that two parties, rather thaw 
one, will have to agree its future 
strategy. The two companies are also 
markedly different from one 
another Carlson is a privately- 
owned US group, while Wagonlit is 
part of Accor, the French hotel and 
catering concern. 

Another takeover ahneri at win- 
ning business from the international 
traveller was the acquisition last 
month by Forte, the UK hotel and 
restaurants group, of Meridian, the 
international hotel chain controlled 
by Air France. 

Th e takeover should turn Forte 
from a largely British group into an 
international chain , ready to com- 
pete with the likes of Hilton Interna- 
tional, Sheraton and Inter-Continen- 
taL Once again, one of Forte's main 
reasons for rnaWng the acquisition 
was that international travellers 
often use the same hotel chain wher- 
ever they are in the world. 

But does this global traveller 
really exist? If the Visa International 
survey - which was carried out 
among 2,000 readers of Executive 
Travel and International Manage- 
ment magazines - reveals substan- 
tial differences among European 
travellers, there are surely even 
greater disparities when US and 
Aaan travellers are considered, too. 
Even international hoteliers admit i 


that most of their customers are not 
global travellers. Mr Tommaso Zan- 
zotto, chief executive of Hilton Inter- 
national, says that at his company's 
right properties in Germany, 80 per 
cent of the guests are Ge rman At 
Hilton International’s four hotels in 
Japan, between 85 per cent and 88 
per cent of customers are Japanese. 

Mr Gavin Simonds, joint managin g 
director of Intercontinental hotels, 
says that travel within regions, such 
as the Aria-Pacific area, is a more 
common feature of contemporary 
business travel than trips across the 
world. 


N evertheless, Mr Simonds 
insists hotel filming with 
international brand h»wm 
still have an important role. While 
only io per cent to 15 per cent of 
guests in a typical five-star hotel 
might have made an inter-continen- 
tal journey to get there, a chain 
without an internationally recog- 
nised name would find it hard to win 
their custom. 

Mr Simonds says; "There are vari- 
ous tiers in the travel market and 
the global travellers are at the top. 
We can address that market where 
otters can’t But if you just address 
that market, yon win fail. You have 
to look after the regional and the 
local market as wen. If you forget 
those, yon do so at your peril" 

_Mr Eric Brannan, senior European 
vice president of American Express 
business travel operations, insists, 
however, that his clients around the 
world do have similar needs. “They 
all get into a taxi, they an get onto 
an aeroplane, they all sleep in hotel 
beds,” he says. 

While this is certainly true, the 
Visa International survey shows 
that travellers disagree about what 
sort of hotels they should stay in. 
While 75 per cent of Greek respon- 
dents to the survey agreed that 
“business travellers deserve the lux- 
uries of top class travel”, only 44 per 
cent of Italians and 45 per cent of 


French travellers agreed. 

While 41 per cent of British travel- 
lets thought it was very important 
to have a prompt laundry service in 
a hotel, only 17 per cent of Spaniards 
regarded It as very important Asked 
tew important it was to have a tele- 
vision set in their hotel room, 53 per 
Cent of Greeks thought it was very 
important but only 28 per cent of 
Belgians. 

It is true that the Visa Interna- 
tional survey also showed areas of 
similarity between business travel- 
lers from the 10 European countries. 

The vast majority, for example, 
believe that business travel will con- 
tinue to be necessary. Over 90 per 
cent of British and Danish business 
travellers agreed with the proposi- 
tion: "One-to-one meetings are 
invaluable, so business travel is here 
to stay”. The country whose travel- 
lers expressed the most scepticism 
about this statement was Italy, but 
even there 72 per cent thought busi- 
ness travel was here to stay. 

The business travel industry says 
there are certainly signs that their 
business is now beginning to put the 
North American and European 
recession behind it. Mr Zanzotto 
says business travel in both the US 
ami Canada has picked up since the 
end of last year. The UK is also 
improving, with business in London 
particularly strong. 

The south-east Asian economies 
are performing well, he says. Even 
Australia, which was particularly 
badly hit by the downturn is improv- 
ing, although Sydney still has too 
many hotel rooms. 

Business travel is still languishing 
in some countries, however. They 
include Japan, Germany, France and 
the Benelux countries, he says. 

The Visa International survey 
appears to stew that although busi- 
ness travel might, be reviv i ng, busi- 
ness travellers have little taste for 
the luxuries of the 1980s or many of 
the perks that some hotel chains 
still seem intent on providing. 

Few European business travellers 
see the need for a limo usine service 
to pith them up from the airport, hi 
all cases, only 10 per cent or fewer 
travellers thought this was a very 
important service. In Norway, no 
business traveller thought it was 
very important. 

So too with fitness centres, 
regarded by upmarket hoteliers as 
an essential offering. The proportion 
of travellers who said fitness centres 
were very important to them did not 
exceed 23 per cent in any European 
country. 



IN TWS SURVEY 

□ Executive floors: 
why they make sense 

□ Hotels: the days of 
the daft discount are 
probably over Page 2 

□ Travel agencies: not 
indispensable Page 4 

□ Frequent flyers: free 
flight guide P age 5 

□ Airport lounges: 

from the lavish to the 
cramped Page 6 

□ Aircraft seats: the 

space top passengers 
deserve Page 7 | 

□ Taxis: the yellow and 

the black Page 8 

□ Car rentals: 

customer is in the 
driving seat Page 9 

NEW DESTINATIONS 
China, Vietnam, Latin 
America, South Africa 
Pages 11-12 

STAYING ON 
New Norcia, Australia; 
Osfcend, Belgium; 
Portofino, Italy 

Pages 13-15 

□ Chart: European 
views of business travel: 

Page 16 

Editorial production 

Gabriel Bowman 
Graphics: — Bob Hutchison 








■“’l.V 


iw- • • 


4 r/77 •- 'U%A 

>** Ikm >. 


£T : 


■ ■g r . ac 






_ j£g. 


r s 


i«r; 

r—.': '?? 


yvw- 5 * 








i ?*" '• v ; :<i ; : V; - : :St 


mma 


SEEK 


. ,, ■...vt.:-: 

... tmObp. • - a v;.i : x-.- r-* 




9m 








mm vv-.- zzmi 






m 0 m 

It**: 

* y.L 













FINANCIAL TIMES MONDAY OCTOBER 10 1994 ^ 



The Terrace Garden re s t aur ant at Le Meridian Hotel in Ptccsdffly, London 


International occupancy rates seem to be rising, reports Gary Mead 


Hotel discount boom may be ending 




The Hilton International Hotel in Pale Lane, London 


TtMr Huntphntu 


The international travel 
business has been hard hit In 
the last few years. The 180 
members of lata, the Inter- 
national Air Transport Assoc- 
iation, collectively lost $4bn in 
1993 - making a cumulative 
loss of $l5bn for the years 
1990-93. It has been a tough 
time for airlines, and conse- 
quently a tough time for 
hoteliers, too. 

However, business travellers 
have been able to pick up some 
bargain prices, as the rack rate 

- the officially published rate 
charged by hotels - has rarely 
matched the achieved rate - 
the rate actually obtained by 
the hotel from the guest 

Everyone's cloud is someone 
else’s silver lining, and 
nowhere is that more true than 
in the recent doldrums 
blighting the hotel industry. 
Hotel occupancy rates 
throughout Europe have on 
average been hovering around 
the mid to low 60 per cent 
mark, at least until this year. 
The consequence for business 

- and other - travellers has 
been considerable scope for 
hard bargaining on price. 

Hoteliers everywhere 
responded to the drop in 
demand by focusing on 
keeping their occupancy levels 
as high as possible. The motto 
was: build volume first tackle 
prices later. 

Thus, more and deeper 
concessionary rates have been 
available in all business hotels 
situated in the world's key 
cities. So much so, that 
travellers have perhaps grown 
accustomed to thinking that 
reduced rates are here to stay. 


Factors consltfereti linportant when choosing, a hotel 


V - * I V” 


■mm- 


V.?* 



location 



P rompt tawdry 



Business centre - 




Hairdryer 




• 100% • 80% . 60% 40% •«>%. . 

Somot. >4wi'*Wwaor<a: -SUW*. ScptanOtr 10W 


'40% ;eo%. ..-90 % ,.mo% 



The Savoy Hotel, London: stB maintaining its independence 


But things are changing, 
quite patchily at the moment, 
but at a speed which might 
catch some travellers' on the 
hop. According to Mr Andrew 
Duncan, a director with hotel 
and leisure consultants Pan- 
nell Kerr Forster Associates, 
the market last year began to 
improve, albeit in fits and 
starts. Thus, while in 1993 the 
average occupancy rate in 


European hotels was 62.8 per 
cent - 0.5 percentage points 
lower than in 1992 - London's 
business hotels achieved 74 per 
cent, their best performance 
for several years. 

Against that relative 
improvement in London, in 
continental Europe as a whole, 
the room revenue yield per 
available room in 1993 was 
DM130.S8, a Call of 9 per cent on 


1992*5 figures. In some cities, 
such as Vienna, where a 
relative over-supply of hotel 
rooms is set to continue into 
1995, bargains are obviously 
stm to be had. 

Yet the broad picture 
suggests that the good limes - 
for travellers at least - are 
probably over. Mr Michael 
Ball, marketing and sales 
director of Utell International, 
the world’s largest hotel 
reservations company, dealing 
with 6,500 hotels across 147 
countries, says: “That period of 
turmoil, of mismatch between 
supply and demand, is coming 
to an end. 

“Two years ago there was 
heavy discounting in the hotel 
business. You could walk into 


occupancies everywhere have 
risen significantly in this year 
compared with last 

“The Famborough Air Show 
used to be considered a bit of a 
test of the UK market For the 
last few years, hotels have not 
filled during the show - this 
year they did." 

In the UK. the recovery is 
particularly strong in London 
where at the moment average 
occupancy rates are around 90 
per cent against the low 60s in 
1992 and 1993. With such rates. 


even to consider such a request 
from an individual traveller 
who walks in off the street. 

Yet so battle-scarred is the 
hotel industry that few people 
are prepared to say that the 
worst is over, the last three 
years have, in Mr Ball's words, 
“been so horrendous for the 
hotel business" that it is 
premature to say the current 
recovery is permanent 

“All that can be said with 
confidence right now is that 
holds .in the UK, the. US. and 


And when demand increases, 
prices firm up, as with any 
other business. 

“Furthermore, there are 
internationally no black spots 
on the horizon. Everyone Is 
now doing their budgeting, 
with a view that 1995 is going 
to be a good year. Hoteliers are 
saying to themselves that, now 
occupancy rates are stronger, 
they need to pay attention to 
closing the gap between 
achieved and published rates 
for a room. There is the nub of 
the whole argument,” says Mr 
BalL 

The clearest indication that 
the discount boom is ending is 
that U toll's achieved rate went 
up in September for the first 
time in a couple of years. 
Analysts argue It is still Ear too 
early in the recovery cycle for 
rack rates - published rates - 
to be increased, but special or 
distress sale rates are probably 
already a thing of the past 

Preferred, or negotiated, 
corporate rates are likely to 
firm up or even rise in the 
course of 1995, according to Mr 
BalL 

That is the bad news for the 
tight-budget traveller. The 
good news is that if they are 
prepared to try, most trav- 
ellers, even individuals, can 
now get a corporate rate - ie, 
some reduction on the rack, or 


centre hotels. And negotiated 
rates, where hotels give signif- 
icant reductions in return for 
promised volume bookings by 
a large agent or corporation, 
are of course still a key part of 
this business. 

However, even that depends 
cm your destination. In Asia, 
where many countries have 
either avoided the recession 
altogether or been cushioned 
from its worst effects, the prob- 
lem is frequently not so much 
obtaining a discount as getting 
a room. In some parts of Asia 
“negotiated rates are now 
being withdrawn from the mar- 
ket - corporate rates are as 
good a reduction as you can 
expect," says Mr Ball 

What conclusions can be 
drawn from this highly frag- 
mented market now poised for 
probable recovery but jittery 
that another Gulf war or simi- 
lar major international 
upheaval might erupt? 

The days of the daft discount 
are probably over for the fore- 
seeable future. The negotiated 
rate is under threat in those 
economies currently booming 
in Asia and some parts of Latin 
America, such as Argentina. 
The corporate rate survives, 
healthily in Europe and the 
US, precariously in some parts 
of Asia. And if there is another 
year or two . of. such relative 


hotels' can afford to. be snffiy 'Asia, have, seen their average 4 pifoM^ed^c» --‘thlpu^ioirt - tranqi^tyr ttfen rack rates 
about discounting, and refuse occupancy levels rise this year. Europe and the US. iii city are bomid to nudge upwards. 


Michael Skapinker on the advantages of staying in executive territory 


virtually any hotel and it 
would have rooms to sell But 



Floor them with your poise 


The intriguing question about 
executive floors is why anyone 
chooses to stay in any other 
part of a five-star hotel 

It is not just that the ser- 
vices offered on executive 
floors are superior to those 
elsewhere in the hotel - 
though they are. It is that 
executive or business floors 
make sense financially: they 
usually cost $20 to $40 more a 
night than rooms in other 
pari^i of the hotel. But that 
includes a free breakfast and 
complimentary snacks and 
drinks. 

Stay on an ordinary floor 
and you will pay for breakfast 
as well as for snacks and 
drinks from the minibar in 
your room. Breakfast on its 


chains with executive floors, 
guests who use them do not 
check in or ant at the recep- 
tion desk in the lobby. 

Instead, they go straight up 
to the business floor and check 
in at a dedicated check-in 
desk. They usually eat their 
free breakfast in a dining 
room on the executive floor, 
separate from that used by 
other guests In the boteL 

Most executive floors have 
meeting rooms which guests 


in North America. And Inter- 
Continental now has business 
floors under construction in 
Latin America. 

Of Hilton International's 132 
hotels, 64 now have business 
floors. About 10 per cent of the 
chain’s total room stock Is 
located on executive floors. 

The idea of the business 
floor, Mr Breeze says, is “to 
provide the atmosphere and 
attention to detail yon might 
get in a private chib but with 


How business travellers spend their spade .time. 


Explore sights 


Restaurants 


other aspects of executive 
floors have to be adapted for 
different markets. 

. In more libertarian coun- 
tries, executive floors might 
offer free alcoholic drinks 
throughout the day. In coun- 
tries where drinking is 
frowned on, alcohol might be 
available only in the evening. 

En cities with a wide range 
of restaurants, Hilton Interna- 
■ tional has found that most of 
the executive floor guests go 
out for dinner, but then expect 
to be offered late night drinks 
and coffee. In countries where 
the anti-tobacco lobby is par- 
ticularly powerful, non-smok- 
ing executive floors are pro- 
vided. 

Whatever claims lutema- 


Wrth a free breakfast and 
free drinks, business floors 
make sense financially 


Pbone cafia 




own conld cost yon $20 or 
more. Yon could well end up 
paying no more for your exec- 
utive floor room than for 
accommodation elsewhere in 
the hoteL 

Tefl Mr Geoffrey Breeze, cor- 
porate vice president for mar- 
keting at Hilton International, 
that yon do not understand 
why his guests stay anywhere 
other than on an executive 
floor and he replies: “We don’t 
understand it either." 

Mr Breeze says there might 
be some kind of psychological 
barrier which inhibits guests 
from staying on executive 
floors. It Is more likely that 
hotel guests think that book- 
ing a room on an executive 
floor will not go down well 
■with the cost-cutting manage- 
ments in their companies. 
Even though executive floors 
might not end np costing 
more, they do not provide the 
impression of austerity that 
many companies are seeking 
to enforce through their corpo- 
rate travel polities. 

Hilton International, which 
is owned by Ladhroke. the UK 
leisure and gaming group, has 
had executive floors since the 
1970s. However, the idea of 
having separate floors for 
higher-paying guests really 
took off in Asia during the 
1980s. 

The idea was to cater for 
business travellers who were 
looking for that added bit of 
comfort and convenience. In 
most of the international hotel 



“For a woman, executive 
floors provide an extra 
feeling of security" 


20% 40% 60% 

Sojra. Vise Intanwonal Corporate Ttanmf Survey. Sscunta IBM 


can use free of any additional 
charge. There are facsimile 
machines, often in the rooms 
themselves. Many of the exec- 
utive floors have libraries, 
with business books and trade 
directories. Most business 
floors offer newspapers and 
business magazines. 

The rooms on the executive 
floors are furnished to a 
higher standard than in other 
parts of the hoteL 

Executive floors have 
become so popular in Asia that 
the Inter-Continental resort 
hotel in Bali, Indonesia, has 
an entire executive wing, com- 
plete with its own swimming 
pool. 

Executive floors have now 
spread to other parts of the 
world, too. Inter-Continental 
this year inaugurated its first 
executive floors in Europe; 
they can now be found in the 
Inter-Continental in Frankfurt 
and at the Churchill Inter-Con- 
tinental in London. In the Mid- 
dle East, the chain has busi- 
ness floors in several 
locations, including Egypt, 
Jordan and Saudi Arabia. 
Executive floors are common 


the foil support of an interna- 
tional hotel behind it." 

Mr Breeze says Hilton inter 
national’s customer surveys 
have Indicated that different 
nationalities appear to have 
different reasons for wanting 
to stay on an executive floor. 
“British respondents to the 
survey see the executive floor 
more as a place to relax than 
respondents from some oilier 
countries, who see it as a place 
to get work done. Germans are 
interested in using executive 
floors to entertain their 
gnests, to have meetings and 
to do business." 

Ms Melanie Baker, of Inter- 
Continental, offers another 
attraction of executive floors, 
based on her own experience. 
“For a woman, it provides an 
extra feeling of security," she 
says. In some of Inter-Conti- 
nental's hotels - in San Fran- 
cisco, for example - access to 
the executive floor can only be 
gained through the use of a 
special key in the lift. 

While the desire for security 
and freedom from attack or 
h arassment is a universal phe- 
nomenon, Mr Breeze says 


tional hotel chains make for 
executive floors, they have 
undeniably introduced a class 
system into five-star establish- 
ments. Some guests get better 
treatment than others. 

Unlike the economy class 
airline passengers who are 
forced to walk through first 
and business class on their 
way to their cramped, inferior 
seats, ordinary hotel guests do 
not have the superior privi- 
leges of executive floor cus- 
tomers shoved in their faces. 

Nevertheless, if executive 
floor guests can have such 
additional services as compli- 
mentary breakfast and a 
library, why can these facili- 
ties not be extended to all 
guests staying in what is, after 
all, a top-class establishment? 

Hoteliers argue that all they 
are doing is responding to 
market demand: they have 
identified a proportion of their 
customers who want the addi- 
tional facilities and services. If 
this number grows, the num- 
ber of executive floors will be 
increased. 

What the hotel chains insist 
they nil] not do is follow the 
airlines, which routinely 
upgrade customers from econ- 
omy to business class. 
Requests for an upgrade from 
a room without a view to one 
until one will be considered. 
But a transfer to the executive 
floor will be politely refused, 
such hotels say. If guests want 
to stay on an executive floor, 
they will have to pay for it. 


U ii 






















Wzt"hc best of America. Helping with .he little things that can make your Journey, even on business 
an absolute pleasure, let a friend take you to more than 200 cities throughout this land we know so well' 
On American you’ll see what America is like, before you ever ge, there. For Information & reservations' 
call your travel agent or American Airlines on 081 572 5555 or 0345 789789 (outside London). 



From London, Jfy American 
to nine US. gateways. 


American Ai rl ines 

It’s American All The Way. 




IV 


FINANCIAL TIMES MONDAY OCTOBER 1 0 1 9 SW 


★ 

BUSINESS TRAVEL 4 


0 


Staying in a serviced apartment can ease the strain of working away from home, reports Kate Bevan 

Substitute for the ‘impersonal’ hotel 


W ouldn’t it be nice 
when you're away 
from home on busi- 
ness to be able to stay in a 
place where you could relax? 

Hotel rooms, even the most 
luxurious, can be soulless, and 
not everybody wants to pay for 
frills such as room service and 
a grand reception area. Regu- 
lar travellers may prefer some- 
where to relax with a light sup- 
per rather than eat alone in a 
formal hotel dining-room. 

They may also want to hold 
a meeting without being over- 
heard by all and sundry or 
having to use a hotel's expen- 
sive business centre. 

The answer is a serviced 
apartment. These are some- 
thing between a residential let 
and a grand but impersonal 
hotel room, and for the not-so- 
wealthy traveller, they also 
offer financial savings. 

In general, serviced apart- 
ments have something of a 
home -from -home atmosphere, 
with the added advantage of 
daily maid service and a con- 
cierge. Many are also well- 
equipped for business needs 
and will either have a fax in 
the apartment itself or access 
via the concierge to fax 
machines, as well as additional 
telephone lines -and satellite 
television. 

Others offer services such as 


babysitting for those who 
bring the Dually on trips, laun- 
dry, a limousine service and 
access to swimming pools, 
gyms and gardens. And of 
course all will have kitchens in 
case the traveller wants to 
cook rather than eat in a res- 
taurant or risk the local take- 
away. 


Marty apartments 
provide a fax, additional 
phones or satellite TV 


Serviced apartments are a 
particularly good idea for sin- 
gle women travellers, who may 
find a hotel lonely and threat- 
ening. Single travellers of both 
genders may sometimes find 
themselves in poky hotel 
rooms next to the Lift shaft, or 
with a view of the back of 
another building, while paying 
a high single supplement 
Women may feel uncomfort- 
able eating alone, and regular 
travellers report being rele- 
gated to tiny tables behind 


plants and next to kitchen 
doors, while a hotel bar can be 
an intimidating place, One reg- 
ular traveller reports that, 
more than once, she has had to 
resist unwelcome male atten- 
tions in a hotel bar while staff 
have ignored her plight: for 
her, the privacy of a serviced 
apartment would be a blessing. 

For longer trips some like to 
combine business with a fam- 
ily holiday, so an apartment 
with proper cooking facilities 
and a washing machine can 
make an ideal base. 

Serviced apartments are also 
often used by leisure travellers 
for the same reasons - the con- 
venience of a comfortable base 
together with cost savings. Mr 
Dev Anand, sales and market- 
ing director of The Apartment 
Service, a London-based 
agency, says this type of trav- 
eller tends to he the "adventur- 
ous second- or third-time visi- 
tor" to a city. 

Hotels sometimes have as 
many different rates as they 
have rooms. First, there is the 
published rate. Then, there is 


the corporate rate. Then, there 
is the “It's a Sunday in Janu- 
ary and anything is better than 
nothing” rate. And then, 
there's the rate that a cheeky 
traveller can convince the 
receptionist to offer. 

Not so with serviced apart- 
ments, according to Mr Anand 
As they offer a saving of up to 


30 per cent on hotel rooms, 
they are an attractive alterna- 
tive for a longer stay. 

Mr Anand's service offers 
studio apartments sleeping two 
people in central London from 
about £275 a week. Set against 
a hotel rate, this starts to make 
good RTiflwwai sense, and while 
there is always room for some 


negotiation on prices, gener- 
ally for a serviced apartment 
you can expect to pay the pub- 
lished rate. 

The key to this is low over- 
heads. You won't be tripping 
over chambermaids and bell- 
hops, but at the same time you 
won't be paying for them. And 
while a few properties will 
have a restaurant or bar, most 
do not Nor will they have an 
ornate lobby and armies of lift 
attendants. But equally you 
won’t start chatting to some- 
one in the bar and discover 
that he is paying considerably 
less than you for the same 
room because it was booked 
through a different travel 
agent or because his company 
bas negotiated a better corpo- 
rate rate. 

Locations for serviced apart- 
ments are often as good as, IT 
not better, than hotels. The 
Apartment Service has flats 
near Olympia and Earls Court 
in London and Mr Anand says 
that companies exhibiting for 
several days will often put a 
sales team up in an apartment. 


For example, a three- 
bedroom apartment in a build- 
ing in Kensington, handy for 
both exhibition centres, costs 
from £1.000 a week, and allows 
companies to keep a tighter 
rein on overall expenses. 

Another more recent entrant 
to the market Is Crosvenor 
House Apartments, within the 


Some large hotels, such 
as London’s Grosvenor 
House, offer apartments 


Grosvenor House hotel in cen- 
tral London. 

These also offer a private 
entrance, reception and con- 
cierge - keeping the apart- 
ment-dwellers separate from 
the rush of hotel traffic, as well 
as twice-daily maid service, 
fresh linens every day and use 
of the hotel's fitness facilities. 
It also offers use of the hotel's 
other facilities such as room 
service and a business centre. 

The concept comes from the 
US where all-suite hotels, as 


they are known, began as mid- 
market accommodation and 
developed into the more 
upmarket type of property now 
being offered in Britain and in 
the rest of the world. 

Keith Prowse, the ticket 
agency, acts as an agent for 
serviced apartments in Vienna, 
Brussels. Copenhagen and Hel- 
sinki, as well as for various 
locations in France. Spain. 
Italy and the Netherlands. In 
the UK. it is the agent for prop- 
erties In London and provincial 
towns, including Bath, Bir- 
mingham and Edinburgh. 

These are definitely a longer- 
term option: while you may be 
able to stay for just a couple of 
nights, most services will want 
you to stay for at least a week, 
and many use serviced apart- 
ments for much longer, up to 
several months in some cases. 
Mr Anand points out that this 
is a good stop-gap between the 
short-term hotel and a longer- 
term residential let. “Most 
estate agents won't deal In 
anything less than six months, 
but a hotel looks expensive for 
more than a couple of nights," 
he says. 

It seems like the best of both 
worlds: a comfortable base 4 
with all the facilities of a hotel 
that you are likely to want 
without the frills - and with- 
out the high costs. 



Travel agencies discover they are not indispensable, writes Michael Skapinker 

Book-your-own trend catches on 


S ome large US companies 
have begun to ask a 
question which should 
be giving business travel 
agents sleepless nights. The 
question is this: “Can't we 
book our own flights and hotel 
rooms?" 

International hoteliers 
confirm that some large 
companies are approaching 
them directly rather than 
through their business travel 
agents. IBM, the US computer 
group, makes its own 
arrangements with Urge 
airlines and then simply gets 
its travel agent to implement 
them. 

A company called Business 
Travel Contractors - which 
groups large US concerns such 
as General Motors, Merck and 
Black & Decker - plans to use 
its buying power to get better 
rates from the airlines. For 
their part, the airlines would 
not pay any agents* com- 
mission. They would also not 
give business travellers from 
tiie companies concerned any 
frequent flyer points. 

Companies which decide to 
make their own arrangements 
are not the only problem that 
business travel agents face. 


Those companies - the vast 
majority - which still rely on 
conventional agents for then- 
needs are increasingly 
insisting that they want to be 
represented by the same 
organisation throughout the 
US, or throughout Europe, or 
even worldwide. Travel agents 
without worldwide rep- 
resentation are finding it 
difficult to win business from 
some of these multinational 
clients. 

Another pressure on travel 
agents is the need to invest in 
information technology. Only 
the most advanced computer 
systems can provide travel 
agents with the information 
that they need to service 
customers on a worldwide 
basis. 

The realisation that it did 
not have sufficient mass in 
crucial areas of the world was 
one of the main reasons why 
Thomas Cook, the UK-based 


group, decided to withdraw 
from offering business travel 
services. 

Thomas Cook is owned by 
Westdentsche Landes bank. 
This meant that tinder US 
banking regulations it could 
not offer business travel 


Agents are also under 
pressure to invest in 
information technology 


services directly in the US. 
The Thomas Cook name in the 
US was controlled by a 
franchisee, Mr David Faresky. 
Thomas Cook also balked at 
the cost of investing in 
additional information 
technology. 

Last month, Thomas Cook 
sold Its business travel 
operations to American 
Express, which also acquired 
Mr Paresky’s interests in the 


US. American Express paid a 
total of $375m to Thomas Cook 
and Mr Paresky, though it 
refused to reveal how the sum 
was divided between the two 
parties. 

Thomas Cook said it would 
now concentrate on its 
remaining businesses: leisure 
travel, travellers’ cheques and 
foreign exchange. 

The American Express- 
Thomas Cook deal was the 
second large consolidation in 
the business travel sector this 
year. Last March, Carlson of 
the US and Wagonlit of France 
announced that they had 
decided to combine their 
business travel operations. 
The two groups said that 
Carlson’s strong presence in 
the US would be combined 
with Wagonllt’s extensive 
European interests. 

Given the threat from 
several large corporations to 
take care of their own 


business travel arrangements, 
some industry observers see 
the emergence of two large 
groups - American Express 
and Carlson Wagonlit - as a 
classic defensive move 
designed to achieve greater 
control over a declining 
market 

Both groups strongly contest 
this argument and say that if 
they are having sleepless 
nights, it is only through 
excitement at the 
opportunities that lie ahead. 

Mr Eric Brannan, senior 
European vice-president of 
American Express business 
travel operations, says talk of 
companies making their own 
travel arrangements is over- 
blown. The number of com- 
panies which are large and 
experienced enough to strike 
their own deals with airlines 
and hotels is small. 

Even if a company were to 
use its buying power to 
negotiate a group discount 
with a particular airline, it 
would find it difficult to 
discover whether it conld have 
negotaited an even cheaper 
deal from a rival carrier. 

Mr Brannan says: “No 
airline is going to teU you that 
another airline can sell you 


tickets more cheaply. Only a 
travel agent can do that” He 
argues that the deregulation of 
the airline industry in the US 
has made it even more 
difficult for companies to 
discover what the best deals 
are. Future airline dereg- 
ulation in Europe wifi make 
finding the cheapest fores an 
even more complex task. 

He adds that for companies 
to make their travel 
arrangements themselves 
would run counter to one of 
the most significant business 
trends of the past decade: 
companies contracting out 
peripheral services to 
concentrate on their core 
businesses. 

Mr Colin Rainbow, 
commercial director of Carlson 
Wagonlit, says his group’s 
enlarged global representation 
is already producing new 
business. He says that clients 
of Wagonlit in Europe have 
now asked the merged 
business travel group to 
handle their arrangements in 
the US. 

Similarly, Carlson clients in 
the US have asked the group 
to make their business travel 
arrangements in Europe. Mr 
Brannan admits that 


The Top Ten Growth 

Business Destinations 

Destination 

Growth (%) 

Riga 

341 

St Petersburg 

231 

Faro 

204 

Maastricht 

156 

Bombay 

139 

Minneapolis 

117 

Ottawa 

89 

Tot Aviv 

62 

Kuala Lumpur 

76 

Malaga 

73 

Source: Amarton Express 


Top Ten Business 

Destinations 

1994 


1993 

ranking 


ranking 

1 

Paris 

1 

2 

Brussels 

2 

3 

Frankfurt 

4 

4 

Amsterdam 

3 

5 

New York 

5 

6 

Dublin 

6 

7 

Milan 

7 

a 

Munich 

13 

9 

DQsseldorf 

9 

10 

Madrid 

11 

Shuck American Express 


companies are not finding it 
easy to appoint a single 
business travel agent 
worldwide. Many have done it 
throughout the VS but 
companies are only now 


starting to appoint a single 
agent for Europe. 

Even appointing a single 
European agent can cause 
problems, he says. National 
subsidiaries in Europe often 
have a high level of autonomy 
and resent being told what to 
do by head office. Neverthe- 
less, Mr Brannan estimates 
that he spends about 20 per 
cent of his time talking to cli- 
ents who are trying to arrange 
their travel across Europe 
through a single agent 

To compete, Mr Brannan 
says, agents have to go beyond 
booking hotels and airline 
tickets. They have to prove to 
clients that they can offer 
them an increasingly high 
quality of information on their 
business travel practices. 

An essential tool in collect- 
ing the information is a plastic 
card. By offering business 
travellers a charge card as 
part of its business travel ser- 
vice, American Express has a 
means of collecting spending 
data for clients. 

The importance of being*® 
able to offer clients a plastic 
card is recognised throughout 
the industry. Thomas Cook 
cited not being able to offer its 
own plastic card as another 
important reason for leaving 
the business travel industry. 
Carlson Wagonlit concedes 
that It too, will have to offer a 
plastic card as part of its ser- 
vice. Mr Rainbow says the 
group is negotiating with card 
issuers. 




ter One Night At The Sherry-Netherland, 
You’ll Never Want To Stay In A Hotel Again. 


nm.H« nowssANCE 
FWIELED ELEWTQRS 


When you first arrive at 
The Sherry-Netherland, you 
may have the same reaction 
as many of our guests. 

"I've never seen anything 
like this." 

Which is hardly surprising, 
because (here's nothing like The 
She rry-Nechcr land. Instead of the 
usual crowded hotel lobby, the quiet 
marble-columned space looks like 
the interior of a classical European 
building. Which is understandable. 

It was inspired by the Vatican Library. 

Although this is your first visit, the 
concierge greets you by name, as will 

the staff. Of which we have two 
to three per guest. (Ac a hotel, 
(he reverse is true.) 

The serendipities continue. 
When did you last enrer an 
elevator that was a work of art? 
Where a white-gloved oper- 
ator whisks you silently 
up to your floor. 

The suites and rooms arc 
another revelation. Some contain 
antiques worrhy of the 
Vanderbilt Mansion, which 
in many cases is where they 



NMAH-GflECO VASE 


HWBYCSWAMS 
■w. RESTAURANT 
SERVES YOU IN 

THOR DMNG nQOU- 
ORN YOUR suit 



came from. Some have 
marble bathrooms, hand- 
loomed French carpets, 
crystal chandeliers. 

We even have a library. 
Ask for a book or a movie. 

It will be in your room in 
minutes. And we have the best 
location in New York. Across 
from Central Park, a few steps 
from Bergdorf Goodman, Tiffany, 
and FA.O. Schwarz — and 
wow of qua suites just a short walk to 
Rockefeller Center. 

The Sherry-Netherland fe* 1 
is not a hotel. Rather, it is 
a magnificent residence 
owned by a small group *. \t 
of exceptionally *, J^. 

diffident people who » 
live there. 

It's their place in town. 

1/ you, too, would like to enjoy their 
kind of luxury, we invite you 
to call Mr. Louis Vencresca at 
212-355-2800. 

But we warn you. After one night 
with us, you may never want to stay 
in a hotel again. 

Q£e SH€RRy-N€T«€RlAMD 

Your Place In Town 






£VFN OUR CLOCK G A BtSONTED LANDMARK 



IT TAKES 
VISION TO 
IMPROVE 
THE 

ECONOMY 

CONTINENTALS 

CORPORATE ECONOMY FARE 


THE LOWEST FLEXIBLE FA R.E 
TO THE USA FOR. THE BUSINESS TRAVELLER. 

FR.OM UNDER. £250 


I 1 1 INJl U ■■■■» lull 
















wn > ou do not to b„v in advance. 


it is changeable and refundable at any rime. Corporate Economy fares arc fully available ,, n j|{ flight;, through., m the year 
Caff yuur travel agent or Continental Airlines on 0293 S2*l I 23 


I'arci -ihect 


cljJr rjlfi. 


Continental Airlines 


n e n • s i e i 


m r iv i o it k 


II O II .* l O fV£ 


l> I. N v |. |l 



;• ‘*u 



1- • 








FINANCIAL TIMES MONDAY OCTOBER 10 1994 ★ 




Daniel Green says frequent flyer programmes have reached maturity 


Top of the waiting list 


The business of f requent flyer 
programmes (EFPS) has in the 
past year moved from 
adolescence to maturity. The 
vast majority of business 
travellers in Europe belong to 
at least one scheme. To Keep 
them, individual schemes are 
being forced to compare their 
own incentives with their 
rivals' and improve them 
where necessary. 

a more subtle change is 
taking place, too. Passengers 
are recognising that earning 
the right to do yet more air 
travel in their spare Hme is not 
necessarily the best reason for 
joining such a programme. 
Other benefits such as priority 
in the waiting list on 
overbooked flights is more 
important. And redeeming 
points for leisure flights seems 
to be less important than it 
was. Airlines are heeding these 
signals as they prepare the 
next round of incentives for 
their scheme members. 

Most FFPs work by offering 
scheme members "points” or 
"miles” in rough proportion to 
the distance travelled and 


multiplied by a factor relating 
to the class of travel These 
points can be exchanged for 
free flights, seat upgrades or 
other benefits. 

After some scares in the 
1980s when the schemes were 
new - the now defunct Pan 
Am was reportedly giving 
away so many miles that some 
aircraft flew without a single 
farepaying passenger on board 
- airlines are careful not to 
give away too much. 

They can do this because on 
average, the world's aircraft fly 
about two-thirds fufl. Airlines 
are happy to use the empty 
seats as a marketing tooL They 
use computer forecasts of 
demand to allocate what they 
believe will be unsold seats to 
the FFP. 

The effect, as anyone who 
has tried to cash in points will 
have found out, is that it is 
easy to get a free ticket with 
your frequent flyer points on 
the 0650 from London to 
Amsterdam on a Saturday but 
not on a Monday. 

And to make sure that 
passengers do not accumulate 


so many points as to risk a 
deluge of point redemptions on 
a holiday weekend later In the 
decade, European FFPs have 
time limits. Members who fail 
to cash in their points within 
two or three years lose them. 

In the case of British 
Airways, leisure travellers get 
a poor deal: they do not earn 
points unless they have paid 
full price for their tickets. US 
carriers offer points for almost 
all trips and BA has been 
forced to do the same for its 
US-based members. 

In spite of these limitations, 
FFPs are a huge success in 
Europe. Some 86 per cent of 
European business travellers 
belong to a frequent flyer 
scheme, up from 82 per cent 
last year, according to market 
research to be published later 
this year by the Official 
Airlines Guide. 

Among the busiest travellers 
- those making mare than 20 
trips a year - an. astonishing 97 
per cent are members of at 
least one scheme. 

The research found virtually 
the same level of membership 


in the UK, France and Ger- 
many. But though in each 
case, the national airline's 
scheme was easily the most 
popular, there were wide 
differences in different 
countries between favourite 
FFPs. 

In the UK, 52 per cent of 
travellers said BA's FFP was 
the best, compared with 47 per 
cent in Germany who picked 
Lufthansa, while in France 
only 34 per cent said Air 
France’s beat its rivals. 

This may have been because 
of the success of competitor 
airlines in winning business 
from Air France. Popular 
among French travellers were 
schemes offered by US carriers 
Delta and TWA, neither of 
which figured in responses 
from UK travellers. 

Air France has recognised 
that ther e la ve been problems 
with its FFP and earlier this 
year revamped it Unlike BA, 
for example, cut-price economy 
fares qualify for points, and 
two free tickets can be had for 
only IV. times the points 
required for one ticket 



The frequent flyer’s free flight guide 

Transatlantic business class returns to US east coast for one free London-Paris 
or London-Ftanktart return fflght 

Carrier Number Comments 

Air Ftance 

2 

Any UK airport to any In Franca Three trips earn two tickets 

American 

2 

Two economy trips would earn enough points 

British Airways 

1 

Transatlantic flights attract disproportionately big rewards. Three Tokyo 
trips are needed for the same number of points as one New York trip 

Delta 

s 

Europe to Atlanta. Georgia, or Cincinnati, Ohio only 

Lufthansa 

2 

Free trip to anywhere in Lufthansa's network in central/northem Europe, 
plus Italy and Spain 

Swissair/Austrian 

2 

Free trip from London to any central European destination on the network 

United Airlines 

2 

One west coast trip would earn enough points 

Vbgfin 

1 

Partners are British Midland and SAS. New members receive a first 
ffight bonus worth two more return trips to Paris 

Stum ftwwf T&Mt 1 


Carriers still vary somewhat 
in the levels of reward that 
they offer. Between BA, Luft- 
hansa, Air France, American 
Airlines and Delta, for 
example, it takes between one 
and five business class trips 
between Europe and the east 
coast of the US to earn enough 
points for one free economy 
flight between London and 
either Frankfurt or Paris. 

The best deal comes from BA 
because it skews its points 
allocations in favour of north 
American routes. You may feel 
that after business class flights 
to Sydney. Australia, and back, 
you deserve all the points you 


get In fact, a round trip to 
Boston would have earned you 
three ft'mpg as many. 

There are interesting dif- 
ferences between what airlines 
count as a European flight It 
takes six London to Tel Aviv 
business class flights on BA to 
earn one London-Paris return, 
but only two trips via Paris on 
Air France. 

For short-haul rewards in 
Europe, you may be best off 
with Lufthansa or Swissair, 
whose minimum number of 
points can be exchanged for 
free flights that will take you 
to most countries in. western 
Europe. 


It is little wonder then, that 
four out of five European 
business travellers belong to 
more than one FFP. The 
average number of member- 
ships is about three. 

A glance at the main reasons 
for joining an FFP soon ex- 
plains why multiple member- 
ship is the logical thing to do. 
While 54 per cent of travellers 
rate free flights as “very 
important”, 72 per cent said 
their top priority was to be at 
the head of the waiting list for 
overbooked flights. 

Too many regular travellers 
know both the pain of being 
denied boarding after a hard 


day’s work and that the 
decision about who flies and 
who does not is taken on the 
ground a few minutes before 
departure. Any lever to 
improve the chances of getting 
aboard is to be grasped. 

Naturally, this has led 
quickly to a series of 
refinements as FFPs are used 
to retain the loyalty of the 
airline's best customers. 

Lufthansa’s frequent flyers 
earn automatic upgrades to 
bigger rooms in several hotel 
chains, including the Hilton, 
Sheraton and Regent Holders 
of BA’s gold card are guar- 
anteed a seat on most BA 
flights if the reservation is 
made more than 24 hours in 
advance. The unsaid corollary 
Is that those who ftdl to meet 
these specifications risk being 
bounced off the flight if it is 
foil 

There are new ways of 
redeeming points, too. The US 
is in the advance guard here 
with American Ai rlines FFP 
points exchangeable for 
flowers or restaurant meals. 

For the airlines’ best 
customers, some benefits are 
as attractive as free flights and 
new ways of earning paints are 
an agreeabl e wa y to top up 
their scores. FFP operators are 
therefore likely to put an 
increasing part of their 
creative energies into their 
programmes. 



THE widest COVERAGE OF ASIA FROM KUALA LUMPUR 


4e with over 3,000 flights weekly to 69 destinations, 
Malaysia Airlines offers the widest range of services 
io Asia from Kuala Lumpur. Our non-stop flights 


depart for Kuala Lumpur daily from London 
Heathrow. Onboard our 747-400, you will experience 
the finest first class in a 31-airline survey. And 


service rated among the world's ten best lor long 
haul. Across 6 continents, graced with service from 
the heart which says, you mean the world to us. 


Malaysia Airlines is a member of Srit is h Airways Executive Club and S wisuti r/A usuian Airlines Quafiflyer For reservations and Information, call your favourite travel agent ur Malaysia Airlines : 

London 081-862.0800 • Manchester 061*8)9-4021 - Glasgow 041-248-8292 • Dublin 01-676-1561/676-2131 





VI 


FINANCIAL TIMES 


MONDAY OCTOBER 10 1994 


B usiness and first class 
airport lounges have 
come on rapidly in the 
past 20 years. 

In the 1970s. separate seating 
and relaxation areas, owned 
and run by the airlines for the 
benefit of their CIPs (commer- 
cially important passengers, as 
business and first-class travel- 
lers are known) were a rarity. 
Today, any airline with preten- 
sions to status will have a scat- 
tering of lounges across the 
globe, dedicated to its most val- 
ued customers. 

American Airlines - which 
claims to have opened the first 
exclusive CP lounge at La 
Guardia, New York, in 1939 - 
now operates 42 such lounges 
worldwide, United Airlines has 
33. Heathrow Airport is home 
to some 30 C1P departure 
lounges (seven of them run by 
British Airways), with more 
expected. 

Increasingly, the world’s air- 
lines find themselves looking 
after their business passengers 
with the same assiduity on the 
ground as they do in the air. 

In general CIP lounges are 
distinguished from the free-for- 
all seating arrangements in the 
rest of the terminal by the 
same recurring pattern of attri- 
butes: CIP lounges are open 
only to those flying first or 
business class with the airlines 
which run them; they offer free 
drinks and snacks; they pro- 
ride enough decent seating to 
allow passengers to sit and 


Separate lounges for commercially important passengers are now common, reports Charles Jennings 

From the lavish to the cramped 



stretch out they offer TV. 
newspapers and washrooms; 
they will have numerous tele- 
phones; and there will be an 
area sectioned off for the busi- 
ness traveller to work in, with 
desks, a photocopier, a fax 
machine and the odd computer 
modem. 

Long-haul operators, such as 
Qantas, United Airlines and 
British Airways, have started 
adding to this list by installing 
shower facilities at their more 
important destinations. There 
are even occasional unpredict- 
able extras, such as the ribro- 
armchairs offered by 


Passengers are looked 
after with assiduity on 
the ground and in the air 


American Airlines, or the auto- 
matic shoe-cleaners provided 
by Japan Airlines. As you 
might expect, CIP lounges 
reflect the service provided by 
the airlines themselves, with 
all of them, at the very least, 
adequate. 

But not all airports are 
equal and not all airline facili- 


ties are the same at either end 
of the journey. A lounge at one 
end of the flight might be large 
and lavishly-stocked, while its 
counterpart at the other end 
might be a quarter of the size 
and a good deal less impres- 
sive. Lufthansa, for instance, 
has the largest lounge complex 
at Frankfurt Airport, compris- 
ing four separate facilities for 
first and business travellers, 
which together can comfort- 
ably handle more than 2,000 
passengers a day. 

At Heathrow, on the other 
hand, Lufthansa has to share a 
rather austere 80-seater room 
with Air France, which, on the 
admission of one of the staff, 
can become a little crowded 
late on Friday afternoons. 

Worse still. Alitalia, TAP, 
Olympic and Swissair are all 
crammed into one small, 
unprepossessing room along a 
far corridor of Ter minal 2, far 
removed from the grandeur of 
BA's establishment. On this 
basis, one should learn to 
expect a lavish CIP lounge at 
the home airport of any airline, 
but to take whatever is pro- 
vided at the destination end, 
without undue preconceptions. 


On top of this is the airline’s 
judgment of what the CIP 
lounge is really there for. How 
much of the facility should be 
given over to work and how 
much to relaxation? And how. 
given the restraints existing at 
many airports, can it make 
some kind of positive state- 
ment about the airline which 
owns it? 

The Americans, not unsur- 
prisingly. tend to place the 
emphasis on the work side of 
things. American Air lines * gar- 
gantuan facility at Chicago's 


O'Hare Airport covers 14.000 sq 
ft, boasts 19 bookable confer- 
ence rooms, offers paper-shred- 
ding equipment and, signifi- 
cantly, a bar which serves free 
coffee, tea and iced water, but 
liquor only at a price. The fur- 
nishings might be described as 
comfortable without being 
plush; and as a temporary 
nfflra* for the determined busi- 
nessman, it is hard to fault 
The Japanese, similarly, 
organise their lounges at Nar- 
ita. Tokyo, as smartly-fur- 
nished waiting rooms rather 


than as private clubs. The big 
advantage of their three CIP 
facilities (two executive class, 
one first or Saturn class) is 
that together they occupy 
more space than that of any 
other airline. Given the limita- 
tions on space at Tokyo's prin- 
cipal airport, this is a real 
boim, despite their somewhat 
unengaging atmosphere, with 
their ranks of armchairs, and 
their furtive “Relax Corners"; 

British Airways tries to 
address the problem of busi- 
ness efficiency versus the need 
for a welcoming environment 
by making its lounges more 
like the interior of a Forte 
hotel foyer. BA’s lounge spaces 
- especially the agglomeration 
at Heathrow's Te rminal 4 - are 
strong on warm woods, low 
lighting friendly wool fab- 
rics. The self-service drinks 
and food counters are tempt- 
ing, while the workstations are 
writing-desks with an extra 
phone on top, as opposed to the 
purposeful cubicles offered by 
American, or their rivals. 
United Airlines. It is a typi- 
cally English compromise, in 
which the world of work is 
kept at arm' s length. 


Heathrow is, in fact, unusu- 
ally weU-stocked with CIP 
lounges - reflecting its posi- 
tion as a hub international air- 
port and a crucial staging-post: 
one in three of Heathrow's- pas- 
sengers connects between 
flights. And it is because of 
this that some airlines are 
branching out into new types 
Of facility for business and first 
dags travellers. 

British Airways has recently 
spent £L6m on a new arrivals 
lounge at Te rminal 4, catering 
for passengers who have just 
come off an overnight transat- 
lantic flight and who need to 


Rattier than be utilitarian, 
the Clubhouse aims to 
make travel fun 


spruce themselves up at the 
start of the day. Instead of 
comfortable chairs and free 
drinks, the CIPs are offered 23 
shower rooms, a clothes press- 
ing service and a con t ine n tal 
breakfast 

American Airways has fol- 
lowed suit, with the difference 
that its arrivals lounge at 


Heathrow is at Terminal 3 and 
contains nine showers- United 
Airlines will soon be owning 
competition in this line, put ft 

^ have to strike a deal with 
^eariiylKrtelifitiswiabteto 
find the space at Terminal 3. 

Elsewhere at Terminal 3, Vir- 
gin Atlantic is trying some- 
tiring altogether different. 
While its New York lounge is 

relatively conventional to 
approach, the Virgin Club- 
house at Heathrow attempts to 
subvert the notion of toe CIP 
lounge as a comfy but unin- 
spiring hinterland between 
work and relaxation, between 
waiting and doing. The Club- 
house aims to make travel ran 
for the business executive. To 
this end, it boasts a music 
room, a computer games 
arcade, a three-tonne model of 
a galleon, a massage salon, a 
hairdresser, a weU-stocked bar 
and a model railway. 

It cost over dm to fit the 
place out, and despite a token 
fax and photocopier, its whole 
philosophy runs counter to the 
essentially utilitarian values of 
other airlines' facilities. And as 
a tool for b ml ding loyalty to 
what is, after all an extremely 
small player in international 
aviation, it works brilliantly. 

Realistically, it is hard to 
ir paginp virgin's rivals t akin g 
a leaf out of the Clubhouse 
book. But it shows that the air- 
port lounge can be more than a 
mere waiting-room, if enough 

. _■* - x za. 


Q 


Some tips on how to deal with bribery and extortion when abroad 

Victories in war against fraud 


T he police officer was ada- 
mant About a mile from 
Benito Juarez airport in 
Mexico City my taxi had run 
through a red light 
The cab driver shrugged his 
shoulders and suggested I pay 
la mordida - the bite - a $25 
fme for an offence he had not 
committed. 

In Mexico and other develop- 
ing countries business travel- 
lers are easy prey for police, 
who impose such fines to aug- 
ment salaries, which rarely 
keep pace with inflation. 

Six months and several 
thousand miles later, it was 
the same story at Sheremetye- 
vov Two. Moscow’s Interna- 
tional airport Here it is not la 
mordida but spekulyatsia - 
profiteering of the crudest 
variety. 

The first bribe was paid 
within 10 yards of the termi- 
nal: a backhander to the 
policeman guarding the taxi 
rank where my chauffeur - a 
medic seeking hard currency - 
was touting for business from 
those passengers unwilling to 


pay the official taxi rate of up 
to $60. 

The Guild of Business Travel 
Agents, whose 40 members 
handle the travel arrange- 
ments for 86 of the companies 
in the ETSE-100, advises pas- 
sengers to avoid such prob- 
lems by arranging transfers 
before departure. 

“The best safeguard is to 
book through reputable agen- 
cies based outside countries 
where corruption is preva- 
lent," says Mr David Reynolds, 
chief executive of the London- 
based industry body. 

However, Mr Reynolds 
warns that in many cases the 
corruption takes place before 
the traveller even reaches his 
destination. 

"One of the biggest prob- 
lems is airline fraud in which 
stolen tickets are purchased 
innocently bat turn out to be 
invalid." 

His claim is backed by the 
International Air Transport 
Association. Revenue lost 
through ticket fraud totalled 
$189m last year, while lata 


estimates that a further $200m 
in bogus sales goes unre- 
ported. 

The most common fraud is 
perpetrated through the 
so-called "bust out", in which 
a seemingly reputable travel 
agency is established, often 
with counterfeit bank refer- 
ences, and begins offering 
business travellers heavily dis- 
counted fares. 

In typical cases, the backers 
disappear with the ticket stock 
- essentially thousand* of 
blank cheques to be filled out 
and sold on to unsuspecting 
travellers, mainly throngh 
unlicensed bucket shops. 

Although ticket bar coding 
has reduced the ease with 
which fraudsters can operate, 
lata warns that increasingly 
sophisticated computer crime 


is presenting a fresh challenge 
to the Industry. 

Determined to counter that 
threat, large carriers such as 
British Airways have set up 
their own fraud protection 
units and constantly update 
on-line blacklists of stolen 
tickets. 

That is small consolation for 
the business traveller whose 
company, anxious to curb 
costs, opted for a cheap ticket 
not worth the paper it is 
printed on. 

“If the fare seem the bargain 
of a lifetime, it's likely the 
purchaser is toe last in line of 
a fraud." says lata, which 
advises companies to use 
agents approved under its 
accreditation programme. 

Aware that recession has 
forced businesses to review 


travel budgets, the Guild of 
Business Travel Agents has set 
up its own low fare unit 
designed to protect its clients 
against corrupt ticket sales. 

In some parts of the world, 
however, a valid ticket home 
is toe least of their problems - 
a fact recognised by law 
enforcement officials in Hong 
Kong, the world’s eighth larg- 
est trading economy. 

The colony's Independent 
Commission Against Corrup- 
tion received 2JJ52 corruption 
reports in the first eight 
months of this year, a 14 per 
cent increase on the same 
period in 1993. 

The rise followed an opinion 
poll showing that 55.7 per cent 
of respondents regarded busi- 
ness sector corruption as 
"very prevalent", compared 


with 41.1 per cent in the previ- 
ous year. 

In a bid to solve toe prob- 
lem, Hong Kong’s six main 
chambers of commerce have 
joined forces with more than 
1,000 companies to draw up a 
new code of business ethics. 

The ICAC also hopes to ease 
executives' fears by drawing 
up new guidelines on corrup- 
tion, which are expected to be 
published next year. Even so, 
many travel managers believe 
corruption will increase as 
cross-border trade with China 
gathers pace. 

The dilemma for executives 
travelling to d estinati ons with 
poor corruption records is 
whether to believe the advice 
of major agencies which have 
an obvious self-interest in rec- 
ommending pre-boo ked and 


pre-paid arrangements. 

In general such agencies 
flourish not on the back of cor- 
ruption fears but by offering 
more efficient and secure ser- 
vices. Those unwilling to make 
advance bookings could rely 
alternatively on local business 
contacts to make their travel 
arrangements for them, espe- 
cially in countries where tick- 
ets can only be purchased with 
hard currency. 

Local company representa- 
tives are less obvious targets 
for fraud and can bypass many 
of the hurdles in negotiating 
rates for services such as 
office equipment rental or car 
hire. 

A number of travel agents 
are also expanding their range 
of services in some developing 
countries. For example, 
Thomas Cook, whose interna- 
tional business travel agency 
operations were acquired 
recently by American Express, 
has launched Moscow’s first 
travel management centre 
which offers advice on access 
to business facilities among 


other services. 

The common message from 
such agencies is that travellers 
should register at their 
embassy or local consulates 
daring prolonged stays; cany 
copies of passports and travel 
documents; carry local cur- 
rency in only small denomina- 
tions; and. where possible, rely 
on an approved guide or local 
company official to smooth the 
way throngh business negotia- 
tions. 

It is impossible to be immu- 
nised against corruption, and 
no amount of forward plan- 
ning can avoid it altogether. 

But in curbing the spread of 
this financial disease, booking 
through reputable travel 
organisations can certainly 
reduce toe risks. 

"Corruption oils the wheels 
in many developing coun- 
tries," warns one travel Indus- 
try executive. "We have not 
won the war against fraud, but '•? 
at least we have scored some 
victories in our campaign.” 

Tim Burt 



Jet lag can be a drag. 

Ifs afternoon in Tokyo. The business meeting is going well. Yet something feels 
wrong Your body is awake, but your mind seems asleep somewhere in 
London. Welcome to the world of jet lag. 

The Hotel Okura understands that adjusting to new time zones is often half the 
global business battle. So we've created a special Jet Lag Fighting Plan that 
helps you adapt as quickly as possible. 


The only such plan in Japan, its amenities cover 
the three main avenues of attack for overcoming 
the effects o! jet lag; 

Exercise: Use o( the Okura Health Club for 
stretching, swimming, sauna, jet stream bath 
and body sonic systems. 

Relaxation: A light therapy box that simulates 
soothing natural daylight, relaxation videos, 
and the special sleep pillows you prefer auto- 
matically furnished to your room every time 
you visit -a Hotel Okura exclusive service. 

Special Okura jet-lag fighting nutrition menu. 

Nalurally.all this takes place in an atmosphere of 
comfort and luxury that makes the Hotel Okura 
the best business address you can have when 
you're travelling in Japan. Find oul for yourself. 



The Legerid 
in the 


Heart of Tokyo 


zyStoi/eJ? (D/ricta 

2-10-4 Toranomon.Miruto-ku. Tokyo 1 05. Japan 
Tel: (31 3582-01 1 1: Fn: 13)3582-2707 



U TELL 

For a brochure regarding the Hotel Okura Jet Lag Fighting Plan. contact us by mail or facsimile. Include your 
name, address, company and title, telephone, facsimile number, and the name of the publication in which you saw this ad. 

■London Office Tel: {0171)353-4994; Fan; (0171)35343377 ■Amsterdam Office Tel: (020) 6761160: Fax: [CJ20] €768856 >New Yo(k Office Tel: C2I37S5-OT33; 
Fax. (273586-162/ IL09 Angeles Office Tel. (SOCD 528-2267, (2KD458-M77; ftu; (2)3)488-3362 INong Kong Office Tel: 895 -1717: Fax: 886-1909 



Hie most frequent 
business flyer. 


Everyday Aer Lingus offers the business flyer, the 
choice or up to 44 flights between London and Ireland. Our 
schedule allows you to he where you want, when you wane 
And with TAB (Travel Award Bonus) our frequent flyer 
programme, members can avail of points on every Aer 
Lingns flight taken. TAB points add up quickly allowing 
you to avail of free flights, upgrades or exclusive free gifts. 


Bui just because we’ re the business doesn't mean it isn’t 
a pleasure to fly Aer Lingus. Every fare on every flight 
offers you a complimentary meal and drink, a newspaper 
or your choke on morning and evening flights - and 
service with a smile. 

All in all when you travel to Ireland, wc think you 
should make the natural choice and fly Acr Lingus. 


Aer Lingus ■ 


For reservolions call (0611 899 +747 or Callink 0645 737 747 (outside London). Or coniaei your local Travel AeenL 
For more information on TAB phase call (081) 569 4646. B 



FINANCE TIMES MONDAY OCTOBER 10 1994 


•? 1 *»-■ . 

V • . . ... 

% 'IVr-. 


: ’V •• -* r . v:.r'. 
***» • • 
a-jcr." » - 


*r»s*' «*• — • itl - 

4* 

tf* 4 ?. * 

:r.. : 

1 •=- " » r 

-•i 

. 

.• • • r • 

—7.1 ’ .... 

■» ' - •• V — ■ ; 

^ . (v • 




Daniel Green investigates the 
trend to bigger air seat sizes 

The space that 
they deserve 


lit 


Business class air travellers 
have always been coveted by 
airlines. The seats in which 
they sit are usually large and, 
though the number of 
passengers that can be carried 
is thus reduced, the premium 
prices they pay - up to seven 
times the price of an economy 
class seat - more than makes 
up for that 

The extra cost may be worth 
it. Large seats help business 
travellers arrive at their 
destinations able to work 
rather than in need of a day to 
recover on the beach. 

But until now, the 
advantages of space have been 
largely reserved for long-haul 
passengers. Most people 
travelling within Europe have 
found themselves crammed 
into exactly the same size of 
seat as economy passengers. It 
leaves them struggling for 
elbow - space to use their 

A struggle for the elbow 
space to use a personal 
computer or read a 
newspaper 

personal computers or read a 
newspaper. 

Things are changing, and not 
before time. In recent years, 
airlines have feted the long- 
haul business class traveller. 
Their inducements to By have 
mostly taken the form of fringe 
benefits such as gourmet 
meals, in-Bight entertainment 
and limousines to the airport 
But in the past year, the 
battle in long haul has been 
about seat she. Hie standard 
industry measures of seat pitch 
-the distance between seat 
rows - has risen from 38-40 
inches to more than 50 inches 
in many cases. 

Credit for the change lies 
partly with UK long-haul 
specialist Virgin Atlantic 
which, for more than a decade, 
Iiasoffered business cfa** ticket 
holders fully reclining seats. 
Now the list of those with 
similar offerings Includes 
several US, Japanese and 
European carriers. 

The effort that these airlines 
have put Into long-haul 
business class may be one 
factor behind research 
findings, to be published later 
this year by the Official 
Airlines Guide group of 
publications. These show that 
almost one-sixth of business 
travellers who regularly use 
short-haul economy class have 
downgraded from business 
class in the past 12 months. In 
long haul, by contrast, the 
figure was less than one-in-10. 

Similarly, twice as many 
long-haul business class pas- 
songors surveyed have traded 
up from economy in the past 
year as have moved up in 
short-haul 

Many airlines may be con* 
gra tula ting themselves on the 
success of their strategy, but 
one conspicuous bystander so 
far in the rush to bigger seats 
has been British Airways. It 
has uot yet conceded a need to 
give up its lucrative long-haul 
first class service, where it can 
sell tickets for twice even the 
business class price. 

Instead, last month it 
plunged into short-haul by 
offering bigger seats to Its busi- 
ness passengers flying within 
Europe. 

BA is building into its Euro- 
pean fleet an ingenious seating 
design in which rows erf three 
17-inch wide scats can be con- 
verted to two 19-lnch wide 
seats with a useful elbow gap 
between them. The conversion 
is mechanical and can be com- 
pletes! in a few seconds for 
each row erf scats. 

The new set-up allows BA to 
offer business class ticket 
holders wider seats. At least as 
importantly, it retains the 
flexibility to create a larger 
business class section for. say. 
the first Paris flight of the day, 
and a huger economy section 
for flights later or at the 
weekend. 

BA admits the change was 
overdue. “Research we con- 
ducted two years ago showed 


that there was something 
amiss with business in 
Europe,” says Mr Peter Liney, 
BA’s group brand manager. 
“Business class meant little 
more than a flexible ticket 
which you could get by paying 
full price in economy. Our pas- 
sengers told us we were not 
giving value for money." 

In spite of the hype for its 
new Club Europe product, BA 
is not unique in Europe 
was not the first to offer wider 
seats to its European business 
passengers. 

The credit for that goes to 
Swissair which, with Luft- 
hansa, was the last continental 
airline to give up first-class 
travel within Europe in the 
1980s. Swissair continued to 
offer more space in business 
class, and at the end of 1993, 
Lufthansa announced that it, 
too, was installing variable 
width seats. 

BA’s Mr Liney admits that 
Lufthansa’s and Swissair’s 
products have in the past been 
better than BA’s. 

In the US and Asia, too, the 
deal for short-haul business 
travellers is improving. Estab- 
lished US carriers are seeking 
weapons with which to defend 
themselves against newer, low- 
cost, no-frffls carriers such as 
South West. These smaller 
rivals operate single class air- 
craft with little or no on-board 
catering, low prices and an 
excellent punctuality record. It 
is a formula that has proved 
popular with leisure and busi- 
ness travellers alike 
American Airlines, Oontmen 
tal and others have responded 
by using their threeclass inter- 
national aircraft on longer 
domestic routes. For compari- 
son, London-Tel Aviv or Paris- 
Moscow trips count as Euro- 
pean flights on BA and Air 
France. The aircraft used will 
be similar to those used on the 
London-Paris route. Flights of 
a similar length in the US are 
now sometimes served by long- 
haul aircraft switched from 
international routes. 

In Japan there is little likeli- 
hood of long-haul seating pat- 
terns being offered domesti- 
cally. The aircraft have been 
notoriously crowded, with 


All Nippon's "super seat® 
passengers get their 
own lounge, slippers and 
a shoehorn 


around 500 seats crammed Into 
some Boeing 747 shuttles 
betwesv Tokyo and Osaka. 

in spite of this, All Nippon 
Airways has seen fit to offer 
“super seats” - seat pitch of 38 
inches and width of 20 inches - 
to 16 domestic destinations. 
Furthermore, these seats are 
on sales at a flat surcharge of 
Y 7,000, with passengers getting 
separate check-in. their own 
lounge, slippers and a shoe- 
horn . Neither BA nor any west- 
ern hemisphere carrier is 
likely to match this in the near 
future. 

Where BA has a better claim 
to originality Is in the unprece- 
dented level of marketing 
behind its relaunched business 
class. It claims to have planned 
the biggest product launch in 
airline history and is spending 
£25m to advertise to 110m 
adults in 16 European coun- 
tries. 

This is only the latest stage 
in BA’s strategy of creating 
branded products out of airline 
services. That strategy has 
already forced other European 
carriers to revamp their mar- 
keting. “BA marketing really 
affected the rest of us," says 
<me Swissair executive. 

Such are the competitive 
pressures In European air 
travel that what has happened 
in marketing may spread to 
business class services. It 
might only take a small swing 
from carriers such as Luft- 
hansa and Air France to BA on 
routes where they compete to 
trigger a response. Business 
class passengers across Europe 
may yet win the space that 
their ticket price entitles them 
to. 


INDEX OF FT SURVEYS 

July 1992 - July 1994 


This index has been compiled lor researchers 
and libraries and those who require a sound 
briefing on national and international subjects. 

A useful cross index of ail FT surveys published 
in the above period, listed in alphabetical 
order and subject 

To rficeh* your copy, send a dwque for £2.00 
matfo payable to Financial Times to: 

Marketing Department, Fk>enci*lTlmes 

Number One Soutfww* Bridge. 

London SCI 9HL 
Tofc 071 873 3213 



Sleeper seats on Virgin Attantic’s A340 airbus 


Singapore /Urines' Raffles class caters for the business traveller 


DELTA FLY TO AMERICA FROM MORE 
EUROPEAN CITIES THAN ANYONE ELSE. 



A tall story? 

No, Delta 

fly from 30 European cities, in 20 
different countries with over 220 
direct flights to the U.S. every 
week. 

From our seven major hubs 
in the States the Delta system 
can connect you to 247 other U.S. 
destinations. 

So we’re big, but are 
we beautiful? 

Well, we get our fair 
share of fan mail, but it’s the letters 
we don’t get that might interest 
you. 

According to the United States 
Department of Transportation, Delta 
received fewer complaints than any 
other American international carrier. 
(And this from a nation that really 
likes to complain.) 

It’s a poll we’ve 
been glad to come bottom of every 
year since 1974. 

And since we fly 
87 million passengers every year 
that adds up to a whole lot of 
satisfaction. 

i 

| Next time you’re flying 

B 

? 

I to the States, look us up. 

| ADELTA AIRLINES 

I 

i You’ll love the way we fly. 


V 






FDSANCIAL TIMES MONDAY OCTOBER 10 1994 


« 



Christine Buckley offers advice on what may be your first encounter in a foreign land 


In Tokyo, do not open the taxi door 


Transport most frequently 


used for business trips 
Car 


The chances are that your first 
encounter in a foreign land 
will be with a taxi driver. 

The taxi ride from an airport 
is an important introduction to 
a country. Your impressions 
start here. 

The buzz of New York can 
begin with a chatty and helpful 
ex-boxer from Brooklyn, who 
wants to know all about 
London. But then, as he 
gathers that you're a complete 
newcomer, he may charge over 
the odds fourfold for a journey 
in a car which he has falsely 
assured you is a bona fide 
yellow cab in all but colour. 

Southern Turkey can seem 
even more laid back than one 
might expect if your driver just 
can't be bothered with basic 
traffic regulations such as red 
lights and has a similar 
disregard for sobriety. 

As one might expect, in 
standard, service and customs, 
taxis are as varied as the cities 
that they operate in. It is 
always a good idea to stick 
with the main licensed firm. 
While all independent 


Zurich cabs have a 
start-up charge of £3. 
They cannot be hailed 
in the street but, 
virtually without fail, will 
respond within 10 
minutes of a phone call 


companies do not deserve the 
sweeping suspicion they meet 
with, a stranger to a city 
cannot hope quickly to deter- 
mine the good from the bad. 

The flagship of the taxi 
world, if such a thing is 
technically possible, is 
generally held to be London. 
With the requirement that 
drivers have “the knowledge" 
of the capital's streets, its 
standard of training' is unsur- 
passed. The black cabs are 
plentiful and convenient, as 
they can be hailed easily in 
most central locations. They 
are also reliable and built for 
maximum efficiency in a city 
which has developed around 
historic streets that would 
have challenged the old horse 
power. The adage that London 
taxis can turn on a sixpence is 
not misplaced. 

But standards do not come 
cheaply. During the day, the 
meter will clock up a flag fee of 
El as you get in. which will 


take you just 504 yards. After 
that. It is 20p for the next 282 
yards or 57 seconds and there- 
after it is 2 Op for each 180 
yards. Additional passengers 
make for a 30p charge. 

In some cities, taxi fares 
seem so high they come close 
to taking Sight. Sates In Zur- 
ich begin at a start-up c h a r ge 
of SFr6 (£31 and proceed at 
SFr2^0 for each kilometre and 
an additional SFrl each minute 
of waiting. Zurich cabs cannot 
be hailed in the street; they are 
picked up at ranks or by tele- 
phone when they, virtually 
without fail, will respond 
within 10 minutes. 

In Tokyo, one will need both 
a reasonable amount of cash - 
although that is not a surprise 
for a Japanese city - and also a 
map. Tokyo's taxi drivers are 
not the world's best navigators 
and it is advisable for passen- 
gers to know how to reach 
their destinations. The drivers 
are. however, polite and will 
always open the door for you 
via an in-car lever. In fact, it is 
bad manners for the passenger 
to open the door. 

The minimum fare is Y600 
(£3.87): an average 20-minute 
journey will clock up a YL500- 
2,000 charge. 

Brussels also claims a place 
in the expensive stakes, 
although service Is included, 
with tips incorporated in the 
meter charging. A passenger 
parts with BFr95 (£1.89) for just 
getting in the cab and then 
BFr38 for each kilometre after 
that. Again hailing is not gen- 
erally practised but ranks are 
ample. 

If style is what you seek in a 
taxi then, true to form. Paris is 
the place to find it Mercedes 
and top-of-the range Citrobns 
are de rigueur. The daytime 
kilometre charge is FFr3.23 
(3Sp) but in very slow traffic or 
when the taxi is waiting, the 
charge is based on FFr120 per 
hour. Try to have the right 
change or you are likely to 
experience Gallic irritability. 

Almost as symbolic of the 
taxi as the London’s black cab 
is New York's yellow one. The 
streets of Manhattan are 
awash with yellow and the air 
is full of horn-blowing. New 
York cabs are fast and frenetic. 
Not for nothing do they often 
have handles on the ceiling 
above the back seat - you may 
need to cling on. 

The grid street pattern of 


• 20% 40% 60% 

Saves: VtanwraafcndCcrpente Travd Swey. S«pwr«« W 



80% 100% 


An aerial view of Sydney, showing the Opera House 


New York is easy to navigate 
but often taxi drivers are new 
to the city and can need good 
directions. Yellow cabs are 
cheap - $1-50 (£1) flat rate and 
25 cents for each half mile 


thereafter. 

You cannot get a cab at 
Toronto airport - not officially 
anyway. As the airport is in 
the neighbouring city of Mis- 
sissauga. Toronto taxis are not 


allowed to pick up there. Apart 
from the airbus, the only trans- 
port is provided by very expen- 
sive limousines which charge 
C$36 (£17) for the trip down- 
town. 


But a trick to avoid this is to 
go to the departures level and 
catch a cab that is depositing 
travellers. It is likely to take 
you, but you have to be quick 
as the cabs are frightened of 


the police patrols. Toronto 
taxis charge a Hag lee of 
C$2.20. then C$1 per kilometre. 
The average trip around the 
downtown area is C$44. 

Bonn taxis tend to be effi- 


Ti 


■he business traveller in 
the 1990s faces a bewil- 
dering array of electronic 
wizardry designed to boost 
personal productivity, collect, 
store or transmit information 
or simply to entertain. 

Thanks to advances in tech- 
nology. particularly silicon 
integration, many travelling 
business executives now carry 
a bulging shoulder-bag of 
high-tech gadgets, including a 
notebook PC. Tax-modem and 
perhaps even a digital cellular 
telephone. 

Add to this a pocket-sized 
electronic diary/organtser 
which will, if required, inter- 
face with the portable PC. a 
compact 35mm zoom camera 
and portable mini-disc or CD 
player for entertainment and 
the collection of electronic 
gadgetry is almost complete. 

The popularity of light- 
weight "notebook" portable 
computers in particular high- 
lights the strides made by 
technology in recent years. It 
is less than 15 years since the 
first desktop computers began 
arriving in offices, and yet 


Paul Taylor looks at a bewildering array of gadgets from laptops to modems 


Before the high-tech shoulder bag bursts 


today PC manufacturers can 
pack most if not all, of the 
processing power of an early 
super-computer into an A 4-size 
package weighing around six 
pounds. 

Low-power chips, together 
with improvements in screen 
and battery technology, have 
enabled engineers to build 
machines with brighter colour 
displays and longer battery 
lives. These improvements, 
coupled with tumbling prices, 
have turned the notebook com- 
puter into the fastest-growing 
segment of the world com- 
puter market 

Last year in Europe alone, 
cad-users spent $3.6bn on por- 
table computers - mostly note- 
book or even smaller sub-note- 
book machines - according to 
Dat&quest, the market 


research organisation. Unit 
sales of notebook PCs alone 
grew by over 18 per cent to 
2.33m with four vendors - 
Compaq. Toshiba, IBM and 
Apple - accounting for more 
than half the total market 
Two years ago, a typical 
mono notebook with an Intel 
386 processor, 2Mb of Ram and 
a 60Mb hard disk cost about 
£2,000 in the UK. Now. a much 
more powerful machine based 
on an Intel 486 processor with 
4Mb of Ram, a 210Mb hard 
disk. PCM LA (Personal Com- 
puter Memory Card Interna- 
tional Association) card slots 
for add-on peripherals, a dual- 
scan colour screen and a track- 
er-ball for moose-style point- 
ing under Microsoft Windows 
can be bought for under 
£1,500. 


‘In business, I find the direct approach saves time’ 









* .. \ • " 

KV.:' *:_.•• \-.v- • .7 >.y 
: ‘ :YTr~;v y*t ■ l 




‘Its why I fly Finnan * 9 


I Daily non-stop London - HetamKi 
: Daily direct Manchester - Helsinki 
I Daily non-stop Manchester - Stockholm 


S/WiV/zw 

^^BUSINESS CLASS 


071-408 1222 


Some manufacturers have 
developed specific machines 
for niche applications. For 
example. Toshiba oJTers a 
machine which includes a 
CD-Rom drive, stereo speak- 
ers, detachable keyboard and 
other facilities to make multi- 
media presentations while 
travelling. For those who 
require paper print-outs but do 
not want to log around a sepa- 
rate printer. Canon has devel- 
oped machines which incorpo- 
rate a babble jet printer. 

For serious portable com- 
puter users a modem (modula- 
tor/de-modulator) is another 
essential piece of kjt to be 
packed alongside the spare 
battery pack, the power 
adapter and connecting cables. 
A modem enables a computer 
to exchange digital data over 
an older-styie analogue tele- 
phone line with another 
machine, typically a head-of- 
fice computer which is also 
equipped with a modem. 

A modem link typically 
enables a travelling executive, 
salesman or engineer to 
exchange data such as sales or 
product information or cus- 
tomer details with the office 
network, send electronic mail 
or capture information from a 
commercial database. Using a 
modem link, a traveller can 
even look ap airline flight 
details and make or change 
reservations on one of the air- 
line computer databases. 

Modems come in a variety of 
forms and are getting faster, 
smarter and cheaper. Some, 
based usually on proprietary 
designs, fit inside the machine 
but external devices - includ- 
ing some which fit into 
PCMCIA card slots - usually 
offer faster transmission 



speeds together with sophisti- 
cated data compression and 
error correction features. 

The current business stan- 
dard is for data transmission 
at 14,400bps (also known as 
V32bis) coupled with V42 
error correction and V42bis 
data compression which allow 
even higher transmission 


Using a modem link, a 
traveller can make flight 
reservations on a 
computer database 


speeds. Most also provide the 
facility to send and receive 
faxes direct from the screen. 

Currently most portable 
modems. Including PCMCIA 
card modems, are designed to 
be plugged into a telephone 
wall telephone socket. How- 
ever, some niche products are 
available to cope with special 
situations - for example, the 
public call box or the hotel 
telephone which does not 
unplug from the wall. 


In addition, wireless 
modems have begun to appear 
which are designed either to 
work with existing analogue 
cellular mobile telephone ser- 
vices or with the new breed of 
dedicated digital mobile pack- 
et-switched data networks. 
These devices represent the 
ultimate in portability since 
they will allow mobile com- 
puter users to transmit or 
receive data and faxes from 
virtually anywhere. 

Eventually, however, there 
may be no need for modems at 
all since, at least in theory, it 
should be possible to plug a 
digital device, including porta- 
ble computers, directly into 
the next generation of mobile 
telephones operating on digi- 
tal cellular networks. Over the 
past few years the advent of 
digital cellular technology has 
spawned a second generation 
of cell alar networks through- 
out Europe and elsewhere. 

In Europe and other areas of 
the world which have adopted 
the GSM digital cellular stan- 
dard, these new networks offer 


other advantages for business 
travellers. GSM networks offer 
more secure and clearer voice 
communications. 

Perhaps even more impor- 
tantly, because they are based 
on a common standard, once 
so-called “ roaming agree- 
ments " are signed between 
network operators, travellers 
win be able to use the same 
telephone anywhere where 
there is a GSM system. Poten- 
tially, that means that for tire 
first time it will be possible to 
drive from one end of Europe 
using the same pocket-sized 
handset - and be available on 
the same telephone number. 

Although the uptake of 
these new GSM services has 
been relatively slow in the UK, 
where the analogue networks 
are well-established and pro- 
vide superior coverage, else- 
where in Europe, especially in 
Germany, GSM services have 
grown rapidly. 

By the end of the decade 
even more ambitious cellular 
telephone systems based on 
new telecommunications satel- 
lite technology will usher in 
the truly global mobile tele- 
phone which will be capable of 
being used literally anywhere 
on earth. Plans for multi- 
billion dollar global satellite 
mobile communications 
systems such as Iridium, Glob- 
al star and Inmarsat-P are 
already well advanced and on 
target to launch services 

beginning in 1998. 

Most of them are based on a 
new breed of low-earth orbit 
(Leo) satellites which operate 

at altitudes of 400 to 1,000 

miles. Because they are closer 
to earth than traditional Geo- 
stationary satellites, Leo-based 
systems will work with less 


LOT Polish Airlines fly two flights a day. every day. direct to Warsaw PLUS an additional 3 flights a week to Gdansk and 2 flights a week to Cracow. 
Convenient connections to the whole of Central Europe, Latvia, Lithuania, Russia, Ukraine, the Middle and Far East, and the USA. 

All flights are from London Heathrow Airport and you’ll find a trullv friendly welcome on our latest Boeing 737 jet aircraft. 



powerful, smaller, lighter and 
cheaper equipment 

Most strategists believe that 
these new services, coupled 
with the continued conver- 
gence of telephone and com- 
puter technologies, will even- 
tually lead to multi-purpose 
handheld digital devices which 
will combine the functions of 
voice and data telecommunica- 
tions. 

Sales of the first generation 
of so-called personal digital 
assistants, such as Apple's 
Newton, have failed to live up 
to expectations, largely 
because they lack sophisti- 
cated wireless telecommunica- 
tions facilities. However sec- 
ond generation devices which 
combine the data-processlng 
features of a hand-held com- 
puter and the convenience of 
the electronic organiser with 
wireless voice and data tele- 
communications features 
should be available in a few 
years’ time. 

Such devices could provide a 
full range of information, nav- 
igation, communications and 
entertainment services in a 
pocket-sized package. Perhaps 
then the shoulder bag staffed 
full of high-tech goodies will 
look as out-of-place as a porta- 
ble typewriter does at an ate 
port departure lounge today. 



Talking to 
of Japan’s 
frequent 
business flyers 
is easy... 


JUST SAY 

'NIKKEI' 


To advertise in the world's most 
powerful business daily, phone 
71 379 4994 , NIKKEI 


Consult your travel professional or call us direct on: 071-580 5037 
LOT Polish Airlines. 313 Regent Street, London W1 .Telephone: 071-580 5037 



P 



cient and in reasonable supply. 
It will cost you DM3.40 (£1.40) 
to get in the car; the first kilo- 
metre is charged at DM4 and 
then it becomes cheaper. An 
average 4 -6km journey would 
be charged at an average 
DM1.80 a kilometre. You can 
rely on the driver being fit As 
public service employees, they 
are required to have health 
certificates. 

Taking a taxi in Sydney is a 
laid-back affair. Invariably, you 
will sit next to the driver and 
the general approach of cab 
companies is largely uncom- 
mercial. The drivers are also 
prone to do something that 
would severely raise the blood 
pressure of most taxi drivers - 
that is rounding down the fore 
if the passenger has not got the 
correct change. 

The cost is moderate with 
fores made up of a AS1.85 (87p) 
hiring charge; mileage of 97 
cents per kilometre; and 
waiting time of A $27.90 per 
hour. 

One should not misread the 
unceremonious outward 
appearance of Sydney taxis for 
casualness. Among other 
things, the New South Wales 
Taxi Council is very’ proud of 
the fact that it sold its training 
programme to London. 

With contributions from FT 
bureaux. 


‘4 





* 

— <!» “ 


The International A irline 
that s really taking off 







FINANCIAL TIMES MONDAY OCTOBER 10 1994 




i#r^TST - - 


TIPS ON PERSONAL SAFETY 

Unfamiliar dangers 


It may even be true that you 
have nearly os good a nhnnno 
of being mugged in Maida 
Vale, London, as anywhere 
else in the world. But a 
businessman abroad is almost 
certainly less likely to spot the 
warning signs than one who la 
confronted by a robber on his 
home teritory. 

In unfamili ar cities business 
travellers are at their most 
vulnerable at 

the point of — 

arrival: the MgaS? ^ 
airport This is )3s* ss ’ 
where you can ^Ty\ * 
fall foul of Hs 
unlicensed or (if a Vrrt 5 
unscrupulous ( 
taxi drivers, icg2|?sacG 
who will rtp J 

you off because jmt * 

you have not ' — . 

done your ' 

homework and JjJJ C 

found out three 

vital pieces of 'v*^cr < 

information: 1 . " ** 

what is the * ^ 

best mode of 
transport 
downtown, the distance and 
the average fare. The airport is 
also where your wallet or 
handbag can get lifted while 
potential vendors crowd 

around you to win your fare to 
your hotel 

The first rule of foreign 
business travel is to get advice 
on which taxi company or tart 
type Is best to patronise. If you 
don’t know the city, your 
agent, sales rep or even staff at 
the hotel you have booked into 
can advise you. 

While at airports, the time 
spent at check-in desks can 
also be dangerous. Again, the 
combination of crowds and the 
constant movement of luggage 
and endless distractions should 
put all travellers on their 
guard. The best advice is to 
spend as little time as possible 
on this stage. 

The move towards non-desk 
check-in at airports is to be 
applauded for this reason. 
Lining up at the terminal 
counter could soon become a 
thing of the past and it will 
also negate the need to have to 
drag your luggage through the 
terminal KLM is one of the 
airlines in the forefront of this 
trend. It offers seven options 
for those passengers departing 
Amsterdam: through* check-in. 


round-trip check-in, car park 
check-in, gate check-in, 
telephone and fax check-in and 
ticket office check-in. 

Telephone check-in is 
perhaps the most popular 
service that nir iinng offer. 
Scandinavian airline SAB 
reckons that business 
travellers need only queue for 
10 seconds at the airport for 
their boarding pass. At least 


HEAVEN'S SflK6 
3QHNSDN, VWH 
CONFIDENCE flND 

WFGSEF-v^ 




that reduces the tune a mugger 
or robber can prey on you. Ask 
your airline whether it offers 
such a service, or whether it 
offers checking in at a 
downtown hotel or rail station. 

The danger does not grid 
once you get downtown, 
however. Hotels can provide 
rich pickings for unsavoury 
types. Always take advice from 
the hotel concierge about the 
city's no-go areas before you 
venture out for some fresh air. 

Of course, there are some 
countries in the world where 
the traveller is perfectly safe. 
Singapore is virtually 
crime-free and South Korea 
needs only commonsense 
discretion. The dangers are 
rmy h jg PumhnHIa the 

Commonwealth of Independent 
States (the former Soviet 
Union) and Colombia, Iran, 
Iraq, the Somali border in 
Kenya, the Iraqi border in 
Kuwait, in rural areas of the 
Philippines, in north Somalia, 
south-east Turkey, former 
Yugoslavia and Zaire. To 
generalise, it is in the 
East and Latin America that 
there have been the most 
attacks cm business people. 

In these danger zones being 
prepared is the secret. Caution 
mist be exercised when using 


internal transport. You must 
vary your route home and 
avoid visits on public holidays 
which are often key terrorist 
dates. Do not use the company 
jet, which sits on the tarmac 
for everyone to see. If 
travelling in a group, split np 
between, cabins and don't book 
into your hotel under a 
corporate name unless the 
danger is minima? (and the 
corporate rate 
— - — - I too good to 

5 SAKE I miss). 

Wrr-H /I Some natioo- 
KJh / fl abides are more 

likely to 
_ f* became victims 

Jr jy* than others. It 

SSBPv -a is not surpris- 

|530Kj p* mg to learn 

■ that Americans 

come top of the 
1 —r~~- list, but 

f Britons and 

' Canadians 

come ■ close 
behind since 
N they can often 

'***&«*=**' be mistaken for 

teem. 

The Overseas Security Advi- 
sory Council (OSAO advises in 
these matters and has a check- 
list for ensuring safety. It sug- 
gests, among other thing s , 
making two photocopies of the 
important pages of your pass- 
port (one to pack, tee other to 
leave at home) which will 
expedite replacement You are 
advised not to pack unmarked 
prescription drugs and political 
literature. Choose non-stop 
flights or flights with tee few- 
est intermediate stops or con- 
nections and reserve a seat 
near the exit 

They also advise dressing 
like a tourist and not a 
wealthy businessperson. Leave 
status symbols (watches and 
other jewellery) behind and do 
not discuss your travel plans 
with strangers. 

Greats* security is afforded 
on hotel executive floors which 
have better staff levels and 
often separate entrances, with 
generally more privacy. And 
neve* use the Please Clean My 
Boom sign on your door as it 
shows your roam is empty. 

Lastly, people who walk with 
confidence and a sense of pur- 
pose rarely get mugged, say 
the OSAC. 

Sarah Wilkins 


Christopher Price explains how the car rental price war plays into travellers’ hands 

The customer is in the driving seat 


Business travellers are firmly 
in tee driving seat A price 
war in the recess! on-hit car 
rental industry has been fur- 
ther compounded by an inten- 
sifying of competition with the 
entry of new operators. The 
result has been falling rates to 
historic relative lows as more 
companies have teased fewer 
customers. 

Most of the discounting has 
been felt at the leisure end erf 
the market, with some rental 
companies o peratin g at a loss 
in order to retain market 
share. But increasingly, busi- 
ness users - who comprise 60 
per cent of the total rental 
market — are benefiting. “As 
contracts come up for renewal 
businesses are increasingly 
reading about the price war in 
the car rental market and 
want a share of it," says tee 

ntaimg in g dlr pHrrp of pup big 
rental gro u p. “We are having 
to respond.” 

A sur vey by the Association 
for Car Rental Industry 
Systems Standards (Acriss) of 
the big five European car 
rental markets - the UK, 
Spain, France, Germany and 
Italy - showed a iterifa* in 
real terms last year by nearly 
10 per cent to $&86bn. Vol- 
umes fell 5J per cart 
Germany was tee worst hit, 
its rental mark et value declin- 
ing 14J5 per cent between 1962 
to 1993 to gUttm. Spain slid. 
6J> per cent to $282. 3m, while 
tee UK managed a rise of 2.4 
per cent to £806. lm. Germany, 
white accounts for 49 per cent 
of tee market share of tee five 
H im i M w, is traditionally tee 
largest car rental market This 
is due to the legal requirement 
1 that, when a vehicle is dam- 
aged in an accident, a replace- 
ment car must be provided. 

At the gflmo tim» l tee domi- 
nance of the “big five” opera- 
tors - Europcar, Avis, Budget* 
Hertz and Eurodollar - is 
increasingly been challenged 
by Alamo , the big US rental 
group, which is striving to 
become a Europe-wide opera- 
tor, and the rapid gr owt h of 
ratal brokers, such as Holi- 
day Autos i»«d Suncais. 

Brokers, which rent- 
ms with hirers and, because 
they do not own fleets them- 
selves, do not have the high 
start-up costs of operators, 
increased rental days sold by 


Car rental customer demand* 

™ Proportion of rentals (%)1 Renta) demand 


France 

Germany 

Italy 

Spain 

UK 

mwaund by M Wa i 




Domestic 

Foreign 

Mgh 

Low 

803 

19-7 S 

June 

January 

BTJ0 

iao | 

October 

January 

705 

29.1 

October 

August 

3x2. 

448 

August 

December 

87 jO 

iao 

Jtdy 

February 


, BnOthr, anpev Mamt a Hwa I 




3^' 

26.4 per cent last year. In tee 
leisure market, the brokers 
have significantly undercut 
established short-period car 
hire rates and the vicious 
price war in the holiday mar- 
ket has been widely laid at 
their door. Their large-scale 
entry into tee business ntarkat 
is seen as only a matter of 

ttlTltL 

The big rental groups are 
also under pr e ss ur e from the 
roaimlhriuraa , particularly in 
the US, which have had to re- 
evaluate their positions during 
the recession. Many of the 

Corporate rates in the UK 
have fallen so sharply that 
it is said to be as cheap to 

hire a car as to buy one 

rental groups have special 
relationships with the Mg pro- 
ducers involving fleet dis- 
counts aw) maintenance. Over- 
tures from Japanese 
manufac t ur er s are expected to 
be listened to with increasing 
interest 

Such has been tee deettne in 
hire rates in the UK that 
Acriss says it is now as cheap 
to rent a new car as to buy. 
According to the association. 


ftoptoeamnutcanrf • 
" tiacwntiino* 


y AkpOtr-husiwSA 

Aiport WsurO 


“one can now rent a car eve ry 
weekend of the year and also 
for a two-week period in tee 
summer for a combined cost of 
less than the anima) owner- 
ship cost of £5488.“ The latter 
is tee Automobile Association 
figure. 

Of the major European 
cities, London is the fourth 
cheapest, according to a sur- 
vey by Visa. The daily rate for 
a mid-range ear was £56.50. 
Amsterdam was the ehaftpprt 
at £47.70. Brussels was the 
most expensive at £132.40. 
Frankfurt came in at the 
equivalent of £5047, Milan at 
£92.28, Barcelona at £63.41 
and Paris at £79.78. 

With margins under pres- 
sure, tee big players are fight- 
ing bard for market share, 
with tee result being that 
some are operating at a loss. 
“A price war may sound like 
good news for travellers, but 
in tee medium term rates will 
have to rise if tee industry 1 b 
to invest in the service side of 
the business," says lb* Mal- 
colm Packer, managing direc- 
tor at Eurodollar’s interna- 
tional operations. "Some sense 
of sanity must return to tee 
industry." 

He fears that lower revalues 
wiB lead to lower quality and 



X - ^ 



tiring the Hertz No. 1 CU>goM service at LondoifsHaatiwow airport 


deliver less of what business 
travellers want and need. "A 
businessman wants to arrive 
at his airport in the knowledge 
that there will be no queues, 
little paperwork and good 
onward directions. It all has to 
be as painless as possible." 

The Acriss survey suggests 
that, with Europe’s economy 
slowly polling out of reces- 
sion, the rental market may 
have bottomed out Only Ger- 
many is forecast to see a far- 
ther decline in its revenues 
this year, down 0.25 per cat. 
Spain is forecast to grow 12J8S 
per cent, France 4.61 per cent, 
Italy 436 per cent and the UK 
3.41 pa cent. Market volumes 


are forecast to grow nearly 7 
per cent 

Acriss is also forecasting a 
growing presence for tee com- 
puter reservation systems 
(CHS) being increasingly toed 
by airlines, hotels and car 
rental companies. Their 
growth Is likely to underpin 
any recovery in the fortunes of 
the major rental groups, 
which are tied into the main 
CBS systems - Amadeus, Gali- 
leo, Sabre and Worldspan. Last 
year, they received over 20 per 
cent of fbeir b usiness through 
the CBS system. The number 
of CBS terminals grew by 1 
per cent last year to 54,348, 
according to Acriss. 


:v. 

• • ' OVvm » 


There’s a nc^v standard in the air 


/ 




.X. . 



--mss; 




jHIeading 

for 

Florence 


Burst 
tke W 5 >Me. 



EVA Air’s Economy Deluxe Class 

Now, for a just a little more than a typical economy fore, 
you can enjoy a lot more comfort. In EVA Air's Economy 
Deluxe Class you can relax in deep, wide, business class 
sized seats whilst choosing from six channels of personal 
video entertainment. Savour fine food and wines from 
every continent, and keep in touch with 
your home and business via our global 
satellite telephone system. 

Enjoy all this, and EVA Air's attentive 
but never intrusive service, at a price 
you really can afford. 

Fly our Economy Deluxe Class and see 
why EVA Air’S standards are always that much higher. 



a oose from two direct flights & day. 





f / vjTr/I | (5 


EVAAIR 



THE WINGS OF TAIWAN DROOP 

Bu**niAMaSuMDaEnV«411K in IITX OW tmCKItiXC 


Admit it flying to Florence, you've focus of attention. Your favorite newspaper, and a more relaxing seat A totally different 
most likely been taken in by other airflnes, me best of Kalian cuisine, much more tegroom style of travel, the way Hying was meant to be - 

with rigid schedules to alternative airports. But g 6eS SemS TSen v\ ^ MendUna You 3150 * 00 

now there is a real choice. Because now there mn our daily direct flight to Verona. For more 

is Meridians. With us you can choose between tordcnirw -flortnee 0955 13,10 123456. det^p^ phone Meridian* (*071-8392222. 

two flights tateig you non-stop to the heart of Londcnitfw -»florence 19,40 225S 1 2345.7 

Florence, at the times that suit you better. ^ -^ondomc* 0750 09.15 123456. (ISk MprJrll OYV O 

On board: our exclusive Award Winning l\Xlui.Xu 

Electa Club, where you are our personal 1^^“ ~ Londontcw ,7/W 16,55 ,23 * 5 ‘ 7 I Your Private Airline 

tacacNi Bacon. Bosom C*a*« Camm* ftnwr^ Bhnam; Ghh Cnxura tb*c Ujmjcn. Mmh Monaco, N**& hkt Q».Fwima Rws. vs* Rwe Vbo Vbcma.2ukh 


and a more relaxing seat A totally different 
style of travd, die way Hying was meant to be - 
The Meridians Style, You can also enjoy it on 
our daily direct flight to Verona. For more 
detafc please phone Meridians on 071-8392222. 


Your Private Airline 




2 


To the moon and back, 
four times a day. 

The United Airlines fleet covers 2 million miles, carrying 100,000 passengers, every day of the week. 

That helps to make tis one of the world s biggest airlines. 

But it’s the fact that we go to the ends of the earth to please you that makes us the best. 

Conte fly the airline that's uniting the world. Conte fly the friendly skies. 

For reservations, see yoyr gravel agent or call United on 031 000 0000 (0800 SS8 555 outside London) 


✓w 

A*** 'V-*'- 


: * « 1 

A 




V 




n 


-a&x \ i , 


m 


- - T' ^' ' , 


.• ** 








V 9 










- 


/• 


\ 


• 


* t: 








\ 








m 


P 


♦ * 


m 






United Airlines 




FINANCIAL TIMES MONDAY OCTOBER 10 1994 



BUSINESS TRAVEL 1 1 


■’Pont eat the fried chicken at 
Lima airport ” 

S easoned travellers to 
Latin America are full of 
anecdotal advice such as 
this. Everyone who has been to 
the continent has at least one 
harrowing tale of “Montezu- 
ma a Revenge"; of taxi touts 
quick to spot a naive foreigner 
unaware of the latest currency 
reform, knocking several digits 
o£R or of a bureaucrat showing 
abnormal levels of zeal in per- 
forming an otherwise simple 

task. 

The most important piece of 
advice to any traveller - busi- 
ness or otherwise - is: relax. 
Adopt a Zen-style approach to 
the whole experience, and it 
will be more rewarding, enjoy- 
able and. ultimately, successful 
than might be imag ined at first 
sight The alternative - becom- 
ing stressed - will certainly do 
neither you, nor your mission , 
any good at all. 

Business travel to Latin 

Anyone with experience 
of travel in some parts of 
the former Soviet Union 
will find Latin America 
positively advanced 

America is as yet in its 
infancy, but it is rapidly devel- 
oping, in the wake of die hun- 
dreds of privatisations that 
have taken place across the 
region. That imams that many 
aspects of travel to the conti- 
nent do not Tnflt<vh developed 
world conditions, though any- 
one who has experienced 
travel in some parts of the for- 
mer Soviet Union will find 
Latin America positively 
advanced. 

All generalisations disguise 
many local variations, of 
course, but there are certain 
unifying aspects to travel in 
Latin America. Those who 
have already sampled Lima air- 
port’s fried chicken may find 
much of what follows old hat; 
novices may find it useful. 
Language: Speaking Spanish - 
or Portuguese, in the case of 
Brazil - is naturally a particu- 
lar advantage, though not an 
absolute necessity in the case 
of those with a grasp of 
English, as English is much 
more widely understood and 
used, certainly in a business 
context, where many top-notch 



Rk> de Janeiro's conical shaped cathedral and the ctty*a business district (tafft a street photographer at work hi Buenos Abus and the Hotel Mafia Caribe in 


EMERGING DESTINATIONS: Gary Mead on Latin America 

Avoid the stress: relax and enjoy it 


personnel will have spent a 
period of study in the US. But 
even a smattering of Spanish 
(or Portuguese) will be 
received with great pleasure; 
latin Americans are, on the 
whole, not language snobs, and 
greatly appreciate foreigners’ 
attempts to speak their lan- 
guage. 

Security: Some cities, such as 
Buenos Aires, are astonish- 
ingly safe. Others - including 
Lima and Rio de Janeiro - can 
be problematic for the unwary. 
But physical violence is 
extremely rare; theft of osten- 


tatiously valuable objects and 
cash is the main aim of any 
unfriendly confrontation. Obvi- 
ous rules apply; when in unfa- 
miliar surroundings, carry 
minimum necessities, and 
never try to be heroin While 
violence is rare, life is cheap, 
on occasion. Always carry a lit- 
tle money, since that will at 
least placate the robber. Avoid 
illegal drugs; most countries, 
even when renowned drug -ex- 
porters themselves, have very 
strict anti-drug laws. (See 
Health, below). UK-based trav- 
ellers can call the Foreign 


Office Travel Advice Unit cm 
weekdays between 9-30-4 for 
the latest information on desti- 
nations around the globe, 
including Latin America. How- 
ever, that requires persistence 
as the lines are frequently 
engaged. But on the whole, the 
continent’s trouble Spots have 
considerably calmed in the last 
couple of years. 
Accommodation: Amer- 

ica is not overflowing with 
first-class hotels. Years of eco- 
nomic decline and political 
unrest have wwant that little 
investment has, until recently. 


been channelled into a sector 
which hosted declining num- 
bers of visitors. You can expect 
to pay developed world prices 
for what often feels like devel- 
oping world accommodation 
and service. 

This is changing. US hotel 
groups in particular are fast 
expanding in the region, 
though some very important 
cities, such as Caracas, still 
lack a truly first-class hotel 
Others, such as Buenos Aires, 
have a highly developed hotel 
sector, but you will be fortu- 
nate to find anything with all 


the comforts and services you 
require an a business trip for 
less than $200 a night. 

Some exotic-sounding loca- 
tions - Montevideo, for exam- 
ple - still have primitive hotel 
accommodation, though fancy 
prices. Yet just up the road 
from Montevideo, at Punta del 
Este, are some fine hotels and 
the best beaches in the conti- 
nent. 

Internal travel: Some internal 
airlines, generally those still in 
state hands, are now widely 
regarded as lacking perfect 
safety standards. While thte 


area is clouded in controversy, 
it is best to check with the 
aviation authority of one’s own 
country for a view about which 
airlines are viewed as main- 
taining all the safety measures 
required. 

The continent’s rail network 
is sadly underdeveloped; buses 
are widely used and generally 
reliable, the taxi of course is 
ubiquitous. Hire cars are 
widely available but again, at 
developedrworid rates and, in 
my experience, highly unrelia- 
ble. Opt for taxis for city 
travel; most locally-based com- 


panies null be able to provide a 
chauffeur-driven car to help 
minimi se hassles. Remember 
that the continent is a vast 
area; Argentina is geographi- 
cally the same size as India. 
Health: Despite the opening 
comment from a traveller who 
has spent the last decade 
shuttling between the UK and 
the continent, seriously debili- 
tating problems are very rare. 
The usual, obvious things 
apply as with any developing 
region: consider avoiding sal- 
ads and fruit you do not peel 
yourself; stick to bottled water, 
eat food which is simple, bland 
and well-cooked. Some visitors 
regard the region's (highly 
variable) cuisine as delightful 
others differ. Caracas, for 
example, might be a nightmare 
to get around in by car; but its 
restaurants are plentiful and 
excellent. In high altitude 
places such as Bolivia, con- 
sider chewing coca-leaf (not 
illegal from street vendors in 

Chewing coca-leaf (not 
illegal from street 
vendors m small 
quantities) helps to ease 
attitude sickness 

small quantities) - it does help 
ease altitude sickness. 
Currency: Most Latin Ameri- 
can. countries - ftragfl is an 
exception - have reined-in the 
rampant inflation of the 1980s, 
though whether it is simply a 
case of having trapped the 
devil in a jam-jar is yet to be 
seen. Stable, if occasionally 
over-valued, local exchange 
rates now generally prevail In 
any case, the US dollar is the 
universal mechanism of 
exchange; take traveller's 
cheques for safety, of course. 
All major credit cards - and 
thousands of others - are 
widely accepted. 

Guides: Bookshops are now 
Jammed solid with guides to 
the region, but only one is 
imperative, despite its occa- 
sionally infuriating tendency 
to lag behind recent develop- 
ments. The book is the South 
American Handbook, pub- 
lished by Trade and Travel 
Publications. Potted histories, 
maps, hotel lists, advice are all 
there. Don’t expect its price 
guides to be too accurate how- 
ever; this is stiQ a region of 
some volatility. 


T he most tired dlch£ in 
South Africa is that the 
country is enjoying a 
post-election honeymoon 
period As far as the business 
community goes, it is a phrase 
of some substance. Political 
reform in South Africa has 
ushered in an era of enthusias- 
tic courtship between foreign 
businessmen, investors and 
bankers, and the local busi- 
ness community. 

But while there has been 
much holding of hands, and 
some knots have been tied, it 
remains early days. There has 
been little inward flow of 
Investment to talk of. 

For airlines and hotels, 
though, it is not too early to 
count the beans. The runway 
at Jan Smuts airport in Johan- 
nesburg testifies to a forest of 
new visitors. The foyers of the 
huger hotels have a cosmopol- 
itan buzz which was absent as 
recently as a year ago. 


Business and first class 
are normally heavily 
booked, so it is not always 
possible, at short notice, 
to get on a flight 


>r those businessmen who 
e still to put their toe in 
th African waters, there is 
too much to be concerned 
at. Perhaps the country’s 
nest disadvantage is that it 
long-haul destination, eer- 
ily so far as any other 
or business capita) is con- 
ed 

a the other hand, this Is 
ft at least for European 
tors, by the feet that there 
ttle time difference- With 
t flights overnight it is 
quite possible to leave at 
end of one business day 
do business in South 
ca the following morning 
[ vice verso). 

Dst of the world’s main 


EMERGING DESTINATIONS: Philip Gawith on South Africa 

Airlines and hotels can count the beans 



The view from the cable car station at the top of Table Mountain, Capa Town The business district of Johannesburg GfrnGm*, 


carriers fly into South Africa 
on a fairly frequent basis, with 
British Airways and South 
African Airways both offering 
daily flights, and more, from 
London. 

If anything, there are indica- 
tions that supply might not 
yet have caught up with 
demand Regular visitors from 
the UK say that business and 
first class are normally very 
heavily booked .and it is not 
always possible, at short 
notice, to get on a flight 

On arrival the visitor will 


discover that South Africa's 
best face is not immediately 
obvious. Jan Smuts airport, 
which Is currently being 
upgraded, provides a satisfac- 
tory, rather than a good ser- 
vice. Immigration and baggage 
services are adequate, rather 
than accomplished 
Foot the purposes of getting 
around public transport is a 
non-issue - at least so far as 
getting to the places that busi- 
nessmen are interested in. 
Tins leaves the option of taste, 
hire cars or a chauffeur ser- 


vice. Taxis are available but 
not always reliable, and the 
cars tend to be a bit run down. 

The hire car fleet is in good 
shape, roads me excellent, and 
the geography is very manage- 
able, so Wring a car is a feasi- 
ble choice. First prize, though, 
is to have a chauffeur sendee, 
because tills means you do not 
have to w or r y about parking. 

When it comes to accommo- 
dation, mainstream hotels 
range from £40 to £110 a 
night. So for as Johannesburg 
goes - and it is the nub of 


most business visits, though 
Cape Town also a t tr ac t s a fair 
share of visitors - the Sandton 
Sun and Towers hotel is a firm 
favourite. Bankers and busi- 
nessmen can enjoy the bracing 
frisson of rubbing shoulders 
with the competition in the 
foyer. 

The Towers extension, 
opened in 1993, is arguably the 
hotel best adapted to the busi- 
ness visitor, offering such 
facilities as chanffenred limou- 
sines, cellular phones and a 
business centre. Unsurpris- 


ingly, it also comes at the top 
of the price range. 

One regular English visitor 
says the hotel is “a notch off 
top quality”, but offers good 
value in an international 
sense. He adds: 1 would be 
ha p py to transport that hotel 
elsewhere.” 

There are, off course, many 
other options. The Rosebahk 
hotel is a middle-of-the-road 
favourite in the suburbs, while 
the Carlton keeps the flag 
burning in town. While there 
is no gainsaying the trend 


towards staying in the sub- 
urbs, the Carlton clearly 
makes more sense for busi- 
nessmen yin! ting banks, min- 
ing houses, stockbrokers and 
lawyers, all of whom still tend 
to be concentrated in the cen- 
tral business district. 

The concern likely to be 
most to the fore in the mind of 
the novice visitor is safety. 
The good news is that levels of 
political violence have fallen 
dramatically since the elec- 
tions. The had news is that 
there is still a lot of crime. 


much of ft violent 
That said, visitors are likely 
to be pleasantly surprised. Mr 
Tony Hicks, chief executive of 
the UK-Southern Africa Busi- 
ness Association, and a fre- 
quent visitor, comments: 
“Crime is a bigger issue in the 
minds of newcomers to the 
region than it should be. It is a 
very safe country to be In. A 
businessman ts absolutely 
safe, providing he is sensible." 

A US bankers notes: “Cen- 
tral Johannesburg is worse 
than mid-town Manhattan, but 
no worse than the bad parts of 
downtown Manhattan." A UK 
compatriot adds: “I drat feel 
any more exposed than I 
would in parts of Los Angeles, 
Chicago or Detroit” 

The actual conduct of busi- 
ness ought not to he too diffi- 
cult For a start after years of 
isolation. South Africa tends 
to welcome visitors. English is 
the language of business, tele- 


After years of isolation, 
South Africa tends to 
welcome visitors and 
English is the language 
of business 


phone and fax services are 
good (cellular phone services 
were recently introduced) and 
there is competent profes- 
sional back-up in areas such as 
law and accountancy. 

For the businessmen with a 
few days to kill, there is a sur- 
feit of leisure opportunities. 
The jewel in the crown is prob- 
ably Cape Town, a two-hour 
flight from Johannesburg, and 
the surrounding western Cape 
region. Try to visit the gome 
parks in the Eastern Trans- 
vaal five to six hours by car, 
but shorter if you fly. 

If you are pressed for time 
or like golf, nip off to the Sun 
City complex, two hours’ drive 
from Johannesburg. 



travel P* 0 


fessio 


a# 



l/ y Bustoess Travel World is the pubfcatfon 
w business travel professionals ken to list 

W s because each fesue Is packed ftd oi 

hdefMndertaii^^ 

» coras bdh domestic and Wemsfioral travel and is 
the essential source dmatet information. 

A new departure 

Now we*iB offering Business Trawl World free 
to harass bate professionals 
FS'rlheofx^lorec^ycwre^sti^ 
card and if vou ouBife.wel send ycur free 
personal copy dmet to your business or 
home address euaymortfi 
To mate sura you dorfl rrfee file bod, 
complete and nstun fre capon today. 
Andtftfratisnt enough vitfreolfertig a 
fcaSlQttamattonal ptms-cadwih 
Ite fist 500 subscriptions. 


SendfwyoiB'regisiratk^ 

Name 

Company 


Postcode 


Idephcne 


RagfebaBon Kotiwi 0732 770823 
Fax: 0732 361700 


J/MUT1 yotraxfxn to DtpMnM H1W, Larw*MtwUoM,-iBGHgh Street. TorttwJea Kan TN9 iff 





XU 


FINANCIAL TIMES MONDAY OCTOBER 10 1994 


★ 

business TRAVEL 12 


EMERGING DESTINATIONS: Sarah Wilkins on China 

Services Improve, but obstacles remain 



The Bund - the most famous street in Shanghai s**>i*may 


F or the past two years China's 
economy has been growing 
faster than that of any other 
country. Business people are rush- 
ing to the country to cash in on the 
boom. 

The statistics say it all: gross 
domestic product has been growing 
at an annual rate of 8 pa cent and 
reached doubteniigit figures in 1992. 
Regions in the sooth of the country 
have been expanding at an even 
greater rate. 

China's transition from rigid state 
control to a market-oriented system 
is bearing fruit for the indigenous 
population as well as foreigners. 
Business travel to and within the 
country has grown in tandem- and, 
fortunately, there have been 
improvements in the quality of the- 
travel sendees available. 

Serious infrastructural shortcom- 
ings still hinder business travel. 
Airline services are perhaps the big- 
gest obstacle- Intrepid travellers 
who take domestic flights should 
not expect to enjoy anything like 
western standards. 

The country's national airline, 
CAAC. has been decentralised into 
over 23 regional airlines, practically 
one per province. Many, however, 
are very small operations with only 
a couple of aircraft. 

The largest is Air China, which 
has done most to upgrade to inter- 
national standards. A joint venture 
company called Ameco Beijing, 
established between Lufthansa, the 
German flag-carrier, and Air China, 
undertakes aircraft maintenance 
and servicing, and has brought this 
particular airline to the vanguard of 
Chinese aviation. 

MDSO and B737 aircraft are util- 
ised heavily for inter-city routes but 
there are also more passenger- 


friendly B737-300 and B767S in its 
fleet 

On the ground, Beijing airport is 
less of a nightmare to fly into these 
days. In 1992 an extension to the 
tenninal was opened, which eased 
congestion. By 1996 a new tenninal 
will open. 

A six-lane highway downtown 
from Beijing airport has also helped 
cut the journey time of 45 minutes 
by about two-thirds. The 120km 
speed limit also helps. But one 
thing has not changed, and that is 
the inability to rent a car. 


Travellers who embark on 
domestic flights should not 
expect western standards 


Many tads have meters but most 
drivers do not speak English. so it 
is wise to get directions written 
down. 

The shortage of good office and 
overnight accommodation in Chi- 
na’s capital city is no longer so 
acute, however. For many years, 
visitors to Beijing could choose only 
from the Great Wall Sheraton, the 
Shangri-La Beijing (located a little 
too far out of town) and the Holiday 
Inn Lido, which is towards the air- 
port The Holiday Inn's adjoining 
apartment/office block was a Who's 
Who of the foreign business com- 
munity. These stood out as beacons 


of western comfort. 

Over the last few years, however, 
there has been an explosion of new, 
western-managed hotels and the 
choice is almost limitless. Appalling 
traffic congestion in the city dic- 
tates that you must choose where to 
stay with care; otherwise, taxi teres 
become exorbitant and you will not 


makethe best use of your time In 
the city. 

AH rooms have what you would 
expect in a European establish- 
ment colour TV with satellite pro- 
grammes and ln-house movies, 
direct dial phones, air conditioning, 
minibars ana PC and fax outlets. 

The SAS Royal has opened near 


the Holiday Inn, and both are adja- 
cent to the China International 
exhibition centre. Go for the spa- 
cious Royal club roams on its exec- 
utive floor. 

Slightly close: to the centre is the 
Great Wall Sheraton - nearest to 
the embassy district - which has 
new neighbours in the shape of the 


Landmark, Hilton and Kempinski 
hotels. The latter is a mixed use 
complex with offices, apartments, 
endless restaurants and shops 
(including a Munich-style brewery) 
as well as useful services for expa- 
triates such as a bakery and delica- 
tessen. It also oSers a shuttle bus to 
downtown. 

Closer in still is the Swissotel 
part Of the Hong Kong Macau Cen- 
tre. Upgrade to junior suites for 
good-size bathrooms. To the east Is 
the New World, another mini city- 
style operation with offices, shops 


Traffic in Shanghai is 
appalling and queues for 
taxis are horrendous 


and apartments. 

Directly south are two Shangri-La 
managed hotels, the three-star Trad- 
ers and the five-star China World, 
together with over 20 restaurants. 
alriing offices, exhibition space, two 
office towers, apartments and end- 
less shops. Trade up to China 
World's Horizon floor if the budget 
allows. 

In the core of the city are two 
deluxe properties directly east of 
the Imperial Palace and Tiananmen 
Square: the Holiday Inn Crowne 
Plaza and the Palace. 

Without doubt, the Palace is Bei- 
jing's finest complete with a white 


marble staircase that would not be 
out of place in Hong Kong. Not sur- 
prisingly. it is managed by the 
Hong Kong based Peninsula group. 

Other hotels worth mentioning 
are the New Otani and the four-star 

& Nm everybody stays in Beijing, 
however. It is likely that you wffi te 
travelling to the south of the coun- 
try because this region- more 111311 
anywhere else, has benefited from 
Deng Xiaoping's reforms. Deng s 
“open door" policy, adopted in 197S, 
manifested itself in a list of Special 
Economic Zones set up for foreign 
investors. Jbft Guangdong province 
and the sfienzen economic zone 
were the principal beneficiaries ini- 
tially. followed by Pudong in 1980. 

Over the fast 15 years. Guang- 
zhou's economy has grown at an 
annu al average rate of 13.9 per cent. 
During 1993 and 1991 it rocketed to 
23 per cent Travellers here can opt 
for one of the two rather large (over 
1.000-room) hotels, the Garden of 
China, the much smaller Holiday 
Inn in the new commercial district 
or the Rama da Pear], which is the 
closest to the Huangpu develop- 
ment zone. The city's Baiyun air- 
port is just 20 minutes away. 

A visit to Shanghai, the country’s 
financial centre, may be on your 
schedule. There are half a dozen 
good, western standard hotels to 
choose from. The best is probably 
the Portman Shangri-La but the 
Garden hotel (managed by Okura) 
is a (dose second. There is also the 
Shang hai Hilton, the Equatorial, JC 
Mandarin, Sheraton. New World 
and Westin Tai Ping Yang. 

Traffic is appalling in this major 
port; the airport is 14km away and 
queues for taxis are usually borren- 


EMERGING DESTINATIONS: Sarah Murray on Vietnam 


Chaos of the modernisation drive 



Tba fun starts on the way in 
from the airport. Speeding 
along in a Toyota taxi, the 
four-lane highway to the cen- 
tre of Hanoi that was com- 
pleted earlier this year looks 
impressive - until the car 
screeches to a halt at a junc- 
tion with no traffic lights, 
where a fanner is endeavour- 
ing to cross accompanied by a 
gaggle of geese. 

Such an episode is typical of 
the chaotic way Vietnam is 
running headlong for high- 
tech 20th century modernism 
and can make business travel 
there both frustrating and 
extremely entertaining. 


In the hotel, you may have a 
new Japanese television set in 
your room, complete with 
remote control, only to find 
that the establishment has not 
bought itself a satellite dish 
and the only programme avail- 
able on all 20 channels is a 
Vietnamese soap opera, seen 
through constant grey elec- 
tronic haze. 

However, with investment 
pouring into the country - for- 
eign pledges for projects in 
Vietnam recently hit the $10bn 
mark, according to the State 
Committee for Co-operation 
and Investment - it is dear 
that business travellers are 


not being pnt off by snch 

Every flight into Vietnam is 
packed with foreign executives 
eager to strike a deal. The 
creaking infrastructure is 
sometimes unable to cope. 
Flights between Hanoi, the 
capital, and Ho Chi Minh City 
(formerly Saigon), the com- 
mercial capital, and centres 
such as Hong Kong or Bang- 
kok are often overbooked. 
Power cuts make using com- 
puters a trying affair and the 
roads are in a pitiftzl state. 

Finding a hotel can be a 
problem, too. Ho Chi Minh 
City has a good choice of 


accommodation. Older estab- 
lishments such as the Conti- 
nental, Majestic and the Rex 
will suit those looking for 
charm and history. The more 
expensive Omni Saigon, the 
Saigon Floating Hotel and the 
Century Saigon provide mod- 
ern international facilities. 

In Hanoi, however, the exist- 
ing accommodation can barely 
keep np with the rush. The 
Metro pole remains the only 
western standard hotel and as 
a result is constantly fully 
booked. While the mini-hotels 
springing up all over the city 
are easing the situation, find- 
ing somewhere to stay in the 


Relax in the world’s most 

First Class 


In our seating configuration, each 
passenger has more space. Our First Class 
seal reclines to 165°-ten degrees more than 
on other leading airlines and the leg rest 
has a fingertip control for just the position . 
you prefer. 


.4 choice of delicious hors et'oeuvre 

Saudia’s food, of course, is legendary, 
served on fine china with a choice of seven 
hors d’oeuvres - including caviar - four main 


dishes and two desserts. On some long haul 
flights, it’s prepared and served by the chef 
himself. No wonder it wins awards. 

Add to this a touch of Saudi Arabian - 
cardamom-flavoured Arabic coffee with 
succulent dates and the discreet attentions 
of our cabin staff while you lie back in luxury. 

Ahlan Wasahlan. Welcome aboard. 

saudici ik 

SAUDI ARABIAN AB9JNK5 

Proud to serve You 


capital can be difficult, so 
book well in advance. 

But the Vietnamese are no 
slouches when it comes to 

flprwmrpndaHny this inflirr of 

business travellers. In the two 
main cities, taxis can now be 
called by phone and a variety 
of consultants and agencies 
will make travel arrangements 
and extend visas. 

Most hotels are busily 
installing IDD phone and fax 
lines while in Hanoi the Little 
Italian restaurant will take 
telephone orders and even 
deliver its pizzas to your door. 

The cydos - bicycle taxis - 
have also started to smarten 
up their act by adding to their 
vehicles hoods, as protection 
against the frequent monsoon 
rainstorms, and cushions. 

A powerful incentive behind 
the creation of these services 
is the dual pricing system, a 
particularly frustrating ele- 
ment of travel in the country. 
The system - whereby foreign- 
ers are charged substantially 
more than the local population 

- operates on both an official 
and an unofficial level. 

The government-imposed 
pricing system ensures that a 
foreigner pays, for example, 
3300 for a return flight to Ho 
Chi Minh City while a Viet- 

Foreigners are charged 

substantially more than 
the local population 
- for air fares, electricity 
and phone bills 

namese pays 3110 for the same 
journey. Foreign residents pay 
higher prices for their electric- 
ity and phone bills, too. 

On the unofficial market, 
prices can usually be knocked 
down by about halt Neverthe- 
less. while a cydo driver can 
be persuaded to drop his 
charge considerably, he will 
never go below a certain price 

- about 31 a kilometre (25 
cents for Vietnamese). 

Such frustrations aside, lin- 
guists will find the country a 
delight. The Vietnamese speak 
a wide range of languages, 
many of them acquired during 
periods spent working or 
studying in China, Cuba or 
countries of the former Soviet 
Union. Thus, it is not unnsoaL 
for example, to find a Viet- 
namese who speaks fluent 
Romanian. Fortunately for 
those whose Romanian is a lit- 
tle rasty, English is rapidly 
becoming the most popular 
foreign language spoken in the 
country, with French as the 
runner -up- 

Forelgn investment is 
increasing the comfort for the 
business traveller. Cathay 
Pacific's involvement on the 
Hong Kong-Hanoi flight, for 
example, has helped well- 
trained air hostesses dish out 
meals that almost resemble 
something served on British 
Airways or Lufthansa - a far 
cry from the dog-eared card- 
board box containing shriv- 
elled vegetables in vinegar and 
a stale bun that used to be the 
norm on Vietnamese flights a 
few years ago. 

Over recent years several 
foreign firms have been work- 
ing with the Directorate Gen- 
eral of Posts and Telecommu- 
nications, which runs 
Vietnam’s communications, to 
upgrade the country's internal 
and overseas telecommunica- 
tions. While national phone 
lines remain unreliable, ft is 
claimed that International 



Vietnam business travel guide 


Dialling codes: 

Hanoi 014 

Ho Chi Mirth City ..-.018 


Hotels: Hand 

Metropole tel: 266919. fax: 266920 

Heritage Hotel tel: 351414. fax: 351458 

Saigon Hotel tab 268499/505, fax: 286631 

Hanoi Hotel -tel: 252240/270, fax: 259209 

Government Guest House . tel: 255853. fax: 259277 

Defence Ministry Guest House tel: 265540 

fax: 265539 

Army Hotel tel: 252896, fax: 259276 


Hotels: Ho Chi Minh City 

Rex Hotel tab 292185. fax: 296536 

The Saigon Floating Hotel .tel: 290783, fax: 290784 

Century Saigon Hotel .tab 231818. fax: 292732 

Hotel Majestic Saigon - tel: 295510 

fax: 291470/322019 

CaravalJe tab 293704. fax: 296767 

Continental —let 294456/299255, fax: 290936 

Omni Saigon Hotel tab 449222/333, fax: 449200 

Restaurants: Hanoi 

Indochina. 16 Nam Ngu: Vietnamese cuisine with 

traditional music tel: 246079 

A Little Italian, 81 Tho Nhuom: Italian pizzas and 
pasta wfth live performances by a siring quartet on 

Sundays tel: 258167 

Marriotts, 65 Ngo Hue: Vietnamese and western 

dishes - tel: 226833/4 

Restaurant 202, 202a Pho Hue: Vietnamese and 

Chinese cuisine tel: 269487 

Plano Restaurant and Bar, 50 Hang Van 

Vietnamese and Chinese cuisine _.tel: 232423 

Le Beaulieu, Metropole, 15 Ngo Ouyen: French 
cuisine tab 266919 


Restaurants: Ho Chi Mnh City 
Lemongrass. 63 Dong Khoi, D1: Vietnamese 

cuisine - .tel: 298006 

Madame Dai's Bibliotheque, 84a Nguyen Du, D1: 
French and Vietnamese set menu In a private 
library with traditional music and dancing 

performances on Saturday nights tel: 231438 

Spices, Melody Hold, 151 Nguyen Van TroJ, Phu 

Nhuan: Malays an cuisine — tel: 441719 

Vietnam House, 93-95 Dong Khoi, 01: Vietnamese 

cuisine tel: 291623 

L'etofle, 180 Hai Ba Trung. D3: French cuisine with 
a piano bar tel: 297939 


Embassies 

Australia tel: 252763 

China . — tel: 253736 

Canada - tel: 265840 

France tel: 252718/254367 

Germany - tel: 253836/8 

Italy tat 256246 

Japan -tel: 527024 

Singapore - tel: 233966 

Switzerland tel: 232019 

Thailand — - -tai: 253092 

UK _te1: 252510 


Taxis: Hanoi 

Hanoi taxi: tel: 535252 

Fujlcab tel: 255452 

Taxis: Ho Chi Minh City 

Airport Taxi tel: 446666 

Vinateod tel: 442170 


AMbies 

Vietnam Airlines (Hanoi) tet 255284/253642 

Vietnam Airlines (Ho Chi Minh City) tel: 292118 

- -.230696/292226 


direct dialing sow reaches 214 
countries with efficiency. How- 
ever, this comes at a price. 
Vietnam is one of the most 
expensive countries in the 
world for IDD calls. 

Credit cards, nnbeard of a 
couple of years ago, are being 
accepted in more and more 
places. It is also possible to 
draw cash from certain banks, 
such as the ANZ Bank in 
Hanoi, ustng a credit card. 

The easiest method of pay- 
ment op to now, has been with 
dollars in cash. Dollars have 
been interchangeable with 
dong, the local currency for 
most transactions, and govern- 
ment economists estimate 
*600m Is circulating In notes 
within the country. 

However, a new foreign 
exchange regime introduced at 
the beginning of this month is 
set to change all this. The new 
rules mean businesses must 
channel their hard currency 
earnings through bank 
accounts. Everyday transac- 
tions must be carried oat in 
dong, although it is uncertain 
how effectively this rule win 
be enforced. 

Airlines, insurance, shipping 
and teleC ornmnniraHnns firms 
may continue to charge In dol- 
lars, but the full consequences 
of this move remain to be 
seen. 






9 


FINANCIAL times MONDAY OCTOBER 10 1994 






* 


XIII 

BUSINESS TRAVEL 13 



0 


Airlines have tig htened up their procedures, reports Kate Bevan 

Looking after your luggage 



The QE2, last of the great Hners, is the will make 27 crossings between New a computer centre and meeting 

only alternative to crossing the Atlantic York and Southampton in 1995. With facilities, she carries an increasing 

by air. The 1,700-passenger Cunarder cjrect dial satelEte phone and fax Hnks, amount of conference traffic otnM 


You know the feeling. You’re 
standin S *n the baggage hail 
long after everyone else on 
your flight has collected their 
bags, watching two suitcases 
doing desultory circuits of the 
conveyor belt - and neither of 
them is yours. 

Meanwhile, your suitcase is 
probably making similar Bad 
circuits at another air- 
port -not necessarily in the 
same country or even the mwm 
continent 

Theoretically, of course, this 
should not happen. Airlines 
have tightened up their proce- 
dures in the wake of the 
Lockerbie bombing, which was 
traced to a bag travelling unac- 
companied. And if you’re fly- 
ing bu s iness or first class, your 
bag should have a tag indicat- 
ing that it belongs to a pre- 
mium class passenger and 
should be handled accordingly. 

There are steps you can take 
to prevent your luggae going 
astray. The most important 
thing you can do is not check 
in your bags - a golden rule for 
regular travellers is to carry as 
much as possible as hand lug- 
gage. 

Airlines are a bit sticky 
about how much you can carry 
on, so some passengers will go 
to extraordinary lengths. 

Mr Mark McCormack, 
founder of the International 
Management Group, recom- 
mends in Hit the Ground Run- 
ning. his guide to hassle-free 
executive travel that you get 
someone else to look after your 
hags, out of sight of the desk, 
while you check in unencum- 
bered by anything more th-m 
an innocent suitpack and brief- 
case. Then you retrieve your 
other bags and proceed to the 
gate where, with a bit of luck, 
you can convince the agent 
that the check-in desk said it 
was OK tor you to carry on 


your other encumbrances. 

This may be a desperate- 
measure but it does spare you 
from the lonely vigil by the 
baggage carousel 

Generally, in first and busi- 
ness class, you can carry on an 
overnight bag, a briefcase (or a 
handbag), plus a coat, a cam- 
era and an umbrella. This is, of 
course, of most use to women 
but men should tafrg note of 
the vast size of hai n fi wg that 
some women carry in addition 


to other hand luggage. There’s 
nothing to stop a man sporting 
a biggish shoulder bag and 
arguing that it counts as a 
handbag should anyone object 
to it 

Perhaps the only time that 
you will be prevented from car- 
rying on too much is if you are 
travelling on Concorde. The 
cabin is surprisingly cramped 
and there is not much room for 
hand luggage, so Bri tish Air- 
ways may insist that you 
check in your suitpack. How- 
ever, your bag will be given 
the attention you expect- it is 
zipped into a dearly labelled 
cover and the airlhw promises 
that it will be off the jet and 


into the baggage hall before 
you are. 

Should you be forced to 
check in your bags, there are 
steps you can take to lessen 
the chances that they go 
astray. 

The ntafai thing , say the car- 
riers, is to make sure the bags 
are clearly and securely 
labelled - both inside and out 
Paper tags are a waste of time 
as they can be ripped off, so 
opt for something more sturdy. 


Another tip is to malm sure 
that your home address is not 
on the outside label This is a 
signal to thieves that the house 
is probably empty and there- 
fore a target However, your 
home address should be on a 
label inside the case so that if 
it does go astray, it can be 
returned. 

It may seem obvious, but a 
sturdy lock win slow down a 
potential thief, as will a hard 
suitcase. 

Travellers debate the virtues 
of soft bags versus bard bags, 
but airlines are clear that hand- 
sided cases are safer, as a pro- 
tection both against theft and 
from accidental damage. The 


downside of this is that they 
are heavy before you start fill- 
ing them up and there are 
weight restrictions on checked 
bags, with the meanest, not 
surprisingly, being in economy 
where you will be limited to 
20kg of luggage. 

Remember, also, that suit- 
cases and bags look aHki> an ri 
business travellers in particu- 
lar are likely to grab the first 
black Samsonite they see with- 
out necessarily checking to 
make gure it is thefts. 

The airlines advise that you 
should try to make your bag 
look different. That could 
mean putting a bright strap 
around the case or using stick- 
ers. 

One way to avoid losing lug- 
gage is to insist on taking 
direct flights, wherever and 
whenever possible. If yon do 
have to change aircraft your 
bag will also need to be 
switched over, and tills is a 
weak point although improve- 
ments at London Heathrow 
should reduce the risk for pas- 
sengers who transfer from 
international BA flights to 
domestic flights. 

If the worst happens and 
your baggage goes AWOb, you 
must take Immediate action. 
Go to the baggage handling 
services and tell them that 
yOUT luggage is missing and 
main* sure Hiat you fill in the 
forms. Don't put this off -you 
will have all the necessary 
information to hand and the 
sooner you alert the carrier, 
the sooner you will be reunited 
with your luggage. 

The staff will haggle with 
you over what you need to buy 
as replacements and try to beat 
you down, assuring you that 
your bag win undoubtedly turn 
up on the next flight Chances 
are that it probably will - most 
bags are delayed rather than 


lost -but you still need clean 
clothes, a change of underwear 
and same toiletries. You will 
do better for compensation if 
you are on your outward 
rather than return jour- 
ney - the carrier will reckon 
that you have all you need at 
home. 

If the missing bag fans to 
turn up within a reasonable 
time - ie overnight - then you 
will need to give the airline 
more detailed information 


about what was in it This is 
where it pays to have a list 
with you (among your hand 
luggage, oF course) of exactly 
what your suitcase contained. 
If you forget to tell them about 
your expensive leather trou- 
sers or silk dress, you will only 
kick yourself 

British Airways says that it 
reunites 95 per cent of lost 
bags with passengers within 48 
hours. This should get even 
better as it has recently joined 


the airlines' World Tracer 
scheme, which notifies all lost 
baggage to a computer in 
Atlanta in the US. This 
matches straying bags to bereft 
passengers and automatically 
puts the case on the next 
flight. 

It is very unlikely you will 
lose your bag for good - Euro- 
pean airlines mislay about 10 
suitcases in 1,000 -but that 
does not absolve you from tak- 
ing basic precautions. And the 


best thing you can do is insure 
your luggage against loss. 
While the airline which has 
lost your favourite Louis Vuit- 
ton suitcase will be suitably 
apologetic, it is ultimately only 
liable to pay compensation of 
$20 per kilogramme under the 
Warsaw Convention. 

The moral Is: insure your 
bags, label your bags inside 
and out, and know what is 
inside your bags. Other than 
that, you are at their mercy. 






STAYING ON: Keith Wheatley visits a Benedictine monastery in western Australia 


Old World down under in New Norcia 


Thieves who bound and 
gagged Benedictine monks to 
steal several million pounds 
worth’ of 17th century Euro- 
pean religious pointings made 
headlines around the world. 
But It was not so much the 
crime as the location - a 
lonely monastery 80 miles 
north of Perth, western Aus- 
tralia - that caught the pub- 
lic’s imagination. 

lu the accepted cultural 
order of things, works by 
Murillo, Pietro da Cortona and 
Ribera belong in the shuttered 
calm of European galleries- It 
came as a shock to realise that 
the greatest such collection in 
the southern hemisphere was 
held by a dwindling band of 
brothers in the empty sheep 
country of western Australia. 

But then New Norcia does 
come as a shock. Driving 
north on the lonely highway 
out of Perth, it rises out of the 
carpeted green hills like a 
vision of Old Spain. Turreted 


neo-gothic castles in pink and 
white face an abbey church 
whose spire must pine for the 
Mediterranean. 

Along cloisters roofed with 
corrugated iron, yet possess- 
ing the tranquillity of the Old 
World, black-cowled monks 
harry to Vespers. The older 
ones exchange greetings in 
Spanish. Their day begins at 


4.00am - early even by the rig- 
orous standards of the Austra- 
lian outback. 

The single bell that sum- 
moned the brothers to Lands, 
first of the seven canonical 
hours, calls out across the Vic- 
toria plains. Fifteen thousand 
acres of it belong to the mon- 
astery, although it is farmed 
by tenants, fn better times it 
made the community of 30 


monks wealthy, but the prob- 
lems of agriculture have hit 
devout and pagan alike. 

At least a dozen of the 
monks are old enough to 
receive state pensions. This 
income funds many of the 
monastery's day-to-day needs. 
Providing a retreat for the 
stressed urbanite will keep the 
community afloat in future 


years. A new "hotel” wing has 
been added. “The guests will 
be the focus of our activities in 
future years,” said one of the 
brothers. Visitors are a dou- 
ble-edged sword, however. 
Insurance advisers have inti- 
mated that in future an armed 
guard must watch over the 
pictures. 

The empty white walls 
where the masterpieces once 


Insurance advisers have intimated that an 
armed guard must watch over the pictures 


AIR MALTA. 

THE CENTRAL LINE 
TO THE 

MEDITERRANEAN, 
THE GULF, N. AFRICA, 
AND THE 
MIDDLE EAST. 


B8HJM 

HAMBURG # 

Huwwr • 

KJSSUOO* 

AMsnmwu# 

NMS 

rnussns# 

lOMWMGwnna 


srooHDUu 
cam 
2U8CH 
VSNHA 

HUN 
BOW 



lOUOONHUIMKW 

UAWWSIU# 


0 rntm 
# DHMI 


CMH) 
■WU3PR 


AiUu a mwMhoA But earn w U «w ntoOMl tartar*. 

"~-“sser.22K:^^ 


vr«i 


AIR MALI A 

We Cave 

Reservations: Unkfino 0345 581 195 or 081 7*53177 


hung provide a sad counter- 
point to the tale of how the 
collection, and the community, 
came Into being. It largely 
reflects the efforts of one man. 
Dam Rosendo Salvado. He was 
a Spanish-born Benedictine 
monk. Anxious to perform 
missionary work, he per- 
suaded Pope Gregory XVI to 
send him to Western Austra- 
lia, where there was a newly 
appointed Catholic bishop. 

In 1846 Salvado landed in 
Fremantle. The colony was 
then 17 years old and not 
much of the area beyond Perth 
and the Swan river valley was 
settled. With a flock of monks 
and supporters, Salvado 
trekked north. The first expe- 
dition virtually starved to 
death in the bush, but a sec- 
ond start was made at the 
present site five years later. 

The oldest wing of the mon- 
astery dates from that time 
but feels older. The uneven 
floor planking of local jarrah 
wood possesses an almost 
medieval texture. Contempo- 
raries of Salvado recorded how 
he found relaxation, on his 
hands and knees, polishing (he 
deep brown timber. He was a 
remarkable man by every 
account. Much of (he present 
road south to Perth he cut sin- 
gle-banded from the bush with 
an 

Salvado's mental gifts made 
him a sought-after correspon- 
dent in European society of 
the late 19th century. Letters 
to Salvado from Queen Isa- 
bella of Spain lie in the 
archives, as do a series from 
Florence Nightingale. 

One one occasion the abbot 
was visiting Italy and was 
presented with a complete set 
of uniforms Instruments 
for a brass band. He sent them 


bade to Australia ahead of his 
return. 

When Salvado did reach 
home he was met by Aborigi- 
nal boys, rehearsed and excel- 
lently drilled as the New Nor- 
cia Brass Band. 

Queen Isabella laid the foun- 
dation for the art collection, 
giving New Norcia an espe- 
cially fine Murillo in the 
1860s. Other monks began to 
seek out paintings. As recently 
as the middle of this century, 
a Ribera was secured for $50 
at a Melbourne auction, but 
most acquisitions were dona- 
tions. 

As the monastery expanded 
and became more secure, the 
work of the monks increased. 
They sank more than 200 wells 
in the area, imported bees, 
planted vines and founded 
what were to become four 
boarding schools catering for 
both aboriginal and white chil- 
dren. Each group of students 
was taught and administered 
by a different religious order, 
although the Benedictines 
retained overall control. If 
ever God had a “company 
town”, it was New Norcia 50 
years ago. 

If the focus of the settlement 
has now shifted to (he visitor, 
nowhere is that more evident 
than at the New Norcia HoteL 
Designed in 1927 by Father 
Urbano Giminez as a hostel for 
the visiting parents of pupils, 
it is one of the most imposing 
buildings in the state. 

The colonnaded fapade, with 
its deep, cool verandas, opens 
into a hallway with a double 
staircase that would be the 
equal of a Mayfair or Belgra- 
via town-house. It is an 
endearing mixture of the 
grand and of a run-down coun- 
try hotel. 



yew fr 

- - 

hotel royal taipei 

n-iSMtM^cta^awHiraitadteiMa.aac.uuawasu FkRHhmoh' 
ArddohoielsiKsnxnrsa 

Fct T*3*njfl£rtis. taBira* navel aawt. tfansn-a ifll ufticA Japan ArtnesoBeo 
tf SSAoHoUft ktet resoi A 

JbJ hoe " L 1 S i 1-M&+0KKEMJ3 1643-5687) 

1cahwnMs>«9Ma>«BQa3A)3lMSr4W7l/WtroertUR OSOD-282M3- 
US’] free m Gerxacv 000-307 laJ few n France 0602-30-09 
3**0 U»B24MS2t tQuka 10O33K32I 
Tin Gratia Ca*ircMncfl!l5MlvLHI -800-243-BH 


.hwj 


UTELL 



Japan AfaHnaa executive class mead service: a world away from New Norcia 


CSA 

Your Connection to New Business 


TELEPHONE CHMECH0N: 

Abtr Dhabi. United Arad Emotes ■ 760 439: Adda 
Ababa. tOwpt) -18222 2. Atgtsra. Algeria - 637408: 
Annan. Jordan • 622275. 624363. 828175, Aia a hrw ta n . 
Ncdurtrti - 0206200KB. 8200710. Altana. Grace* - 
3230173. 3230174. 32X30% AucfctaMl. Nm tabid - 
707515, Bamako. Mol - 2741. Bangkok, rtaband - 
2543321-5. Binstt Bystrica. Steak fepuMe - 4197S. 
41876. Barcdona. Spun - 2178574; Batavt latanon - 
368950. Belgrade. YugMten • 6862717. Brian. 
Genoa) - 5893323. 5894828. Batata), imfa - 220738. 
220TK. Bottom. Steak FtapuUc - 361042, 381045: 
8rt». Gwen RaptMc - 42210/39. 42210741: SfuMala. 
Betam - 2174286. 2171798; Bnetarsat Roraw - 
B1 53205: Buenos Aims. Algernon - 308551. Budapest, 
twig*) - 1183175. 11830*5: Chicago, USA - 31&201- 
1781. Cairo. Egypt - 3830416. 3330395. Colombo. 
Sri Lanka - 446409. 440283. *4028*. Cope n kagw. 
Denmark - 33120*44. 33120056. Damascus. Syria • 
22*814, 222580*: DaH. Beta - 3311833: Dotal. Unflat 
Arab Emotes - 213199. 216995: Dublin, Ireland - 
370011. Frankfort, Germany - 0638200350. 
069fl2003S1& Geneva. SmtMriand - 022/7983330. 
Hanoi. Vietnam - 4256512: IWstatt. Finland - 647766. 
6*7858: Hoag Kong - 8683231. Mantel. rurtray - 
21212303852. 212(230*832: .Wo**, tmUKtti - 230408 
efl. 138. 3255630, 334493 Jota un e ab i a g. Saudi Mnea - 
011297011, KraacM. PaWStai - 5300006. terioey Vary. 
Cracn fHpttc ■ 2576a 27856 l Bet. Ukraine - 288744R 
Kollca. Sunk Rapubfc - 6222578. 6222S77. Kuala 
Lalpur.'UtarH - 03/2380178. 2386323; Kuwait. 
Kuirai - 2417901, 2424662; LJmaca. Cfpius - 04- 
665682: SL Peurtuag. Buraia - 3155259. 3155264; 
Unauol, Cyprus - 05-375100. Uabon. Portugal - 
7265m London. Graw Botin - 071-2561898 Boa, 071- 
25SU36S Ad.; tat Angelas, USA. - 310(417-8879, 
Luxembourg, imembowg - 491138-ft Madrid. Speii - 
2406166: 3489128, UnuM. B«WI - 254081. 248349; 
Manila. PntopUie* - 8121114. Mexico City. IMm - 
5J59377. 5461961. UamL USA - SKHflSTtMCt Ufcfl, 
la* - 8648111* 00MWE. HoamtL C ewta - 514014- 
4200. 514044-6376: Moscow. Ruuu - 25MS71. 
250024ft HtneaL Satan*) d Omni ■ 70M88. 70B457; 
New York. USAM97E66S4S &*, 212/7650022 Rci: 
Hteta, Cyprus - (©442082; Oatraea, CittJi Rs*l*c- 
23316*. 233766; Parte frenx ■ 47421611. PWT&uy. 
Steak Reputf* - 2618*. 222950; Poprad/Ttay. Steak 
fteetaK - 62587, 82755; Praia. Crab Rapo&be - 
24605111 terras: Prate*. Steak RaprAbe - 33235, 
naykjno, Iceland - 690100; Riyadh Swf Arab* - 
4O6G0O& Hm hair - 4627522. 4071 lift Sao Panto. 
Brad - 2313988: Stogaport. Smgaoon - 73(384*. 
7373545; 3MR4. Ugeib • 605656, 685508: SttddoAm. 
Sw-din - 6605010. 6606001 Sydney. Australia - 
2478196, Taipei. Hum - //am*. Tatum, ban - 
6»9». TeJ Avi*. Kraal - 5238825, 5238834; Tekyo. 
tan • 0373400-7414; Tortrita, Canada - 

4teoKBi74/5tt Tripod, Libya - 32392; Tuoi*. Tunaa • 
788251. VaMtt. IMM - 23818ft 20427. Vienna. Arana 
- 5123805; Wtnaw. fttamJ - 263882. 265051 MU 
USW - 4343S5; Mo. C/rcti R«x«c - 243S1; 
Zurich, S*4mlM - 010839000. 3638009 


CZECHOSLOVAK AIRLINES 
offers its passengers: 

Frequent Flyer Programme 
featuring exclusive benefits. 


Non -stop flights to destinations 
throughout Europe and to key 
destinations in North America, 
the Near, Middle and far East 


The highest standards in comfort, 
personal care and service on board 
our fleet of modem Airbus, Boeing 
and ATR planes. 



AX HOME 
IN THE SKIES 



N, 





XXV 


FINANCIAL TIMES 


MONDAY OCTOBER 10 1994 


STAYING ON: Chris McCooey sniffs the bracing air of Ostend 


Watering place 
that holds its 

popularity 


If you drive into Ostend from 
the motorway that connects it 
with Calais or Brussels, you 
cannot fail to see the imposing 
bottom of a huge female statue 
about a kilometre from the 
seafront 

The lady, wrought in 
green-tinged copper, reclines 
on her side looking out to sea, 
although her view of the waves 
is blocked by an ugly concrete 
edifice. 

The well-built lady straddles 
the central reservation of the 
wide Leopold U La an and 
although her nakedness is 
partly concealed by fountains 
she seems to symbolise the 
worldly pleasures of Ostend, 
including the good food and 
drink that I found here during 
a one-week stay. 

Ostend’s fortunes have 
fluctuated over tbe centuries. 
The old fishing village on the 
fiat and windswept North Sea 
coast was given a town charter 
in the 13th century, in 
recognition of its growing 
importance as a port for trade 
across the Channel. 

Flanked on both sides by an 


empty expanse of sand dune, it 
remained the only important 
harbour along this stretch of 
coast until the construction of 
Zeebrugge in the 19Ql century. 

It was at this time that 
Ostend began to get 
pretensions. Or rather, the 
newly created King Leopold I 
of the Belgians wanted to do 
for Ostend what England's 
Prince Regent (later George IV) 
had done for the Sussex coast 
village of Brighthelmstone. 

On January 20 1831, the 
London Conference recognised 
Belgium’s independence from 
Holland and proclaimed the 
country “a perpetually 
neutral" state. The crown was 
accepted by Prince Leopold, 
son of the Duke of 
Saxe-Coburg-Saalfeld and the 
uncle of Queen Victoria (be 
was much in demand for 
performing regal roles: in 1816 
be had married Charlotte, only 
child of the British Prince 
Regent and heiress 
presumptive to the throne, but 
she died in childbirth the 
following year - and in 1830 he 
was offered but declined tbe 



Church of St Peter and Paufe the city's charter is 700 years oW 


Ostend’s Montgomery Dole a symbol ot the intimate British connecOor and a venue for yachts from ad over Europe 


Greek throne). 

Leopold chose Ostend for a 
royal residence in 1834 and set 
about taking the town 
upmarket The rail connection 
with Brussels meant that it 
was easily accessible. 

First, the king ordered that 
the old city walls (it had been 
attacked and besieged many 
times over the centuries) be 
pulled down so that it could 
expand along the seafront Ele- 


gant summer houses and swish 
hotels were constructed and 
parks kdd out 
By the seaside, wide prome- 
nades were built for the fash- 
ionable to Stroll along, taking 
in the bracing air, clearing the 
head, for the hedonistic 
rioHg htR of the evening to come 
which invariably centred 
around the Casino-Kursaal on 
the seafront Completed in 
1852, it was where concerts 


were performed by the great 
orchestras of Europe, ballets 
danced, operas sung and paint- 
ings admired. There were also 

gaming rooms restaur ants 

which catered for those who 
came to the resort in the 
appropriate seasons to see and 
be seen. 

The grandly named Welling- 
ton Hippodrome (after the Iron 
Duke, who performed his most 
heroic deed on Belgian soil) 


was built just out of town, lit- 
erally a stone’s throw from the 
sea; trotting and flat races 
were held here (and still are). 
A tram system - still in use 
today - was laid out. Leopold 
H kept up the good work and 
then his son Albert, in turn, 
continued to patronise the 
resort By 1900, the Baedeker 
travel guide distinguished 
Ostend as “one of the most 
fashionable and cosmopolitan 






life#’ 



’■•^.1-: •> /• Y7'. 

.-.5^ ' 







I? ft? 

A ' V "N '% 




: y) i 

W 



&■! .-.■*$ WZLZJ. 

x fW '4 

'■]/ $X* .r.££-L:.=> 



|p § Cjgf 

X’- 










J , •• .7-\ -\S : \ r - f 

V - > y&A 

. • si • <v : :\ \v:\ 

^ .-ft: L ..1 -~a v sfij 





. *. * .«■ *f 








. ’ Car' 


‘ \ vi* 4 H| 


First, we've thought again about the way you sic when 
you’re long hauling. And overhauled the arrangements. 

Were putting fifty inches between every seat row. 
Which means ten inches of extra legroom stretch in front 
of your feet. As you recline, you'll notice that the seats 
themselves are, in a word unique. 

They're the only airline seats with wings. You'll find them 
on either side of your head and they adjust to support it. 

You’ll find these seats give you more lumbar support as 
well. (In Business, nobody covers your back like Qantas.) 

Next, we’ve been rethinking the catering. And 
while it means more work for our cabin crews, your 


meal won’t be coming all together on one tray any more. 

It will arrive course, after course, after course. And 
on every plate, there'll be some of the finest food you can 
savour at 35,000 feet (Ever flown in a 5-star restaurant before?) 

At the same time, our interior designers have been 
applying their minds. 

With new fabrics, carpet and linen, they'll be giving our 
cabins a subtly Australian feel. Meanwhile, down on the 
ground they’re making our Business lounges bigger, putting 
more emphasis than ever on privacy and relaxation. 

In 1979, the original dedicated Business Class took wing 
with Qantas. Now we’ve originated the idea aU over again. 


.. .wit. . 

.aaaa? 


watering places In Europe". 

This century two wars and 
two periods of German occupa- 
tion have taken their toll, as 
have periodic downturns in 
economic activity. Ostend has 
lost its exclusiveness but 
retains popularity for many 
laid-back Belgians - today 
“r affis h” seems a more appro- 
priate adjective then “fashion- 
able". 

During the last war Ostend 
was In the front line - bombs 
destroyed much of what 
remained of the old fishing and 
port town that predated the 
royal connection - as well as 
the fine buildings that the 
royal family encouraged in the 
I9th century- In their place, 
concrete and glass hotels and 
apartments have been hastily 
erected, functional for those 
that live in them but unappeal- 
ing to the eye. 

Typical is the casino on the 
same site as the original. 

This is the edifice that blocks 
our female friend's view of the 
sea (tiie statue is called De See 
- The Sea - and was sculp- 
tured by Georges Grand of 
Toumai in 1965). Built in 1953 
in the austere post-war years. 
the building’s -concrete facade 
is crumbling as the salt air 
eats into its fabric. But inside, 
it remains the cultural heart of 
the town. Modem painters and 
sculptors exhibit in the gal- 
leries, and there is a fine audi- 
torium. 

However, this is no longer 
the Belgian equivalent of 


and beyond to Holland and 
Germany. 

And adjacent to that is the 
coastal tram terminus where 
you can get tickets to go east 
to Knokke-Heist and west to 
De Panne. 

In the seven nights I stayed 
in Ostend I ate some of the 
best meals that 1 have had any- 
where in tbe world. They 
included Malaysian, Chinese. 
Italian and Turkish dishes. If it 
is seafood you are offer, then 
Vissers Kaal is the place to go 
- it fronts the eastern side of 
the town and overlooks Mont- 
gomery Dok. On the townside 
are numerous restaurants and 
on the quayside are stalls sell- 
ing snacks. For one meal I had 
what amounted to a bucketful 
of mussels in a Provencal soup 
with a huge plate of French 
foies for BFroOO. Another day, 
for a snack, I tried “warme 
wulloks" - a tub of whelks in a 
spicy and hot soup (BFrlOO) fol- 
lowed by a piece of smoked eel 
(BFrlOO) and rounded off with 
a piquant, chewy rollmop her- 
ring (BFr30). 

Baedeker's description 
"watering hole” remains as 
true today as it was a century 
ago. If you like beer, then 
you’ll like Belgium and Ostend 
has countless watering holes, 
some of which specialise only 
in beer, stocking over 100 dif- 
ferent varieties. Many of the 
numerous Belgium breweries 
have their own distinctive 
glasses for their own beer. If 
you order a wonderfully named 


Many business travellers abroad see little 
more than the airport, the motorway to the 
city centre and the inside of a hotel. But for 
those who can extend their stay, hidden 
treasures are waiting to be discovered. 

On this page we look at medieval Ostend, a 
short journey from Brussels. On page 13 we 
describe an Australian monastery, 80 miles 
from Perth, which is now open to visitors, and 
on page 15 we look at a favourite of writers, 
artists and the stage - Portofino in Italy 


Glyndeboume: the Chippen- 
dales, a couple of Flemish 
stand-up comedians, a Broad- 
way company on tour with the 
sex and drugs anti-Vietnam 
musical Hair and the Glen 
Miller Band - to celebrate the 
50th anniversary of the libera- 
tion of Belgium from the Nazis 
- were on the bill for the sum- 
mer months. 

There are still restaurants 
and gaming rooms (although a 
private club, visitors can 
secure a daily membership by 
paying BFrlOO and showing a 
passport). 

When the sun shines, the 
miles of lifeguarded and sandy 
beaches that stretch from the 
harbour entrance all the way 
west to De Panne attract tens 
of thousands, especially fami- 
lies with young children. Cafes 
spill on to the foreshore with 
glass screens to keep the wind- 
blown sand from the coffees 
and cokes and beers and ice 
creams. 

People still like to stroll 
along the promenade atop the 
massive sea wall, as they did 
in- Leopold's day. Or you can 
hire pedal cars that seat up to 
six people for BFrgo per person 
for 30 minutes, or take a horse 
and carriage ride for BFr400. 
Belgians are mindful of public 
hygiene - the horses have nap- 
pies and the vending marhinoc 

on the seafront sell paper bags 
so that the owners of the 
town’s many dogs can dean up 
their pets’ poop. 

The town remains cosmopoli- 
tan. The harbour, marina and 
Montgomery Dok attract 
yachts from all over Europe 
and beyond - they tie up, 
cheek by jowl, their sleek hulls 
gleaming, masts at attention, 
rigging jangling in the breeze. 
Jet foils and ferries arrive 
every couple of hours and dis- 
gorge passengers from up and 
down continental Europe and 
from across the North Sea. 
Loud and loutish groups of 
daytnpping Britons are a com- 
mon sight - reeling from bar 
to bar, they are tolerated for 
their spending but despised for 
their foul language and vomit- 
ing. 

Right next door to the ferry 
terminal is the station with 
trains to Antwerp or Brussel 


Kwac beer, it will be served in 
what looks like an alchemist's 
vessel - a glass with a bulbous 
base, a narrow waist and a 
wider drinking end and held 
upright in a wooden holder. 

If you are in need of "hair of 
the dog", then the aptly named 
Delirium Tremens can be 
ordered. The pink elephants on 
the bottle and drinking glass 
are a nice touch, as was the 
notice over the bar where I 
sampled one, purely for 
research purposes: please 
respect the privacy and rest of 
other guests. 

Other beers, like some 
brewed by Duvei and Hoegaar- 
den, are re-fermented in tbe 
bottle so pour carefully to 
leave the yeasty sediment 
behind. 

With alcoholic strength up to 
12 per cent just a couple of 
bottle beers should get you 
feeling quite mellow. 

USEFUL INFORMATION 

Belgian tourist office, 29 
Princes Street, London WiK 
7RG. Tel 071-629-0230 fax 
071-6294)454. 

Getting there; P&O operates 
six to eight sailings a day from 
Dover to Ostend, a journey of 
four hours. A car with four 
people costs from £70 to £145 
one way. Calais is less than an 
hour and a half by car from 
Ostend mostly on (free) motor- 
way E4Q. in Belgium diesel 
costs about BFr23 a litre 
whereas petrol is about BFr33. 
Ostend parking restrictions are 
very strict between 9am and 
7pm - tow-aways for misde- 
meanours are common. Hotels 
may charge BFr400 for 24-hour 
garage parking. 

Staying; The Belgian Travel 
Service, Bridge House, Ware, 
Herts, SGl2 9DG tel 0920487345 
fox 0920-463379 offers two- or 
five-night packages by rail or 

car/ferry with accommodation 
fri double or twin-bedded 
rooms with own shower and 
WC and continental breakfast 
Prices start from £110 a person 
for two nights by rail from 
London or £76 per person for 
two nights based on a Dover- 
C-alais crossing with a car and 
four adults. 




se 


Financial times Monday October 10 1994 


STAYING ON: Andrew Hilt finds 
plenty of big fish in Portofino 

Magnates rent 
hidden villas 
on the cliffs 

Even ifyou have-never been to This year Mr Berlusconi’s 
Portofino, you may have heard alleged dinner-table indiscre- 
et it If you haven't beard of ft, tfons about allies and enemies 


you've certainly heard of the 
people who have. . 

Guy de Maupassant, 
Nietzsche, the Duke and Duch- 
ess of Windsor, Truman 


Capote, Rex Harrison and Rich- boy of contemporary Italian lit- 


ard Burton were all enchanted 
by the tiny Ligurian port. Its 
reputation for attracting the 
high life is such that it is prob- 
ably the only fishing village in 
the world to have a Swiss 
watch named after it 
There may not be many 
» fishermen in Portofino now, 
but there are still plenty of big 
fish. Italian magnates rent the 
hidden villas barnacled cm to 
the cHfis on either side of the 
cove, while the international 
crowd moor their giant yachts 
offshore or thread them 
between the fishing boats to 
reach the harbour Itself. All 
summer, oceangoing eyesores 
float in front of the trompe 
I’oeU pastel facades, as ugly as 

two-storey car- — 

avans aban- 

doned oh a Seeing th 

medieval vil- centre in s 

have to I 

Tenders from 

Conard cruise greater far 
ships, anchored some torn 

In the bay. charms of F 

shuttle passen- of 

gers back and 
forth between 

their floating hotels and the 
luxury boutiques and expen- 
sive restaurants around the 
harbour, while fat American 
families wobble down into the 
village from the $520-a-night, 
63-room Splendido just above 
the port 

For those who can't get a 
hotel room in high summer, 
there are still a few options. 
You could make an early bid 
. for one of the limited places in 
? the village's new (and cleverly 
concealed) multi-storey car 
park. 

Alternatively, take the regu- 
lar ferry from down the coast 
or do as the Italians do and 
ride in on a Vespa from neigh- 
bouring Santa Margherita mid 
Rapallo to stroll and gawp, fra- 
grant foeaccia - the local pizza- 
like snack -in one hand, 
scooter helmet in the other. 

Given its obvious popularity, 
it seems odd that Liguria’s 
best-known resort is going out 
of its way to promote itself 
internationally. Yet Gianni 
Artioli, Portofino's mayor, 
insists that by the mid-1980s 
the village had an image prob- 
lem. “We'd slipped a little in 
quality: the village bad become 
a holiday place and nothing 
more'’, he says. “There was a 
need to do something, to stimu- 
late something.*' 

Like all good politicians, 
Artioli traces the transforma- 
tion in local fortunes to the 
beginning of his own term in 
office in 1988. What started as 
a couple of evenings of jazz in 
the piazza last year became 
“Portofino, Porto d'Arte", an 
ambitious summer arts festi- 
val. 

That means that you no lon- 
ger have to be a gawper or a 
preener to enjoy Portofino in 
the summer, and there is a 
more eclectic mix of visitors on 
the waterfront. Italy’s prime 
l minister, Mr Silvio Berlusconi, 
is a frequent visitor to Porto- 
fino. 


Seeing the crowded 
centre in summer, you 
have to hope that 
greater fame will alert 
some tourists to the 
charms of Portofino out 
of season 


erature. His dramatic mono- 
logue Clementina GnoccoH (an 
extract from bis book, Sod- 
omies in Eleoenpaint), was 
premiered In the village’s 120- 
seat Teatrino during the festi- 
val. 

Not that Portofino is trying 
to shake aft its glitzy imaga As 
Paola Brusati Paleari, the festi- 
val's artistic director, puts it 
“The middle- to low-brow tour- 
ists don’t find much which is 
interesting in Portofino." 

The beaches on the promon- 
tory are disappointingly small, 
privately owned or occupied by 
regiments of pay-as-you-bronze 
deckchairs, and the former 
fisherfolk know that the aver- 
age yacht owner will pay hand . 

somely for 

. , local speeiall- 
i crowded ties such as i 
rmmer, you pesto sauce or : 
iope that tbe triangular 
« will alert 

. pansotu, and 

i sts to the charge accord- 
ortofino out Ingly. 
ason But the vil- 

lage benefits 
"mnmmmamam from the festi- 
val For example, the artistic 
initiative has just reached Cas- 
tello Brown, perched above the 
harbour. The ancient fortress 
of San Giorgio, which was the 
setting for the feature film 
Enchanted April, was the resi- 
dence of a Mr Yeats Brown, the 
British consul in Genoa who 
“discovered" Portofino in 1870. 

This year, for the first time, 
the castle was transformed 
into a rough-and-ready exhibi- 
tion space. Restoration of the 
interior should follow, together 
with the repainting of the 
extravagantly decorated 
facades of the fishing cottages 
in the harbour. In the mean- 
time the exhibition - a collec- 
tion of Italian fashion photog- 
raphy - will travel as far as 
Gothenburg and Yokohama, 
spreading the name of Porto- 
fino. 

Seeing the crowded centre in 
summer, you have to hope that 
greater fame will alert some 
tourists to the charms of Porto- 
fino out of season. Even the 
Splendido languished half- 
empty when it opened for the 
first time last winter. It does so 
again this year. 

Not that you see a more 
authentic Portofino in the 
closed season, just a quieter 
one. Thanks to conservation 
schemes, wild boar are sup- 
posed to have returned to the 
woods behind the harbour, but 
no amount of cultural initia- 
tives can bring back, say, the 
village school or local life inde- 
pendent of the summer rush. 

“In the south, you hear 
about villages which are empty 
because of poverty”, says the 
mayor in a rare moment of 
nostalgia. “Here, people have 
moved out because of wealth." 
Yeats Brown has a lot to 
answer for. 

• Andrew Bill was a guest of 
the Comune di Portofno and 
stayed at the Hotel Ncaionale in 
the centre of the village, tel: 
(0185}-2$9575, fax: -265578 


FT SURVEYS INFORMATION 


FORTHCOMING SURVEYS LIST 


SURVEY SYNOPSES 


Tel 071 873 3763 
Fax 071 873 3062 

Tel 071 873 3763 
Fax 071 873 3062 


BACK NUMBERS 

Cl ,30 up to one month previous. Callers at shop - £1 

22.00 one month t o one year previous Tel 071 873 3324 

SURVEYS INDEX (past t wo years) 23 Tel 071 873 3213 

FUTURE SURVEYS: A SELECTION 

Business Schools: A-Z Monday, October 17 1994 

International Tetaconwniinfcsrtions Tuesday, October 18 
Quarterly Review of Persona* Finance 

Friday/Saturday October 21-22 

Monday, October 24 

China _ Monday, November 7 

Germany Monday, November 21 

UK Property Review -Friday, November 25 

Management Buyouts — - — Thursday, December 1 

ALL THESE O ATES ARE PROVISIONAL 

REPRINTS Quotes available for minimum JOT wrier 

Tel 071 873 3213 


ADVERTISING 


Tel 071 873 3763 


EDITORIAL information should be sent in writing to the 
Commissioning Editor for the 

One Southwark Bridge. London SE1 9HL or fax 071 873 
3197 

Cheques and postal orders for the FT Surveys index 
and Back Numbers should be made payable » 

Financial Times Ud. 


BUSINESS TRAVEL IS 




•r 



.'.I - 

713.1 && 


Si M 


rT' it- *****.'■'■■ ? I- 



made front-page news, and no 
doubt enhanced the ta Vmga of 
the Pony restaurant where he 
made them. Also there was 
Aide Bust the flamboyant bad 



* / 





ocean-going eyesores float In trail ol the trompe ro®8 pastel facades 


*•- 








i 



i^tm 




W' 

• -■ • — I • Xnt 

hfv- 




- , -".vi-V *. ! 






One pass 
saves frequent 
travellers 
a fortune. 


Last year, British Midland successfully 
introduced Diamond EuroPass, an innovarive 
money-saving season ticket for Europe. 

Now we are pleased co announce a 
similar (and similarly unique) product that 
covers our major UK routes. 

Our new Diamond Pass is available for 
flights between Heathrow and Glasgow, Edinburgh, 
Belfast, Leeds /Bradford and Tcesside. 

Priced at £699 f Diamond Pass is valid 
for 5 return trips over 3 months. So, as a 
frequent flyer, you’ll get substantial savings 
of almost 40% compared to other airlines* 


business fares. 


Diamond Pass holders can enjoy 
Diamond Service, plus full ticket flexibility, 
and Diamond Club membership, including 
access to our exclusive lounges. 

So, while you enjoy all these benefits, 
you can congratulate yourself on the savings 
you’ve made with Diamond Pass. 

And on choosing an airline that for 
innovation, service and value, is second co none. 

For more details contact your local travel 
agent or call 0345-554554- 

EStH British Midland 


SECOND TO NONE 


j Diamond Fhss 


HeSThraw to; 


DIAMOND PASS SAVINGS • 
Belfast Edinburgh Glasgow 

£381 £451 £45 1 


Laedsf Bradford 
£321 


To esside 
£361 


tCoetpoWI to ttve rthin) tickets mi ton Eaocuawo Una itwiu&ttg Oopemro taal. AH figures correct mi time of gotng to proat 'Prom 1st November 1S&4 a Hjpplemmt of £39.00 par book is payable to cover now UK Air Passenger Duty. 




FINANCIAL TIMES 


MONDAY OCTOBER 10 1994 



BUSINESS TRAVEL. 1 6 



Stewart Dalby gauges the views 
of three seasoned travellers 




Other airlines have recently been singing the praises of their new European business class 
products. As a frequent flyer, you’ve possibly even tried them. And you may have wondered what 
all the fuss was about. Because, turn it whichever way you will — and the armchairs in Swissair’s 
Business Class give you room to do all the turning you like - Swissair still provides the highest 
standards of service on the ground and in the air. So make sine all’s well that ends well. 

Book your next European flight with Swissair. And rest assured that everything will be just as you 
like it. Swissair. Head and shoulders above the rest. 


swissair 


- r - y 


A 


Wait for the 


last call 


One business traveller of my 
acquaintance, who is 
constantly on the move, likes 
to retail the following story. 

A man presents himself at 
the check-in desk in Los 
Angeles. The woman at the 
counter says: “You are flying 
to Denver, sir?” “Yes, I am," 
comes the reply. 

“And yon have three pieces 
of baggage, is that correct?” 

“Yes. But I would like one 
piece to go to Chicago. One 
piece to Miami and the third to 
New York.” 

“Pardon? That is very 
irregular. I could not possibly 
do that” 

“Why not, you did it last 
week.” 

My acquaintance admits the 


Most airlines forbid 
mobile phones, but some 
allow computers 


story is apocryphal and says 
baggage going astray, at least 
in the US, is now rare 
compared with 10 years ago. 

But Dr David Arnold, an 
executive with Thorn Secure 
Systems, a subsidiary of Thom 
EML adds: “I usually try to 
travel with just one piece of 
baggage, if it is a short trip, I 
try to take everything I need in 
one bag and carry it on the 
aircraft with me. 

Mir John Flory, a 28-year-old 
“information arbitrageur" with 
a London company. Crawfords, 
agrees. 

“I would never take more 
than one piece of luggage, if I 
can possibly avoid it In tact, I 
usually just take expensive 
clothes like suits and shirts 
and buy socks and things 
when I get there." 

Mr David Appleby, a 
newspaper executive, says on 
the subject of baggage: “Even 
on long trips I try to take 
everything on to the aircraft 
with me. You can get these 
airline bags which you can 
wheel along and then put In 
the overhead racks or 
underneath the seat 
“You can put all your 
essential documents and 
toiletries In them. Then you 
can take a suit bag. Put your 
your suits and shirts in it and 
hang it up on the aircraft Most 
airlines allow this nowadays." 

Mr Appleby also thinks it is 
worthwhile checking out 
which airlines allow the use of 
personal computers. Most 
airlines forbid mobile phones, 
but some allow computers. 

“it can make a hell of a 
difference, If on a long flight, 
you can get a paper written." 

All three business travellers 
believed in waiting for the last 
call for the aircraft before 
boarding a flight 
As for money, there is a 
consensus among business 
travellers that the best way to 
travel is to take cash and use 
credit and charge cards as 
much as possible. Traveller's 
cheques, especially if they are 
not in a local currency can cost 
money not only because of 
handling fees but also in 
possible exchange losses. 

Mr Flory says: “[ change a 
little cash on my departure for 
tarns at the other end. When I 
am at ray destination I shop 
around the money-changers for 
the best rate. I never take 


traveller’s cheques. I use cards 
whenever possible." 

Is he not worried about theft 
and muggings? 

“I have never had any 
problems,” he replies. 

Dr Arnold also favours credit 
cards and cash. He says: “I was 
in the US for a week recently. I 
spent $1,500. f took $150 in cash 
and $150 in traveller’s cheques. 
You must have some cash. The 
traveller's cheques are a 
precaution. I usually give them 
back un cashed." 

Mr Appleby also favours 
extensive use of cards, even to 
countries formerly in the 
Soviet Union. He says: “There 
is not much point taking 
traveller's cheques to the 
former Soviet Union. It has to 
be dollars. But if you are 
worried about security, credit 
cards are the answer. 

"In the former Soviet Union, 
the usual credit cards are 
accepted, in most hotels and 
restaurants in the main 
centres." 

Mr Appleby makes the point 
that it is best to use company 
credit cards. He says: “If you 
use your own credit cards you 
are in effect making a cheap 
loan to your company, since it 
is your money being used 
upfront It is best to claim the 
money back quickly." 

He feels that it is a false 
economy to try to save money 
by staying In cheap hotels. He 
says: "You are travelling on 
business. Time is usually at a 
premium. You need a good 
laundry and dry-cleaning 
service. You also need a 
reliable front desk, which 
takes messages and passes 
them on. Usually you will need 
a lax and secretarial service." 

Dr Arnold agrees. He says: "I 
always stay in hotels where I 


Staying in cheap hotels 
to try to save money may 
be a false economy 


can get work done." 

Business travellers are, 
generally speaking, not great 
tourists. Dr Arnold says: “I 
rarely have time to see the 
sights." 

Nor does Mr Appleby have 
touch time for tourism. “But I 
do read up on countries before 
I visit them. The Rough Guides 
are useful. I know they are 
meant to be for backpackers, 
but I find they have the best 
detailed information on 
restaurants and other things.” 

The Travel Bookshop in 
London’s Notting Hill says 
there is such a large selection 
of guide books that, with new 
ones appearing every year, the 
choice is limitless. 

Guide hooks are subject to 
fashion. Old favourites among 
business travellers such as the 
Fodor and Insight guides are 
no longer so keenly sought 

A current favourite among 
business travellers, according 
to the Travel Bookshop, is tbe 
upmarket Cadogan guides. 
They open with practical hints 
and have sections on history 
and suggestions for walks and 
other attractions. Prices start 
at £9.95. 

*The Trawl Bookshop ts in 
London's Notting NHL 13 
Blenheim Crescent, London WU 
2EE (Telephone 0171 229 5260.) 


& . i 


> • ii 



<>*- 


3 



\ *• 

. 4 

1. « 

• tV 

ss 

•V * 

i. -7 

I. i , 

y. 



i 

r