Skip to main content

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

See other formats



Leadhglhen;ay. 
bite union - 

V*. ; ; •' C 



JT 


ftftata's Tories' 

Drowning in . • 
clear blite water : . 

Jo« Etogafer, P^gs 1 ff . 



tafaiognpsoii disc 

Business embraces 

the(&~Rpm 



Wfc 

,w ^ ll 

Nw ‘*ty 

fip«n 

t 3TAL 

• vrevvs 


lie 


FINANCIAL TIMES 



Cedras quits as 
Haitian leader 
and accepts exile 

Lfc General Raoul C&£ras 
(left) resigned as head of 
Haiti’s military govern- 
ment and said he would 
leave the country. His 
decision paves the way 
for the return of Presi- 
dent Jean-Berfcrand Aris- 
tide, the man he over- 
threw in a bloody coop in 
199L Mr Aristide's sup- 
porters toe* to the 

— — streets erf the capital 

Port-au-Prince to celebrate, forcing the US military 
to protect the departing leader and his family. 

There was no announcement of which country 
might give refuge to him, but US embassy officiate 
mentioned Panama, Arge nt ina and S pain as possi- 
ble destinations. Page 18 

JP Morgan to open its *black boa* US 

investment bank JP Morgan is to open up a central 
component of its “black box”, its internal system 
for measuring financ ial risks, to customers, poten- 
tial customers ami rivals. The aim is to foster 
greater stability in markets for derivatives - instru- 
ments such as swaps, futures and options. Page 19; 
JP Morgan offers free use of its toolbox, Page 21 

UitHiawa signs deal wtth Thai Airways: 

Lufthansa, newly-privatised German airline, signed 
a cargo and passenger freight deal with Thai Air- 
ways International and expects profits to benefit 
from next year. Page 19 

US researchers win Nobel Prize: Alfred 
Gilman and Martin Rodbell, US researchers who 
opened up knowledge of how the human body’s 
cells can prevent or encourage disease, won the 
Nobel Prize for Medicine. Page 2 

South Africa and EU agree on dower ties: 

South Africa and the European Union signed a 
cooperation agreement laying the foundation for 
closer political and economic ties. Page 6 

Employers pre-empt K5 Metall’s pay dafan: 

Germany’s engineering employers tailed for a 
planned 35-hour-week in the industry to be ren^o- 
tiated as part of a package to save jobs and cut 
■ costs. The move came on the eve of the annual 

r wage demand from IG Metal], the engineering work- 
ers' union. Page 18 

London may scute-down response to IRA: 

The. British government is considering a scaled- 
down response to the IRA ceasefire in Martfcam 
Indeed amid eckhowtedgement among senior min- 
isters that it may never be given an unequivocal 
pledge that it is permanent. Page 9 

Kona to boy US Hft tamtams*: Koneof 
Finland, the world's third largest elevators group, is 
to buy Montgomery Elevate of the US for $28Qm in 
a substantial expansion of its North American busi- 
ness. Page 19 

Locos tocos doubted charges: Extensive 
restructuring by Lucas Industries will cost the UK 
automotive and aerospace components group £214m 
(5338m) in exceptional charges, double previous 
forecasts. Page 19; Lex, Page 18 

P — wo o to S«n oars dbsets Daewoo, Korea's 
second biggest carmaker, is to eliminate indepen- 
dent dealers to sell its cars direct in the UK from its 
own sites. Page 9 

Clinton Cards buys shops from HaUmario 

Clinton Cards added 88 shops to its UK chain of 277 
greeting card and gift stores in a £3.5m ($&5m) pur- 
chase from Its principal card supplier H allm ark, UK 
arm of the US group. Page 28 

Outokumpu ahM* Finnish Brining and metals 
group Outokumpu reported pre-tax profits erf 
FMSSTm (5117.6m) for the first eight months, up 
Hum from FMl30m in the same period of 1993. 
because of foreign exchange gains and reduced 
financial costs. Page 21 

Eko Stahl granted DM1 bn aid: Germany’s 
Treuhand privatisation agency is to provide moo 
than DM1 bn ($60Qm) in subsidies and investments 
to Eko Stahl, eastern Germany’s largest steelmaker. 
Page 2 

% Ataoma Steffi to recapitalise Algama Steel, 
Canadian producer of sheet, tube and plate steel 
saved from collapse in mld-1892 at the height of the 
recession and now solidly profitable, pl a ns to recap- 
italise to pave the way for a C$500m (USS373m) 
Investment programme. Page 23 

Drug succmi ctotansd to to slow MS: 

Multiple sclerosis victims may be able to obtain, by 
1996, a drug that drastically slows the progress of 
the disease. Page 7 


■ STOCK MARKKT WtMCKS 

FFSSIOO. 

VWd 


.5.0325 (433.6) 


(42940) 

910%) 


913.12) 

(4254) 


4.17 

FT-SE Eurorack 100 -1£l7.3B 

FT-SfrAM-Staff ISOMO 

nmm i etaeff 

Hw York kntafcM: 

Dow Jams W Aw .—551656 
sv Coronas — — mrM 

■ us umcwnwff won 

Fated finds jdowff (4*j£i 

a-i»Trtu8a#w &o«%) 

UngBond fetose* M 

VtoS -KtoWd) (7JD7%) 

■ LOUDON HOMEY 


3-mo Mafia* — i3> PH 

Lifts long 0 * taw: JUcttOftPscMH) 

■ MOfflH HA Off (Aigm) 


Gnat tS-dw (Nod 0721) 

■ doM _ _ 


8wlwCmstiDee)-i3BM 
Lmfrn .SUM (3927) 


■ srmLWO 


New Ywk tandjttmo: 

$ 158595 

I ruvWr 

s 1JBSZ (15905) 
DM £4568 (2.4511) 
FFt 85837 05767) 
Sfr 2836 00319 

Y 158514 (159.4039 

tus ms M 

■ POCLAR 

imfYorttiuKtonw 
DU 15455 
FFT 1735 
SFf 1.2810S 

Y 100335 

U«Jok _ . 

w is o jm 
m 52982 (57669 
SFr 12838 (15775) 

Y 10053 (100229 

$Mn 624 §22) 

Tokyo GfaaYfdnsd) 


Sawn 

to* 1 

C»w 

ess* 

Ond 

tow 

Mm 

RAM 

Ran 


S*» 

ttiiJSO 

mb 

MM 

CO-JO 

caw 

oenfi 

EES® 

ae a 
MW 

out® 


Own Ota 

NcraKcno WCM 

***** R l*> 
M KC15 

mi nta 

MO WM0 

MY um 

mm WOO 

jam JM 50 
KomS 

Wwnfc* USTW 
lut U46 


IMS UBttfiO 
Uoroodo MOMS 
HMn MOMS 
N*A F* *=S 
Ng*S Nte» 
taw Mott.® 
0 Ml 0W40 
P*#m Ifc* 
R*pkM toO 

ftttd n3K®0 

feiwg*|BlH4 

US 


omxoo 
SAW* SR11 
SOgww SMB 

Skj^kRpKSUB 
Attka RiaOO 
Sprin PM22S 
9mtkr SKrtfi 
SMC SFO30 
Syria SCSL00 
Tirtriacwaoo 
way taoooo 

UAE 0M2QQ 


Baghdad under growing international pressure to pull back from border 

US troops flood 
into Kuwait as Iraq 
hints at withdrawal 


DS523A 


By Mark Nicholson in Cairo, 
Robin ANen in Kuwait and 
David LasceBes in London 

US ground troops began pouring 
into Kuwait yesterday to defend 
the Golf state against a possible 
Iraqi attack as Baghdad hinted it 
may be seeking to ease tansknig 
by moving troops away from the 
toe border area. 

A DC-10 aircraft disgorged the 
first 300 troops of an eventual 
36,000-strong US ground force 
bound for Kuwait Another 200 
military jets and toe USS George 
Washington aircraft carrier 
group moved into toe region, in 
the biggest US deployment in the 
Mi ddle lEpst rin» the 1990 Iraqi 
Invasion of Kuwait 

But aig id rising intpmatfr»ia1 
raiia for Ra gMini to reverse its 
deployment of troops on the Iraqi 
border, Mr Nizar Hamdoon, Iraq’s 
representative at the UN, said his 
government bad decided to move 
troops northwards from their 
positions around the southern 
cHy of Basra. 

"The troops are already on the 
move.” Mr Hamdoon said late 
yesterday. The US Defence 
Department last night said it had 
no confirmation of any with- 
drawal. Officials in Washington 
said the? were watering the situ- 
ation with caution. 


Strong IIS support for Clinton 
over Gulf stand — Page 5 

Saddam returns to centre 
stage Page 17 

UN and Kuwaiti officials, 
meanwhile, reported the Kuwait- 
Iraq border to be calm. 

However, UN observers in toe 
15km demilitarised zone that 
straddles the frontier said thou- 
sands of people from toe Iraqi 
side continued to assemble just 
noth of toe zone in a “tent city”. 
Iraq claims they are stateless 
Arabs, displaced from Kuwait 
during the Gulf war. 

Kuwaiti officials yesterday 
took journalists on a tour 
designed to demonstrate the 
army’s readiness to repel any 

Mr William Perry, US defence 
secretary, said that, by yesterday. 
Iraq had deployed, or was mov- 
ing, up to 80,000 troops near the 
Kuwait border. "We believe there 
are two Republican Guard divi- 
sions either already at the border 
or nearly there, and a third one, 
which is in toe northern part of 
toe country, is on toe move now, 
and we expect it will be going to 
the border as wen.” 

The Iraqi deployment was 
apparently designed to press the 


UN Security Council into consid- 
ering an imTnftdi flte lifting of the 
four- year-old oil embargo which 
has pushed Iraq into a grave eco- 
nomic crisis. 

Iraqi officials last week said 
they hoped the Council's consid- 
eration of a report this week by 
Mr Rolf Ekeus, toe UN special 
envoy, would lnmi to the start of 
a pro gramme to monitor Iraq's 
weapons industry. They threat- 
ened unspecified "measures” 
unless this review also led to an 
Mrinp of gartr-Hrmg 

UN diplomats in New York said 
the Security Council would con- 
sider Mr Ekeus’s report late this 
week, and that the UN bad not 
been intending to take any posi- 
tive moves towards easing sanc- 
tions. 

Diplomats said the Iraqi troop 
deployment had made such a 
relaxation impossible for France, 
ffirgan China anil other Security 
Council members previously 
sympathetic to Iraq’s case. Tt 
has been veiy counter-productive 
for the Iraqis,” said one western 
official. 

Western diplomats also said 
there were no signs of Iraqi offi- 
cials seeking negotiations to 
defuse the ipngn^g on the Iraq- 
Kuwait border. However, Mr 

Continued on Page 18 



ffign of victory; A Kuwaiti soldier on top of a tank yesterday near the 
Iraqi border. Up to 36,000 US troops are due hi the region soon 


EU ministers agree Maastricht deficit cuts 


By David Gardner In Luxemboiag 

EU finance ministers yesterday 
agreed on recommendations to 
reduce their budget deficits to 
comply with the Maastricht 
treaty criteria on economic and 
monetary union. 

The ministers, meeting in Lux- 
embourg, also appear to have 
averted an EU crisis by pressing 
Italy to agree on ratification of a 
planned increase in the Union 
budget next year. Without this 
increase, Spain had said it would 
not ratify an EU enlargement 
plan to bring in Austria, Sweden, 
Finland and Norway in January. 

Mr Kenneth Clarke, UK chan- 
cellor of toe exchequer, resisted 
any suggestion that he would be 
unable to make tax cuts because 
of toe recommendations from the 


European Commission, which 
apply to all member states except 
Ireland and Italy. 

With an eye on this week's con- 
ference of the ruling Conserva- 
tive party, he said “we will make 
real tax cuts when we have 
readied a satisfactory position in 
public finances”. 

France won a token victory in 
deferring formal adoption of 
so-called “excessive deficits” 
recommendations, after Mr Phil- 
lipe Seguin, the anti-Maastricht 
Gaullist president of the National 
Assembly, demanded that the 
European parb'ampnt should be 
consulted Bret 

Mr Theo Waigel, finance minis- 
ter of Germany, current holder or 
the EU presidency, met his 
French counterpart Mr Edmond 
Alphandery before yesterday’s 


meeting to agree on a formula to 
accommodate sensitivities in 
France and elsewhere. The defi- 
cits decision will now go through 
another EU council, probably of 
agriculture ministers cm October 
24, without further discussion. 

■Everything has been agreed,” 
Mr Waigel said, indicating 
French pressure had won a cos- 
metic postponement. Mr Alphan- 
dfiry insisted “Fiance will always 
have the opportunity to amend 
the t wmwmpnriaKnnq ," although 
this is not foreseen by Maas- 
tricht, senior EU officials said. 

The recommendations urge 
member states to stick to toe 
European monetary union con- 
vergence and deficit-cutting 
plans they originally presented to 
their colleagues. 

Italy, one of the most indebted 


member states, was urged to 
return to its original target of 
stabilising its government's ratio 
of debt to gross domestic product 
in 1995, instead of the new target 
of 1996 adopted by the Berlusconi 
administration, in the light of 
economic recovery. 

Most countries are expected to 
publish the recommendations, 
but Mr Lamberto Dini, the Italian 
(jnanw» minister, said this deci- 
sion would be taken by the cabi- 
net. If member states take no 
action OH the wwmmi»ndati( m5 , 
the EU can publish the fact 


Mr Waigel said he expected the 
Italian opposition to the EU bud- 
get rise to be resolved wi thin 
weeks. Italy has held up ratifica- 
tion of the rise in the hope of 
being pardoned a large part of its 
EU fines for cheating on its milk 
quota. 

An EU official said the likely 
compromise would probably 
lower Italy’s fine of over Ecu3bn 
($3.72bn), which the Commission 
has sought to halve. The UK is 
challenging this reduction in the 
European Court but. as part of 
the deal, would drop its case. 


Continuing 
decline of 
rouble hits 
government 
credibility 

By John Thornhill in Moscow 


The rouble fell a further 6 per 
cent against the dollar yester- 
day, crashing through the 3,000 
harrier on fears of rising infla- 
tion and deteriorating govern- 
ment finances. 

The government reacted 
calmly to the fall to 3,081 from 
Friday’s close of 2,896, and trad- 
ers said there was no interven- 
tion by the central bank. Mar- 
kets are awaiting the outcome of 
ministerial negotiations on the 
Russian budget, expected to be 
presented to parliament dining 
the present session. 

Mr Victor Gerashchenko, the 
central bank chairman, said 
there were still sufficient 
reserves to control the curren- 
cy’s fluctuations, even though 
the bank had spent $2bn In toe 
past few months to support the 
rouble. 

But a hank spokesman yester- 
day blamed the rouble’s fall, 
which has been accelerating over 
the year, on speculative trading, 
and said reserves would not be 
wasted an fruitless intervention. 

Whale the turmoil in the cur- 
rency market was not expected 
to end the economic reform pro- 
cess it will make it more di fficu lt 
and expensive for the govern- 
ment to raise money in the Rus- 
sian Treasury bill market, which 
will be much on the govern- 
ment’s mind as it finalises the 
1995 budget 

Over the weekend, ministers 
flew to the holiday home of Mr 
Victor Chernomyrdin, the prime 
minister, at the Black Sea resort 
of Sochi to try to settle the out- 
standing issues. 

Currency traders said the inac- 
tion of the bank and the lack of a 
government policy statement 
were exacerbating the situation. 
“We expect the devaluation to 
continue - possibly to 3^00 to 
the dollar this week - unless 
some drastic measures are taken 
by the government," one trader 
said. 

The lower rouble may provide 
temporary relief to Russian 
industry, in particnlar the 
energy sector, with hard cur- 
rency earnings of oil and gas 
companies worth considerably 


Continued on Page 18 
Currencies. Page 36 


Paper company sets S Africa 
record with $1.6bn US deal 


By Mark Suzman in 
Johannesburg and Tony 
Jackson in New York 

Sappi, the South African paper 
company, is paying $1.6bn for 
SD. Warren, a subsidiary of Scott 
Paper of the US. in the biggest 
international acquisition yet 
undertaken by a South African 
company. 

The deal is the second big 
acquisition by a South African 
company since the country’s 
April elections and follows min- 
ing house Gencor's $L3hn pur- 
chase of Billiton from Shell in 
July. 

Sappi is buying Warren, which 
Scott put up for sale in May, in 
partnership with US merchant 
banker Donaldson, Lufkind & 
Jenrette and UBS Capital, a US 
subsidiary of Union Bank, of Swit- 
zerland. Sappi will have 70 per 
cent of Warren’s equity. 

The acquisition lifts Sappi into 
the front rank of world paper- 
makers. Warren claims 27 per 
cent of the US market in coated 
woodfree papers, used for glossy 
publications such as m aga z i n es . 
Sappi will become the world's 
largest producer of coated wood- 


free paper, with a churned 15 per 
cent global share. 

Scott’s sale of Warren, which 
accounts for 25 per cent of its 
turnover, is part of a sweeping 
reorganisation announced in the 
s iimmer by Mr A) Dunlap, the 
company’s aggressive new chair- 
man Scott aims to concentrate 
on its paper tissue business, in 
which it is the world leader. 

Sappi is South Africa’s largest 
paper company, with 50 per cent 
of the local market, and already 
has widespread international 
interests, including five paper 
min* in toe United Kingdom, and 
Hannover Papier in ‘Germany, 
which was purchased in 1990. 

As a means of avoiding South 
African exchange control regula- 
tions, the deal will be financed 
entirely offshore, with Sappi rais- 
ing debt outside South Africa and 
securing it on its European 
assets. Sappi will put up 5S0m, 
of equity. DLJ 8l2Sxn and UBS 
jasrn The rest of the purchase 
price will come through a mix- 
ture of debt and junk bonds. 

Mr Basil Anderson. Scott’s 
chief financial officer, said part of 
the proceeds would be used to 
pay down Scott's £L3bn of debt 


Scott would also buy back “a fair 
amount” of Us own shares, he 
said, adding that the company 
planned farther unspecified asset 
sales. He said the Warren dis- 
posal would r ed uc e Scott’s previ- 
ously announced capital invest- 
ment of 9900m over the next two 
years by about $200 hl 

Last year, Warren made pretax 
profits of about $80m on sales of 
$l^b n. In its peak year of 1968 it 

Tnarfp SSOin. 

The final bidding for Warren is 
understood to have come down to 
a handful of international paper 
companies, among them the 
Anglo-French papa 1 make s: Arjo 
Wiggins Appleton in conjunction 
with a partner. This was an 
apparent reversal of policy for 
Arjo, which had previously 
denied it was interested in the 
whole of Warren. 

Sappi said it had been helped 
in the bidding by the fact that US 
antitrust laws had ruled out a 
number of big US papermakers. 
It is understood that several, 
including International Paper 
and Union Camp, dropped out at 
an early stage. 

Lex, Page 18 


CONTENTS 


eiqMNM^^D 

UhisOmINm 45 

ArWfcttNfttt 7 LHdirPwt 

Wbdd Tnda Noca — 6 LbM 

UK — —8 


RNtfe 


.11 


Omoht 


E w nnmlc l il c ua 1 Jecftnotafly 

w 4 *w M FT Lev ffeponi 



Cpr anaB aa. 

FTMbW. 

FTWbUMu 


jh 


-40 


FMpEtf anget. 

GottMx&s 

Cpeora 

kxScodSanlca- 
IttVQedFtrti, 
Itoray Matas. 


.30 

.40 


-34* 


a— MoBi a Bon 3253 

Tfarffcral Options. 40 

landon SE ■ ■ .31 

MSI 37 -Cl 

-37*3 


€> THE FINANCIAL TIMES LIMITED 1994 No 32,484 Week No 41 LOMPOH > PARIS - FRANKFURT - HEW YORK - TOKYO 



THE LINK BETWEEN THE PAST 
AND THE FUTURE 


Omega Spcedmastcr Automatic- 
Self-winding chronograph 
in 18 k gold. 

Swiss made since 1846. 



Q 

OMEGA 

The sign of excellence 









FINANCIAL TIMES 


TUESDAY OCTOBER 1 1 1994 


NEWS: EUROPE 


Italian 
PM in 
pledge on 
Fininvest 


Sights are set on role in government, writes Michael Lindemaim 

German Greens leader goes for broke 


Mr Joschka 
\ \ Fischer, once a 

\ 1968 revolution- 

ary. then a taxi 
driver and now 
environment 
minister in the 
German state 
WiS i of Hesse, leans 
Ty„'v< across the table 
y-s after a long day 
* and an 
GERMAN exhausting 
ELECTIONS K-gj? » 
we don’t make 


The German Green* changing directions 


Section resuta and 1994 opinion pofls (%) 
- 15 


October 16 


it this time, then I'm stepping 
down. I’ve had enough." 

Mr Fischer is the leading 
star of the left-wing Greens, 
Germany's main environmen- 
tal party. His impassioned per- 
formances and his pleas to 
party colleagues to be serious 
about government have more 
than anything else coloured 
the Green election campaign 
this year. 

It is the first time the party 
has looked not just for a place 
on the opposition benches, but 
to become part of a future rul- 
ing coalition. 

To show how serious he is, 
Mr Fischer even came to 
Oggersheim, Chancellor Hel- 
mut Kohl's home town on the 
river Rhine to address a town 
hall so full that latecomers 
were refused entry. 

His powers of persuasion 
have helped change the for- 
tunes of his party, which man- 
aged to win only 3.8 per cent of 
the vote in the federal elec- 
tions four years ago, losing all 
its seats in parliament. 

In the latest polls, the party 
has been scoring between 7 
and 8 per cent. It has also since 
recovered a presence in the 



Leadng figm Josctiha Fiscfw 


Mar May Aug Sap 

j i i "q 

1980 83 87 90 94 

Saxon FMwal SWWfcaOfficMAIarabaQti 


federal parliament by teaming 
up with BOndnis 90, the dissi- 
dents who helped topple the 
former East German regime, 
but the setback for the western 
Greens taught them some 
important lessons. 

First, Mr Fischer's “realistic" 
wing of the party - the Real os 
- who always wanted power to 
implement their policies, over- 
came the "fundamentalists’', or 
Fundis, who were more con- 
cerned with the purity of their 
ideas. 

The once motley collection of 
protesters has given way to a 
more experienced and older 
collection of parliamentarians, 
local politicians and academ- 
ics . They bave almost become 
part of the establishment They 
, could well become the third 
force in German politics, 
instead of the Free Democratic 
party (FDP), for decades the 
junior partner in Bonn coali- 
tion governments. 

The Greens are part of a 


coalition government in the 
northern city state of Bremen, 
shared power with the Social 
Democratic party (SPD) in 
Lower Saxony until earlier this 
year, and are still a vociferous 
partner in coalition with the 
SPD in the state of Hesse. 

But for all their polished new 
image the Greens still like to 
shock: earlier this year the 
party demanded the abolition 
of the German army, German 
withdrawal from Nato, and 
abolition of the Nato alliance. 
All of those bave horrified the 
SPD. the Greens' natural coali- 
tion partner in Bonn, and 
given welcome election ammu- 
nition to the government 

But as the election campaign 
has picked up speed, landing 
Greens have been at pains to 
play down their more wayward 
plans, and insist that most 
things are up for negotiation. 

The only sacred cows in the 
coalition talks are an end to 
nuclear energy, the introduc- 


The motley 
collection of 
protesters has 
given way to 
experienced 
politicians who 
have almost 
become a 
part of the 
establishment 


tion of speed limits on Ger- 
many's overcrowded motor- 
ways and a new tax structure 
which would reflect the envi- 
ronmental costs of production. 

“What we need most of all is 
a change of direction." says Mr 
Ludger Voimer, joint spokes- 
man for the party, referring to 
the new taxes. “If it becomes 
clear that there Is no change of 
direction there won't be a 
coalition with us." 

But despite the new dyna- 
mism, helped along by popular 
candidates, the party senses 
that it may still stumble at the 
last fence. “We are just not 
quite sure,” as one long-time 
Green adviser puts it 

The Greens know their core 
electorate stands at just 4 per 
cent, 1 per cent short of the 
threshold needed to get seats 
in the Bundestag. 

Opinion polls ahead of previ- 
ous federal elections have 
suggested Green support was 
markedly higher than it turned 


out to be on the day. Voters 
seem to trust them as a poten- 
tial member of government at 
the state level, but not for 
Bonn. 

One setback has been the 
party’s performance in eastern 
Germany. Despite the environ- 
mental scars left by the former 
regime, the Greens have been 
unable to mobilise voters 
there, admitting that for most 
people worries about the 
region's ecology come second 
to more bread-and-butter con- 
cerns like getting a job. 

Instead the Greens have 
been seeking to woo the better- 
off, middle-class voters who 
have traditionally backed the 
FDP. The small Liberal party is 
In real danger of losing its par- 
liamentary seats, after years of 
being In government with 
either the conservative Chris- 
tian Democrats and the left-of- 
centre SPD. 

As Ear as the Greens are con- 
cerned, however, the shift to 
the political centre has cost the 
party the support of some of its 
more traditional radical voters. 

Germans who supported the 
party because of what they call 
its “instinctive radicalism" 
now heckle Green politicians 
on the husting s and vow they 
will back the Party of Demo- 
cratic Socialism (PDS), the fol- 
low-on to the former East Ger- 
man communist party. 

Threats like that do not 
impress Mr Fischer, who 
argues that the party has 
moved on from mere protest 
voting. 

“People who vote PDS may 
annoy Kohl," Mr Fischer said. 
“We are fighting for a majority 
to get rid of him altogether.” 


Aid to Eko Stahl will exceed DM1 bn 


By Judy Dempsey in Berlin 

Germany's Treahand 
privatisation agency yesterday 
confirmed it would grant more 
than DMlbn ($60Qm) in subsi- 
dies and investments to Eko 
Stahl, eastern Germany’s larg- 
est steelmaker, in a deal which 
amounts to one of the largest 
single rescue packages for an 
east German company. 

However, officials from the 
Treuhand and from Cocker! 11- 
Sambre, the Belgian steel pro- 
ducers that bave bought a 60 


per cent stake in Eko Stahl, 
said they expected the Euro- 
pean Commission to question, 
if not block, the subsidies. 

“Everything now hangs on 
Brussels," a Cockerill official 
said, adding that the company 
expect to take over Eko Stahl 
next January. The remaining 
40 per cent will be held by the 
agency. 

The Treuhand’s rescue pack- 
age has two elements: invest- 
ment grants and financial 
assistance to cover current 
and future losses. The agency 


will provide investments and 
subsidies totalling DM275m, 
while a further DM385m will 
be provided by the federal gov- 
ernment and Brandenburg 
state, where the mill is 
located. 

In addition the Treuhand 
has agreed to pick up losses of 
over DM220m which will occur 
between 1995 and 1997. It will 
also provide an extra DM480m 
for compensating losses made 
by Eko Stahl when its markets 
in eastern Europe and the for- 
mer Soviet Union coUapsed 


after German unification in 
1990. 

Eko Stahl is expected to 
bave a turnover of DMlbn this 
year on losses of more than 
DMIOOm. A further DM39 m 
will be allocated to the local 
infrastructure. 

The Treuhand drew np the 
final subsidy and investment 
package at the weekend after 
Cockerill agreed to invest 
DM440m in modernising Eko 
Stahl’s existing blast furnace 
and building a new hot-rolling 
milL Cockerill win also guar- 


antee about 2,300 jobs. 

Eko Stahl currently employs 
more than 2,900 people, nearly 
a quarter fourth less than in 
1990. 

Abont 200 employees aged 
54 years and over are already 
being offered redundancy pay- 
ments, which will be worth 80 
per cent of their monthly 
income and will be paid out 
until they reach the pension- 
able age of 60. 

No decision has yet been 
reached about the remaining 
400 employees. 


By Robert Graham 
in Rome 

Mr Silvio Berlusconi, the 
Italian prime minister, yester- 
day pledged a speedy Introduc- 
tion. of legislation to prevent a 
conflict of interest with his 
ownership of Fininvest, Italy's 
second largest private business 
group. 

The promise came in the 
wake of the weekend publica- 
tion of a report by three 
jurists, commissioned by Mr 
Berlusconi in May, recom- 
mending a conflict of interest 
law. 

Mr Berlusconi hinted he was 
not entirely happy with the 
report's recommendations. “It 
seems to me the solution found 
is tough and inflexible, more 
inflexible than in other coun- 
tries," he said. 

The jurists said Mr Berlus- 
coni could not to be forced to 
divest ownership of Fininvest; 
but he would have to consider 
voluntary divestiture or the 
appointment of a trustee to 
control the group while he held 
office. 

By committing hims elf to 
early legislation, Mr Berlusconi 
appeared anxious to resolve 
the conflict of interest issue. 
Since becoming prime minister 
five months ago, he has come 
up against many problems 
arising from his ownership of 
an empire which spans televi- 
sion, films, pub lishing , chain 
stores and financial services. 

As debate on the report 
began yesterday in the senate, 
members of the right-wing 
coalition government were 
arguing on the need for a prior 
agreement on the Legislation. 
This would ensure a smooth 
and speedy parliamentary pas- 
sage - providing the populist 
Northern League co-operated. 
The League has been mild in 
its comments on the report 
despite the threats of Mr 
Umberto Bossl the leader, that 
he would cause difficulties 
over the conflict of Interest 

However, the opposition 
voiced concern over the lack of 
provision in the proposals for 
independent monitoring of 
abuses. The two bodies nomi- 
nated in the report - the anti- 
trust authority and the media 
watch-dog commission - are 
both controlled by parliament 


Sarajevo digs in for third winter of suffering 


Cold weather has come early to 
Bosnia. The first blanket of snow on 
the high land around Sarajevo signals 
the start of a third winter of suffering 
for the 340,000 people trapped in the 
besieged capital. 

As the war rumbles on around the 
city, its residents continue to be 
threatened by sniper Eire and a short- 
age of food and other supplies. Most 
have become anaesthetised to the con- 
tinuing diplomatic and military 
efforts. Hopes raised for a settlement 
have too often been dashed by the 
turn of events. 

Instead, the word “survival" is on 
everyone's lips as they try to prepare 
for the difficult months ahead. “What 
more can we do but survive and 
smile." asked Mrs Amela Kurtovic, 
who has lost tliree of her family since 
the start of the war. 

Mr Radovan Karadzic, the Bosnian 
Serb leader, has vowed to strangle 
Sarajevo unless peace am be agreed 
on his terms. His troops have sur- 


rounded the city since April 1992 and 
they continue to block United Nations 
aid convoys when It suits them. Last 
weekend, the UN resumed aid flights 
after a two-week stoppage, forced by 
the Bosnian Serbs, during which food 
reserves became dangerously low. 
Sarajevo’s mayor, Mr Tareq Kupu- 
sovic, said the city had only two days 
of reserves and feared that “if the 
airport is closed again before the city 
has time to build up its reserves there 
will be a crisis". 

In an attempt to regain some kind 
of self-sufficiency, many Sarajevans 
have planted small allotments 
throughout the city. Cabbages, car- 
rots and potatoes grow in what used 
to be the 1934 Winter Olympics vil- 
lage, only a few hundred metres from 
the front line. A screen of overturned 
cars and buses helps protect garden- 
ers from Serb snipers. 

Nearby, the city's cigarette factory, 
which produces a few thousand Drina 
cigarettes a day from stock left from 


before the war, has moved its machin- 
ery underground so that production 
continues whatever conditions on the 
streets. 

While the UN protects and feeds the 
city, Sarajevo's civic administration 


Survival is the 
watchword of all 
in the city, writes 

James Whittington 


tries to provide a range of services 
from public transport mid utilities to 
a planned reconstruction programme. 
A rather shaky local tax structure 
was introduced at the end of August 
which levies up to 40 per cent income 
tax on commercial enterprises. But 
revenues are so low that most of the 
300 people working in the city hall are 


paid In packets of Drinas. 

This barely sustainable economic 
situation is made worse by the con- 
stant threat to life. Nearly nine 
months after Nato forced the Bosnian 
Serbs into signing a ceasefire agree- 
ment to remove heavy weapons from 
a 12-mile zone around the city, people 
are still being wiipd almost daily. On 
Saturday, one person was killed and 
11 wounded in a sniper attack on a 
tram in the city centra. This brought 
civilian casualties since April, 1992 to 
10,078 dead and around 58,500 
wounded. 

As a result, cars and UN vehicles 
drive at breakneck speeds and pedes- 
trians half run to avoid being exposed 
to the sniper's sights for too long. 
“The place feels like a concentration 
camp.” says Mrs Ullsija Dzubur who 
works at the city hall “We know we 
could be killed at any time.” 

Asking the people of Sarajevo how 
much longer they think the situation 
can last elicits only shrugs and sighs. 


the future reaches only to the next 
few days. However, Lt-Gen Sir Mich- 
ael Rose, UN commander In Bosnia, is 
cautiously optimistic that the policy 
of isolating the Bosnian Serbs from 
their former masters in Serbia could 
end the impasse. 

President Slobodan Milosevic of 
Serbia cut off nearly all military and 
economic supplies to the Bosnian 
Serbs in early August when Mr 
Karadzic rejected the peace plan 
drawn up the the international con- 
tact group. “The isolation policy of 
the contact group is working. . . . but 
we must be careful not to make them 
feel cornered,” he warns. 

In the meantime his job is to keep 
aid flowing. Yesterday, he met Gen 
Ratko Mladic, bead of the Bosnian 
Serb army, to try to obtain assurances 
that supply routes would stay open. 
But, while Sarajevo remains under 
siege - Mr Karadzic's most important 
bargaining chip - this is by no means 
guaranteed. 


EU roadblock on Greek infrastructure 


Commission holds back funding until Athens can 
convince it that the money will be wisely spent, 
write Kerin Hope and Peter Marsh 


T he six-lune highway 
that shrinks abruptly 
into a country lane is 
both a familiar feature of the 
Greek landscape and an 
unpleasant reminder of the 
financial and administrative 
muddle that hinders successive 
governments’ attempts at 
infrastructure improvement. 
Things were supposed to 


THE FINANCIAL TIMES 
Published b> The Financial Timn 
(Europe) Limbi I. Nibclungunplalz 3. 

Fntakfurt mi Mam. C inanity. 
Tclerhivnc ■*-+4 , < wl 156 S50, l'.« *• MO 
**» «VwSI. Telex 4U.1U. Rcpfeenicxl 
in l : nnU'urt hv J. Walter annul, Wil- 
helm J Bruv-ci, Colin A. Kcnnaixl in 
Grach jiisliih re r anil in I.nmlon b) 
DiviJ C M Bell .mil ALin C. Miller. 
Printer. DVM Dradt-Vcitacb untl Mar- 
Koiiaj; OnjbJJ. ,4iImirjI-KuM.-iuL>hi- 
Slraare ?a. n*>5 Nin-Kcnhiin: (owned 
bv Hurrivci lnicnwlion.il I. ISSN: ISSN 
OlTO-Tjhj Rexnon-iihte bdiior. Richard 
Lambert, c/o The (-mandat Time* Lim- 
bed. Number One Suulhw-jrk HcWgc. 
London SEI 9HL, UK. Shareholder: of 
Ihr Financial Times (Europe) GmbH 
J re. The Financial Tinjcs (Europe) Lid. 
London and FT. I Germany Adxciiis- 
inpi Ltd, London. Slurchoklcr of Hie 
ink- mentioned two companies is: The 
Financial Time*- Limited, Number One 
Southwark DrvJcc. London SEI DHL. 
The Conyxrnv m incorporated under the 
laws ot Breland and Walts. Chairman: 
DC.M Dei). 

FRANCE' Publishing Director D. 
Good. IbS Rue Je Rii.mIL F- 75044 Pans 
Cedes III. Telephone (01) 4TV7-062I. 
Fua (Oil 4 :'*7 Primer. S.A. Nonl 
Eclair, 1SHI Rue &> C.lire. F-S*)KW 
RouhaixCediu I. Editor: Richard Lam- 
bert. ISSN. ISSN II4S-27S3. C'ommis- 
<km P.irifaiir No 67WISD. 

DENMARK. Financial Times iSraiulin- 
avial Lid. Vimmclifcafied 4 -A. 
DK-II61 Copenhagen K. Telephone 33 
I? 44 41. Fax .« « 53 35. 


change with the launch this 
year of the European Union's 
new structural package, 
intended to help poorer mem- 
ber states like Greece move 
towards the Maastricht targets 
for economic convergence. 

However, the European Com- 
mission has placed a tempo- 
rary block on disbursement of 
Ecu4bn (£3.l4bn) of Greece's 
share of the funding, which 
amounts to Ecul4bn by the 
year 2000. The block covers 
nine large programmes for 
motorways, ports and other 
transport projects. 

A Commission official said 
Greece's public works ministry 
had failed to convince Brussels 
that it had implemented 
reforms needed to ensure the 
money would be wisely spent 

These include modernisation 
of costing procedures, 
improved efficiency and the 
establishment of special inde- 
pendent agencies to manage 
large and complex projects. 

The funding delay is worry- 
ing Greece’s economic plan- 
ners as the EU package is seen 
as crucial to stimulating eco- 
nomic recovery after three 
years in which growth in gross 
domestic product has stag- 
nated at around L per cent. 

Among the projects due to 
get under way by the end of 
1994 are an Ecu450m suspen- 
sion bridge across the Corinth 
Gulf, a Drl20bn underground 
railways for the northern 


Greek city of Thessaloniki and 
a $1.6bn new airport for 
Athens. All had been stuck at 
the planning stage for more 
than a decade, mainly because 
of chronic constraints on the 
public investment budget 

While the three projects con- 
tain an element of self-financ- 
ing, they are also eligible for 
substantial EU grants os well 
as soft loans from the Euro- 
pean Investment Bank. 

The EU structural funds will 
also cover up to so per cent of 
the cost of completing the 
600km Egnatia highway from 
Greece’s western coast to the 
border with Turkey, as well as 
that of upgrading the 580km 
north-south highway from 
Athens to the Macedonian bor- 
der to international motorway 
standard. 

As a result of the Commis- 
sion’s block on the funding, 
only one contract of any size 
has been signed: an Ecu40.2m 
project for a Britlsh-Greek 
joint venture to build a seabed 
tunnel between the western 
Greek ports of Aktfon and 
Preveza. 

The Commission has also 
warned the government that 
its efforts to change the terms 


of the Athens airport project 
risk violating EU roles on ten- 
dering procedures. The project 
was awarded last year to Hoch- 
tief of Germany but no con- 
tract was signed. Meanwhile, 
the government has resumed 
negotiations with Societe Aim- 
liaire d’Entreprises de France, 
the losing bidder. 

The Thessaloniki under- 
ground railway project is also 
in trouble. Macedonian Metro, 
a Greek-led consortium, chal- 
lenged the public works mini* , 
try in court last month after its 
financing arrangements were 
rejected by a ministry commit- 
tee as insecure. 

To back their legal protest, 
consortium officials made pub- 
lic copies of letters from the 
EIB, the German state-owned 
development bank K redltan- 
stalt fur Wideraufbau (KFW) 
and Citibank, offering loans 
equivalent to more than 
Drl20bn (£320m). 

The alarm had already been 
triggered in Brussels by a suc- 
cession of bids from Greece’s 
small and fiercely competitive 
construction companies for 
EU-fmanced highway and har- 
bour contracts valued at more 
than Dr 150b n. Some were offer- 


ing discounts of up to 80 per 
cent of the tender price. 

“Discounts are in order 
because of the ministry's 
old-fashioned costing proce- 
dures, which don’t take 
account of the productivity of 
modern equipment,” said a 
Greek banker. “But anything 
over 40 to 50 per cent suggests 
the company might not be able 
to fulfil the project specifica- 
tions.” 

A public works ministry offi- 
cial said negotiations were 
under way with contractors to 
come up with “more realistic" 
offers to avoid the delay that 
would be caused by cancelling 
the tenders and calling for new 
bids. 

T he ministry said it had 
started to modernise 
costing procedures dat- 
ing from the 1960s. It was also 
committed to improving effi- 
ciency tty raising to Dr25bn the 
present Dr5bn limit on the 
value of a project that can be 
undertaken by a single Greek 
company. 

“The ceiling has meant 
delays and poor quality con- 
struction, particularly in high- 
way building, where small seg- 


plans 

meats of a few kilometres each 
are parcelled out among differ- 
ent contractors,” said an 
Athens-based financial consul- 
tant 

Yet Greece's problems with 
the Commission over the new 
funding package go deeper. 
Contractors and consultants 
agree the government's politi- 
cal commitment to reform is 
□ot in doubt, but note there is 

strong resistence among offi- 
cials at the public works minis - 
try to reducing their control 
over infrastructure projects. 

The need for radical change 
is underlined by the ministry’s 
lack of adequate expertise to 
handle technical studies for big 
construction projects in areas 
such, as geological end environ- 
mental impact surveys. 

Moreover, the Commission's 
determination to extract maxi- 
mum value from the new fund- 
ing package means there is 
increased pressure to improve 
controls on costs and ensure 
the quality of construction is 
effectively monitored. 

However, the minis try has 
out yet agreed to the establish- 
ment of special agencies, to be 
staffed mainly from the private 
sector and other government 
departments, to manag e large 
and complex projects on an 
independent basis. Among 
other things, these would con- 
tribute much-needed expertise 
on financing arrangements for 
partly self-financed projects. 


EUROPEAN NEWS DIGEST 


Far right gams 
in Belgium 



The extreme right made further inroads into the Be^an 
political scene over the weekend, with voters in Fkndera 
Wallonia and the Brussels region giving their support 
anti-immigration parties in Sunday's communal elections. 
Antwerp, the principal city of Belgium's Dutch-speakmg Fkrn- 
dere region, the racist Flemish Nationalist party, Vlaams Blok, 
won 28 per cent of the vote, making it the cltys leading 
political party. The National Front, the francophone extreme 
ri ght, gained a foothold in the 19 communes of the country’s 
capital Brussels, while in Wallonia, the French-speaking 
region, the big cities saw similar advances by the far right. 
Liege they won four seats. . , . , 

The communal elections, held every six years, focus mainly 
on local issues and as such will have little immediate impact 
on the fortunes of the federal governing coalition, led by Mr 
Jean-Luc Dehaene. the prime minister. However, the 589 com- 
munes play a key administrative role, providing services such 
as police, roads, public works and primary and secondary 
education. They also act as local ad min istrators for services 
provided by the na Hnnai government, the regional govern' 
meats and the language communities in Belgium's multi-lay' 
ered administrative structure. Emma Tucker. Brussels 

Ciller predicts inflation fall 

Turkish inflation should fall 
to 20 per cent by the end of 
the year, thanks to austerity 
measures taken in April, 
when inflation topped 100 per 
cent and the exchange rate 
collapsed, according to Mrs 
Tansu Ciller, prime minister 
(left). Commenting on the 
first six months of her emer- 
gency economic programme, 
she said foreign debt had 
shr unk by a tenth to $60bn, 
central bank reserves had 
doubled to $6.7bn and the cur- 
rent account had swung to a 
jl.lbn surplus between Janu- 
ary and July from a $6.4bn 
deficit in 1993. Sharply cur- 
tailed public spending 
brought the budget deficit in the first seven months down to 
$586m. almost half the expected amount. Independent econo- 
mists, however, criticise Mrs Ciller for failing to push a priva- 
tisation bill through parliament or reach agreement with the 
World Bank on public sector reform that would tackle Tur- 
key's underlying economic problems. John Barham, Ankara 

Nobel medicine prize awarded 

The Nobel Prize for medicine was awarded yesterday to two 
Americans, Alfred Gilman and Martin Rodbell, for pioneering 
work on the role of proteins in human cell communication. 
Sweden's Karolinska Institute, which announced the SKrTm 
(3959,000) award, said the discovery of G-proteins and their 
links with the development of disease had been “of paramount 
importance" opening up a “new and rapidly expanding area of 
knowledge”. The institute described the G-protein as a biologi- 
cal “traffic light" which regulates the body but can cause 
illness if it breaks down. “Many symptoms of disease are 
explained by an altered function of G-proteins," it said, citing 
cholera as a prime example. Mr Rodbell, 6S, of the National 
Institute of Environmental Health Sciences in North Carolina, 
showed in the 1960s and 1970s how messages were carried 
between cells. His work was later developed by Mr Gilman, 53, 
currently chairman of the pharmacology department at the 
University of Texas, leading directly to the discovery of the 
first G-protein. Christopher Brown-thanes, Stockholm. 

Russian help for Armenia 

Russia has pledged RbsllObn in aid credits to Armenia, more 
than half of which will be used for reactivating a nuclear 
power station, Russian news agencies reported yesterday. Mr 
Vladimir Shumeiko, speaker of the Russian parliament's upper 
house, announced the aid offer during an official visit to the 
former Soviet republic. He said Armenia needed the power 
station to combat “the acute shortage of electricity” which had 
hampered Armenia’s industrial and economic development 
Falling output, soaring prices and an economic blockade 
Imposed by neighbouring Azerbaijan have pushed Armenia's 
living standards to among the lowest of all former Soviet 
republics since its independence in 1991. reading opposition 
parties in Armenia, blaming President Levon Ter-Petrosian for 
the economic collapse, formed a political alliance on October 5 
to call for the government's resignation and for early parlia- 
mentary and presidential elections. AP. Yerevan 

Albania spurns Greek overture 

Albania's President Sail Berisha yesterday rejected a Greek 
proposal for dialogue In exchange for the release of five ethnic 
Greeks convicted of espionage and illegal arms possession. 
“They are and win remain Albanian citizens, and we do not 
indulge in trade with our citizens," Mr Berisha said. Greece 
has offered negotiations on improving sour relations between 
the two countries on condition that Albania set the five free 
and allow them free passage to Greece. Last week, an appeals 
court reduced their jail sentences of 6-8 years by 1-2 years. 
Also last week, a terrorist organisation in northern Greece 
admitted being behind an attack earlier this year on an 
Albanian army centre that Wiled two soldiers. President 
Berisha said capture and punishment of the perpetrators 
would be welcomed by Albania. He also defended a draft 
constitution that would force the Greek head of Al bania ’s 
Orthodox church to step down. Still to be approved, probably 
by referendum, it stipulates that heads of Albania’s main- 
stream religious communities must be Albanian-born citizens 
who have lived there for the past 20 years. AP. Tirana 

ECONOMIC WATCH 


Portuguese inflation set to fall 


Portugal 

Inflation (annual % change) 
14 



1891 92 

Source: Oa te afr m in 


Portugal's year-on-yeai 
inflation rate is forecast to 
fall to 4.5 per cent by Decem- 
ber after reaching a 25-yeai 
low of -L8 per cent in August, 
according to the central bank. 
Mr Antonio Sampaio Melo, 
head of economic research, 
told foreign bankers in 
Oporto yesterday that aver- 
age annual inflation was also 
expected to drop to 55 per 
cent from 6.5 per cent last 
year. Mr Fernando Faria de 
Oliveira, trade and tourism 
minister, said inflation would 
be less than 2 points higher 
than the European Union 
average by the end of 1991 


Figures for September, to be officially announced later thi 
week, would show a further drop compared with Augusl 
Average annual inflation in 1995 should be 3£A5 per cenl 
Peter Wise. Oporto 

■ Retail sales In Germany rose a nominal 2 per cent in Angus 
from a year earlier, although they edged just 1 per cent highfi 
when Rusted for price changes, the Federal Statistics Offic 
in Wiesbaden said. August sales rose 2 per cent in botl 
nominal and real terms from July. 

■ Norway's consumer price index in September rose 0J5 pe 
rent from August, according to the country's central statistic 
bureau. This brings the September year-on-year inflation rat 
to 1.7 per cent. 


r* 

Vi 





FINANCIAL TIMES TUESDAY OCTOBER 1 1 1994 


NEWS: EUROPE 


wins 




Russia softens j Walesa 

its stance on |” e c J ash 
role of CSCE forces 


Austria given rude awakening 

The rise of the far-right Freedom party will enliven political life, writes Ian Rodger 

A ustria faces a more 
robust, unpredictable 
political life following 


By Vfetfnla Marsh in Budapest 

Russia yesterday appeared 
prepared to back down on Its 
proposal to transform the Con- 
ference on Security and 
Co-operation In Europe into 
the continent’s most powerful 
security structure. 

Speaking at the opening of a 
two-month CSCE review con- 
ference in Budapest, Mr Yuri 
Ouchakov, the head of the Rus- 
sian delegation, said the CSCE 
sh o uld be the “major moving 
force in European security" 
but that there was no need to 
set up a "hierarchical system". 

Since May, Russian officials 
have proposed that the CSCE 
become Europe's top security 
> organisation, subsuming Nato 
and the Commonwealth of 
Independent States. The 
strengthened organisation 
would be beaded by a United 
Natlons-style 10-nation 
steering committee and would 
mandate Nato or CIS forces to 
intervene in regional conflicts. 

The idea to strengthen the 
CSCE followed Russian con- 
cerns that its influence in 
Europe was faring undermined 
by Nato. Unlike other former 
communist states in eastern 
Europe, Russia has been given 
little hope by the west that it 
will eventually join Nato or the 
European Union. 

However, the proposal to 
strengthen the 53-natioxt CSCE, 
which includes European and 
CIS countries, the US and Can- 
ada, has been rejected out of 
hand by western nations, 
including the UK and the US. 

Mr Sam Brown, the US dele- 
gate. said Mr Oucbakov’s state- 
ment showed flexibility on the 
part of the Russians and recog- 
nition that its proposals were 
not possible in the present situ- 
ation. He said the US would 
welcome strengthening the 
CSCE, but it should remain 
one of a number of security 
structures. It was important 
the organisation continued to 
I mate decisions by consensus 
* among all members rather 
than through a leading body. 

The future role of the CSCE, 
which was set up under Rus- 
sian proposals following the 


Romania showed off its 
military hardware yesterday, 
firing shells and rockets into 
the Black Sea against an imag- 
inary enemy in an exercise for 
its old foes, Reuter reports 
from Cap Midia, Romania. Mil- 
itary observers from U west- 
ern and Balkan countries, plus 
Nato, watched Romanian 
troops repel an amphibious 
attack. Romania was the first 
former Warsaw pact member 
to sign up for Nato’s Partner- 
ship for Peace programme. 

1975 Helsinki conference, is 
expected to dominate the two- 
month conference which will 
end with a summit in Decem- 
ber. The organisation, which 
has few permanent staff a nd a 
small budget, is credited with a 
significant role in finding the 
cold war but has since strug- 
gled to define itself or play a 
useful role in preventing con- 
flicts. 

Mr Brown said CSCE mem- 
bers were stSM far from reach- 
ing agreement over “peace- 
keeping” activities by member 
states. Russia is a«Mng for a 
CSCE mandate to act as media- 
tor and peacekeeper in dis- 
putes in former Soviet states. 

Mr Brown said that if Russia 
wanted international approval 
for such activities it would i 
have to be genuinely and inde- , 
penitently invited to intervene j 
in conflicts and its interven- 
tion would have to be for a 
limited duration pud with rl pjn * 
goals. These conditions had 
not yet been accepted by the 
Russians, he said. 

The US also welcomed state- 
ments by EU representatives 
that CSCE goals could be 
underpinned by greater eco- 
nomic co-operation between 
western Europe and former 
communist states in transition 
to a market economy. 

He said the US had long 
recognised this principle as of 
"fundamental importance” for 
the future security of Europe. 

Germany, speaking for the 
EU. also proposed strengthen- 
ing the CSCE by suggesting 
members use its conflict-reso- 
lution mechanisms. 


By Christopher BoUnakl 
In Warsaw 

A tug of war between Poland’s 
President Lech Walesa and the 
government over control of 
the armed forces broke into 
the open yesterday when Mr 
Walesa asked Mr Piotr Kolod- 
zteJczyk, defence minister, to 


The move came after Mr 
Kolodziejczyk opposed new 
draft laws which would bring 
the military under control of 
the general staff, answering 
directly to the president and 
sidelining the defence minis- 
ter. 

Spokesmen for the defence 
ministry said yesterday that 
Mr Kolodziejczyk was not 
ready to resign immediately 
and implied he was looking to 
Mr Waldemar Pawlak, the 
prime minister, to support 
him. Mr Kolodziejczyk is due 
to report today to the parlia- 
mentary defence committee 
called to review the situation. 

Matters came to a head last 
week at Drawsko, in north- 
western Poland, where senior 
military commanders present 
at an annual training session 
openly criticised Mr Kolod- 
zfejczyk. The defence minister 
is a retired Warsaw Pact admi- 
ral and was once favoured by 
Mr Walesa. 

It is commonly accepted that 
Mr Walesa, who attended the 
meeting, encouraged Mr 
Kolodziejczyk' s critics at 
Drawsko to speak out Yester- 
day, Mr Janusz Ouyszkiewicz, 
a former defence ministe r and 
member of the opposition 
Freedom Union, called the 
meeting “an inexcusable 

attempt to bring the army into 
politics". 

The incident marks the first 
time the militaiy have been 
brougbt into the political 
arena since Polish democracy 
was restored five years ago. 

Under Poland’s presort con- 
stitutional arrangement, the 
president has general respon- 
sibility for defence. Internal 
and foreign affairs; Us nomi- 
nees head these three minis- 
tries. Bnt all three formally 
answer to the prime minister 
urn! are cabinet members. 


A ustria faces a more 
robust, unpredictable 
political life following 
Sunday’s national election 
result than it has known in the 
post-war period. 

For the first time since 1945. 
the Social Democratic party 
(SPO) and conservative Aus- 
trian People’s party {OVP) 
together won less than 80 per 
cent of the vote. 

With slightly less than two- 
thirds of the seats in the new 
parMamant, they can and wQl 
continue to govern, but no lon- 
ger in the complacent, 
self-serving way they have in 
recent years. 

There is inevitably a frisson 
of fear In the fact that the big- 
gest winner from the ruling 
parties’ losses is the extreme 
right-wing leader, Mr JQrg 
Haider, whose Freedom party 
now has almost as much sup- 
port as the OVP. 

But Austrian commentators 
of many persuasions yesterday 
agreed that the result was good 
for democracy. 

Many suspected also that it 
reflected not just a transitory 

diHenfthantmpnt among voters 

with the traditional parties, 
hut rather an irreversible 
generational change in voter 
behaviour. 

Older Austrians, who 
learned their politics during 
the post-war occupation period, 
have Sett obliged to stick to the 
traditional parties through 
thick and thin. In the early 
days, when virtually every eco- 
nomic activity was state con- 
trolled, it was only through the 
parties that people got jobs and 
vital services, and they have 
understandably remained 
loyal. 

But a younger generation of 
voters that grew up during the 
prosperous 1960s and 1970s 
does not understand, let alone 
feel, this “laager" mentality. 
The side by side existence of 
socialist and conservative 
health dubs and motor clubs 
and of compulsory employee 
and employer representative 
institutions is alien to them. 

The careful balancing of 
socialist and conservative sym- 
pathisers in the boards of 
nationalised industries and 
hanks seems bizarre, not to say 
inefficient. 

“We have finally succeeded 
in putting post-war Austria 
behind us," Mr Haider exulted 


INTERNATIONAL ECONOMIC INDICATORS: PRICES AND COMPETITIVENESS 

YNity figroi m •town In (nun fcwn wtth (to oontnun bw yMr of 1065. The real oxchanQ* I1I6 to «n Indwc ttvoUQtaut; oUwr qumtsriy and rnonOKy figure* ihcxv Bie percentage 
change ovw the contwpOfxSnfl ported In frw previxa yaar md are poatthra untoss ttetod. 


■ UNITED STATES 


■ JAPAN 


■ GERMANY 


1st qtr.lOM 
2nd citr. 1994 
3rd tftr.1994 

October 1803 

U Maa Mlu- 

Novfniovr 

OKUnbr 
January 1904 

February 

March 

April 

May 

Juna 

July 

August 

September 


1M0 

IBM 

tear 
1088 
V 1989 
IBM 
1801 
1982 
1BB3 

4th qcr.1983 
tat qtr.1994 
did tjtr.tBO* 

3rd qtr.1994 

October 1993 

Mo wa rn bar 

December 

January 1994 

February 

March 

Aprt 

May 

Juna 

July 

August 

S eptember 


■ FRANCE 


■ ITALY 


■ WOTTED KINGDOM 





Dob 

tore 

Hutof 


tear 

pricre 

P *am 

Erelop 

OMti 

1000 

100-0 

100 JO 

1002 

103.4 

101.4 

107.7 

104.1 

107.7 

1049 

116J3 

1063 

113J) 

108.7 

1262 

1093 

1Z1.8 

1129 

1372 

114.4 

133.3 

121.0 

150.1 

1227 

141.2 

1275 

1624 

1313 

148.4 

131.5 

1721 

1333 

148.7 

136.7 

1802 

1342 


3£ 

33 

1 A 

2.4 

23 

43 

20 

2.8 

22 

4 A 

-0.1 


22 



1.4 

4-0 

33 

13 

1.4 

3.6 

42 

1.1 

1.9 

4.0 

42 

13 

25 

3.7 

42 

1.7 

2.4 

3,4 

4.4 

12 

Z3 

28 

52 

24 

2.6 

22 

4.7 

0.6 

2£ 

21 

43 

0.6 

26 

21 

43 

-1.4 

23 

15 

5.7 

-03 

2-4 

25 




24 




I 't ii.i.iir T'rT rTiaminir rmnhr niitir in vtiHH" by Ortattraern and WEFA tmm national Bcwmnw* and IMF tawtm, and by J MwMm Yca fcXtoraro 

Stabsnc* lor Gsmajr tZZJ USZZLZL* US - flubbed goods. Japan - mmitoaxwd goods, Germany - hduMrto products. Franco - mwmwcSaw 

P* 1 ?* «*** to wyolngs kt mamjtagurtng axco ptFmn c a nd tody (ra ge «te» tn 

BOOM. M* - M M pof ” * A?!. !^STl!Si5rS*i*»«ooats: inimndlY «*u»d. manured m domestic eurenctoa. Gammy - mtomg and m anrfact unng. other 

S5S5 r A M In the Index tadteame fcnptovad kSemoBonal competttreneaa. 


THE AIRCRAFT 
FOR YOUR 
BUSINESS 

CHARTER * SALES * MANAGEMENT 
ALG AEROLEASING 

cf/c7= 

vtv • * ■V'H.-.'.t • 

Geneva 41-22/798 45 10 2ur.ch 41-01/814 37 00 



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

For further information or to advertise 

in this section please contact 

Karl Loynloa on +4471 873 4780 or 
Lesley Sumner on +44 718733308 

I FINANCIAL TTMEsHI 




Austrian 

Elections 


BactwHter &8m- 
Turnout 78% 


72: ■ 

- ■' :™ .S'jH 

‘ 'TltCJcCf ^ : ’ : 'T 


?r : 

:l*«*A* /*/ 

.. « -C •'--i 


: 
• ■ 


\ v - * 
rr , • <*. , 

**?♦ i 




% vote 

saate 

C1980) 

Social 

Democrats 

352 

BB 

(80) 

People's 

party 

272 

52 

(6Q) 

Freedom 

party 

223 

42 

(28) 

Greens 

72 

13 

(10) 

liberal 

Forum 

5.7 

10 

© 

OflbU pimtovw mutt aunr 



- - ' 



Far-right Freedom party leader J8rg Haider toasting his electiou success with a glass of beer. 


ou Sunday night, and no one 
argued with him Mr Haider, a 
lawyer and a former provincial . 
governor of Carinthia, was the 
first politician, to see and 
exploit the opportunity pres- 
ented by this change. 

Since taking control of the 
Freedom party in the mid- 
1980s, he has hammered relent- 
lessly at every instance erf out- 
rageous patronage perpetrated 
by the socialists and conserva- 
tives and exposed cases of 
politicised bureaucrats receiv- 
ing excessive salaries. A rebel 
by nature, he has also in an 
opportunist way championed 


every popular grievance, espe- 
cially the swelling of immigra- 
tion since the collapse of the 
Soviet empire. 

Mr Haider's popularity has 
risen fairly steadily, but oppo- 
nents assumed that ft would 
reach a limit at around 20 per 
cent At times, it has looted as 
if they were right, especially 
when he suffered embarrass- 
ments. 

He has never quite lived 
down his outburst in a heated 
debate in the Carinthian legis- 
lature in June 1991 when he 
was goaded into praising the 
employment policies of Hitler’s 


third reich. He Rifled to win 
much support for a petition 
drive in January 1992 to outlaw 
immigration and , after many 
chang es of view on louring the 
European Union, he cam- 
paigned fruitlessly in last 
June’s referendum campaign 
against it 

But he has always bounced 
back. His appeal comes from 
his willingness to say what 
many people think, with a boy- 
ish charm and convincing 
eloquence. Even moderate Aus- 
trians believe that his demands 
for reforming patronage-ridden 
corporatist institutions, for 


expelling immigrants caught 
committing serious crimes, and 
for limiting the number of non- 
German-s peaking children in 
primary school classrooms are 
sensible. 

Whether he can continue to 
build his power base with his 
raucous approach is question- 
able. It is bard to imagine how 
he can reach his long-stated 
goal of heading the govern- 
ment after the next election. If 
he remains a purely opportu- 
nistic rebel 

Still his strong position, phis 
the advance of two other oppo- 
sition parties, the left teaming 
Greens and Liberal Forum, 
ensures that Austrian politics 
will be lively. 

It will be more difficult for 
the coalition partners to agree 
on policies between themselves 
and to impose their will in 
parliament 

Unpopular public spending 
cuts, urgently needed to offset 
the costs of entering the Euro- 
pean Union next year, will be 
difficult to achieve. 

The OVP, hitherto a nearly 
powerless junior partner in the 
coalition, can now threaten to 
Join forces with Mr Haider. 

The coalition parties will 
face rising calls for the demoli- 
tion or radical reform of many 
erf their self-serving structures, 
but in doing so, they would 
risk offending their own 
supporters. 

Some observers are predict- 
ing that the coalition will not 
last its fall four-year term, hut 
it is difficult to see how pros- 
pects for the SPO or the OVP 
will look any better in one or 
two years* time than in four. 
Editorial Comment, Page 17 



INTERNATIONAL 
MEDIA PARTNERS 


ingA£)bank 


are pleased to announce the winners of the 

1994 Emerging Markets 
CEO of the Year Awards 


Jose A. Estenssoro 


Mr Jos/ Estenssoro, President & Chief Executive Officer 
of YPF S.A. of Argentina was elected winner of the 
Award for the chief executive of a corporation 
headquartered in one of the 
world's merging economies 
whose vision and company 
performance has best shown the 
pattern that can be offered as a 
model to other emerging markets 
companies around the world. 


Earlier this year. 

International Media Partners, 
publishers of Emerging 
Markets and parent company 
of the CEO Institutes, and 
INC Bank, the leading 
financial institution in 
emerging markets worldwide, 
joined to establish two 
important new Awards. 

The purpose was to 
recognize the sea change in 
developing economies as 
countries have gone from 
debt rescheduling and aid 
support to a new world of 
liberalization, privatization, trade agreements and 
stock exchanges. Traditionally, recognition has 
reflected on die policymakers and planners of these 
economies. The rationale behind these unique 
Emerg i ng Markets CEO Awards is to reward the true 



James R. Cantalupo 
cDonalds International 


Mr. James Cantahtpo, President Sr Chief Executive Officer 
of McDonald's International received 6 k Award for the 
t chief executive of a company headquartered in the developed 
world, whose expansion into 
emerging markets has shown best 
bow these markets can contribute 
significantly to corporate revenue 
and profitability, and has 
produced benefits for both the 
countries invoiced and the 
corporation in question. 

builders of these markets — 
businesses and busiaess 
leaders with vision. 

Nominations for the 
Awards were solicited from 
around the world and the 
elections made by an 
independent Selection 
Committee comprised of 
corporate leaders, institutional 
investors, government officials 
and multilateral executives. 
The Committee's decisions 
were final. The Awards were 
presented on October 3 
during the joint annual 
meeting of die IMF and the World Bank in Madrid. 

IMP and INC Bank are delighted to have such 
worthy recipients of the 1994 Awards and look 
forward to continuing a new tradition in 1 9 95, 


Copies of the winners' citations, the list of the Selection Committee members, and derails on this and next years Awards are 
available by contacting; Richard Bums, President, International Media Partners, The Cable Building, 61 1 Broadway, Suite 300, 
New York, N’t’ too 1 3. Telephone.^ 12)995-9595. Tdefaxrfl 12)995-9389. 






FINANCIAL TIMES TUESDAY OCTOBER H 1994 « 


NEWS: INTERNATIONAL 


Ivory Coast aspires to be an ‘African elephant’ 


Beijing 

angered 


Devaluation has helped set the west African country Qn the road to recovery, writes Peter Weston , 

’Tvorv Coast’s nrime minis- «. - it emergence of green shoots. One of the government’s top have attracted a massive influx more than foreign _ ^ * 


I vory Coast's prime minis- 
ter Daniel Kablan Duncan 
recently compared the 
west African country's good 
growth prospects to those of 
south-east Asia. "People talk a 
lot about the dragons of south 
east Asia," he said. “But 1 want 
Ivory Coast to become an Afri- 
can elephant” 

His comments come after 
Ivory Coast's international 
competitiveness was restored 
in January by a 50 per cent 
devaluation of the CFA franc 
(the 13-nation west and central 
African common currency) 
against the French franc and 
follow a sharp rise in commod- 
ity prices. 

Confidence is high that after 
nearly a decade of economic 
decline, recovery may not be 
far off. The government 
expects grass domestic product 
to increase by 2 per cent in 
1994 and nearly 6 per cent in 
1995 and 1996, and most econo- 
mists agree. But it will be some 
time before the improvement is 
reflected in the standard of liv- 
ing. 

The most direct beneficiaries 
of devaluation are exporters, 
mainly formers. Cocoa produc- 
ers, for example, have seen the 
prices paid to them by the 
state increase by 20 per cent 
since the devaluation. Another 
increase was due this month. 
Meanwhile urban Ivorians 


Ivory Coast: looking for recovery 



soomtea 

800 tam 


GUINEA 

'V ''.: ■ ■' 


BURKINA FASO ' 


IVORY = 
COAST ' 


H.itr- . :.y -YV<V -Abj'jjis?-! y. lnwS", vl j li 


Sbn 

Total external 
debt .r- 


Real GOP growth 




1886 87 88 8» 80 91 92 93 ttte 


Sour* World Bank 


fi- 

eS 94*95* 

> QowwmwnUura ea aa 


have been hit by the higher 
cost of imports, a problem only 
partly alleviated by the new 
government safety nets. Social 
unrest, however, has not been 
a problem. 

Fears that the recovery 
would be thrown off course by 
the death of the country’s long 
serving President Ffelix Hou- 


phouet-Boigny in December 
1993 have also proved 
unfounded. If anything, the 
smooth succession by Henri 
Konan Bedifi has shown the 
durability of the system cre- 
ated by "Le Vieux" in his 33 
years at the helm. 

While the government has 
been quick to welcome the 


recovery remains fragile. With 
public spending being 
increased, a balanced budget is 
dependent on cocoa and coffee 
prices bolding firm and exces- 
sive public-sector wage 
de mands being resisted. 

So for inflation has been 
kept under control. Although 
first half prices were up 20 per 
cent, compared with lust 4.4 
per cent a year ago. the 
increase is still well within the 
35 per cent maximum set by 
the International Monetary 
Fund in a structural adjust- 
ment agreement signed in Jan- 
uary under which Abidjan was 
promised soft loans totalling 
SDR333m ($4S6m) over three 
years. In February the World 
B ank approved structural 
adjustment loans of nearly 
51 bn, also over three years. 

Whether Ivory Coast 
achieves a sustained recovery 
will depend partly on factors 
outside its control and on its 
success in tackling deep-rooted 
structural problems. In the for- 
mer category, much depends 
on economic recovery in 
Europe and Africa - in 1992 
more than half its exports 
went to Europe and a third to 
Africa. At home, recovery will 
be constrained by at least two 
structural problems - debt and 
the lack of economic diversifi- 
cation. 


priorities is to reduce the high 
level of Internal debt and, In 
particular, to clear internal 
arrears which have stifled eco- 
nomic activity in recent years. 
It has already rescheduled and 
consolidated the bulk of the 


As the. terms of 
trade have 
improved, 
exporters have 
begun to pay off 
their overdrafts 
and importers 
have built up 
stocks and cut 
orders, reducing 
their need to 
borrow 


debts to the banking system, 
public enterprises and the pri- 
vate sector. But internal Ivo- 
rian arrears were still about 8 
per cent of GDP at the end of 
1993. 

Ivorian banks meanwhile are 
less worried about had debts 
than too much, liquidity. Since 
devaluation, high interest rates 


of capital from abroad and 
frightened off borrowers. As 
terms of trade have improved, 
exporters have begun to pay 
off their overdrafts and Import- 
ers, having anticipated the 
devaluation, have built up 
stocks and cut orders, reducing 
their need to borrow. 

In the longer term, the big- 
gest threat to recovery comes 
from the external debt burden, 
which grew by nearly 10 per 
nwit last year. 

According to World Bank 
and IMF estimates, at the end 
of 1993 total external debt, 77 
per cent of which is public sec- 
tor, was about S19.4bn, more 
• than twice GDP, and total 
external arrears were about 
$&3bn, more than four times 
the previous year's figure. 

One effect of the devaluation 
has been to double the CFA 
franc cost of the debt. But, 
what is more important, it has 
also encouraged international 
creditors to release loans 
worth about Sl.lbn to the 
country this year, including 

the 1934 instalments of the IMF 

and World Bank loans. 

w hile inte rnatio nal aid may 
relieve the symptoms of exter- 
nal debt, a cure will require a 
widening of the economic base. 
Efforts to diversify have been 
largely unsuccessful - cocoa 
and coffee still account for 



AE A Technology helped a pharmaceutical company reduce the size of its plant 



SmithKline Beecham asked AEA Technology 
to help them reduce their operating costs and 
increase their manufacturing capability. 

In the process, as you see, we did rather 
more than that. 

Stanelco Products of Fareham is a small 
engineering company which provides furnaces 
for fibre-optics production. 

We extended the lite of the heating elements 
they use. 

In some cases, by up to 50 times. 

At the same time, we improved the fibre- 
optic manufacturing process and reduced 
operating .costs. 

In science and engineerings a problem in 
one area often has an impact on other areas. 

Ot, to put it another way, the right solution 
in one area can have benefits in other areas. 

At AEA Technology, we have the resources 
to understand the whole problem and not just 
part of it. 

And to consider these four inter-related 


areas: 


And reduce operating costs. 



Plant, Process, Safety, Environment. 

That is why our solutions are more 
complete. 

And it is why the commercial gains are 
greater for our customers. 

(Nuclear Electric had a safety-related 
problem which reduced their revenue. Our 
solution allowed them to gain up to £200,000 
a day in revenue.) 

As we have shown, our integrated approach 
works with small companies as well as big ones. 

And with small problems as well as big ones. 

Of course, we do start with certain 
advantages. 

Nearly half our staff are science and 
engineering graduates. 

And for 40 years we have developed leading- 
edge technologies for the UK nuclear industry. 

(Although today, through technology 
transfer almost half our work is with other 
industries.) 

We wouldn’t want to claim all the credit 


for the results we achieve. 

We work in partnership with the companies 
which consult us. 

The evidence is, though, that they have an 
advantage over companies which don’t. 


AEA 


And improve its environmental performance. 


AEA Technology 
Science and engineering 
at your service 


You can only see the complete solution 


FOR FURTHER INFORMATION PLEASE CONTACT JONATHAN FEARON AT AEA TECHNOLOGY, 32 * HARWELL, UIOCUT. OXFORDSHIRE 0X11 ORA. TEL: 0235 4329M. FAX-- 0335 ->3*6*0. 


exchange - although the 
recent discovery of offshore ofl 
and gas by US oil company 
United Meridian offers some 
cause for hope. 

Privatisation is also moving 
slowly, but this may soon 
change. Under pressure from 
the IMF, parliament passed a 

law in June outlining a 
rtataiipri timetable for the pri- 
vatisation of some 50 state 
enterprises by mid-1996. By the 
end of August, 10 companies 
had been privatised, including 
the electricity distribution 
company CIE which was sold 
to the French large engineer- 
ing company Bouygues in 1991. 
The French company Is also 
said to be interested in the 
telecommunications company 
Cl-Telcom, due to be sold in 
1995. 

With presidential and legisla- 
tive elections due at the end of 
next year, economic reform is 
likely to remain slow. While 
President B6di£ and the ruling 
PDCI party are certain to win 
the elections, only the second 
to be open to other parties, 
maintaining budgetary rigour 
wifi be more difficult. 

But failure to reduce eco- 
nomic dependence on cocoa 
and coffee might mean that the 
country misses its best chance 
in nearly a decade to revive its 
battered economy. 


in HK 


By Simon Hdbflfton 
in Hong Kong 


French 
death toll 
mounts 
in Algiers 


By Fronds GhUs in Paris 


A 62-year-old Frenchman who 
had lived in Algeria for 20 
years has become the 19th and 
latest French victim of the 
civil strife which has claimed 
the lives of 63 foreigners and 
an estimated 28,000 Algerians 
over the past 21 months. 

Mr Roger Merle, a consul- 
tant engineer, was killed at 
the weekend in the Industrial 
zone of Oued Smar, 10km east 
of Algiers on the road to the 
airport. His death comes two 
days after Algerian security 
forces found another French- 
man, Mr Roger Manifere, with 
his throat cnt He had been 
kidnapped six days before in 
Meftah, south-east of the capi- 
tal. 

The killings prompted Mr 
Alain Jnppe, French foreign 
minister, to renew his call for 
all French citizens whose pres- 
ence is not indispensable to 
leave Algeria. About 1,000 
French citizens still live hi 
Algeria. 

The radical Islamic Armed 
Group (GIA) have claimed 
responsibility for killing most 
of the foreigners murdered so 
for. The latest killings come 
three weeks after the Islamic 
Salvation Front leaders were 
moved from prison to house 
arrest, prompting speculation 
a dialogue between Gen Lia- 
mtn e Zeronal, head of state, 
and more mainstream funda- 
mentalists might be starting. 

Violence is rising in Algeria, 
with an estimated 400 people 
killed in the last week of Sep- 
tember. Observers note the 
increasingly sophisticated 
methods used by the Islamic 
groups, notably bombs deto- 
nated by remote control. 


Britain's uneasy relations with 
China took another lurch for 
the worse yesterday when Bei- 
jing rebuked London for allow- 
ing Taiwan's representatives in 
Hong Kong to celebrate their 
“national day". 

China was stung by the deri- 
sion by Hong Kong's urban 
council to allow the colony’s 
cultural centre to be used by 
Taiwan to mark -Double Ten" 

- the day the republic of China 
was founded in 1911. China 
celebrated 45 years of the Peo- 
ple's Republic on October L 

The foreign ministry in Bei- 
jing attacked the Hong Kong 
government for allowing the '3 
celebrations to proceed. It said 
this proved once again -that 
the British side’s deeds do not 
conform with its words,” 
according to state radio and 
television reports monitored in 
the Chinese capital 

The reports quoted ministry 
spokesman Mr Chen Jlan as 
saying Britain “lacked sincer- 
ity to improve Sino-British 
relations”. The decision “not 
only hurts the feelings of the 
Chinese people but also adds 
new difficulties to Sino- British 
relations,'’ he said. 

“We demand the British side 
really fulfil its promise (of rec- 
ognising only one China) or 
else the British side should be 
held responsible for whatever 
serious consequences arise 
from this," Mr Chen added. 

The urban council’s derision 
to allow the Taiwanese to use a 
public building has deeply 
embarrassed the Hong Kong 
government Less then a week 
ago, Governor Chris Patten 
offered closer co-operation with 
China in the run-up to the 1997 
handover of the colony. 

In public, however, the gov- 
ernment has stood by the deci- 
sion, claiming that to reverse It 
would be illegal 

The latest Anglo-Chinese 
row has come at a time when 
the British Foreign Office was 
making a renewed attempt to 
repair relations with Beijing. A 
meeting between the two coun- 
tries' foreign ministers a fort- 
night ago had gone well 

Some officials said the “Dou- 
ble Ten" controversy had 
spilled over to other areas of 
the relationship. During the 
weekend, Mr Lu Ping, China's 
top official in charge of Hong 
Kong affairs, demanded Hong 
Kong retender a contract for a 
big port project 

Beijing objects to one of the 
participants, the Jar dine 
Matheson group, in the suc- 
cessful consortium. Earlier it 
had called on Hong Kong to 
exclude Jardine from the 
group, saying the company 
was a beneficiary of British 
favouritism. 

Mr Anson Chan, Hong 
Kong's chief secretary, 
rebuffed this suggestion. “To 
suggest that our decisions 
were taken on anything other 
than economic or financial 
grounds undermines business 
confidence and impugns the 
integrity and competence of 
the government and the offi- 
cials involved in the exercise," 
she said. 

Mr Lu has also urged Hong 
Kong to hand over sensitive 
financial data on its budgets in 
the interests of smoothing the 
transition in 1997. These 
demands were rejected. a 


Hamas killers strike in city centre 

Jerusalem deaths 
mar peace visit 


By a Correspondent 
in Jerusalem 


Peacemaking efforts in Israel 
by Mr Warren Christopher, US 
secretary of state, were over- 
shadowed yesterday by a wave 
of outrage over the kiUmgc of 
two Jerusalemites in a late 
Sunday night shooting spree 
by Palestinian gunmen. 

Mr Christopher, who held 
talks with Prime Minister Yit- 
zhak Rabin and flies to Damas- 
cus today to meet Syria’s Presi- 
dent Hafez al-Assad in his 
attempt to broker a break- 
through in Israeli-Syrian peace 
negotiations, joined Mr Rabin 
in condemning the shooting as 
a crude effort by extremists to 
derail the peace process. 

While many Pales tinian lead- 
ers have condemned the inci- 
dent Mr Yassir Arafat FLO 
c h ai rma n, had refrained from 
issuing any statement as of 
yesterday evening, and Mr 
Christopher urged him to add 
his voice to the chorus of con- 
demnation. 

Spokesmen for the Hamas 
Islamic fundamentalist move- 
ment in Gaza claimed responsi- 
bility for the attack in which a 
19-year-old Israeli woman sol- 


dier and an Arab from a village 
on the outskirts of East Jerusa- 
lem were killed. They said the 
action had been timed to coin- 
cide with the anniversary of 
the October 8, 1990 lnHing a of 
18 Palestinians by Israeli secu- 
rity forces on the Temple 

Mount. 

The two gunmen, both of 
whom came from Gaza, opened 
fire with semi-automatic weap- 
ons as they ran down a paved 
side street packed with bars 
and restaurants in the heart of 
west Jerusalem at about 
11.30pm Police said the pair 
fired about 200 bullets, and 
threw two hand-grenades that 
Med to explode, before they 
were shot dead by Israeli secu- 
rity forces. 

Other opposition leaders 
noted bitterly that one of the 
gu nme n, Hussein Abbas, had 
been released early from a jail 
term for Hamas membership 
under the provisions of the 
Israel-PLO autonomy deal. 
There were also reports last 
night that the other gunman, 
Issam Johari, was a member of 
the Palestinian police force 
that lias tairan over response 
bility from the Israeli army for 
law and order in Gaza. 


. * s I 

. 1 ; t I 

M . I * 



■;rit\ ( iwn 

i 

i> luutk-r fj 


S il, ‘»:.h«l 


4 



*-* u 


FINANCIAL, TIMES TUESDAY OCTOBER 1 1 1994 


«ijin 8 ' 

lUi't'ed 

v Party 

Hk 


““■I 


NEWS: INTERNATIONAL 




Kuwaiti army puts on an unconvincing display 


flDemUtarbcd zone | 


The Kuwaiti army put on an 
unconvincing display or its 
military preparedness to scores 
of journalists taken to within 
iQkm of Kuwait's northern bor- 
der with Iraq yesterday. 

On a windless day with tem- 
peratures well into the 90s, 
there was little movement of 
any kind In the featureless des- 
ert from the Jahrah Ridge (site 
of the decimation of the 
retreating Iraqi army on the 
second-last day of Desert 
Storm in March 1991) up to the 
demilitarised zone (DMZ). 

Journalists were bussed 
80km up the highway running 
north from Jahrah, 20kms west 
of Kuwait City, to two forward 
command posts, the nearest 


Troops look self-conscious, Robin Allen reports from Itaq-Kuwait border 


5km from the DMZ. The ame 
runs the full length of the 
207km Kuwalt-Iraq border, 
extending 5km into Kuwait 
and 10km into Iraq. 

Some 20-30 of Kuwait’s 
arsenal of 100-200 aged M-84 
tanks could be semi spread out 
and occasionally dug in either 
side of the north-south high, 
way from the Jahrah Ridge 
towards the border town of 
Abdali. One oil-field fire was 
burning and gas was being 
flared in the area of the 
Sabriya oilfield, part of the 
much larger Raudbatain Reser- 
voir south of the border. 





Soldiers from the OS 24th Infantry Division boarding an MDll 
aircraft in Savannah, Georgia, for a flight to Kuwait Amdmuprwu 


Security Council 
' takes harder line 


By Mari' Nicfcofeon in Cairo 

President Saddam Hussein’s 
aggressive troop deployment in 
southern Iraq has "changed 
the environment" within the 
United Nations Security Coun- 
cil and suffocated previous 
support from France and Rus- 
sia for early moves towards an 
easing of sanc t ions, diplomats 
in New York said yesterday. 

The diplomats described the 
deployment as a "foolish" and 
"failed" attempt to bully the 
Security Council which, they 
said, would only postpone any 
consideration of easing the eco- 
nomically crippling four-year- 
old oil embargo. 'The Council 
cannot accept to be threat- 
ened," said one official. "This 
has been very counter-produc- 
tive Cor the Iraqis." 

Security Council members 
are today due to receive a 
report from Mr Rolf Ekeus, UN 
special envoy, on the readiness 
of monitoring systems to 
ensure Iraqi compliance with a 
post Gulf war ban on develop- 
ing weapons of mass destruc- 
tion. The report Is expected to 
say the systems are in place 
and that a test period can 
begin. 

Last week Iraqi officials 
issued on ultimatum, appar- 
ently backed up by the past 
few days' show of military 


muscle near the Kuwaiti bor- 
der, threatening unspecified 
"measures" should the Secu- 
rity Council not act immedi- 
ately on Mr Ekeus'a report and 
move towards easing sanc- 
tions. 

However, diplomats said that 
while the Security Council is 
likely to consider the report at 
a meeting tomorrow or Thurs- 
day, it Is not expected to issue 
more than an acknowledgment 
that the weapons monitoring 
systems are "provisionally 
operational". As a western offi- 
cial said: “l don't know what 
Saddam is waiting for, but he's 
not going to get anything out 
of the Security Council" 

France and Russia, along 
with China, bad previously 
said they backed offering Iraq 
a definite six-month monitor- 
ing test period which, if Iraq 
complied, they said should lead 
to a frill Security Council dis- 
cussion on easing sanctions. 
Britain and the US opposed 
giving Iraq such concrete crite- 
ria tor the lifting of sanctions. 

Yesterday, however, diplo- 
mats said the Iraqi troop move- 
ments bad reversed these dip- 
lomatic gains. “All the 
environment has changed,” 
said one. "And we cannot 
expect the council to take any 
positive action on the Ekeus 
report," 


Iraq still to abide 
by UN resolutions 


By Georpa Graham 

Iraq is the subject of a long 
series of UN Security Council 
resolutions, starting with Reso- 
lutions €60 and €61, which con- 
demned the Iraqi Invasion of 
Kuwait In 19M and imposed 
economic sanctions- 
Sanctions are to remain in 
place until Baghdad complies 
with the of subsequent 

r esol uti ons, notably 686 and 
687, passed immediately after 
the 1991 end of the Gulf war. 

Those terms include: the 
elimination of ballistic m issile s 
and weapons of mass destruc- 
tion (WMJ »; respect for 
Kuwait's borders aud sover- 
eignly; co-operation with the 
International Red Cross on the 
release of Kuwaitis and others 
it detained during the war. the 
location of missing persons; 
and insistence it accept Its lia- 
bility for the losses and dam- 
age it caused in Kuwait 
In a report to tho US Con- 
gress in June, President Bill 
Clinton reported that the US 
believed iho International 
Atomic Energy Agency had 
“effectively disbanded the Iraqi 
unclear weapons programme, 
at least for the short term . 
Missile taumdwrs and fc a good 
ded of Iraq’s indigenous capa- 


bility to -manufacture prohib- 
ited missiles" have been 
destroyed, and UN missions 
have reduced Iraq's ability to 
produce chemical weapons. 

But. US officials say, "seri- 
ous gaps remain in accounting 
for Iraq’s missile and weapons 
of mass destruction pro- 
grammes". They regard the 
setting-up of a long-term moni- 
toring programme as especially 

important, "because we believe 
Saddam Hussein is committed 
to rebuilding his WMD capabil- 
ity”. 

Also, the US says. Iraq has 
continued to breach Resolution 
68S, which demands it stop per- 
secuting Its Kurdish inhabit- 
ants and other populations 
such as the Marsh Arabs. 
Baghdad continues to drain the 
marshes and bum the reeds in 
southern Iraq and to raze or 
shell villages. 

Iraq still refuses to recognise 
Kuwait's sovereignty and the 
inviolability of the UN-demau> 
catod border between Iraq and 
Kuwait, which the Security 
rfounril reaffirmed In Resolu- 
tions 773 and 833. Nor baa it 
co-operated, US officials say. 
with the International Red 
Cross on Kuwaiti detainees, or 
given information about 600 
people listed as missing. 


Whole areas of desert were 
scarred by- rusted metal and 
other waste typical of military 
activity and oil camps. At one 
spot beside the main road, 
Kuwait army spokesmen took 
special pride to pointing out 
what they said were the rem- 
nants of an Iraqi soldier's uni- 
form, barely visible above the 
sand and long since sh redd ed 
by sun and wind. 

Journalists were invited to 
photograph soldiers posing 
behind machine-guns mounted 
on pick-up trucks or atop an 
M-84, a re-designated version of 
the Soviet T-72 modified by the 


former Yugoslav army. 

Major General Ali al-Mumin, 

Kuwait's army chief-of-staff, 
said his men had experienced 
war on August 2, 1980 and in 
the subsequent liberation of 
Kuwait, and were to a state of 
“highest alert”. Appearances 
can be deceptive. Still, those 
few troops visible looked more 
self-conscious, or to the case of 
the tank-crew, remarkably cool 
despite the heat and their 
cramped space, than alert or 
battle-hardened. 

But Gen al-Mumin main- 
tained a brave face. He 
suggested the Iraqis faring him 


across the DMZ comprised 
three Republican Guard divi- 
sions numbering 50,000-60,000 

men, an estimate some 20,000 
less than the figure given on 
Sunday night by Sheikh Sand 
Nasser il-Sabah, Kuwait's 
information minister. Faring 
them are 20,000 Kuwaitis. 

Asked to justify his confi- 
dence in view of the Iraqi 
numerical superiority, Gen al- 
Mumin referred to the support 
given by "our brothers-in-arms 
and our friends”, a clear refer- 
ence to US forces which he 
said would be arriving “sooner 
than you think”. Many arrived 


in Kuwait on Sunday right 
Brigadier General Salem a t 
Suroor, army commander in 
the Abdali sector, said 
Kuwait's army would stay on 
full alert whatever the out- 
come of the debate to the UN 
Security CotmriL 
A more spontaneous reaction 
to Kuwait's military prepared- 
ness was given by an off-duty 
conscript who bluntly com- 
mented that were it not for the 
US forces, many Kuwaitis 
would have left for Saudi 
Arabia. Several journalists 
who had been with coalition 
forces during Desert Storm 


woe equally negative in their 
comments on the army’s seem- 
ing military unpreparedness. 

As though in recognition of 
this, the numbers of US rein- 
forcements due to arrive in 
Kuwait have increased to some 
18,000 marines plus thousands 
of extra ground troops from 
the Rapid Deployment Force 
attached to the US Central 
Command. These extra troops 
are in addition to the several 
thousand already in Kuwait 

The military confrontation 
with Iraq has been blurred by 
the arrival of several thousand 
“stateless” Bidoon who have 
pitched some 6,000 tents on 
Iraq’s side of the border in the 
port city of Umm Qasr. 




|RamJMtonogfiatf | [SeOrfri 


./ Jahrah kuww5«tV§ 
,i_ KUWAIT 


Described by Kuwait as “Iraqi 
soldiers in civilian clothes”, it 
is expected they will be 
encouraged by Iraq to hold 
“demonstrations” to draw 
attention to their “plight", to 
embarrass the Kuwaiti 
government. 


Strong US support for Clinton over Gulf stand 


By George fraham n Washington 

President Bill Clinton may have 
found it hard to win support for his 
policy in Haiti, but he has no short- 
age of backers for his actions in 
response to the build-up of Iraqi 
troops near the Kuwaiti border. 

Republicans who were closely 
involved to the US’s first confronta- 
tion with Iraq to 1990-91 were quick 
to back both Mr Clinton’s decision to 
reinforce the US military presence to 
the Gulf and his firm statements of 
file US’s determination to th wa rt any 


repeat of Iraq’s 1990 invasion. 

“I thought President Clinton did it 
right today: let’s not get excited, but 
let’s, on the other hand, remember 
that Saddam Hussein is totally unpre- 
dictable," said Mr Lawrence Eagle- 
burger, deputy secretary of state dur- 
ing the Golf war and later secretary 
of state. 

Mr Dick Cheney, the B ush adminis- 
tration's defence secretary, added Us 
support for the reinforcements soot 
to the Gulf and for Mr Clinton’s 
strong statements. 

But be went further to suggesting 


that the US should be ready to attack 
preemptively. 

“I think we ought to take the ini- 
tiative .at the appropriate point, when 
we’re ready. He ought to be told 
either to stand down his force or 
we’ll hit him, and tt ought to be at 
our timetable, not his,” Mr Cheney 
said in a television i n terview yester- 
day. 

Mr William Perry, Us successor at 
the Pentagon, refused yesterday to 
rule out the possibility of a pre-emp- 
tive strike. 

Republicans have been quick to 


warn Mr Clin ton not to allow himself 
to get trapped Into negotiations with 
Ra g hri qd - 

“ There’s no mission here for 
Jimmy Carter,” quipped Mr Cheney. 

Mr Carter’s recent missions to 
North Korea and Haiti have both 
been successful in winning some kind 
of agreement that averted the threat 
of war, hut the former president has 
been strongly criticised for ha«*«ng 
the administration into making too 
many concessions. 

The only strong criticism of Mr 
Clinton's actions came from Mr Ross 


Perot, the Texan billionaire who lost 
to Mr Clinton In the 1992 presidential 
election. 

In a tirade more rambling than his 
norm, Mr Perot accused the president 
of orchestrating the tension with 
Iraq, as well as the US-led occupation 
of Haiti, to try to improve his party’s 
chances to next month’s congressio- 
nal election. 

“What’s about to happen? We’re 
about to have an election, right? This 
is the old game. The first war didn’t 
get him a bump in the polls, now let’s 
try a second one,” Mr Perot said. 


r /v? 


mm- 

^v= , -'y • . 


m 


■/-sgsr 




ROSS 

BA. 


























The Halifax International Bond is a new, high interest 
investment from Halifax International (Jersey) limited. 

It offers one of the highest returns around for this type 
of investment. Given it’s such a good rate, there are a couple 
of limitations. 

The Bond is issued for just one year, and is only available 
for investments of £150^000 or more. 

As it’s a limited issue it*s bound to be extremely popular; 
therefore it’s first come, first served. There’s no tax deducted 
you can rest assured your money is in safe 
Wt hands with the backing of the world’s 

H W W -^.biggest building society, 

iifefltfr For more details, invest a litde time 

§|jr A l®g||feffling in the coupon. We think you'll 

| ^ g: w JbB » it a most rewarding experience. 

■ hBj 


HALIFAX INTERNATIONAL 
TELEPHONE: (44) 0 534 59840 

For foil details of the Halifax; International Bond, please complete 
the coupon below and send it to: 

Halifax International “(Jersey) Limited, PO Box 664, Halifax House, 
31-33 New StreeySt Helier Jersey, Channel Islands JE4 8YZ. 


Title (Mr/Mxs/Mm/Ms). 

Sumame. 

Address 


Initials 


.DateofBir 




■- 


Country 

Nationality: DUK National, or 
(Please specify) 

HIB/FTMM SUBI 


INTERNATIONAL 

INTEREST RATES MAY CHANGE. WTEREST IS PAD GROSS AT 7>£ Efffi OF ThE TERM. GROSS MEANS WITHOUT TAKING ACCOUNT OF ThE DEDUCTION Of TAX. IT WILL BE THE RESPONSSUTY OF AN INVESTOR 
TO Dt5ttiARGE A UAB0JTY TO TAX M8SM6 FROM THE RECEFT OF GROSS NTEREST. ONE WITHDRAWAL IS ALLOWED SUBJECT TO LOSS OF THE EQUIVALENT Of SIX MONTH S INTEREST ON THE AMOUNT YOU 
TAKE 0t/T. EARLY CLOSURE IS ALLOWED SUBJECT TO THi LOSS OF SIX MONTHS MEREST. F YOU CLOSE YIXJR BOND BEFORE IT HAS BEEN OPEN FOR SK MONTHS YOU WLL ST BACK AT LEAST YOUR 
8<OTIAL PMESTMENT- FUU. DETAILS AND CONDITIONS OF THE ACCOUNT VflLL BE SENT BY RETURN. COPES OF THE COMPANY'S LATEST AUDITED ACCOUNTS ARE AVAILABLE FOR INSPECTION ON REQUEST 
FROM THE ADDRESS BELOW. TIC AMOUNT OF PAD UP CAPffAL AW RESERVES OF THE COMPANY IS £18.1 MLUON. DEPOSITS MADE MfflH OFFICES OF HAUFAX WIERNATIONAL (JERSEY) LfAffTED ARE 
NOT COVERED BY THE DEPOSIT PROTECTION SCHEIE UNDER TIE BANKMG ACT 1987. HOWEVER, HALFAX BUBJXNG SOCIETY HAS AN OBLIGATION UDDER THE BULDING SOCIETIES ACT 1936 TO 
DISCHARGE THE UABUffiES OF ITS SUBSUMES W SO FAR AS THOSE SUBSOARES ARE UNABLE TO DISCHARGE THEM OUT OF THEM OWN ASSETS. HALIFAX BULDMG SOCIETY HAS TOTHS EFFECT 
PROVIDED A CONFIRMATORY WDEMM7Y UNDER SEAL TO HAUFAX INTERNATIONAL (JERSEY) LOTTED. THE OFFICE WITH WHICH STERLING DETOSfTS ARE MUTED TO BE MADE, THE PRINCIPAL PLACE OF 
BUSNESS AND THE BUSWESS ADDRESS OF HAUFAX KTERNA710NAL (JERSEY) LOTTED IS P.0. BOX 664, HAUFAX HOUSE, 31-33 NEW STREET, ST HELER, JERSEY, CHANNEL ISLANDS JE4 8YZ. 


6 


FINANCIAL TIMES TUESDAY OCTOBER H 1994 


NEWS: WORLD TRADE 


South Africa 
and EU agree 
on closer ties 


By Mark Suzman in Pretoria 

The European Union and 
South Africa yesterday signed 

a co-operation agreement, lay- 
ing the foundation for closer 
political and economic ties and 
marking the conclusion of a 
four-day visit to South Africa 
by Sir Leon Brittan, the exter- 
nal economic relations com- 
missioner. 

The agreement, which was 
signed in a ceremony at Pre- 
toria by Sir Leon and Mr 
Thabo Mbeki, South African 
deputy president, is primarily 
concerned with boosting 
co-operation in trade and 
development, although it also 
deals with questions of human 
rights and democracy. 

It will also allow the Euro- 
pean Investment Bank, which 
currently has Ecu 300m (£236m) 
earmarked for South Africa, to 
begin lending activities in the 
country as well as setting the 
legal basis for the expansion of 
EU-South African economic 
links. 

Both the agreement and Sir 
Leon's visit testify to the grow- 
ing prominence of the EU in 
South Africa as an institution 
separate from its member 
states. More importantly, they 
lay the groundwork for the 
negotiation of a formal trade 
agreement between the EU and 
South Africa. The EU is cur- 
rently South Africa’s biggest 
trading partner and receives 
more than 40 per cent of South 
African exports, while provid- 
ing S3 per cent of the country's 
total imports. Two-way annual 
trade amounts to R63bn 
(Ell^bn). 

Although South Africa was 
admitted to the Generalised 


System of Preferences in Sep- 
tember, there is currently a 
debate over whether the coun- 
try should also seek accession 
to the Lome Agreement, which 
provides 69 developing coun- 
tries with preferential access to 
EU markets, or whether it 
should instead draw up a sepa- 
rate agreement with the EU. 

Speaking at the signing. Mr 
Mbeki said he hoped that the 
resolution of this question 
could be reached as “quickly 
as possible” but warned that 
any final deal would first 
require consultation with other 
states in the region. 

Sir Leon echoed these senti- 
ments and said that be hoped 
that the EU also hoped to con- 
tribute to broader regional 
development 

However, he warned that 
urgent action first needed to be 
taken by South Africa to dis- 
mantle its existing trade barri- 
ers if it wished to become an 
attractive market for European 
investment. “Such a protec- 
tionist system [as South 
Africa's] makes no sense 
today,” he said. “I have 
stressed that further liberalisa- 
tion is essential for both trade 
and investment” 

Earlier on his trip. Sir Leon 
announced plans to form a 
joint EU/South Africa Business 
Council to help promote busi- 
ness ties and trade finks. 

Meanwhile, on the aid front 
the EU has long been South 
Africa's largest single donor of 
unattached grant assistance 
for development having spent 
Rl2bn since 1986. It plans to 
spend a further R44Qm a year 
on various development pro- 
grammes, especially in educa- 
tion and health. 


Romania close 
to helicopter 
pact with Chile 


By Virginia Marsh in Budapest 

Romania is close to signing a 
long-term support contract to 
maintain military helicopters 
for the Chilean armed forces, 
the first deal of its kind 
between the two countries. 

Under the contract, which is 
due to be signed within two 
months. Turbomecanica and 
IAR. two Romanian helicopter 
manufacturers, will repair the 
Chilean army’s Puma SA 330 
helicopters at sites in Romania 
and Chile. 

Turbomecanica will repair 
engines, motorheads and gear 
boxes in Romania and produce 
all the new components 
needed. It will sub-contract to 
IAR maintenance work on the 
helicopters' airframes in Chile, 
according to Turbomecanica 
officials. 

The value of the contract has 
not been disclosed but it is 
believed to run to several mil- 
lion dollars. 

The deal is part of a strategy 
by the two companies to 
expand their repair and main- 


tenance activities, officials 
said. The companies, have 
manufactured the Puma SA 
330 military helicopter under 
licence from. Aerospatiale of 
France since 1975, producing 
150 of the 600 helicopters of 
this type worldwide. 

Turbomecanica. which 
employs 400 engineers, also 
produces engines for civilian 
and military engines under 
licence from Rolls Royce of the 
UK and turbines for gas-pump- 
ing stations. 

Romania is the only country 
in the former Eastern bloc 
with an aerospace industry 
based on western rather than 
Soviet technology. 

Since the collapse of the 
Warsaw Pact, the country, 
which has the capacity to man- 
ufacture two Puma helicopters 
a month, has reoriented sales 
to western countries. 

This year it completed a 
$3?m contract with the United 
Arab Emirates for 10 Pumas, 
and also exports the helicopter 
to France. Ecuador and Pakis- 
tan. 


Malaysia 
dampens 
hopes of 
Apec deal 

Mrs Rafidah Aziz, Malaysia's 
international trade and indus- 
try minister, yesterday said 
there was little prospect that 
the Asia-Pacific Economic 
Cooperation summit in Indon- 
esia next month would reach a 
binding free trade pact. Renter 
reports from Kuala Lumpur. 

Responding to a statement 
from Mr Bob McMullan. Aus- 
tralian trade minister, who 
said on Sunday there was a 
better than. 50-50 chance of an 
agreement, Mrs Rafidah said: 
“I don't know that Many coun- 
tries do not subscribe to an 
Apec free trade agreement not 
just Malaysia." 

Mr McMullan said that 
despite differences on the pace 
of change within the 17-mem- 
ber Apec forum, leaders at the 
November 15 meeting would 
agree on a free trade initiat 
ive. 

"My view is that the odds are 
better than 5050 that we will 
get some agreement” he said 
on television after attending an 
Apec trade ministers’ meeting 
in Indonesia last week. 

Mrs Rafidah said even if an 
agreement was hammered out 
it would just be an “academic 
exercise". 

“As I understand it Apec 
operates on the basis of con- 
sensus." she said. “That means 
no country can be bound by 
anything that Apec decides. 
So this [trade agreement] 
would be just an academic 
exercise." 

She said Malaysia preferred 
to realise Tree trade goals 
through the General Agree- 
ment on Tariffs and Trade 
(Gatt). 

“We have, in fact, ratified 
Gatt. but many other countries 
in Apec. including the US, 
especially the US. have not” 
Mrs Rafidah said. 

“How can you you talk about 
free trade in Apec when you 
can't fulfil your obligations 
under Gatt?" Sbe reiterated 
Malaysia’s position that Apec 
should be a consultative forum 
focusing on trade facilitation, 
technology transfer and 
human resource managpmftnt. 

Mr McMullan said that if the 
leaders agreed to a goal of 2020 
for free trade in the Asia-Pa- 
cific region, as suggested by 
Apec’s eminent persons group, 
it would be an historic achieve- 
ment 

However, the actual date was 
not important 

“I think that once the pro- 
cess starts it is almost certain 
that it will accelerate,” Mr 
McMullan said. 

The eminent persons group 
has suggested a timeframe 
which staggers dismantling 
trade barriers between 2000 
and 2020 depending on whether 
a country’s economy is devel- 
oped, industr iali sing or devel- 
oping. 

Australia, the US, Singapore 
and Indonesia favour fast- 
tracking trade liberalisation in 
the region, while Japan, along 
with Malaysia, have expressed 
some reservations at the pace 
of change and the formal devel- 
opment of Apec. 

Apec groups Australia, the 
US, Canada. Mexico, Japan, 
China, Hong Kong, Taiwan, 
South Korea, Indonesia, Bru- 
nei. the Philippines, Malaysia, 
Singapore, Thailand. Papua 
New Guinea and New Zealand. 


Efta chief faces short contract 

A Nordic yes to the EU would spell the association’s end, writes Frances Williams 


“1 cannot exclude the 
possibility that Efta may end 
next year,'* admitted the 
incoming secretary-general of 
the European Free Trade Asso- 
ciation, Mr Kjartan Jfl hanns - 
son, on August 8L his first day 
at work. IBs last may not be 
long in coming if Finland, Swe- 
den and Norway follow Austria 
in voting this autumn to join 
the European Union. 

In that case, only a miracle 
will prevent the Icelandic dip- 
lomat and former trade minis- 
ter, together with his 270 staff 
in Geneva and Brussels, being 
out of a job next July. 

With the loss of four of its 
seven members Efta will be 
reduced next January to a 
rump of one small nation and 
two tiddlers - Switzerland 
(population 7m), Iceland (popu- 
lation 260,000) and Liechten- 
stein (population 28,000). The 
association's chances of surviv- 
ing this amputation look slim 
at best. Iceland has already 
made plain it too may apply for 
EU membership if its Nordic 
partners vote yes. 

Ironically, Efta. which was 
established in 1960 to promote 
free trade in western Europe, 
has never been busier. The 
watershed came in 1989 when 
Mr Jacques Defers, president of 
the European Commission, 
proposed establishment of 
what was to become the Euro- 
pean Economic Area, a single 
market of some 370m people 
linking the EU with six of the 
seven Efta nations. 

To satisfy the terms of the 
EEA accord, which came into 
force at the beginning of this 
year. Efta had to set up an Efta 
court and a surveillance body 
to oversee implementation of 


EU enlargement: whither Efta 


ikim *** 


EU members 

Belgium Greece Netherlands 

Denmark Ireland Portugal 

France Italy Span 

Germany Luxembourg UK 



Efta members 


Austria : Win join EU in 1PS5 
Finland -i Holding referendums 
Norway _L on whether to join 
Sweden J EU in 1965 


7 vrjsr 

Iceland Must decide in 

Lichtenstein _L December what 
Switzerland J to do next 


the new trading rules. The 
association's staff doubled in 
size. Yet, after just 12 months, 
those institutions will no lon- 
ger be needed. 


Switzerland is not a member 
of the EEA following the nar- 
row rejection by voters in 
December 1992. Iceland has 
decided to open discussions 


U-turn by US hits 
Caribbean exporters 


By Edward Oriebar 
in Guatemala City 

Garment and textile exporters 
in Central America and the 
Caribbean will be seriously 
affected by a US government 
U-turn on trade benefits. 

Central American and Carib- 
bean nations, winch thought 
they had secured tbe adminis- 
tration's backing for market 
access, were shocked by the 
recent decision to remove the 
so-called Interim Trade Pro- 
gramme. The ITP would have 
granted Caribbean and Central 
American states parity with 
Mexico in exporting to the US 
and Canada and thereby pro- 
tected their markets. 

US vice-president A1 Gore 
announced in in May that the 
ITP would be attached to test- 
track legislation on Gatt, fol- 
lowing months of lobbying by 
regional exporters who share 
about 14 per cent of the US 
market. 

However, the administration 
was forced to oncouple the 
preferential access from a leg- 
islative package on ratifying 
the Uruguay round of Gatt in 
an effort to speed ratification 
of the world trade treaty. . 

Central American officials 
feel tbe decision flies in the 
face of rhetoric on Pan-Ameri- 
can solidarity in the run up to 
the Hemispheric summit to be 
held in Miami in December. 


“It’s like a bucket of cold 
water," said Jos6 Orive, Gua- 
temala trade negotiator with 
North America. Mr Orive said 
suppliers were already begin- 
ning to relocate to Mexico. 
Officials fear new buyers and 
investors will be increasingly 
difficult to attract 

The clothing industry has 
grown rapidly In Central 
America in recent years, pro- 
viding several hundred thou- 
sand people with jobs gener- 
ally better paid than the term 
sector. 

In Guatemala and Honduras 
the sometimes appalling 
labour conditions, the suppres- 
sion of union activity, physical 
violence against workers, and 
summary dismissals, have 
angered US anions and human 
right groups who have cam- 
paigned in favour of the 
removal of trade benefits. 

According to data from the 
US Department of Commerce, 
1993 clothing imports from 
Guatemala were worth 8551m, 
from Costa Rica 8653m, Hon- 
duras $509m, and El Salvador 
$25lm. 

Without North American 
Free Trade Agreement parity, 
textile and apparel exports 
pay between 17 per cent and 
21 per cent tariffs, which 
makes them uncompetitive 
with Mexico in an industry 
where profit margins are 
tight, says Mr Eduardo Gonz- 


G *i r A it l c n t i 

Ucvicnvr of ilir Musru National 
d’Art Ji* C.jrjlunva 


Santiago Calatrava 
Designer of the 
Mrntjuic Telefonica Tourer 


Arata tsasaki 
Designer of rhe 
Sant Jordi Olympic Pavilion 


Barcelona 





The new 


Urban Centre 


of Southern Eu 


rope. 


IN THE FUTURE A LOT OF CITIES WILL BE BUILT LIKE BARCELONA, 


ST' — - 





In the hre eighties rhe Barcelona of the future 
was planned and the larjesr real estate and 
tufaaoistic development in Europe got under way 
- a project endorsed by leading architects from 
around die world. 

Today Barcelona can oiler the highest quality 
real era re ;□ Europe, with excellent 
cammuaicarions and transport fid lines and di at a 
lower cost per square metre. 

What'* more Barcelona's prospects for economic 
growth are the highest in Europe. That’s why 
Barcelona is fast becoming one of the most 
important business centres in Southern Europe. 
And why real estate investors and major 
inremarinoflJ companies are iacreurngly choosing 
towards Barcelona. 

li you would like to know more about current 
projects in Barcelona, please give us a call at rfae 
following telephone number; 

34 3 402 72 3t» 


Oriol B obi gas (ill BAD 
Designer uf i he 
Olympic Village 


X or /nan Fitter 
Designer of' rhe CullierolJ 
Telecom mu nicjr ions Tower 


Richard Meier 
Designer ol the Muscu d'Art 
Concern pot j n ! de Barcelona 



BARCELONA 

More than Ever 


with the EU on preserving the 
EEA accord as a bilateral deal 
between Reyjavik and Brus- 
sels. 

Liechtenstein will vote for a 
second time on EEA member- 
ship later this year because of 
consequent changes in its trad- 
ing relationship with Switzer- 
land with which it has a cus- 


The loss of four 
members would 
reduce Efta to 
one small nation 
and two tiddlers 


toms union. But even if the 
answer is another yes the prin- 
cipality will be forced along 
the bilateral route in Iceland's 
wake. 

This means there will be no 
residual role for Efta in super- 
vising its members' compliance 
with EEA rules. And the asso- 
ciation’s other main area of 
concern, trade agreements 
with third countries, also looks 
likely to disappear. 

As of now. Efta has negoti- 
ated free trade accords with 
half a dozen nations in central 
and eastern Europe, Turkey 
and Israel. However, in law 
and in practice these are bilat- 
eral agreements applied by 
Efta's individual members; the 
association has never aspired 
to become a customs union 
with a common external trade 
policy. 

From next year the EU 
entrants will be bound by 
trade accords negotiated in 
Brussels. Switzerland, Iceland 


and Liechtenstein will con- 
tinue to apply the agreements 
with third countries and the 
free trade agreements they 
have between themselves. But 
It scarcely seems likely they 
will want to stump up for a 
co mm on secretariat to keep an 
eye on their activities. 

As late as last year there 
were hopes that Efta would 
find a new role as a "half-way 
house” for countries of central 
and eastern Europe aiming at 
eventual EU membership and 
thinking of the EEA as a possi- 
ble stepping stone. 

Such hopes have been com- 
prehensively disappointed. As 
Mr JOhanns son frankly con- 
cedes. these countries have 
shown no interest in Efta, pre- 
ferring to aim straight at goal, 
“and if the political desire is 
not there it is not on the 
agenda”. Hungary and Poland 
have already filed fheir appli- 
cations with Brussels in a bid 
to join the EU around the turn 
of the century. 

It seems that the only thing 
that will save Efta now is a no 
vote in one or more of the Nor- 
dic nations. Finland, the most 
likely to say yes. votes on 
October 16, Sweden on Novem- 
ber 13 and Norway, where 
opposition is greatest, on 
November 28. 

In mid-December all seven 
Efta trade ministers will meet 
in Geneva to decide what to do 
next. But already they have 
given notice that adjustment to 
the new situation, whatever 
that may be. will be completed 
in the first half of next year. 
Mr Jdhannsson’s present con- 
tract, and those of his staff, 
expire at the end of June 1995. 
Finland feature. Leader Page 


dlez, Guatemala's economy 
minister. 

Under the North American 
Free Trade Agreement, Mexico 
has agreed a three-year tariff 
reduction which begun this 
year and which will reach zero 
by 1997. 

The administration’s deci- 
sion is at odds with US cloth- 
ing companies who source in 
Central America to take 
advantage of the low labour 
costs and comparative proxim- 
ity to the US market, which 
allows for a rapid response to 
orders in comparison with ter 
eastern suppliers. 

The decision on ITP Is a far- 
ther blow following the exclu- 
sion of garments and textiles 
from the Caribbean Basin Ini- 
tiative earlier this year. The 24 
countries which are beneficia- 
ries of the 10-year old Initia- 
tive are allowed to ship some 
products duty free to the US. 
However, garments and tex- 
tiles were excluded after pres- 
sure from tiie US industry. 

Mr GonzOlez says there has 
already been a sharp drop in 
growth in garment exports 
from CBI countries. In 1993 
Mexico’s exports grew 19 per 
cent compared to 28 per cent 
for CBI countries. In the first 
quarter of 1994 Mexican gar- 
ment exports rose 39.2 per 
cent, and CBI exports were up 
by only 9.9 per cent 


WORLD TRADE DIGEST 

Chinese market 
on a fast track 

China is poised to become the world’s fastest growing 
consumer market, with spending set to treble over the next 10 
years, according to a report released yesterday by DRI/Mc- 
Graw HHL 

The report entitled “China's Consumer Markets: Here Comes 
tbe Boom”, said: “Within the next io years, total consumer 
spending will triple, from $261 bn in 1993 to $734bn by 2003.” 
Consumer spending is expected to grow at an average annual 
rate of 7-5 per cent, making China the world's fastest growing 
consumer market for that decade “By the year 2003, China 
will be among the world's largest markets for televisions, 
refrigerators and other appliances and electronic products," 
the report said. Status and entertainment goods, such as CDs, 
cosmetics, blue jeans and air conditioners should do particu- 
larly welL More than $4bn will be spent on children's clothing, 
and more than ?2bn on household furniture over the decade, 
while retail sales of beer are expected to total more than $8bn, 
the report said. Reuter, London 

ABB enters Russian venture 

Asea Brown Boveri, the international electrical engineering 
compan y, ha s signed an agreement with Uralelektrotyazh- 
mash (UETM) of Russia to form a joint venture which will 
make high-voltage power transmission equipment The new 
company, ABB UETM, will be based in the Urals city of 
Ekaterinburg, previously Sverdlovsk. It will be 51 per cent- 
owned by ABB and will employ more than 200 people. The 
venture takes the number of ABB companies in Russia to 17, 
employing 3.000 people and operating in power generation, 
t rans mission and distribution, and systems building. ABB 
UETM will make circuit breakers, disronnectors and instru- 
ment transformers for the high-voltage electricity supply net- 
work. It will also introduce ABB’s latest gas-insulated technol- 
ogy to the Russian market Andrew Baxter, London 

Philips, IBM discuss chip deal 

Philips, the Dutch electronics group, and IBM, tire US com- 
puter group, are negotiating the establishment of a semi-con- 
ductor joint venture at IBM’s existing German factory in 
BOblingen Hulb, near Stuttgart. 

The proposed venture will make memory chips for IBM and 
logic chips for Philips. The move, which hinges on successful 
completion of the negotiations as well as on government 
approval, would help solve some capacity problems at Philips, 
which earlier this year announced an expansion of its main 
Dutch semi-conductor plant in Nijmegen. IBM’s plant cur- 
rently employs 800 people to manufacture 4 megabit dynamic 
random access memory (D-RAM) chips. The venture would 
rely on assets and employees from tbe existing Bfiblingen 
Hulb site. Ronald van de ErvL Amsterdam 

Proton pushes left-hand drive 

Proton, the Malaysian car manufacturer, has begun chi pping 
left-hand drive models of its cars to continental Europe. The 
&st shipment of 570 Proton 1.5 and 1.6 litre models left 
Malaysia at the weekend bound for France, Belgium and 

tabBA, Proton's deputy managing 
director, said his company expected to sell 12,000 cars in 
continental Europe over the next year. Proton says its 
left-tod drive models will sail for between MS32.000 (512^00) 
Proton 13 manufactured in cooperation 
Mitsubishi of Japan. The bulk of Proton's exports now go 
to Britain, where it sells about 14,000 cars a year. Heron 
Choke, Kuala Lumpur 
CONTRACTS 

■ BICC, the international cable and construction group hi 
sigied an agreement with RPG Group, one of India's large 
mmistrial enterprises, to produce optical telecommunica tic 
raWes for the Indian market Foreign stuff. London 

^ won a contract wor 
150m Saudi Riyals ($39.5m) for civil and building works at tl 
Yanbu^ cement plant Work will involve building 12 concre 
a „ < i® ntra * control bull ding, storage sheds, a pre-heat 
, Power station, sub-stations and other ancillary bull 

™ Hambal ' 

."■J?* venture ^ Smhou p ham 

^ < J ory ^ mvest U P to *30m in a pharmaceutic 
plant mSuzbou, China. AP-DJ, Kalamazoo, Michigan 

““tog company, Broken Hill Proprietar 
SEP U 5 conpany. King Ranch Oil and Ga 
to^^^gasfield and build a power station in Ecuado 

"JS 3 French regional carrier, has ordered three Bon 
w^Si?'f^ te rh reg “ nal jets worth f °r delivery in 191 
toi^^ I1 'S?lS 0re - t ^ hey ** enable Briteir to fly ne 

-El Sr “ w ^ at * 






financial times Tuesday October i i 1994 


7 



. \ 



NEWS: THE AMERICAS 


Drug success 
claim in fight 
to slow MS 


Haitian 

disarray 

poses 

threat 


ByDanM Green 

Multiple sclerosis victims may 
be able to obtain, by 1996, a 
drug that drastically slows the 
progress of the disease. 

The results of rfiniwii trials, 
presented yesterday in San 
Fbancisco, showed with 98 per 
cent certainty that the prog- 
ress of the disease's symptoms 
in patients talcing beta inter- 
feron was about half the speed 
in those taking a placebo. 

If approved by regulatory 
authorities, the drug should 
bring its developer, the Massa- 
chusetts biotechnology com- 
pany Biogen, more than a third 
of a world market estimated at 
„• y $1.4bn by 1998. 

MS is the most common dis- 
ease of the nervous system in 
young adults. It affects world- 
wide some 2m people who suf- 
fer a slow disintegration of 
physical co-ordination. 

The results of large-scale 
clinical trials were announced 
yesterday at the American 
Neurological Association meet- 
ing in San Francisco. 

As well as the slowing of the 
disease's progress, the propor- 
tion of patients reporting 
“flare-ups" in the debilitating 
disease was cut by half over 18 
months. 

These results seem, better 
than with the one drug now on 
the market, Betaseron from the 
German company Sobering. 

However, clinical trial 
results are not directly compa- 
rable because of differences in 


condition of patients in trials 
and in effectiveness measures. 

Even so, Mr Lawrence 
Jacobs, head of neurology at 
Buffalo General Hospital in 
New York, who conducted the 
trials, was confident that 
Betaseron would not have been 
as effective as beta i n te rf eron 
if the two ted been compared 
in identical trials 

Analysts at Lehman 
Brothers, the US stockbroker, 
forecast that sales of Biogen’s 
drug will have overtaken those 
of Schering by 1998. However, 
there could be two or three 
other drugs on the market by 
then. Switzerland's Ares Ser- 
ono is producing a beta inter- 
feron similar to Biogen's, while 
Israel's Teva has a drug which 
works by a different mecha- 
nism. 

Such competition could 
reduce the price of the drug 
per patient from about $9,000 a 
year at present, says Lehman 
Brothers. 

Competition is likely to 
hinge on differences between 
the two drugs. Prof Jacobs said 
that Biogen’s drug had a good 
safety and side-effect profile. 
Flu-like symptoms that affect 
the majority of patients bad 
passed within eight days. With 
Schering*s drug; that can take 
several months. 

Chi the other hand, examina- 
tions uf patients using mag- 
netic resonance hwag fn g (MEU) 
of damaged nerve cells showed 
Betaseron to be more effective 
under some conditions. 1 


Protest at Brazil logging 


The environmental pressure 
group Greenpeace has brought 
to Brazil its global drive to 
save ancient forests, AP 
reports from Bio de Janeiro. 

Its ship, also called Green- 
peace. was set yesterday to 
begin a 30-day voyage down 
•v the Amazon. The organisa- 
■ lion's Brazilian rainforest 
co-ordinator, Mr Jos6 Auguste 
Pddua, said Greenpeace will 
protest at illegal logging and at 


the poisoning cf rivers by mer- 
cury used by gold miners. 

Brazilian mahogany is in 
danger of extinction because of 
logging by both lumber compa- 
nies and tribal peoples. The 
biggest buyers of such wood 
are in the US and the UK. 

Greenpeace launched its for- 
ests campaign last May in 
Siberia. It has already visited 
Canada, the US, Central Amer- 
ica and Guyana. 


to aid 

Ted Bardacke 
on problems of 
rebuilding a 
nation without 
a government 

G overnment in Haiti 
has all but ceased to 
exist. So. when mil- 
Kens of dollars in foreign aid. 
follow the planned return this 
week of exiled President Jean- 
Bertrand Aristide, getting it to 
those who need it most will be 
no easy task. 

And when business groups 
prepare for the restoration of a 
normal economy, knowing 
whom to negotiate with and 
trust will also be difficult The 
military government the US 
came to remove is no longer 
functioning. Except for levies 
on consumption, no taxes nn d 
tariffs are being collected; Mils 
from the state-owned electric- 
ity company are unpaid. 

The federal g ov e rnm ent has 
an mwmai budget of just giSSm 
(£79m), 35 per cent of which 
went to the armed forces. In 
the three years of military 
rule, there has been virtually 
no spending on education or 
public works. 

“The Haitian budget has a 
very low impact on the coun- 
try's economy," says Mr Ray- 
mond Lafontant, head of the 
Haitian Industrial Develop- 
ment Association. "If they 
closed all the ministries, the 
country would still work." 

A senior official at the minis- 
try of economy and budget 
says he has had no contact 
with the Aristide team that 
will fake over the management 
of the economy. Upon Presi- 
dent Aristide's return, he says, 
he will "not necessarily" have 
a job. 

Between $45Gm and 5770m in 
aid is due to be disbursed over 
the next several years. While 



the government - a govern- 
ment - is set up again to 
administer it, several solutions 
are being offered to keep aid 
money under US control so 
that it gets to the people who 
need it in this country with an 
annual per capita GDP of $250. 

The United States Agency for 
International Development, 
which will control many of the 
new assistance programmes, 
wants much of the money to go 
through local government offi- 


cials. To do this they must 
wrest the control of local 
administration from the 
dreaded so-called Section 
Chiefs, rural strong men 
appointed by the military 
regime. So USAID will immedi- 
ately look to fond the Decem- 
ber local elections, where it is 
hoped that the Section Chiefs 
will be swept into oblivion. 

"Those elections are the 
insurance policy for our aid," 
says one USAID official. 

The US occupation force is 
also doing its ferL One of the 
mandates of Special Forces 
troops operating in rural areas 
is to determine development 
priorities for the new govern- 
ment, and in the capital army 
doctors are designing a plan to 
convert an abandoned hotel 
into a hospital 


“The government has no 
absorption capacity,” says Mr 
Dieter Hannusch of the United 
Nations Development Pro- 
gramme. “The best situation 
would be for flw govenunBiit 
to oversee the projects without 
having government employees 
do the actual work.” 

Many of the h umanitaria n 
assistance programmes would 
be contracted out to Haitian 
non-governmental organisa- 
tions (NGOs), while infrastruc- 


ture works would fell to the 
private sector. 

Haitian NGOs were given 
much responsibility under the 
Aristide government but were 
accused of being partial to 
Aristide supporters. Since the 
coup, USAID has been working 
with leaders of those NGOs, 
many of whom had gone 
underground, identifying thn»» 
considered "trustworthy and 
independent". 

Haitian business groups, 
while happy to win contracts 
from international aid groups 
and to have the UN economic 
embargo lifted, say that the 
Aristide government must 
focus its energies on political 
stability. 

“We can work with anybody 
as long as they ensure peace 
and stability," says one promi- 


nent local businessman, while 
Mr Lafontant estimates that 
wtth political stability half the 
country's 45 export-oriented 
assembly plants will be func- 
tioning within six months. 

“Aristide understands that 
an infusion of capital directly 
depends on the level of stabil- 
ity in the country," a senior US 
official said during a visit to 
Haiti last week. 

The embargo has created an 
unprecedented level of pent-up 
domestic investment capitaL 
"People who made a lot of 
money off the black market are 
eager to invest in concrete pro- 
jects,” says Mr Robert Stry- 
hanyn who owns concerns in 
cement and transportation. 

At the country's only iron 
and steel foundry, owner Mr 
Gilbert Bigio Is constructing 
new sales offices to handle the 
expected growth in business. 
Yet many businessmen com- 
plain that the market is too 
free and that to sustain eco- 
nomic growth beyond what the 
initial aid and euphoria will 
bring, the government must 
start to do something about 
the high hidden costs associ- 
ated with the breakdown of 
economic order. 

For instance, moving goods 
through the capital’s port costs 
three times as much as it does 
in the neighbouring Dominican 
Republic because of corrup- 
tion, even though most cargo 
comes in tax free. Private secu- 
rity services, which make up 
for a lack of police protection, 
are a big cost 


Daring die three years since Aristide’s 
overthrow, there has been rirtnally no 
spending on education or public works 


Longer reach 
for enforcing 
US anti-trust 


By George (kaham 

in Washington 

US anti-trust enforcement 
agencies are expected to be 
able to expand their reach 
overseas when President Bill 
Clinton signs a Mil. passed in 
the closing hours of the con- 
gressional session on Saturday, 
to allow greater co-operation 
with foreign competition 
authorities. 

The bill will allow the US 
Department of Justice and Fed- 
eral Trade Commission, which 
share responsibility for enforc- 
ing anti-trust laws, to provide 
information which they would 
otherwise be barred from 
divulging to countries which 
agree in return to share their 
own information. 

The US has this sort of legal 
co-operation agreement only 
with Canada. Justice depart- 
ment officials credit the 
co-operation pact with helping 
them break up a cartel fixing 
prices of thermal fex paper and 
plastic cutlery this year. 

MS Janet Reno said the new 
law would “give us unprece- 
dented access to evidence 
needed to conduct investiga- 
tions of international business 
activity". In exchange, she 
said, US laws would be 


retooled to accommodate simi- 
lar requests from foreign coun- 
tries. 

The US worked closely with 
European Union competition 
authorities in an investigation 
of Microsoft, the computer soft- 
ware giant, that resulted in a 
settlement this year. 

In that case, however, Micro- 
soft gave its consent for the 
exchange of information which 
the Justice Department would 
otherwise have been prohibited 
from divulging. The US signed 
an anti-trust co-operation deal 
with the European Community 
in 1991, but that was over- 
turned this year by the Euro- 
pean Court of Justice on the 
grounds that it should have 
been concluded by the Council 
of Ministers, not the Commis- 
sion. 

Although US administra- 
tion launched its campaign for 
the bill in June, it was 
squeezed through the House of 
Representatives judiciary sub- 
committee on economic and 
commercial law less than two 
weeks ago, and was one of a 
long list of mostly uncontrov- 
ersial measures passed by the 
Senate without a recorded vote 
in the final hours before mem- 
bers went home to t-wwiprign 
for the November 8 election. 


Tighter bankruptcy 
legislation welcomed 


Bankers and consumer groups 
are welcoming changes to the 
US bankruptcy code that 
slipped through Congress in 
the closing days of the session 
last week, writes George Gra- 
ham in Washington. 

The legislation makes the 
first substantial changes to US 
bankruptcy law since 1978, and 
is viewed as partially redress- 
ing a balance that had swung 
too far in favour of the debtor. 

Once the measure has been 
signed into law by President 
Bffi CMntan. court proceedings 
will be speeded up by the impo- 
sition of a 30-day time limit for 
courts to rule on requests for 


an automatic stay, which 
allows a debtor to avoid fore- 
closure on property when filing 
for bankruptcy. 

The bill would also seek to 
prevent debtors from extend- 
ing their bankruptcy hearings. 
It would give creditors the 
right to appeal against any 
extension of time granted to a 
company to file its bankruptcy 
reorganisation Man. 

For personal bankruptcies, 
the lower limit for filing for 
Chapter IS protection - a pro- 
cedure winch shields a debtor 
while allowing time to work 
out a repayment plan - would 
be raised from $450,000 to $Im. 



Are you out of touch when you're not at your desk? 


Incredible as it may seem, two-thirds of all 
calls fail to reach the right person. Which 
is why we developed the Alcatel DECT 
wireless range, a mobile solution for the 
workplace that dovetails into your existing 

phone system. 

With Alcatel DECT, wherever you go on-site, 



your phone goes with you. And it can be 
tailored to meet your specific requirements. 
The system is also highly reliable and 
offers all the latest telecom functions, such os 
call by name, conference facility, voice and 
text messaging. As the European standard 
for mobility in the workplace, DECT is here 


to stay. And its in-built capacity enables new 
services to be easily added. Which means 
that as your business grows, the Alcatel DECT 
wireless range will evolve with you. 

For more information, please ring (33.1) 
4769 48 82, fax 47 85 42 76. Alcatel. Your 
reliable partner in communications systems. 



Alcattl BawMa SyUwn, kibrmrim Ssivie*. 54 , Jsafti9uii»-W707Cy»bB». fianee. - 












FINANCIAL TIMES 


TUESDAY OCTOBER II 1994 


NEWS: UK 



Tory chief seeks to deflect row over contract 


By Kevin Brown, 

Political Correspondent 

Mr Jeremy Hanley. Conservative 
party chairman, yesterday commit- 
ted. the government to “the highest 
possible standards in public life” as 
senior ministers sought to deflect 
allegations of impropriety in arms 
sales to the Middle East. 

Amid a welter of allegations about 
the involvement of Mr Mark 
Thatcher In the £20bn A1 Yam am ah 


deal with Saudi Arabia, Mr Hanley 
said that no evidence of any finan- 
cial Impropriety had been produced 

Seeking to distance the govern- 
ment from the administration led by 
Baroness Thatcher, who negotiated 
the A1 Yamamah deal in 19S5, Mr 
Hanley said ministers were not 
answerable for the activities of indi- 
viduals such as Mr Thatcher. 

“The government is led by a prime 
minister who is highly honourable 
and honest in his dealings, and the 


government has a record of which 
we are proud," he said on the eve of 
the party conference in Bourne- 
mouth. 

"This conference Is about the 
record of this government, and we 
what are going to do over the next 
two-and-a-faalf years ” 

Mr John Major, who will meet 
Lady Thatcher when she arrives in 
Bournemouth today, is understood 
to be deeply angered by the reports, 
which distract from efforts to steer 


the government away from Labour 
taunts about “sleaze”. 

However, ministers appeared 
unable to escape the jibes, which 
were given fresh currency by a Daily 
Telegraph opinion poll suggesting 
that the government is widely asso- 
ciated with “sleaze" in the public 
mind. 

Mr Kenneth Clarke, the chancel- 
lor, said in Brussels that the findings 
were a “sad co mment " on the public 
perception of British politics. 


“The fact is British politics is prob- 
ably still the most honest In the 
world." he said on BBC Radio. “It is 
a bit of a joke to claim that any 
political party is Britain has stan- 
dards that can really be described as 
sleaze. 

"1 think in the knockabout of 
party political exchange some people 
use language which is extremely 
unfortunate and some of the Labour 
spokesmen who go completely over 
the top ought to reflect on the dam- 


age they are doing to public confi- 
dence in politics." 

Labour MPs showed no signs of 
easing their campaign against 
alleged sleaze. Mr Kim Howells, a 
Labour member of the Commons 
public arrtumfo committee, said it 
was “extraordinary" that most com- 
mittee members had been prevented 
from seeing a report on the A1 
V amam ah deal. “There were 
rumours flying around left, right 
and centre . . 


Mark Thatcher a marginal 
figure in Saudi arms deal 


It was US politicians rather 
than middlemen such as Mr 
Mark Thatcher who gave 
Britain its first foot in the 
door for the £20bn At Yama- 
mah arms deal with Saudi 
Arabia. 

If the strong Jewish lobby 
had not persuaded Congress to 
veto the sale of US F-15 fight- 
ers to the kingdom Britain 
would probably never have 
had the chance to negotiate the 
deal 

Once the veto had been 
applied Britain was in a very 
strong position to supply the 
Saudis with advanced fighter 
aircraft. The UK had a 
long-standing defence relation- 
ship with Saudi Arabia, 
stretching back to the supply 
and maintenance of 46 Light- 
ning aircraft in the 1960s. 

Baroness Thatcher, at the 
time Mrs Margaret Thatcher, 
the prime minister, had visited 
the kingdom and had made a 
strong impact on King Fahd. 
Personal relationships between 
leaders are very important in 
the Gulf. The French, the other 
potential suppliers, had no 
such pull. 

So in 1984-85. with the Gulf 
war between Iran and Iraq rag- 
ing near their northern border 
and concerns about the spread 
of Islamic fundamentalism 
growing, the Saudis were keen 
to improve their defences as 
quickly as possible. The way 
was open for the UK to strike a 
deal 

The three main British nego- 
tiators for A1 Yamamah were 
Sir Colin Chandler, then head 
of the government's defence 


Bernard Gray on political and 
industrial manoeuvres behind 
the £20bn sale of fighter aircraft 


export services organisation. 
(DESO), previously a market- 
ing chief of British Aerospace 
and now chief executive of 
Vickers; Mr Dick Evans, the 
marketing head of British 
Aerospace and now its chief 
executive; and Lady Thatcher 
herself. 

Lady Thatcher did not have 
particularly close links to the 
BAe executives, although all 
involved were obviously keen 
to secure the order. It was 
Lady Thatcher’s link to King 
Fahd which was the motor for 
the deal 

The British team used Mr 
Wafic Said, a London-based 
Saudi, as the go-between, and 
he brought Lady Thatcher’s 
son Mark into the deal. If his 
intention was to make sure of 
his mother's support, he need 
hardly have bothered, as the 
prime minister was keen on 
the idea anyway. 

One official involved at the 
time said: “Mark certainly 
tried to generate the impres- 
sion that he had influence. He 
was putting himself around a 
lot But In practice I think he 
didn’t have much pulL” 

A former director of BAe 
said: “Mrs Thatcher’s interven- 
tion was crucial, but she came 
in at the request of BAe. not as 
a result of Mark Thatcher's 
efforts.” 

The outline A1 Yamamah 


deal was concluded in Septem- 
ber 1985. with the full contract 
signed the following year. It 
was a govemment-to-govern- 
ment deal, with BAe nomi- 
nated as the company primar- 
ily responsible for the 
business. 

Commissions were paid to 
middlemen as a result of the 
deal. Mr Said insists he was 
not paid a commission, but an 
ex-8 Ae director said: “Commis- 
sions would have been paid on 
the deal I do not know if Mr 
Thatcher received money, but I 
wouldn’t rule it out.” 

Saudi Arabia agreed to buy 
72 Tornado aircraft, a mixture 
of the air defence fighters and 
ground attack bombers, and 60 
Hawk advance trainers and 
PCS basic training aircraft A 
big package of training and 
support services was included 
in the deal - BAe has had 
about 4.500 personnel in Saudi 
Arabia working on the A1 
Yamamah deal ever since. 

Instead of cash, the Saudis 
paid in oil - initially set at 
400.000 barrels a day. which 
soon increased to 500,000 as the 
oil price weakened. 

The oil was paid into a cen- 
tral fund in the UK. controlled 
by a Saudi Arabian project 
office at the ministry of 
defence. The oil was sold on 
the market at the project 
office's discretion, and BAe 


could draw on the funds as it 
met milestones in the project. 

Since the contract was 
started in 1986 it has brought 
in more than £2bn a year to 
BAe. Because the oil revenues 
were sometimes insufficient to 
meet the project costs the fund 
has twice been topped up with 
cash - once in 1992 to the tune 
of ELfibu. 

In 1988 a second contract was 
negotiated for a further 48 Tor- 
nado aircraft and associated 
tr aining aircraft, as well as a 
large new airbase at A1 Sulayil 
which was to cover an area the 
size of greater London. How- 
ever, oil prices continued to be 
weak and the plan for the air 
base was eventually dropped. 

As a result of budgetary 
pressures the second deal was 
not signed until January 1993, 
just six months before the Tor- 
nado production line was due 
to close. It was initially for the 
48 ground attack Tornado air- 
craft, with training aircraft to 
follow. To pay for the extra 
equipment the daily oil output 
was increased to 600,000 bar- 
rels. 

The second batch of Tornado 
aircraft is due to be delivered 
between 1996 and 1999, and 
some of the Hawk and PC9 
training aircraft to go with 
them were ordered at the Fam- 
bo rough Air Show last month. 

BAe remains confident that 
Britain will retain a strong 
defence link to Saudi Arabia. 
The company even hopes to 
sell the Saudis its newest Euro- 
fighter in time. A1 Yamamah 
HI, however, Is still a long way 
off. 



Mark Thatcher leaving Downing Street during his mother’s term as prime minister. Lady Thatcher 
yesterday defended the arms deal which allegedly earned her son £L2m as "properly negotiated" 


Lottery 
tickets on 
sale next 
month 

By Raymond SraxMy 

Tickets for the National 
Lottery are to go on sale for 
the first time on November U - 
just six days before the first 
multimlllion-pound weekly 
draw. 

The El tickets will be avail- 
able initially at about 10,000 
outlets all over the UK. 

As well as announcing the 
date for the launch of ticket 
sales, Camelot the consortium 
operating the National Lottery, 
also announ ced the introduc- 
tion of a new tier of weekly 
prizes of about £100,000. 

Untfl now there was an enor- 
mous gap between the likely 
first prize of as much os £2m 
and smaller prizes ranging 
from £10 to about £1,500. 

The new prize, inserted to 
increase interest, will be 
awarded on the basis of draw- 
ing an additional numbered 
ball To win the first prize a 
lottery player must correctly 
choose six numbers out of a 
total of 49 in any order. 

A player who has chosen five 
of the correct numbers will be 
able to win a £100,000 prize if 
the seventh produces the miss- 
ing correct number. 

Mr David Rigg, a director of 
Camelot, said yesterday: “The 
bonus number adds to the 
excitement and should 
increase the number of big 
winners on the National Lot- 
tery each week.” The consor- 
tium brings together the food 
and drinks group Cadbury 
Schweppes, computer company 
ICL. the security printer Oe La 
Rue. Racal Electronics and 
GTech, the US manufacturer of 
lottery equipment 

The special computer termi- 
nals needed to play the Lottery 
will be located in high street 
stores which range from Tesco 
and J. Sainsbury to W.H. 
Smith and Woolworth and in 
petrol stations such as Esso 
and Shell 

It is hoped the lottery will 
raise about £9bn by the year 
2001 for five “good causes" - 
the arts, charities, a millen- 
nium fund, national heritage 
and sport 








i 


ill'll! 




U. I|n , ; . 1 . . , 

ivut U : ' 





a 








* 






\ .. 


•■otttrv ’ 

sa k‘ ne! 

Wiontii 


FINANCIAL T1 IVIES TUESDAY OCTOBER 1 1 1994 


NEWS: UK 


“t ‘J-v- 



Pre-conference speech puts stress on ‘independence in Europe’ ' Eurot llDD Cl 

Major rebuffs Labour threat s f7 ice 


By Pfiflfp Stephens, 

Pofittcal Editor 

Mr John Major last night out 
defence of tho constitution and 
preservation of Britain's inde- 
pendence in Europe at the cen- 
tre of his strategy to counter 
the electoral threat from Mr 
Tony Blair's Labour party. 

On the eve of the official 
opening of the Tory party con- 
ference, Mr Major accused the 
opposition of “pandering” to 
Scottish separatism and adopt- 
ing a “craven" approach to the 
integrationist ambitions Df 
Britain's European partners. 

His comments came as Mr 
Jeremy Hanley, the newly 
appointed but already belea- 
guered Tory party chairman, 
predicted that this week's 
Bournemouth gathering would 


demonstrate the Conserva- 
tives' credentials as "the party 
of government". 

Facing evidence of deep 
unrest among the party's grass 
roots supporters over the econ- 
omy and over the govern- 
ment's record on law and 
order, Mr HanJey told an open- 
ing news conference: “Our aim 
is to produce a permanently 
stronger United Kingdom and 
tax cuts will follow". 

Mr Major's speech marked a 
further nod in the direction of 
the leading figures on the Tory 
right who see Europe as the 
defining issue of the "clear 
blue water” which he has 
promised to keep between the 
Conservatives and Labour. 

But it will add to the grow- 
ing concern of pro-European 
Tories and those on the centre- 


left who fear that Mr Blair’s 
move into the political centre 
ground will drive the govern- 
ment towards the right. 

Mr Douglas Hurd, the foreign 
secretary, has warned against 
the Tories abandoning their 
chosen political territory in 
favour of more "extreme'' poli- 
cies. Mr Kenneth Clarke, the 
chancellor, echoed that senti- 
ment yesterday when he 
ins i st ed the government would 
not abandon its c o m mitwwntg 
to the key public services in 
order to pay for pre-election 
tax cuts. 

But speaking to the tradi- 
tional pre-conference dinner of 
party agents, Mr Major said 
that Labour's plans for a Scot- 
tish assembly were "explo- 
sive”. By pandering to the 
Scottish Nationalists. Labour 


risked a breach similar to that 
between Quebec and the rest of 
Canada. 

Turning to Europe, Mr Major 
said that Labour had promised 
to accept anything proposed by 
Britain’s partners. It meant the 
opposition could abolish “the 
pound sterling” just because 
others wanted them to. He 
added: “I have never heard 
such a craven attitude from a 
serious political party." 

He insisted the Conserva- 
tives would stick by their prin- 
ciples in the foce of the threat 
from Labour. They included: 
freedom of the individual, 
responsible citizenship, an 
economy built on enterprise, 
and allowing people to keep 
more of the money they earn, 

Joe Bogaly, Page 16 


service 

claims 

good Start Daewoo to 


Britain in brief 


Ministers review response on Ulster 


By Philip Stephens, 

PoBtfcal Editor 

The British government is 
considering a scaled-down 
response to the IRA ceasefire 
in Northern Ireland amid 
acknowledgment among senior 
ministers that it may never be 
given an unequivocal pledge 
that it is permanent 

The idea that the govern- 
ment should open a "revers- 
ible” dialogue with Sinn Ffein, 
the IRA's political wing, will be 
considered by Mr John Major 
and cabinet colleagues next 
week. 

Ministers accept that in spite 
of worrying comments in 
recent days by senior Sinn 
F6in officials and of evidence 
that the IRA is maintaining its 
military capability, the signs 


are that the Republicans do 
intend the ceasefire to be per- 
manent. 

A staged response - perhaps 
involving first the lifting of the 
exclusion orders on prominent 
Sinn F&Ln members and file 
reopening of indirect contacts 
- would allow the government 
to be seen to be responding 
positively while maintaining 
the option of withdrawing con- 
tacts. 

Such an approach would 
allow the government to test 
farther Sinn FSin’s commit- 
ment to a permanent peace by 
exploring whether the IRA was 
ready to give up its arms and 
ammunition. 

No decisions will be taken 
during this week's Conserva- 
tive parly conference but min- 
isters are expected to consider 


a detailed assessment of the 
situation in the province on 
their return to Whitehall next 
week. 

The government faces a 
potentially hostile response to 
its Northern Ireland policy on 
Thursday when a number of 
party activists intend to press 
for the full integration of the 
province into the UK 

But Sir Patrick May hew, the 
Northern Ireland secretary, 
hinted at the change of tack 
yesterday. He said that the 
government was still not satisf- 
ied that the IRA had halted 
violence permanently, before 
adding: "If we are not satisfied 
at the moment, we do not 
know for sure that we wifi ever 
be." 

Speaking in Belfast, Sir Pat- 
rick said there had been 


Rising cost of raw materials 
fuels fears of rising inflation 


By GHtan Tett, 

Economics Staff 

The cost of raw materials used 
by British manufacturers rose 
significantly lost month, as the 
recent surge in world commod- 
ity prices pushed up the price 
of imported materials. 

Coffee, copper and pulp 
prices all rose sharply, 
although the cost of crude oil 
purchased by manufacturing 
fell slightly diving the month. 

The rises fuelled fears that 
there could be price pressures 
in the pipeline which might 
push up the current low UK 
inflation rate. 

The cost of goods leaving fac- 
tor)' gates last month rose at a 
relatively subdued rate, sug- 
gesting that many companies 
are still being forced to absorb 
the rising costs themselves. 

The Central Statistical Office 
said yesterday that the price of 
goods purchased by manufac- 
turing industry rose by a sea- 


sonally adjusted 0.7 per cent 
last mouth and by 5.7 per cent 
in the 12 months to September. 

The rise was larger than the 
City had expected. In August 
the annual growth rate was &9 
percent 

The cost of goods leaving fac- 
tory gates increased by 0.2 per 
cent in September, however. 
Measured without the volatile 
elements of food, beverages, 
tobacco and petroleum, output 
price inflation grew by a sea- 
sonally adjusted 0.4 per cent in 
September and by 2.1 per cent 
over the 12 months. 

The prices of imported mate- 
rials, especially commodities 
like coffee and copper, rose 
particularly sharply. Conse- 
quently, the sharpest price 
increases were reported in 
manufacturing sectors with a 
greater exposure to world com- 
modity prices, like pulp and 
paper, metals, rubbers and 
chemicals sector. 

The Treasury said yesterday 


that the -underlying inflation 
trends remained very benign. 
“This is a sharp price increase, 
but it is from a pretty low 
level,” it said. In addition, any 
rise in material costs should be 
partly offset by the fact that 
unit wage costs - the key com- j 
ponent of business costs - had : 
fallen slightly. 

Nevertheless, City econo- 
mists yesterday pointed out 
that last month's rise had 
come after several months of 
increases in output costs. 

Some analysts suggested 
that this indicated that compa- 
nies were increasingly seeking 
to pass on the recent price 
increases. 

However, others argued that 
customer resistance to price 
Increases remained strong and 
warned that recent surge in 
commodity prices might 
squeeze corporate margins in 
highly commodity dependent 
sectors. 


Our fonrign and 
local butanes* 
partners* arc 

p|«K<] Willi UH. 

Vr offer the 
complete range 
of bunking; 
m-rvieeM, 
IM-jrionitetl with 
exemplary 
efficiency, 
whether in 
routine or more 
rfcmamling Ustkn. 

A rrnlury of 
tradition give* uh 
a profswional 
a ware now. while 
our m*r of de 
ialc*l technology 
make!* our work 
fast uni! skillful. 

Whoever doe* 
binuneiw with us 
is in the Kami* of 
Slovenia 1 » 
InrKcst bank, 
with the best 
established and 
uhwI extensive 
interna lional 
Inuinria 
network. 


Li **tZ?rXg2* 

fM ^uiit i»n a 


RUMOUR 
ARE THE 
MOlT 

©HOCRATIC 

MEANOF 

ADVERTISING. 

ggTEN! 

THE? SAS WE 
ARE 

TRUTWORTH 

BANKERS. 

fUfiTERALLW. 


70 ijubljanska banka 
rnTRTrrTiiSi^^imuTTi 


THE Rank in Stonmia 


"encouraging progress-” but the 
government was fully justified 
in its caution. 

He rejected suggestions from 
Mr Peter Temple-Morris, the 
Conservative backbench MP, 
that Mr Major would accept 
fhi* permanence of the cease- 
fire soon after this week’s con- 
ference but did not rale out a 
more limited response. 

Sir Patrick admitted though 
he was concerned by com- 
ments by leading Mr Mltchfi] 
McLaughlin, a leading Sinn 
F6in official, that if the peace 
process failed and there was no 
change to present political con- 
ditions it was inevitable vio- 
lence would continue. 

Mr Mayhew said: “I think 
anything that is capable of 
being interpreted as a threat is 
extremely worrying.” 


By Charles Batchelor, 
Transport Correspondent 

Eurotunnel said yesterday that 
its shuttle freight service had 
made a strong start in its first 
two months of operations, but 
ferry companies denied that it 
had made any Inroads into 
their cross-Channel business. 

Mr Christian Zbylut, Euro- 
tunnel freight director, said 
shuttle freight trains had car- 
ried up to 350 trucks a day. 
equivalent to 12 per cent of the 
Dover-Calais market, and were 
well placed to achieve the tar- 
get of 22 per cent of the cross- 
Channel freight market by the 
end of next year. 

Eurotunnel Is offering 34 
departures a day in each direc- 
tion, and this will rise to 50 
departures in early December. 

The freight shuttle was used 
by 450 customers an a regular 
basis last month. Among big 
customers of the service are 
Securlcor Omega Express 
International, which has 
replaced airborne deliveries 
with tunnel services. 

Eurotunnel said it was not 
challenging the ferries on 
fares; its prices were 5-10 per 
cent higher because it offered 
the advantage of speed and 
reliability. 

However, ferry companies 
retorted that their freight ship- 
ments were increasing. Stena 
Sealink said there bad been no 
impact on its Dover- Calais awH 
D over-Dunkirk traffic. 

P&O European Ferries said it 
had carried more than 44,000 
tracks between Dover and Cal- 
ais last month, 26 per cent 
more than in September last 
year. 


sell direct 
to public 

Daewoo, Korea's second 
biggest carmaker and the 
world’s 33rd largest business 
group, is to sell its cars direct 
to the DK public from its own 
“supermarket” sites - 
complete with cafes and 
qualified nannies to look after 
prospective buyers' children. 

Daewoo's £150m experiment 
starting in March aims to 
eliminate independent dealers 
completely, using instead a 
network of 30 “Vision 2000“ 
superstores backed by another 
100 wholly owned or leased 
service and used car sales 
centres. Is believed to have no 
precedent. 

By stripping out a profits 
tier and taking advantage of 
its purchasing muscle Daewoo 
appears ready to mount a 
significant challenge to 
traditi onal rar w eaning . 

Ex-soldiers seek 
probe into tests 

Former soldiers yesterday 
launched a campaign for an 
independent medical inquiry 
into chemical weapon tests on 
Inman subjects in military 
laboratories. 

Thousands of servicemen 
have been tested with chemical 
a pmtfl such as nerve g° q and 
mustard gas at the Chemical 
WeapOUS ’BstahRahment at 
Porton Down, western 
England, according to the 
newly formed Porton Down 


Volunteers’ Association. 

It says increasing numbers 
til the men are complaining 
that the experiments have 
damaged their health. The 
former soldiers are demanding 
compensation and urging the 
government to admit that the 
teste were harmful. 

The Ministry of Defence 
insists that there is no 
evidence that the health of any 
servicemen has deteriorated as 
a result of participation in the 
experiments. 


ScotRail aims 
to recoup loss 

ScotRail. which operates most 
passenger trains in Scotland, 
yesterday launched a series of 
marketing initiatives aimed 
at replacing revenue lost 
because of the signal workers’ 
dispute. 

Mr Chris Green, managing 
director of ScotRail said the 
company's revenue from fares 
was down by £8m because of 
the 18 days of strikes in the 
past three months. 

To win back lost passengers 
ScotRail is promoting a 
two-far-one offer running untfl 
the end of November under 
which applicants obtain a free 
voucher for a second person if 
they pay for one ticket for 
travel anywhere in Scotland. 

ScotRail has launched an 
executive ticket to promote 
first class accommodation on 
services linking Aberdeen 
with Edinburgh and Glasgow. 
The return ticket costs £49 
instead of £96. 

Eight other promotions are 
planned to boost train travel 
in the winter months. 


Reinsurers 
counter claims 

Two of the world’s largest 
reinsurance companies 


yesterday moved to counter 
suggestions that they would 
pick up a substantial part of 
the bin for damages won in UK 
courts by lossmaktog members 
of Lloyd’s of London. 

Figures released by Munich 
Re and Swiss Re suggested 
that the sums they will pay out 
cm professional liability 
policies taken out by the 
Lloyd's agencies being sued 
will be for less than hoped by 
many of the worst-hit Names. 

Although few details about 
the underwriting and 
reinsurance of such "errors 
and omissions” policies have 
been revealed, the figures 
indicated that a larger 
proportion of damages than 
previously thought might have 
to be funded from within the 
London insurance market As a 
result, Names may fund a 
larger proportion of their own 
damages bills. 

Berry case 
is dropped 

The Department of Trade and 
Industry yesterday dropped 
proceedings against Mr Tony 
Berry, the former chairman 
and chief executive of the Bine 
Arrow employment services 
group, which sought to have 
him disqualified as a company 
director. 

More than two years after 
the DU applied to the High 
Court for the disqualification 
— and half an hour before Mr 
Berry was scheduled to appear 
in coart for a procedural 
hearing - Mr Mi chad 
Heseltine, trade and industry 
secretary, said the department 
would not continue. 

The department said ft was 
abandoning the case, ltrittafad 
in September 1992 when 
investigators published the 
results of a probe into Mr 
Berry's leadership of Bine 
Arrow, because legal counsel 
had advised Mr Hesetiine a 
disqualification would be 
difficult to obtain. 


HP LaserJets let you manage your network 
printing at a glance. 







With Hewlett-Packard’s LaserJet printers 
and Jet Direct cards you can now cast a 
watchful eye over your network printers 
without even leaving your desk. 

Nothing could be simpler. 

That's because HP provides you with 
on-screen remote printer management and 
diagnostics. So you can not only easily 
monitor the status of each LaserJet printer 
on your Novell and Windows NT networks, 
but you can also set printers more easily 
and troubleshoot more accurately. 

Of course, being HP, these innovative 
network management features are available 
for our foil line of printers. Not least the 


HP LaserJet 4SL Our top of the range 
network printer that with the highest print 
Speed, greatest paper volume and most 
complex paper handling, supports more 
networks than any competitor. 

Not only Is the world of network control 
now at your feet, it's at your fingertips too. 

Telephone HP on 0344 369222 for more 
information. 


HEWLETT® 

PACKARD 



10 


FINANCIAL TIMES TUESDAY OCTOBER 


11 1994 


★ 

TECHNOLOGY 



A model range 


CD-Roms are making life easier for a 
number of businesses, writes Vanessa Houlder 


A t its Face of 1994 com* 
petition at the Gros~ 
venor House last 
week. Storm Manage* 
meat became the first UK 
model agency to put its portfo* 
lio on CD-Roms, small plastic 
discs on which vast amounts of 
information, can be stored and 
retrieved. 

The CD-Roms, which showed 
250 models (six images of 
each), together with some 
video clips, were given "a tre- 
mendous response” by the pho- 
tographers and casting direc- 
tors present, according to 
Simon Chambers, a Storm 
director. 

Instead of thumbing through 
a bulky catalogue. Storm's cli- 
ents are now able to search the 
database looking for models 
that meet a particular criteria 
such as height or hair colour. 
Moreover, the CD-Rom is 
cheaper to mail than Storm's 
glossy brochure, allowing the 
agency to send out quarterly 
updates. 

The model catalogue is one 
example of the way in which 
CD-Rom technology is making 
Inroads into business. An 
expanding range of business 
CD-Rom titles are being pro- 
duced by companies for their 
own use and by external pub- 
lishers. 

Many large companies now 
have CD-Rom libraries which 
stock annual reports, newspa- 
pers. legal information, market 
research and reference works, 
as well as producing their own 
discs for marketing or training 
purposes. Although specialist 
discs can cost thousands of 
pounds, prices can be less than 
£1 a disc for companies print- 
ing them in large volumes. 

Within businesses the 
potential for CD-Roms is most 
likely to be seen in sales 
departments, which are keen 
to exploit the ability to 
combine text, video, sound and 
graphics. 

“Sales people are clamouring 
for multimedia presentation 
tools," says Todd Harris, 
editor-in-chief of CD-Rom 
World, a magazine based in 


Westport, Connecticut. 

Tr aini ng departments are 
also enthusiastic users of 
CD-Roms. For example, in 
April 1993, Abbey National the 
t/K building society, replaced 
computer-based training with 
CD-Rom training packages 
because of their stronger 
visual impact and their 
interactivity. 

Hyster Europe, the forklift 
truck distributor, has 
distributed training 
information on CD-Rom to 
dealers throughout Europe. It 
found that even small 
workshops were prepared to 
invest in the hardware to use 
the discs. “There was far less 
resistance than we initially 
expected." says Roy Jackson, 
dealer support coordinator. 

CD-Rom technology also 
allows companies to present 
vast amounts of information in 


a manageable and revisabie 
form. Price Waterhouse, the 
accountancy firm, uses 
quarterly-updated CD-Roms to 
alert Its staff to changes in 
accounting and legal 
regulations throughout the 
world. 

M any companies are 
putting their 
technical manuals on 
CD-Rom. The RAC has 
invested £500,000 in storing its 
patrol teams' technical 
manuals on CD-Rom using 
Panasonic “electronic book" 
players. 

The discs, which replace 30m 
sheets of paper a year, are able 
to store extra Information, 
including local car dealerships 
and members* entitlements. 
Because patrols no longer have 
to cany bulky manuals , they 
are able to fit In an extra part 


or passenger into a car. Pilot 
trials suggest also that the 
electronic boobs are easier to 
use, allowing patrols to fix 
more faults at the roadside. 

The proliferation of CD-Rom 
titles is also fuelled by 
publishers. Mecklermedia^, a 
publisher based in London and 
Westport, Connecticut, which 
produces a directory, CD-Roms 
in Print, calculates that the 
number of published titles has 
reached nearly 6,000. up from 
3*500 last year. 

Many of these titles use the 
immense storage capacity of 
CD-Roms to accommodate 
large databases, telephone 
directories and mailing lists on 
a single disc, which makes 
them a useful tool for direct 
marketers. 

Tr aining packages are also 
popular, with titles such as the 
New Dynamics of Winning and 


The Secrets of Executive 
Success . Another category of 
CD-Roms are those which 
provide graphics to help with 
desktop publishing and 
business presentations. 

Detailed information on 
companies and industries is 
also available - for a price. For 
example, Kompass UK, with 
details on 140,000 top 
companies, costs £4,200. Pira 
International, the UK paper 
and packaging industry's 
research association, has 
launched a disc that includes 
market statistics, company 
profiles and new products for 
£2,570 a year. 

Many of these CD-Rom titles 
run on Windows or Macintosh, 
which are relatively easy to 
use. However, many discs 
aimed at the business market 
are known as “professional" 
CDs. which often have 
complicated command 
structures. Some discs have 
limited access, either In the 
number of times It is used or 
the length of time it can be 
used. 

The number of available 
titles is likely to increase as 
CD-Rom players are more 
widely used. At present, only 7 
per cent of PCs installed have 
CD-Rom players, according to 
Primary Research, a New 
York- based company. 

“Although the total number 
of CD-Roms is small, we expect 
to see an explosion in their 
number, ” says Harris. 

The surge in the amount of 
information available from 
CD-Roms and on-line 
information services is giving 
businesses quicker and easier 
access to more information 
than ever before. But at the 
same time, it is making the 
task of sifting and filtering the 
data more acute. 

“People are beginning to feel 
distressed by the volume of 
data sources available to them. 
The major challenge now is 
managing the provision of 
Information," says Toby 
Stephens, a senior manag er at 
Price Waterhouse's technology 
group. 



Beyond the usual. 



Union Bank 
y of Switzerland 


XovV-.? 


NfcW YORK. LONDON. J 1 A R i > . FRANKFURT. ZURICH. GENEVA. SINGAPORE, 


HONG KONG. TOKYO 


Christopher Parkes on AEG's plans for 
high-performance batteries for electric cars 

Charged up for zero 
emissions 


I n an upstairs room in 
AEG's Berlin works in 
Sickingenstrasse, a 
trainee robot is making a 
hash of inserting a ship of 
metal Into a stainless steel 
tube. Its minder frowns, 
tweaks a button, makes a 
note. The automaton tries 
again, misses, and bends the 
ship into an elegant “J", 

It is one of a dozen or so in 
the early stages of program- 
ming for a venture into high- 
performance battery manu- 
facture, which the loss-mak- 
ing Daimler-Benz subsidiary 
hopes will give It a charge oF 
profitability In the budding 
market for electrically- 
powered passenger cars. 

The robot stands at the 
front of a fully-automated, 
DM20m (£&lm) pilot assem- 
bly line producing sodi- 
uni/ nickel chloride cells for 
assembly into batteries 
weighing up to 300kg. 

AEG claims it is the first 
company in the world to start 
series manufacture of high- 
performance batteries. 
Despite widespread scepti- 
cism about the weight, effi- 
ciency and high prices o f elec- 
tric drive technology for road 
vehicles - a 300kg battery is 
expected to cost DM15.000 - 
H plans to stay ahead of the 
rest The intention is to build 
a full-scale plant to make 
15,000 so-called Zebra bat- 
teries a year, opening in 1998. 

Zebra - zero emission bat- 
teries research activity - Is 
the first fruit of a joint ven- 


ture dating back to 1988 
between AEG and the Sooth 
African Anglo American 
Group, which owns the tech- 
nology patents. 

The initial aim of the proj- 
ect was to produce power 
sources for fork-lifts, die- 
sel-electric vehicles and sta- 
tionary units, but the project 
has gained momentum fol- 
lowing Californian legislation 
that insists that as of 1998, at 


AEG says the 
batteries deliver 
up to four times 
more power than 
conventional 
lead-acid units 


least 2 per cent of car mak- 
ers’ sales in the state most be 
zero-emission vehicles. At 
current registration levels, 
that represents 20,000 cars a 
year. The quota is scheduled 
to rise to 10 per cent by 2003. 

Test results and support 
from vehicle makers have 
also been encouraging- On a 
weight-tor-weight basis, AEG 
says the batteries deliver up 
to four times more power 
than conventional lead-acid 
units. In tests on the flat Bal- 
tic island of Rflgen, its power 
padcs have proved capable of 
providing op to 150km range 
between charges. 

Considering that they have 
been tested in conventional 


heavy car bodies. AEG feels 
this is pretty good. It claims 
that vehicle manufacturers 
agree, noting that of the 60 
test cars of various makes 
scooting silently around 
Rftgen, 31 are fitted with 
Zebra power packs. Trials 
also show that the batteries 
c p t i be recharged up to 1,500 
times - exceeding the vehicle 
makers’ minimum require- 
ment of 1,000 - and are good 
for more than 100,000km. 

In its own modest way, the 
Zebra project contributes to 
Daimler-Benz's tarnished 
ambition of becoming an Inte- 
grated technology group, 
drawing together skills and 
technologies from disparate 
sectors of the concern. 

The batteries' metal parts 
and pressings come mainly 
from Mercedes-Benz. The core 
element - a special alumin- 
ium hydroxide ceramic elec- 
trolyte - is made by a group 
subsidiary in the UK. Assem- 
bly techniques for such mate- 
rials are a particular special- 
ity of the Sickingenstrasse 
works, which manufactures 
more workaday filled-ceramic 
products such as capa- 
citors for fluorescent light fit- 
tings. 

Customers for the pilot 
plant’s output of 450 batteries 
a year include Adam Opel, 
BMW, Toyota and, naturally, 
Mercedes-Benz, AEG’s more 
successful sister company, 
although none has yet 
firdpi-pri nnmmerrial-scale 


Creating false images 

The latest software makes it possible to alter 
photographs digitally, says Geof Wheelwright 


F orget the adage that the 
camera never lies. The 
latest generation of 
image editing software makes 
it possible to alter photographs 
digitally so well that it is virtu- 
ally impossible to spot the 
Change. 

This technology is creating 
an entirely new Image-editing 
industry - and raising legal 
and social questions. Time 
magazine recently drew criti- 
cism over a digitally altered 
photograph of O.J. Simpson, 
the US football star accused of 
murder. Critics said the altered 
picture made him look menac- 
ing. 

Vancouver-based Western 
Pro Imaging Labs has 
launched a service for divorced 
people called DivorceX that 
allows them to digitally "cut 
out" their ex-spouses from fam- 
ily photos. Keith Guelpha, the 
company's president, says the 


gaps are filled in with elements 
of the existing background. It 
is also possible to place a new 
partner in the photo once a 
former spouse has been 
removed. 

The technology is standard 
off-the-shelf equipment - a per- 
sonal computer, a good colour 
scanner, some powerful image- 
editing software and the ability 
to output to photographic 
paper, film or colour laser 
devices. 

Unlike traditional methods 
of re-touching photographs, 
which require considerable 
skills, in digital image editing 
most of the hard work Is done 
using a system costing only a 
few thousand dollars. 

Photographs can also be 
altered to change features - 
people can be made thinner, 
fatter, or younger. They can 
acquire a firmer chin or lose a 
scar. 


“A normal person would ,p 
never be able to tell the differ- 
ence,” says Guelpha. “If it’s a 
good picture to start with, the 
blending is seamless." 

With the advent of digital 
photography (using products 
such as Apple Computer's 
QuickTake digital camera), the 
“real” image may never even 
hit photographic paper before 
it is edited on the computer 
screen. The image, stored digi- 
tally in the camera's memory, 
can be transmitted directly 
Into a PC. 

The industry Itself is con- 
scious of the potential for mis- 
use of digital imaging. For 
example, “polishing" photo- 
graphs throws doubt on the 
legal use of photographic evi- 
dence. 

Guelpha says he takes care 
to ensure his digitally-altered 
photographs are for legal pur- 
poses only. 


DAVID 

T HOMA S 

PRIZE 

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

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

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


The theme for the 1995 prize, worth not less than £3,000, is: 
DOES FREE TRADE THREATEN THE ENVIRONMENT? 


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

The award winner will be required to write a 1 500 to 2000 word essay at the 
end of the study period. The essay will be considered for publication in the FT. 


CLOSING DATE JANUARY 6 1995 


Applications to: 

Robin Pauley, Managing Editor 
The Financial Times (L) 
Number One Southwark Bridge 
London SEI 9HL 








Hiams 



FINANCIAL TIMES TUESDAY OCTOBER 1 1 1994 


BUSINESS AND THE LAW 


II 


New faces on 
the bench 





EUROPEAN 

COURT 


The European 
Court of Justice 
has been re-consti- 
tuted. Six mem- 
bers have retired, 
one has moved 
from the post of 
advocate-general 
j w to that of judge, 

and three new judges and three 
new advocates-general have t^en 
appointed. None of the appointees, 
announced last week, were 
women, leaving the Court once 
again all male. 

One of the Court's first tasks 
waa the election oE its president 
Spain’s Judge Rodriguez Iglesias 
was chosen to replace the retiring 
Judge Ole Due. Judge Rodriguez 
rglesias was an academic prior to 
joining the Court in 1986. 

The new judges are Antonio La 
Pergola, Jean- Pierre Puissochet 
and Gunter ffirsch, together with 
Claus Gulmann, who moved from 
advocate-general to judge. The 
new advocates-general are Geor- 
gios Cosmas, Philippe Leger and 
Michael Elmer. 

The new appointees come from 
a variety of legal backgrounds, but 
all have judicial experience in 
their own countries. 

Community preference in 
the banana market lawful 
In one of the last judgments of the 
old Court, the European Union's 
“common organisation" (CO) of 
the banana market was held to be 
lawful in spite of the preferential 
treatment given to traditional 
banana -producers from African, 
Caribbean and Pacific (ACP) coun- 
tries. 

The CO banana market was 
established in 1993. Prior to the 
CO's formation, member states fol- 
lowed different rules on banana 
imports. Some states placed 
restrictions on non-EU or nort- 
ACP bananas, others did not. Ger- 
many, in particular, imported 
bananas from non-ACP sources. 
Because of structural deficiencies 
in their markets, EU and ACP ' 
bananas were more expensive 
than those from third countries. 

The CO set up a quota system 
under which traditional ACP pro- 
ducers enjoyed duty-free access to 
the EU market for a specific quan- 
tity of bananas. Quotas were also 
established for bananas from third 
countries and nun-traditional ACP 
producers. All third-country 
bananas were subject to import 
duties, while banana imports from 


non- traditional ACP producers 
were liable to doty once the rele- 
vant quota had been exhausted. 
The effect of these changes was to 
increase the price of bananas in, 
for instance, Germany. As 
result. Germany lodged an appli- 
cation to annul the quota system. 

Germany alleged that the new 
system had led to procedural vio- 
lations. These included the Coun- 
cil of Ministers’ adoption of regu- 
lations which were contrary to the 
European Commission's original 
proposal, without first receiving a 
modified Commission proposal. 

The Court ruled the Commis- 
sion had agreed to a modified pro- 
posal being put before the Coun- 
cil; the fact that such an 
agreement was not in writing was 
irrelevant. The Court said the 
EU's legislative process was char- 
acterised by an informality which 
was necessary if a convergence of 
views was to be achieved between 
the EU’s institutions. However, 
this approach was not relevant to 
actions which directly concerned 
individuals, for which strict rules 
were necessary. 

Germany also alleged there had 
been breaches of the Rome treaty, 
such as those those relating to the 
provisions on agriculture as well 
as the principle of “non-discrimi- 
nation” and “proportionality". 

The Court said the agricultural 
objectives of the Rome treaty had 
to be seen In the context of the EU 
market as a whole, not in the con- 
text of a single member state. 

On the issue of nondiscrimiha- 
tion, the Court ruled that 
although the new system treated 
banana importers differently, such 
differentiation was inherent in the 
CO’s objective of integrating pre- 
viously closed national markets. 

On proportionality, the Court 
found that although other meth- 
ods of attaining the same goals 
could not be ruled out, on (he par- 
ticular issue of the adequacy of 
the measures taken, the Court 
could not substitute its views for 
the Council's. 

Germany also alleged breaches 
of the Lome Convention for trade 
with the third world, the General 
Agreement on Tariffs and Trade 
and the banana protocol for the 
EU’s overseas territories. None 
was upheld. 

C-280}93: Germany v Council, ECJ 
FC, 5 October 1994. 

BRICK COURT CHAMBERS, 
BRUSSELS 


■ > v . fy ■*;= r> 

: ... •. \ A ' P< v/" 



Advantages 
of the City 

Robert Rice investigates London's 
competitive edge in legal services 


City view: in spite of changes in the marketplace, London’s law firms are likely to retain their pre-eminent position, according to a recent report 


A s London's commercial law 
firms climb slowly out of 
recession, they appear to 
be faring a period of great 
uncertainty and change. 

A spate of aggressive hiring of 
English lawyers by large US law 
firms has left many wondering 
whether they are facing increased 
competition in the commercial legal 
market from a new breed of multi- 
national partnerships. Others are 
concerned by the interest being 
shown by the six large accountancy 
firms in legal services. Many medi- 
um-sized commercial firms, in par- 
ticular, are left wondering where 
precisely, if anywhere, they fit into 
this brave new world. 

A report*, on the competitive 
advantage of law and accountancy 
in the City, should provide them 
with some comfort The report by 
Professor John Kay, chairman of 
economic consultants London Eco- 
nomics, was published on Friday as 
part of the three-year City Research 
Project. The project, set up last 
November by the Corporation of 
London, the local authority for the 
City of London, and managed by 
the London Business School, is 
designed to look into London’s com- 
petitive position in international 
financial services. 

Prof Kay concludes that the 
future structure of the commercial 
legal services market will not 
change greatly. The competitive 
advantage enjoyed by City law 
firms is based on factors which will 
be sustained and are sustainable, 
says the report 

Prof Kay's starting point was to 
ask whether the structure of the 
legal services industry is different 
from other professional services 
industries, such as accountancy. 

A quick comparison between law 
and accountancy shows the markets 
are different Accountancy is domi- 
nated by the Big Six partnerships 
and produces an international prod- 
uct similar to manufactured prod- 
ucts such as cars. The legal market 
is fragmented and the product is 
basically national in character. City 
law firms derive almost 50 per cent 
of their turnover from non-UK cli- 


ents, but the product they export is 
English law. 

Turnover figures for the top 20 
accountancy firms and law firms in 
the UK in 1993 illustrate the point 
The Big Six accountants had a com- 
bined turnover of about of £SL5bn - 
or a market share of SO per cent - 
and the 14 second-tier firms a turn- 
over of just £5 Urn. In law, the top 
six firms bad a turnover of £844m, 
only slightly more than the second- 
tier firms’ £756m. 

The City's law and accountancy 
firms are pre-eminent internation- 
ally. But their approaches to deliv- 
ering international services differ. 

There are basically three models 
of internationalisation, according to 
Prof Kay. The first is epitomised by 
aircraft maker Boeing, which, from 
a large domestic production base in 
Seattle, exports its products around 
the world. The second model is rep- 
resented by General Motors, which 
operates and sells in different 
places around the the world - a 
model based on global production 
and local sales. The third model is 
typified by Hertz car rental, where 
the product is global but mainly 
produced and sold locally. 

Accountancy, he says follows the 
Hertz model - international firms 
attach their to local products 
and local producers, with most of 
the benefits going to the local part- 
ner. Probably less than 25 per cent 
of the revenues of City accountancy 
firms originates overseas. 

Legal services are closer to the 
Boeing modeL City law linns export 
legal services from London, with 
most of the benefits returning to 


the UK and the firms based there. 

The reason for the difference in 
the structure of the two industries 
lies in the nature of their products: 
in particular, legal services and 
audits. Audits are unusual, he says, 
because regulations force compa- 
nies to have them. The incentives of 
the purchaser are not the same, 
therefore, as in legal services. 

In legal services, the purchaser is 
looking for the best product in the 
marketplace or the best product for 
its current needs. Quality and 
expertise are the most important 
factors for clients. 

In accountancy, adequacy not 
excellence is the priority, he says. 
Accountants provide services that 
meet the standards required at local 
levels and make no differentiation 
between products. 

T he reasons for buying legal 
services are more diverse 
and more related to local 
need. That does not mean 
clients are not concerned with 
value for money. But they do not 
buy legal services because regula- 
tions force them to. They buy 
because they need them. 

Given that the legal services 
industry has a different structure 
from other professional industries, 
does it need to change to succeed in 
the 1990s? 

Prof Kay says not In spite of the 
increasing internationalisation of 
many professional activities, the 
mqjority of legal advice is still pro- 
vided by law_ firms which concen- 
trate on their domestic jurisdiction. 
The demand for legal advice in 


relation to international financial 
market transactions is mostly 
directed to English and US law 
firms, whose common law systems 
are best suited to the purpose. 
En glish and us firms also have sub- 
stantial experience of international 
transactions and are big enough to 
cope with complex deals. 

Since law firms operate in a 
transaction-based market, the 
strength of City law firms in respect 
of international financial d eals lies 
In the competitive environment 
they can offer to clients around the 
world. This is provided by the 
English legal system, the preemi- 
nence of London as a financial cen- 
tre, and their reputation for effi- 
ciency in handling doc umen tation 

The competitive advantages 
enjoyed by the large City law firms 
-a de facto monopoly on English 
law and their location in London, 
where a large number of primary 
international financial institutions 
are based - are unhkely to vanish 
overnight, says Prof Kay. 

There is therefore unlikely to be 
any si gnificant change in tha struc- 
ture of the legal services market in 
the near future. There may be some 
further moves towards internation- 
alisation, but if firms do open over- 
seas offices it will generally only be 
where their expertise and reputa- 
tion. acquired In London offer a 
unique selling point 

Prof Kay says there may be fur- 
ther concentration of law firms, but 
this will not be rapid as the base is 
too fragmented and there is little 
demand for larger law firms. 

The threat from US firms is over- 
stated, he says. In the short term, 
there is little prospect of US firms 
hiring lawyers of sufficient standing 
to pose a threat to the practice of 
English law by English firms. 

The future of large City law firms, 
therefore, seems secure - at least 
while London maintains its promi- 
nence as an international financ ial 
and commercial centre. 

*The Competitive Advantage of Law 
and Accountancy in the City of Lon- 
don, from Corporation of London, 
Guildhall, or London Business 
School, Sussex Place, London NW1 


LEGAL BRIEFS 



First cases 
clarify role 
of Efta Court 

T he kind of issues which will 
occupy the Efta Court, set up 
to settle disputes relating to 
the European Economic Area 
Agreement, are becoming clearer, 
as the Geneva-based tribunal takes 
on its first cases. 

The Swedish Supreme Court has 
asked it for a ruling on the 
application of Swedish procedural 
rules in a case (nought by a UK 
company against Swedish 
defendants. 

The Supreme Court wants to 
know whether requiring the UK 
company to provide security for 
costs - a deposit of money against 
legal costs if the company loses - is 
contrary to the EEA Agreement, 
and in particular the prohibition of 
discrimination on grounds of 
nationality, since no corresponding 
requirement may be imposed on 
Swedish nationals. 

Two cases concerning television 
advertising in Sweden have also 
been referred to the Efta court by 
the Swedish Market Court The 
Market Court has asked for an 
advisory opinion on whether the 
BRA agreement and the EU 
directive on “Televman without 
frontiers" prevent action being 
taken against TV advertisements 
shown in Sweden but transmitted 
from elsewhere in the ERA. 

UK charges most 

I nternational Financial Law 
Review's guide for 1995 to the 
world’s top 1,000 law firms 
confirms that the UK remains the 
most expensive commercial legal 
market in the world. Part n ers in 
top City firms charge up to $560 an 
hour and top commercial barristers 
9800 an hour. 

Japan is the second most 
expensive legal market with, 
leading law firm partners 
charging $550 an hour. In the US 
top partners charge up to $400 
an hour. 


PEOPLE 


Sword 
gives edge 
to Hall’s 
board 

John Sword, former chief 
executive of Massey Ferguson, 
has joined the board of Hall 
Engineering (Holdings), taking 
ovur as managing director of 
the Shrewsbury-based group 
on October 31. 

Hall, whose interests range 
from steel stockholding to con- 
struction products and automo- 
tive engineering, head-hunted 
Sword. The current managing 
director, Brian Hinkhw, retires 
this month having reached 85. 
He will stay on the board until 
next April’s annual general 
meeting. 

Sword, 51. below, is a 
well-known name in industry, 
especially in agricultural and 



struction equipment, after 
fears at Massey. He left the 
ilands-based. US-owned 
hot maker in July last year 
[ spent several months 
eloping a £230m buy-out of 
company from its parent, 
ity Corporation. 

0 Sword’s Intense disap- 
ntment, however. Varfty 

1 Massey this April to 
anta-based Agco, even 
ugh the European investor 
up led by Sword claimed to 
iffering a higher price, 
word has a strong manage* 
it record from his years at 
wey. and in a previous nine- 
r spell at GEC. where ho 
i managing director of Rns- 
UieseLs on Merseyside, 
mwintwl to 0111 Itoston at 
Tje of 30, Sword trans- 
ned its fortunes, quartrupl- 
sites and restoring profit* 


Scottish food retailer 
takes life easier 


Gordon Baxter is retiring as 
chairman of Baxters of Spey- 
side, the ramiiy soup and jams 
producer, which he has expan- 
ded from employing II people 
in 1946 to a payroll of 600 
today. He is handing over at 
the age of 76 to Joe Barnes, 
who was joint managing direc- 
tor of the retailer J Salisbury 
until 1990. 

Baxters* products - such as 
its well known Royal Game 
Soup - are made at its base at 
Fochabers in northeast Scot- 
land. It claims to dominate the 
premium end of the UK soup 
market Last year It had sates 
of £3&46m, on which it made 
profits of £3Jm. 

Although the business was 
founded by Gordon’s grandfa- 
ther in 1868. its real growth 
took place after the second 
world war. Gordon is consid- 
ered an inspired marketeer 
who has built up excellent con- 
tacts in the UK food industry, 
while his wife Ena devised 
some of the most successful 


recipes. 

The company is 98.6 per cent 
owned by the Baxter family 
and Gordon says the tally of 
takeover approaches he has 
rejected now stands at 172. 
“We give them a nice recep- 
tion, may even take them fish- 
ing on the Spey, but send them 
away empty-handed," he says. 
He expects the company, 
which has no debt, to remain 
in family hands for another 
generation. 

Barnes, 64, will be part time 
chairman for two or three 
years and will train a family 
successor. Gordon says this is 
likely to be his son Andrew, 35, 
now group deputy chairman. 
Andrew’s sister Audrey, 33, is 
group managing director. 

Gordon Baxter's retirement 
wlD not be restful. He will han- 
dle the group’s corporate pub- 
lic relations and links with 
leading figures in worldwide 
food retailing, as well as super- 
vise the busy visitor centre at 
Fochabers. 


Sir Patrick Sheehy, 64, 
expected to retire as chairman 
of BAT Industries in a year’s 
time, has joined the board of 
Asda Property Holdings, a 
email property company con- 
trolled by the family of Manny 
Davidson, the founder. The 
company was named after 
Davidson’s mother, Annie 
Sara Davidson. 

Asda P rop e rty has survived 
the recession better than many 
property companies and Is one 
of the few not to have lost 
money. Tony Roscoe, Asda's 


managing director, said: “We 
can wake money out of prop- 
erty in a static property mar- 
ket but the firm wanted to 
mak e sure it did not miss the 
bigger picture”. He added that 
recruiting Sir Patrick would 
help reassure the company’s 
outside shareholders. 

Sir Patrick takes over from 
Lord Finsberg, former Tory 
MP for Hampstead, who 
retired earlier this year. Sir 
Patrick already sits on the 
boards of BP and Cluff 
Resources. 


Sketchley names Jackson as 

chief executive 


John Jackson, 47, who led 
Richard Branson's unsuccess- 
ful bid for the UK National Lot- 
tery project, has been 
appointed chief executive of 
Sketchley, the dry-cleaning 
and film processing group with 
around 800 retail outlets. 

Sketchley, which was losing 
£800.000 a month when it was 
rescued by Tony Bloom and 
John Richardson in 1990, has 
been looking for a chief execu- 
tive for some time. Richardson, 
51 . former chief executive of 
Hong Kong’s Hutchison Wham- 
poa, is returning to Hong Kong 
at the end of the month to 
work for BZW and Bloom, 55, a 


former chief executive of South 
Africa’s Premier Group and 
Sketchley's other deputy chair- 
man, intends to become non- 
executive after next year’s 
annual meeting. 

Jackson, an accountant, 
worked for Bristol-Myers for 14 
years before joining Cbese- 
brough Pond’s. In 1986 he was 
recruited by Virgin's Richard 
Branson to be his special pref- 
ect director. Two years later 
was appointed managing direc- 
tor of Body Shop International- 
In May 1993 he quit Body Shop 
and rejoined Branson to mas- 
termind Virgin’s bid for the UK 
National Lottery project 


Hickson 
chooses 
Hann as 
chairman 


James Hann, the outspoken 
chairman of Scottish Nuclear, 
has taken the helm at Hickson 
International following the spe- 
ciality chemical company's six- 
month search for a successor 
to Sir Gordon Jones. 

The 61-year old Wykehamist, 
below, will remain part-time 
chairman of the state-owned 
nuclear power company, but is 
expected to spend two days a 
weak with the Castteford-based 
chemicals group. 

“His understanding of the 
safety management culture 
and policies of one erf the UK's 
major nuclear companies will 
be of great value," said Sir Gor- 
don, 67, who announced his 



decision to retire in March. 

Hickson refused to disclose 
details of Hann’s package or 
whether it would match the 
£60,000 paid last year to Sir 
Gordon, who is also chairman 
of Yorkshire Water and The 
Water Industries Association. 
By comparison, the Scottish 
Nuclear chairman earned 
£34,439. 

Earlier this year, Haim crit- 
icised the government tot slow- 
ing Scottish Nuclear’s transfor- 
mation into a more commercial 
operation. 

“Every time our Industry 
tries to move forward it is 
being halted in its tracks as a 
result of operating in the pub- 
lic sector," he said at the time. 

Before joining Scottish 
Nuclear in 1990, he was chief 
executive at Seaforth Mari- 
time, the offshore oil and gas 
business. 


* fl fci» 'ht«iinc f n l Ttew« 

'Manchester 


Centre , >• 

oatlwrwifay , 11 

Hovomfaar 24.;.;;:; 

Tt»e FT to circulated hi 160 
conntrtw wortdwkte. with a 
rauhnUp to uotn of on* 


• TIM wrakday FT to rood by 
339^000 Mtoor boafeMM pMuto 
taGmat Brink. 

• Mom UK burinas* pwpto nod 
fta FT than any otter National 
OMj NawsPtem. 

• Mora than W of Bmpifo top 
OMf Etacottm raad tbo FT. 

•lb* FT nachw nora Ciptofen of 
butoatry In Great Britain than 
any ottaor national dally 


ForsUoA 


l aynopafa and 
data— of nvainWo arfraritoranaot 


Pat Loahar or Brtai Karan M 
Tab +44 81 834 9381 
Fax: +44 81 832 9248 


QooaaStnat 


BURC 1M3. SHH tseo. COI UKt 

FT Snrveys 


FineAnriijncs £ 
1 1 oiks of Art 
For Sai l 

The 

LAPADA 

SHOW 

W/ **£-.. y - U“v •• 

-fm-' 


<U Ae 

Royal 
[ College of Art I 

KnahareoCare 
Laadaa SV7' 

feral 4JkrfHd|} 

fium 

October 
11 to 16 

WEEKDAYS: 
11am - 8pm 
WEEKEND: 
11am - 6PM 
Da<aib fan LAPADA 

4730S17M7 

Aid-Show 
an mi am 


071 S44 4444 
am 071 4U U2I 


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

[Give people with cancer a fighting chance 



Owr9Qp m evay£l donated goes Jncaly imo our vital research 


( 1 would lie to make a donation cJ £ 

| (Cheques payable ix Imperial Cancer Research Fuad) 
re charge £ tu my Atxcss/Vka/ArrWDm^^ Casd No. 


b 


| Expiry Due / 


Signature 


f Address 

I 


PoStCak. 


j Imperial Cancer 

Ot Research Fund . 

lL - jrsfa * tsel - — rrjri. _ - r « j 


Pleas? rmun yoar donatioa to: 
Imperial Cancer Research ftnxl 
FREEPOST WC4066/3) 
London WC2A3BR ' ffm 


INVITATION 

For the aabofailM of Declaration of Interest 
for the Por-dnsc of the assets of Kassandra Mines of Che company 
“HELLENIC CHEMICAL PRODUCTS & 
FERTILIZERS COMPANY &A-" OF ATHENS, GREECE 

"tfllNlKl KEFHALEOU SA Administration of Assets and Liabilities* in its 
capacity as Liquidator of 'HELLENIC CHEMICAL PRODUCTS A FERTILIZERS 
COMPANY SLA." of 20. Amalias Avenue, Athens, Groce (die "Company*) which 
has been dec fared by virtue of Decision No. 429WI992 of the Athene Court of 
Appeal (in coqjanctioa with Decision No. 7714/20.7.1992 of the same court, which 
approved the separate safe of the predooioa suits of the Company) under special 
I wpm fe t fan. according to the provisions of par. 11a of article 46a of Law 1892/1990 
(ss supplemented by article 53 of Law 2224/1 994) 

invites 

interested parties to submit within twenty days from the publication of tins 
Notice Non-binding Written Declaration of Interest for the purchase of the 
production unit of Kmandca Mines of the Company as described below as wcQ as 
for the establishment of a gold pleat 

BRIEF INFORMATION: Kassandrm Mines are located In the region of Strabni 
tad Olympias vffiagps in (he C h a l kt dtk i Peninsula (Northern Greece) and cover an 
ares of L660.400 sqja. including workers' bouses, three differential flotation of the 
ore plants with an annual capacity of TOOfiOO tons for the find two plants and 
WOXOO tens for the thud one. There an proven mixed su lph i d e (Pb-Zn-Ag-Ao) ore 
reserves amounting to t(L8 million tons (including 9^ million tons of Auriferous 
are) and <L5 million tons of probable reserves (of which approximately 4.1 miUttw 
tons of Auriferous ore), as well as gold ore reserves as follows: II millkm tons of 
Pyritc, 4 million ions of Oalcopyrim, million tons of PyrekmsJa & Kndochioriu 
and 90 million tons of poor potphyre copper-gold. There are especially constructed 
shipping loading facilities directly into the Aegean Sex The Company holds mining 
oo nc e s sfons over a total are of 314 sq. Kin. The mines are currently in operation with 
a personnel of 916 employees. 

PROCEDURE: The safe of Kasandra Mines will take place by public tender in 
accordance with the {woviskms of article 46a of Law IS92/I990 (w supplemented by 
article 14 of Low 2O0CV1991 and modified by art. S3 of Law 2224/1994) and the 
terms mentioned in the relevant invitation to tender, which will be (wMished in the 
Greek and Foreign Press on the date required by Law. 

BUSINESS PLAN AND INVESTMENT PLAN: Offers submitted should be 
ecea mp umcri by: 

a. A Business plan related to the development of Kassandra Mines and the 
intonation of a gtrid plant, employing environmentally friendly technology. 

b. An Investment plea (amount and type of investment, proposed time schedule 
for its Implementation). 

c. An Employment plan {number of employees, duration, lime schedule of 
employment). 

d. A Proposal regarding warranties related to the payment by installments in tare 
of credit and the implementation of the Business, the Investment and the 
Employment Plans, as above. 

ASSESSMENT OF OFFERS: In assessing the offers submitted, the following 
point* will be taken into account: 

4- Offer Price 

♦ Business Plan 
4- Investment Plan 

♦ Employment Plan 

4 The environmental implications of the proposal production methods 

♦ Warranties 

♦ Investor’s mtstwotthineas. 

ANNOUNCEMENT BY A THIRD PARTY 

The liquidator has been asked by the Deputy Minister of Industry Energy and 
Technology, acting on behalf of the Greek Government to make the following 

a. The irtstaflatioa of s gold ptau project has been mefoded in Use Business Plan for 
Industry of tire 2nd Community Support Framework already approved by the 
B.C. 

b. The Greek Government gtanaiets the granting of ill n ec essary uaUHatiaa 
lieemes, cooeesswa and other State approvab required by law. 

A copy of a Idler to the above eflte signed by the Minister in charge will be gjvcn 
to all interested parties together with tbe Offering Memorandum. 

SUBMISSION OF DECLARATIONS OF INTEREST - FURTHER 
INFORMATION: For the subtnbsioa of Declatstioo] of Interest, » well as in order 
to obtain the Offering Memorandum and any other Information concerning the 
Kassaohi Mines, (npoo esetatioo of s cnoflderrttiHty agreement) please address the 
Liquidator of the Company: 'ETHNIKi KEPHALEOU SA Administration of 
Assets and Liabilities", address: I Stott ferriou Street, Athens IQS 61 Greece, teb 
+30-1-323. 1 4JJ4 fax: +30-1-1321.79.05 (atm. Mrs Merita FrugaJris) or the 
Liquidator's agents Messrs. John Detsis ami Slraros Miclue tides, 20, Amalias 
Avenue, Athens 105 57, Greece, let +30-1-322,75.70, Cue +30-1-322.1 LQ3. 


V- 




12 


FINANCIAL TIMES TUESDAY OCTOBER 1 1 1994 


MANAGEMENT: THE GROWING BUSINESS 


T he Lion King, Walt Dis- 
ney's latest animated epic, 
opened last week in the UK 
with all the hype of a film 
that has already taken US box 
offices by storm. Like each new Dis- 
ney release, the latest extravaganza 
is packed with ground-breaking 
techniques to captivate audiences 
and animators alike. 

While The Lion King, by most 
accounts, reinforces Disney’s posi- 
tion as the world’s pre-eminent ani- 
mator, a small UK company, Cam- 
bridge Animation Systems, hopes it 
has developed new software that 
will dramatically change the way 
many cartoons are made. 

Apart from the cleverness of the 
software, now surrounded by 
patents, Cambridge Animation has 
taken one crucial step. It has recog- 
nised there is little value in devel- 
oping a wonderful new product if it 
cannot reach its market and sup- 
port it. As a result the company will 
today announce it has raised 
£500,000 of new equity from venture 
capitalists 3i, to add to £300,000 
raised earlier this year from Jafco, 
Japan's largest venture capital 
group, and the company's original 
institutional investor, Korda & Co. 

“One of the reasons products are 
jeopardised is that entrepreneurs 
are not prepared to raise enough 
money to get the product to mar- 
ket," says Ruth McCall, one oF three 
founders of Cambridge Animation. 

The three founders set about 
developing the Animo suite of prod- 
ucts in late 1990 when they saw that 
automation had hardly touched the 
production of two-dimensional car- 
toon animation. 

While some companies were 
using software to computerise the 
amplest and most repetitive part of 
the process - the “in-betweening” 
where pen and ink are used to col- 
our hundreds of different acetates - 
no one had attempted to computer- 
ise the whole process while leaving 
the animat or room for creativity. 

As a result, many animators ship 
work to studios in the Philippines. 
Vietnam and China where there is a 
significant labour cost advantage 
but where control of the process 
and quality is greatly reduced. 
Animo says its product will remove 
the cost disadvantage and increase 
quality, helping to repatriate anima- 
tion work to Europe. 

The Animo software is being 
assessed by Nelvana of Canada and 
Warner Feature Films, which are 
about to computerise parts of their 
animation studios. In the case of 
Warner. Cambridge Animation is 
up against US Animation in Los 
Angeles and Soft Image Co in Mon- 
treal, both of which offer software 
which McCall claims does less of 
the animation process. 

But a year ago they needed more 
cash to support the product, to 
introduce it at trade shows and 
open sales and maintenance offices 



Cambridge Animation raised equity capital to help maricet Bs ground-breaking cartoon ani ma tion software 

How to nurture 
smart ideas 

Richard Gourlay looks at alternative ways of ensuring 
that bright inventions reach their potential market 


in the US and Japan. Hence, the 
Elm of new capitaL 

Cambridge Animation's strategy 
for developing and exploiting its 
idea was fairly traditional - a 
straight approach to investors. But 
there are also a number of govern- 
ment initiatives designed to 
increase the rate at which high-tech 
ideas are developed and commer- 
cialised. 

At a European level, the Commis- 
sion's Value programme aims to 
disseminate the results of European 
Union funded research and to 
exploit its potential across borders 
and across industries. The pro- 
gramme, administered through 27 
Value Relay Centres - four in the 
UK - is part of the Third Frame- 
work programme of research and 
technological development, which is 
due to he upgraded in December. 

One beneficiary of the programme 
is Oxford Computer Services, a soft- 
ware developer and IT consultancy 
set up by university academics. For 
the past three years, the company 
and nine European partners have 
been collaborating on a Ecu 3m 
(£2.36m) project to develop engi- 
neering software that aids the 
design and increases the applica- 


tions of computer coordinated man- 
ufacturing techniques. 

The so-called MCOES system is 
being used by Valmet in Finland, 
which manufactures paper-making 
machinery, but otherwise the con- 
sortium had no customers. 

“We had the software but it was a 
long way from workstations and 
being packaged," says J.O. Thomas, 
director of Oxford Computer Ser- 
vices. “So we approached the Value 
programme. We asked them to look 
for end users - factories where it 
might be installed - and we asked 
can MCOES be used for existing 
Cad-cam companies?" 

A s a result of the introduction 
from Technology Broker, the 
Cambridge-based Value Relay 
Centre. Oxford Computer Services 
is negotiating to install its system 
at Cosworth Engineering, manufac- 
turers -of car engines. And it has 
been put in touch with EDS Unigra- 
phics. part of the giant US computer 
services group now a subsidiary of 
General Motors. 

“The Technology Broker has been 
extremely effective,'* says Thomas. 
“This has been a genuine attempt to 
try to fill the gap between the 


invention process and having a 
product people can buy." 

Jean-Noel Durvy, the Commis- 
sion's coordinator of the Value pro- 
gramme, expects ministers at the 
Research Council in early December 
to approve a replacement for the 
Value programme under the Fourth 
Framework. This will combine the 
goals of Value and the Sprint pro- 
gramme, which focuses on encour- 
aging technology transfer in the 
community. 

The previous Value programmes 
were limited to EU funded research. 
But the new programme is expected 
to have a budget of about Ecu290m 
over five years and will attempt to 
encourage the dissemination and 
exploitation of any community- 
based research through an expan- 
ded network of Relay Centres. 

Government support is also avail- 
able at a national level. In the UK, 
the Department of Trade and Indus- 
try offers support at two stages dur- 
ing an idea's development Its 
Smart awards - the Small Firms 
Merit Award for Research and Tech- 
nology for companies with up to 50 
employees - first helps the develop- 
ment of ideas with grants awarded 
through regionally-based competi- 


tions, and then offers a large 
second grant to help commercialis- 
ation. 

Since the Smart awards were 
launched in 1986, more than 1,000 
companies have been helped 
through the regionally-based com- 
petition and the DTI has given 
grants of £66m. A similar Spin- 
award - Support for Products 
Under Research - is available to 
companies with up to 250 employees 
and has provided £36m of assistance 
to more than 400 projects since it 
was launched in 1391. 

This kind of programme of sup- 
port has been widely applauded. 
One Newcastle-based company, 
Novocastra Laboratories, says it 
could not have developed without 
Smart. 

The company was set up by Pro- 
fessor Wilson Home, professor of 
pathology at Newcastle University. 
It has won seven Smart awards to 
develop and commercialise its pro- 
cess for the manufacture of mono- 
clonal antibodies used by research 
establishments worldwide. After 
seven awards the DTI has said it 
will not be winning any more com- 
petitions. 

Brian Angus, another academic 
and director of Novocastra, says the 
support from the university, which 
took only 20 per cent of the equity, 
was crucial. But so was the Smart 
p rogr a mme. There was very strong 
flwanrial support through Smart for 
the development of new ideas to a 
point where it might be commer- 
cialised." says Angus. 

“Most of the things they have 
funded have yielded a commercial 
return. It has been a great help to a 
company that started with no com- 
mercial capitaL" 

Novocastra Is expecting sales of 
Rim this year from the 20 products 
it has developed and the 200 it sells 
on b ehalf of others. 

While the DTI and - increasingly 
- the EU are becoming more aware 
of the need to commercialise the 
fruits of Europe’s intellectual capi- 
taL some of their efforts remain 
bureacratic. 

McCall recalls an approach Cam- 
bridge Animation made to the EU 
Cartoon Initiative, part of the Com- 
mission’s effort to support the 
union's audio-visual industry. Cam- 
bridge Animation, asked for funding 
for a studio to make a cartoon fea- 
ture film using an early version of 
its software. 

Eighteen months Later - when 
Cambridge Animation had already 
completed most of the development 
work - McCall says the Cartoon 
Initiative came back with the idea 
that it would “fund a study” of the 
uses of new technology in the ani- 
mation industry. 

Some officials trying to support 
the commercialisation of products 
still have to learn that "late” is 
rarely better than “never" in Cast 
moving global markets. 


Europe’s single market can provide 
a rescue route for companies 

Forging links 
of survival 


I n its heyday in the late 
1980s, Pershke Price Service, 
a privately-owned distributor 
of printing machinery in the 
UK, had sales of more than £70m 
and employed 340 people. Then, 
as with many companies ta the 
printing industry, recession hit 
with a vengeance, nans to list on 
the USM woe put on the 
back-burner. The workforce was 
cut by one- third, sales halved and 
the company is only now 
profitable again after losses in 
two of the last three years. 

But this week, the prospect of a 
considerably brighter future for 
PPS ffmg with the announcement 
of a significant merger, made 
possible by the opening op of 
Europe's single market 
After nearly a year of delicate 
talks led by accountants KPMG, 
PPS and seven other mainly 
fondly-owned European 
companies have formed a new 
company - Omnigraph Group NV 
- in the Netherlands. It will have 
annual sales of £25 0m. 

The group wfU initially 
combine all the operations of its 
eight member companies, which 
already all distribute MAN 
Roland equipment; they will 
expand to sell pre-press and 
post-press equipment from other 
suppliers. Also, to reduce 
dependence on equipment sales, 
which experience has shown are 
highly vulnerable during 
recession, Onmigrapb will place 
greater emphasis on sales of 
consumable items such as rollers. 

Chris Marks, until the merger 
the chief executive of PPS and 
now one of three directors on 
Omnigraph's executive board, 
says tire new company will have 
an international network similar 
to those run by the competition. 

The main distributor for MAN 
Roland's large competitor, 
Heidelberger, already operates 
through a single European 
distributor, Dutch-based 
Buhrmann-Tetterode. 

“A lot of our customers are 
investing in the graphic arts 
business across borders,” says 
Marks. Customers do not want to 
talk [to their distributors] 
country by country.” 

The move also gives PPS*s 


shareholders - the Werkmcister 
family and Montagu Private 
Equity - a considerably Increased 
rfmnw. Of floating the company. 
“One of the major driving forces 
behind creating a European 
company of this size is the 
intention that we will go to the 
market in three to four years," 
says Marks. 

The driving force behind the 
merger was the creation of Dutch 
paper giant KNP BT, which was 
formed early last year when KNP, 
Buhrmann-Tetterode and VRG 
amalgam ated. This merger gave 
KNP BT a stake in distributors of 
bath MAN Roland and 
Heidelberger equipment, which 
together had more than 80 per 
cent of the Belgian and Dutch 
market, a situation the European 
Commission would not allow. 

KNP BT responded by injecting 
its interests in the Dutch and 
Belgian distributors into 
Omnigraph, where it win play no 
part on the executive board. 

Corporate financiers say, 
however, that the gradual arrival 
of a level playing field in Europe 
may make similar transnational 
mergers more common and give 
private as well as quoted 
companies something to consider. 

Many companies - like PPS - 
suffered both volume and margin 
falls in the recession. While 
volume might be returning, 
retrieving margin may be more 
difficult This is particularly true 
in the printing machinery 
industry, where Japanese 
distributors quickly built market 
share when established European 
press manufacturers could not 
meet demand in the 1980s. 

The only way they might be 
able to regain margin is fay 
exploiting synergies by 
combining stocks of parts and 
engineering support 

For controlling families, the 
prospect of the loss of control is 
not easy. Tt is a break of a long 
family tradition," Marks says. 
“But in today's world it Is 
difficult for family businesses 
with high capital requirements to 
maintain long-term 
independence." 

Richard Gourlay. 



FINANCIAL TIMES 

C'nnfcycnn's 


THE PETROCHEMICAL INDUSTRY 
- PROSPECTS FOR THE 
MID-1990S AND BEYOND 


London - 21 & 22 November 1994 

This high-level FT conference brings together a most authoritative panel of speakers 
from Europe, the USA. Latin America, the Asia Pacific and the Middle East to review 
prospects for the industry in key markets. 

ISSUES INCLUDE: 

• Strategic Alliances - The Way Forward for Europe’s Petrochemical Industry? 

• The Potential of the Asia-Pacific market - International Perspectives 

• Korea's Presence in Asian Petrochemicals 

• Expanding Petrochemical Capacity in the Middle East 


SPEAKERS INCLUDE: 

• Mr Bob Wilson 

President 

Exxon Chemical Europe Inc 

• Mr Juha Rantanen 
Chief Executive Officer 
Borealis Holding A/S 

• Mr Mohanunad AI-Kathiri 

General Manager 

SAB1C Europe Ltd 


Mr Bryan K Sanderson 
Chief Executive Officer 
BP Chemicals 

Mr Nyun The Kim 

Director, Chemical Business Planning 

Yukong Ltd 

Mr James E Fligg 

Executive Vice President, Chemicals Sector 

Amoco Corporation 


FINANCIAL TIMES CONFERENCES in association with CHEMICAL MATTERS 
There are some excellent marketing opportunities attached to this conference, please contact 
Lynctte Northey on 07 1 8 14 9770 for further details. 


THE PETROCHEMICAL INDUSTRY 
- PROSPECTS FOR THE MID-1990S AND BEYOND 

Please tick relevant boxes. 

□ Conference information only. 

□ Cheque enclosed for £804.80. made payable to FT Conferences. 

T Please charge my Mastcreanf V isa with £fHW JSO, 


Please return to: Financial Times Conference Organisation, 
PO BOX 3651, London $WI2 8PH. Tel: 081 673 WOO 
Fax: 081 673 1335. 

The Petrochemical Industry 
- Prospects for the Mid-1990s and Beyond £685 + Vat 


Card no 


□ 


Name Mr/MrVMiss/Ms/Olher 

Job Title „J3ept 

Company 

Address 


Name of card holder , 


Exp. date Signature. 


The tatnmami PM pnnufc »iB be hcW h, «. ml im be imJ >Hcwp * 
h« intact vlrtmltimiiit.nfflinnanKrBuiliiiFpwf-Bei. 


i nuram] « FT pwtfocl' ml inrd 


Tel. 


-JfostCode...... — ...... — 

.Fax 


-HA 


BUSINESS OPPORTUNITIES 

REAQSTS AflE HECOMMEWOFD TO SEEK riPPHOPHMTE PROFESSIONAL AOWCg BEFORE ENTERING WTO COMMmuENTS 


SUGAR CANE GRADE "A” 
SUGAR CANE GRADE "£* 
MHJKPOWDER26% 

(Ode *A* bcfffwn £U0 * S23 a MT 
pita grade T Mri S205 * S213 1 MT 
nnllpamfct $1375 ■ toes 

For information 
TeL 0031 40 548639 
Fax. 0031 40 546914 
MEDO 

INTERNATIONAL TRADE 
Hondsberg 18 
5508 EE VELDHOVEN 
NETHERLANDS 


SEMICONDUCTOR 
DESIGN COMPANY 

Unique marketing strategy. 
Dynamic and innovative design 
team. 

Seeks £250,000 investment and 
possible executive participation. 
Please reply 
in confidence to: 

Box B348I. Financial Tones. 
One Southwark Bridge, London 
SE19HL 


FACTORING 
IN VOICE D ISCOUNTING 
LETTER OF CREDIT 
OPENING AND DISCOUNTING 

We can direct your factoring and 
invoice discounting requirements to 
the best option on the market. 
Commercial Forfaiting Services 
(Midlands) Ltd. 
Btoafcgbm -'fcfctta 74310900 
Sagoo *Ttfc 001 643 1151 Itac 081 642 0454 


COMMERCIAL FINANCE 

FACILITIES 
avatabta at conpstfive rates: 
venture, devalopment, lejaxa, 
refinance, capital rafcinu. Bridging 

finance apectatists. Answers in 
principal wShln 48 hours. 

Tof: 0522 451452 


COMMERCIAL FINANCE 
svatebto tan £250.000 upwards. 
Senates Rates, SensWa Reas. 
Broker enquiries wolegma. 
Anglo American Group pte- 

Tet (0824) 201365 
Pax (0984) 201377 


UNIQUE PATENTED 
PROCESS 
appflcabtetoBuMngand 
Consbudjon Industry. Now ready 
to market. Enquiries welcome from 
genuinely interested parties. 
TeL' 0325 383846 


D om jwr lmame* eqjrfly apltel? 

(«^)and otpaibo to inw*.Td W157SW 


PRODUCT RICH 
ENGINEERING COMPANY 

SEEKS £754>K MARKETING 
FUNDING 

FULLY DEVELOPED LEADING 
EDGE PRODUCTS RANGING FROM 
EQUIPMENT FOR THE OFFSBORE 
OIL INDUSTRY TO 'WHITE GOODS’. 
WOULD SUIT COMPANY SEEKING 
MANUFACTURING OPPORTUNITIES 

OR INDUSTRIAL INVESTOR. 

PRINCIPALS ONLY REPLY TO: 

Box B3478. FEmncW Tunas, 

One Somhw m fc Bridge. London SE19HL 


REALISE THE 
POTENTIAL FOR YOUR 
PRODUCT 
IN TOE 

CONSTRUCTION SECTOR 

Leading UK brand in 
construction related 
products seek 
manufacturers of innovative 
product for sole supply 
agreement 

Wrfe to Bon No: B3473 Rntmdd Timas, 
ftn Souttwafk Bridge. London SE1 0HL 


PUBLISHING 

OPPORTUNITY 

Wed established, quality 
technical magazine, serving 
high technology niche market, 
seeks partner to assist in its 
European development 
Additional financial resources 
required circa £100k. 


Write to Bm Net 83480 
One 


Times, 
SH 9HL 


fpmri kf /m 4 Cnr, « frm to 


CAPITAL CITY 

limited 

Eatbe share capital 

FOR SALE 

in this uniquely turned im traded 
company, ideal for city 
financiers or brokers. 

Initial enquiries to: Fax: 8926 888077 


Corporate Recovery 
Guidance (and Finance) 

Contact ns for a free consultation. 
York Management Consultants 
Tel: 0483 799233 
Fax: 0483 473267 
Wc advbe yes (tmd am yoar bash) 


South Atricin Compary spectaitatag 
In access control. Urn* and 
attendance and cashless systems, 
wishes to atart a merger with a 
UK Company, Director of SA 
Company wffl.be to UK during 
November. Contact Deon Herbst 
Td: + 27 12 8070171 
Fhx: + 27 12 8071977 


Fully Furnished Offices 
United Kingdom 


</) 

^ of) 

& 



* Secretarial services ■ Conference facilities 

• Photocopier, fa*, W.P. • Flexible lease terms 

■ Personal telephone answering • Immediately available 

TnttprSqmn LtenSKd Mjptetat Aitnpon PrapcdHonw 

httmfcr BnsjaesPal 


Knnagtun NEC 

Tel: 071 872 5500 


INVESTMENT BANK "ZERICH" (MOSCOW) 

INVITES FOR JOINT TRANSACTIONS IN RUSSIA, INCL: 

CAPITAL RAISING 
BUY - AND SELL - PRIVATIZATION 
ASSISTANCE WITH MERGERS 
PROPERTY PURCHASE BY ORDER 
DEBT COLLECTION 

PHONE: (7-095) 287 8291, 287-8385 
FAX: 287-85-06 


CHANNEL ISLANDS 

Offshore Company Formation 
and Administration. Also Liberia. Panama & BVI etc 
Total offshore facilities and services. 

For ileuili and appolaunem write 

Cn>r Trait Ltd., Belmont Book. 2-ri Belmont M. St Belter. Jersey. Ct. 
Tel: 0534 78T74. Fa* 0534 35401. Tl* 4192227 COFORM C 



From US S250 

Various Jurisdictions . 

Irriormatior/immcdintc service: 


I lMTBMATlOWAL COMPANY ! 
SERVICES (UK) LIMITED 

Standbraok House. 2 - 5 OH Birai 

Street. LONDON. W 1 X 3TB 
let 071483 4244 
Fax: 071 491 0605 


Singer & Friedhmder 
Factors Limited 


Independent fnm UK clearing tonte 
Cos* comparable i rilhmcrdntf mta. 

Singer & Friedlandet Factors 
Where Tradition Comes of Age 

a New Street 

London 

BC2M 4 HR 

Telephones 071 an OHK 

Facsimile: on fiti igoo 


SOFTWARE 

COMPANY 

WANTED 


£500k available for 
Acquisition/Merger 

The company must have a 
good client base, track record, 
reputation and potential for 
growth. Open for proposals. 
Please write within 7 days 
giving price, terms, fall 

company details to: 

Bax B34&, Financial Times, 
One Southwark Bridge. 
London SE1 9HL 


ONE OF THE TOP 75 

U.S. Travel Management 
Companies seeks 
International 

Merger/Aequisition. 
Strategically located. 
Unique proprietary 
automation. 

Write to; P.O. Box AC 
470 Part: Ave. South 
New York, NY 10016. 











} F,Nan CIAL TIMES TUESDAY OCTOBER 11 1994 


13 



BUSINESSES FOR SALE 


Pollards Cornish 
Ice Cream Limited 

St Blazey, Cornwall 

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

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

Principle features include: 

■ Freehold Property 

■ Fixed assets in draft accounts of £287k 

■ Turnover in the region of £2 million per annum 

■ Prestige product range including own and private labels 
* Trading stock 

For further information, contact the Joint Administrative Receiver. 
Richard Neville. KPMG Peat Marwick, Phoenix House, Notie Street, 
Plymouth PL1 2RT. Telephone: 0752 225381. Fax: 0752 257535. 




KPMG ’Corporate Recovery 



BUSNESS FOR SALE 

Spactafat Englnta ring Company 

The Joint AdmMstraBve Receivers Invite operator 
an or pert of the business and assefci of the above 
as a going concern. 

Principal features include: 

♦ Sophisticated CADTCAM system tor design 
and manufacture oi fabric at ed components In 
the automotive, defence and motor racing 
industries. 

♦ Quafty Assurance system Incorporating Ml 
material traceability. 

♦ Sidled and experienced workforce. 

♦ Varied range of spedafised machinery. 

♦ Forward order book and Blue CMp customer 
base. 

♦ Leasehold premises dose to the Mt. 

M interested parties should contact Levy Gee, 
lOOACheflt Farm Road, London NW 18 EJ, quoting ref 
LM6S/TA. Tet 071-2674477. F»C 071 -483 I486. 


The Most Famous - 
and Highly Respected 
Automotive 

Coachbuilding Company 
'in the World 

Manufacturing luxury 
cars, limousines, 
exotic vehicles, etc. 
PRICE: £1,000,000 
Please Fax: 0923894666 
Principals only - 
NO AGENCIES PLEASE 




FOR SALE 

I North East based Mail Order clothing company with established! 
J customer base. Profitable turnover exceeding 700K and suitable for) 
[expansion. Owner emigrating. 

For farther details please contact 
Bax BJ457, Financial Times, 

One Southwark Bridge, London, SE1 9HL 


\ 


FOR SALE 

COMPUTER SUPPLIES 
STATIONERS 


Esablisbed 18 Years. 

Central London. 

Long Sanding, (jmhty 
customer base. 

T/O £t.4ra. 2 DCe up on previous 
year. Good level uf profitability. 
Strong casli positive balance sheet. 

Wifei k> Boa SMSO, FlMcUT]Ba.O« ,, 
Bridge. LunOneSEl 9HL Af 


LEGAL 

NOTICES 


BUSINESS SERVICES 


MfcSjaU LUM 

IN THE IPGH COURT QVjmTTa 

uBSma^B 

m TUB MATTER or 
JU GROUT rtc 


TNiasHAimor 
■not COMPANM ACT MS 

NOTICE IS HEREBY GIVEN Uui a Milam 
•a aa Ox iZih Sen w tei dl«4 p m rmcd to 

tin M>|cKf"a Hip Ontt ot Jamce lor the 

cancclbhoa ol Oc atarc pumfetn aceawt of tee 


DAVIS & DAVIS 
mundal Services 
America’s leading company when 
fa comes to providing information 
» American and foreign man 
businesses on over 5,000 financial 
sources (bodi lending and grams) 
and publishing of ptoftaromai 
business plans. Vety affordable 
Cor small businesses. 

US. (800) 305-9851 


Save on 
International 
Phone Calls! 


AND NOTICE IS FURTHER GIVEN An it* 
uU Hctaloa ■> dfamnl to be heard before Mr 
RcgHnr Hartley d Ac ttoj*l Own rf taike. 
Smad, Undue WC2A 214. ae Watecabr 19* 

OtrtnW 

At* ucOUM or iharcboMer at the Ctwiproy 
drviuif; w opfXK die miking Onkt hr Ac 
luaUnuaaa ol tee retd cmrtUaifaa of dm 

pmnUOO ICCOOK sbcntM «ppm K the llroc 0< 
hrvnaa « IMom h hy OmmI fat tet nane. 
A cop* ot fbr bU PrtHM will be ftrenterd » 
■ayaartpera RRiddaa ike anc bribe uoikr- 
nwabooBd aotadow «a payacal of Ac Kg)b*d 
sbugc far tee mat. 

Data! tUa I Ml my ol Ofldbcf 1W 

MtamNdhaon 

rostramaSlRVi 

linden 
WIX JH. 

Tcl'071 *939943 
Her IA.TKUtl3.V6B 

SsUdmibutetatteaiiB&QniMX 

TOE D0MLVKNCY ACT IMS 
NoUcvoT ap pi lamml rfjdte ■dml te rtrett i r 


CALL USA 
ONLY 17p/min 

First 30 mins FREE 
Dial Int. Telecom 
Tel: 081 490 5014 
Fax: 081 568 2830 


USA only 24p 
Australia 40p per min 
No VAT 

Ask about our low rates 
to other ctNuifrfea: 

Cadi USA 1-200-284-8600 
Fax USA 1-208-282-8888 

USSectmd Aw. Wl5etetlc. W 981 19 USA 


hfea. Centro London, Shim Sown. Can 

sent B comfortably. Boaidngm subject to 

L CM 071 7300838 


OFFICE EQUIPMENT 


Nmc of cuonac: Moron *'■> d“rt aad Waad 
1 Med. 2SW8IA Ww 

of bnhNu'. Cooanartino »«vkol Dale of 
molouscat: 30 September 1994 . Na»n of 
Mai nbuMumiir i cctI-ch; CJ. HM and CK. 
Rarwot. Otucc bolder numbe r s: 6736 aad 
6TTS. Mkw Cute A You*. 

Al Nmartcl Road. CaBbridpr CBfl 8D£ 


PERSONAL 


OFFICE FURNITURE 


We have - direct from the manufacturer - new high quality 
executive and system ranges - conference and receptions. 
Large choice of veneers, melamine and/or laminate finishes 


with discount of up to 40°o from R.R.P.! 


London Showroom for viewing: 

Ariel House, 76 Charlotte Street, London W1 
Tel: 0374 741439 

Full camcad and planning services. 


LINEABURO LTD Tel: 0992 50331 3 


A memorial service will be held 
atSL Bridges Church, 

Fleet Street on Tuesday 
8 November 1994 at midday to 
. celebrate the life of 
David Warren. 

The City Printing Consultant. 


BUSINESSES 

WANTED 


BUSINESSES 

FOR SALE 


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

it further Information or to 
advertise In this section 
please contact 
KariLoynton 
on +44 71 873 4780 
or Lesley Sumner 
on +44 71 873 3308 

f INANCtAX.TIAfflS | 


EXPORT/GROWTH 

OPPORTUNITY 

International Instr ument A Oratral 


base by parchaw of product line or 
complete acquisition. Latest 
CAD/CNC e qui p ment . ISO 9002 
iacclaBicalkkctriCTlfrl ert «^ 
products considered. iMcraarioMl 
nArting mJ distribution 
routes caereodyavailaWo, Write to: 
Box 83470, Financial times. Ok 
S oadnmk Bridge* London SE1 9HL 


MASSIVE DISPOSAL 
OF NEW AND 
S/H FURNITURE 


800 VDU operators chairs 
from £39.00 

Viclcen A FTcsiDxm storage 

cupboards from £30.00 
Conference (aides, over 60 fat stock. 
from £50.00 

Coolcrcoce ft meeUng ctwits, 
400 in stock. £4000 

Exec Rosewood doable pedestal 
desks from £150.00 

Purchase of enormous stocks 
allow us to sell off at 

50% below normal price- 

500 light oak desks. 

Latest style radial desiring. 

CALL NOW 081 5489339 


BUSINESSES WANTED 


Polyethylene Pipe Manufacturer 

Preferred ocmpuiy wiD have i number of well ma inta i ned extruders 
manufacturing polyethylene pipe between 40mtn and 250mm, will be 
tcdurotogic&Uy up to date and produce to high quality sundairis. 

/VaH w i gj t w f i ag fiul «H1k imp ortant 

Ptawe lejdy w Be* No: B347B FtaawsW Ttaies, One Somtwaik Brkjjp. London SE1 9HLj 



Our Midlands based cBent offers an established Joinery business for sale. 
Key features am 

• Annual turnover in excess of £1,000.000. 

• National customer base. 

O Sizeable order book. 

• Skilled workforce-, and 

• Optional inclusion of freehold property for sale or rent. 


Interested parties, principals only, should apply in writing to: 
Robert MatusiewiCE. at the adchess below. 


|BDO 


BOO 5<oy Heyward 
Chartnwl Atcimnldilb 


206 Derby Road, Nottingham. NG7 INO 
Telephone; 0602 415312 
Facsimile 0602 4(0193 

fliakiniail by the hand Onocnd tanwi EathaA >■! Wafa to m , 


On the Instructions of the Receiver 

Hotel & Leisure Club 
Cheshire 

96 en suite letting bedrooms. 3 conference suites lor 310 in total. 
2 restaurants combined (143). Leisure suite including W 
swimming pooL 2 tennis courts. 9 hole par-3 golf course. 
T/O in 8 month period to 31.8.94- area £1,000,000 exc. VAT. 
Site extends to approximately 200 acres. 

Offers over £2,500,000 freehold 

ffe£ 56/45476 

For further details please contact Julian Troup, 
Manchester Office on 0161 833 3311 


CHRIST! K&CU 


Surveyors, Agents & Valuers 


(nsauemi by Cook FCA 8 L Homan FCA 

0 Mocker Young and Pbrtners 

John Adm W at rathra Recahrara of Procsssad Timber Products lid 
Oder ter Sale the Business and Assets of a 

Pallet Manufacturing 
Facility 

• Sp etiM se t t Custom Designe d Mould Mrt<ar Working 

with High Density CNjpboaid. produokig Coated PaMs with 
F.D A. Approval tor Food and Dtug Use. 

• Okie Clip Customer Base 

• 37.750 sq. tt. Freehold Promises set in a 34 Aero Stta ■ Wrexham 

foMrtcaA taaorfbc— nornwitpus 


© 


Hodrer Young qod P artner s 

Chanmd Aet&o-'arn 


SI. Janaa BnlMgB. TSOrtMU Sbv«. 
UntaaainMT 

Taiotsi zwaeas - fboici zattnrr 
mtiBammdOookornckHmtooek 


Walker Sin g leton 


Piopmat Hautm. Uawr Una. MUaa 
wwayoAMrataciSAS 
T«l 9142230011 Fax 01422300030 
MrBP/JTW 


Paint Manufacturer 

Long EstabPehed 

Turnover £4.0 million. 50% Industrial Paint 
50% Decorative Paint and related items. BS 5750 
approved. Quality products. Surplus manufac- 
turing capacity, valuable freehold site, capable 
and hard working employees. 

Principals only reply in writing to:- 

Elizabeth Couldwell, Coopers & Lybrand, 

Albion Court, 5 Albion Place, Leeds LSI 6JP. 


STRUTT 8 A*m 
PARKER w <r 


SOUTH EAST GOLF COURSE BUSINESS 

li ffi l tfW l 40 rtiHe^ M25 25 nHlwi 
Modem 18 hole Golf Course 
Opened 1993 

CXtOUhC QlnhhfluMi 

Practice Ground 

Available Sale By Private Treaty 
Guide Price w m miTHrm 

Detafla Available far Prtndpala Only 


13 HQ1 Street! 

Tet 071 629 7282 Adci 


. London W1X 8DL. 

409 3309 R&RDP/JAFH 


ELECTRICAL 
CONTRACTING BUSINESS 
EsahHshadAI years. Soncy/Hanra 
Botdcr. Freehold premises available 
if required. Owners wish to retire. 
Gamine raphes only. 

Mr K J Chandler 
148 F ambocongh Road 
H eM hen d. FMaham . Soney GU9 9AZ 


ELECTRONIC DESIGN 
& SOFTWARE HOUSE 

♦ World teaowaed ptopriettiy pnxtoet 

♦ vutWl if ^ p u f HOi al 

4 Bbx Chip CuUuujers 

♦ Loca ci ao -SJE. Fagtanrl 

Wiile UK Bos 83483. Financial Times. 
One SoaOmd: Bridge. Union SEX 9HL 


FORSALE 

Chdtraham 

Private limited Company 

Doe to rettnuneat. 

Prearion Emiueerin g Biaineag repplyhig: 

medkal tedosuy & other apecUbt fields. 

Write kr Bax B3479, Financ i al Times, 
Oq 6 Soudiwaik prid^u LondkMl S E1 


your silicon valley 
CONNECTION 

Eapc ri e n o e d Infarw a don Ti etu t my 
iimn faptii i Pi^ g Rqa, Offices iaSdkoo 
ViBey,CA ^Saif , n aAdiag 9Hrefi 
■apport for yaw IT taodnetL 
Daqairica: AKRoadetryA Aasodstt, 
lafiianatioo Tcdmologjr Divisioa 
Hmaciil Timet. Box B3361 
One Sotttnnzfc Bddge, London SEJ 9BL 


I rewrote at and praaOMa men 
nai Baopann M ndn wamtf Prtncipata 
erty wta la Ben Ncx B34H Ftanarnroa, 
CMSstttMikBfaetljeadaaSEI SHL 

PVC reoaow CO KR SALE T/O DBSQK. 
QP4K.NHdkl<DI 9 teaESK iteMterewa 
feruenody. FwcOdi aa 512B 


All Advertisement bookings arc 
accepted subject to ourcaneni 


NORTHERN ENGLAND 

Fng i n<N- ri »»g Bnejnen: with asmonted 
freehold premise* lot rate. 
Oflm in legion of £S00jD00 

Whittle Jones 

Chartered Sorvcyaa 
3 Lfaboa Square. Leeds LSI 4IY 

i 


USM 4567S" 


which arc available by writing to 
The Advertisement 
Production Director, 

The Financial Times, One 

Southwark Bridge, 
London SE19HL 
Tet +44 71 873 3000 
foe +44 71 873 3064 


Business for Sale 
Northwest 

An opportunity odsts to acquire an 
established and profitable 
eng i n eering company. 
Currem turnover approx £1 fitifion. 

Write to B« Not B347S Fhande Tlnwa, 

| OMtteudmarfc Bridge. London S£l Sid. 



Hermitage Precision Engineering Ltd. 

(In Administrative Receivership) 

P & K Engineering (Leicester) Ltd. 

(In Administrative Receivership) 

The Joint Administrative Receivers offer for sale as going concerns the 
buslnessas and assets of the above two companies, providers of 
engineering services to the aerospace, defence, nuclear and 
transportation industries. 

Principal features include: 

■ Turnover of approximately £3 million 

■ 'Blue-chip' customer base 
a Strong order book 

■ Skilled and experienced workforce 

■ Operating from sites in Mansfield, Nottinghamshire and Leicester 

For further information, contact the Joint Administrative Receivers, 

Mick McLoughlin or Richard Hassall. KPMG Peat Marwick, 

St Nicholas House, Park Row, Nottingham NGT 6FQ. 

Tel: 0602 483444. Fax: 0602 483401. 



orporate Recovery 



Michael Prescott Group Pic 

The Joint Administrative Receivers offer lor sale as a going concern, in 
whole or in part, the business and assets of Michael Prescolt Group Pic. 

The company is based in North London and operates as a Japanese 
motor vehicle dealership. 

Principal features include: 

■ 3 trading sites: 2 leasehold and 1 freehold, including showroom, 
two fully equipped servicing areas, bodyshop and pelroi forecourt 

■ Skilled specialist workforce 

■ Annual turnover currently in excess of £4.9 million 

For further information contact the Joint Administrative Receiver, 

Paul Jeffery. KPMG Peat Marwick, Aquis Court. 31 Fishpool Street. 

St AJbans, Hertfordshire AL3 4RF. 

Telephone: 01727 843000. Fax: 01727 864423. 



orporate Recovery 


r r 


Coopers 
& Lybrand 


GARAGE FORECOURT AND SHOWROOM 





Tfw Join! Adrrtn&rattva Receiver Jofin F Powafl and Edward Ktempta offer tor sale toe business 
and assets at lbs abova garage. 

Principal tentures of Ow busfaress [nctate: 

• annual tumovof approximately £1.5 million 
■ freehold premises 

• petrol sates 3,000 gailors per week 

• good customer base 

• busy pate department 

For IWItief information, please contact John F Powell or Gordon QakBe al Coopers & Lyttrand. 
Hadrian House. Hlghani Place, Newcastle upon Tyne NE1 8BP. Telephone: (09!) 261 2121. 
Rue (091) 230 5903. 

Cbopeg Jt Lybnnd it j ethcu B cd by li»e I mi i an of Qartcrcd AccounlaMa in England and Wales m cany oo 


CANNING FACTORY 
FOR SALE 


Well known canning factory 
located in Northern Greece and 
special bang in tbe processing and 
packing of peaches and tomato 
paste in cans or m aseptic pack up 
to 200 Hi, capacity /year 


Tomatoes 60,000 teas fresh tomatoes 
Peaches UXyJOO com peaches or 

600,000 canons (24 a 1 leg) 


Successful! exporting to tbe UK, 
Germany, Netherlands, Italy, 
Japan and USA, is being offered 
for sale. 

We are looking for a buyer 
In terested in a European Union 
country, such as Greece, and 
consider this project a unique 
opport uni ty. 

FOODIN YAKOS AEBE 
10-12 KIFISIAS AVE. 
ATHENS - GREECE 
FAX: 00 1) 6848 102 


IBOt LIVE BUSINESSES FOB SALE 
■terefreofasMBlomA^iW 0712831164 
Fas 071 TUB 34®* 


m 



Kettering Leisure Village Limited 

(fn Administrative Receivership} 

The business and assets of the above company are 
available for sale as a result of administrative 
receivership. 

• 1 30,000 sq ft. leisure, sport and entertainment 
complex. 

• Prominent location on Al/Ml fink road (A14). 

• Facilities indude indoor tennis, health and fitness, 
squash, bowSng, Quasar, leisure pool and ice, sports 
hall, restaurant and wme bar, 2,000m 2 arena. 

• 130 fuQ time, part time and casual employees. 

• Purpose built in 1992/93 on 8i> acre site for £1 5m. 

• Potential for further development. 

For further information please contact either 
Richard Rees, Price Waterhouse, Victoria House; 
76 Mifton Street, Nottingham NG1 3QY. 

Tel: 0X15 941932L Fax: 0115 9475225. 

Or the administrative receivers' agents: 

WiTfiam Hilary Leisure & Hotels, Closa Gate House, 
47 tflgh Street; Salisbury, W8tsh3re SP1 2QF. 

Teh (0722) 32710L Fax: (0722) 411803. 

PriceJ%tterhouse • 

Price Waterhouse s autftor&etl ty Vic ktattutt: tf Chartered 
Accountants In England and Wales to carry on investment business, 


Businesses & Property in Receivership 


| PINK PAGES 

PROPERTY 

PAGES 

Uy Mawd weatey gtkte u «■» in fiouKtetten & reeahwhlp. 
oo's In trouble. irooNency auctions, buatnesaes Cor sale New 
SacaicnK Prfrtecohenejf & UW ReceteareHpa. 
tho UKpdcta to comiwcial property in wxfvwaTOp and for sale. 
100 *b at prapeny tofgalne - haute. Nursing Homea. Land. Offloes. 

S=LL£ 

FO'/.'LEn GR 

1^31 S^iptecoplaa Tat (0273} 626681 Fta: 698881 



CD-ROM 

PUBLISHING COMPANY 
FOR SOLE 
Dref 40 titles 
$LSH+iBBBoal sales 




rated safes apac*: 
SPADE & 
ARCHER 

31 1. 1 1 d i Bid In.. SBlti 404 
Fisidill. U 9)113 15| 
lit 911*514-1151 
Fit I1I-SH-1M8 
tateiub SUB ultra 























FINANCIAL TIMES TUESDAY 


OCTOBER 


11 1994 



Only U.A. gives you this kind of coverage. 

You want to be in ABQ (Albuquerque)? We fly there. In YNG (Youngstown, Ohio)? We fly there as well - 
and, through our 6 gateways, to three hundred other destinations in the U.S.A. And globally, we cover 169 a.rports, m 33 countnes, on continents. 

Come fly the airline that ’s uniting the world. Come fly the friendly skies. 

Fo, raerratior,, see your travel agent. Or call United on 081 990 9900 (0800 888 555 outside Lrelon). 

K UNITED AIRLINES 






























































































'red 
arty 
IK ' 


‘ li 


Impressionist view 
of social realism 

Despite his bourgeois reputation, William Packer finds 
the work of Gustave Caillebote full of surprises 


I a his proper character as a 
painter, Gustave Caillebotte 
is perhaps the least 
well-known of all the 
Impressionists. A few particu- 
lar images - the huge "Paris Street 
in the rain", of 1877, from Chicago’s 
Art Institute, fra- example, with its 
forced perspective and grey-suited 
figures under grey umbrellas, stark 
against the wet, bright pavfr. or the 
Musfie d'Orsay’s “Parquet layers", 
of 1875, the workmen kne eling and 
stretching to their planes in strong 
silhouette against the reflective 
floor - have alone sustained a curi- 
osity as to whatever else he might 
have done. 

But fete conspired against htm 
not in any single regard, but In per- 
verse combination. He died compar- 
atively young - this year marks the 
centenary of his death at the age of 
45 after a career of barely 20 years. 
He was well-off - so much so that 
he was aide to put together a nota- 
ble and pioneer collection of the 
work of his Impressionist friends. 
He then left his collection to the 
state. 

Not all of it was accepted, but 
some 40 works were finally picked 
out, of C&zanne, Manet, Degas, 
Sisley, Pissarro, Monet. Ren- 
oir... They include such famous 
plums as Manet's "Balcony”, 
Monet's “Gare St Lazare", Renoir's 
“Bal du mouHn de la Galette" and 
his most delicious nude, who sits in 
dappled sunlight beneath the trees. 
Thus Impressionist painting ramp 
into the French public collection for 
the very first time. 

But all this left poor old Caille- 
botte's own reputation rather up 
in the air. His dealer, Durand-Ruel, 
did give him a memorial show in 
the summer of 1884, and a couple of 
his best things - the “Saboteurs de 
parquets’* and a view over roofs in 
the snow - were also given to the 
state by his heirs, but all too 
soon the name of Caillebotte die 
painter gave way to that of the 


dilettante, the amateur, the benefac- 
tor. 

No doubt, KM he lived, his weigh- 
tier oeuvre would have redressed 
the balance. Other painters have 
enjoyed private means bat have 
then been less sociable and urbane. 
Other painters have died young, but 
in circumstances more fraught or 
tragic. Caillebotte, perhaps, was 
simply too normal a bourgeois, too 
open in his interests and unexfreme 
in taste and temperament, to be 
taken that seriously. 

He was admittedly an uneven art- 
ist, a function, perhaps, simply of 
inconsistency of application. Clearly 
much of bis work was done in inter- 
mittent bursts of acti vity that set- 
tled on particular themes or visual 
interests, albeit sustained over con- 
siderable Intervals - the mboteurs, 
the life of the streets, industrial 
development and urban renewal, 
rowing and sailing , the garrtwi tn 
the country, the grands boulevards, 
the still-life. 


B ut, uneven or not, epi- 
sodic or not, the work is 
unmistakeable in its 
essential quality and 
interest And it is foil of 
surprises. Comparisons are inevita- 
ble - with Renoir in the soft, tactile 
modelling of the figure; with. Degas 
in the radical liberties taken with 
the composition; with Monet and 
Manet on the river and Pissarro in 
the fields and gardens - but always 
Caillebotte remains his own man, 
with a view of the world that is 
entirely his own. 

A little younger and a later 
starter than his fellows, he retained 
rather more thoroughly than they, 
perhaps, the academic influences of 
the Bcole des Beans Arts. His 
compositions were conscientiously 
worked out, squared up from pre- 
liminary drawings, the figures 
studied in isolation, details noted. 
And there is s omething , too, of the 


social realism of the Salon in the 
contrast he draws between the 
bourgeois and the working life, and 
in his interest in the modem, 
changing dty, with its iron bridges 
and Haussmann's wide new boule- 
vards. 

The ironies of workmen laying 
expensive parquet, or a bourgeois, 
cm paysan, working his kitchen gar- 
den, were surely not lost on him 
Yet there is no polemic to it, nnm» 
of a Miflaf s romantic self-identifica- 
tion, or a Pissarro’s socialist agonis- 
xngs. His cooler detachment is quite 
his own. 

His vertiginous perspectives were 
new, and look how the tracery of 
the balcony itself becomes the 
near-abstract subject of the picture. 
Look down at the isiarwf reftige in 
the middle of the carrefour. Look 
down upon the tree below, and the 
circular grating at its base, and 
the bench beside it, set out like a 
map. There is a freshness of vision 
here, an imselfconsrious originality 
that should be recognised. Near and 
far are what fascinate him, the fig- 
ure set on the balcony against an 
infinite distance, the fists of the 
oarsman thrust up to the picture- 
plane, the tiny figures glimpsed 
through the ironwork. 

But how well, at its best, it is 
done, how fresh in the paint, how 
crisp and lush the chrysanthe- 
mums, how strong the oarsmen in 
the modelling, how light the snow 
an the rooftop. Here surely is a true 
painter seen clearly at last, and 
seem whole, in bis own right Was 
he the first to look down on the 
boulevard far below, to make the 
balcony a subject in itself, to 
remark the dignity of labour, to 
take a boat on the river? NO: but it 
hardly matters. In the end, as 
always, it is painting as painting 
that counts. 

Gustave Caillebotte 1848-1894: 
Grand Palais, Paris 8me, until Jan- 
nary 9, then on to Chicago. 


N o. fictional examination 
ot stage comics and 
death can ever hope to 
achieve the bizarre and 
disconcerting pitch- of the late 
Tommy Cooper’s demise - literally, 
leaving them laughing. In their 
latest collaboration Get Off My 
Foot!, Phelim McDermott and Lee 
Simpson attempt simultaneously to 
muse on the offstage agonies of 
funny men, to acknowledge various 
figures and double acts from the 
heyday of variety and to exploit 
their joint talent tor creating weak 
which mixes laughs with sporadic 
weird shivers. 

From the beginning, Dougie 
Mason and Stanley Hardcastle 
make a strange double act, not least 
because Dougie is dead (the show 
also recognises the influence of 
Randall and Hopkirk Deceased ). A 
series of flashbacks recount 
key moments in their personal 
and professional relationship, 
enlightening the amnesiac Dougie 
as to how and why he died. Dougie 
(McDermott) is revealed as the 
demon of the pair, callous and 
single-minded, not hesitating to 
fake a terminal disease if it will 
help him talk his way inside the 
sequlnned leotard of the new girl in 
the chorus. Tensions between him 
and diligent but unambitious “nice 


Theatre/Ian Shuttleworth 

Get Off My Foot! 


lad" Stanley come to a head when 
the alluring but Independent Angel 
(Linda Dobell) joins the act 

McDermott and Simpson's 
slightly disconcerting visual 
imagination is given form by Alice 
Purcell's design. The only 
clearly-defined location is a 
tromp&ToeU rooming-house upstage, 
whose collapsible furniture and 
missing walls after enormous save 
both for gags (Dougie proves he is 
a ghost by walking through the 
fourth wall) and for violence. 
Supernatural effects are enacted 
using scale models of the house 
and puppet protagonists, and are 
executed with a wry self- 
consciousness which, by deflating 
such moments, paradoxically makes 
them earner to swallow. 

The snatches of Dougie and 
Stan's stage act (on which 
variety comedian Len Lowe acted 
as adviser) are polished but 
unexceptional examples of the 
form. Programme notes make much 
of the show's debt to 1940s 
Lancastrian jester Frank Randle: 
his shade is written into the 
show as the guardian angel of 
dead comics, and even its title 
derives from one of his catch- 
phrases. Randle, though, has 
long been a fashionable name 
for heritage-minded comedians 


to drop, and Get Off My Foot is 
both more and less than a full- 
blown tribute either to him in 
particular or to past comedy acts 
in general. 

Like Dougie Mason, the piece 
itself exists in a strange theatrical 
limbo. McDermott and Simpson's 
devised, clowning style is more 
familiar in a studio setting, but the 
conventions of variety and the 
sheer physical resources necessary 
for this production require a theatre 
the shape and at least the size of 
Nottingham's Playhouse. When 
downing company The Right Size 
made a foray into middle-scale 
shows recently, its members found 
that the change of size coarsened 
and attenuated both comic and 
sinister effect in their work, an4 
have now triumphantly returned to 
the top end of the studio bracket 
with a double-act confection of their 
own. Get Off My Foot walks a fine 
line between these two areas; the 
fact that it bolds its own in these 
surroundings testifies to its 
creators' precision in realising their 
ideas. After all, bashing someone 
around the head with a frying pan 
can be a surprisingly delicate 
matter. 

At the Nottingham Flay house until 
October 22 (0802 419419). 





*Int6rienr: femme 4 la fen&tre’, 1880 by Gustave Caillebote 


Concerts /David Mi 


Mahler and Mutter 


A s Michael Tilson Thomas's 
Mahler cycle at the Barbi- 
can approaches its mid- 
point, we begin to have a 
dear overview of this conductor’s 
strengths and foibles. The former 
outweigh the latter by for, but Mah- 
ler shows everything up, since he 
was a master conductor-composer. 

On Sunday (and Monday) the 
London Symphony played the 
Fourth for him. It has a dewier, 
more innocent surface than Tilson 
Thomas could make plausible: TT 
never twinkles. The first movement, 
with its sleighbells, pranced and 
curvetted artfully, every moment of 
it calculated to the hat The same 
a nxi ous care, applied to the great 
Poco adagio - here a Mol to adagio - 
left it gluey. TT lacks the gift of his 
master, Leonard Bernstein for draw- 
ing “natural" playing from his 
orchestra; they sounded thoroughly 
practised, hardly ever spontaneous. 

Yet the Scherzo was dazzling, 
kaleidoscopic. TT revelled in bring- 
ing out lines - a bassoon melody 
here, a string of pizzicato there - 
that nobody else uncovers; the 
score churned with excitement For 
the finale he had the soprano Rende 
Fleming as soloist: lovely singing, 
but the voice is really too womanly- 
mature for the child ’s-eye Wander- 
ham sentiments. Earlier, she bad 
delivered Schubert's "Shepherd on 


the Rock" with such fine grace as to 
make it seem almost a good piece, 
abetted by Nicholas Rodwell's ele- 
gant clarinet and TT at the piano. 

That was part of a strange mixed 
first half, comprising Morton Feld- 
man's The Viola in my Life IV and a 
John Tavener premiere. The Myrrh- 
Bearer . Yuri Basbmet was the peer- 
less viola soloist in each. The Tave- 
ner is much the usual mixture, with 
a semi -chorus whispering "Eyrie 
Eleison” over and over again 
beneath repetitive shouts from the 
main cho rus, while the viola goes 
floridly up and down a couple of 
scales fra well over half an hour. 

Bashm et made that sound almost 
interesting. He did as much for 
Feldman's solo part, which plays 
almost continuously for 20 minutes 
while the orchestra does Feldman's 
customary thing: deliberately, 
polemically low-profile, apparently 
quite unstructured. 

★ 

Two nights earlier, Anne-Sophie 
Mutter's violin recital in the same 
hall had been remarkable chiefly 
for the height of her stiletto heels, 
surmounted by a slinky Wnt»k num- 
ber. Mss Mutter is of course a per- 
former of the highest professional 
competence, and in the right reper- 
toire - passionate virtuoso stuff - 
she wields a scathing authority. 
Here, however, she essayed Beeth- 


oven’s last sonata, op. 96 In G, and 
Schumann's second-last, his op. 121 
in D minor, the one mostly gentle 
and reflective, the other lean and 
dramatic but formally patterned. 

Her way with the Beethoven was 
to play it all sweetly, declining to 
read any particular character in it 
A “soft oleaginous mutter” indeed, 
though with a very fast, sentimen- 
tal vibrato applied to everything. 
Her svelte Schumann bad plenty of 
energy - but a work so full of repe- 
titions should not have them all 
repeated with such literal exacti- 
tude. A touch of waywardness is a 
bonus in t his sonata. 

Aftersong, a workmanlike piece 
composed for Miss Mutter by the , 
American Sebastian Currier, gave 
her - and her excellent pianist 
Lambert Crisis - bold things to do. 
Its heart remained in Samuel Bar- 
ber territory, its nerves recalled 
Walton; Messiaen surfaced later oil 
There was more red-blooded music 
in the suite Stravinsky arranged 
from his PuldneUa. pastiche though 
it partly is. They played not the 
familiar arrangement for Pushkin, 
but an earlier, more virtuosi c rate 
Stravinsky made for Szymanowski’s 
violinist Paul Kochanski: and they 
delivered it with engaging flair. 

Sunday’s LSO concert sponsored by 
the Sunday Times. 


Opera 

Maria 

Stuarda 

I t is surprising that nobody 
north of the border has 
thought of bringing together a 
mini festival of the 
best-known Scottish operas. Not 
operas by Scottish composers of 
course, as there are not enough; 
but those early 19th-century Italian 
operas set in Scotland, which were 
so popular at a time when anything 
wrapped in tartan was fashionable. 

The leading contender has to be 
Donizetti’s Maria Stuarda, however 
dilated its Scottish blood may be. 
Schiller wrote the play, traducing 
historical facts as he went, and 
there is no local colour in either 
the music or the drama. At times, 
one could be dealing with the stock 
characters that people most of 
Donizetti’s historical operas, except 
that between them composer and 
dramatist did create a genuinely 
noble and suffering personality for 
their heroine, Mary Stuart 
It is a shame that Scottish Opera 
should have given her one of its 
least convincing productions of 
recent seasons. Donizetti follows 
Schiller for making a fictitious 
confrontation between Mary and 
Elizabeth 1 the high point of his 
opera ami Stefanos Lazari rife's 
production never lets us forget it a 
revolving platform centre-stage is 
divided with Mary's door on one 
side and Elizabeth’s on the other, 
each popping out as the occasion 
demands, like figures in a weather 
dock. 

When Elizabeth swings into view, 
we know stormy weather is on the 
way. The soprano Michife 
Nakamarn lets fly at the role 
wildly and gives more than her 
voice - not a large or lustrous 
instrument - might reasonably be 
expected to deliver. 

In contrast, the appearance of 
Mary forecasts placidity. Yvonne 
Kenny in the title-role gets all the 
best music and treats it with dne 
care, shaping lines thoughtfully, 
shading the voice sensitively 
(except at the top, where the tone 
becomes harsh). History’s Mary 
Stuart was haunted by many ghosts 
from tiie past, but anybody singing 
the role in Britain today need fear 
only one: Janet Baker, whose 
p erf ormances in the 1970s are 
stamped on the memory of all who 
saw them, Kenny is not in that 
league. Her Mary Stuart was 
sometimes touching, sometimes 
beantiftU, but never memorable. 

There is a reasonable supporting 
cast. Peter Bronder was best when 
Leicester was at hfe mast forcefuL 
Stafford Dean was a Cecil who 
delivered Mary's sentence of death 
with suitably funereal tone; David 
EQis made an adequate Talbot 
Richard Armstrong performed a 
more complete text of the opera 
than usual and condu cted it all 
with invigorating fervour. Some 
imaginative decorations would 
have been welcome in the second 
verses, but this was not primarily 
an evening for fans of trills ami 
scales. 

Lazaridis’s intention (as producer 
and designer) was to give the 
audience something to think about, 
a course which can backfire with 
Donizetti. Too many arty ideas - 
like "shadow queens” running 
about playing Mary and Elizabeth 
in their youth - can sink a bel 
canto opera under the weight of 
their own cleverness. Better just to 
play the opera as It stands. Never 
mind about history. Donizetti 
rarely did. 

Richard Fainnan 


Sponsored by the Peter Moores 
Foundation. At the Theatre Royal, 
Glasgow, until November 8, then 
cm tour to Newcastle and 
Edinburgh 


L'lltfc 

isit 



■ AMSTERDAM 

Concartflebouw Tonight Yevgeny 
SveUanov conducts Russian Stats 
Symphony Orchestra in works by 
Prokofiev end SkryabJn. with vtoSn 
soloist Vladimir Sph/akov. Tomorrow, 
Fri (Kleme Zeal): Moscow Quartet 
plays string quartets by Mozwt, 
Stravinsky and Brahma. Thura: 
Shoko Sugit&ni piano recital, fri, 

Sat. next Tues: Serge Baudo 
conducts Netherlands Philharmonic 
Orchestra m Tchaikovsky, Prokofiev, 
Messiaen and Debussy. Sun: 

Roberto Patemostra conducts 
WOrttemberg Philharmonic in 
Mendelssohn. Grtafl and Beethoven, 
with soprano Karl LOvaos. Next 
Mon, Wed: Frank!, Pauk end 
Wrahbaum trio (24-how Information 

service 020^75 4411 ticket 
reservations 020-671 8345) 
MuzWctheeter Tonight, Fri: Graeme 
Jenkins conducts JQrgen Fllmm’s 
produtfton of Le none <fi Rgrao. 
with cast headed by Joan todg" 3 
and Dam Peterson (continues to’ 

Oct 30). Tomorrow. Thure, Sat 

parsons Dance Company 


(020-625 5455) 

■ BRUSSELS 

Palais des Beaux Aria Isaac Stem 
gives a violin recited tomorrow. 
Enrique Dtemecke conducts Belgian 
National Orchestra on Thure and Fri 
In works by Wagner, Weber and 
Bruckner, with clarinet soloist 
Jean-Michel Charfiar. Antonio 
Pappano conducts the Orchestra of 
the Monnale on Sun In a Mahler 
programme, wHh vocal soloists 
Florence Quiver and GOsta 
Winbergh (02-507 8200) 

Monnate Antonio Pappano conducts 
Aehlm Prayer's new production of 
Tristan und Isolde on Wed. next 
Tues and Sat, with cast headed by 
Ronald Hamilton and Anne Evans 
(02-218 1211) 

ThMtro National Tony Kushnerfs 
(day Angels in America (first part 
MHIenfLim Approaches) runs daily till 
Oct 19, except Sun and Mon 
(02-217 0303) 

■ CHICAGO 

Lyric Opera The main event this 
week Is toe first night on Sat of 
Fedora, starring Mirella Freni and 
Pfaddo Domingo (runs till Nov 10). 
T o m or ro w's perf ormanc e is The 
Rake's Progress - a new production 
staged by Graham Vick and 
conducted by Dennis Russell 
Davies, with Jerry Hadley, Ruth Ann 
Swenson and Samuel Ramey (till 
Oct 28). The find performance of 
Boris Godunov Is on Fri, with 
Samuel Rsmey fn the title role 
(312-332 2244) 

Chicago Symphony On Thure, Fri, 
Sat and next Tbss, James DePreist 
conducts works by Stravinsky and 


Mozart with piano soloist Misha 
Dfcbter. On Sun afternoon, Anthony 
and Joseph Paratore play piano 
music tor four hands (312-435 6868) 

THEATRE 

• The Sisters Rosensweig: a 
touring production of Wendy 
Wasaerstein’s hit Broadway comedy 
about the mld-Dfe reunion of three 
Jewish sisters from Brooklyn. Opens 
tonight (Shubert 312-902 1500) 

• Angels fri America: the national 
touring production of Tony 
KUshnerfs two-part epic Is directed 
by Michael Mayer, with Jonathan 
Hadaiy as Roy Cohn (Royal George 
312-988 9000) 

• A Clockwork Orange: tiie 
American stage premiere of the 
stage version of Anthony Burgess' 
novel (Steppenwolf 312-335 1650) 

• Laughter on toe 23rd Floor Nsfl 
Simon's newest comedy about the 
golden days of five TV comedy (Briar 
street 312-348 4000) 

• Later Ufa: AJL Gurney's lovely 
ruminative play about finding 
romance after the age of 40 
(Northfight 312-327 5588) 

■ GENEVA 

Grand TMfttre A ballot programme, 
including a new work by Oscar Araiz 
and a new version of John 
Neumeler's Spring and FaU, runs 
dally till Mon, except Thus when 
Peter Sch refer gives a song recital 
(P22-311 2311) 

Victoria Han Andres Schfff gives the 
secand of two Bach redtais 
tomorrow (022-310 9183) 

Com4dte The Royal Shakespeare 
Company presents Christopher 
Hampton's adaptation of Las 
Liaisons dangareuses daily® Sat 


Michael Attenborough directs a cast 
inducting Julie Bramafl, Lucinda 
Curtis, Helen Lindsay, David Curtiz 
and C&ve Wood (022-320 5001) 

■ ROTTERDAM 

De Doelen Thure, Fir Eri Was 
conducts Rotterdam Philharmonic 
Orchestra in works by Tomis, Bruch 
and Strauss, with vtoBn soloist Mark 
Lubotsky. Oct 20: Jose Carreras 
(010-2171717) 

■ VIENNA 

• Pierre Boudez conducts 
Ensemble InterContemporain tonight 
at the Konzerthaus in works by 
Berg, Webem and Schoenberg. 
Marga ret Price gives a song recital 
tomorrow. Murray Perahia gives a 
plan recital on Fri. followed by Oleg 

Maisanberg on SaL EEahu Inbal 
conducts the Vienna Symphony 
Orchestra in Stravinsky and Sibelius 
on Sun morning (712 1211) 

• This week's concerts at the 
Musikverein feature the Austrian 
Radio Symphony Orchestra on Fri 
conducted by Heinrich Schtff, and 
toe Royal Uvapod Phflhamtonic 
with Libor Pesek on SaL Next 
week's visitors indude the Danish 
Radio Symphony Orchestra and the 
Gothenburg Symphony Orchestra 
(505 8190) 

• The Staatsoper is dosed tiU Dec 
14 for technical alterations. A State 
Opera Baflet production, based on 
Lenar's Merry Widow and 
choreographed lay Ronald Hynd. can 
be seen In repertory at the 
Vofksoper, where a new staging of 
NJcoJaJ’s comic opara Die 
lustigen Wefoer von Windsor opens 
next Mon (51444 2959/61444 


2969/513 1513) 

• Rtocardo Muti conducts seven 
performances of Roberto de 
Simone's production of Cos! fan 
tutte at Theater an der Wien, starting 
Oct 30 (58885) 

• This year's Wien Modem 
con te mporary music festival runs 
from Oct 23 to Nov 28, and focuses 
on Morton Feldman, George Crumb, 
Helmut Lachenmann, Karl Schiske 
and G&nter Kahowez (7124 6860) 

■ WASHINGTON 

MUSIC/DANCE 

• The Australian Ballet presents 
the Nureyev production of Minkus* 
Don Quixote tonight, tomorrow and 
Thure at Kennedy Center Opera 
House. On Fri, Sat and Sun, toe 
company presents a mixed bill of 
works by Australian choreographers 

(202-467 4600) 

• Richard Hickox conducts toe 
National Symphony Orchestra on 
Thure, Fri and Sat at Kennedy 
Center Concert HaiL The programme 
includes Mozart's Piano Concerto 
No 21 (Sara Woifen&ohn) and Elgar's 
Enigma Variations (202-467 4600) 

• Yo Yo Ma plays cello concertos 
by Dvorak and Elgar with the 
Baltimore Symphony Orchestra on 
Thure, Fri and Sat at Baltimore’s 
Joseph Meyerhaff Symphony Hall 
(410-783 8000) 

• Baltimore Opera presents 
Verdi’s Rigoletto from Oct 15 to 23 
at Baltimore’s Lyric Opera House 
(410-625 1600) 

THEATRE 

• Defending the Caveman: this b 
a one-man show written by and 
starring American comedian Rob 
Becker, using humour to help define 


the differences between the two 
genders. Opens tonight at the 
Warner Theater, till Oct 23 
(202 -432 -SEAT) 

• The Cherry Orchard: Chekhov's 
drama is directed by Irene Lewis at 
Center Stage. THI Oct 30 (41 0-332 
0033) 

• Henry IV: this adaptation of 
Parts I and II of Shakespeare's 
history plays is directed by Michael 
Kahn, In a Shakespeare Theater 
production at toe Lansburgh. Till 
Nov 6 (202-393 2700) 

• The Odyssey: Homer's tale 
adapted for the stage by Derek 
Walcott and directed by Douglas 
Wager at Arena Stage. TU Nov 6 
(202-468 3300) 

• A Perfect Ganesh: Terrence 
McNally’s play about two New 
England matrons on a personal 
quest Journeying through India. TiU 
Oct 30 at the Kreeger (202-488 
3300) 

■ ZURICH 

Opemhaus Tonight, Fri: Ralf Weikert 
conducts Ruth Berghaus' new 
production of Katya Kabanova, with 
cast headed by Ana Pusar, Cornelia 
Kalllsch and Peter StraJca (sbe further 
performances tffl Nov 5). Tomorrow, 
Sum La CenerentoteL Thure: La belle 
HGfene. Sab revival of the Ponrtetie 
production of ErrtfOhrung, conducted 
by Nikolaus Harnoncourt Mon: 

Peter Schreler song recital (01-262 
0909) 

Tonhafle Tomorrow: Heinz Hoifiger 
conducts Tonhafle Orchestra end 
Anton Webem Chorus in concert 
performance of Schumann’s 
Genoveva pi -261 1600) 


ARTS GUIDE 

Monday: Berfln, New York and 
Paris. 

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

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

Friday: Exhibitions Glide. 

European Cable and 
Satellite Business TV 

(Central European Time) 
MONDAY TO FRIDAY 
NSC/Super Channel; FT Busi- 
ness Today 1330; FT Business 
Tonight 1730, 2230 

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

Eunmewa: FT Reports 0745, 
1315, 1545, 1815, 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 





16 


FINANCIAL TIMES TUESDAY OCTOBER 1 1 1994 


Ksi i 


F inland looks set to vote 
to join the European 
Union on Sunday, in a 
referendum that will 
not only mark an historic shift 
in Its awn regional pitogiaiice. 
hut which could prove a turn- 
ing point in the enlargement of 
the Union. 

A Yes vote would represent a 
decisive move by Finland away 
from cold war neutrality and 
into the west European fold. 
After the deepest recession 
since the UJhs, many Finns 
hope it would also bring sub* 
stantlal economic benefits. 

But more important, as the 
first of three referendums on 
EU membership in the Nordic 
countries, the Finnish vote 
may Influence the outcomes in 
neighbouring Sweden and Nor- 
way. 

Austria has already voted in 
a referendum in June to join 
the EU. But there have been 
strong doubts over whether the 
people of the three Nordic 
neighbours would agree with 
their leaders on the desirabil- 
ity of membership. 

The sequence of Nordic refer- 
endums was therefore deliber- 
ately staged to start with Fin- 
land, where opinion has tended 
to bie the most pro-EU. The 
hope is that a Finnish Yes will 
encourage Sweden to opt for 
membership, in its November 
13 vote, and even overcome the 
formidable anti-EU ranks 
massed in Norway, where vot- 
ing takes place on November 
28. 

If all four applicants accept 
membership, the EU will be 
expanded from 12 to IS mem- 
bers on January 1, and the way 
will be clear for Its next great 
expansion - into eastern 
Europe. Already last week, the 
European Commission was 
asked by EU foreign ministers 
to draw up a detailed report on 
how Hungary, Poland, the 
Czech Republic. Slovakia, Bul- 
garia and Romania could be 
integrated into the EU’s single 
market ahead of their full 
membership. 

But this scenario would be 
seriously disrupted if the Nor- 
dic countries were to turn their 
backs on Brussels, and the 
Finnish campaign has not been 
a smooth ride for the Yes 
camp. 

The leading party in Fin- 
land's centre-right coalition 
government, the Centre party 
of prime minis ter Esko Aho, 
has been deeply divided over 
EU membership. 

It is the party of Finland's 
farmers, and the fanners, 
through their union the MTS, 
have bitterly opposed joining 
the EU, because of the reduc- 
tion in agricultural prices and 
subsidies that membership 


Into the 
EU’s arms 

Hugh Camegy on Finland’s bid 
to join the European Union 

Finland: hard tftmesj hard choices 


Unemptoymantrato (9$ o* labour farce) ' 
20 : 



EatoAho, FMsfi prime rr*m»iw 


would bring. The MTK is out- 
raged that membership could 
see parts of Finland receiving 
less farm support than more 
prosperous farmland elsewhere 
in the EU. 

This has prompted open 
opposition to EU membership 
among influential Centre party 
members such as Mr Paavo 
Vftyrynen, who was foreign 
minister when Finland began 
its membership negotiations 
with Brussels. 

Mr Aho has, however, man- 
aged to retain official Centre 
party support for membership, 
chiefly by pushing through a 
FM4bn farm support package 
to cushion farmers against the 
shock of joining. 

But EU supporters - led by 
the Centre party's main coali- 
tion partner the Conservative 
party and the opposition Social 
Democrats - have become 
increasingly confident of a Yes 
vote not because the farmers 
have been mollified, but 
because they believe voters are 
being persuaded by the 
broader economic and strategic 
gains of membership. 

A detailed study of attitudes 
towards EU membership by 
the Centre for Finnish Busi- 


ness and Policy Studies last 
month showed that while vot- 
ers were concerned about the 
negative Impact of EU mem- 
bership on social issues - with 
44 per cent believing it would 
affect healthcare negatively, 
against just 3 per cent - most 
voters believed membership 
would benefit the economy. 

T his belief is made 
more potent by the 
depth of Finland’s 
most recent recession. 
Between 1991 and 1994, the 
economy shrank by 13 per cent 
- partly due to the loss of priv- 
ileged trade with the Soviet 
Union. Unemployment has 
risen to almost 20 per cent of 
the workforce, ranking with 
Ireland and Spain as among 
the highest in Europe. 

Finland already complies 
with the bulk of EU economic 
and trade policies as a member 
of the European Free Trade 
Association. But full member- 
ship of the EU would mean 
taking on board the Union's 
agricultural policy as well, 
which could harm Finland's 
fanning sector. EU advocates 
argue, however, that member- 
ship is vital to a broadly-based 


economic recovery. 

Membership would help Fin- 
land attract both the internal 
and Inward investment needed 
to re-establish long-term 
growth and bring down unem- 
ployment, they argue. 

“In a small economy such as 
Finland's we have learnt that 
what you can determine on 
your own is not much and is 
getting narrower all the time,” 
says Mr Pekka Ahmavaara, 
leader of KEY, a joint trade 
union campaign for a Yes vote. 
“All the research shows mem- 
bership is a better solution for 
economic growth than staying 
outside” 

Finnish voters seem per- 
suaded. Some 64 per cent of 
voters in the CFBPS study 
believed EU membership 
would enhance export and^ for- 
eign trade, with just 6 per cent 
believing the opposite, while 39 
per cent expected EU member- 
ship to improve foreign invest- 
ment, compared with 11 per 
cent against 

They also seem convinced of 
the strategic benefits of mem- 
bership, with 49 per cant indic- 
ating that “as a neighbour of 
unstable Russia”, the country 
would be more secure within 
the EU, as against 27 per cent 
who believed the opposite. 

“We need to stabilise our 
international position,” says 
Mr Paavo Lipponen, leader of 
the Social Democrats. “That is 
the most Important thing after 
the changes in Europe. And 
the economic costs of staying 
outside the EU have grown 
higher because of European 
integration.” 

Mr Risto Volanen. working 
for the No side, says that as an 
EU member, Finland would be 
forced to identify with western 
security and defence policy, 
which could be provocative to 
Moscow. “I am worried we are 
putting ourselves on the chess- 
board In such a way that we 
are not in control of the moves 
that are made,” he says. 

But the government is ada- 
mant “The mere fact that we 
are members will give security 
without us having to make any 
new military arrangements," 
says Mr Perth Salolainen, min- 
ister for foreign trade. “If you 
are a member of the EU you 
are untouchable because the 
Union could never accept any 
aggression against one of its 
members.” 

The signs are that this view 
sums up the feeling of a major- 
ity of Finns. They may not be 
filled with much Euro-enthusi- 
asm, but a deep sense of defen- 
sive pragmatism should be 
enough to make voters accept 
the biggest change in Finland's 
international alignment since 
1945. 


X 


However you spend your 
business day, The Regent 
will see that you’re never far 
away from it. Sorry. 


y 





AUCKLAND. IMNGKOK. BEVERLY HILLS. CHIANG MAI. FIJI. HONG KONG- JAKARTA. 
KUALA LUMPUR. LONDON. MELBOURNE. SINGAPORE. SYDNEY. TAIPEI, 
i ONT ACT YOUR TRAVEL COUNSELLOR OR ANY REGENT INTERNATIONAL WOlUPWII'E RESERVATION** CENTRE. 

FOUR SEASONS - REGENT. DEFINING THE /l ITT OF SER VtCH AT 40 HOTELS tN 19 COUNTRIES. 


Joe Rogaly 

Cracked from side to side 



It the 
Conservatives 
establish “dear 
blue water” 
between them- 
selves and 
Labour this 
week, they win 
drown in it. 
Few tears would roll down the 
nation’s cheeks. The anti-gov- 
ernment majority would be 
well pleased. Thinking Tories, 
who are more numerous than 
appearances suggest, might, tell 

themselves that a spell of oppo- 
sition would be the most con- 
structive way to spend the last 
few years of the century. 

“Clear blue water”, a Tory 
chchfe, has become a term of 
political discourse. It implies a 
stance distinct from, and usu- 
ally to the right of; the opposi- 
tion. Mr Michael Portillo, the 
chief of the liberal-nationalist 
faction of his party, is one pro- 
ponent of the transparent 
azure liquid strategy. The 
assumption Is that, if he were 
to be elected paramount chief 
of the Conservatives, be would 
rule with a firm hand, and lead 
us towards minimalist govern- 
ment, the reassertion of family 
values and the protection of 
national sovereignty. 

He would doubtless create a 
forcefi eld somewhere in the 
middle of the En glish, or more 
accurately Franco-British, 
Channel. The latter would he 
maintained at a strength suffi- 
cient to protect us from conti- 
nental European influences. 
Romantic xenophobes and 
market worshippers would 
delight in such a party. The 
rest of us could enjoy the firis- 
son of watching it flounder. 

That might have been the 
consequence of last October’s 
Conservative conference in 
Blackpool, in which Mr John 
Major, then perceived to be in 
danger of defenestration, 
leaned heavily to the right. 
The minis terial speeches were 
nearly all in the same direc- 
tion. As to this year, we must 


wait. The prime minister is not 
about to be overt h rown. Sane 
of his colleagues, such as Mr 
Kenneth Clarke, have kept 
their sights cm what the elec- 
torate expects. “I am certainly 
not going to go back on our 
election commitments to the 
great public services and start 
making cots that go beyond 
cutting out waste,” the chan- 
cellor said yesterday. 

The Tory convention, which 
begins is Bournemouth this 
morning, is likely to be preoc- 
cupied with the growing 
strength of the Labour opposi- 
tion. What to do? The choice 
must be agonising. Some urge 
a further rightwards turn, 

towards what 

Mr Tony 
Blair has mem- 
orably desig- 
nated “planet 
Portillo"; oth- 
ers a return to 
the centre d la 
Clarke; yet oth- 
ers that minis- 
ters should 
henceforth do 
very little and 
say nothing 
startling. 

The latter Is a sensible 
approach. It is compatible with 
Mr Clarke's persistent theme, 
which is that only a prolonged 
period of “good government" 
wDl get the Conservatives out 
of the deep hole in which they 
find themselves. If two more 
years of economic recovery 
and low inflation are crowned 
with preelection tax cuts, the 
voters may be gulled again. 

That would be a pity. The 
Tories need to go into the wil- 
derness and contemplate their 
past and our future. Conserva- 
tive Century*, a sympathetic 
new history, tells us how the 
party has found itself in gov- 
ernment twice as often as its 
opponents. Mr Robert Waller, 
one of the score of contribu- 
tors, reminds us that since 1900 
it has won 13 of 24 general elec- 
tions outright, and done very 


It would be a pity 
if the Tories won 
again. They need 
to go into 
the wilderness 
and contemplate 
their past 
and our future 


well in four others- Mr 
Anthony Seldon writes that 
"either standing alone or as 
the most powerful dement in a 
coalition, the party will have 
bald power for 70 of the 100 
years since 1895". There is no 
m y st e r y about how this was 
achieved. "The Conservative 
party's greatest strength has 
flowed precisely from its deter- 
mination to reflect public opin- 
ion. Where it lost touch, 
ignored it, or was slow to 
adapt . . .it was denied power." 

That is why its proper role Is 
to lose next time. As a mirror 
of popular expectations, the 
party is cracked from side to 
side. It would be unfair to 

place all the 

blame for this 
on Mr Major 
and his col- 
leagues. Most 
of us are bewil- 
dered by the 
conundrums of 
post-commu- 
nist capitalist 
society: how 
much to be 
done by gov- 
ernment, how 
mmmmmmm mm much pri- 

vately, how to reduce unem- 
ployment; what measures are 
necessary for survival in the 
global economy. But Labour 
showed in Blackpool that it is 
searching for popular answers. 
The Tories have arrived in 
Bournemouth in factions. 

Nowhere is this more the 
case than over Europe. Profes- 
sor Keith Mlddlemas, another 
contributor to Conservative 
Century, writes that the Single 
European Act can be seen in 
part as a response by the Con- 
servative government of the 
day to pressures by leading 
corporations to open up previ- 
ously closed European mar- 
kets. For financiers and indus- 
trialists, he argues, 
“sovereignty, law and state 
power are no longer conceiv- 
able in strictly national 
terms”. Not for the first time, 


be concludes, "the party lags 
behind". Major addressed 
Tory agents in Bournemouth 
last night. He accused Labour 
of pandering to Scottish separ- 
ists. and rolling over in 
Europe. It was sharply 
phrased, and it promised no 
catch-up. 

The proposition that a few 
years of opposition would pro- 
vide productive reconsidera- 
tion time for the Tories U 
rejected by Mr Daniel Flnkel- 
stein, director of the Social 
Market Foundation, a think- 
tank. Mr Flnkelstein has been 
in post-Reagan/Bush America. 
The Republicans, he writes in 
SMF Memo No 9*\ are more 
divided, leaderless ami lacking 
in coherent ideas than ever. 
Some want to retrench the US 
welfare state; some are deregu- 
lators and tax-cutters; others 
preach the US version of “back 
to basics"; yet others are pro- 
tectionists and isolationists. A 
synthesis is “more likely to 
emerge in government as poli- Js 
tidans struggle to Implement a 
programme in diverse depart- 
ments and are bound by collec- 
tive responsibility”, writes Mr 
Finkelstein. 

In Britain, the opposite Is 
true. The Conservatives are in 
government, and yet in diffi- 
culties because they are 
divided, not strongly led, and 
wanting in coherence. Worse, 
after IS years of uninterrupted 
power, they appear to be fall- 
ing victim to Acton's dictum. 
British corruption is not tradi- 
tionally of the sort that puts 
money in pockets, but the 
alleged and proven transgres- 
sions of this code are becoming 
too numerous to ignore. A pro- 
longed dip in the translucent 
briny might do more than 
untang le the Conservatives' 
thinkin g. It might clean up 
their act 

* Edited by Anthony Seldon & 
Stuart Ball, Oxford University 
Press. £20. ** 20 Queen Anne's 
Gate, London SWlH 9AA £5 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

Rax 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fax for finest resolution 


/■ 


\ 


Explanation 
of what will 
do the trick 

From Mr Mark Carney. 

Sir, Two sound bites still 
echo from Labour's debate on 
the economy. First, shadow 
chancellor Gordon Brown's 
commitment to “use every pos- 
sible measure” to achieve full 
employment. And, second, 
GMB general union leader 
John Edmonds's obvious point 
that the “minimum wage is 
meaningless without full 
employment". 

Clearly, Brown must tell the 
electorate whether he thinks 
investing in skills and increas- 
ing the capacity of the econ- 
omy are sufficient measures to 
achieve full employment with- 
out pay inflation. If he does, 
then presumably he thinks the 
UK's increasingly flexible 
labour market will curb pay 
inflation (as the economy 
moves towards fell employ- 
ment), an inheritance which he 
must credit the present govern- 
ment for. 

However, if he does not 
think that a combination of 
investing in skills, boosting 
industrial capacity and highly 
flexible labour markets will do 
the trick, perhaps he might 
explain the “measure" which 
will. 

Mark Comey, 
director, MC Consultancy. 
Osborne House. 

3-5 Portland Road, 

Hythe. Kent CT21 BEG 


Well equipped for investment 


From Peter Robinson. 

Sir, Once again the leading 
UK industrial associations are 
pressing a case for better fiscal 
incentives to stimulate invest- 
ment (“Industry leaders press 
Clarke for investment Budget". 
October 10). In doing so they 
point to the lower investment 
level s in the UK relative to 
most other industrial countries 
in the past 30 years. 

This is a correct observation.- 
Gross domestic fixed capital 
formation as a proportion of 
gross domestic product in 
Britain averaged 18 per cent 
over the period 1960-89, when 
compared with the OECD aver- 


age of 22 per cent However, all 
of this shortfall was a result of 
lower levels of investment in 
UK residential and non-resi- 
dential construction. Invest- 
ment in equipment and 
machinery as a proportion of 
GDP averaged 8.5 per cent over 
this period, compared with an 
OECD average of 8.7 per cent 
and 8.8 per emit in France and 
8.6 per cent in Germany. Thus, 
there has been no dramatic 
shortfall in the UK in the vol- 
ume of equipment investment 
Yet it is higher equipment 
investment which is usually 
postulated as being most likely 
to make a contribution to 


higher long-run productivity 
growth. This is the variable 
favoured by the “new growth 
economics" currently popular 
with the Labour leadership, 
and by the industry associa- 
tions. There may indeed be a 
case for looking again at the 
tax system to see if there are 
any biases against equipment 
investment However, the level 
of equipment investment is not 
obviously the area where 
Britain has trailed signifi- 
cantly in recent decades. 

Peter Robinson, 

London School of Economics. 
Houghton Street. 

London WC2A 2AE 


Hard to identify ‘duty’ 


From Mr Andrew Warren. 

Sir, The duties of the direc- 
tor-general of Of gas are speci- 
fied unequivocally in the Gas 
Act 1986. The present director- 
general. Clare Spottiswoode, 
chose to emphasise their limi- 
tations most emphatically 
when she decided to repudiate 
the agreement made by her 
predecessor to provide funding 
for the government’s Energy 
Saving Trust, as being outwith 
her remit. 

However, you quote Clare 
Spottiswoode ("MPs to speed 
up gas deregulation probe". 
October 41 as saying that she 
has a “duty" to warn the gov- 
ernment that indecision 
regarding possible new legisla- 


tion for deregulating the gas 
market might damage the 
interests of those considering 
entering this market. That 
“duty” is not easy to identify 
in the 1986 Gas Act. 

One can only hope that her 
latest definition of her duties 
also allows Ms Spottiswoode to 
reconsider the damage that 
Of gas's volte face on funding 
the Energy Saving Trust has 
done, to the interests of those 
operating within the energy 
efficiency market 
Andrew Warren, 
director. 

Association for the 
Conservation of Energy, 

9 Sherlock Mews, 

London W1M 3RH 


No evidence favouring car supermarkets 


From Professor Jonathan 
Brown. 

Sir, In your editorial on the 
European Commission's deci- 
sion on the block exemption 
for the car dealer system 
(“Brussels’ foot on the brake”, 
October 6), you appear to 
assume the present sy s t e m is 
more expensive and offers less 
choice and convenience to con- 
sumers than passible alterna- 
tives, notably some form of car 
supermarket. The evidence 
does not support these assump- 
tions. 

A typical UK car dealer 
retains less gross profit margin 
before his expenses than the 
large grocers make as net prof- 
its: the total asset torus of the 
two industries are broadly sim- 
ilar. As margins are driven 
down by the fierce competition 
between dealers and manufac- 
turers, selling new care is close 
to being intrinsically unprofita- 
ble; there is very little scope 
for reducing prices on the back 
of lower costs. 

Research in both conven- 
tional retailing and the dealer 
industry indicates that 
Increased outlets would not 
significantly reduce operating 
costs. Grocery superstore profit 


benefits flow more from mar- 
ket power and logistics (that 
do not apply to the car market) 
than outlet operating econom- 
ics. Car supermarkets would 
use their load market power to 
raise margins and prices to the 
detriment of the consumer. 

There is no reason to believe 
that car manufacturers could 
lower costs as a result of 
increased retail concentration. 
European manufacturers 
already face the problem of 
overcapacity of 4m vehicles, a 
far more worrying problem. 

Would consumers really 
want car supermarkets? There 
would be fewer of them, pre- 
sumably much further apart 
so the average distance trav- 
elled to buy would increase 
and the car would have to be 
serviced by a different com- 
pany. 

As for the benefits of several 
makes in one showroom, 
research shows that, because 
the single-franchise outlets are 
more experienced with the 
product, they are preferred by 
many consumers. Many decide 
what to buy long before they 
reach a dealership, their deci- 
sion being based on magazine 
reviews, their own and friends' 


experience etc. Fewer dealers 
would mean less intra-network 
competition, again giving the 
seller more opportunity to 
raise prices. 

Product choice would also be 
reduced. In a competitive mar- 
ket. car supermarkets would 
have to adjust their selling 
effort to respond to the relative 
success of different car models. 
As cars are physically large 
and as there are more than sOO 
car models sold in file UK. the 
supermarkets would make fre- 
quent choices of which selec- 
tion of cars to support. This 
would raise the volatility or 
demand at product-line level, 
raising risk in the Industry, 
forcing the manufacturers to 
ask for higher margins and 
putting pressure on them to 
cut margi n a lly profitable niche 
products. 

Those who draw analogies 
between different industries - 
as BEUC, the European con- 
sumers’ organisation, and oth- 
ers seem to be doing - should 
beware being over simplistic. 
Jonathan Brown, 

Appleslade Bouse, 

Blackbush Road, 

Milfbrd-onsea 
Hants SOU 0PB. 


Arguments 
the same 

From Mr EJ C Album. 

Sir, In the Lex column, pow- 
erful arguments were 
advanced in favour of the 
rationalisation (by merger) of 
tbe US rail network (“US rail- 
roads", October 7). The com- 
ment was made that the “frag- 
mented rail network is an 
immense burden on the US 
economy. It drives up 
costs. . -and prevents the sector 
winning business from road 
haulage. Rationalisation would 
also allow rail companies to 
cut duplicative headquarters, 
rail routes. . .". 

Forgive me for quoting so 
much. The reason is that tbe 
arguments apply with equal, 
indeed greater force, to the 
forthcoming fragmentation of 
the British Rail network. 
Would it not be sensible to call 
a halt before further costs are 
incurred and the network is 
actually broken up. 

E J C Album, solicitor 
Exchange Tower (IQUi Floor), 

14 Harbour Exchange Square, 
London E14 9GE. 


Party dogma 

From Mr RM Walters. 

Sir, Your editorial, “Free the 
Post Office" (October 7). 
asserts in nebulous privatise- 
speak that “consumers stand 
to gain from the greater effi- 
ciency and entrepreneurial 
zeal" created by the privatisa- 
tion of the Post Office. 

Were the benefits really so 
transparent. I doubt that your 
correspondent would have fait 
obliged to report only a w eck 
before ("Post Office watchdog 
raps sell-off plans", September 
30) that “users were also con- 
cerned. . .as to the benefits 
likely to flow from privatisa- 
tion". 

In reality, the benefits seem 
confined to satisfying party 
dogma. 

R M Walters, 

6 Surmyside Gardens, 
Upminster, Essex RM14 3DS 


«1ii i ] 
-‘ V T 


• 1 i ^ i 


U*- 


,i i 


- * 

-’wMi 


JC.. 


y 


FINANCIAL TIMES TU ESDAY OCTOBER 1 1 1994 

financial times 

Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex; 922186 Fax; 071-407 5700 

Tuesday October 11 1994 


Power shift 
in Austria 


The sharp drop in support for 
Austria’s long-lived coalition of 
conservatives and soc ialis ts in 
Sunday's general election illus- 
trates a Europe-wide trend. Five 
years after the fall of the Berlin 
wall, the effects of political and 
economic transition are making 
life difficult for incumbent parties 
nearly everywhere, with conse- 
quent benefit for the electoral 
fringes. The Social Democratic 
part? and the conservative Peo- 
ple's party will remain In power, 
but both recorded their lowest 
election scores since 1945. 

Elsewhere in Europe, govern- 
ment parties have suffered set- 
backs in elections this year in 
Italy, the Netherlands, Sweden 
and Denmark. At the German 
elections on Sunday, Chancellor 
Helmut Kohl will probably hold 
on to power, yet the conservative 
Bonn parties appear likely to reg- 
ister their lowest share of a gen- 
eral election vote since 1949. 

The main winner in Sunday's 
Austrian poll was the far-light 
Freedom party, whose leader Mr 
JOrg Haider combines a xenopho- 
bic stance on social and immigra- 
tion policies with liberal economic 
views. He has edged closer to 
power, conceivably in a coalition 
with the People's party at the next 
election in 1998 or sooner. 

However, it would be mistaken 
to see Sunday's result exclusively 
as a swing to the far right In 
terms of their proportionate 
increase in seats, the left-leaning 
Greens and the centrist Liberal 
Forum did ax wen as the Freedom 
party. Final parliamentary assent 
for Austria to join the European 


Union in January is in doubt. 

Many voters have deserted the 
government parties, but they are 
for from expressing blind faith in 
Mr Haider's doctrines. Rather, the 
electorate has shown Its frustra- 
tion at the grand coalition’s octo- 
pus-like grip on Austria’s political 
and economic life. If the coali- 
tion’s buffeting results in genuine 
moves to loosen Austria's inbred 
corporatism, the shift will be 
greatly welcome. 

The coalition's reduced majority 
will none the less add to policy- 
making difficulties. Stem fiscal 
action will be necessary to keep 
the budget deficit from rising 
beyond 4.5 per cent of gross 
domestic product next year, when 
ex p e nd i t ure is due to rise because 
of additional payments to fanners 
and to the EU budget 

In relations with the rest of 
Europe, the fraying of the coali- 
tion may make Austria a less com- 
fortable partner. Integrating Aus- 
tria with the rest of Europe was 
supported by two-thirds of voters 
in the June referendum, but it 
could cause pain for protected sec- 
tors of the economy. 

The impact of Mr Haider's rise 
should not be over stated, but it 
indicates the reservations of some 
Austrian voters about moving 
towards the more federal Europe 
envisaged under the Maastricht 
treaty. Austria is one of the coun- 
tries closest to f ulfilling the Maas- 
tricht criteria for economic and 
monetary union. However, on the 
evidence of Sunday’s poll, Aus- 
trian scepticism about ti ghtening 
integration further may. In future, 
become more overt 


Small is ugly? 


Those who take pleasure in 
poking fun at the fickleness of 
management fashion are having a 
field day. Two very different styles 
of management theory are now 
parading down the catwalks. 

One model, firmly in favour for 
the past few seasons, is for 
extreme corporate concentration. 
The strategy is to pare the com- 
pany back to a streamlined, core 
through repeated cuts in’ staff 
numbers and divestment of super- 
fluous divisions. 

But the wave of mega-mergers 
which has been such a feature of 
US stock market activity this 
year, creating some of the world’s 
biggest empires in media, health- 
care and defence, makes a differ- 
ent argument size is essential. 
Can they both be right? 

To an extent, yes, in that they 
both recommend specialisation. 
Some divestments simply repre- 
sent the acknowledgement that 
the ambitious acquisitions of die 
last decade did not deliver the 
expected benefites. 

Specialisation was certainly the 
mantra recited yesterday by Lucas 
Industries, the UK-based conglom- 
erate, in explaining the E214m of 
exceptional charges for restructur- 
ing in its half-year results. 
Although it pronounced the out- 
look “quite bullish". It announced 
the sale of half a dozen “non-core” 
businesses to focus on aerospace 
and automotive products. 

But the Lucas statement, which 
comes just weeks after Grand Met- 
ropolitan revealed radical restruct- 
uring at its IDV drinks busi- 
ness, raises other questions. Why 


are the changes necessary after so 
many years of recession, and how 
for should the process be taken? 

The restructurings partly reflect 
disappointment with the nature of 
the economic recovery. Pressure 
on many companies’ margins has 
been unexpectedly great, a point 
made forcibly last month by BTR, 
the UK-based industrial conglom- 
erate. unveiling unexpectedly poor 
half-year results. Raw material 
costs have risen, but growing 
international competition has - so 
far, at least - prevented much erf 
that increase being passed on 
through higher prices in many 
sectors. Meanwhile, advances in 
telecommunications and electron- 
ics have helped executives make 
repeated cuts in middle manage- 
ment 

But downsizing is not necessar- 
ily the best response to margin 
pressure. Companies can weaken 
themselves if they become too 
lean. Cutbacks can lead to prob- 
lems in hiring and training new 
staff if growth in demand 
resumes, and to sharp inflation in 
the salaries of the best staff. 
Excessive slenderness may also 
inhibit investment, and sacrifice 
genuine opportunities for synergy 
between different activities. 

The retreat from constant corpo- 
rate dieting may now be under 
way. Last week General Motors 
hired several hundred production 
workers, the first it has taken on 
since 1988. But in an environment 
of low inflation, management and 
shareholders in some industries 
may have to accept that margins 
will be lower than in the past 


University reform 


lality is in danger of being 
>wded out by quantity in the 
bate over the future of the UK’s 
iversities. With student num- 
rs double the level of a decade 
o, ministers and universities 
[>uld focus more on m anagi n g 
pans ion and less on measuring 

Contrary to recent fears, 
m and for higher education is 
11 increasing. The number of 
iversity students enrolled for 
» current academic year is not 
niflcantly down on last year - 
jpite a fall of 4 per cent in the 

mber of 18-year-olds, who make 

the bulk of university entrants, 
lovrever. controversy about pre* 
e numbers has distracted atten- 
n from worrying evidence that 
* university system is under 
ain. Five years ago there were 
6 students for every lecturer, 
w there are 14. Despite this, the 
jportioti of students gaining 
st-class honours degrees has 
mi by 50 per cent over the last 
ade,* even when former poly- 
hnics are excluded. The Higher 
ucation Quality Council, the 
Iversities’ own self-regulatory 
iy, has found "little consistency 
1 much variation" between uni- 
'sities, and even between facul* 
< of the same universities, in 
methods used for classifying 
rrees, This points to a worrying 
itjon of standards, 

Vitb government encourage- 
nt, universities haw generated 
timnher of plans to improve 
dity assurance. They are deyei- 
ng new credit accumulation 
items, by which courses are 


assessed in separate units, and 
have proposed a more powerful 
system for monitoring standards. 

Such developments are wel- 
come, but they are only a start To 
safeguard quality, universities 
need to attract first-rate staff - 
many able graduates are deterred 
from entering academe by low sal- 
aries - and to foster diversity. 
Universities that specialise are 
more likely to achieve excellence. 

The most effective policy to safe- 
guard diversity is to ensure that 
former polytechnics focus primar- 
ily on teaching and training, roles 
they were performing well before 
acquiring their new status. Other 
universities should develop more 
specialised research interests. 

Ironically, the greatest obstacle 
to this at present is file govern- 
ment's funding system. It was 
intended to produce a handful of 
research-based universities. In 
practice, by tying foods to each 
university’s quality of research, it 
has encouraged precisely the 
opposite trend. Universities, fear- 
ing a loss of foods, have stepped 
up titefr research work, which has 

resulted in a wasteful duplication 
of effort across the system. 

Rather than continue to encour- 
age an unwarranted universafism, 
ministers should limit the number 
of universities allowed to compete 
for research funding. Competition 
for funding should continue, but 
only among a designated 20 or so 
universities. The list should not be 
cast in stone. But only by allo wing 
such a group to excel will the twin 
principles of expansion and excel- 
lence be maintained. 


F or more than a decade 
President Saddam Hus- 
sein has developed and 
practised his own per- 
sonal formula for politi- 
cal survival. Its twin pillars are the 
ruthless suppression of domestic 
opposition and the effective manip- 
ulation of self-created external 
threats. 

As the Iraqi leader has stumbled 
from One calamitous misjudgement 
to the next, those two policy ele- 
ments have become ever more criti- 
cal to his survival And both have 
been, and still are being exercised 
without regard to world opinion or 
changing International circum- 
stances. 

Mr Saddam’s renewed military 
threat to Kuwait fits neatly into the 
pattern that has evolved since Iraq 
embarked on its eight-year war with 
Iran in 1980. After modest initial 
successes, the war with Iran turned 
into a disaster, costing hundreds of 
thousands of lives and almost bank- 
rupting a once relatively prosperous 
economy. 

But the national struggle for sur- 
vival against the radical Islamic 
threat from Iran helped to ifeflfrt 
blame being attached to Mr Sad- 
dam. And far from being subdued 
by the tough economic conse- 
quences created by the war with 
Iran, Mr Saddam sought to recoup 
by invading Kuwait 
Again he massively misjudged. 
With yet more seriOUS nflnsgq nPT |rps 
for the people of Iraq. But the west- 
ern allies stood by as he snuffed out 
a rebellion in the south and only* 
belatedly prevented sraiiar action 
being taken against the Kurds in 
the north. Those twin threats to the 
national authority of Baghdad 
helped rally support for Mr Raddam 
from his main constituency in the 
central part of Iraq and part- 
icularly around his home town of 
Takrft 

However the Iraqi leader has been 
unable to escape from the impact of 
UN sanctions, imposed in 1990. Mr 
Saddam's immediate clique may 
still be living well, but his grudging 
compliance with UN Security Coun- 
cil resolutions dealing with the 
destruction and monitoring of 
weapons erf mag! dpsti-rartinr^ under- 
lines just how anxious he is to see 
sanctions lifted 

Recent statements from senior US 
officials, largely supported by 
Britain, show equally just how far 
Mr Saddam has still to go before 
they will support any such, moves 
on sanrfrfans 

The US administration believes 
that Iraq is still hiding Scud mis- 
siles and facilities fin* producing bio- 
logical weapons, and cites its 
unwillingness to recognise Kuwait’s 
UN-designated international border 
as further evidence of the regime's 
undiminished regional ambitions. 
In short, sanctions on Iraq will 
remain for the foreseeable future. 

Mr Saddam is thus left with the 
one option he is most practised at 
exercising: the threat of military 
force. But it is a threat that is in 
every sense much less potent than 
it was four years ago. 

Militarily Iraq has been greatly 


Saddam back to 
centre stage 

Iraq’s leader is the focus of world 
attention. But he may have made a serious 
misjudgement, says Roger Matthews 



Clinton has responded swiftly against the threat po6ed by Saddam, the region’s most dangerous political animal 


weakened, if not in manpower then 
certainly in terms of equipment, 
spares and ammimitmn. The inter- 
national alliance created to launch 
Operation Desert Storm in January 
1991 is still broadly in place and 
militarily will benefit from pre-posi- 
tioned equipment in Saudi Arabia 
and Kuwait 

Mr SflrtriaTTi mi gfrt have TmH some 

wrwMp for failing to gauge interna- 
tional reaction correctly in 1990. 
The Soviet Union had cr umb led, but 
the whole-hearted Russian support 
for the allied action in defence of 
Kuwait was not entirely predict- 
able. In 1990, the Arab-Israeli con- 
flict did sot look susceptible to reso- 
lution. «r>d there were other Middle 
Easton regimes and their popula- 
tions attre c t wi by the possibility of 
indirectly attacking US and Israeli 
interests in the region. 

Just how much this situation has 
changed can be seen from the 
stances of the Palestine liberation 
Organisation and of Jordan. Mr 


Yassir Arafat, the PLO chairman, 
gave initial support far the Iraqi 
invasion of Kuwait, and King Hus- 
sein was the most vigorous propo- 
nent of a negotiated settlement with 
the Iraqi regime. Today both men 
are locked into a peace process with 
Israel and both are welcome guests 
in the White House. Neither will 
easily sacrifice that, and initial 
reports suggest that they are under 
no domestic pressure to do so. 

Elsewhere in the Middle East, the 
realities of US diplomatic and mili- 
tary dominance, coupled with the 
possibility of a durable peace with 
Israel, have encouraged similar pol- 
icy shifts. 

Tunisia and Morocco, where sup- 
port for Iraq's invasion of Kuwait 
was evident among sections of the 
public, are on the road to establish- 
ing full diplomatic relations with 
Israel. The six members of the Gulf 
Co-operation Council (GCC) have 
begun to dismantle the Arab boy- 
cott Yemen, which was also sympa- 


thetic to Mr Saddam, has been fur- 
ther weakened by civil war, while 
Sudan is an Irritant limited to mar- 
ginal involvement in Islamic 

ftgLremfgm 

Meanwhile the stance of those 
Arab countries which supported the 
western-led affiance in 1990 appears 
to be largely unchanged, and per- 
haps even more solidly supportive. 
Syria, under president Hafez al-As- 
sad, says that it has made a strate- 
gic commitment to s eek peace with 
Israel and has not softened its 
long-standing hostility to the Iraqi 
regime. Egypt’s consistency 
remains unwavering, while the GCC 
states are predictably united in 
their determination, to do whatever 
is necessary to beat off any fresh 
threat from Iraq. 

There may even be benefits for 
the region’s main oil producers 
from Mr Saddam's latest threat of 
military action. The possibility of 
Iraq being allowed to resume 
exports was one of the main causes 


of the weakness in the ofl price, 
especially earlier this year. With 
Saudi Arabia and Kuwait both run- 
ning substantial budget deficits and 
committed to ambitious spending 
plans, a sustained weakness in the 
price of oil indicated difficult 
political decisions in the years 

ahead 

The maintenance erf UN sanctions 
against Iraq will not remove the 
need for those structural adjust- 
ments. but a firmer oil price should 
help to ease immediate budget pres- 
sures. This, in turn, will help to 
ensure that Saudi Arabia in particu- 
lar ffnqnw* its s ub s tanti al mili- 
tary and civil airliner procurement 
programmes. 

Against that must be set the costs 
of a new military build-up in the 
Guff. The US is likely to require a 
contribution from its regional allies 
whose ability to pay has been 
sharply reduced by the 1990-91 con- 
flict Saudi Arabia estimated that 
the Gulf war cost it same SSObn, or 
virtually its entire available 
reserves, which it has had no oppor- 
tunity to replenish. 

W hether any of these 
considerations 
tmptnge cm Mr Sad- 
dam's decision- 
making process is 
virtually impossible to know. By 
moving troops close to the border 
with Kuwait, the Iraqi leader has 
already cut the ground from under 
the feet of governments which 
would have liked to soften the hard- 
line US policy towards the contain- 
ment of the Iraqi regime. 

France aim Russia in particular 
had seen merit in offering the pros- 
pect of easing sanctions as a result 
of Iraqi compliance with the moni- 
toring of weapons production. 

Indications that Mr Saddam may 
be pulling back from the brink 
emerged last night when Mr Hamed 
Youssef Hummadi, the Iraqi minis- 
ter of information, claimed that 
“not one unit” had been moved and 
suggested that talk of a build-up of 
troops was a “total fabrication by 
the US". 

Mr Saddam has several times in 
the past purged incipient rebellions 
with his officer corps, but even bis 
Iron political control of the army 
might be tested by a decision to 
order troops into a certain repeat of 
the Desert Storm experience. 

The Iraqi leader’s next move will 
depend largely an haw fragile he 
believes his domestic position to be. 
He may calculate that he has lost 
nothing by provoking an interna- 
tional crisis, because sanctions were 
not going to be lifted anyway. 

At the same time, Mr Saddam is 
bade at the centre of world atten- 
tion where he most wishes to be. 
That might be enough for the time 
being. 

But President Clinton and his 
allies are wise to prepare for the 
possibility of military action. Mr 
Saddam was a dangerous political 
animal when at least some of the 
chips were stacked in his favour. He 
is unlikely to be less dangerous now 
that he feels he has little more to 
lose. 


Mark Nicholson and Edward Mortimer explain the internal pressures driving the president 

Dread of routine misery 


W hatever the reel threat 
to Kuwait posed by 
President Saddam 
Hussein's troop 
butid-iip, there can be little doubt 
that he has mounted this defiant 
show of force partly to deal with a 
domestic threat to Ids own regime. 

The timing of the build-up is 
dearly related to discussion in fire 
UN Security Council on earing the 
sanctions imposed four years ago, 
especially the ban on ofl sales. 

It seems likely that Mr Saddam 
hopes, by staging a crisis and gen- 
erating criticism of US “belliger- 
ence" at home and abroad, to per- 
suade the US to strike a deal, 
lifting sanctions in exchange for 
Iraqi recognition of Kuwait within 
Its UN-designated borders. 

However, Mr Saddam’s domestic 
audience is as important to h™ as 
tire international one. Many observ- 
ers believe file past year has seen a 
significant shift among ordinary 
Iraqis and in the army towards 


bl amin g Mr Saddam for the grave 
suffering sanctions have wrought. 

Mr Saddam himself took formal 
control of the government in May. 
Since then, official food rations, on 
which the majority of the popula- 
tion depends, have been halved, 
and barbarous penalties of amputa- 
tion and branding (most of them 
without any base in Islamic law) 
have been introduced for hoarders 
and black marketeers. 

Mr Saddam* and Us cabal of SO or 
so executive leaders, almost all 
from his own Tlkriti clan, or 
related to it by marriage, have for 
the last four years blamed Iraq’s 
plight on a hostile conspiracy, 
hatched in Washington and London 
and enforced by a “hijacked” UN. 

Bnt according to Mr Anoush 
Ehteshami, senior lecturer in Mid- 
dle East studies at Durham Univer- 


sity, the entire fabric of Iraqi soci- 
ety is “unravelling" because of the 
impoverishment of Iraq's middle 
classes, the increasing inability of 
the state to provide basic nutrition 
and health, and the climate of polit- 
ical fear and repression. Mr Sad- 
dam, he says, “is seeing the whole 
state crumble away at the edges". 

Mr Ehteshami points especially 
at an apparent erosion of support 
for Mr Saddam in the regular army. 
The flow of desertions has acceler- 
ated in recent months, with opposi- 
tion sources claiming it to be as 
high as 40 per cent. Except for elite 
units such as the Presidential and 
Republican Guards, Mr Saddam’s 
emptying coffers have not been 
able to maintain the army at the 
privileged level of pay and perks to 
which it is accustom e d. 

“Much of the military is begin- 


ning to link up, through shared 
poverty, with civfl society." says 
Mr Ehteshami “And among both 
there is increasingly the view that 
nothing will change while Saddam 
is in power." 

Whether disgruntled army offi- 
cers could rise up and overthrow 
Mr Saddam is doubtful. Repeated 
rumours of coup a tte m pts since the 
Gulf war have mostly been fol- 
lowed fry rumours of purges and 
disappearances among the senior 
ranks, while Mr Saddam and his 
close-knit ruling clique have con- 
tinued to rit tight 

This spring, however, there 
appeared to be a serious rift in the 
clique, when members of the hith- 
erto powerful Dari clan were dis- 
missed. Since then, opposition 
sources have detected signs that 
even closer allies, such as the 


defence minister, AH Majid, 

are under suspicion. More and 
more, power is vested in Mr Sad- 
dam’s two sons, Udeh and Qanssy. 

One explanation for this week’s 
large military deployment is that 
Mr Saddam felt tire need to occupy 
the army in a distracting adven- 
ture. At the same time, by forcing 
an international crisis and the 
arrival in the Gulf of tens of thou- 
sands of US troops, the Iraqi leader 
may hope he can refocus attention 
inside and outside the country cm 
the alleged US and western-led 
“conspiracy" . 

“What Saddam dreads most is 
this feeling among Iraqis of routine 
misery foe* life under b an 
become tedious and unpleasant," 
says Mr Charles Tripp) a lecturer in 
Middle East politics at the School 
of Oriental and African Studies in 
London. 

An external crisis provides a note 
of drama, and enables Mr 
to strike a "heroic" pose. 


Observer 


Powerless 

lunchers 

■ Once they buzzed like bees round 
ahoneypot; now they’re all too 
busy. To have lunch with Baroness 
Thatcher, that is, during her 
fleeting visit to the Tory conference. 

John Major win share a cup of 
coffee with her, before she waltzes 
on to the conference platform - 
though is otherwise engaged for 
lunch. So too it seems are most 
other senior government members. 
Nothing of course to do with the 
latest stories about her son Mark. 

Her media and business friends 
have more spare time. Sunday 
Telegraph editor Charles Moore, Sir 
James Goldsmith, and TIN'S Dame 
Susan Tinson are on the guest list 
Probable menu: pawn cocktail; 
roast beef of old-fashioned England 
(with envious greens): sour grapes 
and hard cheese to follow. 

Will Sir Basil Feldman, Tory 
grandee and conference organiser, 
be welcome? Surely not Greeting 
the press, be recalled that 
Bournemouth “has many happy 
memories". Forgetting, surely, that 
in Bournemouth 1990 the party 
prepared to ditch Lady Thatcher, 
who was gone within weeks. 


Toy town 


■ Meanwhile, Edwina Currie, 
ex-Tory minister and sometime 
author, has been causing a bit of a 


stir. Will she turn up at 
Bournemouth with the new love of 
her life, her “toy boy called Otto” 
Apparently, the object erf her 
af fec tions has a “very sexy” behind. 

Don’t panic. It’s not another 
scandal sloshing across the bows of 
tugboat Tory. Otto is Currie’s new 
car, a blue Toyota MR2. She told the 
newspaper Scotland on Sunday that 
Otto “is my treat to myself as IVe 
worked hard for my money and [is 
also] my consolation prize for not 
winning the European election in 
June”. Any other Tories planning to 
follow her example? Given current 
poll performances. Toyota sales 
could do very well indeed in 1997 .. . 


Stepping out 

■ A new star is about to take her 
bow in London's diplomatic round. 
Noemi Santo, Colombia's new 
ambassador. Is a conservative 
politician from Medellin who 
enlivened marry a dreary Latin 
American summit to her last job as 
Colombia's foreign minister. 

The London posting, which she 
will take up after completing a 
course to English, is seen by some 
as just a stepping stone to her 
nltimntft goal nf hognnrmj * 
Cotambfa's pre side nt. So as well as 
being out to refurbish her country’s 
image as a land of drug traffickers, 
she will be keen to have lots cf 
interesting photo-opportunities 
beamed back to Bogota as evidence 

No doubt Tristan Garel-Jones, the 



former foreign office minister and 
ardent admir er of Ms Sanin and her 
country, can be counted on to make 
the right introductions. 


Not tonight 

■ Sexual politics are taking on a 
new meaning in the run-up to 
Germany’s el e ctio ns . According to 
the German version of Playboy 

magazine, there is a strong 

correlation between voting and 
matin g habits. Polling scene L300 
people, the mag discovered that 
more than 50 per cent of Christian 
Democrat voters record having sex 
once a month or less. Germany's 


most sexually active voters are to 
be found in the reformed 
communist Party of Democratic 
Socialism; 20 per cent reckon they 
have sex at least once a day. Is that 
why they have no chance trf 
forming the next government? 


Full stop 

■ So the greatest living novelist 
isn’t going after all? The reason 
why Lord Archer is not at the 
Conservative party conference, says 
Jeremy Hanley, party chairman, is 
that the millionaire author is far 
too busy in the House of Lords, 
where labour's front bench 
yesterday demanded publication of 
the Department of Trade and 
Industry’s report into Anglia TV 
share dealing, which gave Lord 
Archer star billing. 

But no. he wasn't there either. 
The plot curdles. 


Scholarly sandwich 

■ Bully for St Edmund’s College; it 
can take a joke. Observer recently 
mentioned that England's oldest 
Roman Catholic school wants 
planning permission for a petrol 
station/roadside cafe, and suggested 
it might exchange its motto - Anita 
pro fide (for the ancient faith) - for 
a more contemporary version, like 
“KITer up". 

Donald McEwan. St Edmund’s 
headmaster, argues: “Surely it 

should be in T-afin , am) not the 


fract u red Rn gHsh you suggest.” 

He offers three options. Tu das 
escam in tempore opportimo - “you 
fill them up at the necessary 
moment” - is a little verbose. Mens 
sana m vefnculo sano - “a healthy 
•mfnri in a healthy vehicle" - is a 
touch obvious. But Corwivafettx - 
“happy eater” - has the snappy 
rin g nf rflimmarrialism. 


Johnny come lately 

■ Rip van Winkle revisited? An 
advertisement in yesterday's FT 
from South African mining house 
Johannesburg Consolidated talked 
about a gross dividend for UK 
“Income and Surtax purposes". Did 
not Anthony Barber abolish surtax 
in the 1973 Finance Act? Perhaps it 
is a very subtle Budget leak. 


Soft bofled 

■ Knock Knock. Who’s there? 
Egbert Egbert who? Egbert no 
bacon. 

Try cracking that joke next time 
you take the Eurostar express train 
service, which from nest month 
starts taking travellers through the 
Channel tumtel. Anyone lucky 
entmg h to make the trip will find no 
fried eggs and bacon, a traditional 
feature of British Rail's early 
morning journeys. The catere r s are 
unable to keep fried food hot, so 
international passengers will have 
to make do with scrambled eggs. 
Cracking good service. 





SHEEHFHAME 

Specified 

Worldwide 


Tel: 0773 8B2311 


FINANCIAL TIMES 

Tuesday October 11 1994 




Cedras quits as Haitian 
leader and accepts exile 


By Ted Bardacke 
in Pod-w- Prince 


Lt General Raoul Cedras, bead of 
Haiti's military government, yes- 
terday resigned and announced 
his exile, paving the way .for the 
return of President Jean-Ber- 
trand Aristide, the man he over- 
threw in a bloody coup in 1991. 

Mr Aristide's supporters imme- 
diately took to the streets of the 
capital Port-au-Prince to cele 
brate, forcing the US military to 
protect the departing Haitian 
leader and his family. 

At a public ceremony on the 
steps of military headquarters, Lt 
Gen Cedras attempted to leave 
power in a dignified manner, 
handing over no minal control of 
the armed forces and police to his 
second-in-command. General 
Jean-Claude Duperval. as a 40- 
piece military band played the 
military's battle anthem. 

But the thousands of Aristide 
supporters who gathered turned 
the ceremony into a farce, sing- 
ing anti-military songs to the 
band's tune. Much of Lt Gen C6d- 


Gettmg aid in Haiti to those 
in need Page 7 


ras’s speech was drowned out by 
chants of “Aristide is coming 
back, C§dras is going to eat sew- 
age" and the noise of US military 
helicopters circling overhead. 

General Henry Shelton, com- 
mander of the 17.000 US forces on 
the ground in Haiti, oversaw the 
ceremony, escorting Lt Gen Ced- 
ras to the podium while US 
troops kept screaming Aristide 
supporters at bay. 

Crowds later surged around Lt 
Gen Cedras's departing convoy, 
throwing stones and pounding 
vehicles before scattering amid 
two bursts of automatic weapons 
fire from within the convoy. 

"I choose to leave the country 
because my presence could be a 
pretext for unjustifiable acts," Lt 
Gen Cedras said. There was no 
immediate announcement of 
which country would give refuge 
to him but US embassy officials 
mentioned Panama. Argentina 


and Spain as possible destina- 
tions. 

US officials said they believed 
Gen Duperval would only be a 
caretaker, relinquishing power 
when Mr Aristide nominates a 
new head of the military on his 
return, probably on Saturday. 
Five Haitian colonels met Mr 
Aristide last week in Washington 
to discuss the issue of civilian 
control of the military. 

The resignation follows two 
days of meetings with US offi- 
cials. including Mr William 
Perry, defence secretary, and Gen 
Shelton. Lt Gen Cedras's safety 
after he stepped down was dis- 
cussed together with ways of 
tackling the country's week-long 
power vacuum. 

Over the next few days, US 
forces will be under pressure 
to protect both pro-Aristide 
rallies, sure to increase as the 
population prepares for the 
return of the president, and 
members of the Haitian mili tary. 
Which is in disar ray but under 
unusual orders not to fire on 

Haitians. 


Baroness 
Thatcher 
denies any 
impropriety 
in arms deal 


By Kevin Brawn, Robert Peston, 
Wiliam Lewis and Jimmy Bums 


German employers set tough 
terms for wage negotiations 


By Quentin P eel in Bonn 


Germany’s engineering 
employers called yesterday for 
the planned 35-hour week in the 
industry to be renegotiated as 
part of a package to save jobs 
and cut costs. 

In a preemptive move on the 
eve of the annual wage demand 
from IG Metall, the engineering 
workers' union, the employers 
served notice that cost-cutting 
remains the priority for an indus- 
try still reeling from last year’s 
economic downturn. 

The union is expected to file a 
claim for a wage rise above infla- 
tion rate, to compensate for real 
pay cuts over the past year and 
reflect a productivity increase 
forecast at more than 3 per cent 

The employers’ move to rene- 
gotiate the 35-hour week, the 
hardest-fought achievement of 
the engineering workers in 


recent years, seems certain to 
infiiriate the union leaders, who 
accepted a virtual pay freeze for 
their members last year. 

But Mr Haps- Joachim Gotts - 
choL president of Gesamtmetal). 
the engineering employers' feder- 
ation, warned yesterday: “The 
shortening of the working week 
limits the room for any wage 
increase.” The planned 35-hour 
week, due to come into effect in 
October 1995, should be renegoti- 
ated as part of a package aimed 
at more flexible working prac- 
tices and an overall cut in costs. 

Mr Gottschol said that redun- 
dancies in the engineering indus- 
try, which were running at 30,000 
a month last year, had finall y 
halted, not least thanks to the job 
security deal involved in last 
year’s pay settlement That deal 
allowed employers to put staff on 
to short-time working on reduced 
pay as an alternative to 


outright redundancies. 

His five-point plan involves 
extending the current deal on 
short-time working and job secu- 
rity. farther cost-cutting, renego- 
tiating the 35-hour week, negotia- 
ting a special deal to employ the 
long-term unemployed, and seek- 
ing more flexibility in wages to 
relieve small and medium-sized 
enterprises. 

The number of short-time 
workers in the Industry has now 
sunk from 750,000 at the low 
point of the recession in 1993 to 
80.000 today. Mr Gottschol said. 
He forecast a growth rate of 3-4 
per cent in the electrical and 
mechanical engineering industry 
as a whole in 1994, but warned 
that the effects of the recovery 
were very patchy. 

Since mid-1991. 750,000 jobs had 
been lost in west German engi- 
neering because of pressure of 
costs and loss of orders. 


Iraq crisis I Fall in rouble accelerates 


Continued from Page I 


Continued from Page 1 


Andrei Kozyrev, Russia’s foreign 
minister, said that he was 
holding “dose contacts" in the 
Security Council and that "there 
is still enough room for diplo- 
macy”- 

Oti markets have reacted 
calmly to the tension. Although 
prices showed some nervousness 
at the opening yesterday, they 
quickly settled down and showed 
little change from the close on 
Friday. 

“The markets are treating this 
as a non-event," said Mr Joseph 
Stanislaw. of Cambridge Energy 
Research Associates in Paris. 


more when translated back into 
roubles. 

The rouble fell should also 
increase competitiveness of Rus- 
sian exports and give domesti- 
cally made goods a price advan- 
tage over imports. 

However, the rouble’s fall is 
damaging the government’s 
domestic economic credibility as 
queues lengthen outside cur- 
rency exchange points and the 
rising price of imported goods 
hurts Russian consumers. 

Trading on the Moscow inter- 
bank currency exchange, with 
only thin liquidity, has proved 


highly volatile, with even small 
trades having a big impact on 
the rouble’s value. But the rou- 
ble's fall has been on an acceler- 
ating trend. Id July it had fallen 
3.1 per cent against the dollar; in 
August, 4.5 pm* cent; in Septem- 
ber, 17.8 per cent; and in the 
first few days of October IRS per 
cent. Since the start of the year 
the rouble has fallen from 1,247 
to 3,081 against the dollar. 

One western economist in 
Moscow said of the rouble's fell: 
“It does not end reform and 
attempts at stabilisation. The 
problem Is not so much the fell 
itself - which is perhaps justi- 
fied - but the speed of the fell." 


I Baroness Thatcher yesterday 
denied there was any financial 
impropriety in the £20bn 
($3L6bn) A1 Y amamah arms con- 
i tract with Saudi Arabia which 
she helped to win. She was 
responding to allegations that 
her son, Mr Mark Thatcher, 
received millions of pounds in 
commissions on the deaL 

Mr Thatcher glso insisted that 
he Had “made no money" from 
the UK’s biggest defence con- 
tract as the Conservative party 
chairman, Mr Jeremy Hanley, 
tried to prevent the affair over- 
shadowing his party’s annual 
conference. 

Amid growing concern among 
senior ministers. Mr Hanley 
rejected Labour calls for a public 
inquiry, but the allegations 
could be investigated by Sir 
Robin Butler, the cabinet secre- 
tary. 

Mr Thatcher would not elabo- 
rate on his role in the ne gntia. 
tions. However, he has told 
friends that his current net 
worth is si gnificant ly less than 
the he is alleged to have 
received from Sau d i Ar abia 

Lady Thatcher, who was prime 
Tninistar when the first part of 
the deal was signed in 1985, 
defended the the negotiations in 
terms which appeared dig ue d 
to rule out any further allega- 
tions against those involved, 
innhidinp Mr Thatcher. 

“Lady Thatcher is absolutely 
satisfied that the A1 Yamamah 
contract was properly negotiated 
between the governments of 
Saudi Arabia and the UK," her 
statement said. 

However, a former Ministry of 
Defence official closely involved 
in the negotiations said: “Mark 
certainly tried to generate the 
impression that he had influence 
[over the possible outcome of the 
A1 Yamamah talks].” 

The main beneficiary of the deal, 
which was signed by the two gov- 
ernments, was British Aerospace, 
the defence and aviation group. 

Sir Raymond Lygo, BAe’s man- 
aging director at the time, said 
that Mrs Thatcher's personal 
intervention in the negotiations 
had been crucial to the UK’s win- 
ning the deal against stiff opposi- 
tion from France. 

He added: “She intervened at 
our (BAe’s] request. We went into 
Downing Street and asked 
whether the prime minister could 
he diverted to drop in [to Saudi 
Arabia]”- He was not aware that 
Mr Thatcher played any role in 
persuading his wither to become 
involved. 

Mr Hanley, asked whether Mr 
Thatcher's reported role in the 
deal breached the rules and pro- 
cedures for ministers - the ethi- 
cal guidelines issued to ministers 
on appointment - said: “If that is 

the alleg ation then the nahtmrt 

secretary would be the proper 
authority." 


FT WEATHER GUIDE 


Europe today 


High pressure will slowly dissipate over the 
west ol the continent allowing conditions to 
deteriorate. 

Cooler air moving over the northern North Sea 
will cause light rain over northern Britain. 
Meanwhile, a disturbance moving north-east 
over France into the Benelux and Germany will 
bring rain to southern England, the Channel 
and Belgium. Central Germany may have some 
rain later as well. However, northern Germany 
and the northern Benelux win stay sunny and 
dry. Further south, rain will linger near the 
north-east coast of Spain. Italy will be dry. 
calm and rather sunny. Thundery showers will 
move from Greece into south-western Turkey. 

Five-day forecast 

Some rain is expected on Wednesday over 

parts of Germany, France and the Alps but 
high pressure will return over central Europe 
and Britain, bringing calm and mainly dry 
weather on Thursday and Friday. During the 
weekend, cooler and more unstable air will 
start moving south over the North Sea. The 
western Mediterranean will become drier 
towards the weekend. A series of active 
depressions will cause changeable conditions 
over Scandinavia. 






10 30 V l 


^ T3 






io 













Wind spndinKPH 


• 39 . t 

' : v* r* 


I TEMPERATURES 


Situation at 13 GMT. Tampemurgs maximum for day. Forecasts by Metso OonaJt ol the Netheriends 



Maximum 

Be png 

shower 

19 

Caracas 

thund 

32 

Faro 


Celsius 

Belfast 

cloudy 

15 

Cardiff 

shower 

15 

Frankfurt 

Abu Dhabi 

sun 

34 

Belgrade 

sun 

15 

Casablanca 

sun 

24 

Geneva 

Accra 

far 

32 

Baffin 

fair 

14 

Chicago 

sun 

17 

Gflxatar 

Algiers 

lair 

28 

Bermuda 

dowdy 

29 

Cologne 

fair 

19 

Glasgow 

Amsterdam 

sun 

17 

Bogota 

drsl 

18 

Dakar 

sun 

30 

Ham bum 

Athera 

fair 

25 

Bombay 

fair 

33 

Doflaa 

fair 

26 

Helsinki 

Atlanta 

mm 

16 

Brussels 

shower 

18 

DeH 

3U> 

35 

Hong Kong 

B. Aina 

drztf 

18 

Budapest 

SU1 

13 

Dubai 

SU1 

3a 

HoreXuhj 

B.ham 

fair 

15 

C-hogen 

fair 

13 

Dublin 

fair 

16 

Istanbul 

Bangkok 

fair 

36 

Calm 

Sun 

33 

Dubrovnik 

sun 

23 

Jakarta 

Barcelona 

thund 

22 

Capo Town 

sun 

22 

Edinburgh 

fair 

17 

Jersey 


The airline for people who fly to work. 


Lufthansa 


Karachi 

Kuwait 

L Angeles 

Lot Palmas 

Lima 

Lisbon 

London 

UKbaug 

Lyon 

Madeira 


23 Madrid 
18 Majorca 

15 Marta 

24 M an c h est e r 

16 Mania 

14 Melbourne 
8 Mexico City 

32 Miami 
30 Mten 

21 Montreal 

33 Moscow 

16 Munich 
38 Nairobi 
37 Naples 
28 Nassau 
26 New York 

22 Nice 

23 Mercia 

15 Oslo 

17 Pads 
21 Perth 

25 Prague 


22 Rangoon 

24 Reykjavik 

25 Rio 
17 Rome 
33 S. Fraco 
17 Seod 

21 Singapore 
32 Stockholm 

20 Strasboixg 
11 Sydney 
15 Tangier 
14 Tei Aviv 
28 Tokyo 

24 Toronto 
31 Vancouver 
13 Venice 

21 Vienna 
35 Warsaw 

11 Washington 
17 WetBngtan 
24 Wi nn ipeg 
13 Zurich 


fair 34 
rain 5 


sun 28 
Mr 23 


sun 24 
rain 22 


cloudy 33 
cloudy 10 
shower 18 
dowdy 21 
sun 23 
sun 35 
rah 24 
sun 10 
f* 11 
Uk 18 
sun 13 
sftotrer 11 
ail 17 
shower 11 
cloudy 11 
18 


THE LEX COLUMN 


Lucas limbers up 


Provisions on the scale of those 
announced yesterday by Lucas indus- 
tries do not normally trigger a 
euphoric stock-market reaction, espe- 
cially when the company concerned 
last pushed through a chunky 
restructuring provision only two years 
ago. But, after his achievements at 
Rover investors have faith in Mr 
George Simpson, believing that his 
strategy, and the sheer scale of the 
provisions, imply a genuine break 
with Lucas’s accident-prone pa st. 

If the provisions were bigger than 
expected, so was the increase in 
underlying profits and sales. Encour- 
aging, for example, was the 13 per cent 
increase in automotive turnover, 
achieved despite the modest pace of 
recovery In the European car industry. 
Operating profits for this business seg- 
ment nearly doubled. Even so, mar- 
gins here are a meagre 5 per cent 
Lucas arms to raise tham to at least 9 
per cent, which it earned at the top of 
the previous cycle, but this will be no 
easy task. 

Cost-cutting will help, but the path 
to robust margins - across the Lucas 
group as a whole - requires the 
patient development of new products 
and strategic alliances. In this respect 
Lucas looks a long way behind com- 
petitors such as Bosch, Valeo or GKN 
in the race to become one of the select 
band of favoured suppliers to the auto- 
mobile industry. 

If any manager ran induce Lucas to 
catch up, it is Mr Simpson. But the 
shares are taking a great deal for 
granted. They stand on a multiple of 
18 -5 times 1994-95 earnings, based on 
consensus forecasts, and yield little 
more than the market average. This 
looks demanding, especially as the 
prospects for a bid will be diminished 
by Lucas’s determination to put its 
own house in order. 


FT-SE Index: 3032.3 (+33.6) 


Industrlea 


SiWBprice relative to the 
FP43E-A Engineering, Vehicles indent 
110. .! — — - — : — ' 



1992 ' 

SOWS* FT 


earnings, is no steal, but at a small 
discount to net asset value looks rea- 
sonable. As for debt, Sappi could be 
accused of recklessness in taking on 
such large sums so late in the US 
cycle. However, cash flow prospects 
are promising. The coated sector, 
plagued by overcapacity, has lagged 
other paper grades, but US prices bot- 
tomed in July, and since then two 
increases have been announced and 
achieved. Little additional capacity is 
under construction to undermine fur- 
ther rises. With the prospect of vol- 
ume growth, escalating prices, and the 
promise of further cost savings. Sappi 
should quickly reduce its debt burden. 

While Sappi may celebrate, for Arjo 
Wiggins Appleton the South Africans’ 
success is a setback. The Franco-Brit- 
ish group had made no secret of its 
desire to acquire elements of SJD. War- 
ren. Yet a gain , financial constraints OT 
lack of nerve has held back the 
group's industrial progress. Restraint 
can be a strength, but timidity is a 
serious manag ement weakness. 


certainly support this view. The essen- 
tial point is that consumers stfll seem 
price conscious. If they are borrowing, 
it is certainly not yet to finan c e a 
spending spree in which cost is no 
object While that holds true, there is 
less to worry about from the large 
increase in producer input prices. No 
doubt last month's base rate increase 
was a warning shot across the bows of 
companies thinking of trying to pass 
on hi ghe r costs of raw materials, but 
it remains quite difficult for them to 
do so anyway. 

The art for the authorities will be to 
tighten policy just enough to keep op 
that pressure without stifling demand 
altogether. The slight underlying 
acceleration in the rate at which pro- 
ducer output prices are now rising 
suggests the base rate move was 
timely. Gilts should take comfort from 
the fact that, though Mr Clarke 
needed some persuading to make his 
pre-emptive strike, at least be acted in 
the end. 


Sappi 

Sappi’s $l-6bn acquisition of Scott's 
coated paper subsidiary, SD. Warren, 
is the largest US transaction struck by 
a South African company. Such Heals 
will proliferate as compatriot compa- 
nies take advantage of their country’s 
International rehabilitation to reduce 
dependence on the domestic market 

Given the recent inexperience of 
South African groups, Sappi’s strat- 
egy, the price it paid and Its ability to 
reduce debt require special scrutiny. 
The str ate gy looks valid; Sappi will 
now be world leader in coated paper, 
the industry’s fastest growing seg- 
ment The price, at 15 times historic 


UK economy 

The record monthly increase in con- 
sumer credit in August appears to 
give the lie to the idea that consumers 
are feeling glum. But the latest figures 
sit oddly with signs of weakness from 
confidence surveys, as well as sluggish 
retail sales and the stagnating housing 
market So one should perhaps take 
the consumer credit data with a pinch 
of salt Not only do the data fluctuate 
widely from one month to the next* 
Increased borrowing could be due to 
cheap credit offered by retailers to 
help move their stocks. The Interim 
results from the clearing hanks would 


Oil 

Saddam Hussein may be backing 
down from a Gulf confrontation, but 
that is not necessarily bearish for ; 
erode prices. Since the US has gone to 1 
the expense of mobilisation, it is . 
unlikely to reward Saddam by swiftly 
lifting the embargo on Iraqi oil 
exports. There should also be less 
pressure on the a dminis tration to 
snffrm its line from Russia, China and 
France. If the embargo is not lifted 
next year, it could last beyond 1996. 
President Bill Clinton will not wish to 
give the appearance of caving in to 
Saddam in an election year. 

As important as what happens in 
Iraq is the picture of world demand 
and supply. This year demand outside 
the former Soviet Union, where eco- 
nomic activity has collapsed, looks set ! 
to grow by nearly 3 per cent. Much of I 
the growth has come from the US. 
That growth in US demand could slow 
down as its economy responds to 
higher interest rates, but this is likely 
to be more than offset by growth in 
continental Europe and Japan. 

Meanwhile, supply remains tight. 
Opec shows every sign of maintaining 
production discipline. Saudi Arabia, 
Kuwait and Iran have all indicated 
that this year’s quotas should be 
rolled over when the cartel next meets 
In November. A combination of grow- 
ing demand and tight supply would 
have predictable effects. Any dip In 
crude prices if the Iraqi crisis is indeed 
resolved is likely to be temporary. 






mSMSSmt 


•a/ > ‘ v-, •W/ 


tam 


mmm 


mss 




SIMS. 


< K.. 


* -Iti; i * 











INVESTMENT BANKING, FROM 



!or 


rhe 








19 


\ 


■ ... 


_r 



BARR 


Expanding by Contracting 


Telephone Ayr (0252) 231311 


★ 

FINANCIAL TIMES 

COMPANIES & MARKETS 

©THE FINANCIAL TIMES LIMITED 1994 Tuesday October 11 1994 


Mercedes 

Rental 


Available from only 
£64 per day at your 
nearest dealer 



IN BRIEF 


Strong gains for 
Kemira chemicals 

Kemira, the Finnish state-owned rhemes group, 
yesterday announced a strong improvement in 
interim pre-tax profits ahead of the international 
share issue which it launches next week. Page 20 

CrAdtt Lyonnais chases bad loans 

Credit Lyonnais hopes by the end of next year to 
recover some FFrI2bn <$2.27bn) of its total FFr70bn 
worth of doubtful loans for which provisions have 
been made, Ur Jean Peyrelevade, chairman, 
yesterday. Page 20 

Four Polish banks plan merger 

The consolidation of Poland’s .fragmented banking 
sector moved forward yesterday when four state- 
owned banks signed a letter of intent to merge their 
^ operations. Page 20 

’ Thai power group announces float 

Electricity Generating Co (Egco), which is poised to 
become Thailand’s first privatised power company 
after months of delays, will launch a roadshow next 
week to publicise its flotation. Bangkok stockbro- 
kers said yesterday that the company should com- 
plete its initial public offering in November. 

Page 23 

Lower metal prices hit Alcoa Australia 

Alcoa of Australia, the integrated aluminium group, 
has suffered a 35 per cent slide in net earning s for 
the nine months to September, reflecting the com- 
bined effect of lower metal prices and a strengthen- 
ing Australian dollar. Page 23 

JapcoMM banks return to their roots 

At a time when Japan's leading commercial banka 
are suffering from mounting bad loans and weak 
demand for loans, the country's regional banka are 
finding business growth in their local provinces. 
Page 22 

Longoet favours Renault link 

Mr Gfirard Longoet, the French industry minister, 
said yesterday that he favoured closer links 
between Renault, the state-owned motor group, and 
Mercedes-Benz of Germany. Page 21 

Dow Jones HRs income 14% 

Dow Jones, the US media group that publishes the 
Wall Street Journal, lifted net income by 14 per cent 
to $33.7m in the third quarter to September, helped 
by a big increase in revenues from its electronic 
information services division. Page 21 

French ministry to aid Euracopter 

French defence ministry is to speed up FFrSOOm 
(5151.51m) of its planned purchases from Eurocopter 
'> to stem financial and job losses at the Franco-Ger- 
man helicopter joint venture, Mr Jean-FTanpois 
Bigay, Eurocopter president, said yesterday. 

Page 21 

Stanhope faffs to dhpd CRjr gloom 

Stanhope’s share price fell 28 per cent yesterday, 
after the heavily indebted property developer 
revealed that potential rescuers were unlikely to 
match last Friday’s depressed share price. Page 26 

Clinton expands In time for Christmas 

Clinton Cards added 86 shops to its chain of 277 
greeting card and gift stores in a £&5m (55.53m) 
purchase. Page 28 


Companies In this Issue 


Alcoa Australia 
Akjomo Sted 
Aigert 

Banco Santander 

Bonk Depojytowo 

Bank Zachodni 
Beales Hunter 
Btagden 
Bote-Wessanen 
Bourne End Praps 
Gampnri'M&ma 

Cfcnton Cards 
CrMtt Lyomara 
Development Secs 
Oortng Kmderstey 
Dow Jones 
Eastern Group 
Egco 

Bys (Wimbledon) 

Eurocoptrr 

FftCft 

Gartmore Bnt Trust 
Gddamtfts 
Gnsipe Danone 
Hamtays 


23 

H®Bft of MttSo&nan 

26 

23 

IMI Yorkshire ABoys 

27 

26 

JP. Morgan 

1**1 

22 

Jones Group 

27 


Kamka 

20 

20 

Kone 

19 | 

20 

Lucas Industries 

19 ! 

20 

Lufthansa 

19 

27 

MAN Roland 

19 

23 

Malayan Banking Corp 

22 

27 

Manganese Bronza 

29 

23 

Mercedes-Benz 

a 

M 

M0D0 

22 

on 

Montgomery Bevator 

19 

£V 

Non** 

26 

26 

Ontario Hydra 

21 

28 

Outokumpu 

21 

21 

Pomotskl Bank 

20 

27 

Powsrechny Bank 

20 

23 

Regent Corp 

26 

27 

Renault 

21 

21 

Scotish Bank. 

20 

4te 6 

90 

Singapore Aerospace 

22 

40 

Stanhope 

26 

27 

Toy Homes 

27 

27 

Tiptoe* 

20 

22 

Tunstatf 

27 

27 

Worms 

20 


Market Statistics 

fAntnat wflUs sbwm a 
BaBftmak Gov! bonds 
Bond futures and options 
Bond prtrtS and y»Kfs 

Cp Mm odfcw pness 
Dnwtond* anoounad, UK 
fie currency rates 
V unbend pnees 
Ffeod tmmfrt -ntfees 
FT-A WtuW tofcei 
KI QoW Ifcnn index 
FTfiWL M tWKl Stc 
FT-St Acwanw www 


32£3 Foreign exchange 
M Gilts pness 

M Lite oqoity CfttkW 
2< London store service 

30 London waepfons 

® MaBaged tunfe eorvteB 
* Money matfota 
2 Hew Ml tond tews 
3j Recent issues. UK 
3, Shott-wm tat Mbs 
24 US MbtcS rates 

31 wand Stock tortutt 


36 

M 

SI 

32A3 

31 

34-39 

36 

2 * 

31 

36 
24 

37 


Chief price changes yesterday 


nwsuawmmsi 


TO«M 

fltw 

ISt 

♦ 

10 

AsJji 

MB 

+ 

SB 

DruUmOMl 

TUBS 

* 

ias 

IMN 

4BB 

*■ 

19 

■fcpftm* 

155 

• 

161 



* 

155 

MW YORK tta 



Msm 

M'l 

Ui'li 


14 

m 

Vrw 

Cisscau 

♦ 

♦ 

Orti Wfl 

45't 

♦ 



NKranTtcft 

35* 


2 

SMBftper 

63H 

■V 

21* 

T*-CBmm* 

Minim 

Msm 

274 

* 

lit 

Dune me Comp 

S14 

♦ 

186 

car 

1120 

* 

48 

Mb; Meade 

355 

+ 

15 

was 

43r 

♦ 

18 

SneWe Gtmal 
IW8* 

SS6 

♦ 

25 

HUM 

430 

“ 

1T2 


York P*te* * Tokyo ctowd. 


LOMPOM y — cri 


32 

317 

t» 

17 

.rw 

u 

47 

44d 

«r 

as 

14 1> 


tr»M 
np*»i lyadA 

msewIM* 

umneNn 

OTKiMn 

OnSRwnr 

Mflinf 1 

-Vl* : 




Stott Veer cut 

335 

+ 

11 

* 


Sanaa amt 

267 

t 

9 

* 

ID 

1# Homes 

163 

* 

12 

• 

*3* 

vsn 

1305 

* 

30 

+ 

31 

mftBtum 

93 

* 

6 

4 

2 

whubSCj 

510 

♦ 

23 

♦ 

A 

3 

MtoweWrtr 

536 

* 

IT 

* 

TS 

VMM 




♦ 

17 

man 

I4h 

- 

2 

4 

13 

Trt 

SWB» TV 

430 

“ 

44 

♦ 

w 

» 

SOmnope 

1« 

“ 

5 


Kone pays $280m for US lift maker 


Lufthansa 
sees Thai 


By Christopher Brown-Humes 
in Stockholm 

Kone, the world's third largest 
lifts group, has agreed to buy 
Montgomery Elevator of the US 
for 5280m in a substantial expan- 
sion of its North American busi- 
ness. Montgomery, based in 
Moline, Hhnois, is the fourth larg- 
est supplier of elevators and esca- 
lators in the US with annual 
sales of 5400m and 3,800 
employees. 

Dr Gerhard Wendt Kone presi- 
dent, said the acquisition - the 


biggest the company had made - 
would assist Kone in its 
‘long-term goal of becoming a 
major force in the important 
North American elevator mar- 
ket”. It will double Kane's North 
American market share to about 
20 per cent while increasing the 
North American share of group 
salt*? from less than io per cent 
to about 25 per cent. 

The purchase follows a disposal 
p ro g ramme which bag concen- 
trated Kone's operations on its 
lifts business. Over the past 12 
months it has sold MacGregor- 


Navire, a supplier of shipboard 
cargo handling equipment, Kone 
Cranes and Kone Wood. 

It is also a dear sign of com- 
mitment to the business by the 
Berlin family, which controls 
about 40 per cent of Kone’s capi- 
tal and 70 per cent of the votes. 
In May, there was a flurry of 
speculation that the Herlins 
intended to sell out after talks 
with Germany’s Thyssen Group. 

Montgomery Elevator has five 
factories in four US states - Illin- 
ois, Kansas, Arkansas and Texas 
• and nearly 170 branches and 


sub-branches. 

Kone plans to merge its own 
Kentucky-based Armor Elevator 
unit with Montgomery. It is aim- 
ing to boost Montgomery's 
annual profits from between 
515m to 520m to between 525m 
and 535m. 

Dr Wendt said the companies' 
operations fitted well geographi- 
cally, with Chicago and Calif- 
ornia the only major areas of 
overlap. "Montgomery should fit 
into our international organisa- 
tion like a hand in a glove”. 

The purchase further expands 


Kone's maintenance business, 
which it has reKed cm to main- 
tain profitability at a time of a 
generally sluggish growth in new 
sales. Montgomery maintains 
48,000 lifts and escalators, taking 
Kone’s total number of units 
under maintenance to 410.000. 

Montgomery and Kone have 
operated a joint venture in Can- 
ada since 1985. Mr Dan Blount, 
Montgomery president, said: 
Becoming part of Kone is the 
best assurance for Montgomery’s 
continued success in this tough 
international marketplace”. 


deal gains 
next year 

By Andrew Fisher in Frankfurt 

Lufthansa, the newly privatised 
German airline, said its profits 
should start to benefit next year 
from the wide-ranging cargo and 
passenger freight deal signed 
yesterday with Thai Airways 
International. 

At a time when Lufthansa is 
returning to the black - it posted 
its first profit for five years in 
the first half of 1994 - analysts 
said the alliance with Thai, fore- 
shadowed earlier this month, 
should bring considerable cost 
savings. It also showed the 
strength of Lufthansa’s ambi- 
tions in southeast Asia, with 
more deals expected. 

Mr Jftrgen Weber, chairman, 
said the link with Thai should 
lead to an improvement of at 
least DMIOm (56.4m) in net prof- 
its in the first full year of 
co-operation. The tie-up takes 
effect next spring. Mr Michael 
Broeker, head of German equity 
research at Nomura Interna- 
tional, said the figure could be 
about DMZOm. First half pre-tax 
profits totalled DM105m against 
a D M22 1 m loss in the same 
period of 1993. 

Mr Weber did not rule out the 
possibility of a share exchange 
between file airlines - If this 
[the co-operation deal] is success- 
ful, then such an exchange of 
equity is possible". However, 
Lufthansa officials said it was 
not the airline's usual policy to 
take stakes in airlines with 
which it was co-operating. 

With both Lufthansa and Thai 
linked with United Airlines of 
the US through co-operation 
agreements, the German com- 
pany said the three carriers 
would be running what it called 
“the world’s largest interna- 
tional network of air services”. 
Mr Weber said the Thai deal 
would enable both companies to 
offer new destinations, with 
Joint flight bookings, increased 
flight frequencies and new con- 
necting services. 

“Given the i mportance of Asia, 
I think it’s a very important 
strategic move by Lufthansa,” 
said Mr Julius Maldutis, airlines 
analyst at Salomon Brothers. 
“The big savings are in cost- 
avoidance.” Both he and Mr 
Broeker saw significant poten- 
tial in the fast-growing freight 
market, with Lufthansa saying 
the intention was to make Bang- 
kok the major cargo hub for the 
Asia-Pacific region. 

Lufthansa would not comment 
cm speculation that deals were 
likely in Asia, possibly tn China 
or with Indonesia’s Garuda. 


New strategy will focus on core automotive, aerospace and electronics activities 

Britain’s Lucas Hew broom deans oof the 


charges £214m 
to restructuring 


By Ancbw Bofger and Paul 
Ch e— right in London 

Extensive restructuring by Lucas 


Industries will cost the UK auto- 
motive and aerospace compo- 
nents group a total of £214m 
(5338m) in exceptional charges - 
double previous forecasts. 

However, shares in Lucas yes- 
terday rose by I7p to I94p after 
the hopfl oo market reacted posi- 
tively to the new strategic direc- 
tion outlined by Mr George Simp- 
son, the former chairman of 
Rover Group who became chief 
executive of the Birmingham- 
based company in June. 

The provisions led to a pre-tax 
loss of £129.7m for the year to 
July 31, compared with profits of 
£49-5m last time. Operating profit 
rose by 40 per cent to £84Jhn. 
Sales were flat at £2.6bn but, 
excluding divestments, grew by 7 
per cent 

Sir Anthony Gill, chairman, 
was confident that the progress 
already demonstrated in underly- 
ing performance would be main- 
tained, so the final dividend bad 
been held at 4.9p to give an 
unchanged total of 7p. A loss per 
share of 17.8p compared with 
earnings of Alp last time. 

Mr Simpson is focusing on 
three areas - automotive, aero- 
space and electronics. He also 
announced the proposed disposal 
of two aerospace businesses in 
the US - Lucas Communications 
and Electronics, which between 
them employ 550 people. Last 
week the group said it would sell 
its software business. Lucas Man- 
agement Systems, and consider 
disposing of its consultancy aim, 
Lucas Engineering & Systems. 


Mr Sfmpaop said: “It is quite 
clear to me that three of our core 
business areas must be restruc- 
tured if they are to achieve a 
competitive edge and 
their contribution to future 
Tjiraa earnings." 

Annomirpnignts of new divest- 
ments, restructuring provisions, 
stock value revaluations and 
goodwill write-offs suggested a 
new broom sweeping clean. Here 
was a new management team 
taking the nasty fmanrial deci- 
sions which would be more diffi- 
cult after three years of responsi- 
bility. There were the hints of the 
Simpson style, honed at Rover, 
where the corporate culture 
shifted to the notion that custom- 
ers need to like the cars they 
buy. “There’s been a little bit of a 
tendency at Lucas to have tech- 
nology for technology’s sake,” he 
said, adding that a “refocusing of 
the businesses will allow us to do 
firing s more quickly than we did 
before." 

Mr Simpson said: “Lucas has 
been held back by too many busi- 
nesses in the portfolio which 
have been underperforming. " 

But by getting rid of small 
businesses on the edge of Lucas’s 
mainline automotive, aerospace 
and electronic activities, Mr 
Simpson is doing nothing new. 
He is following a restructuring 
policy which started with the 
provision, during 1991-1992, of 
£8&4m, which has all been used. 

In another respect, his arrival 
suggests continuum rather than 
any break with the past He has 
tiie blessing of Sir Anthony, his 
retiring predecessor. Mr Simpson 
was. Sir Anthony said yesterday, 
“worth waiting for". Indeed, 


The 1 
Automotive . 

OloMf Systems - 
Braking Systems 
Body Systems 
Aftemarkst Operations - 
Aerospace. 

Engine Control Systems 
J=6ghL Control Systems 
Sectoral Power Systems 
Customer Support Operators 
Electronic s 

O ectrontc Systems Products 

Turnover (Ebri) 

ZB 



comers 


Auf (Nm> YcrtJ 
Epsco (Mamaehurantf 
Weinschei [M&ryfc»x« 

. Zflta (Cotton*)) - 
Lucas Awteflon. US (Crifatni*) ‘ 

Lucas hfeiagament Systems. UK' 
Lucas Engfcieofcig & Systems, UK 
Tato i-tnsiai l 
Diesel operations, France and UK 
F«g« control operations. Ranee and UK 
Bactronfca operations, UK - ■ 


.US: 



190MO 90-91 01-62 SMS l 

Source: Loess Industries 

given the size of Sir Anthony's 
shareholding fo Lucas, Mr Simp- 
son is the guardian of his pen- 
sion. 

Mr Simpson’s aim is to acceler- 
ate change, to use the technologi- 
cal base of Lucas more forcefully. 
“What has been missing has been 
consistent financial success,” he 
noted. Underlying that is the fear 
that nnless there can be forged a 
closer aTiianrp between technol- 
ogy and revenue, Lucas will be 
picking up the crumbs of the 
major players in the automotive 
and aerospace industries. 

These players are reducing the 
number of their component sup- 
pliers. They are forming long- 
term relationships but at a price. 
They expect them to play a 
design and supply role which 
demands both the ability to fund 
front-end development and the 
manufacturing Allis which con- 
tinually drive down costs. 

Lucas intends to play in that 
group. Thus it needs to expand. 

The main restructuring effort 
at Lucas is directed at the aero- 


1966-60 90-91 61-92 8093 93-64' 


space activities precisely because 
they need, in Mr Simpson’s view, 
to be welded into a base on which 
there can be expansion to give 
Lucas more weight in the indus- 

try- 

Emphasis on the automotive 
side is different. There the prob- 
lem is organising enough capac- 
ity to meet demands for diesel 
fuel systems winch already exist. 
Technology has run ahead of 
manufacturing capacity. 

Additional financial power - 
and Mr Simpson thinks it will 
take two years for the full effects 
of the restructuring to come 
through - would take Lucas out 
of the league of takeover targets 
and into the ranks of the preda- 
tors. Lucas has been the subject 
of persistent bid speculation by 
larger and more powerful compa- 
nies. 

As it is, the costs of staying a 
supplier, not of parts but of 
systems, are such that Lucas will 
seek collaboration with other 
groups on particular projects. 
Mergers have been ruled out, if 



1 BBS -60 6091 61-62 8293 9394 

YeorexJ JufySl 

only on the grounds that such an 
idea would create substantial reg- 
ulatory difficulties. 

Lucas and Bosch of Germany, 
for example, between them 
already have overwhelming dom- 
inance tn the market for diesel 
engine fuel injection systems. 

Mr Simpson’s plans emerge 
from a review of Lucas since he 
took over last ApriL It has 
already led to management 
changes which broke up portfo- 
lios of businesses into prodnet- 
dom mated groups, each with a 
managing director. 

He has chosen a good time to 
make changes, “to create a new 
impetus”, as be put it The for- 
tunes of Lucas, regardless of 
internal changes, are turning. 

Margins in the automotive sec- 
tor were 5 per cent while margins 
in the aerospace business were 
2 Vs per cent It is an indication of 
the distance Mr Simpson wants 
to travel when he said that “dou- 
ble digit margins would be fan- 
tastic.” 

Lex, Page 18 


MAN Roland distributors in 


Europe fori 


one company 


By Richard Gourtay in London 

Eight mainly family-owned 
businesses in six European coun- 
tries have merged operations into 
a new company which will dis- 
tribute printing equipment 
across the continent for MAN 
Roland Dnickmaachmen, the 
German press manufacturer, it 
emerged yesterday. 

All the companies forming the 
new Omnigraph group in the 
Netherlands already distribute 
MAN Roland equipment but hope 
to enhance their combined posi- 
tion. The new group win have 
annual sales of FI 630m (5364m). 

The Omnigraph deal, con- 
cluded at the end of last month, 
will provide MAN Roland with a 
commonly owned chain of dis- 
tributors similar to that used by 
its main competitor, Heidelberger 
of Germany. 

The move follows the merger 
in the Netherlands last year of 


three paper compan ie s - KNP, 
Buhrmann-Tetterod e and VRG 
Group - which left the enlarged 
company, KNP BT, with interests 
in both MAN Roland and Heidel- 
berger distributors. 

This deal gave KNP BT an SO 
per cent share of its market in 
Belgium and The Netherlands. 
The European Commission gave 
the company until the end of this 
year to dispose of one of its inter- 
ests. 

In a complex series of moves 
concluded by the formation of 
Ommgraph, KNP BT also sold its 
interests in two distributors of 
Heidelberger equipment in Hong 
Kong and South Korea this year. 

KNP BT will have a seat on the 
advisory board of Omzugraph but 
will play no executive role. Omni- 
graph’s shareholders believe the 
new company stands more 
chance of a stock market flota- 
tion once synergies have been 
exploited, than the individual 


busineses an their own. 

Mr Ronnie Sauser. new chief 
executive of Omnigraph and part 
of the Swiss family-owned 
Magam group which injected four 
distributors into the new com- 
pany, believes this kind of 
merger is likely to be repeated 
across Europe. 

“Distributors of capital goods 
are more and more confronted 
with the demand for a unique 
price level across Europe,” Mr 
Sauser said. “People have to live 
with lower margins and you have 
to make a Irving on other ser- 
vices.” 

Omnigraph hopes exposure to 
more markets will help the share- 
holders weather the cyclical 
demand for printing equipment. 
The company also plans to 
increase sales of consumable 
items like rollers, inks and plates 
for which there is a more con- 
stant level of demand. 

Growing business. Page 12 


J.P. Morgan opens ‘black box’ 


By Richard Lappar In London 

JJ. Morgan, the US investment 
bank, is to open up a central 
component of its "black box”, an 
internal system for measuring 
financial risks, to customers and 
rivals - indeed to anyone who is 
interested. 

The bank will make the system 
it uses to measure daily move- 
ments in interest rates - includ- 
ing money markets, swaps, and 
government bonds - exchange 

rates and equity indices available 
free of charge, even though this 
has taken years of work and 
many millions of dollars to build 
up. The move is designed to 
improve risk management and 
foster greater stability in markets 
for derivatives instruments such 


as swaps, futures and options 
whose value is "derived” from 
more conventional assets. 

It follows reports by industry 
bodies, such as the Group of 30 
and the Bank for International 
Settlements, which have stressed 
the benefits of a single consistent 
measure for calculating market 
risk. “This is a tool box rather 
than a black box,” said Sir Den- 
nis Weatherstone, chairman of 
J J. Morgan, and head of the G30 
study, which recommended the 
use of a consistent measure to 
calculate market risk. 

"We believe this is a first step 
towards better risk management 
It should help companies under- 
stand and come to a judgment 
about their risks,” he added. 

J J. Morgan said the system - 


which it calls “RiskMetncs" - 
provides a consistent methodol- 
ogy for measuring market risks 
and data needed for daily evalua- 
tion of risk. It provides clients 
with daily data on both the rate 
and volatility of daily movements 
in rates and measures more than 
100,000 correlations between 
more than 300 financial instru- 
ments in 15 markets. Information 
will be provided through public 
access computer networks and 
some other channels. 

It should allow banks, fund 
managers and corporate treasur- 
ers to assess their exposure to 
market risk on a daily Hasis and 
estimate the potential effects of 
changes in market conditions on 
the value of their positions. 
Background, Page 21 



Then xc all tank of bmtxng placet 
to roves four money Many scon 
promising, but appearance* can be 
deceptive- Thai! why you need experts 
who tool a tovestamt oppotn mftka 
from ever, zngi* u> bring 70 U The put 
of (be crop. 

fidelity In 270 opens wild- 
wide prondinE in-depth in vestm ent 
sialism fated on fast -hand 
bwlcdgr. Laa year, for example, 
our fauepean research tan visited 
ttf contacted ISOS owipanio fen 
Iceland ru Italy. 


Atk) rfur bears fet Ow Rdehty 
Europe Fund has povn bjr over 50% 
during the past two yean. 

Founded nearly 50 yean ap>, 
Ftdckry is now the world's iaigew 
trdcpEsdcni investment management 
oegaiunncn- We currently save tlx 
million client, aengs the globe 
with I oral investments tf over 
£190 bUlion. t 

To bod out more, call 16 fret of 
ehaige fen any of the countries luted, 
li you live ehewhete, pfe* use the UK 
lumber v post nr to the coupon. 


.'s ) • - 


Mae MIN Betfn El II ft* 

ten mioea Osawy ttsmtem 

MotuA aesw Many mm 

Sy* Stoat 40s ItaaglMj Ml M 

Ut|hntemiWHiii«««mP? 

To Hdt&y Invcstmam, FO Bax 88, 
Teobrid*. Kent TNI! 9DZ. 

Fn no 44 73*838886 

Plane repser me fordnafk cl' Fidriry 
Europe fed 




lebybcar- 


.Jfl.' 



The world's largest independent fund specialist. 


« We MAV 1 HnV — h gm, laa— c w U wa ra d. Q— l *m piwth 4moe b— c h »WJ% > Ftffmi adah dMCtrflMl.a UStratiwm .ml 

m Jfilute at Ubt Immw, Sente I ntel the Wcta, Fsmh Eur^c Fwl b ran crfidrftn teak iSCAVl. *h*h luMRfaw: 

uwtM t u n — i null 2) (W J Jar rMl The at duo am or bdl ilr n (tango oi tta car J oduw <4 ita uuiukL, m «tnti iW 
tak arr onurl h> |Rtonacc ts noenranrit ham munis. Thr rain <4 pwm «i aid ita nenor fan Ann ran pnina siD a up al tta 
■pram raw BH bs»4 *c anal Inreaacnl In FUdtry teuk iludj ta rah Ml Ac bnu «f At anon hnrW. ■ <■ rf wtaii as ta idiuml 

bim ita B l u whunra . U Hn S m il»iidJi lnta iri|jaMdl(Tha»lugiannlloiadn5raira8hdttaRiaandSmict. Act iota, Thr Ming ■( Skm 
mtta FmJi adl m taccmnltaitarawiavtaai tta SIP taran C.i pn « w i Sctam imt bi any — In sdhnar m I ma hus Tta UK Dnalwv.t 
thr R»ah ■ Mrior Innnf tin liueniaSiitit a matard IMBQ 


I 




20 


* FINANCIAL TIMES TUESDAY OCTOBER II 1994 

- - - - 

INTERNATIONAL COMPANIES AND FINANCE 


Kendra posts advance to 
KM 279 m ahead of issue 


Four Polish banks plan merger 


By Christopher Brown-Hum es 
in Stockholm 

Kemira. the Finnish state- 
owned chemicals group, yester- 
day announced a strong 
improvement in interim pre- 
tax profits ahead of the Inter- 
national share issue which it 
launches next week. 

Profits before extraordinary 
items and taxes amounted to 
FM279m (S51.7m) in the first 
eight months, compared with 
FM 153m in the 1993 period. 

Cost-cutting, volume 
increases, and reduced finan- 
cial expenses more than offset 
the impact of a stronger 
markka and low titanium diox- 
ide prices. 

Kemira. Finland's eighth 
largest company by sales, wifi 
launch its share issue next 
Monday, the day after the 
Finnish voters are expected to 
approve EU membership in a 
national referendum. The 
move, part of an initial public 
offering, will cut state owner- 
ship to as little as 71 per cent 
from 100 per cent in line with 


the government’s plans to 
widen ownership in state- 
owned companies. 

Up to 35m shares will be 
offered, with indicative pricing 
in the range of FM37 to FM44 a 
share. 

Proceeds will be used to 
reduce net debt to FM6.4tm 
from FM7.9ba and lower gear- 
ing to 167 per cent from 321 per 
cent. 

The issue is being timed to 
reflect a cyclical upturn in 
many of the group's main busi- 
nesses and its return to profit 
in 1993 after two years of 
losses. 

Kemira expects its 1994 fig- 
ures to be "significantly bet- 
ter” than last year, when pre- 
tax profits before extraordi- 
nary items amounted to 
FMlOlm. Figures in the final 
four months would reflect 
higher titanium dioxide prices, 
it said. 

A 10 per cent strengthening 
in the markka reduced sales to 
FM7.98bn in the first eigbt 
months from FM8.18bn. Exclu- 
ding currency factors, the fig- 


ure was 4 per cent higher. 
Operating profit was 15 per 
cent higher at FM7071n while 
financial expenses dropped to 
FM42Sm from FM460m. 

Kemira Agro, the group's 
biggest division, saw a 10 per 
cent drop In sales to FM3.64bn 
due to lower agrochemicals 
sales, the transfer of some 
businesses to the chemicals 
division, and the stronger 
markka. The division’s operat- 
ing profits were 25 per cent 
higher at FM226m. 

The best performance came 
from the chemicals division 
where sales were up 15 per 
cent and operating profits were 
40 per cent higher. The unit 
benefited from strong demand 
from the pulp and paper and 
water treatment sectors. 

Net income after taxes 
dropped to FM167m from 
FM282m and income per share 
fell to FM2.48 from FM3.69. 

The fall reflects the change 
in the company's tax position 
following the full utilisation of 
tax losses carried forward in 

F inland. 


Two more 
executives 
resign from 
Tiphook 

By Simon Davies in London 

The exodus from Tiphook, the 
troubled UK transport leasing 
company, continued yesterday 
with the resignations of the 
finance director and company 
secretary. Half of the group's 
10 board members had 
resigned in March. 

Tiphook indicated that the 
latest departures reflected 
dashes of management style 
with the new chairman. Mr 
Ian Clubb. 

Mr Andrew Chandler, 
flnanep director, is likely to 
receive compensation of about 
£100,000 ($158,000) as he had a 
one-year contract This com- 
pares with the £2.6Sm of com- 
pensation payments made in 
the year ended April 1894 for a 
period when Tiphook made 
pre-tax losses of £331.1m. 

Mr Philip Price, company 
secretary, was not a director, 
and it is understood that his 
compensation will be signifi- 
cantly less. Tiphook played 
down the significance of the 
departures, which were 
described as amicable. 

Mr Clubb, the former 
finance director from BOC, 
only recently took over as 
chairman following his 
appointment in Jane. He was 
seen as wanting to stamp his 
authority on the finance 
systems of a company which 
has in the past found it hard 
to predict revenue streams. 

Mr Chandler had Just 
returned from the US, where 
he and Mir Robert Montague, 
Tiphook's chief executive, 
have been talking to the law- 
yers representing p laintiffs in 
a $700m US class action suit 
against the company. 

The action is on behalf of US 
investors who claim they were 
misled when they bought 
$7 00m of bonds shortly before 
Tiphook’s transformation from 
a high-flying container leasing 
company Into a substantial 
lossmaker. 

Tiphook said there were no 
developments to report from 
these meetings, and that they 
were not connected to Mr 
Chandler’s decision to leave. 

Meanwhile, it is understood 
that Mr Montague will shortly 
be served with a bankruptcy 
petition over a £2.3m loan. 


By Christopher Bobtnsfa 
in Warsaw 

The consolidation of Poland’s 
fragmented banking sector 
moved forward yesterday when 
four state-owned banks signed 
a letter of intent to merge their 
operations. 

The four - B a pk Zachodni in 
Wroclaw, Bank Depozytowo 
Kredytowy in Lublin, Fow- 
szechny Bank Gospodarczy in 
Lodz and Pomorski Bank 
Kredytowy in Szczecin - have 
set up a committee to report on 
the issue by the end of next 
month. 


By David Buchan in Parts 

Credit Lyonnais hopes by the 
end of next year to recover 
some FFrlZbn ($2.27bn) of its 
total FFr70bn worth of doubt- 
ful loans for which provisions 
have been made, Mr Jean 
Peyrelevade, chairman, said 
yesterday. 

In an interview with the 
Agence France Presse news 
agency, he signalled a tougher 
line in pursuing creditors, and 
for the first time quantified the 
impact the bank hoped this 
policy would have on its bal- 
ance sheet 

The bank is involved in legal 
action to recover its loans to 
Mr Bernard Tapie, the busi- 
nessman-politician, and has 
started criminal proceedings 
against former staff of Its Inter- 
national Bankers subsidiary. 

Crddit Lyonnais had often 
been lax In trying to recover 
loans once provision for possi- 
ble non-repayment had been 


The move comes aider state 
sector banks were told by the 
government to find partners as 
part of the privatisation pro- 
cess. 

It leaves Bank Gdansk; as 
the only bank of the nine hived 
off from the central bank in 
1989 without a merger deal in 
sight. 

The four banks are among 
Poland's 10 largest banks. The 
merger would give them a capi- 
tal base worth 8,175£bn zlotys 
($362m), making them the 
second largest bank in the 
country. 

Their combined balance 


made in its accounts, a bank 
spokesman said yesterday. 

But it now has FFr70bn in 
provisioned loans on its books 
- excluding FFT40fm doubtful 
real estate loans transferred to 
a state-guaranteed company 
earlier this year. 

Mr Peyrelevade "firmly 
hoped” the group’s current 
banking business should show 
a profit next year. In the first 
half of this year, pre-tax “cur- 
rent” operations produced a 
FFrLSTbn profit However, this 
was submerged in a FFr7-2bn 
loss on “exceptional” bank and 
non-bank loans inherited from 
the past 

But the chairman said the 
possibility of hiving off and 
privatising the purely banking 
parts of Credit Lyonnais was 
“only one solution among 50 
others”. 

He added that he was still 
negotiating with the govern- 
ment as to how to carry out 
their joint agreement that the 


sheet at the end of June was 
worth I12,3l3bn zlotys and 
amounted to ll per cent of the 
banking system. 

At the weekend, the Bank 
Zachodni, acting In its own 
right, purchased the small pri- 
vate Market Bank in Poznan 
for 6.lbn zlotys. 

Market Bank, which has one 
branch, reported a lbn zlotys 
net profit after the first half of 
this year. 

Mr Krzysztof Kalickl, deputy 
finance minister responsible 
for the banking sector, yester- 
day said the Bank Praemys- 
lowo Handlowy (PBH) in Kra- 


bank should be protected from 
“risks latent” in past loans and 
investments made under his 
predecessor. Mr Jean-Yves 
Haberer. 

He again denied that be told 
analysts on September 30 that 
the state would take all doubt- 
fill assets off the bank's books. 
Reports of such a move 
prompted a sharp rise in the 
bank’s non-voting shares and 
led to questions from the Com- 
mission des Operations de 
Bourse (COB), the stock 
exchange watchdog authority. 

Mr Peyrelevade has so far 
reached FFc6.8bn towards his 
target of selling some FFrSHJbn 
of the bank's industrial and 
financial investments, and yes- 
terday said he planned to com- 
plete “very rapidly" the sale of 
Credit Lyonnais’ 9.4 per cent 
stake in the Mdridien hotel 
chain to Forte at the same 
price which the UK hotel group 
is paying Air France for con- 
trol of Meridian. 


kow would be sold through the 
Warsaw stock exchange on 
January 14. He said one more 
bank would be privatised dur- 
ing the year in a process which 
is to run until 1997. 

The PBH, which is presently 
Poland's third largest bank, is 
planing to work together with 
the listed Wielkopolski Bank 
Kredytowy in Poznan and the 
still state-owned Polish Devel- 
opment Bank. 

Recently the Warsaw-based, 
state-owned Powszechny Bank 
Kredytowy said that it bad 
chosen the listed Kredyt Bank 
as its strategic partner. 

Worms helped 
by 44% gain 
at subsidiaries 

By Andrew Jack 
in Paris 

Worms, the French holding _ 
company, yesterday reported - 
consolidated profits of FFr381m 
($72. 15m) for the first half of 
1994, compared with FFr362m 
in the first half of last year. 

The contribution from the 
parent company was down to 
FFrllm from FFrlOGm. 

The reduction was offset by 
a 44 per cent increase in profits 
from subsidiaries, which 
jumped to FFr370m against 
FFr2S6m last time. 

Turnover at Athena Assur- 
ance, its insurance subsidiary, 
rose 11 per cent to FFr8. lbn, 
giving a profit of FFr277m 
against FFr217m. Largest 
growth came from increased 
life assurance business. 

Profits at Demachy Worms, 
the group’s banking holding, 
fell to FFr30m from FFr44m, 
which it said was explained by 
provisions in a subsidiary in 
relation to the declining finan- 
cial markets. 

Compagnie Nationale de 
Navigation, its shipping unit, 
posted a loss of FFr69m com- 
pared with FFr41m. 

This was partly explained by 
the continued stagnant state of 
the oil market 

Saint Louis showed profits of 
FFr40 lm against FFr252m, 
fuelled particularly by its 
paper operations. 

The figures follow a profit 1 '' 
for the full 1993 year of 
FFr714m. and the company 
predicted further growth in the 
current year. 


Scottish TV hit by poor results 


By Raymond Snoddy 
in London 

The share price of Scottish 
Television dropped by 43p yes- 
terday to 43lp in London after 
the company announced con- 
siderably worse than expected 
half-year results. 

The commercial television 
company, noted for pro- 
grammes such as Taggart and 
Doctor Finlay's Casebook, pro- 
duced a fall in pre-tax profit for 
the six months to the end qf 
June to £1.7m ($2.6Sm) from 
£3.1 ql 

The company put most of the 
blame on the chaos In televi- 
sion sales house operations fol- 
lowing the spate of FTV take- 
overs and new government 
limits on sale house owner- 
ship. An advertising boycott by 
Unilever, one of its large cli- 
ents, accounted for about one 
third of the setback. 

As a result Scottish TV’s 
share of total advertising reve- 
nue dropped to 4.9 per cent In 
the period from 5.2 per cent 

Mr William Brown, chair- 
man, yesterday issued what 


Scottish TV 


Share price (pence) 
600 



was in effect a profit warning 
by predicting that profits for 
tbe whole year would foil to 
about £9m from the 1993 figure 
of £i3.1m. 

The figures came a week 
after The Mirror Group, pub- 
lisher of titles such as the 
Daily Mirror and the Scottish 
Daily Record, bought a further 
5 per cent in Scottish TV to 
take its total stake to just 
under 20 per cent. Last week's 
purchase and the original 15 


Relative to the FT-SE-A All-Share Imfex 



per cent raid last month were 
both at 520p. 

Yesterday’s drop in price 
means the Mirror, which has 
adopted a strategy of expand- 
ing into electronic media, has a 
loss on paper of more than £8m 
on its £49m investment 

The Mirror was relaxed 
about the drop, yesterday argu- 
ing the share price had merely 
returned to where it was before 
the Mirror moved on the cen- 
tral Scotland ITV company. 


Czechs warned on ‘xenophobia’ 


Mr Ronald Freeman, deputy 
head of the European Bank for 
Reconstruction and Develop- 
ment, yesterday warned 
Czechs against investment 
xenophobia after several deals 
involving foreign investors or 
management ran into trouble, 
Reuter reports from Prague. 

He cited problems at partner- 
ships involving Volkswagen 
and Air France as creating a 
negative impression of the 
Czech Republic. 

“If the Czech way is xeno- 
phobia, fm against it,” he told 


an international conference on 
the Czech economy. “It’s very 
tempting to regard the for- 
eigner as a threat” 

Mr Vladimir Dlouhy, the 
trade and industry minister, 
stressed that the Czech Repub- 
lic needed more, not less for- 
eign investment and said he 
believed VW's high-profile 
Investment in Skoda Auto 
would prove a success. 

Hie Czech Republic has been 
one of the most successful of 
the former eastern bloc and 
Soviet states in rebuilding its 


economy after 40 years of com- 
munism. But while the econ- 
omy is growing after three 
years of shrinkage, the success 
has not been without prob- 
lems. 

VW has said it would 
sharply cut its planned invest- 
ment in Skoda under its policy 
of belt-tightening after heavy 
losses. 

Air France sold its I9.I per 
cent stake in national carrier 
Ceskoslovenske Aerolinie back 
to the government earlier this 
year. 


Credit Lyonnais takes tough line 


SbHetHM 

Bombay-Pune Road. Akurdi. Pune 411 035 


UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FORTHE SIX MONTHS ENDED SEPTEMBER 30, 1994 

fRi fa Millions) {Rs in Millions) fKj in Millions) ( USS in Motions) 


Accounting year end Six months end 
March 31, 1994 September 30, 1993 


Six months end Six months end 
September 30, 1994 September 30, 1994 


Net sale* 1 Including Excise Duty} and 
income from operations 

16,509.4 

6,786.0 

9.929.1 

316.113 

Other income (Nell 

299.1 

168.0 

394.9 

12.572 

Total sales and other income 

16,808.5 

6,954.0 

10,324.0 

328.685 

Total expenditure 

13,362.7 

5.702.3 

7.872.1 

250.624 

Interest 

151.5 

67.0 

59.4 

1.891 

Grow profit after interest but 
before depreciation & taxation 

3,294.3 

1,184.7 

2*392.5 

76.170 

Depreciation 

664.6 

360.8 

277.1 

8.822 

Profit before tax 

2.629.7 

823.9 

2.115.4 

67.34S 

Provision far taxation 

1.172.5 

362.5 

750.0 

23.878 

Net profit 

1,457.2 

461.4 

1,365.4 

43.470 

Earnings per share - annualised (RsIftUSSl 

*19.36 

*12.26 

36.29 

1.16 

Paid up equity share capital 

376.3 

376.3 

752.5 

23.958 

Reserves (excluding revaluation 
reserves as per balance sheet of 
pre\ tous accounting year) 

4,521.1 




Non.-: ! The above results have been taken on record in u meeting of the Board of Directors held on October 9, 1994. 

2. rile total two and three wheeler production and sale during the first six months were 531.039 and 519.608 respectively The 
corresponding figures for the six months ended September 30, 1993 were 403,073 and 388,946. 

3 The total exports of the company in the first six months were Rs. 643.2 million against Rs. 260.2 million during the six months 
ended September 30. 1993. 

4. The share capital of the company has increased following the allotment of bonus shares in the ratio 1:1 onAugusr 26, 1994. 

5. Tile conversion niic for currency has been taken us USSl = Rs, 31. a I 

* Earnings per share for the previous year have been adjusted for bonus issue. 




By Order of the Board of Dircciora 
For Bajaj Auto Limited 

Bombay 

Date: Oemher 9, 1 994 



Rahul Bajaj 
Chairman <& Managing Directer 


WOW Ifcrta to MWiiH lor 8ia 

i at f pocn e —a 



MMtak 



Ttatfr-ja* IUU* 

mOMMt 


PW4 

Port 

Pam 

UZ*otr 

cum» 



psM 

OvKn 

pm 

EATMi 

_ ore. 
2MVM1 

0030 

IBB 

892 

992 

moo 

897 

9-GO 

9J0 

0130 

10.81 

9.60 

880 

0200 

24-33 

9-60 

3-80 

0230 

2495 

080 

990 

0300 

24.85 

9-80 

980 

axw 

2*83 

080 

860 

0400 

1870 

080 

880 

0430 

088 

9 90 

880 

0500 

096 


980 

Q530 

9.99 

3.92 

892 

0000 

nun 

995 

995 

0630 

1888 

1128 

14-39 

0700 

1068 

13.19 

1833 

0730 

4082 

1040 

1984 

0300 

38.47 

17JJ3 

2818 

0830 

41.23 

1794 

3020 

0900 

41-35 

1797 

3023 


41.17 

17.10 

3027 

1000 

41.10 

17.11 

3029 

1030 

4087 

17.11 

BUS 

1100 

3071 

17.10 

3829 

1130 

3068 

17.12 

3030 

1200 

3064 

17.13 

8031 

1230 

3057 

17.12 

3029 

1300 

3047 

1798 

3025 

1330 

27.37 

1895 

2810 

1400 

3181 

1895 

1980 

1430 

31410 

I486 

1980 

1500 

31-80 

1866 

1879 

1530 

2830 

1865 

1980 

1600 

283! 

1&«7 

1983 

1630 

2838 

gJP 


iroo 


22-88 

3805 

1730 

32-86 

22-04 

3803 

1800 

3472 

22.78 

3894 

1830 

3888 

1833 

2148 

1800 

51.32 

11.76 

1128 

1930 

51.16 

1893 

31.48 

2000 


1834 

3148 



22.01 


moo 

21.13 

2291 


2130 

24*0 

1833 

3148 

2200 

1000 

17.53 


2230 

1009 

1838 

1983 

2300 

10B8 

1808 



1468 

1595 


2400 

10-10 

1819 

1833 



* m n&*t amw maw M vafca at .tot* fc 

MW IB M* « hna aomrtnw mfoc 

it Banal mt Bat oat* prica* an BtawWad 



Up.o15% 

off electricity 


021 423 3018 

Powerline 





Sovereign (Forex) ltd, 

24hr Foreign Exchange 

Margin fading Foafify 

CoflSjMfii Bw JWcw 
Daly Fax Service 
tt 071-931 9189 
Foe 071 -93)7114 

42a BwHighon Pafact looJ 
landta SW1W ORC 


r# 


/ 




Active in some forty countries, 
Lafarge Coppee is one of the 
world's foremost producers 
of building mACtri.il. 

VVe hold leading positions 
in each of its core businesses: 
cement, concrete and aggre- 
gates, gypsum, and specialty 
products. 

With its products and its 
expertise dcveloppcd around 
the world, Lafarge Coppee. 
helps to Improve the quality 
of life by enhancing comfort, 
safety and esthetic appeal. 


L 


LAFARGE 


C 


RISE IN LAFARGE COPPEE FIRST-HALF EARNINGS 


The Baud of Directors of Lafotgc Cbppfie. presided by Bertrand 
COULOMB, met on September 27, 1994 to review the corporation’s 
accounts for the fust half of the year. 

Consolidated sales for the six months to June 30, 1994 totalled 
FRF 15.4 billion, 8% more than in the same period of last year. 
When restated for comparable structures and exchange rales, the 
increase was 4%. 

OPERATING INCOME UP 38% 

Operating income came to FRF 2J013 million, 38% higher than 
the FRF 1,457 million reported for the same period in 1993. 
Improvement came in a variety of business areas, including in 
particular 

• a vigorous rebound in sales and prices in North America; 

• more favorable conditions in Spain, where prices have been on 
the rise for the past twelve months; 

• a return to more satisfactory margins on European gypsum 
sales and a higher earnings contribution from our interest in 
National Gypsum. 

Operating income also includes a number of exceptional items, 
notably capital gains realized on the sale of Cedes! and Oram. 
Without these exceptional items, the figure is up 34%. 

A VIGOROUS 50% RISE IN ATTRIBUTABLE NET INCOME 

Net income attributable to Lafarge Copptre was up FRF 345 
million or 50% from the first half of 1993 fo FRF 1,038 million in 
the first half of this year. This reflected the increase in business, as 
weil as a foil in net interest expense and an additional FRF 79 
million in exceptional income. 

Earnings per share rose 20% to FRF 13^0. 

WORKING CAPITAL FROM OPERATIONS UP 50% 

Working capital provided by operations increased 50% to 
FRF 2245 million. 

Investment rose 22% to total FRF 2^360 million. 

Group finances were strengthened by asset salts which generated 
net income of FRF 2.1 billion, and by the successful conversion of 
bonds in the amount of FRF 13 billion. At Juno 30. 1994, net debt 
totalled FRF 4 billion down from FRF 5.4 billion on December 31. 
1993, while consolidated stockholders' equity Increased from 
FRF 26.5 billion to FRF 28-2 billion over the same period. 


| FRF >n Mom f L . r , y 

• 3D, (994 

(or e 30, 1973 1 

Saks 

15,416 

14.230 


2AI3 

1,457 


1,038 

693 


135 

112 


2J45 

1.401 


At the proposal of Bertrand COLLOMB. the Boa id also appointed - 

Iacqucs LEFEVR£ Vict-Chairmw and g 
Chid Operating Officers. . 5 


WORLD LEADER IN BUILDING MATERIALS 


APPOINTMENTSADVERXISINC 
. wsmoaiiloUKniaa*'- 
' ovay WarfMaAiy * T!aa*y 
udln Entsnadanf afidbMvKj Foifry 


.Carc&JiMMm 

an farm. 


Argus Fundamentals 

"oncerstsncJ \ynsi :& driving oil prices' 

— P&troleum Argus 

CALL, for a FREc i RIAt ;o -his P/ontniy pubilcaiic" (44 7 i \ 359 879: 


!»»s 



ECU Futures pfcQ 

SC SSB."“ 

London SW 1 X 8 HL 

Tab +713450008 
***: +712366898 

— Vmbor&FA 


FUTURES 6 OPTIONS BROKERS 




ROUND 

TRIP 


■J 


EXECUTION ONLY 











,er §e t 


KIN ANCTAi, TIMES TUESDAY OCTOBER 11 1994 


• “V ;; 


h 

I " "ai n 
^ , * s >sidi:, rif 




INTERNATIONAL COMPANIES AND FINANCE 


Longuet favours Renault JP Morgan offers free use of its toolbox 

link with Mercedes-Benz Richard Lapper reports on the bank’s decision to open up its risk measurement system 


By Jotlm Ridding 
in Paris 

Mr Gerard Longuet, the French 
industry minister, said yester- 
day that he favoured closer 
links between Renault, the 
state-owned motor group, and 
Mercedes-Benz of Germany. 

"I would like every opportu- 
nity to be seized for Mercedes 
and Renault to co-operate, be it 
in trucks or cars,” he said at 
the Parts motor show, 

Mr Longuet’s comments are 
the latest indication of mutual 
interest between the two 
groups. Last week, Mr Helmut 
Werner, chairman of Mercedes, 
described Renault as “a very 
attractive partner”. 

In an Interview with Le Fig- 
aro newspaper, Mr Werner saw 
that discussions had been held 
with Renault. He raised the 
possibility of co-operation in 
. the development and produc- 
> tion of components, arguing 
that increased competition, in 
the Internationa] motor indus- 
try was forcing companies to 
find economies of scale. 

“There are many things we 
can do together,” said Mr Wen 
ner. Hie rejected, however, the 



Gdrard Longuet: ‘every 
opportunity should be seized’ 

idea of a merger. “Mercedes is 
not for marrying,” he said. 

Following the collapse of its 
merger plans with Volvo of 
Sweden at the end of 1993, Ren- 
ault is also seeking to forge 
partnerships to reduce costs. 

Earlier this year, for exam- 
ple, it announced an agree- 
ment with Fiat of Italy for the 
joint production and develop- 
ment of truck cabins. Renault 
already has agreements Cor the 


co-production of components 
with other car groups, includ- 
ing Peugeot, Its domestic rivaL 

Mr Longuet said Renault had 
attained a level of quality 
which made it an acceptable 
partner for Mercedes. 

The French government is 
launching a partial privatisa- 
tion of Renault, which will 
bring its shareholding down 
from 60 per cent to just above 
SO per cent. Mr Edouard Balla- 
dur, the French prime minis- 
ter, has said that a complete 
privatisation must await the 
formation of industrial partner- 
ships which can secure Ren- 
ault's position in the interna- 
tional industry. 

Analysts expect strong 
demand for shares in Renault's 
flotation, partly because of the 
limited nature of the operation, 
and the strong performance of 
the company. 

In an interview in the 
weekly magazine. La Syn these 
Flnancifere, Mr Louis 
Schweitzer, Renault chairman , 
repeated his prediction that ! 
the group would see a sharp 1 
increase in profits this year. In 
1993, Renault reported profits 
of FFrLQTbn ($20Qm). 


T he decision by J. P. Mor- 
gan to offer its Risk- 
Metrics financial risk 
measurement system free of 
charge prompts an obvious 
question. 

Why is one of the world’s 
most powerful investment 
banks choosing not to charge 
for a service which has cost it 
millions of dollars to develop? 

There are two basic answers. 
First, the move must be viewed 
against the background of the 
debate over the regulation of 
derivatives, which has intensi- 
fied as a result of a string of 
recent losses. 

Investors and corporate trea- 
surers have become more fre- 
quent users of derivative prod- 
ucts but are increasingly 
aware of the risks of financial 


Outokumpu ahead at FM557m 


By Christopher Brown-Humos 
in Stockholm 

Outokumpu, the Finnish 
mining and metals group, 
yesterday announced a 
FM557m ($U7j6m) profit before 
extraordinary items and taxes 
for the first eight mouths of 
the year. 

The group said foreign 
exchange gains and reduced 
financial costs had enabled it 
to lilt its profit from FMl30m 
in 1993 in spite of a lower 
operating result 

It also highlighted the 
impact of cost-cutting and 
increased metals consumption 
but said these were more than 
offset by a IS per cent 
strengthening of the markka 
against the dollar and 
generally weak metals prices. 

In upbeat vein, Mr Jyrki 
Juusela, chief executive, said 

Ontario Hydro 
plans more cuts 

By Robert Gibbons in Montreal 

Ontario Hydro, a Canadian 
electric power utility, is cnnskt ! 
cring cutting staff by at least 
2,000 in 1995, on top of reduc- 
tions totalling 10,500 in 1993-94. 

The utility said its projected 
C$700ra (US$522An) profit fra* 

1994 and estimated results for 

1995 to 1997 fall short of its 
debt service and repayment 
commitments, intensifying cost 
reduction pressures. 

The cuts will fall most 
heavily on the nuclear power 
division. 

• Comineo, the Canadian 
mining group, has sold most of 
its mining engineering opera- 
tion to H. A. Simons of Vancou- 
ver. one of the country’s big- 
gest resource engineering 
consultancies, for an undis- 
closed sum. 


the group could expect 
buoyant conditions over the 
next few years. 

“We can expect to register 
both growth and profitability 
improvement, accelerating as 
market conditions continue to 
improve," he said. 

The group, which saw state 
ownership frill to 40 per cent 
during the summer following a 
global share offering, said sales 
were static at FM10.9bn, partly 
because of the stronger 

markka 

It also said its 1993 figures 
contained a FM900m 
contribution from operations 
which have since been sold. 

Operating profit fell to 
FM628m from FM653m. The 
latest figure was fattened by 
FM210m in Inventory gains, 
compared with FMl7m in 
losses in the comparable 1993 
period. 


The copper products division 
saw the biggest improvement, 
with profits climbing to 
FM219m from FM29m. In 
stainless steel, profits fell to 
FMSlfim. from FM635m, while 
technology slumped to a 
FM62m loss from a FM24m 
profit Base metals recorded a 
FM6m profit after a FM28m 
deficit 

Reduced debt lower interest 
rates and exchange gains 
meant the group's net financial 
costs dropped to FM7lm from 
FM523m. 

The group said its 
performance would reflect 
rising metal prices and 
expanded production following 
investments in its base metals I 
and stainless steel activities. 
Its equity-to-assets ratio is ll 
per cent higher than at the 
beginning of the year, at 38.0 
per cent 


French ministry acts to 
stem losses at Eurocopter 


By David Buchan In Paris 

The French defence ministry is 
to speed up FFrtffiOm (515l-51m) 
of its planned purchases from 
Eurocopter to stem financial 
and job losses at the Franco- 
German helicopter joint ven- 
ture, Mr Jean-Francois Bigay, 
Eurocopter president, said 
yesterday. 

However, Eurocopter will 
end the year FFr350m in the 
red - compared with last 
year’s loss of FFr462m - 
because of lower production 
and extra charges for some 350 
planned voluntary redundan- 
cies at its Marignane plant 
near Marseilles, Mr Bigay said 
in an interview with, the Les 
Echos finan cial daily. 

The ministry's accelerated 
orders for 14 Fennec, Panther 


and Cougar helicopters and for 
additional spare parts will only 
affect the group’s French divi- 
sion, which accounts for most 
of Eurocopter's production 
capacity. 

Eurocopter is owned 70 per 
cent by Aerospatiale of France 
and 30 per cent by Deutsche 
Aerospace. 

Mr Bigay said the ministry 
had been spending so much of 
its helicopter budget on devel- 
oping the Tigre and NH-90 
models that it had virtually 
nothing left to buy other heli- 
copters off the production line. 

The development oE the 
NH-90 is proving a drain on 
Eurocopter, which is funding 
18 per cent of this four-nation 
collaborative programme 
between France, Germany, 
Italy and the Netherlands. 


Over the past 12 months 
losses related to derivatives - 
incurred by companies such as 
Metallgesellschaft and Kash- 
ima Oil - have amounted to 
more than S6bn, according 

Dow Jones 
lifts income, 
14% to $34m 

By Richard Tomkins 
In New York 

Dow Jones, the US media 
group that publishes the Wall 
Street Journal, lifted net 
income by 14 per cent to 
333.7m in the third quarter to 
September, helped by a big 
increase in revenues from its 
electronic information services 
division. 

However, the underlying 
profits growth was less strong 
than appeared. As the com- i 
pany pointed out, the previous 
year’s third quarter included 
an unusually high tax charge 
relating to an increase in fed- 
eral taxation- If that had not 
occurred, the year-on-year 
increase in net income would 
have been 7 per cent 
Group revenues rose by 7 
per cent to gSOlm, but operat- 
ing - income edged ahead <mly 
2JS per cent to 369.6m. Earn- 
ings per share rose from 30 
cents to 34 cents. 

The biggest contributor to 
profits growth was the compa- 
ny’s information services divi- 
sion, which comprises the Dow 
Jones/Telerate group of real- 
time news services and the 
business information services 
group. 

Revenues from this division, 
fed by growing demand for its 
products, surged by 15 per 
emit to $246£m. lifting operat- 
ing income by 22 per cent to 
349.6m. 

The business publications 
division's revenues fell by 1 
per cent to 1 1 90. 5m and Its 
operating income slumped 37 
per cent to 314.6m. 

Ottaway Newspapers, the 
group's local newspaper sub- 
sidiary, increased revenues by 
4 per cent to $63£m and oper- 
ating income by 12 per cent to 
39.2m. 

For the nine months, Dow 
Jones increased net income by 
20 per cent to SllS^m on reve- 
nues np 7 per cent at SL5bn. 
Earnings per share rose to 
31-20 from 3L0L 


This announcement appoints a metier of record only. 



Compania de Telefbnos de Chile 

Compania deTdefonos de Chile S.A 

$55,000,000 

8.21% Senior M4A Loan Participation Certificates 
Due September 27, 1999 




UBS Securities Inc. 


to one recant estimate. 

The use of a consistent 
measure to calculate market 
risk over a defined time hori- 
zon was among the l oading 
recommendations of a study in 
1993 by the awaited “Group of 


were previously “unseen mar- 
ket risks”. 

“RiskMetrics will promote 
greater transparency of risks, 
which is a key to Identifying 
potential problems,” adds Mr 
'nil Culrtimann, head of global 


ment of “common numbers 
and a common framework* 
will increase its dialogue with 
customers about risk manage- 
ment, presumably encouraging 
the more effective use of deriv- 
ative products. 


‘RiskMetrics will promote greater transparency of risks, 
which is a key to identifying potential problems’ 


30”, headed by Sir Dennis 

Weatherstone. chairman of 

J. P. Morgan. 

Sir Dennis said yesterday the 
system “will benefit the mar- 
ket if we can add transparency. 
If we didn’ t do so mething the 
risks of accidents were greater. 
By establishing a benchmark 
for genuinely useful risk man- 
agement it could improve the 
market overall." 

The widespread use of 
so-called “mark-to-market valu- 
ation” techniques has made 
participants in the financial 
markets more aware of what 


research at J.P.Morgan. 

Second, J. P. Morgan must 
also be hoping the association 
of its name with what it hopes 
will become a widely accepted 
benchmark will yield longer- 
term. commercial advantages, 
partly through strengthening 
ties with existing customers. 

The bank plays down the 
proprietary character of the 
Information it is offering, argu- 
ing, for example, there is noth- 
ing new in the algorithms or 
mathematics deployed in the 
RiskMetrics system. 

But it concedes the develop- 


Certainly those of its custom- 
ers at its Budapest “client 
meeting” last weekend, where 
the RiskMetrics system was 
announced, were keen on the 
new systems. 

“The information you could 
get before was simply unrelia- 
ble,” said Mr Miguel JBscriga, a 
director of Banco Santander, 
one of Spain’s largest banks. 

Mr Escriga pointed to infor- 
mation on both the volatility of 
financial instruments and on 
the correlation between the 
performance of various classes 
of assets as being “either inad- 


equate or simply not avail- 
able". 

Predicting that the service 
would be particularly useful 
for medium-sized investors, he 
added: “Some banks offer this 
as a consultancy service but it 
is a big project and it can be 
expensive.” 

The system will not com- 
pletely prevent loss, a fact 
underlined just two years ago 
when - in an otherwise highly 
profitable year - Morgan lost 
up to 3150m in mortgage- 
backed bond trading. 

Nevertheless, Mr Jacques 
Longerstaey, head of market 
risk research, said firms could 
now “concentrate on building 
good risk management systems 
rather than occupying them- 
selves with collecting data, 
much of it hard to find”. 

Sir Dennis insists that Mor- 
gan is offering a “tool box” 
rather than its black box. “The 
information will help but com- 
panies will still need to make 
their own judgments," he says. 


All of these securities hoping been sold, this announcement appears as a matter of record only. 


9,350,000 Shares 


Cameo International Inc 


Common Stock 


1,870,000 Shares 

This portion of the offering was offered outside the United Stales and Canada by the undersigned. 

Lazard Brothers & Co., Limited 
Morgan Stanley & Co. 

Salomon Brothers International Limited 

Simmons & Company 

InlcniatfaXMd 


Cazenove & Co. 


ABN AMRO Bank N.V. 


Credit Lyonnais Securities 


Deutsche Bank Fearnley Fonds A/S The Toronto -Dominion Bank DBS Limited 

A fctifgr. rlfarhaft 


7,480,000 Shares 

77iii portion of the offering was offered in the United States and Canada by the undersigned. 


Lazard Freres & Co. 


Morgan Stanley & Co. 


Salomon Brothers Inc 


Simmons & Company 

luten ud o tia l 

Bear, Stearns & Co. Inc. CS First Boston Alex. Brown & Sons 

bMrponUil 

Dean Witter Reynolds Inc. Dillon, Read & Co. Inc. Donaldson, Lufkin & Jenrette 

SecuriUci Corporation 

A.G. Edwards & Sons, Inc. Goldman, Sachs & Co. Hambrecht & Quist 

bmpMad 

Howard, Weil, Larouisse, Friedrichs Lehman Brothers Merrill Lynch & Co. 


Oppenheimer & Co., Inc. PahveWebber Incorporated Prudential Securities Incorporated 


RBC Dominion Securities Corporation 


Smith Barney Inc. 
Ad vest, Inc. 


S.G. Warburg & Co. Inc. 


Robertson, Stephens & Company 
Werthem Schroder & Co. 

Incorporated 

Akin hold and S. Bleichkoeder, Inc. 


Ad vest, Inc. Allen & Company Arnhold and S. Bleichkoeder, Inc. 

hewporurf 

Baring Securities Inc. Sanford C. Bernstein A Co., Inc. William Blair & Company 
j. C. Bradford & Co. Brean Murray, Foster Securities Inc. Co wen & Company 
Dads Bosworth Dorr & Co., Inc. Dominick & Dominick First Albany Corporation 

Incorporated In*orp«r«t*d 

First Manhattan Co. First Southwest Company Furman Selz 

hu npo nlri 

Interstate/JTohnson Lane Janney Montgomery Scott Inc. Johnson Rice & Company 

Corporation 

Edward D. Jones & Co. Kemper Securities, Inc. C.L. King & Associates, Inc. 
Ladenburc, Thalmann & Co. Inc. Lecc Mason Wood Walker McDonald & Company 

Incorporated Snw&fc lac. 

Midwood Securities, Inc. Needham & Company, Inc, Pennsylvania Merchant Group Ltd 


Petrie Pakkman & Co. 


Piper J affray Inc. 


Raymond James & Associates, Inc. 

Southwest Securities, Inc. . Stephens Inc. 
Wheat First Butcher Singer 


Rauscher Pierce Ketones, Inc. 
The Robinson-Humphkey Company, Inc. 
Spencer Trask Tucker Anthony 

Sw m fiu la Miy a i W ^ bcMfuntod 

Wiluam K. Woodruff & Company 


October 1994 



22 



j.XSr: 

'rSSkM. 


FINANCIAL TIMES TUESDAY OCTOBER 1 1 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Japanese banks return to their roots 

Some regional banks look stronger than their city counterparts, writes Emiko Terazono 


A t a time when Japan’s 
leading commercial 
banks are suffering 
from mounting bad loans and 
weak demand for loans, the 
country’s regional banks are 
finding business growth in 
their local provinces. 

The Bank of Fukuoka, based 
in the southern island of 
Kyushu, is one of the many 
regional banks going back to 
the basics of regional banking. 
It is increasing lending to local 
medium-sized and small com- 
panies. while increasing pro- 
curement from deposits from 
retail clients. 

As of last August, the bank's 
loans to companies based in 
Fukuoka prefecture rose 4.8 
per cent, while lending to cor- 
porations in Tokyo and Osaka 
declined 6.4 per cent 
Large lot deposits from com- 
panies at money market rates 
fell by 5J3 per cent, while ordi- 
nary deposits from retail cus- 
tomers gained 5-8 per cent. 

Bank of Fukuoka's return to 
its provincial roots reflects a 
sharp contrast in strategy from 
the “bubble” period of the late 
1980s. when regional banks 
strived to become more like 
the city banks, their larger 
counterparts which lead the 
industry. 

The traditionally conserva- 
tive regional banks, which long 
relied on deposits from the 
retail level, shifted fund pro- 
curement from deposits to the 
money market, and also 
increased lending to larger 
companies based in Tokyo and 
Osaka. 

In an effort to ride the wave 
of internationalisation, the 
regionals also expanded their 
overseas operations, setting up 
branches in New York and 
London. However, the rise in 
interest rates squeezed profit 
margins and, like the larger 
banks, regional financial insti- 
tutions were hurt by the subse- 
quent fall in asset prices. 
“Most of the regional banks 
were burned by market risk, 
then by credit risk.'’ says Mr 
Masahiko Tsuchiya, in charge 
of business planning at the 
Bank of Fukuoka. 

To tackle the bad loan prob- 
lem. Bank of Fukuoka wrote 
off Y25.2bn ($25 lm) last year. It 
has also shifted Y20bn of its 
“high risk'’ loans from 
branches to its head office to 
allow the branches to focus on 
nurturing new lending, rather 


Regional banks’ forecasts for fiscal 1994 (Y bn) 


Bank 


Operating 

revenues 


Change- on 
year (%) 


Recurring Change on 
profits year {%) 


Net 

profits 


Change bn 


Fukuoka 

250 

-11.5 

19.0 

+31.3 

5.5 

• ■ 

Chiba 

325 ■ 

-9.7 

23.0 

■ +43.0 

10.6 

+1-5 

Yokohama 

500 

-11.4 

.15.0 

+5.1 

8.0 

: -iai 

Joyo 

■ 288 

-10.9 

22.0 

+10.5 

VXO 

-2 3 

AsMkaga 

293 

-8.9 

8.6 

+4.9 

3.6 

+1.5 

Hokkaido 

162 

-9.2 

2.6 

-1.8 • 

1.5 

. . -a'i 

Shizuoka 

342 

■ -8.7 

45.0 

+4.5 . 

22S 

+1.8 

Hokuriku 

340 

-8.7 

14.0 

+2.1 

7.0 

• +4.7 

Hachijunf 

215 

-10.3 

25.8 

+29.9 

• 12.5 

• ' - +19.5 

Hiroshima 

229 

-15.3 

12.5 

+27.6 

5.0 

_ 

Terfels 

aS44 

-104 

187.5 

+15.7 . 

85£ 

.. \*l£ 


Sauna; Compaq mpa rt x 


City banks’ forecasts for fiscal 1994 (Y bn) 


Bank 


Operating Change on Recurring Change on 
revenues year (%) profits year {%) 


Net Change on 
profits year (%) 


Dai-rchi Kangyo 

2.500 

-3.1 

4ao 

+6.2 

32.0 ‘ 

-13 

Hokkaido Tak 

440 

-18.7 

5.5 

-4.6 

5^ 

+315 

Bank of Tokyo 

1,550 

-2.6 

75.0 

+2.1 

51.0 

. +1.0 

Sakura 

2,500 

-6.5 

80.0 

+27.1 

36.0 

+62 

Mitsublsfii 

2,900 

+1.7 

65 JO 

+3.0 

30.0 

+13- 

Fuji 

2,330 

-9.7 

50.0 • 

-5.0 

30.0 

+12^ 

Sumrtomo 

2,650 

+0.1 

75J3 

+3.3 • 

35.0 • 

+5.0 

Dahva 

1,000 

+6.8 

22.0 

■ -44.3 

13.0 

-0.4 

Sanwa 

2,700 

+3.4 

80.0 

-10.7 

45.0 

-14.0 

Tokal 

1,400 

-23.6 

35.0 

-0.7 

20.0 • 

-3.6 

Asahi 

1.190 

-14.4 

30.0 

-1-8. 

20.0 

-3.6 

Totals 

21,160 

-44 

557.5 

-IjO 

317.5 

-03 


ture development has 
remained strong in the regions, 
especially in the northern part 
of Japan, while private busi- 
nesses have moved into the 
provinces to benefit from lower 
costs. 

Although lending growth by 
the leading city banks has 
fallen this year for the first 
Hitib on record, loan demand at 
regional banks remains rela- 
tively firm. For example, Bank 
of Fukuoka’s outstanding loans 
in August rose 23 per cent to 
Y3,988bn from a year earlier. 

The island of Kyushu, which 
accounts for around 8 per cent 
of Japan’s GNP, has seen 
investment from the car and 
electronics industries over 
recent years. Consumption has 
remained firm, due to the 
resultant population increase. 
Fukuoka is trying to position 
itself as a city linking Japan 
and south-east Asia, and infra- 
structure projects to create its 
appeal as a international hnb 
have sustained construction 
activity. 


Sma- Company report* 


thaw having to deal with prob- 
lem loans made in the past 
But while some of the 
smaller regional banks have 
been severely hurt by the 
increase in bad loans, the over- 
all exposure among most 
hanks based in the provinces 
to asset speculation, including 
real estate projects, has been 


lyst at Salomon Brothers in 
Tokyo. 

Thanks to the provincial 
business, some of the more 
larger regional banks are prov- 
ing to be stronger than the 
leading 21 commercial, 
long-term credit, and trust 
banks, which bold 45 per cent 
of the private loan market As 


rates reached their peak, 
starting to mature, regional 
banks ate expected to see a 
sharp fell in funding costs over 
the next few years. Bank of 
Fukuoka, for instance, esti- 
mates that YSOObn worth of 
fixed-term deposits, with an 
average cost is 5.9 per cent 
will expire during the current 


‘Most of the regional banks were burned 
by market risk, then by credit risk’ - 
Masahiko Tsuchiya of the Bank of Fukuoka 


lower than that of the large 
commercial banks. “Non- 
performing loans for some 
regional banks are the result of 
the weakness of local indus- 
tries rather than asset specula- 
tion. At these banks, problem 
loans should decline quickly as 
the economy recovers," says 
Ms Alicia Ogawa. banking ana- 


with the the Bank of Fukuoka, 

profit mar gins an tending- to 

local small businesses and con- 
sumers are higher relative to 
loans to large Tokyo- and 
Osaka -based companies. 

Moreover, with long-term 
deposits which were contracted 
to retail customers two to 
three years ago, when interest 


business year. 

Meanwhile, a firm regional 
economy is also helping its 
business. Banks based in prov- 
inces where the regional econ- 
omy was relatively unaffected 
by the “bubble economy", 
unlike Tokyo and Osaka, have 
seen sustained loan demand. 
Public spending on infrastruc- 


B ut with more than 5.700 
regional institutions 
fi ghting for 55 per cent 
of the private-sector loan mar- 
ket, and the leading 21 banks 
also trying to nrpawd in the 
provinces, the regional banks 
fep B mounting competition. 

Mr Brian Waterhouse, bank- 
ing analyst at James Capel in 
Tokyo, says regional banks 
operating in the stronger local 
economies are likely to see 
high loan growth and core 
earnings. 

However, those whose 
operations are concentrated on 
the major urban centres such 
as Tokyo and Osaka, with a 
larger percentage of problem 
real estate loans on their 
books, are unlikely to see 
strong profits growth over the 
next two to three years. 

Mr Tsuchiya at the Bank of 
Fukuoka says strong ties to 
local companies is the key to 
competitiveness. 

City b anks moving into 
Fukuoka lack the network and 
information to expand business 
aggressively, while smaller 
regional banks do not have the 
status which the Bank of 
Fukuoka still maintains within 
the region. “We’re thankful 
that dealing with the Bank of 
Fukuoka still means some- 
thing for many small and 
medium companies," he says. 


NEWS DIGEST 


Danone looks at 
Colman’s food 
and drinks side 


Groupe Danone is studying a possible 
acquisition of the Colman’s food and drinks 
businesses of the UK’s Reckitt and Colman, a 
spokesman for the French food group said 
yesterday, writes John Ridding in Paris. 

' According to the spokesman, the study is at 
an pa rly stage. He said it was natural that 
Danone would be interested in buying an 
important force in its own markets when the 
opportunity arose. 

The possibility of the acquisition of Col- 
umn's follows the decision by Reckitt and Col- 
man to sell assets to finance its $L55bn acqui- 
sition of L&F Household, a subsidiary of 
Eastman Kodak of the US. Industry observers 
estimated that the Colman’s food and drinks 
operations, which include well-known brands 
such as Colman’s mustards and Robinson’s 
soft drinks, are worth between £250m ($395m) 
and £300m. 

Colman’s operations would complement 
Danone’s existing businesses. The French 
group is the market leader in mustards in 
France and already owns the Maine and 
Amora brands. Each of these brand lines 
achieves annual sales of about FFrl.2bn 
($22m). Danone, however, is just one of the 
companies thought to be interested the acqui- 
sition of Colman's. Com Products of the US 
and Rank Hovis McDougall of the UK are also 
considered to be likely candidates. 


(US$35.fim), Reuter reports from Singapore. 

It said the sale of Singapore Aerospace Man- 
ufacturing (SAM) and California Avi-Tron 
Corp (CAT) would allow SAE and its subsid- 
iaries to concentrate on aircraft maintenance 
and modification. 

Singapore-incorporated SAM began as a 
maker of military aircraft parts, but commer- 
cial aircraft parts now account for most of its 
turnover. . . 

CAT, Incorporated in California, is a sub- 
contractor for sheet-metal products including 
window frames, shrouds and plenums for Boe- 
ing aircraft, , . , 

SAE said the aircraft industry had been hard 
hit by overcapacity and global economic slow- 
down. 

The purchase of SAM and CAT will enable 
Singapore Technologies Venture to broaden its 
engineering base to support aero-parts manu- 
facturing and other precision manufacturing. 


MoDo has no plans 
for rights issue 

MoDo 


Share price (SKI) 
400 


US in Bulgarian 
investment drive 


The US has opened an office in Sofia to pro- 
mote US-Bolgarlan investment and trade, 
writes Theodor Trev in Sofia. 

US investment has accounted for only 6.5 
per cent of the total foreign Investment in 
Bulgaria since 1990, according to Bulgarian 
government figures. 

US companies are lagging Germany, the big- 
gest investor with 40.6 per cent of the total 
foreign investment, the Netherlands (10.2 per 
cent), Switzerland (9J2 per cent), and Belgium 
(7.1 per cent). 

The US office is located at Sofia’s World 
Trade Centre and consists of professional 
office space, direct telecommunications with 
the US. support personnel and a range of con- 
sulting services. 

It will try to attract US companies to the 
Bulgarian market and support their establish- 
ment by providing services at a reduced or 
no-charge basis. 

The venture has been almost totally funded 
by contributions from US companies. 



MoDo, Swedish for- 
estry products group, 
does not plan to go 
ahead with any rights 
issue, in spite of share- 
holder approval to 
launch one. Reuter 
reports from Stock- 
holm. As a result of 
speculation about a 
possible rights issue, 
the company's board 
has decided that the 
authority granted for a 
rights issue at an ordi- 
nary shareholders' 
meeting on May 26 will 
not be used, MoDo 


said. The shareholder meeting gave the com- 
pany authority to make an issue of up to 4m B 
shares between that meeting and the 1995 
annual shareholders' meeting. 

The company also addressed another subject 
of market speculation - its plan to consider 
building a third newsprint machine at its 
Braviken papermill. 

It said that a final decision in principle 
would be taken at a board meeting planned for 
November 24. 


More banks bead 
for Philippines 


Singapore Aerospace 
to sell offshoots 


Singapore Aerospace said it planned to sell 
two wholly-owned subsidiaries to state-owned 
Singapore Technologies Venture S$52.7m 


Spain's Banco Santander and Malayan Bank- 
ing Corp have joined 28 other foreign banks 
seeking to set up full service branches in the 
Philippines, Mr Gabriel Singson. the central 
bank governor, said, Renter reports from 

Manila. 

Mr Singson said the implementing rules and 
regulations of the foreign bank liberalisation 
law. which was passed last May, would be 
announced during the next two weeks. 

This would also be the signal for the foreign 
banks to formally apply for the 10 licences 
available. The first selections will be 
announced by first quarter of next year. 


Standard 9 Chartered 


Standard Chartered PLC 

Ihonnw Mm May n£n(jfe>4l 


US$400,000,000 Undated Primary 
Capital Floating Rate Notes 


In accordance with the provisions of the Notes, 
notice is hereby given that for the Interest 
Determination period from 12th October 1994 to 
14th November 1994 the Notes will carry Interest 
at the rate of G.0625 per cent per annum. 

Interest accrued to 14th November 1994 and 
payable on 12th January 1995 will amount to 
US$55.57 per US$10,000 Note and US$555.73 
per US$100,000 Note. 


West Merchant Bank Limited 
Agent Bank 


SGASOCI 
jGENEr 

ACCEPTANC 

FRF 300.000.000 

reverse Floating 

RATE NOTES DUE 


ERAUE 6 

LNCEN.V. 


IS IN X S 0044 992 7 84 


pctober]%£f 1994^0 


January 09. 1995 
_ new rate has been 
fixed at 8,76172% RA. 


Next payment date : 
January 09, 1995 
Coupon nr : 4 


Amount : 
.for 


FRF 228,78.for the 

d TWW8» of 

FRF 2287.78 for the 


deamination of 


jx m-. 


FRF22877,82for |he 


denomination o - 

FRF 1 000 000 

msvm 


JOGENAL 

S0C, %B&f RALE 

15, Avenue Emile Reuter 

LUXEMBOURG 


FINANCIAL -mOB 


A tot/qtm quarterly 
source of reference, 
from Financial Times 
Newsletters, essential lo 
all players in the 
tmtemaUonal credit 
markets -borrowers. 

Investors ant! 

Intermediaries alike. 


For a FRH sample booklet ranter. 


SU&ml 
Rwrid Tino-Cri* Ukap UmsMi, 
fi«dal&nll»wd n v 
Mating Dcpatenri, Sard far, 
ftmteOaScatiMklrlJp, 

«M«njOTjns 
Fee (+4471! in 3H5 



HAVE YOU THOUGHT 
OF LEAVING US SOME 
OF YOUR NEST EGG? 


By remembering us in your Will, you’ll be 
remembering the whole RAF family. 

Not just aircrew, but ground staff, too. 

Serving RAF members, as well as ex- RAF 

Their spouses and their dependent children. 

Every year, more and more people urgently 
need our help. 

Please help ensure that we are always there 
to take them under our wing by making a donation 
now and by remembering us in your Will. 

COMRADES IN ARMS SHOULD BE COMRADES IN ALMS 


B— w alw rt fnd.PO to tMtlftlrtad. 


GL74MJL 

OBriTrflw** as®7 


8343. IxL 257 

I n typcaiuoav'imcw 'delete teWOtejCtel I 

LJ Pi?av t ci«»gi-ns,AaM?t/V6j;AnwfiunEnxeii'OinwiOi*i*in*ef 1 

ui.i I ii.i i mu i i i i i i t**** . 


AC'D&CSS 


SIGNATURE 


Data Rratedian Act Ke ion acus4»Mi wn to cantn )du Abcu o« Mfn 
K acuta peter in? (-ana puMsekfctwtw- □ 


[THEROYAL AIR FORCE BENEVOLENT FUND 



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


Notice of Event of Default 

Banca Crera, S.A. 
9% Kates Dm 1995 


Pursuant to the ptuvitions of Con- 
dition* 9 and 11 of me Toms and Con- 


ditions of the 9% Notes due 1995 (the 
“Notes*) issued by Bants Cremi SA. 
(Hie Tswer*^ notice Is hereby pvm of 
be oocuntnoe, on about September i 
olrdescrib' 


1994,af*n "Evert of De&ulr described 


■utb Terms and Conditions. According 
ban announcement made by the Min- 
tatiy of finance and Public Credit of 
Mexico on September 6. 1994, the Min- 
istry has instituted a managerial inter- 
vention by be National Banfang Com- 
‘ ' irNBCTofModcoofalloflhe 


entitles format a part of theCnsra 
financial G ~ 


Union Frnandil Group, including be 
Issuer. According to the Ministry's an- 
rwntnstnt a ‘managerial interven- 
tion” involves the substitution of exist- 
gyaanageaie il u Tlhe e n titie s by bccad- 
Yr empowered appointee* of the NBC 
teach action appears to constitute an 
as sum ption by be government of Mex- 
ico oran Authority thereof of the buti- 
ness andopemttons of the Bank tribin 
the meaning of subparagraph (vfl of 
Condition 9 of tire Terms and Condi- 
ticra of the Notes. Pursuant to thefur- 
thcrpravi>ioraofCond&ion9,theHoVd- 
exs 04 Notes of at Ieust33 1/3% bi aggre- 
gate mind pal amount of be Nates out- 
standing may. by written notice to be 
Essueranl the undersigned fiscal Agstb 


declare the prmdjjal of aU the Ncees to 


be due and payal 

Tin Bank if Raw York 

esFisadAgenl 
Dated; October 6. 1994 


Notice of Event of Default 

Banca Cremi, SJL 
6375% Rotes Doe 1995 

Pursuant to the provisions ofCorv 


mnuant to me provisions otton- 
dituxw 9 and II of me Terms and Con- 
ditions of the 8375% Notes due 1995 
(the "Notes") issued by Banca Cremi, 
SA (tire "fasuerT, notice is hereby giV' 
en of the occurrence, on about Septem- 
ber 6, 1994, of an "Event of Default* 
described in subparagraph (vj)of Con- 
dition 9 of auch Terms and Conditions. 
According to an anmunosoett made 
ire the Ministry of finance and PuMic 
Credit of Mexico an September 6. 1 99^. 
the Afinisiiy has instituted a 


al intervention by theNattonal 

("NBC") 


Commission ("NBC") of Mexico of 
of the entities forming a part of tire 
Cremi -Union RnandaT Group, includ- 
ing the Issuer. According to tire Minis- 
try^ announcement a "managerial in- 
tervention" involves the substitution of 
easting management of tire entities by 
broadly empowered appointees of tire 
NPCtexh action appears toontstitute 
an assumption by tire government of 
Mexico or an authority thereo f of the 
business and operations of tire Bank 
within the meaning of subparagraph 
(vp of Condition 9 of the Terms and 
Conditions of the Notes. Pursuant to 
the further proviaana of Condition 9. 
tire Holders of Notes of at least 33 1 /J% 
in aggregate prtndpal amount of tire 


Notes out standin g may. by written no- 
tire undarsto 


See to tire Issuer and tire undersigned 
fiscal Agon, declare the principal of aO 
tire Notes to be due and 


The 


of Hew Yurie 

as Fiscal Agasi 

Dated: October 6, 1994 


LATIN AMERICAN INVESTMENT COMPANY 

_ Sodfte dTavesasteaxau I Cain! Variable 
Regoxcred Office Luxembourg. 14, re 
Co mm erc ia l Register: Luxembourg Sect 


B 401168 


Notice of the Ann a a! General Meeting of Shareholders 


CTx^oseqf mr aidarinp and voong upon the fatovring manors: 


tor the 


I ftix ryr 

a) the management report of the directors; 

b) the report of the auditor. 

2 - To approve the statement gt net assets and the statement of changes m net 
assets jor the year ended Amo 30th. JSSo. 

3. To (festfjage the tfcectors wnth respect to the perfor m ance of their duties 
anng the year ended rare 30th. 1934. 

4. To eject tire (Srecttre aid the auditor to 3enre unt* the next me oeneral 
meeting of snarehowers. 

5. To consider the Sectors' remineretion. 

6. An y ottwr business. 

The shsrehcidars J^ncqtputt tar the statutory general meetng is 
d that deciaans vm! be taken at the majority of the shares present cr 
I at the meetng. 

The Board of Directors 


I 


L 


Looking for a Career Change 


\ 


For further details please contact Philip Wriclet on Tel: +44 71 873 3351 Fax: +44 71 873 3064 

OR OY WRITING TO HIM AT FlttAMCIAL Times, RECRUITMENT ADVERTISING, NUMBER One SOUTH WARE BR^ae, LONDON 

SE1 9HL 



CREDITANSTALT 

BANKVERHN 


US$250,000,000 
Subordinated collared 
floating rate notes due 2003 


Notice is hereby given that hr 
Hie interest period II October 
) 991 to II April IS95 the notes 
wBI carry an Interest rate of 
£8725% per annum. Interest 
payable on 11 April 1995 min 
amount to USS146.93 per 
USSS.00Q note and USSZ 93&S4 
per USS/00.000 note. 


Agent Morgan Guaranty 
Trust Company 


JPMorgan 


CREDIT LOCAL DE FRANCE 
US$100,000,000 
Subordinated collared 
floating rate notes due 2005 
In accordance urith the 
provisions of the notes, notice is 
hereby given that hr the interest 
period II October 1994 to 10 
April 1995 the notes will carry an 
interest rate of 5.75% per annum. 
Interest payable on the reteoant 
interest payment date W April 
1995 mill amount to (JSS14455 
per USS5.000 note and 
USS2.S90.97 per USS 100,000 
note. 

Agent Morgan Guaranty 
Tru st Company 

JPMorgan 


THE EMERGING MARKETS STRATEGIC FUND 

SodMd'lBvesttoereert ft Capital Variable 
2, boulevard Royal, Luxembourg 

R.C. LUXEMBOURG B- 28252 


NOTICE 

is Hcielqr gum that an 

Extraordinary General Meeting 

win be held te the office* of Buque Imenreiinaite S Luxembourg. 69. route iTEsch, L-1470 
Luxembourg oo October 19, 1W4«13 pjn. 

The nuio aubjeefe to deliberate oa, are the possibility of creation of a second das* of rtoies. 
m tint the shaiefaoldas may have the option to detain 'Capital Ma ri on Slum' (not rending 
to drvidendal ami "Distribution Shares* I cotilling to dividends). 

Frmhcrntarc, in order eo oompfy with the Law. a second Set Asaa Value trill be calculated 
monthly. 

As the Articles of Incorporation have to reflect these new provtsiaos, the shareholders ate 
invited to deliberate on the fbOowing agenda: 


AGENDA 

A ArtJde5 

- Adding trf t paragraph providing fer two different cLjstcs of shares. 

B Article II 

- A mi-ntlinrm of the 2nd paragraph aoaa to evidence the existence of two different 
chases of shares. 

C Article 16 

- Actually, the Corporation may invest in securities admitted to official listing oa a 
recognised stock exchange lo any Stale member of the OECD, Asia, Oceania, tire 
American continents and Africa. 

- It is proposed » enlarge (hit Irt Mas te inctedeateo the States meteber of EmODS. 

D Article 2 1 

- A mrnrfmen t of the Ire paragraph so ms to gratify that Shares may be redeemed on each 
grveuby ar least !£jJaj3jHBKJSSisS'*o the date oa whiefa the ipdcmptitai sbaO be 

applKvriCi 

Furthermore, if total redemption requests on one Red em ption Dale exceed 109 of the 
total net assets of the Corporation, the Board of Directors may reduce such total 
nqocst to 10% Any nsdem/rian request so redbeed titafl be effected by priority as of 
tbs next Redemption Dale. 

- Amendmcot of the 2nd paragraph so as to {vmride for payment of the redemplioa price 

no later than seven bosanesa days after the applicable Valuation Dote. 


■ Addiagof a dcw paragraph ptovidiii5 for the possiWity of ctxnverjioo of "Distribulioa 
Share*" uao ’Capitalisation Stares* and vice-vena. 

E AaisteX 

■ Amendment of 1st paragraph so as to dctettunecatcolarion oT the Net Asset Value per 
Aareof each daw BskcJ W Bbly- 

- Amendment of the 2nd paragraph so is lo evidence the exist cure of two different 
classes of dares. 

F Anltva 

• Amendm ent of tbc 1 st paragraph so as to evidence the emsrence of two difference 
Classes Gf auue*. 

' the methods of rtoermination of the Net Amra Value 

0 Artfefe Z4 

■ Amendment of the far acolcaccjc as to evidence the eristence of two differeot chaws 

OI 5 Dares. 

H Arrietel* 

- Amendm e nt cl the la paragraph and adding trf anew ooc. evidencing the difference in 
the appropriation of the annual profits For the two dimes of shnreT^ 

1 Article 28 

’ * rfltC " OC “ “ evufcnec ^ existence of two difference 

i Article 29 

- Adding of a new paragraph evidencing the existence of two difference classes of 
narc& 


V 0 ™” «*' « haJf ^ of the shares omtaadaig a naubed 
*T^ e ^i?? 0f,he, “ ert,, ** Dd reBO * ,, 'iooi must be panned by an affirmative vuteoftwo 
thuds of the shares present or tnpreieaied ai ihi meciiaT^ 

1 " wilh 


The Beard of Directors 


fi 


abbey 
_ national 

Abdij Nationaal First Capital B. V. 

f/ik'iffponurJ i-t The NaManJs; areimur, xrttr; The Hague) 

U.S, $100,000,000 

Subordinated Guaranteed 
Floating Rate Notes Due 2003 

For the Interest Period !1th October, 1994 N> ilth April . 1995 rhe 
Notes will carry an Interest Rate of 5 81^% ~ ’ C 

rvore, u.o. M.V38.54. pnyahleon Ilrh April. 1995. 

the ImoJu, St.il [qiancr 


□ 


BankersTrust 
Company.London 


Agent Bank 


4 


4* 


;> 



i 


■' /■ 5 % ! 


\ 




I IfVVI 

hi? V 


lor ( y 


( v'- 


4 




is,. 


1 







FINANCIAL TIMES TUESDAY OCTOBER 1 1 1994 


! , *' i Piiuis 

*nsi:c 


n< 


INTERNATIONAL COMPANIES AND FINANCE 


Thai power 
company 
launches 
flotation 
roadshow 


By Victor MaBet 
fn Bangkok 

Electricity Generating Co 
(Egco), which is poised to 
become Thailand's first 
privatised power company 
after months of delays, will 
launch a roadshow next week 
to publicise its flotation. 

Bangkok stockbrokers said 
yesterday that the company 
should complete its initial 
public offering in Nov- 
ember. 

Egco, a subsidiary of the 
state-owned Electricity 
Generating Authority of 
Thailand (Egat), has 
successfully arranged 
BtI4.75bn ($590m) of debt 
financing and plans to raise 
nearly Bt5bn more by selfing 
its shares. 

Egco stock is expected to 
begin trading on the Stock 
Exchange of Thailand in 
December or January. 

The money raised is to fund 
the purchase of an Egat power 
station at Bayong, south-east 
of Bangkok. 

Egco also has the option of 
buying the Khanom power 
station being completed in 
Nakhon Si lliainmarat in the 
sooth of the country. 

In line with the Thai 
practice of partial 
privatisation of state 
enterprises, only SO per cent of 
the shares will be sold to the 
public, with Egat keeping 48 
per cent and 2 per cent going 
to the Crown Property Bureau. 
Full details of the offering 
have yet to be released. 

Brokers ray that demand for 
the shares is likely be strong. 
The Thai economy is growing 
at more than 8 per cent a year, 
and electricity use has been 
increasing even faster. 

Furthermore, the pricing 
formula agreed between Egat 
and Egco ensures Egco a 
predictable income because it 
is based on E geo's usable 
capacity and not on the 
amount of electricity actually 
produced and sent to the grid. 

Egco executives say they 
expect their company to take 
part In future projects by 
independent power producers 
(ffFs), although since Egco 
will still be controlled by Egat 
it would appear to eqfoy an 
unfair advantage in bidding 
for concessions to be granted 
by Egat itself. The World Bank 
has therefore recommended 
that Egco be frilly privatised. 

Egat has asked IPPs to 
propose by February next year 
power projects to produce 
3.800MW In three tranches 
from 2000 to 2002. 

By then, Egat and the 
metropolitan and provincial 
distribution authorities are 
expected to have sold some of 
their equity to private 
investors. 

Egat believes that 
Thailand’s demand for 
electricity, currently around 
IO.5O0HW, will rise by about 
l.oooMW annually over the 
next few years. 

The organisation wants tire 
private sector to share the cost 
of expanding capacity, 
estimated at about BtSOObn in 
the next decade. 


Campari stirred as the dynasty adds a dash of Dutch 

BolsWessanen is the first outsider to take a stake in the Italian drinks company, says Andrew Hill 


A measure of Campari, a 
shot of artichoke-based 
Cynar. a few bottles of 
the non-alcoholic aperitif Cro- 
dtoo, a magrunn of Riccadoxma 
Sparkling wine, and a bucket- 
ful of assorted mineral waters, 
vermouths and grappa. As a 
cocktail, it sounds nwpaTataMw. 
but as a business deal the 
drinks* producers Davide 
Campari-Milano and Bols- 
Wessanen hope it will prove to 
be surprisingly drinkable. 

Campari, privately owned 
since its foundation in 1860, 
and BolsWessanen, the 
Amsterdam-quoted food and 
drink company, agreed last 
month on a delicately-balanced 
strategic alliance. 

The deal, which should be 
competed around the end of 
the year if approved by the 
Italian anti-trust authorities, 
involves the transfer of Bols- 
Wessanen's Italian d rinks busi- 
ness to Campari. In exchange, 
the Dutch group will receive a 
stake of around 33 per cent to 
Campari 

If this is an interesting move 
for BolsWessanen, it is a kin to 
an earthquake for Davide 
Campari-Milano. It wiQ be the 
first time investors uncon- 
nected to the original Campari 
dynasty have held shares to 


the company and the first sub- 
stantial diversification beyond 
the company’s trio of Campari- 
based products, bitters, soda 
and confial. 

Adding the BolsWessanen 
brands and production facili- 
ties in Italy will nearly double 
Campari’s annual turnover, 
which was L401bn ($257.7m) in 
1993. In 1994, core Campari 
sales should generate L430bn, 
but income from the former 
BolsWessanen operations will 
add a further L354bn. 

to the past Davide Campari- 
BfOano has turned down other 
international suitors, but Mr 
Marco Perelli-Cippo. managing 
director, says the fear of allow- 
ing Campari shares to fall into 
the hands of outsiders “has 
been analysed and overcome". 
"We are more afraid of the 
iWwiMsipiw of the acquisition," 
he explains, adding that it wiE 
take about a year to digest the 
old BolsWessanen activities. 

"Frankly I would have pre- 
ferred to cany out a slightly 
smaller purchase at first and 
then pass to a larger acquisi- 
tion," be says. 

But the deal fits into the 
strategy Mr Perelli-Cippo out- 
lined for Campari this year. 
Campari says volume and turn- 
over of its products are still 


Lower metal prices 
hit Alcoa Australia 


By Bruce Jacques 
In Sydney 

Alcoa of Australia, the 
integrated aluminium group, 
has suffered a 35 per cent slide 
in net earnings for the nme 
months to September, 
reflecting the combined efiect 
of lower metal prices and a 
strengthening Australian 
dollar. 

The company yesterday 
reported trading profit down to 
A$196.4m (US$145m) from 
A$300.4m on revenues down 8 
per cent to A$i.S3bn from 
A$1.67bn, An abnormal tax 
gain of A$59.7m in the previous 
period meant that earnings 
available to shareholders 
declined by more than 45 per 
cent 

Directors said that lower 
product prices were partially 
offset by higher sales volumes 

Of alumina and phMnirak and 

lower unit production costs for 


most output An exception was 
gold, where lower ore grades 
cut production and increased 
costs per ounce. 

The company has reacted to 
tighter conditions by cutting 
capital spending to A$82.7m 
from A$l38m and dividend pay- 
outs to A$180ra from A$280m 
in the nine months. 

Alcoa's future earnings may 
be threatened further by a dis- 
pute with the Victoria state 
government over the pricing of 
electric power to its Portland 
smelter. The government has 
withdrawn some of the smelt- 
er’s power supply, but direc- 
tors said yesterday that it was 
still operating at about 90 per 
cent of capacity. 

The fastest result followed a 
reduced tax provision of 
A$81.3m (A$3 52.5m previously) 
and depreciation of A$U4£m. 
compared with ASH 1.2m. Inter- 
est expense eased to A$12Bm 
from A$2Q.6m in the period. 


Algoma seeks capital 
for C$500m upgrade 


By Robert Gibbena to Montreal 

Algoma Steel, saved from 
collapse in mid- 1992 at the 
height of the recession and 
now solidly profitable, plans to 
recapitalise to pave the way for 
a C$5Q0m <US$373m) invest- 
ment programme. 

Algoma wants to complete 
modernisation before the next 
cyclical steel downturn arrives, 
said Mr Allan Hopkins, presi- 
dent. 

Mr Hopkins said theTecapi- 
talisation would focus on Alge- 
ria's preferred capital, debt 
structure and future sources of 


external finance. He would not 
comment on industry sugges- 
tions that Algoma’s seamless 
tube plant may be put up for 
sale. 

Algoma. based in Sault Ste 
Marie, Ontario, specialises to 
sheet, tube and plate. It was 
formerly controlled by Dofasco, 
Canada’s leading steelmaker, 
but is now widely held. 

The employees, to return for 
pay concessions to 1992, will 
own 60 per cent of the existing 
equity fry 1997. 

In the first half Algoma 
earned C$49 -2m, or $1.87 a 
share, on revenues of C$526ta. 


590 

MADISON 
AY E \ l E 


A42-CTORY, 0NEMiUI0NlffiNTmESQ.Fr. 
CLASS A OFFICE BUILDING 
LOCATED AT 

57IH STREET AND MADISON AVENUE 


to Been Actpthai by 

590 Madison Avenue Associates, LB 

The partners of which 

are affiliates of 

Edward J. Minskoff • Odyssey Partners, LB 
Hie State Teachers Retirement System of Ohio 


FAST KI ROI’K V\ 
M VRKI. I S 


Reliable. comprehensive 
and objective— East 
European Markets, the 
twice monthly newsletter 
covering the rapidly 
changing emerging 
markets of Central and 
Eastern Europe including 
Russia and the rest of the 
former Soviet Union. 

To receive a FREE 
sample copy contact: 
Sind Bonsai. 

Financial Ti mo Newsletter*. 
Mariuainp Department. 
Ttnrd FVxir. 

Number One 
Soutbwnt Bndpr. 
London SE1 9HL. En&bnd. 
TtL(-W 47 h 87337 V 5 
Favt*44 11)873 


niwCMLintt 


UNBEATABLE 

INTEREST. 

INSTANT 

ACCESS. 

Ai your newsagent tW) Friday. 


INVESTORS 

CHRONICLE 


THE CITY INSIDE OUT 


rising, but analysts claim vol- 
ume has begun to flatten in 
recent years as tbe aperitif 
market has come under pres- 
sure. 

In April, Mr Perelli-Cippo 
spoke of the need to add new 
products to the limited Cam- 
pari range and use Campari's 
international distribution and 
marketing network, which 
annually spends the equivalent 
of 10 per cent of turnover on 
publicity, to promote them 

Both BolsWessanen and 
Campari have carefully talked 
about tbe mutual benefits of 
strategic alliance, but for the 
respective domestic audiences 
a little judicious spin hag been 
applied to the ftnpli<«aHning of 
the deal. This suggests there 
may well be tough negotiations 
about how to develop the alli- 
ance’s inter n ational activities. 

In the Netherlands, Bols- 
Wessanen, advised by Lazar da, 
has underlined the synergy 
between the two companies’ 
Italian operations, the pros- 
pects for "international 
co-operation" and the Impor- 
tance of acquiring a -ci gnififinTit 
stake to Campari. 

In Italy, Campari - advised 
by the specialist Investment 
bank Colker Geiardin - hag 
successfully peddled the line 



Marco PereLB-Cippo: fear of outsiders ‘analysed and o verco m e* 


that the accord will return 
some proud I talian brands to 
Italian ownership, rather than 
deliver the company into the 
hands of the Dutch. 

Indeed, Campari is adamant 
that BolsWessanen will be 
unable to increase its stake to 
the Italian company unilater- 
ally. Mr Perelli-Cippo briskly 
dismisses tbe suggestion the 
Dutch presence on the share 
register and in the boardroom 
might compromise Campari’s 
tradition of independence. The 
Dutch company will have three 


out of 11 seats on the board, he 
sayB. This will allow BolsWes- 
sanen to take part in “general 
strategic decisions” which 
affect the value of their invest- 
ment, but not to ri pciitipn g on 
everyday operations or choice 
Of miinagBWtmt 

Although tbe exact structure 
of the Campari share register 
after the deal has not been 
clarified, it seems the family of 
tbe late Mr Domenico Garavo- 
glia - one of two Campari 
managers to whom the com- 
pany was left by the last of the 


Campari dynasty in the 1980s - 
will retain majority control of 
the group. 

BolsWessanen is likely to 
acquire most of its stake, said 
to be worth about LSOObn- 
L600bn, from the minority 
Rossi family. 

As Mr Perelli-Cippo puis it 
"The majority shareholder had 
already developed the ability 
to handle a minority share- 
holder. now it’s simply a ques- 
tion of handling a minority 
shareholder who speaks Italian 
less weD." 

Whether this is a comfort- 
able arrangement for both par- 
ties will depend partly on what 
happens in the continuing 
negotiations about the alli- 
ance’s International potential, 
the part which most interests 
BolsWessanen. 

“Bols drives a very hard bar- 
gain,” says Mr Icon Stelmach 
of Canadean, specialists in 
marketing and information for 
tbe beverage industry. “I can’t 
imagine that Campari has such 
a wonderful deal.” 

The Dutch company has said 
it expected a higher profit con- 
tribution from Italy in 1996, 
once Its activities were Inte- 
grated with those of Campari. 
But a spokesman adds: "We 
don't just have a share in 


Davide Campari in Italy, we 
have a sizeable share in Davide 
Campari worldwide. That’s 
where we would have an influ- 
ence." 

Outside Italy, the companies 
have duplicate production 
facilities in certain countries. 
For example, even after the 
deal has been concluded, pro- 
duction of the Cynar aperitif in 
Switzerland and Brazil will 
remain under Dutch, control, 
while production of Campari to 
Die same countries will belong 
to the Italians. 

Detailed discussions will con- 
centrate on the interpretation 
of existing international licen- 
sing, marketing and distribu- 
tion agreements. But in tbe 
longer term, BolsWessanen 
will try to use its boardroom 
influence to exploit tbe agree- 
ment’s international potential. 

As for Campari, it is not 
expected to wait another 134 
years before making its next 
strategic move. It may even 
seek a stock exchange listing, 
but only if it needs to raise 
capital. For tbe time being, 
however, Mr Perelli-Cippo is 
content to concentrate on the 
latest challenge. "After all. if 
you put too many steaks on 
tbe grill, they'll all end up 
burnt,” he says. 


sappi limited 


(Res <*> 0508983/06) 

(Incorporated in the RepubGc oJ South Africa) 

rawo 


ACQUISITION OF S.D. WARREN COMPANY 
THE LARGEST COATED WOODFREE PAPER PRODUCER IN THE USA 
IN A $US 1 600 MILLION LEVERAGED TRANSACTION 

NO SOUTH AFRICAN CURRENCY UTILISED 


Introduction 

Sappi, DU Merchant Banking Partners LP and its affiliated investment 
partnerships (DUMB") and UBS Capital Corporation pJBS Capital*), a whofiy- 
owned subsidiary of Union Bank of Switzerland (“UBS"), have formed an 
investor g roup irtitch has, subject*} certain condHons precedent and regulatory 
approvals in South Africa, the USA and Europe, inducing South African Resenre 
Bank approval, acquired the whole of the Issued share capital of SD. Warren 
Company (“Warren”), a Pennsylvania company, from Scott Paper Company 
fScotn, the world's largest tissue producer. Scott announced in May this year 
its intention to focus on its core tissue business which led to considering the sale 
ofWanen. 

Warren is the market leader in the USA in coated woodfree papers with a 
capacity Oft 250 000 short tons per annum of coaled, uncoaled, specialty and 
technical papers, at its 4 mills located in Maine (2), Michigan and Alabama. 
Warren also owns nearly 1 miifion acres of timbedands in the north sastem US- 
Three erf the paper mills are integrated with pulp mills. 

Coaled woodfree paper is the fastest growing area of paper consumption in the 
world. These papers are used for top quality publications such as housing, 
fashion, architectural and design magazines, and high quality promotional 
catalogues used by major retail outlets, tn addition. Wan an manufactures 
technical and specialty paper inditing setf-adheava and other label paper. 

Warren is the leader in coated paper technology and has developed and 
patented most of the world’s coated paper improvements over the last 20 years. 
Crucial to this record h8s been fts fi&D facility in Westbrook, Maine, one of the 
most advanced of such facilities in the industry. Wanen's Somerset, Maine, rnfll 
is considered to be the lowest oost producer of coated papers in the USA. Over 
the past six years, Warren has invested over SI bBfion in new plant and 
equipment and today holds 27% of the US coated woodfree paper market 

SappTs Strategy 

SappTs declared strategy i$ to become a global paper business by the turn of the 
century and to focus its activities hr the dissolving pulp and coated woodfree 
businesses. The R1 biffioo modernization of Sappi Saiccor, which wiR come on 
stream in January 1995, wit reinforce SappTs leadership in dtesotving pulp. 

The acquisition of Warren, together with SappTs existing coated paper capacity 
falhe UK, Germany and South Africa, will dearly establish thegroup’s leadership 
in the coated business with nearty 20% of production capacity in the western 
hemisphere. Warren's technology and quality leadership is a significant boost 
for the Sappi group. 

Timing 

The acquisition of Wanen presents a unique opportunity for any major producer 
and comes at a time of strong demand and a sharp upturn in pulp and paper 
prices. There is no known coated paper capacity under construction or planned 
and the strong rise in prices in this sector should be sustained for some years 
to come. 

Purchase Consideration and Financing 

The purchase consideration, payable In cash on dosfng. Is $1 480 million, 
and existing debt hi Warren of $120 million wifi remain. Scott has warranted 
net tangible assets of SI 565 mfllron, of which not less than $75 motion In 
cash wftt be Included in Warren’s assets at dosing. 

The consideration win be financed by means of a stand-alone transaction 
comprising equity, perpetual and redeemable preferred stock, seniorsubordlnaied 
notes and senior bank debt 

No South African currency is required to Implement this transaction. 

The total equity in the transaction wO be $400 minion. Sappi will invest 
$250 minion (approximately R890 mUDon at the current Commerda! Rand 
exc han g e rate) In com mon equity In a US com pa nyto be formed ("Newco^, 
representing approximately 70% of the hilly diluted equity of Newca 
DUMB and UBS Capital will, in aggregate, subscribe for a further $37,5 mfltion 
of equity and $37,5 million in perpetual preferred stock. DUMB and UBS Capital 
will underwrite a further issue of $75 mHfion of redeemable preferred stock. 
DUMB's total commitment is $125 million and UBS Capital’s $25 rrflUon. The 
preferred stocks cany warrants to acquire Warren equity. The $75 miKon of 


S.G. Warburg & Co. Inc. 


Advisers to Sappi 

# FirstCorp 


Umttsd 


FteatCovp M w rlw nt 
H&anmNaSsmttvoe 
A member of Ota Rot NaSmoS Bank 3roup 


NJ\ 


Nell Thomas 8 Associates 



Co-Investors 


Sponsoring Brokers 


Donaldson, Lufkin & Jenrette 



❖I 




redeemable preferred stock is redeemable in 2006. The $37,5 mfflion perpetual 
preferred stock is redeemable at Warren's option. 

Donaldson, Liifkin& Jen retie Securities Corporation has committed to underwrite 
an issue of $375 million senior subordinated notes maturing in 2004. 

DU Merchant Banking Partners LP and Donaldson. Lufkin & Jenrette Securities 
Corporation are wholly-owned subsidiaries of Donaldson. Lufldn & Jenrette, a 
leafing Wall Street securities firm and a wholly-owned, independently operated 
subsidiary of The Equitable Companies, IntL, a large, New York based, 
insurance and asset management company. 

Chemical Bank, the third largest bank in the US. has underwritten the balance 
of $630 million fisting required to meet the purchase consideration plus 
adefitiona! amounts for letters of crecfit and working capital. 

The Chemical Bank facilities and senior subordinated notes wfU be (Greet 
obligations of Warren and not a direct obligation of SappL 

Sappi Financing 

Over the past several years, Sappi has expanded its operations outside South 
Africa, which has permitted Sappi to provide its equity contribution fa Newca 
without the need for South African currency. This has been achieved by 
borrowing $200 mlffkxi from UBS against security of SappTs foreign assets, ft 
is SappTs intention to repay this loan by way of a Euro-convertible bond issue 
in due course. 

Financial Effects 

Sappi and the investor group wtii acquire control of Warren at the closing dale, 
which is expected to be during November or December 1994. The inpact of the 
acquisition wffl, therefore, have minimal effect on SappTs business for the year 
ending February 28, 1995. 

Earnings 

SappTs interim results for the six months ended August 31, 1994, will be 
released on October 19, 1994, and will reflect the substantially improved trend 
in earnings predicted in the 1994 Annual Report and the Chairman’s Statement 
at the annual general meeting. 

Prices of all Warren’s paper ranges have risen substantially during calendar 
1994. On a pro forma basis, applying current coated papers prices to projected 
sales volumes fbrWanen’s financial year ending December 25, 1994, the effect 
of Wanen’s earnings, when consolidated with SappTs 1994/95 expected 
results, would have had a neutral effect on SappTs earnings per share. 

The acquisition of Warren Is expected to have a positive impact on SappTs 
earnings fa the 1 995/96 financial year and, if the current trend in the paper price 
cycle continues fate 1^7/98 as expected, the positive impact will be substantial. 

Net Asset Value and Debt/Equity Ratio 

Therewifl be no effect on SappTs net asset valueper share as at acquisition date, 
on consofidation of Warren. 

The debt/equity ratio of Sappi at February 28. 1994, was 0.41:1. Sappi and its 
investor group are financing the Warren acquisition on a stand-alone basis. It is 
SappTs intention to consolidate Warren in the group financial statements and, 
on this baste, the Impact of the acquisition would result fa SappTs debt/equity 
ratio increasing to approximately 1.25:1 at February 28, 1995. It is expected that 
this ratio will reduce below 1:1 within eighteen months. 

Shareholders' Approval 

in terms of the Listings Requirements of The Johannesburg Stock Exchange, 
and the requirements of the London and Frankfurt Stock Exchanges and the 
Paris Bourse, shareholders’ approval Is required for a transaction of this 
magnitude. 

A circular setting out full details of the acquisition, complying with all necessary 
regulatory requirements, and convening a general meeting of shareholders, will 
be posted shortly. 


Johannesburg 
October 10. 1994 


Merrill & Co Inc (BrgoliXiom N* 7VmilV!l! 
lfc»hnfft« f i twriti r airt Cn * ni y 








24 


FINANCIAL TIMES 




TUESDAY OCTOBER 1 1 


(' 


INTERNATIONAL CAPITAL MARKETS 


Bunds higher as traders bank on Kohl victory 


By Martin Brice 

European government bond 
prices rose yesterday, led by 
the German market. The VS 
markets were closed and Euro- 
pean dealing was slow, with 
investors thin on the ground 
ahead of this week's data from 
the US, a Bundesbank council 
meeting on Thursday and the 
German election. 

■ German government bonds 
were lifted tn a futures-driven 
squeeze os investors prepared 
their positions for a victory by 
the coalition government led 
by Chancellor Helmut Kohl in 
the federal election on Sunday. 

“A Kohl victory is now 
priced into the market," said 
Ms Alison Cottrell, senior 
international economist at 


Kidder Peabody in London. 

This view was shared by Mr 
Nigel Richardson at Yamaichi 
in London. “There is a general 
degree of optimism that he wifl 
be reelected," he said. 

He added: “The general elec- 
tion does not represent a major 
threat to policy on supply, and 
any risk premium in the mar- 
ket is not justified." 

Mr Martin Korbmacher at 
JJ. Morgan tn Frankfurt said 
there was now a 70 per cent 
probability that Chancellor 
Kohl would stay in office. 

“It will be business as 
usual," Mr Korbmacher said. 
He added that business was 
thin yesterday, with a total of 
82,000 contracts traded on Liffe 
and 33,000 on the Deutsche Ter- 
minbdrse. 

The December bund future 


was around 88.07 in late trad- 
ing, np 0-67 point on the day. 

■ The UK government bond 
market took its tone from 
bunds, and on Ufie the Decem- 
ber long gilt future was around 
lOQg m late trading, a rise of £ 
on the day. The yield spread 

GOVERNMENT 

BONDS 

over bunds was around 126 in 
late trading. 

Economists were searching 
the minutes of the September 7 
meeting between Mr Kenneth 
Clarke, the chancellor, and Mr 
Eddie George, governor of the 
Bank of England, for clues to 
the next UK base rate increase. 
That meeting led to the SO 


hflqic po int rise in the base rate 
on September 12. 

Mr Michael Saunders, at 
Salomon Brothers is London, 
believes the base rate will rise 
another l or lVi percentage 
points, either later this year or 
early in 1995. He said: “1 cant 
see politics playing a big role 
at the moment. It is in Mr 
Clarke's interest to act like a 
central banker." 

Mr Simon Briscoe at 
S.G. Warburg believes that if 
the third-quarter GDP figures, 
which are released on October 
21, are strong, then base rates 
will go up shortly afterwards. 

He said: “It is clear the Bank 
is in the driving seat and it is 
focusing on the longer term.” 

The gilt market took heart 
from the level of agreement 
between the chancellor and the 


governor, said Mr Andrew 
Roberts at UBS. He said: “Mr 
Clarke seemed almost as wilt 
tag as Eddie George to put up 
rates." 

Mr Roberts believes gilts 
may do well against bunds in 
the coming week, with the 
spread coming in to around 110 
basis points. He said: “You 
have a feeling of domestic sta- 
bility In the UK and political 
uncertainty in Germany.” 

Mr Roberts pointed out that 
the figures for UK producer 
prices, released yesterday, 
showed a lessening of inflation- 
ary pressure. 

“Input prices may be rising 
but they were not passed on to 
output prices," Mr Roberts 
said. 

The Bank of England is due 
to triafcff an auction announce - 


uent on Friday, and Mr 
Roberts believes the new stock 
will he long-dated. 

The Bank of England issued 
£650m in tranches of new stock 
yesterday. 

It issued £2S0m of 6 per cent 
due 1989, £250m of 8 per cent 
due 2009, and £150m of 2!^ per 
cent index-linked due 2021 

■ The yield on 10-year Spanish 
government bonds Ml to 1L09 
per cent from. 1L31 per cent 

Mr Simon Maggs at UBS in 
London said the market may 
have been anticipating data 
due today which are expected 
to show a fall in inflation. 

The yield on 10-year Italian 
government bonds fell to 12J.6 
per cent from 12.32 per cent, as 
the bonds rose in line with 
bunds. 


By Graham Bowtey 

A short-dated sterling issue by 
General Electric Capital Corpo- 
ration was the eurobond mar- 
ket's main focus of attention 
yesterday, in a session which 
saw little new issuance with 
North American and Japanese 
markets closed. 


INTERNATIONAL 

BONDS 


Citibank 
sells Adia 
warrants 

Citibank (Switzerland), a 
Zurich-based subsidiary of Citi- 
corp of the US, has announced 
that it is lead-managing the 
sale of lm call warrants on 
the bearer shares of Adia SA, 
the Swiss parent of the tempo- 
rary employment services 
group, AP-DJ reports from 
Zurich. 

The warrants will be 
issued by Citibank Aktienge- 
sellschaft of Frankfort, and 
will be priced at SFYI3 each. 
Five warrants will be exercis- 
able into one Adia bearer 
share. 

The exercise period runs 
from October 26 1994 until 
June 28 1996. and the 
exercise price has been set at 
SFr230. 

The gearing on the warrants 
is 3.26, based on the current 
stock price of $Fr212. The 
payment date for the issue is 
October 25. . 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONOS 

Rad Day's Week Month 

Coupon Data Woe change Yield ago aQo 


GECC launches two-year sterling offering 


GECC launched a £l00m 
offering of two-year bonds 
priced to yield 20 basis points 
over UK government bonds, in 
a deal lead-managed by HSBC 
and Paribas. 

HSBC said 50 per cent of 
sales were made to UK institu- 
tions. There was also broad 
demand from retail investors 
in France, the Benelux region, 
Switzerland and south-east 
Asia. Paribas said. 

“We are seeing a lot more 
international flows at the 
short-end of curves and hence 


this deal and our recent deals 
for Abbey National and Swe- 
den.” a syndicate manager at 
Paribas said. 

The launch was boosted by 
the better tone in the gilts mar- 
ket, which has outperformed 
other domestic European mar- 
kets over the last week, the 
syndicate manager said. 

The sterling market has also 
been supported by the current 
Strength of the pound and by 
reports that UK economic 
growth is moderating, a syndi- 
cate manager at HSBC said. 
“There is now less immediate 
pressure upwards on UK inter- 
est rates," he said. He also 
emphasised that HSBC was 
seeing very strong institutional 
demand, as well as retail 
demand, for bonds. 

In the D-Mark sector. Stat- 
kraft, the Norwegian state- 
owned electricity generator, 
launched its debut eurobond 
with a DM300m five-year offer. 

Lead manager Deutsche 
Bank reported demand from 
Japanese banks, UK institu- 


NEW INTERNATIONAL BOND ISSUES 

Pomatmr 

US DOLLARS 

The HeBerie RepuMcttb) 
Can'pio London 

Amount 

m. 

200 

160 

Coupon 

% 

(W 

(O 

Price 

100 

9S.7BR 

Maturity 

1999 
Nov, 1999 

Fees 

S 

0-20R 

Spread Book runrrer 
hp 

I8J Asia 

SBC 

STERLING 

GECC 

100 

« on 

99.98SR 

Nov. 1996 

0.1 SR 

+20 (1099-99) HSBC/Parfcos 

D-MARKS 

Stetkrafl 

300 

7.50 

99.B4R 

Nov. 1999 

0Z5R 

+3S (BK96-99) Deutsche Frankfurt 

FRSiCN FRANCS 

Pf Ops Oec&anfca 

Ibn 

875 

99.31R 

Nov *004 

aoteR 

+70 (TK-04) Cncft Lyonnais 

GWLD07S 

ABN AmroM 

300m 

85 

99.80R 

_ 

0.7SR 

♦85 (7K9t-04) ABN Aim 

Final terms and nocHtaflafaie unless Stated The yield spread (over relevant government bond) at Munch la suppied by the lead 
manager. $Ftotalng rate note. Rt fixed re-offer price: fees are shovm at the re-offer levsL a] Callable every 10 yean Cotton set every 
10 yean at spread of 85bp over 10 year DSL. Sttaordnaiad. perpetual issue, b] Dragon Bond. Coupon pays 6 month Lbor plus 80bp. 
O Pays 3 month Ubor pits 12*bp. 


tions and German funds 
attracted by the relatively high 


“Very rarely does a new 
name of high quality come to 
the market,” said a syndicate 
official at Deutsche Bank. 
“There has been a number of 
recent issues in the five-year 
D-Mark area, which has made 
this sector difficult, but it still 
went very welL" 


Statkraft is unlikely to come 
to the market again this year, 
although when it does it is 
likely to tap the dollar sector, 
sources said. 

The dollar sector saw two 
five-year FRN issues. Carrplo 
London launched $150m of 
bonds priced to yield 12fc basis 
points over three-month Libor. 
The Hellenic Republic issued 
2200m of bonds priced to yield 


80 basis points over six-month 
Libor. 

“Both deals are tightly 
priced, whatever that means in 
current conditions. At the 
moment, the market lacks 
direction. We are in a bear 
market and we just have to 
continue doing a variety of 
small deals that may go slowly 
but do at least add value.” one 
syndicate wuenag w said. 


Korean fund aims 
to raise $100m 


By Graham Bowtey 

An investment fond investing 
in South Korean equities is to 
be launched next week by 
Coryo International (UK) and 
another UK investment com- 
pany. 

The Korean Golden Gate 
Fund will be listed in Luxem- 
bourg as a SIC AV, which will 
allow it to hold variable 
amounts of capital, and will be 
an open-ended fond. 

Coryo plans to raise around 
5100m. Altho u g h this amount 
depends mi investor demand. 
Coryo said. Coryo Interna- 
tional is a subsidiary of Coryo 
Securities of Korea, South 
Korea's sixth largest securities 
investment company. 

The launch comes after the 
announcement by the South 
Korean government last week 
that the limits on foreign own- 
ership of company shares will 
be raised from 10 per cent to 12 
per cent cm December 1. 

“Very few emerging market 
funds invest in South Korea." 
said a spokesman at Coryo 
International. “It is a specialist 
market This fond allows expo- 


sure to South Korea and will 
be preferred to investing 
directly in stocks." 

He added: "You can buy 
South Korean stocks at the 
moment above the 10 per cent 
ceiling, but you have to pay a 
huge premium.” 

Shares in the fond will be 
priced at $1,000 each and are 
expected to be offered to inter- 
national investors in the com- 
ing weeks when the prospectus 
is issued and the SICAV listing 
Is approved, Coryo said. 

An application is to be made 
for SIB authorisation so that 
UK private investors can take 
advantage of the fund. 

Coryo ha s invested $10m in 
the fund. It has raised a fur- 
ther $50m to $75m so far in 
Europe, mainly from institu- 
tional investors in France and 
Germany. 

It will complete a senes of 
meetings with private inves- 
tors in Europe next week, the 
spokesman said. 

•The fund will invest in Kor- 
ean equities and other instru- 
ments such as North Korean 
US dollar-denominated con- 
vertible bonds. 


Nordbanken to absorb 
parts of Carnegie unit 


Italy 

■ NOTIONAL ITALIAN GOVT. BOND (BTP) FUTURES 
AJFFQ* Lire 200m lOOtha of 100% 


FT-ACTUARIES FIXED INTEREST INDICES 

Prica Indices Mon Day's Fn Accrued 

UK GUIs Oct 10 change K Oct 7 Interest 


yd ad). 

yw 


Nordbanken, the Swedish 
state-owned bank, has decided 
to increase significantly its ser- 
vices in money and bond mar- 
kets to both Swedish and inter- 
national customers. Reuter 
reports from Stockholm. 

"This will happen by taking 
over the Swedish money and 
bond market operations in bro- 
kerage Carnegie," the bank 
said. 

However, it made no com- 
ment about what would hap- 
pen to Carnegie's other 
operations, including its equity 
brokerage. Carnegie is cur- 


— Low coupon yield — — Medium 
Oct 10 Oct 7 Yr. ago Oct 10 


rently a wholly-owned subsid- 
iary of Nordbanken. 

Earlier this year, Nordban- 
ken said its goal was to spread 
the ownership of Carnegie, tt is 
not clear how this policy will 
be affected by the latest move. 

In March, Westdeutsche Lan- 
desbank Girozentrale pulled 
out of talks to buy Carnegie. 

• Meanwhile, Standard & 
Poor’s, the US rating agency 
said in a special report that 
Swedish banks were improving 
their financial strength but the 
road to their recovery would be 
long and hard. 


coupon yield Wfih enpon yMd — 

Oct 7 Yr. 090 Oct 10 Oct 7 Vr. ago 


Austria 

9.000 

09/Dt 

981900 

+0*90 

1810 

10*0 

10.10 

Belgium 

7J2S0 

04/04 

82.0300 

+0.480 

849 

856 

865 

Canada* 

6.500 

06AM 

888000 

+0*00 

9.04 

892 

8*4 

Denmark 

7JXJ0 

12AM 

67*000 

+0-230 

9.00 

9*7 

9*9 

France BTAN 

8000 

05/98 

101*400 

+0*20 

7.59 

7*6 

7.46 

OAT 

5*00 

04AM 

82.9900 

+0*30 

813 

8*4 

80S 

Germany Trau 

7*00 

09AM 

99*900 

+0.620 

7.63 

7*3 

7*5 

Italy 

8500 

OSAM 

61*700 

+0*70 11-*1f 

11.64 

12.11 

Japan No 119 

4*00 

06/99 

102-7360 

— 

4.11 

894 

3*5 


4.100 

1ZAJ3 

95.7600 

- 

4.7S 

4.61 

4-56 

Netherlands 

5.750 

OIAM 

681200 

+0490 

7*8 

7.63 

7.48 

Spain 

8000 

05/04 

82.1500 

+0*00 

11.09 

11*2 

11*7 

UK GDIs 

8000 

08/99 

SO-04 

+602 

853 

874 

853 


8750 

11AM 

87-03 

+W32 

869 

892 

874 


9.000 

10/08 

102-19 

+SW32 

867 

ABB 

870 

US Treasury* 

7*50 

08AM 

97-00 

-21/32 

7*9 

7.66 

7.45 

7.50O 

11/24 

95-73 

-3202 

7*0 

7*7 

7.71 

ECU (French Govt) 

8000 

04AM 

83.1800 

+0*50 

866 

875 

864 


Dec 

Mar 


Open 

Sett price 

Change 

Mgh 

Lira 

EsL vd 

Open kit 

1 Up to 5 years (24) 

119.47 

♦0-11 

119.89 

1*1 

894 

Syra 

860 

863 

820 

868 

8.H 

846 

863 

885 

864 

97.70 

9814 

+0.76 

9825 

97*5 

25256 

61913 

2 5-15 years (22) 

13854 

+0*0 

13826 

1.75 

10*9 

15 yis 

8.59 

861 

7.00 

872 

874 

7.14 

866 

898 

7.36 

96*0 

97*8 

+0.74 

97*5 

9890 

322 

2133 

3 Over 15 years (8) 

154.66 

+0.09 

154*5 

2.42 

6*1 

20 yrs 

855 

8*7 

7.12 

872 

874 

7.19 

883 

8*6 

7*7 








4 Irredeemables (6) 

17870 

♦A 36 

176.06 

3*3 

883 

meat 

866 

8*9 

7*7 







GOVT. BOND enTt FUTURES OPTIONS (UFFE) Ura20Qm lOOths at 100% 

5 A* stocks (60) 

13802 

+0.15 

136*2 

1*4 

9*3 



— Inttatfon 

S% — 


• 

tatata 

n W*- 









- Indax-IMred 






Oct 10 

Oct 7 

Yr. ago 

Oct 10 

Oct 7 

Yr. ago 

Price 

Dec 

Mer 

Dec 

Mar 

B Up TO 6 years (2) 

184*0 

+0.03 

184*4 

0-10 

5*7 . Up to* yra 

4*6 

4.08 

2*3 . 

3*0 

2*9 

1.78 

9800 

1*8 

2.76 

- 1.74 

3*6 

7 Over 5 years (TTJ 

172.41 

-004 

17*47 

• 0.93 

- 3*5 . Over 5 yrs 

: 890. 

869.. 

8tt- - 

V 8T1 

3.71 

2 37 

9960 

1.62 

2*4 

1*8 

3*6 

8 Ai stocks (13) 

172*3 

-0.03 

172*8 

0*5 

4.04 




*. 



9900 

1*6 

2.33 

224 

3*5 






- 

—5 year yield — 

— — — 

■16 year yield — 

— — 

— 25 year yield — — — 


BA vd total. Cali 4S7 puts 24Q. Prerioua day's cp«n IK. Crib 18844 Pula 2310« 


Debent u res and Loam 


Oct 10 Oct 7 Yr. ago OcMD Oct 7 Yr. ago Oct 10 Oct 7 Yr. ago 


9 Debs & Loans (77) 126.68 +0.47 128.14 2.02 8.95 9.72 177 7.S8 9.68 9.73 a.07 

A rora p v Brass rvdonpMai yiakta an aftowti above. Ccapcsi Bands: Urar Median: SH-lOMt; 11% and on*, t Flal yMd. y«d Yaw » dan. 


9.64 9.68 820 


London doring. Ufa* Yota ndd-day 


t Gross (ndutfng wehnahjng tax <n 12J par cam poyofcM by nenaridwa) 


YMd*: Local martoot standard 


Spain 

■ NOTIONAL SPAMSH BOND FUTURES (MEFF) 


Manx US. UK n SZnds. anara in Ooomg 

US INTEREST RATES 


Source MUS W an N M M 


Open Sett price Change 
86.48 8722 +090 


Wflh 

8723 


Low 

88l48 


EsL «oL Open frfl. 
27.499 78374 


4pm pw 7) 


Tune ran — . .. . — 

Brato tear me 

Fediwk 

FfdAnts a: Wrrwrttoa_ 


Ons rattti — 
TV Two man — 
th ifnaaonOL. 
4}i Sfel ROOD — 

A Owye* — 


Treasury BBs red Bond YMds 
«JB Tmija*. 


4JS Ttneync- 
SIH Ftasyrer„ 
MS 1<H« 
SJC X-year 


6.84 

694 

72* 

m 

7*1 


BOND FUTURES AND OPTIONS 
Franco 

M NOTIONAL FRENCH BONO FUTURES (MATtF) 


Dec 


UK 

■ NOTIONAL UK GILT FUTURES (UFFE)- £30.000 32nds cf 10096 

Open Sett price Change Ugh Low EsL vol Open lm. 
Dec 100-18 100-18 +0-04 100-24 100-06 47470 94016 

Mar - 99-30 +0-04 0 16 

■ LONG GILT FUTURES OPTIONS (UFFQ £50.000 640a of 100% 


GILT EDGED ACTIVITY INDICES 

Oct 7 Oct 6 Oct 5 


Oct 4 


Oct 3 


FT FIXED INTEREST INDICES 

Oct 10 Oct 7 Oct 6 Oct S Oct 4 Yr ago High' Low _ 

Govt Sec*. (UK} 90-88 90.78 90-63 90.16 9022 1I&55 107.04 8954 Git Edged bargains 79.8 782 75J5 60.0 802 

Rnd interest 107.42 10723 107.02 10626 10623 124.36 133*7 1O0L5O 5-cisy average 78.7 65.1 9t.7 1042 111.3 

■ tor 198+ Qovaromart 3ecu19ea Us* smos camplaOon. 127/SO to* 48.18 CVU7S. Rral Mares: hign Uno* caitaftrian: 13187 (21/1<9<6 . low 5053 0/1/7$ . Baris 100: OMnanant Sacredes W1» 

28 and toed (nwrost l«a 5E aoMty knficaa a broad 107*. 


FT/tSMA INTERNATIONAL BOND SERVICE 


Used an the «ot Wwrinnri bonds far utech *»e is an adBqusb srocndBry irotat Ltaaat prices « TOO pm at October 10 

Issued BU OOer Chg. YW breed BU Otter Chg. YMd 


taaied BU Otar Chg. VMM 



Open 

Sen price 

Change 

rtgh 

Law 

EsL vet. 

Open InL 

Strike 


• CALLS 


- PUTS 

Doc 

110.24 

110*6 

+876 

110.88 

110.16 

138.959 

146*69 

Price 

Dec 

Msr 

Dec 

Mar 

Mar 

109.52 

naia 

+878 

10893 

10844 

294 

838? 

TOO 

1-63 

2-46 

1-27 

2-32 

Jun 

10878 

109.36 

♦876 

109*2 

10876 

86 

354 

101 

1-29 

2-19 

1-67 

3-23 









102 

1-01 

1-58 

2-29 

3-62 


Eat vol. M. CTOs M81 (Has 77a Prortoro day"* opan InL Cafe 82887 PUS 38511 


a LONG TERM FRENCH BOND OPTIONS (MAT1R 


Stake 

Price 

Nov 

- CALLS — 
Dec 

Mar 

Now 

— PUTS 
Dec 

110 

1*2 

1*1 

- 

0.49 

899 

iff 

0*9 

1*3 

1*2 

0.90 

1.43 

112 

0*0 

a.75 

- 

- 

1.94 

113 

0.11 

843 

0.85 

. 

2.61 

114 

- 

0*4 

0.62 

- 

3*7 


U& DOLLAR STRAIGHTS 

Abbey m Turouy 6*2 03 1000 

ttrela Aokva 7% 98 1000 

Alania $2 00 400 

BMi d Tc%» 8% 96 100 

Bapan5%Q3 

BFCE7\S7 

BnUi QazO 21 

1699 


.1000 
_ ISO 
.1500 


Ecu 

a ECU BONO FUTURES (MATIF) 


Em. VC4 row CMb ci.ina Put* SZ.TW PravKus day's upro re. Cals SSCWKS Pun KS.977. 

Germany 


Dec 


US 


Opon Sett price Change 
79.S2 80.14 +0.64 


8020 


Low 

7920 


EsL voL Open InL 
433 8202 


Chang Kong fti 5% 96 

CNra6Jj 04 

CbrodEucpaSSB _ 

Qedt Fond* 9*2 80 — 

OorakA 68 


.900 


1000 


US TREASURY BOND FUTURES [CBT) 5100,000 32rxte of 1C096 


■ NOTIONAL GERMAN BUM) FUTURES (UFFE)' DM258000 lOOths of 100% 


Opan 

Latest 

Change 

Wgh 

Low 

EsL vol 

Open kit 


Open 

Son pnee 

Change 

Hlgn 

Low EsL vol Open InL 

Dec 

98-io 

96-14 

+0-07 

96-15 

9683 

213*79 

392*42 

Dee 

88.5* 

89.06 

+0.66 

8815 

8846 84449 157740 

Mar 

97-18 

97-24 

*007 

97-25 

97-74 

1.643 

25.784 

Mar 

87.94 

8833 

♦866 

8840 

87.94 325 2517 

Jun 

87-05 

97-04 

+0-07 

97-05 

97-05 

211 

11.103 


Era Jttan 6% o* . 

ECSCSbK 

Sea's 88 

BB Tit 96 

9^81 

Seeds ftarrafl 98 

EuraEma 9^s 96 . 


1000 
-800 
- 133 


■ BUND FUTURES OPTIONS (UFFE) DM250,000 points of 100% 


Strike 

Price 

Nov 

Doc 

ALLS — 
Jon 

Mar 

Nov 

Dec 

PUTS 

Jan 

Mer 

8900 

0.88 

1.10 

0 95 

1*1 

0.62 

1.04 

1.62 

1.98 

0950 

0.44 

0.85 

0.75 

1.10 

0.88 

1*9 

1.92 

2*7 

9000 

827 

065 

0.58 

0.91 

1.21 

1.59 

2*5 

258 


Eel «e i tetri. Crib 15780 Puts 8158 Prerioira day's epen n. CriM 26403S Ms 2 1 50*5 


UK GILTS PRICES 


Japan 

■ NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 

(UFFE) VIOOm IQOths of 10096 

Open dose Change rtgh Low Eat. vd Open int. 
Dec 108.61 - - 106.55 106 AS 564 0 

- UFFE contracts traded on APT. Ml Open Manet Sg& era lor crericuf ddy. 


£x-tn Bar* Japan 8 02 _ 
fepert Do» Corpse 96 _ 
Faded Nad Wort 7.40 04 . 

FHand 8i* 97 

Rn«hE*xatB^95 

RrfMoMCred»6»*9B. 

Gsi aec Capd 8^86-. 
GMAC 9>«96. 


.100 

500 


. 1500 
.3000 


1500 


Ind BE Japan Fh 77 , 97 
Mr Aroer Oar 7*» 98 _ 
Uy6%3. 


Japan Da* Bi 8^r 01 — 
Kareai Bee Pwr 10 96 — 
Kcraa&cPoiwr e^cs . 
UCSBn 897 

Ntroay7H97 . — 
OttU 7% 03 


Rue 


- TtoH_ 1994 — 

W Had Price (fflr- ttgn Lon 


_Hdd- — * 1994 — 

M Rad Price E * or- w® low 


d-_ _1894 — 

ta Plica t +«t- H» Lon 


Ssoiur Ghaa tti to Rm Yaod 


Tims 

*97 

5*4 

100ft 

~A 

1034? 

12K 1995 

11.78 

5*7 

101« 

-ft 

107ft 

Left 3 k Ga 1990-85 

305 

L7I 

SO'sm 

*ft 

96ft 

<DVpc 1995 

9.38 

657 

UEfl 

-A 

into 

Iras 12 Lk 1995M — 

jr*? 

6*4 : 

It*, VW 


113% 

14«19» 

12*7 

tZB 

107J1 


117ft 



ia^ 

U9 IIIJjS 


i2ia 

ErfSirF.oeiWMS..... 

12*2 

757 lOaUM 

+% 


CmrerWlHpclRM. - 

861 

7. *3 104 ft B 

-ft 

IW« 

TrasCnvrpc'WTS* 

7.16 

790 

97fi 

*£ 

100% 

Ttkb '3Wjc J907iJ 

11*6 

7.S7 

MOV 


12l)i 

E*aiOt»c 1897 

839 

801 

1054 


114ft 

TflBtEVwJfflT# 

S64 

a is 

JtUft 


110,1 

Eras !5oc 1B37 

1177 

3341 

HTIjW 

♦% 

nm 

9VKHBS 

941 

*40 


+A 

1I4« 

TrtasTVKlflSStt 

750 

aar 


*k 

106ft 

Tnu*fiV*19H-9S^- 

7.10 

0J8 

SWPtf 

-ft 

HE? 

14pcl«»-l 

11W 

863 

little 

+A 

1JI»» 

Trass H&tx "MM 

12*9 

*47 

129V 

V. 

I40ft 

EaJilSC 1*6 - 

10.7* 

*63 

111ft 

-ft 

ikHJ 

TBasflJttCiSWtt 

9^ 

156 

103% 

+% 

uflft 


RnloRtMnTam 

E«Ji1Cl*pe'S99 

TflM Ml & 1999 

Ties Gr 1999 £. 

Centenlon lOituc 1999- 

TthbFQqRXD 1999 

Qm9ocax»3 

Tieao !3oc 20)0 

iosca»i — 

rxrontt 

MpciOOE. 

Soc2003tt 

icseaxc 

IrtsailLpc 3KM-4 — 


1 0-85 
9^3 
666 
9« 

&B8 

iase 

9.49 

7^ 

B31 

841 

936 

1029 


m Hsu 

8GB IKil 
053 Ml, 
on i06i« 
- 99ii 
0.65 1811} 
883 118*1 
885 105}} 
874 90JW 
828 lO*Ai 
880 9Si 
M7 106U 

US IlltZ 


1ZB« 
*A ISA 
+i« 10141 

1*1 H 

1O0i 

*i‘. 118.1 

138fi 

•A is,'. 

123ft 
+1. 113]} 
-ft 127ft 
-ft 129Ji 


FundtagSloOC 1999-4— 

>00.5 Cermrrioa9i2pe2004 

I0»fl Teeasei*Bc33Mtt— 

8 'a IC20B5 

S OWw9*ipc?005 

r, £S£2“*— 

ini riipcamt* 

ioaj* aoc 2 i«MS — — 

jpjj* Tress IlLpc 2003-7 

90 S, Tress 8 tape 2007 1} — 

1I»ft 13ijpc 30W-8 

10**2 TreasSocSOOGrt 

IMS 
I IBB 
WH 
95Sa 
RKJ 

1I5U OnrRtraaTan 

Tms Bpc 2009 

itoft TieseiMpczom. 

JOia Cow fts in 2011* 

Treat Sue 2D12tt 

Trest SJjjar 3!08-l2ft_ 
Tims Bgc 3B13tf _. — . 

7Lpe»l2-l^ 

Tims 8Lpe 2017}$ 

mo &di ia» an-i7 

105ft 

88H 

10412 

990 

■■ ■ - ■ 

1160 £2" J _, 

irau HsW«4pc 

£u lftrLwi3*iP4t 

1 Q 3 U Com 3*208 '51 Aft. 

92% Treat apcWSL— — 
, 1W4 Cnrstte 2*406— 
i 1090 Tnai J‘iBc 


4X5 

80S 

7.75 

462 

905 

1035 

832 

8.67 

1023 

aes 

1058 

&77 


757 72ft 

&7SI94Vd 

868 arft 

868 SS« 
8.77104‘}ri 
a 09 1O0 
&GT 83ft 

875 9*h 
813 mu 
asa 98ft 
9SS3 157ft 
867102*01] 


♦ft 66ft 
*ft »S5ft 
105V, 
*ft 

♦ >« 1&Lj 

*4 lOft 
♦ft l«B 
-ft ill's 
n’o i*ft 
♦ft nsft 
♦ft Wlft 
♦'* 124}} 


89V 
wiB 
B4B 
97 
1<Qlt 
1181a 
90V 
91 ii 
112 V 
95B 
124! 
89tJ 


tadR-lMcd 

2K ■96- 


-<67.9 


AH*-*# — (1366) 

2»»cVl-_— J7UI 

S^pcTD — fTS-SJ 

4Vcmj$ — (I3S.S 

2PC-08 (885) 

2*ltcTS — (789 

Z'SJC'll <T4£) 

Ziye'13 MLS 

2 >y>c 10 JB1.5J 

2hiM •to ms 

B7.7) 

Oytc-OOtt — 0381} 


£99 

893 

84* 

884 

8S 

8E3 

1*7 

169 

171 

ITS 

177 

W1 


*27 199ft 
170 107, W 
1*4 156ft 
387 151V 
15810B1M 
385 IBTfi 
1*8 151V 
188 1SGB 
1*5 129, 1 , 
191 137ft 
192 131 Vffl 
159 108ft 
194 MB,’, 


203V 1975 

113ft 106ft 

-A 17BV JB3V 
-ft 173V 1584 
-ft JI*V 107V 
-ft 15415 lBft 
-ft 168ft 149V 
-ft 175V 154V 
-ft 146V 126V 
-ft 157* 134V 
128V 


Osset KontnfltaftBV 01 . 
FtatvCsnada 7** 98 — 

Pcrtusd 5]| 03 

Oabec Ktyio 9V 98 _ 

Ouabsc ftw * 98 

EntuyAn 

SAS108B, 


, 3009 


1000 


•ft 

-4 12 
-ft 12 


108V 

106V 


a47 

865 

94% 

♦B 

115ft 

7*1 

9*4 

60ft 

-ft 

96ft 

874 

8*5 

103 




172 

8.83 

103% 

♦A 

127% 

7.4? 

136 

73% 

-% 

SJ% 

847 

159 

94B 


1178 

143 

158 

91IS 

+!i 

114% 

8*0 

157 

101% 

♦% 

139V 

9ZB 

1*0 

129ft 

♦ft 

159% 


PraapacAt* real redemption rate or pr u RctBd Matter of (1) 1096 
ana 0 596- 0* Hgoiw in panttheMS show RPI base tar 
intaxtaB (ie 8 months prior » usue) and lm oeen abated to 
reflect retest of RPI to 700 In January J 9*7. Ceraeretar? factor 
„ 3J45. RPI tor Joreroy 1994; 141 land for AftlSl 1994; 144.7. 
91JJ 
77U 

««] Other Fixed Interest 

ioov 

nv 

88ft 
«sft 
126ft 


SNCF6V96 

Spin 6V 99 

Sb*EkN9N8ll9G_ 
Swedish 85 . . 
SMd*i&tpK*V8*_ 
Tokyo BKRmer 6^03 
rokpoMaDOpobASS. 

Tcyoa Motor Sg9B 

U*d(*gcfcm7VCE_. 

Worid Barii *V 99 

Wo«Ba*BV 97 


- 160 
.1500 
- Z» 


.0500 


- 700 
1000 


. 1500 
.3000 


„.Hsld_ —1B94_ 

NPM ta Rta Wce£ + or- Hgh In* 


AoanONiOVpc2O0_ 

BT*»nVj)C2012 

relmlCspSVpc'iO — 

gpccapi99* . 

13PCV7-3. 


5*2 

U1 

885 

800 

11*6 


179 

- 45% 

♦ft 

59V 

880 

- «H 

♦ft 

548 

ill 

- 57ft 

+A 

71 

1G6 

- 34% 


44% 

889 

- 2W3 

■4 

38% 

877 

- 28% 

*14 

37% 


Hyso Quebec l5pc201l. 1066 

Uetal3VPc2D06 1871 

LNroori 3Vwkrel— . 

UX3PC38M. 

Mwjwwuvpeaoo?- 

Hri.Wk.tacT 

(T>idata^a3Voc202l. 
4VPC83&* 


44B 

mi 

55V 

m 

28ft .. 

2713 lid Her SbtBISVje 2008 1109 


859 

938 

1818 

4.49 


9.50 1003 
083 116 

98 

- 100 

- 10BV 

an 140ft 

- 126 

- 36V 

- 32 
113 
86V 


873 

840 


481 130V 
4*6 12*V 
- 19GV 


-ft 135V 107* 

— 142 118 

*V 11BV 93V 

— 103V 98V 

♦V 115V 108 

■tfl 16SU 137ft 
148V IS 

44V 33V 

40ij 35V 

1 36V HI 

— 78 68V 

150V 123V 

1*5V 123% 

1S9V 134% 


0BJTSCtEMUKSIHU8H13 

AEnfaeijat 1 

Crefi Fender TV TO 

DemariteV9B S 

Dtcta Rrence 6V W 1 

Oasche Eh Fin 7 l ; © 2 

SC 6^2 09 

BB8V00 1 

RrtandTVffl — S 

l%7V98. 






Uritsd ItagdKn 7% <77 

— 5500 

100% 

100% 

1% 

6*3 

89% 

88% 

♦% 

131 

lAflarogei M Ri 7 03 

— 1000 

93% 

94% 

t% 

US 


100% 

4% 

7*6 

Wokj Bank □ 16 

— 2000 

20 

20% 

4 % 

7*9 

102% 

103% 

♦% 

7*0 

Mat] Bale 5% 03 

— 300Q 

«7V 

87% 


7*0 

101% 

101% 


730 

WOrU Bank 8V 00 

— 1233 

108% 

tw% 

*b 

6*0 

B2V 

83 

4% 

138 







101% 

W1% 

r% 

7.19 

8K08S 7RANC STRNGKJS 






»V 

10% 

+% 

1*8 

Mm Dw Bark B 10 

— 100 

99 

100 

•V 

am 

102% 

Ifl3 


6.79 

Ara»ta4 %00 

- MOO 

98 

88% 


5*8 

BB% 

88% 

4% 

1*2 

Oared Bmpa4% 96 

— 283 

98V 

98% 

J 4 

ill 

84% 

85% 

+% 

aw 

□enrefc4%*9 

— 1000 

95% 

85% 


9*6 

101% 

102 

4% 

7*7 

S81V04 

— 300 

105 

105% 

•+V 

6*7 

106% 

106% 

4% 

7SA 

Sec da France 7% 06 

— 100 

107% 

108% 


828 

»% 

85% 

4% 

733 

RTM7V9B 

— sou 

106% 

107% 

♦% 

5*8 

88% 

88% 

4% 

837 

Hfindri MstnrRn 8% 97 — 

— 100 

105% 

106% 


646 

toe 

1tC% 


7.19 

triad 7% 00 

— MO 

107 

106 


ais 

101% 

102% 


7*0 

Kobe 6% 01 

— 340 

103 

103% 


982 

Mri% 

WlV 


694 

OHM>*%03 

— 400 

89V 

MOV 

+% 

&2S 

105% 

105% 

4% 

733 

Quebec Hydn 5 01 

— 100 

84 

86% 

-% 

6*6 

ion , 

K*% 

4% 

7*2 

SNCF704 

— 450 

108V 

107% 


6*8 

103 

103% 


6*1 

WtadBak503 

— 150 

95 

85% 

-% 

573 

93% 

99% 

4% 

110 

MbrUBankTOi 

— an 

103 

108% 


9*4 

105% 

106% 


7*2 







99 

99% 

4% 

an 

YBI STRAIGHTS 






06% 

98% 

4% 

7*2 

Bs0un58e 

- 75000 

102 

MB% 

-% 

4*6 

103V 

MB 

*% 

6*5 

BBflVQO 

190000 

100% 

109% 

-% 

483 

95% 

96% 


7*0 

Hrtred 6% 96 

.90000 

101% 

105 

-% 

3*4 

103% 

38% 

4% 

7.ce 

WerArrrarDw7%00 

_ atmo 

112% 

113 

-% 

«*1 

102% 

102% 

-% 

1M 

My 3% 01 


*1% 

8>* 

■% 

912 

100% 

101% 

4% 

7*2 

Jresn Dj/9i59e 

100000 

102% 

102% 

-% 

4A0 

101% 

101% 

4% 

197 

JapreDw9ke%0i 

130003 

109% 

110 

-% 

4*1 

78% 

78% 

*% 

922 

rtapanTriT«5%96 

.50000 

104% 

104% 

-% 

3*2 

mv 

102% 

+% 

1*9 

NavraySVSP 

150000 

103% 

(03% 

-% 

372 

w 

104% 


6*1 

9CF6%00 

-30000 

109% 

110 

-% 

4*6 

«% 

84% 

♦V 

a i3 

Span 5% 02 

12000 

105% 

105% 

-% 

4*7 

100V 

101% 

4% 

7*0 

Swden 4%96 

150000 

101% 

101% 

-% 

425 

94% 

95% 

4% 

131 

Mfadtak 5*4 02 


102% 

102% 

-% 

4*7 

100% 

100% 

4% 

7.17 







94V 

85 

4% 

143 

OTHB1 STRAXam 






102% 

102% 

4% 

7*5 

GaArance Luc 9% 99 LR 1*00 

104% 

106% 


7*1 

100% 

•nov 

4% 

7*4 

IS Deut Induribk 6*2 03 LFr . 

-3000 

100% 

101% 


145 

64% 

84% 

♦% 

141 

Mold to* a 96 LFr. 

- itoo 

100 

101 


7*5 

105V 

108% 

t% 

am 

FBN Anro 6% 00 H 

- 1000 

95% 

95* 

+% 

7JBZ 

KO% 

UB% 

+% 

7*1 

Bar* Med Gtmsrms 7 03 R . 

_ 1603 

82% 

95% 

<% 

&19 

103% 

MOV 

-% 

737 

Abetfrarioce 10% 99 C$ — 

— 500 

103% 

103% 

♦% 

7*2 

104% 

105% 

♦% 

158 

Set Carets k^S9 Cl 

_ 150 

1<*% 

10514 

♦% 

9*5 

109 

106 % 

4% 

7*0 

BAHi CoknCQ 10 96 C$ 500 

103% 

103% 

4% 

7*5 

*% 

85% 

4% 

7.79 

OB 10% 98 Cl 

— 130 

MS 

108% 


1*5 

102 

«&% 

4% 

7.19 

Beetle Frees 9% 99 C$ 

— 275 

102% 

1(B% 

4% 

405 

w% 

99 

♦% 

1*3 

Gan Bee CtpaSIO 96 CS 

— 300 

103 

103% 

«% 

755 

102 

102% 

♦% 

W 

KWWFmiOOtCS 

— 400 

102% 

108% 

♦% 

147 

B7 

87% 

+% 

B2S 

Ntpcn Tri Tri 10% 98 C$ __ 

2G0 

104% 

105% 

4 % 

9*9 

102% 

«&% 

4% 

7.10 

cnobsmcs 

- 1500 

91% 

91^ 

«% 

3*8 

»4% 

B4\ 

4% 

7.48 

Cwsno H)do 10% 99 CS 

— 500 

106 

108% 

f% 

9.15 

85% 

«% 

4% 

1*2 

Qaterftettdbe*i0%9SCl 

— 190 

104% 

1® 

♦% 

107 

103% 

TOV 

4% 

7*6 

Quebec Rmr10>2 96« 

— 200 

104% 

104% 

4% 

520 

103V 

10* 

4% 

7.14 

Dd^m S% 98 Ecu 

- 1250 

102% 

102% 

4% 

7AS 





Cara* &np* 80! Bu 

_ J10D 

100% 

101% 

♦% 

1*2 





Oat* Lyorras 9 96 Ecu — 

— ia 

Wi% 

102 

♦% 

7*0 

00% 

61 

4% 

827 

m 1097 6a 

-1(25 

104 

101% 


US 

mV 

95% 

♦% 

7*5 

Fent>tSdSMlO%90&3i 500 

104% 

104% 

4% 

8*4 

97% 

97% 


7*9 

Uy 10 V 00 6ai 

- 1000 

107% 

109 

♦% 

8*9 

89V 

89% 


1*2 

Span 9 96 Ecu 

-1000 

102 

102% 


7*9 

99% 

99% 

+1% 

7.76 

IMad Khgrent 8% 01 Ecu _ 2750 

102% 

102% 

+% 

&G3 

BSV 

85% 

-% 

7.47 

ADC 19 SB AS 

— 100 

W1% 

1tW% 

+% 

8£3 

94% 

94% 

-V 

7.48 

CcnmBtV*8*a13%89A5 

-.100 

114% 

114% 

4% 

9*3 

®% 

99% 

■k 

7*5 

BB7%®AS 

350 

«* 

»% 

4% 

927 

98% 

«% 

-% 

727 

NSW -Rrekiy Zta> 0 » AS __ 1000 

1 

8% 

4% 

1015 

89% 

86% 

♦% 

6.17 

RSI Berk 7 V 03 AS 

— 125 

88 

89% 

4% 

1025 

37% 

97% 


696 

Stria Bt NSW 8 02 AS 

— 300 


33% 

♦% 

1036 

B8% 

69% 

4% 

1*8 

SBiVdGwtFhBCPAS — 

— ISO 

32% 

?& 

1% 

1041 

»% 

8* 

4% 

7*3 

UhtewrArataslSflSAS. ISO 

«»% 

703% 

1% 

1*7 

102 

102% 


734 

Western Aua Trass 7% 96 AS — ICQ 

04% 

96 

4% 

B42 


ACska Lrica ii% 97 C . 
Briailand8%23£__ 

DermVSVSBC 

3J MJ97C . 


ioVwe 

Hansen 10h 97 e 

HSBCHddrigs 11*9 ICC . 

WylOVMC 

Japan Ow 8k 7 00 £ 

Land Secs 9V07C 

Qrt&to nVoi £ . 


Po wa \ju i 8% 03 £ 

SeueoiTrenMlV99£ — 
Tricyo Bee Boaw 11 01 £ 
AtMFNMMOSSNZS- 

TCNZ Ftn 9 V 02 NZ5 

CMBLdotOOf FFr 

Oec de France Bi* 22 m . 
8NCF9V97R9 


1000 

90% 

91% 

4% 

8*3 

_ 100 

105% 

101% 

4% 

174 

-190 

B6% 

87% 

•% 

10*0 

-800 

93% 

93% 

♦% 

8S2 

- 657 

103 

103% 


147 

_ 100 

103% 

104 


1*9 

500 

103% 

103% 


9*9 

_ 153 

106% 

101% 

-% 

1Q.12 

.400 

105% 

101% 

♦% 

9*0 

-200 

91% 

91% 

4% 

8*1 

.200 

88% 

98% 

-V 

9*7 

. 100 

107% 

107% 

4% 

9*3 

250 

95% 

96 

*% 

9*1 

.150 

107% 

10B% 


138 

150 

107% 

107% 


9.46 

TOO 

®% 

»% 


9*2 

— 75 



■h 

1006 

7000 

86k 

88% 

♦% 

130 

3000 

91% 

99% 

♦1% 

1*7 

4000 

104 

104% 

♦% 

7.40 


FUWIMG RATE NOTB 


BU Otter Ocpc 


Attaey NaS Treasury -ft 99 WOO 


toco fore a 99 

-200 

Bekkro ft 97 DM 

BFC£-4UE>H6 . 

-500 

-3S0 

Bearria Q. 1 D 96 c 

_ ISO 

Canrala-V tn _ 

2000 
- 2CD 

CCCFnOBBm 

Q*«k l.«nroh A m 

. 3QO 

EbrmtkJpas .. 

7000 

Deschs Ftoanca ft 9a DM 

FataM Sat 0.10 a? 

WOO 
. 420 

FHandDKr _ 

1000 

trim nan . 

. 300 

BrivVflR _ 

2000 

LKB Badarr-Wbert Fh -% 98 

Uoyre Brek top S 110 

Uriavfm.LlK 

1000 

-no 

. 850 

New Zealand -% 09 

1000 

Ont*o099 

2000 


500 


.300 


SocroaQene»rie096_ 

Saaata*SntT-«fl5960U _ 6000 

St* B: Waata 005 99 125 

aroden098 1600 

S*aa*i-V 01 Mm 

Unfled lOngtam -V 96 4000 

C0NVBU1&E BONDS 


9936 

99*7 

100.13 

99.72 

9992 

9818 

98SB 

&751 

88*7 

9898 

9895 

9994 

99*7 

10813 

99A2 

82*2 

99.34 

985* 

9848 

8838 

9960 

9892 

99.72 

99*1 

9Bj£ 

9877 


99AI 
100.02 
10023 
8884 
100 CO 
8923 
saw 
9802 

10008 

10013 

10063 

9879 

10020 

9951 

B362 

9868 

9867 

9956 

9958 

89.72 

9998 

9992 

99*8 

0872 

99*2 


4*375 

15825 

81250 

4.7300 

84125 

4*250 

5*229 

5*125 

80825 

80938 

81000 

53750 

4*800 

85000 

4*825 

54125 

5*375 

54453 

49375 

£12» 

5*750 

52000 

81125 

80000 

4*250 

80000 


Cam. 

taued Wee 


BU Otter Praia 


BnMrtng*enc8V05 - 

omcapuese 

Gdd Kripocrte 7*2 00 _ 

Hanoi 9V 06 £ 

Hawn America 229 01 

Hong Kong Laid 4 01 _ 

LrtSaafl%jjeE 

Laarn 73,05(1 

fenh 2% © 

MotrttaFhflVW — . 

NadPowfi'oOBt 

OgJenetc . 

Printa 4V(Q — 

StadortDSariilVW- 

Sun Mate 7V 08 1 — 
Teoco C4*a 9 05 £ 


-290 


. 1000 

-■no 31 JK 
-84 &72 

-90 5« 

„ 200 


.300 39)89 
-1SS 19 


4 .H VAC — JUU 

No Womraon MUb . pmskw Oaft mea 
S Ortv era crura metier suppfied e pu 


83% 

94% 

+6199 

100% 

101% 

+2t« 

11l7 g 

113% 

+3*4 

104% 

105% 

+18*9 

73% 

74% 


78% 

80% 

-20*7 

96 

97% 

+6*1 

81% 

83% 


85 

87 

+17.79 

100% 

101% 

H3J6 

110% 

117% 

+177 

W% 

67% 

+SU4 

88% 

89% 

+23.19 

73% 

00*4 

♦11*2 

96% 

96% 

♦16.12 

112% 

113% 

+1628 

«Q% 

83% 

♦16*1 


LKB BBdefrWtMir 8*2 08 — _ 2250 

NaredY^W WW 

OnatoBVOs 1500 

Span 7V 03 4000 

SacedriiBW 2900 

STRMQHT BOIBG: The ytad la ttie )Md la redempbro 9 M bUptori tra >nouB bued la h n*n« el ttnronr ura. Oq. drir=Cnrga on dre 

*1*^® NC77S Ctaoninrod »c doba rotara odairita Mrat Cnpan ritaro V nddraan SmoMatpo am sfrmondi ftbed raa ttttnertDtai §o!xm mgro ud lar US dririro. CcprWtlw ewiai* 
CTwenreU BQHPftDariBiraraaOridBaraurtegaftflnriaaMraadCrifc ^teAW i rinrt amoMrflwrd Far area „ _ 

oeatraMirndKimimiritabend ara ria mm rnrobiitriMri iraa ftcad a Bn» F ran ^ u Lumg a pmmun ri flu 

o Uw Rnanari Tlmro Ltd. 1994. Ftepredueam m Mg or to pari n nr tarn not parfrittod rahoui rotran tawairt. Ora wwSed t* Wonatoai Seomiaa htefcet Anocraon. 


i t 

i-' 






• ’Top' «**• U Tro-riM IB rraMaadairo on an pi m lan. E Aucflril baai*. xd & (MdmL Oodrig nrid-pdea as atom In powida. 







l.fA.T.V 


S3 .* 


I 







;*•:■ A*--'. • 




* gr 


A a,aw «' , W*V//«V»V*VAV»VA , »V%V.V.Vi, , 1 V * * 


Sr N 






TO '. 


g§§g > 


m 


■: 

ml *• * 



< v* • 










*■ 


=i~> 




«■ r- -*•': t 


® . . . 

^ ; - . 



Nii. i-c.: 


, :... t 


Sj^^^y ,WA ". WA ".WA%%% V AV,vjvtf W j VW> ji A p 


■■V.V 'AV.V.V.V/ 


OtS 

l-»*i 


announcing currency's fall was bad for U.S. economy. 


Did he tell you first? 

(He did if you had Reuters Financial Television.) 

r • v * « . » 


Imagine being the first to know when a market-moving story Greenspan and Mieno, many of them exclusively. The 


breaks, vital minutes before your competiti on. 

Imagine getting the story direct from the source, live, 
without delay. 

That’s the advantage you get from Reuters Financial 
Television. It puts live TV coverage of the financial news that 
matters in a special window right on your PC or workstation, 
integrated with your usual Reuter information. 

Since its launch in June this year, Reuters Financial 
Television has carried an average of three live events every day, 
covering interviews, press conferences and speeches from the 
key players in international finance such as Tietmeyer, 


speed 


advantage over other services has been anywhere from 30 
seconds to 234 minutes. 

Unlike conventional TV news it concentrates exclusively on 
financial events, and alerts you only when something relevant is 
happening. You’ll also quickly get informed reaction and 
analysis from respected market analysts to ensure you have the 
complete picture, plus news updates throughout the trading day. 

It’s like being there as international financial figures shape 
the news. The competitive advantage is obvious. And of course 
it’s nice to know they told you first 

Be there with Reuters Financial Television. 



financial tele vision 

Making the best information work harder 

Rx Artur information contact yar local Rwt* offieaorAra«Hwdqi«rttra 














2S 


FINANCIAL TIMES 


TUESDAY OCTOBER 1 1 1994 



COMPANY NEWS: 


Group's shares continue to fall as prospect of viable rescue wanes 

Stanhope fails to dispel gloom 


By Simon Davies 

Stanhope's share price fell 26 
per cent yesterday, after the 
heavily indebted property 
developer revealed that poten- 
tial rescuers were unlikely to 
match last Friday’s depressed 
share price. 

The share price has almost 
halved in the past two weeks, 
and closed 5p lower yesterday 
at 14p. 

The price has been hit by 
share sales from a former 
director, but also by growing 
evidence that refinancing dis- 
cussions have not progressed, 
and that Stanhope's time is 
running out. 

The group has £130m of bank 
debt, and insufficient revenues 
to fund it 

It needs to sell assets - pri- 
marily its 50 per cent stake in 
Broadgate Properties, the City 
of London property company - 
or secure refinancing, before 
a hands-off agreement with 
its banks expires on December 
19. 

Mr Stuart Lipton, chief exec- 
utive and owner of 29 per cent 
of Stanhope, said yesterday 
that whatever happened, the 
company would be forced to 
sell assets. 



TowHmfMn 

Stuart Lipton: whatever happens Stanhope will have to sell assets 


The company has had a 
number of approaches, and Mr 
Lipton said there remained 
three bidders, but he said nego- 
tiations were at both a “prelim- 
inary and conditional stage”. 

It is understood that Gold- 
man Sachs and Morgan Stan- 
ley. which both run substantial 
property funds, are now 
waiting on the sidelines after 
expressing initial interest. 

Stanhope's banks, led by 
Barclays, are currently review- 


ing a new set of financing pro- 
posals presented by the com- 
pany, but have given no 
response. 

Mr Lipton said it was too 
early to say “whether a recapi- 
talisation would be more or 
less beneficial for shareholders 
than the terms that might be 
available from a possible 
offer". 

The company’s difficulties 
will play into the hands of Brit- 
ish Land, which has secured a 


ringside seat at the auction by- 
buying 30 per cent of Stan- 
hope’s shares. 

British Land would not com- 
ment on the state of negotia- 
tions, but said: “If there Is 
someone who Is interested out 
there, they would be wise to 
come and talk to us, both 
because of our known interest 
is Broadgate and our major 
shareholding in Stanhope.” 

The initial share purchase by 
British Land resulted in the 
collapse of negotiations that 
had been taking place earlier 
this year with a south-east 
Asian investor which wanted 
to take a majority stake in the 
company. 

One property banker said: 
“Stanhope has been sitting 
there waiting for a fairy god- 
mother to come oat of the 
wings and rescue it. It is 
finally ginking jn that this is 
very unlikely to materialise.” 

Analysts suggest that Broad- 
gate would fetch less than 
£lbn. almost certainly leaving 
Stanhope with a negative net 
value. 

The alternative of bank refi- 
nancing would result in high 
costs, and the falling share 
price would make it difficult to 
pursue a debt-fbr-equity swap. 


Norweb leads recs with 
move to listing in US 


By David LasceOes, 

Resources Editor 

Norweb today becomes the 
first UK regional electricity 
company to have its shares 
listed in the US. 

The Manchester-based utility 
has obtained a listing for 
American Depositary Receipts 
on Nasdaq, the over-the- 
counter market 

The company said it had the 
largest proportion of shares in 
US hands of any rec - about 5 
per cent - and the move would 
provide greater liquidity for 
American shareholders. The 
initial marketmakers will be 
Smith New Court and Lehman 
Brothers. 

The listing also reflects Nor- 
web’s strategy of raising its 
profile in the US, where earlier 
this year it took a 50 per cent 


stake in a gas-fired power proj- 
ect in Virginia. The company 
has an active policy of over- 
seas expansion, particularly in 
countries with a well devel- 
oped regulatory framework 
and a stable and mature politi- 
cal. economic and legal envi- 
ronment 

Norweb is also among those 
recs which have defined a spe- 
cific dividend policy. It aims to 
deliver annual real increases of 
6 to 8 per cent up to 2000. 

Analysts thought it unlikely 
that there would be a rush of 
other recs seeking a US listing. 
The cash-rich electricity 
distributors have no need 
to tap foreign capital mar- 
kets. Indeed, many of them - 
including Norweb - are in 
the process of buying back 
up to 10 per cent of their 
shares. Few have business 


interests or large numbers 
of shareholders in the US 

ma r|tpf- 

However. Norweb’s move 
could pave the way for a list- 
ing by the National Grid com- 
pany, which is owned by the 
recs and likely to be sold off 
next year. 

Regent Corp boy 

Regent Corporation is to 
acquire Rayford Holdings, 
which has interests in sites 
valued at £5.06 ul The consider- 
ation part comprises £814#KJ 
in new shares: Regent has also 
agreed that, on completion. 
Rayford will pay £3m cash to 
Mr Ray Homey, one of the 
Rayford shareholders, as part 
repayment of a £5.6m loan 
made by him to Rayford. 


DK to put 
20th Century 
on CD-Rom 

By Antfc-ew Bolger 

Porting Kicdersley Holdings, 
the publisher of illustrated ref- 
erence books and multimedia 
products, is to create CD-Rom 
versions of the best-selling 
Chronicle publications from 
Bertelsmann, the German- 
based media group. 

The UK group has acquired 
ti ghts to publish the Chronicle 
titles as books in the UK and 
US and in CD-Rom form world- 
wide. 

Mr Peter nin, DK's finance 
director, said the first title to 
appear in multimedia form 
would be the Chronicle of the 
20th Century, a factual ency- 
clopaedia which is updated 
annually. 

DK recently launched five of 
its own CD-Rom titles in the 
US, Canadian. UK and Austra- 
lian markets. 


Argent to 
redevelop 
landmark 
office site 

By Christopher Price 

Argent Group yesterday 
announced plans to redevelop 
a 120,000 sq ft office site in the 
City of London in a £17.4m 
deal. 

Midland Bank, which owns 
the freehold to the site and 
rents the building - Suffolk 
House in EC4 - at £1.25m a 
year from Argent, is to pay the 
sum to free itself from the 40- 
year lease. 

Argent said the price repre- 
sented a 35 per cent increase 
on the amount it paid for the 
lease 18 months ago. 

Argent has also acquired, 
for a nominal £1, an option to 
buy the freehold on the site 
from Midland, which no longer 
occupies the building. Mr 
Michael Freeman. Argent's 
joint chief exec uti ve, said the 
company would “almost defi- 
nitely” be proceeding with the 
purchase and development if 
planning permission were 
granted within the next tew 
weeks. 

“There is only one other 
building of Grade A office 
space over 100,000 sq ft left in 
the City. The race is on to pro- 
vide this kind of accommoda- 
tion. I doubt if any bunding of 
this grade will came in at a 
rent of below £40 per sq ft in 
1997.” Mr Freeman said that 
even at only £37.50 per sq ft 
and a 6.5 per cent yield, the 
development would be worth 
more than £70m. 

Argent is to repay loans of 
£10.4m secured on the Suffolk 
House lease. The net cash 
addition from yesterday's deal 
will come to £7m. 

Analysts agree that rent 
rises have started to stick for 
high-quality central London 
office space, but disagree over 
how quickly sustained growth 
will come through. 

Recent evidence from the 
Investment Property Databank 
suggests that an excess of 
available space continues to 
hang over the property market 
and is likely to limit rental 
rises if not depress them, at 
least in the short-term. On the 
other hand, surveyors Richard 
KDis and Jones Lang Wootton 
are forecasting rental growth 
coming through more strongly 
next year. 


Manganese Bronze hails 
rise in black cab sales 


By Richard Wofffa 

Manganese Bronze Holdings, 
the black taxi cab manufac- 
turer, yesterday reported a 36 
per cent rise in pre-tax profits 
from 11.5m to £L04ra for the 
year to July 31. 

Turnover remained flat at 
£74.6m (£75.4m) after an 
improved performance by the 
group’s vehicles division was 
offset by a slide at the compo- 
nents side, which supplies 
bearings and precision cast- 
ings. 

The company announced it 
was increasing taxi production 
to 44 per week, compared with 
a record low of 32 per week in 
June last year. 

Orders for the black cabs, 
which retail at about £20.000, 
are expected to reach L9Q0 by 
the end of the year, compared 
with L600 last year. 

“Business is picking up for 
taxi drivers, although I am not 
sure that many of t frgm would 
admit to that," said Mr Jamie 
Borwick, chief executive. 
“Quite a few are bringing- back 
orders they had deferred dur- 
ing the recession." 

The vehicles division trebled 
pre-tax profits to £3.23m 


Manganese Bronze 

Sftareprice (pertoej 
180 



1893 

Soon*. FT Graphite 


1894 


on turnover of £43.4m. 

But the components division 
suffered a 70 per cent drop in 
pretax profits to £551,000 after 
a “disappointing" loss st the 
Redditch-based precision cast- 
ings business. 

Last month the company dis- 
posed of LTI Homer, its loss- 
making fuel tanks offshoot, 
with an associated loss of 
£1.44m. However, it retains the 
Fairway Nissan car dealership 
which continued to incur 
losses. 

The Deans Powered Doors 
division, which supplies rail 


Jamie Borwick: bnsiness is 
picking np for taxi drivers 

and bus manufacturers, 
incurred a £315,000 loss (£2,000 
profit). The company cut its 
rail door manufacture, involv- 
ing exceptional costs of 
£300.000. 

Net interest charges fell from 
£320.000 to £52,000, and gearing 
was reduced from 20 to 5 per 
cent. 

A recommended final divi- 
dend of 2.5p makes a total of 4p 
(2.5p> for the year, payable 
from earnings per share ahead 
to 7-58p (5.89p). 

The shares dropped 2p to 
147p. 


Development Securities 
acquires two City sites 


By Petor Pearse 

Development Securities is to 
undertake its first development 
in the City since it grew out of 
Clayform Properties under the 
hand of Mr Martin Landau, the 
property entrepreneur. 

It has exchanged a condi- 
tional contract for the pur- 
chase of Milton House and 
Shire House in Silk Street. 
EC2, which currently comprise 
450,000 sq ft of offices. The deal 
is forward-funded by Haus 
Invest, the open-ended Com- 
merzbank property fund, and 
the properties are to be 
acquired for more than £40m. 

The vendor is a consortium 
of five Japanese banks, led by 
the Long Term Credit Bank of 
Japan, which is the receiver to 
EIE. the Japanese developer 
which went bankrupt EIE paid 
about £20Gm for the properties. 

Mr Erik Raune, senior devel- 


opment surveyor at DS, said all 
of Shire House and a "substan- 
tial”' part of Milton House had 
been pre-let to Linklater & 
Paines, the international law 
firm, for its new City head 
nffipp After refurbishment and 
with the benefit of pre-letting, 
the properties are expected to 
be worth about £170m. DS 

riaims- 


Beales disposal 

Beales Hunter has sold the 
business and certain assets of 
the Cut & Sew division of its 
Marathon Knitwear subsidiary 
to Stirling Group for £2. 33m. 

The division manufactures 
men's underwear and leisure 
wear. The assets disposed of 
include freehold land and fac- 
tories, plant and machinery, 
raw materials and work in 
progress with a total book 
value of £3.07m. 

Proceeds will be used to 
reduce group borrowings. 


DIVIDENDS ANNOUNCED 



Curent 

payment 

Date of 
payment 

Correa - 
poncflng 
dividend 

Total 

for 

year 

Total 

last 

year 

Clinton Cants .rnt 

1 JB 

Nov 15 

1.6 


4.71 

Bys (Wimbledon) Int 

2 

Dec 5 

15 


17 

GYnore Brit Inc . — ...int 

1.824 

Nov 30 

- 


- 


0.8 

Dec 12 

- 


1 


2 

Dec 5 

- 


- 


4* 

Oct 28 

4 


12.5 


4^ 

Jan 18 

49 

7 

7 

Manganese Bronze fin 

Z5 

Dec 1 

1 

4 

2.5 

Scottish TV int 

2-2641 

NOV 30 

2.1563 

- 

12.41 


6.1T 

NOtf 26 

4.65 

6.45 

5.85 


Dividends shown pence per share net except where otherwise stated. tOn 
increased capital, ftlrtsh currency 4 Second Interim making 3.64p to date. 



You're the head FX trader for a leading U.S. bank, 
and you're sitting on a DM200 million spot position. 
The vice chairman wants to know what the risks are 
if the market moves against you in the next 24 hours. 

RiskMetrics™ is the answer. 


JPMorgan 


I J r lum : CO roj,M 

umoMaiBoiitanMtomOitoM 


futures Ltd 


EQUITY AND INDEX OPTIONS 

COMPETITIVELY PRICED EXECUTION SERVICE 
For Further information please contact 
Philip O'NrUJ 

Tel: 0?I 329 3333. Fax: 071 329 3919 — 


{INVESTORS -TRADERS -CORPORATE TREASURERS 
SAT QUOTE™ - Your single service for real time quotes. 
Futures * Options ♦ Stocks * Forex * News * Via Satellite 

LONDON +71 329 3377 

LONDON VH 329 3377 NEW YORK +S12 206 tfW VKANKFOrT ■ 00 M— 71 


CLIENT 

TRADING 

ROOM 

PRIVATE CLIENTS 
WELCOME 


ft a r.y« iljifKl 11 

S8 DOVER STREET, LONDON WIX 3BB 
TEL: 071 629 U33 FAX; 071495 0022 

m 


CALLING ALL CURRENCIES - 0839 35-35-15 

Call now lor ihe latest currency rales, iritli 2 ndn updates 24 hours a day. 

For details o( our full range o! financial information sendees, call 071-6959400. 
Calls are charged at 39pfarin cheap rate. 49p/mhi all other times. 

Futures Pager Ltd. 19/21 Great Tower St. London EC3RSAQ. 


Futures Call ! 



TAX-FREE SPECULATION 
IN FUTURES 


Tocteln joar hoc GuUrto bow yemr FfcmOH BoakankrrGB fadp 
Ton. cdUtdodMnararfaDjaSciiaai C 71 -S 28 7 ZSJ orvne 

«o BE IG Intone. 9-1 1 G m s ^a or&i il i^ t endon SWtWCBO 


FullerMoney - the Global Strategy Newsletter 

Coveting bonds, stocks, currencies 6 ccrr.modilics including whore to 
invest. PuUc'Money n wff en by David PuHor lot mretncfi onc.l invosfots t* 
PCS®*- monthly Sm.g'o issue £15 or US$22. cnr.ua 1 £156 in UK S =ji«=© 
elsewhere £130 cr US$230. send cheque c: credit ccrd dotcib, 

Cc'l Jcne Fcrquhcis-ch ct Chert Anclysis Ltd. 7 Swallow S'rcc' London VV1R 
7H£>, UK To), London 1/1-43? dWl/0177 rn UK) or fox t71-£i'9£966 

S-cs-jrctc* tv .--VC =».,:rc.:-V.CVT-.,nl A^>9r:> 


NEW! from FOREXIA FAX $ £ Dm ¥ 

A 8 YEAR RIBLJC RECORD OF ACCURATE SHORT 7801 FOREIGN EXCHANGE FORECASTING 

NO W. FR OM ANYWHERE M THE WORLD, GET TODAY'S VERY 

LATE ST ISS UE OF THE FOREXIA FAX FROM 0730 GMT EACH 

WEEKDAY, INSTANTLY DELIVERS} TO YOUR FAX 
USING THE HANDSET ON YOUH FAX MACHINE DIAL +44 81 332 7426 

IM CASE OF DIFFICULTIES CALL US ON: *44 81 948S31S 


One Chart Equals One Hundred Stories 

^P.-etil Irorr 3 chert ! fc;o; e» <JK. European end irie-naturta! eouriis: 

Cfif chads;. Ce.-toncji onoff ci Commsditlot cnd>-;?5- » tcccrci"-' 

• 'or ;!Cf«5‘0*a irwec’d's/tradpii and ensorreflcod chad iocCcis • 
if that > yes, - coti Scv.c Sony or Sj«an Stag tor Cetc.is 
Tc‘ Ic-idcn 17', - 717.1 ;r.?r In'jK) e-fei :?J 

- Secreted ti :nc Pent id l».-c:t.stcr I Aurne-l, 




2 - MOL.R 

rOREICA rXCMAVOF. 

London 
D I in- Dosi, 


OURRENCT MANAGEMENT 
CORPORATION FLC 
11 OW Jewry 
Lcxxfcn ECZK&X/ 

Tel: 071-865 WOO 
fire 011-9720970 




IREN D 


•FOREX •METALS -BONDS -SOFTS 

Objective analysis for professional investors 

0962 879764 

Penr.es House, 32Sccthga*c Street, Winchester, 1 
Hints SQ23SEH Fax 0424 774067 


DO YOU WANT TO KNOW A SECRET? 

The LDS. Gam Samba w9 show you how the markets REALLY worts. The anoang 
tracing techniques d flw teganttay V/O Gann can hersass your profits aid anafci your 
Jossaa Hew? Thtfs fte seed. Rng OCT 474 OOBO » MCA ytw FREE f/aoe. 


Currency cr Bend Fax - FREE 2 week trial 
also doily gold and silver faxes . ... 

trQ^t Chart Arjlysis Ltd ' Annc V.hitby 

7 Swallow S' , ^'LLond=it V.'tR 7 kD.UK- ^el. 0171.73d 717.1 

cjcrurig« rate specialists ter over 20 years tax- 0171 -429 4966 


CrecSto itaiano 

John-stock company 
Registered Office: Genoa, Via Dante 1 
Head Office: HI lan. Piazza Conftmio 
Registered wtth die Genoa Courts 
(no 22 of the Companies Rajpster) 

Bank regfetared In tfM Register of Bn*s 
belonging to tha CradHo ItaBano Banking Group 
Riglttw a! Banking Groups coda 2000.1 
PaXHip capital aooo.ooaooo.ono Italian Bra 

Interim report 1994 

Pursuant to resolutions 5553 dated November 14, 1991 and 8195 
dated June 30, 1994 of the National Commission for Companies 
and the Stock Exchange, please be informed that the 1994 Interim 
Report is avaflgbie on request at the registered office in Genoa and 
the Stock Exchange Councils of all the Stock Exchanges. 

The Report is also available at all branches of the Bank. Copies 
may be obtained from Head Office (Uffido Affari Sodetari) - Milan - 
Piazza Cordusio (lei. 02/88822595; fax 02/88623909). 

The Board of Directors 


MEXICAN INVESTMENT COMPANY 

Sodttf dTnvat i g se ncro & Capital Variable 
Registered Office: Luxembourg 1^, rue Aldria^n 
Common*) Rcgincn Laxesoboorg Secant B 40.163 

Notice of die Annual General Meeting of Shareholders 

ArvxeJ GCTwral Mectng of Shareholders of MEXICAN INVESTMENT 
COMPANY. SOvVwil bg held at its master od office in Lircemfeorag, 14. rue 
AkJfingen. on 20th Octcber. 1994 at 11.00 o'docfc for the purpose of considering 
and voting upon the Wowing matters. 

1. To hear and aocepc 

id the management report of the draaots: 
b* the report of the audaor. 

2. To approve the statement of net assets and tha statement of changes Wi ml 
assets for the year ended June 30th. 1994. 

3. To discharge the directors wfih respect to ihe performance erf their duties 
during the yw ended .June 30th. i994. 

4. To dag ihe (Smews and the auditor to serve inti the next annual general 
meeting of snarenorcors, 

5. To consider the tSreaors' remuneration. 

6. Arty other business. 

at *” s 9d.th3* no 'tom lor the statutory general meeting is 
reeved and that demons mob be taken at the majority of ihe shares present or 
represented at tne meeting. 

The Board of Dr actor 3 



INDEXIA II Plus 


Technical Analysts Software 

T'- ' • £78015 • Fox; (0442) ; 675834 



CITY | 
INPE^g 


The Mirti* Laden in iprud brn«y, - Fmwioal aiy| Sfxxu Fora 
bodura aid maccnnn oppfcooon romealt 0?l 213 JWJ 
-''crouraa art nxmtUy opened wytnn 77 tioura 
Src OU1 up-lo-djlr QTlco, u> 9 p a on Teletext page MVS 


t 


REUTERS. lOOO 

UK 071 91610a2"* , l , * W * *tQM" 






For all your investment and omipjiiooal 
requirements in South Africa or further 
informal ion nn tbh erncsgiou market 
contact 

ftmem WaO/Rictard WeSer 


Michael 

LAURIE 

Tel: 071 49J TWO 
Fm: 071 499^79 



Mial t.,, 1 1„ the xrtuua invrorm 

Market-Eye 

London stock bxchakcs 


!30-l software applications C 
° RT FROM' SI 0 A DAY O 

° Siwwl SOFTWARE GUIDE O 
Call London ~ + (o) 71 231 35 ! 

lor yctir guide and Signal price list 
















^ i 1 ; 



ah-v ij;i 

■ * ' M I 

rr* .. 

*=fp*- s • . . ’ 

* j-i v . ■ 

*•»•. !.• ?•.. : 

tTF'f ->* . 

* • % 
>* i'.:- . . . 

i • *•-•-. . 

■ ‘ '•!. . ’ 
jiU >1 ‘ ‘ 

- •>. , 

f . w • ■ ■ 


7- " - l 


ono 


e- ,# - 
... »>. 


r 


f 1 Ovi. 




FINANCIAL TIMES TUESDAY OCTOBER 1 1 1994 


; ★ 


27 


COMPANY NEWS: UK 


Eastern Group 
sheds 450 jobs 
in restructure 


BY P*Sfly HoHJoaer 

Eastern Group, the biggest of 
the 12 regional electricity com- 
panies in England and Wales, 
is cutting 450 jobs and invest- 
ing £50ten in its distribution 
network as part of a wide-rang- 
ing reorganisation revealed 
yesterday. 

The announcement brings to 
more than 4,000 the number of 
planned job cuts in the sector 
since the electricity regulator 
called for a reduction in distri- 
bution prices in an industry 
review in August 

The job cuts and reorganisa- 
tion are expected to bring 
annual savings of about £25m 
by 1996-97. 

Mr John Devaney, Eastern's 
chief executive, said this latest 
round of cost cutting would be 
the company's “last major 
announcement for a little 
while”. Since privatisation. 
Eastern has shed about 30 per 
cent of its electricity work- 
force, which will total about 
4,800 after the latest cuts. 
These will be spread over two 
years and are expected to 
occur through early retirement 
and voluntary redundancy. 

The cuts will be accompan- 
ied by a 30 per cent jump in 
capital spending over five 

years. Tngtoarl of mamtamhtg 


the existing network. Eastern 
intends to invest £5 00m 
between 1995 and 2000 in tech- 
nologically advanced equip- 
ment "We will have a com- 
pany which is more capital 
intensive," said Mr Devaney, 
"but it will cost less to run. 

Some 650 jobs will be trans- 
ferred from the day to day 
operations of the core electric- 
ity business to implement the 
increased capital spending pro- 
gramme. Eastern is also reor- 
ganising the engineering oper- 
ation of its electricity division, 
which will be operated through 
business units instead of 
regionally. 

All the associated costs have 
been provided for In last year’s 
£38m charge. 

The market welcomed East- 
ern's announcement with some 
reservations. The cost cutting 
would improve profits but 
higher capital spending would 
soak op any cash flow gains. 
Furthermore, many had expec- 
ted Eastern to announce fur- 
ther share boy-backs before Its 
closed period begins on 
Wednesday. "The market was 
looking far more excitement." 
said one analyst “Yesterday's 
announcement was not a huge 
surprise to anyone." 

The shares closed lp down at 
760P. 


Bourne End £5.4m buy 


Bourne End Properties has 
conditionally agreed to pay 
Allied Dunbar Assurance 
£5. 35m for Sword House, a 
refurbished 1970s long lease- 
hold office budding of 46,000 sq 
ft in High Wycombe, Bucks. 

The property is currently let 
for the 105 year remainder of 


the term to Wilkinson Sword 
at a gross current annual rent 
of £396,000, with upward only 
rent reviews every seven 
years. 

The consideration is payable 
in cash from Bourne End’s 
existing resources and a new 
15 year fixed Tate loan. 


Goldsmiths loss reduced 


A 13 per cent increase in 
turnover from euutm to £21 .2m 
helped Goldsmiths Group, the 
retail jeweller with 116 
branches in the UK, cut pre-tax 
losses from £1.34m to £817,000 
for the six months to July 30. 

Sales woe up 1519 per emit in 


the nine weeks since the start 
of the second half. 

Losses per share were 
reduced to 2.49p, compared 
with 4.0Sp and interim divi- 
dend payments have been 
resumed with a 0.8p distribu- 
tion. 


Housing 
recovery 
underpins 
Tay Homes 

By Christopher Price 

Shares of Tay Homes 
yesterday rose 12p to 163p as 
the Leeds-based housebuilder 
announced pre-tax profits 
more than doubled from 
£3.09m to £6.23m for the year 
to June 30. 

The recovery in the new 
housing market underpinned 
the rise, which was also 
helped by the return to profit 
of the group’s Scottish 
region. 

Turnover advanced 22 per 
emit to £85. lm (£69.6m). The 
group sold 1,308 houses, an 
increase of 18 per cent on last 
year’s 1,107, at an average 
price of £64,700, compared 
with £61,000. 

However, the land bank 
declined from 4^00 to 4,000 
plots. 

Mr Trevor Spencer, chair- 
man, b lamed the rise in land 
prices, which hare reached 
levels not seen since the boom 
of the late 1980s. 

“We have been forced to 
become more selective in our 
land purchases,” Mr Spencer 


Land prices rose by an aver- 
age £1,800 to S1L300 a plot 
during the year, the rise eat- 
ing into the group’s cash pile 
despite the boost from last 
year’s £l0-2m rights issue. As 
a result, gearing rose from 36 
to 45 per cent 
Cost pressures had been felt 
from building materials sup- 
pliers bnt had been largely 
contained at about the 4 per 
cent level. 

Earnings per share 
increased from 9.1p to 15J>p 
and a proposed final dividend 
of 5.1p lifts the total to 6.45p 
(5A5p). 

Mr Spencer said that the 
group was now well positioned 
to take advantage of the recov- 
ery in the market However, 
although sales reservations 
were 25 per cent ahead of the 
position seen this time last 
year, they had dropped off 
since the latest rise in interest 
rates. 

“Things have definitely 
slowed down, bnt we are hope- 
ful that the level of customer 
interest that has been shown 
will still convert into steady 
sales.” he said. 


Hamleys achieves strong 
growth to £0.68m midway 


By Peter Pearse 

Pre-tax profits at Hamleys, the 
self-styled “finest toyshop in 
the world” which floated in 
May, jumped from £115,000 to 
£6761000 in the half-year to July 
30, on turnover up 16 per cent 
fro m £7A7m to £8.9im. 

With operating profits up 46 
per cent at £858.000 (£588,000), 
the operating margin grew 
from 7.7 to 9.6 per cent. Mr 
Howard Dyer, chairman, 
ascribed this growth to 
increased sales, greater produc- 
tivity per employee, and “that 
small business mentality 
where you watch every 
penny". 

He hoped the profits rise was 
“an outperformance" of City 
expectations, though the 
shares were unchanged at 
168jp. The Dotation price was 
185p. 

Mr Dyer said the store in 
London's Regent Street, which 
accounts for 75 per cent of 
group sales, was seeing the 
results of the refurbishment 



Howard Dyer, still watching 
every penny 

completed tn June 1993. Sales 
in the store increased by 14 per 
cent 

The satellite operations - 
shops in Covent Garden and 
Heathrow's Terminal 4 - per- 
formed welL Mr Dyer said that 
aided by the duty free impact 
the company had been able to 
sell more expensive items in 
the airport He suggested that 
Hamleys would look to Euro- 


pean airports and Far and Mid- 
dle Eastern franchises for 
expansion in the next two to 
four years. Also, once passen- 
gers could use the Channel 
Tunnel, the shop at the 
entrance would open. 

Between April and June a 
further seven House of Toys 
concessions opened within 
House of Fraser stores: another 
16 will open for the six-week 
run-up to Christmas. Mr Dyer 
said that 95 per cent of BoF toy 
sales came in the second half, 
against 60 per cent for the 
Regent Street store, which 
relied for more heavily on tour- 
ists. 

Extra House of Toys stock 
totalled £500,000, though cur- 
rently Hamleys had “small 
cash reserves”. With the float 
proceeds, long-term debt was 
wiped out and the interest 
charge fell to £182,000 
(£473,000). 

Earnings per share were 

2.7p, against D-5p, or L5p pro 
forma. The maiden interim div- 
idend is 2p. 



NEWS DIGEST 1 

Sales rise 

I£7.47m from acquisitions. drum maker, has sold its 

Earnings came out at LL7p shares hi Aug. Scbmalenhacti. 


helps Elys 
to £107,000 

A modest improvement in 
sales and mamferinwi cost con- 
trol helped Elys (Wimbledon) 
lift profits before tax to 
£107,000 for the six months to 
July 30, against £74,000 last 
time: 

Turnover at the department 
store gronp amounted to 
£4.54m (£4. 35m) reflecting 
growth in linens, soft furnish- 
ings and electricals. 

Barring s per share improved 
from 4.1p to 6p and the interim 
dividend is raised to 2p (L5p). 

Jones at I£1.7m 

Jones Group, the Dublin-based 
shipping, manufacturing and 
oQ distribution company, con- 
tinued its recovery in the 1994 
first half with pretax profits of 
I£I.72m (£1.7m). 

The outcome compared with 
profit of I£Li8m last time 
and was struck on turnover up 
from l£3L7m to l£43£m. 

The figure was bolstered by 


<7-8p) per share. The interim is 
maintained at 4p. 

Mr Denis Magee, chairman, 
said shipping growth had 
slowed but there continued to 
be growth tn the remainder of 
the group's markets. 

Hardy Craske, purchased in 
February, had undergone con- 
siderable rationalisation. Bene- 
fits were expected to come 
through in 1995, he said. 

Talks with Koninklfjke Pak- 
faoed of the Netherlands, con- 
cerning the purchase of Theo- 
dora Tankers, were continuing. 

Gartmore British 

Gartmore British Income and 
Growth Trust has declared a 
second interim dividend of 
L82p per geared income share 
in respect of the accounting 
period ending December 3L 

The investment trust, which 
came to the market in March, 
paid a first interim dividend of 
L82p in August 

Blagden disposal 

As part of the ongoing reorgan- 
isation of its industrial packag- 
ing business. Blagden, the steel 


a German manufacturer, to 
Sulo Eisenwerk Streaber & 
Lohmann. Blagden sold its 
main plastics packaging 
operations for £6£m in July. 

£7m orders for EVU 

IMI Yorkshire Alloys, the 
Leeds-based subsidiary of an, 
has secured four orders total- 
ling more £7m In Abu 
Dhabi, Australia. South Korea 
and Japan. 

The contracts involve the 
supply of piping for such pro- 
jects as desalination, plants and. 
power stations. 

Tunstall damages 

TunstaU Group, which supplies 
emergency communications 
systems for the elderly, has 
been awarded damages of 
£527,000 against Anchor Line 
over its acquisition of Tartu- 
Synchronome in 1988. 

The case alleged faults in 
Tann-Synchronome’s fire secu- 
rity products. Tunstall’s legal 
costs, which by the end of 
March amounted to £454,000, 
had been written off as 
incurred. 



Ordinary 

Information 

CAN OFTEN GET 
TO You RATHER 

Too Late. 


This ix th»- age of information. The (rouble is ihm* 
ha> never been so much of ii about which 
makes it harder than ever to find kev company 
information that's relevant am! lo the point. 

McCarthy Information is. v«ur vital network 
providing comprehensive information on the 
companies and industries that interest you. Hvery 
day, we gather and store the information from the 
world’s top 70 business publications. You can access 
just what you need hy company, industry, country 
or market. I ianl fact ami industry rumour. 

Whether you access it on CD-ROM, online 
or from hard copy; you will enjoy the benefits of 
McCarthy’s comprehensive service. Anil he 
garlanded with roses rather than wreaths. 

Don’t be a don’t know... 

- — — — — — — 

.contact McCarthy 

Complete dm coupon and send it lo: MkJucI Rkigwni McCarthy 
Information, RO. Bos 12. Sunbnry. Middle*-* TWI6 7UO. 
Trirphooe: 0*12 761444. Please trod me detsih oT McCarthy 
(nToraiation Ser v ices. 


Name 


Compiny 


Addrea 



Country 


L- 


Telephone; 


McCarthy 

Information 

Services 

Company Information 
to acton 


u 


Solid 

Liquid 

Liffe 


In futures and options, you’re not solid unless you’re liquid. 

LIFFE’S dominance In Deutschmark derivatives offers you the consistent strength, depth 
and liquidity you need to control risk in your portfolio. 

Over 1 60,000 Bund futures contracts are traded on average every day on LlFFFs trading 
floor - over 70% of the world market 

For Bund options and Euromark contracts, UFFE’s 98% market share ensures that 
supply meets demand with maximum efficiency and flexibility. 

For further information, contact our Business Development department 
on 071 623 0444. 


LJFFE. The Deutschmark Futures and Options 
Capital of the World. 




The London International Financial 
Futures and Options Exchange 


33S 





You’re the portfolio manager for a large 
international government bond fund. You know 
your investors are getting jumpy about market 
risk— and so is your CEO. He’s asking you to 
explain, in concrete terms, what your exposure 
to 30-year U.S. Treasuries and 5-year Japanese, 
government notes could do to your total returns 
over the next 30 days. 

RiskMetrics™ is the answer. 


JPMorgan 




{Si 
*.. * 

ft 

jfi 

& 

I 

•i* 

§ 




fC 


■-W4 

v.f 


a 


te 

$ 

>r. 

i 

i't. 

1 

v 

I 

ȣ 

% 

& 


& 

o 

iv 

K 

& 


»|NlhWr(« 4UMMI 


X- 




28 


FINANCIAL TIMES TUESDAY OCTOBER H 1994 


COMPANY NEWS: UK 


Clinton buys in 
time to boost 
Christmas sales 


By Richard Wolffe 

Clinton Cards added 86 shops 
to its chain of 277 greeting card 
and gift stores in a £3.5m pur- 
chase announced yesterday 
alongside its interim results. 

The group, which is con- 
trolled by the Lewin family, 
claims that the acquisition 
from its principal card sup- 
plier. Hallmark, the UK arm of 
the US group, lifts its share of 
the UK greetings card market 
from 7.5 per cent to 9 per cent 

The acquisition will lead to 
the closure of more than 12 
stores when? Hallmark shops 
compete with Clinton Cards in 
Bn gland and Wales. “It basi- 
cally takes a competitor out of 
the high street.” said Mr Clin- 
ton Lewin, managing director. 

Pre-tax losses deepened from 
£956,000 to £2. 19m while turn- 
over edged up from £32. im to 
£32. 7m in the six months to 
July 30. An Interim deficit is 
normal because the chain 
makes a large proportion of its 
profits in the Christmas period. 

The group blamed weak con- 
sumer confidence for a 4 per 
cent drop in like-for-like sales 
and a “disappointing” operat- 
ing loss Of £l-98m (£770,000). In 
June the shares fell 3lp to I05p 
after the company warned that 
profits were unlikely to exceed 
last year's £3m. 

Hallmark's 86 shops incurred 
a loss of £345.000 last year on 
turnover of £21.lm. The pur- 
chase, which includes £2.7m of 
stock, will be completed before 
Chris tmas trading begins. 

A cash consideration will be 
paid over four and a quarter 
years without Interest, with 
annual repayments linked to 
Clinton's purchase of Hallmark 
goods. Gearing stood at about 
60 per cent at the period end. 


Clinton Cards 

Share price relative to tha 
FT-SS-A AJf-Shaffl Index 



Source: FTGraphta 

Losses per share emerged at 
8.4p (3.66p) and the interim div- 
idend is unchanged at 1.6p. 

• COMMENT 

Clinton Cards' acquisition of 
the Hallmark shops seems to 
make sense for the card 
retailer. The stores should 
need little work to fixtures and 
fittings, and will be trading 
for Clinton over the busy 
Christmas period. Moreover, 
Clinton’s repayments are 
attractively link ed to its 
demand for Hallmark goods 
over the next four years. The 
interim results are worse than 
last year, but are not as 
gloomy as expected after this 
summer’s profits warning; The 
group is thought to have 
improved cost control and 
should be in a good position to 
benefit when consumer confi- 
dence returns. Analysts fore- 
cast pre-tax profits of about 
gam for the year, which gives a 
prospective multiple of 13.7 on 
yesterday’s close of 103p, up 2p. 
For those confident of an 
upturn in consumer spending, 
the shares have scope for fur- 
ther recovery. 


Fitch loss halved to £0.15m 


Fitch, the architectural and 
graphic design services group, 
saw pre-tax losses fall from 
£381,000 to £151,000 for the six 
months to June 30. Turnover 
slipped hom £6 .28m to £6.15m. 

Operating profit from con- 
tinuing operations was £49,000 


(£149,000 loss), struck after a 
£233,000 exceptional charge 
relating to the financial 
r estructu r in g of the UK busi- 
ness. where trading losses 
have reduced slightly. 

Lasses per share fell from 2p 
to l.lp. 


No Adviser the magician’s rival 

Nicholas Denton looks at the role played by in-house financial teams 


A sk mergers and acqui- 
sitions professionals to 
name their firm's 
toughest rival and they reply 
as if la one voice: “My biggest 
competitor is No Adviser.*' 
They mean the in-house 
team at a potential corporate 
client which handles deals 
without calling on, and paying, 
a financial adviser. 

If “no adviser" was included 
in the M&A league tables, it 
would soar above the likes of 
Morgan Stanley, Goldman 
Sachs and SG Warburg which 
usually vie for the top posi- 
tions. 

Imperial Chemical Industries 
has perhaps the most active 
in-house acquisition team. The 
“A-team” has handled 600 
transactions over the last 10 
years. 

“We’ve done more deals than 
Warburg. Schroders and Gold- 
man Sachs.” says Mr John 
Dewhurst. group manager of 
planning and acquisitions. 
“We’ve done more deals than 
all of them put together.” 

Mr Dewhurst Is convinced of 
the virtues of the ICI approach. 
“We believe we can do every- 
thing a mer chant bank can do. 
If you know what you are 
doing, you can save a lot of 
money and probably get a bet- 
ter deal” 

Some investment bankers 
concede that in-house teams 
have advantages. “They will 
know exactly what the com- 
pany wants,” says a UK corpo- 
rate finance head. “It’s a real 
headache.” 

Developing an internal 
department for corporate 
development may not be 
cost-effective for smaller com- 
panies; but those the sire of 
ICI, RhOne- Poulenc, Unilever 
and British Petroleum have 
found it makes business 
sense. 

Last Christinas, when Mr 
Dewhurst was discussing his 
annual bonus, he calculated 
how much ICI would have had 


to pay had it used external 
advisers: £12J>m. ICI pays Id 
salaries to the A-team. Mr 
Dewhurst says the overall cost 
Is vastly less; “Take off a cou- 
ple of zeros " 

Investment bankers respond 

that a company gets what it 
pays for. 

An in-house team does not 
have the broad perspective of 


ment which farms out work it 
cannot efficiently do alone. 

One manifestation is that 
fees for complex work have 
held firmer than those for 
plain "vanilla” transactions. 
“Clients are happy to pay fees 
when they can see that a 
banker has added real value,” 
says Mr Jim Downing, of Leh- 
man Brothers. 


Strategic rather than financial logic 
is now tide driving force 
for mergers and acquisitions; 
and core competence not 
diversification is the catchword. 


an investment hank, it is often 
unfamiliar with sectors outside 
its core competence. Most com- 
panies have to turn outside to 
arrange financing 

Nor can a company hand le a 
flotation or a takeover alone. 
Lasmo paid £l6m in fees to 
Schroders, Goldman Sadis and 
NatWest Markets to fend off 
the £1.6bn hostile takeover bid 
by Enterprise OiL 

One investment banker, 
scoffing at ICTs claims not to 
use advisers, jokes that the 
gropp paid a decade's worth of 
fees on the demerger of 
Zeneca. 

A straightforward “vanilla” 
deal with other companies In a 
sector is another matter. 
“We've lived with other chemi- 
cal companies, we’ve grown up 
with them, we measure them,” 
says Mr Dewhurst “Our data- 
base is better than an invest- 
ment bank's." A sizeable multi- 
national also hag the resources 
to finance an individual acqui- 
sition internally. 

That said few multinationals 
have followed the ICI 
approach. More have opted for 
a halfway house: an in-house 
corporate development depart- 


The head of ICl’s A-team 
tells investment bankers the 
same thing. “If you bring some- 
thing to me and you bring 
added value then we wiQ pay 
you for it” But Mr Dewhurst 
adds: “In the last 10 years, with 
one exception, we haven't paid 
any merchant bank.” 

One, after its suggestions 
had been rejected one time too 
many , asked: “Are we wasting 
our time?” 

San guine bankers maintain 
there is nothing startling about 
corporate clients maintaining 
A. teams “I don’t think it's a 
new rash,” says Mr David 
Verey. chairman of Lazard 
Brothers, the UK merchant 
bank. 

Nevertheless the character of 
the 1990s' wave of M&A has 
bad an impact Strategic rather 

than financial logic is the driv- 
ing force and core competence 
rather than diversification the 
catchword. 

That does lead companies to 
dispose of peripheral busi- 
nesses and usually to Tnaka use 
of an investment bank's wide 
range of contacts to do so. But 
when such companies look for 
targets and alliances they 


increasingly concentrate on 
their own sector. The more 
intimately they know the 
industry, the less they need 
financial advisers. 

Corporate clients are also 
catching up with, the invest- 
ment hanking techniques that 

opctf darxhxi than 

“People used to say these 
guys are magicians,” says an 
M&A specialist at a US invest- 
ment bank. "Today you can 
walk in a nd find that a com- 
pany knows more about the 
market than you do. Tha more 
sophisticated the client base 
has become, the more sophisti- 
cated we have had to become.” 

Most importantly, multina- 
tionals have broadened their 
horizons and are increasingly 
comfortable with cross-border 
deals, at least those within 
their sector and the developed 
world. - 

“It would be mad to compete 
with that,” says Mr Will Sam- 
uel, head of corporate finance 
at J Henry Schroder Wagg. the 
UK merchant h ank . “We 
should move to where we can 
add value.” 

Investment b anks are fleeing 
forward. Mr Samuel says: 
“Investment hanking is about 
competing in areas which are 
changing rapidly, be they prod- 
ucts, countries or industries. 
BAT Industries provides an 
illustration. BAT handles most 
of its acquisitions internally 
but made an exception for its 
east European acquisitions, on 
which it hired Schroders as 
adviser. 

In the US and UK, in-house 
acquisition teams may repre- 
sent a challenge; but on the 
Continent investment b anks 
ran win clients among- compa- 
nies which have never used 
financial advisers. 

“My biggest co m petitor may 
be No Adviser,” says an execu- 
tive at a US investment bank 
in London. “But it is going 
after that market that is most 
interesting.” 


Hearts asks fans for £1.5m to bolster team 


By Gary Evans 

Heart of Midlothian is asking its 
supporters for funds to strengthen the 
playing squad in an attempt to reestablish 
the Edinburgh football club as one of the 
Scottish Premier League’s leading lights. 
Hearts is launching an issue of Club 


shares, which carry a range of benefits but 
no voting rights, and aims to raise up to 
£1.5m after expenses - estimated at 
£350,000 - for fresh players. Any farther 
proceeds win be used for general ongoing 
development of the core business. 

Mr Chris Robinson, chairman, said that 
as well as team strengthening “we believe 


that the expansion of the commercial 
activities are key to the future success of 
the dob”. 

Club shares are available in blocks of 
200 at £250 per block - 125p per share - 
until November 15. New shareholders will 
have the right to appoint two new direc- 
tors to the board. 


''* i • v> -- - 



...you need to know 
what's happening in Europe's 
largest emerging market. 

So subscribe to Financial Izvestia. As a 
joint venture between the Financial Times 
and Izvestia, one of Russia's leading 
newspapers. Financial Izvestia provides 
both Russian national and international 
news which impacts on Russia's business 
world. 

To subscribe, please complete the form 
below and send it to: Eva Schreiber, 
Financial Times (Europe) GmbH, 
Nibelungenplatz 3, 603 IS FRANKFURT 
MAIN 1, GERMANY, or fax it to Eva on 
49 69 5964483. 


YES, I WISH TO SUBSCRIBE TO FINANCIAL IZVESTIA. 

I understand the subscription price is $350 (+ VAT where applicable) p.a. 




Name MriMn/MiaVMtfOiket. 

**TSHe 

Dqe 

Type of 
Address. 


J’mtCodo . 


Td —Jfex 

□ I enclose a cheque made payable to Financial Times (Europe) GmbH 

FT VAT Number DEI 14220192 Your Vai Number 

Signature: 


□ Clunge ray credit cant AMEX DINERS VISA MASTERCARD 

^amarDaiDaiE 


j Name id card holder 

I 

I Exp. dale 


. Signaim 


Send mem invoice (billing address if different bom address): 



You're the CEO of a major manufacturer, stand- 
ing before your board of directors, presenting 
news of another record result in the company's 
treasury department. A hand goes up across the 
table and a skeptical voice pipes up: “So what 
kind of risk are we taking to get these results?” 

RiskMetrics™ is the answer. 


JPMorgan 


Uttqao a Cm. *ui#W 
4Be*V*« Of U»gar 1 m* f fu 



WORLD 

financial times TELECOMMUNICATIONS 


Conti Knee. 


London - 6 & 7 December 1994 

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

ISSUES TO BE ADDRESSED INCLUDE: 

• Whither International Telecommunications Alliances? 

• Creating an Informations Society in Europe 

• Information Superhighways - the developing US scene 

• Regulating competition in Europe 

• Selling telecommunications equipment in a liberalising market 

SPEAKERS INCLUDE: 

• Dr Martin Bangemann 
Member 

European Commission 

• Sir Iain Vallance 
Chairman 
BT 

• Mr Robert B Morris HI 
Managing Director, International Equity Research 
Goldman Sachs International 

• Mr Donald Cruickshank 

Director General 

Office of Telecommunications (OFTEL) 


Dr Michael Nelson 

Special Assistant for Information Technology 
The Office of Science & Technology Policy, US 

The Rt Hon Lord Young of Graffham 

Executive Chairman 

Cable & Wireless pic 

Dr Edward F Staiano 

Resident and Genoa! Manager; General Systems Secfcr 

Motorola Inc 

Dr Hans Baur 
Member of the Board 
Siemens AG 


Arranged in association with the Financial Times newsletter Telecomms Markets” 
There are some excellent marketing opportunities attached to this conference, please contact 
Lynette Northey on 071 814 9770 for further details. 


WORLD TELECOMMUNICATIONS 

Please rick relevant boxes. 

□ Conference information only. 

□ Cheque enclosed for £799.00. made payable to FT Conferences. 

□ Please charge my Mastercard/Visa with £799.00. 

Card no 


Please retain to: financial Times Conference Organisation, 
PO BOX 3651, London SWU 8P*L Td; 081 673 9000 
Fax: 081 673 1335. 

World Telecommunications £680 + Vat 


Name Mr/Mrs/M iss/Ms/Other , 


job Title Dept 


Company .................. 


Address 

Nome or card noiaer _ 





Exp. date Signature , , 





The MfdrMtKm ycu pro.rfc-.rt be ketfl to m mi my be n „ n*™* ofFTpo*™ m l met 

1 fc) dha .eh tu6 coTMta fa oaAwf papovn. 

Td 

Fax 








' M, J S: 





know 

!R ,n E ur 0pe i 


oi, 


oket. 




: «l - . 


l . i » 

’ " ' I 

\s\ . • ' i k i 


\ Vi * \ : : \ . 


To weather market change, you need 
to know the risks. 






♦V^i' . i :: a 



£s Forecasts for 7 p.rr; 

r * «* 
s -■* ^ *-■ .-■ 
'S S s 

r s s s 







Introducing RiskMetrics 

The benchmark for global market risk. 



A - 


Traders, fund managers, corporate 
and other investors have become 
expert in measuring returns and 
revenues, in both absolute terms and 
relative to indices. But the real 
measure of trading and investment 
performance is return on risk, because 
that shows what it actually costs if the 
market moves against you. 

Until now there have been no 
consistent standards, benchmarks, 
or guideposts for comparing different 
market risks. Today, J.P. Morgan 
introduces RiskMetrics™ 

Ten Years in the Making 
RiskMetrics™ is adapted from the risk 
measurement methodology we have 
developed over the past ten years to 
measure, manage, and control market 
risk in our own trading, arbitrage, and 
investment activities. On a daily basis, 
RiskMetrics™ produces estimates of 
the volatilities of more than 300 key 
prices -for currencies, government 
bonds, equities, and money markets 
and swaps -in up to 15 major markets 


around the world. It also gives you 
estimates of the more than 50,000 
correlations between these prices. 
Additional data series covering com- 
modities, spread products, corporate 
bonds, mortgage securities, and other 
instruments will be added in 1995. 

Earnings at Risk 

Applied to a portfolio, the RiskMetrics™ 
methodology and datasets assess 
market risk in terms of earnings at risk 
over either a 24-hour or one-month 
time horizon. Like Morgan’s system, 
RiskMetrics™ calculates the risk 
inherent in each position in a portfolio. 
It then combines the risks, taking 
into account the diversification effect 
of holdings in different currencies and 
asset classes, to produce an overall 
estimate. The result: you can forecast 
your risks. Which, in turn, allows you 
to create your optimal portfolio— that 
is, the positions yielding the greatest 
return with the least risk. 


A Power Tool far Risk Managers 
You’ll need tailored application soft- 
ware in order to apply the RiskMetrics™ 
methodology and datasets to your 
specific portfolio. A number of compa- 
nies have already developed commercial 
application packages for this purpose. 
Remember: no amount of sophisticated 
analytics will ever replace experience 
and judgment. But for the professional 
risk manager, RiskMetrics™ is an excep- 
tionally powerful tool indeed. 

For more information, call your 
Morgan banker access us on the 
Internet at http://www.jpmorgan.com 
or call any of the numbers listed below. 

North America 

Jacques Longerstaey 212 648 4936 
longerstaey_j@jpmorgan.com 

Europe 

Benny Cheung (44 71) 325 4210 
cheung _benny@jpmorgan.com 

Asia 

Mike Wilson (65) 326 9901 
wilson_mike@jpmoigan.com 




JPMorgan 




O tm IP. UwgMft Co. IncotimiMLiwniwitolMMlv U^<hmtf11iWCga()>iyelN»*1Mb d M Moum and Fi*m Ante*. 



FINANCIAL 


TIMES TUESDAY OCTOBER » » 1994 


COMMODITIES AND AGRICULTURE 


Metal traders warned of speculative sell-off 


By Kenneth Gooding, 

Mining Correspondent 

A warning was given yesterday 
that non-trade investors, such 
as investment funds and 
banks, might drive London 
Metai Exchange prices lower 
than many market watchers 
would expect as the world 
economy turned down. 

Mr Alan Heap of County Nat- 
West Securities Australia, said 
that, by their involvement in 
the LME, funds and banks had 
increased metals prices and the 
volumes traded and sometimes 
caused prices to anticipate 
improvements in the funda- 
mental supply-demand bal- 
ances. But all the evidence 
showed they had not increased 
volatility or instability. 

The Impact on prices of their 
withdrawal would depend on 
the supply-demand balance 
and market liquidity but in the 
early stages it was likely that 
fundamental strength would be 



enough to absorb their selling. 
“Later in the cycle short-sell- 
ing by non-trade players may 
push prices lower than many 
market watchers would 
expect," said Mr Heap at an 
LME seminar at the start of 
London Metals Week. 


London 

Metals 

Week 


He said that banks held 
metal in LME warehouses as 
collateral against loans and 
also as a revenue-earning 
investment. This metal was 
therefore not available for 
immediate delivery. He esti- 
mated that nearly half of LME 
metal stocks were tied up as 
collateral. As for that held 
under revenue-earning 
arrangements, the recent rises 
in prices had changed the eco- 
nomics and deals would be pro- 
gressively unwound in coming 


months. However, he dis- 
missed suggestions that this 
would take place swiftly and 
consequently depress prices. 
"A progressive release of metal 
[from LME warehouses] in 
response to high prices seems 
more likely." 

Mr Heap's generally bullish 
tone was echoed by most other 
analysts at the seminar. The 
exception was Mr Stephen 
Briggs of Metals & Minerals 
Research Services, who said 
years of high prices had 
resulted in a big increase in 
copper production capacity. He 
forecast at net A5 per cent rise 
in capacity in 1995 followed by 
one of 7.5 per cent in 1996. Con- 
sumption would not keep up 
and Mr Briggs suggested that 
the copper price, at present 
about US$1.13 a pound, would 
drop below $1 in the second 
half of next year. 

Aluminium, in contrast, was 
likely to perform better than 
any other LME metal during 


the rest of the decade, accord- 
ing to Mr Nick Moore of Ord 
Minnett He suggested demand 
would grow by at least 4 per 
cent annually in 1994-1996. Sup- 
ply would be constrained in 
1995 but there would be “a 
mighty tumround In 1996” 
with up to l-2m tonnes of 
capacity being added in that 
year. Nevertheless, aluminium 
prices in 1995 were likely to 
average 20 per cent more than 
those seen so for in 1994 and 
rise to $1,720 a tonne and then 
climb to an average of $1375 in 
1996. 

Nickel's price was also fore- 
cast to rise rapidly between 
1994 and 1997 on the back of 
increasing demand for stain- 
less steel, the m a in user. Mr 
Heinz Paiiser. of Heinz Paiiser 
Ahoy Metals & Steel Market 
Research, predicted nickel 
prices would average $230 a 
pound in 1994 and rise to $330- 
$3.50 next year. They would 
then accelerate to $435 in 1996 


and to $5-$6 the following year. 
Nickel stocks would be at 
“dangerously low levels” in 
1997, Mr Paiiser warned. 

Lead stocks would foil sub- 
stantially because of strong 
demand growth, said Mr Angus 
MacMillan of Bihiton-Enthoven 
Metals. Consequently prices 
were likely to be $700 a tonne 
next year against an estimated 
$550 this year and $420 in 1993. 
But very high stock levels 
would constrain zinc prices. 
Billiton was forecasting an 
average $1,100 a tonne next 
year compared with $990 in 
1994 and $980 in 1993. 

Mr Fidehs Madavo of CRU 
International, suggested tin 
stocks should start to fall from 
this year because of producer 
cuts and a “modest 2 to £5 per 
cent” annual growth in con- 
sumption. The LME cash price 
was likely to average $2.43 a 
pound this year and would 
break through $3.50 "by the 
end of the 19905". 


Tapping a precious resource 

Irrigation is taking well over half Israel s water 


Russian smelters seen heading for the scrap heap 


By Kenneth Gooding 

One third of the former Soviet 
Union's 3.6m tonnes of alumin- 
ium smelting capacity could be 
expected to disappear in the 
□ext five years, driven out of 
production by high costs and 

Coffee auction 
plan opposed 

Brazil's coffee growers are to 
urge the government not go 
ahead with the sale of up to 
900,000 bags (60kg each) of 
stocks to domestic roasters, 
reports Renters from Rio de 
Janeiro. 

“The National Coffee Council 
will recommend that the gov- 
ernment does not hold the auc- 
tions because international 
prices have fallen to a level j 
that makes the auctions unnec- 
essary," said Mr Manoel Ber- 
tone, the council's president, 
yesterday. The proposal to sell 
300300 bags a month between 
October and December was 
made by roasters and is still 
under review. 


obsolete equipment, according 
to Mr Horst Peters, managing 
director of VAW Aluminium- 
Technologie. 

He pointed out during a con- 
ference in London yesterday 
that, if they were to meet pres- 
ent Russian emission stan- 


dards. Russia's aluminium 
smelters needed total invest- 
ment of US$3-5bn. A further 
$2bn would be required if the 
country’s copper, lead and zinc 
smelters were to meet pollu- 
tion targets. 

Money for this purpose was 


at present not available in the 
former Soviet Union, nor in the 
western financial markets. Mr 
Peters insisted. 

So those smelters not worth 
modernising would be phased 
out 

He suggested that some of 


the heavily-polluting alumin- 
ium smelters could be modern- 
ised using a step-by-step 
approach, which could be 
financed out of cash flows with 
some help from international 
financial institutions or export 
credits. 


St Lucia looks for alternatives after banana disaster 


By Deborah Hargreaves 

The West Indies island of St 
Lucia lost 70,000 tonnes of 
bananas or 68 per cent of its 
crop in the recent tropical 
storm that ravaged the Wind- 
ward Islands. It will cost £60m 
and take about two yeans to 
repair the damage and get the 
island’s agriculture industry 
back on its feet again, said Mr 
John Compton, prime minister, 
last week. 

But he stressed that the 
country was using the damage 
wrought by tropical storm 
Debbie to step up its pro- 
gramme of agricultural diversi- 
fication. 

"We’re looking at tree- crops 


such as mangoes and avocado 
pears to grow in the hills for 
niche markets in Europe,” Mr 
Compton said. 

Bananas have traditionally 
been a mainstay of St Lucia's 
economy with most destined 
for the British market. But Mr 
Compton believes Caribbean 
producers must become more 
competitive and diversity their 
form industries. 

“We plan to reorganise the 
whole structure of our banana 
Industry as we realise that 
competition in Europe will con- 
tinue to be strong," he said. 
The country is looking for 
around £10m in aid from Euro- 
pean Union programmes to 
assist in increasing production 


and productivity in bananas as 
well as diversifying. 

Mr Compton believes produc- 
ers In St Lucia can increase 
productivity by 50 per cent in 
fertile valleys by using irriga- 
tion methods, better drainage, 
better disease and pest control 
He aims to produce the coun- 
try's quota to the EU market - 
127300 tonnes - on less acre- 
age. 

But the storm caused major 
structural damage, altering the 
course of rivers, knocking out 
all but one of the island's 
water supplies, and silting up 
some rivers. Mr Compton reck- 
ons that 20 per cent of the 
island’s fertile valley land is 
irrecoverably damaged. 


“The storm has set back our 
efforts considerably, but we 
want to use this opportunity to 
go ahead and properly re-or- 
ganise our farming industry," 
Mr Compton said. 

In the meantime, the Wind- 
ward Islands, which supply 3 
to 4 per cent of EU bananas are 

1 finking to buy hi hananac from 

elsewhere to fulfil their quota 
and hold on to market share. 
But the commission has yet to 
approve the request 
• Belize is asking for an 
increase in its EU quota to 
reflect the growth in its own 
banana industry - the country 
has a quota for 40300 tonnes, 
but production will exceed 
55,000 tonnes this year. 


I srael is one of the most 
crowded countries in the 
world. Even without the 
possible repatriation of some of 
its citizens from the occupied 
territories, from which it may 
have to withdraw to complete 
the peace process, the bulk of 
its population north of the 
Negev Desert is more concen- 
trated than that of either Hol- 
land or Rrighim 
Together with the hot cli- 
mate and a shortage of rivers 
and freshwater lakes this 
means that water is the coun- 
try’s most precious resource. 

Moreover, the population is 
forecast to increase dramatic- 
ally over the next 40 to 50 
years and the provision of 
water for both domestic use 
and industry, particularly agri- 
culture, is already concentrat- 
ing the minris of the Israeli 
government and its advisers. 

A study published for the 
World Bank a few weeks ago 
by Dr Avishay Braverman, 
president of the Ben-Gurion 
University of the Negev to 
Beer Sheeba, with others, 
spelled out the scale of the 
potential problem. 

“Israel's population,” says 
the report, “is expected to 
increase from 43m in 1990 to 
7.7m in 2010 and 12.1m in 
2040.” This will be as a result 
of continuing immigration of 
Jews from other parts of the 
world and from the children 
bum to those already in the 
country. 

In addition, the report con- 
tinues “the Arab population in 
the West Bank and the Gaza 
Strip is expected to increase 
from Lfim in 1990 to 33m in 
2010 and 63m in 2040". For the 
purposes of the study the 
authors' considered the water 
needs of the entire area 
together. Furthermore they 
assumed and advocated that 
consumption of water, at pres- 
ent much lower in Arab areas, 
would, over the period, rise to 
around the same level per cap- 
ita as that used by Israelis. 

In short, plans must he made 
to supply water to between 
18m and 19m people who will 
be living in an area where 
existing water resources are 
already stretched by the CUT- 


FARMER'S VIEWPOINT 



By Davkf Richardson 

rent population of only 63m- 
The implications for 

Indeed agriculture was at 
first seen as the main problem 
that would hasten the water 
crisis. Politicians, who once 
treated formers as the most 
important people in Israeli 
society as they established ide- 
alistic cooperatives to produce 
food, began to question 
whether they could still afford 
them. 

As one insider told me “once 
agriculture was a sacred cow; 
all at once it was just a cow”. 

The value of the agricultural 
industry’s extensive exports, of 
horticultural products in par- 
ticular. to premium western 
markets began to be ques- 
tioned when the real costs, 
including those for subsidised 
water, were calculated. 

The era of free trade around 
the world had arrived and per- 
haps it would be better busi- 
ness to import some more food 
rather than keep up the flow of 
exports - especially if this 
would release water supplies 
for urban development. That 
opinion is still expressed by 
some of the influential elite 
close to the government. 

But Dr Braverman and his 
group do not see it that way at 
all “Agriculture should not be 
seen as part of the problem but 
as part of the solution,” he told 
me last week. And he went on 
to explain how sewage from 
the ever expanding urban pop- 
ulation would itself soon create 
a major problem if it were not 
dealt with adequately. 

IBs proposed solution was to 
part-treat sewage to the point 
where the liquor could be 
applied to crops as irrigation, 
thereby saving limited sweet 
water for drinking. The mate- 


rial could be pumped all 
around the country, as is sweet 
water from the Sea of Galilee 
already, and farmers could use 
it on their crops. 

I was taken to see a pdot 
plant and a form using waste 
water and it certainly seemed 
to work. Farmers using the 
treated sewage water were 
experiencing no particular 
problems provided they did not 
apply it to sensitive crops that 
could not tolerate it. The con- 
cept already seems to be gener- 
ally acceptable to Israeli agri- 
culturalists. 

As the waste water filters 
through the soil it is purified 
before it reaches underground 
aquifers. Indeed if such mea- 
sures were not taken. Dr Brav- 
erman forecasts, untreated 
sewage, which is at present 
stored in lagoons, would soon 
percolate the soil beneath them 
and pollute existing drinking 
water reserves. 

Dr Braverman admitted how- 
ever, that on its own this 
would still not solve tbe entire 
problem. Sewage waste water 
would, according to his calcu- 
lations, supply less than half 
the irrigation requirement in 
2040. In addition to satisfy the 
urban demand and the balance 
needed for agriculture, it 
would be necessary to desali- 
nate sea water from the Medi- 
terranean. 

He was confident that this 
could already be done at a run- 
ning cost of US$L10 a cubic 
metre of water and that as 
technology improved the figure 
could be cut to no more than 
70 cents a cu m, which he con- 
sidered entirely acceptable. 

There remained of course, 
the matter of the capital cost 
To deal with the sewage it was 
estimated that an investment 
of $3bn would be required; and 
to desalinate sufficient drink- 
ing water a further $3.3bn. It 
was clearly hoped the World 
Bank would provide at least 
part of the money. 

But Dr Braverman pointed 
out that defence spending in 
recent years had been $250bn. 
“Therefore the proposal is via- 
ble and affordable - especially 
now we are on the brink of 
peace with our neighbours." 


in 3 


rise 


l-.itish 

yii.nd er 

, ; «sure 


COMMODITIES PRICES 


BASE METALS 

LONDON METAL EXCHANGE 

Puces from Amalgamated Metal Trac&ng) 

■ ALUMINIUM, 99.7 PURITY IS per lonne) 


Precious Metals continued 

■ GOLD COMEX (100 Troy or-; SAroy ozj 


GRAINS AND OJL SEEDS SOFTS 

■ wheat LCE (£ par tonne) ■ COCOA LCE| 


MEAT AND LIVESTOCK 

■ uve Cattle cme (d 0 .ooot»: osnartbn) 


Cash 

CtoM 1616.5-7.5 

Previous 1634-5 

HtfvVw 1630 

AM Official 1630-1 

Kerb ctose 

Open int 252.229 

Total dafly Hanover 43.206 

■ ALUMINIUM ALLOY (5 per tome) 

Ctase 7655-60 

Previous 1677-82 

Hlgh/taw 

AM Official 1660-5 

Kart* dose 

Open tail 3,038 

Total daily turnover 381 

■ LEAD (S per tonne) 

Close 631-1.5 

Previous 633-4 

Wflh/low 633 

AM Official 832.5-3.0 

Kerb dose 

Open im. 42.444 


3 mths 
1634-5 
1651-1-5 
1645/1633 
16455-6.0 
1634-6 



Stat 

Daf* 



Opm 



Sen 

Day's 



0PM 



Sett 

Day’s 



Open 



Sett 

Day's open 



price 

donga 

M* 

law 

M 

VWL 


price 

change 

KMb 

tew 

let 

IM 


price change 

MM 

tew 

let 

Vol 


price 

dame Mgh tew tat 

IM 

Oct 

39Q.7 

-02 

381.7 

3908 

171 

6 

MM 

KB.75 

-065 

10380 

103.40 

2806 

328 

Dec 

934 

- 

943 

B30 24996 

1828 

Ota 

60875 

-0500 67925 60700 12*73 

0829 

Mm 

3919 

-03 

- 

- 

- 

- 

JU 

10675 

-075 

10580 

10650 

1939 

244 

Mr 

970 

+1 

976 

964 

39889 1968 

Dec 

67800 

-0975 68X75 67.525 24.990 

5877 

DM 

333.4 

-04 

3962 

383.1108850 40916 

Mur 

10780 

-6S5 

10780 

10780 

1.416 

112 

M* 

983 

+1 

967 

978 

13820 

147 

M 

60925 

-0825 68800 60850 15833 

2,161 

Fril 

3968 

-04 

3988 

3904 20928 

447 


10980 

-080 11000 10980 

1.413 

105 

M 

996 

+1 

1000 

995 

6090 

S5 

Apr 

67950 

-0850 80150 87976 11835 

795 

Apr 

4003 

-04 

4014! 

4018 

7.164 

34 

Jni 

11280 

-085 11280 11280 

ZS3 

10 

S«p 

1008 

- 

1016 

1008 10247 

74 

Jm 

64925 

-0450 64800 64900 2.709 

299 

Jm 

4038 

■04 

4048 

4048 

10,350 

SB 

sep 

9640 

-080 

9780 

9650 

35 

10 

Ok 

1026 


1035 

1024 

6175 

54 

Aag 

63/625 

-0400 64.100 63800 1267 

327 

Total 




181933 43932 

TPM 





7.138 

809 

Total 




106941 0472 

Total 


■8889 10896 

■ PLATINUM NYMEX (50 Troy oz.; S/lroy ozj 

■ WHEAT C8T ( 6 . 000 txj mtn; cents/BOtb bu3ho0 

■ COCOA CSCE (10 tomw; S/tonnes) 


■ UVE HOGS CME (40OOOB1S; conts/ttw) 


Oct 

4178 

■28 

4179 

4179 

263 

27 

DOG 

413/0 

++0AS 

414/4 

40B/2 

47.702 

0525 

Dec 

1261 

+8 

1274 

1256 

0847 0539 

Ota 

34J75 *4)925 344J0O 34250 2.660 

1895 

Ju 

4203 

-3.2 

424.0 

4168 

19869 

1,783 

Mur 

421/0 

++4VB 

421/4 

417/2 21992 

1237 

(far 

1315 

+6 

1327 

1309 

14^34 

4.489 

Dec 

30525 

-0050 35850 35850 10352 

0996 

Apr 

424.1 

-02 

4259 

4348 

2887 

142 

•far 

392/2 

*-2/2 

393/4 

3#W 

385B 

334 

Hay 

1344 

*6 

1354 

1339 

7,627 

1838 

Fto 

37J300 

- 37875 37200 ft 437 

1863 

Jul 

4278 

-3 2 

4300 

4E8L0 

512 

- 

*d 

356/0 

-1/2 

357/0 

352/4 

7824 

1.341 

M 

1375 

+6 

1380 

1370 

2888 

44 

Apr 

37.400 +0850 37.700 37/325 0367 

535 

Oct 

430J 

-02 

- 

- 

335 

- 

s«p 

358/6 

■2/0 

358/8 

356/2 

164 

10 

Sep 

1404 

+8 

- 

- 

1991 

30 

Jtai 

40975 

-0075 43850 40625 1545 

82 

Jm 

4339 

■3L2 

- 

- 

2 


Dm 

368/D 

-1/4 

388/0 

38M) 

123 

B 

Deo 

1438 

*6 

1435 

1435 

914 

16 

Ang 

4X450 

-0825 42.473 42900 2S3 

17 

Tow 





23972 

1962 

Taw 





80269 10458 

Total 





7009510469 

ToM 


31.174 

7876 


631-1.5 6435-4.0 


633-4 

633 

6325-3.0 


647-8 
647/643 
6445-7.0 
6 42-3 


■ PALLADIUM NYMEX (100 Troy az.; S/troy cgj 

Dec 153.45 -050 15550 15250 5.026 160 

Hv 154.45 -060 - - 1,407 11 

Jua 15555 -050 152 

TMtf 49M Itf 

■ SILVER COMEX (100 Troy Canta/troy oc.) 

Oct 557.1 -OO 5585 5565 6 1 

Nov 559.1 -3.1 - - - 23,775 

Dee 561.5 12 5855 561.0 96506 1 


■ MAKE CBT (5,000 tw mhr, canta/56lb bushel) 

Dec 21318 -0/4 214/D 213/2133568 20,108 

Star 2Z3/4 - 0 M 224/0 223/2 48,459 4,346 

May 23110 -0/2 231/2 230/4 21.171 1528 

<M 2360 -0/2 236/4 3306 23766 2698 

Bap 241/0 - 241/4 241/0 1541 306 

Dee 246/2 -W 247/0 246/0 8570 1J64 

Total 239518 38507 

■ BAHLEY LCE (E par lonne) 


■ COCOA (ICCO) {SOH’a/tonne) 


■ COFFEE LCE (S/tome) 


■ NlOfrt rkV l/wvtl 


Um 

5641 

-39 

5689 

5688 45 

517 

Mm 

10295 

-085 

10280 

10280 

438 



Mar 

5709 

-39 

5740 

570.5 10966 

51 

Jan 

10450 

-010 

10495 

10495 

398 

Dose 

6555-60 

6660-5 

Msy 

5707 

-39 

5798 

577.0 4.606 

24 

■tar 

10680 

■085 

- 

- 

128 

Prewcwa 

6680-70 

6765-70 

Teal 




135833 34406 

■tof 

10880 

-040 

- 


46 

HrfJIvlOW 


6740/6640 







few 

9580 

- 

- 

- 

2 

AM Official 

6574-5 

6680-82 







Mm 

9780 

- 


- 


Kerb close 


6655-60 







Total 





1810 


Mot 

3446 

-101 

3575 

J» 

3446 

-77 

3548 

Mar 

3384 

-60 

3480 

May 

3368 

-85 

3480 

Jim 

3343 

-102 

3450 

few 

3323 

-B3 

3400 


Jd 3343 -102 3450 3325 1591 47 

Sap 3323 -63 3400 3300 814 243 

Total 37,011 652D 

■ COFFEE XT CSCE <3750Oba; ctntartte) 


Open 'nf 74.13? 

Total daily lunover 16.182 

■ TB4 IS per tomel 

C»se 5310-20 5335-400 

Previous 6360-90 6460-70 

HigMcw 5345 5445/5400 

AM Official 5345-50 5421-25 

Kerb dew 5400-10 

Open tm. 15.817 

Total daily lumow 3.694 

W ZlWC. apodal Mflh grade (S par tonne) 

Ctosa 1039-40 1060-1 

Previous 1040-50 1068.5-70 

Higrvtow 1040.5 1065/ IDS 7 

AM Official 1040 S-41 1060 5-61 

Kerb dose 1060-1 

Open im 106,544 

Tola! daily turnover 22.251 

■ COPPER, grade A (5 per tonne) 

OOM 2497.5-8.5 2491-2 

Pnjv«x» 2541.5-2.5 2534.5-5.5 

Wghilow 2512/2510 2513/2489 

AM Official 2509-10 2500-01 

Kerb dose 2490-1 

Open im. 22X556 

Tend daily turnover -UJ.223 

■ LME AM Offldai E/S rale; 1.5842 

LME Ctodoq C/S fete: 1-5845 

SMt 15654 3fflte1.5845 Gmtfcr15fill 9 ratal 1.5787 

■ HIGH GRADE COPPER (COMEX) 


2497.5- 8.5 

2541.5- 2.5 
2512/2510 

2509-ID 


6335-400 

5460-7D 

5445/5400 

5421-25 

5400-10 


1060-1 
1069 5-70 
1 065/1 0S7 
1060 5-61 
1060-1 


249«-2 

3534.5-5.5 

2513/2489 

2500-01 

2490-1 



QMS 

min 

camps 

Hlgfa 

low 

Open 

Ini 

Vol 

Ota 

117.00 

+0.30 

11700 

117.00 

IMS 

320 

NM 

11575 


i>450 

11-150 

1.124 

93 

Dec 

114 85 

*090 

115.00 

113.70 39,775 

9.785 

Jam 

114 JO 

+095 

mso 

11380 

790 

71 

Feb 

>13.90 

+095 



456 

18 

Mar 

11380 

+025 

11160 

11140 

0478 

332 

Total 





57,401 

11853 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Pitaa suppled by N M RotfvacWM) 

COM (Troy M-) S price E equtv. 

Close 39030-390.70 

Owning 391.60-332.00 

Morning fix 391.95 247.412 

Aftempcn IU 391.20 246.661 

Day's High 392^0-392.70 

Day's Low 39020-390.60 

Previous Close 39180-39190 

Loco Ldn Mean Gold LotxSng Rates (Vs USS) 

1 momh J.6l 6 months 4.96 

2 months .. 4.68 12 mortals ,.5.30 

3 months ,4. 79 

SSWCr Rx ptfroy oz. US cis oquiv. 

Spot 354.40 561.35 

3 months 359.40 568.30 

6 months 36*190 576.65 

f ysa r 37855 59550 

Qofd Coins S pnee E equy. 

Krugerrand 394 05-797.05 249-252 

Made leal 401.9tM04.45 

New Sovereign 92-95 57-61 


ENERGY 

» CmiOE OIL NYMEX (42,000 US floHa. S/bamufl 

liM Day's Often 

price change Hp to h IM 

Mot 1123 -603 1163 till 79,781 56,327 

Dec 1137 -0.03 1173 1127 81133 51538 

Jan 1139 -003 1167 1131 51266 11787 

Fab 1133 -006 1168 1130 25.165 9556 

Mar KUO -007 1163 1130 22350 3.134 

Apr 1146 *0.14 I860 1150 16,196 1.504 

Total «MO8215%900 

■ CRUOE OIL IPE gifraireO 

latest Otf* Opao 

price ch a ng e Mglt low Int V« 

HO* 1189 -0.04 17.25 1663 84JW3 26226 

Dec 1195 -0.05 1703 1192 B2J61 20658 

Jan (697 -007 1794 16.33 21.354 5970 

Ft* 1195 -0 05 17.26 1133 10.906 1.769 

Mar 16.83 -0.07 17.20 1693 8£E 750 

Apr 1192 -0.06 17.08 1691 4.513 1.340 

Total 163,741 57,155 

■ HEATING OIL NYMEt (42,000 03 c/U3 gad) 

Latest Day*« (feed 

price (Sonya Hgh Low int Val 

Hov 50.65 *022 5160 5050 34.652 11944 

Dae 51.70 *025 5055 51.45 43,538 11.427 

Jan 52.45 *0.15 5320 52.40 31.433 1340 

Fed 5100 +0.20 5170 5100 16,222 1909 

Mar 5295 • 5135 5155 12982 686 

Apr 5294 - - - 4,635 691 

Total 17(1458 36951 

■ OAS OIL PE g/lOTW) 

Sea Bay's Open 

pries change Mph tew tat IM 

Oct 15100 -175 16125 156.00 24.773 5.202 

HOT 158 25 -290 162.50 1S8J5 29.172 7949 

Dec 1G02S -2.00 16175 159.75 21261 2,776 

Jan 161.75 -1.75 16525 161.25 10311 1.346 

Ft* 162.25 -100 16490 16100 0207 594 

Mv 162.00 -2.0Q 164.50 16100 0248 433 

Total 114,683 17635 

■ NATURAL OAS NYMEX {10,000 mmBtu, S/mmBtu) 


least Day's 
price change Mgh 

Km 1.852 +0.026 1.680 19 

Ok 1960 +0016 1 .385 19 

Jan 1075 *0 025 2 085 29 

Feb 1020 +0.020 1030 10 

fear 1.975 +0.020 1385 1.9 

AW 192S +0.020 1935 19 

Total 

■ UNLEADED GASOLINE 
NWfil (42,000 US vfe; e/US pfe) 


(Lrtflfl 

Law W W 

1.630 21219 10,429 
1950 29,141 3.665 
2959 17.145 1.507 
1005 14,473 1.056 
1.965 11930 600 

1920 7.125 307 

162,038 20,783 


p/lroy oz. 

US cis oquiv. 

Nov 

47.45 

-007 

354.40 

56195 

Dec 

55.95 

■019 

359.40 

568.30 

Jan 

55.40 

-019 

36480 

576.66 

Feb 

55 45 

-093 

37886 

59550 

Mar 

5680 


S pnCri 

t cquv. 

Apr 

6000 

- 

394 05-397.05 

249-252 

Total 



4fll.9CM04.45 

- 




92-95 

S7 61 





taut Day's Open 

price change Mgb Low U M 


1433 969 

3969 1-331 

71983 33991 


■ SOVABEAMS CBT ftOOOOu wjjn emB/Wta hotel) 

Mm 52916 +2/4 531/D 526/B 7M20 24.660 

Jm 54016 +3/2 541/4 537/2 28.411 6909 

Mar 550/2 +2/4 551/0 547/2 16,739 4979 

May 55816 +2/0 559/4 556/0 7910 688 

JM 565/4 +1/6 566/4 563/4 14£23 1,709 

Aag 558/2 +1/4 56916 567M 501 93 

Total 147947 38906 

■ SOYABEAN OIL CBT (80.000ltM: camaffiM 

Oct 2495 +0.1B 2497 2490 8.171 2.159 

Ok 23.78 +0.13 2390 2141 31546 9,166 

Jan 23.38 +0 06 23.37 23.13 10.755 1931 

Mar 23.15 *0.04 2117 2291 12966 2905 

Hoy 2295 -0.03 2393 2295 8921 1.406 

Jut 2291 -005 2295 22.76 6907 855 

Total 00042 17941 

■ SOYABEAN MEAL CBT (100 Iona; £/ton) 

Oct 1606 *07 1609 1606 3.387 1933 

Dec 161.4 +09 1619 1603 46909 7961 

Jm 1639 +19 1639 1619 15.407 1923 

MV 165.6 +06 1659 1649 12JS6 1965 

May 1689 +06 1689 167.8 7922 530 

Jut 171.7 +09 1719 1707 6977 1932 

Total 33922 14,168 

■ POTATOES ICE (Ptoonei 

MM 1500 

Mar 1059 

Apr 2215 +69 2239 2149 195+ 217 

MOJ 238.0 

Jua 1075 

Total L2S4 217 

■ FREIGHT IBffFEX) LCE ISIMndW ptfnt) 


Dm 

17075 

13.15 19580 17025 

1797610889 

Msr 

18405 

1285 19680 163.75 10897 

3897 

■tar 

20090 

-000 20020 200-90 

0991 

72 

JM 

20185 

-BOO 20185 20185 

1886 

18 

few 

20280 

-980 

842 

68 

Dec 

20090 

■000 

840 

3 

To IM 



3033414865 


» COFFEE QCO) (US cama/pound) 

Oct T nfce Ptwr. day 

Comp, ttrfy 182.43 19593 

15 itay swage 20296 20397 

■ No7 PREMBUM RAW SUGAR LCE fc«nt3flb3j 

Jan 1192 .... 

Mar 1158 90 

May 117B - 

-M 1263 - - - 450 

Total 940 

M WHITE SUGAR LCE (S/tome) 


Dm 

32020 

-110 

331.10 

32880 

0756 

158 

tare 

32030 

-1.80 

33180 

32070 

0032 

500 

•tof 

32980 

-180 33090 32020 

1825 

281 

Aog 

32040 

-180 33040 327.70 

1,713 

88 

Ota 

31280 

-1.70 

31120 

31120 

381 

10 

0k 

31T8U 

-1.70 

- 

- 

4 


Total 





10412 1/017 

■ SUGAR 11* CSCE (112.000M3S,- carts/Bjs) 


Mar 

12.42 

-085 

1144 

1287 93852 3864 

Mar 

1285 

-004 

1147 

1243 

17.170 

562 

JM 

1286 

-004 

1287 

1133 11855 

689 

Del 

12.10 

-0 05 

1111 

1288 

0094 

67 

to 

11.73 

-005 

11.73 

1183 

1,433 

5 

May 

11.73 

•005 

- 

- 

9 

- 


Total 195918 5987 

■ COTTON NYCE (SO.OOObs; eanta/lbs) 


Ota 

1650 

*30 

1635 

1635 

551 

12 

Sec 

07.48 

*003 

67.84 

07,12 27,709 5,484 

Kev 

1630 

+13 

1635 

1625 

353 

24 

Mar 

69.18 

*088 

6035 

60B4 

11899 SE6 

Dec 

1818 

+23 

IKS) 

1810 

138 

20 

Hay 

7033 

+003 

70.40 

7008 

0473 134 

Jen 

1727 

+27 

1790 

1720 

1JXB 

120 

JM 

71.10 

-006 

7135 

7080 

3840 28 

Apr 

1763 

+28 

1770 

1750 

634 

105 

Ota 

6070 

- 

6070 

8070 

542 17 

JM 

TetaJ 

1543 

+38 

1525 

1518 

127 

2806 

7 

289 

DSC 

Total 

6880 

-010 

6000 

6780 

1809 37 

50273 0382 


CMC Frew 

1772 1747 


■ ORANGE JLHCE NYCE |15.000tx: CentS/TM 


MO* 

9120 

*015 

91-50 

5050 

7J10 

563 

Jm 

9010 

+070 

9025 

9380 

6«P 

976 

Mar 

9060 

+080 

6025 

6040 

4.78B 

400 

HV 

10110 

+080 

10180 

10025 

1,161 

3 

JM 

105J6 

+036 10425 

10480 

5(8 

10 

Sep 

Total 

10010 

+010 

10025 

107.25 

246 30 

20763 0008 


The Tea Broker's Association reports less 
demand. A tew selected bast Assorts sold msD 
at firm raws hut others wans 2 to 5 easier 
lottavmfl quefity. with plainest sorts neglected. 
Brightest East Africans sold reatSy at last lev- 
els but baknv best tad 4 to 8 pence. MetAxns 
opened about steady but dosed up to 5 down. 
Bright ceytons sold wafl at firm rates hit plai- 
ner sorts were lower. Fair demand at about 
steady rates although Uganda* w era neglected. 
Quotations: best avaAaUfi 200p/kg„ good 
i40pAg.. good medium ISSp/hSL, medium 
11 Sprit g.. low medurn BSp/kg. nom. The high- 
est price reafisad this week was 230p for an 
Assam pt 


VOLUME DATA 

Open Hama and Vokane data shown tor 
contracts traded on COMEX. NYMEX. CBT, 
NYCE. CME. CSCE and IPE Crude Ofl are one 
day In arrears. 


INDICES 

M REUTERS (Base: iWQIwlOO) 

Oct TO Oct 7 month ago year ago 
2061.0 2078.5 2089.0 15779 

■ CRB Butanes (Base*. 196731001 

Oct 7 Oct 6 month ago year ago 
2M.17 23036 233.94 21&A4 


M PORK BB-UE5 CME NaOOOtos; conta/fba} 
m 40250 +0025 40700 36900 8,072 1 


40250 +0025 40700 30900 8.072 1.798 

40350 -0975 40700 40050 840 146 

41975 -0925 41700 41950 2S9 50 

42.T00 -0050 42900 41900 Z46 34 

41900 56 2 

9(473 2999 


LONDON TRADED OPTIONS 

StiOse price S tonne — Calls — — Puts — 


M ALUMINIUM 

(99.7 K) LME Nov 

1625 34 

1650 23 

1675 14 

■ COPPER 

(Grade A) LME Nov 

2500 45 

2550 26 

2600 13 

■ COFFEE LCE Nov 

3600 31 

3850 22 

370 0 15 

■ COCOA LCE Dec 

025 34 

050 20 

9750 14 

■ BRENT CRUDE IPE Nov 

1650 44 

1700 15 

1750 10 


Feb Nov Feb 
77 30 84 

65 43 77 

55 60 91 

Feb Nov fata 
90 52 106 

70 82 136 

53 120 166 

Jon Nov Jen 
182 183 338 

167 224 371 

1 54 267 408 

Mar Dec 
64 25 39 

70 39 50 

58 55 63 

Dec Nov Dec 
81 2 36 

50 21 54 

51 54 84 


LONDON SPOT MARKETS 

■ CRUDE OIL FOB (per baneVNov) +or- 

Dubal Sl5.80-t.K5t -0295 

Brent Send (dated) 51 6.71-6.73 -024 

Brert Blend (Nov) Sl&93-69St -027 

W.TJ. (1pm est) SI 020-8911 -0975 

M OB. PRODUCTS NWEpwnpt daftwy GIF (tonne} 

Premium Gasoline SI 73- 176 

Gas OS SI 62 - 1 63 -1 

Heavy Fuel CM 592-95 +1 

Naphtha Si 60-169 +i 

«*0* fuN Si 80-182 -5 

OteMl $164-165 -3 

Ntrehan Argus. TeL London (071) 359 8792 
m OTHE R 

Gold (per troy oz# $380.60 -290 

aver (per troy utf 5505c -OO 

WaUre/m (per troy at) S417.10 -3.0 

Patodftm ftw boy ot) SI 53-25 -093 

Copper (US proa.) 122.0c -1.0 

Lead (US prod) 39.25c 

Tm (Kuala Lumpu) 1166c -004 

Tin (New York) 2505c -2.0 

Cattle (Ive weight}} 11ftS7p +0.77* 

SN*P flve wafeMt* S046p +298- 

n®3 (five weight) 71.43p +058- 

Lon. day super frsM* $309.8 +19 

Lon. day sugar (wut) $3289 -79 

Taw £ Lyle axpon £3089 +29 

Bariay (Eng. feed) Una 

Maes (US No3 Yofiow) 5138.0 

Wheat (US Dark North) Una 

Rubber (Nov^f B59Sp +090 

Rubber (Deejf EMjSp +050 

Rubber (KLRSSNol Jufl 3549m +29 

Ceeonut OS (Pttf>§ $6l2JSu 

Palm Oil (MaJayJi SS86.0t -29 

Capra tPNQ§ $2S3-0u 

Soyabeans (US) £164.0v 

Cotton Outiook'A’ Index 7390c 

Woottops (649 Sup®) 4340 -4 


£ per tonne urfen othoneae i 
r iferggH/ho, m Mi anynm n 

NotTOsc. II Oct/Nov. t Nov. 

Rartontan. 4 BuBon mortal 
pfcwL * Cftangs on mt O 


snood p psncafko. e ewtoto 

oc+q A snoop 0*0 wntfit 
) Prices m to Dreriou day. 


CROSSWORD 

No.S,58l Set by DANTE 



ACROSS 

l Not liable to grant immunity 
( 6 ) 

4 Later on I turn to the east (8) 

9 Kay batsman? (6) 

10 Fires confined to parts of 
churches (8) 

11 Produced returned bill and 
sued maker (6> 

12 It’s hardly surprising there's 
a lack of awe (2,6) 

13 Recall the French word for 
“cat" (3) 

14 Good fallows left on board (6) 

17 Spider and fly (7} 

21 In hostilities I have a get out 
( 6 ) 

25 A church vault (3) 

26 In a convent It gives preferen- 
tial treatment (8) 

27 Repast that is eaten in S. 
Africa (6) 

28 Travel through Bast End dis- 
trict with offensive weapon 
(8) 

29 Oriental wrapper for a book 
Kipling wrote on love (6j 

30 Went so fast was barely visi- 
ble (8) 

31 Loved action and colour (f>) 


DOWN 

1 Put a ban on spirits (8) 

2 Dead estate agent (8) 

3 French officials with author- 
ity over the lower classes? (8) 

5 Haphazard arrangement of 
right and order (6j 

6 Take on work (6) 

7 One is seen in exchange of 
angry words (61 

8 Result, strangely, in a glossy 
appearance (6} 

12 Notice to keep out nothing in 
the accounts (2.5) 

15 Health resort's endless boom 
(3) 

16 Service accommodation (3) 

18 Such an atmosphere is thin, 
fear dire consequences (8) 

19 Sinner in action (4-4) 

20 Title used in all-in wrestling? 
( 8 ) 

22 Periods when the odds are on 
the experts (6) 

23 Potency of port, half-an-honr 
later (6) 

24 Big rim on a famous Swiss 
hank (6) 

26 Do In (2-4) 


Prize puzzle on Saturday October 23. 

Solution to yesterday’s prize puzzle on Monday October 24. 









V FllNAlNCIA L TIMES TUESDAY OCTOBER 11 1994 


LONDON STOCK EXCHANGE 


**Arau=T REPORT 


Strong rise in shares in modest trading volume 

Ru T>m. ^ 


By Tetry Byland, 

UK stock Market Editor 

A wide-ranging but somewhat 
tJunly-supported rally in UK stocks 
yesterday took the FT-SE 100 Share 
metes comfortably clear of the 3.000 
“ arls * With - the US bond market 
shut down for the day. London, equi- 
ties responded readily to firmness 
m British government bonds and to 
a good premium on the Footsie 
future contract, although volume in 
the derivatives market was also 
low. 

Most of the gain came at the 
opening of the session, and the final 
reading of 3.032L3 on the FT-SE loo 
Index, while showing a net gain of 
316 on the day, was a shade off the 
mid-morning leveL The strength of 
German bond and equity markets 
helped UK markets forward. 


The market appeared unaffected 
by developments in toe Middle East, 
although ofl shares were generally 
firmer behind strengthening crude 
oil prices. Traders said that the 
rebound in share prices reflected an 
oversold market, with bear covering 
encouraged by further signs of 
returning stability in toe gilt-edged 
market. The latest survey eff fund 
managers' opinion by Smith Mew 
Court, the London securities house, 
and Gallup, indicted significantly 
increased optimism towards UK 
government bonds; a more 
bond market is regarded as the nec- 
essary basis for a genuine upturn in 
equities. The fond managers' sur- 
vey appeared to indicate the impact 
of the latest rise in base rates on 
domestic inflation 
There was little response to the 
day's economic data, showing a 


modest rise in UK producer in 
prices and some improvement in 
consumer spending. This week will 
bring a heavy list of wrmnmip data. 

Domestic inflation figures will be 

published tomorrow, but dealers 
said that the chief test will come at 
the end of the week when US indus- 
trial production and plant capacity 
statistics are due. The company 
news list was headed by Lucas 
Industries which rose sharply on 
news of higher profits and a greater 
fbcus on the automotive business. 

There was little distinction 
between the blue chip market and 
the second line issues. The FT-SE 
Mid 250 Index added 35J3 to 3.482A 
Seaq volume dipped to 433.7m 
shares from Friday's 512.4m; retail 
or customer business on Friday 
returned a worth of £L42bn. London 
took little notice yesterday after- 


noon of the Dow Industrial Aver- 
age, up 16 in UK trading hours in a 
New York market moving at half 
speed for Columbus Day. 

The strongest rebounds mm 
among toe bank shares. Retail or 
consumer issues made some head- 
way. although dealers admitted that 
trading volumes had been unim- 
pressive. Shares in Eurotunnel 
made progress after the first reports 
disclosed a favourable trend in 
freight volume during the first two 
montos of operation. 

Much of the trade recorded yes- 
terday consisted of professional bar- 
gain-hunting by securities houses 
unwilling to wait for the return to 
fnn trading in Mew York this after- 
noon. While many analysts still pre- 
dict that the London stock market 
will improve before Christmas, they 
also believe that any improvement 


FT-SK-A MWnrv feta 


Equity Shares Traded 

Turnover ty.vphm MfcW ExdudnW 
Wra+w ato b u aW rea and » m u h m tuiwr 


should be viewed as "no more than 
a seasonal rally." There are also 
fears that consumer spending power 
may remain squeezed during the 
coming twelve months, thereby con- 
tinuing to deprive the economic 
recovery of an important impetus. 
This combination of cautious opti- 
mism and nervous concern has 
caused market analysts to recom- 
mend shares regarded as depend- 
able, rather than those offering 
potentially above average growth. 

This somewhat muted confidence 
depends cm assumptions that UK 
base rates wiD remain unchanged 
until the new year. Mr Kenneth 
Clarke, UK chancellor of the exche- 
quer. said yesterday that he had 
seen no further evidence of domes- 
tic inflation shy^ Ws last 
with the Governor of the Bank of 
England. 



Auo 
SUUMcfTOwMa 


■ Key Indicators 
Indictt and ratios 

Fr-se IDO 3032-3 *334 

FT-SE Md 250 3462.8 +35.3 

FT-SE-A 350 15225 +18.6 

FT-SE-A Al-Shara 1509.49 +15.3 

FT-SE-A AD-Shara yield 3.99 (4.03) 

Bssft porfonulnu weton 

1 Tobacco 


FT Ordinary Index 2338.9 

FT-SE-A Non Bna pfe 18.62 

FT-SE 1 00 Fut Dec 3057.0 

10 yr Qm yield ABO 

Long gat/equfty yrid ratio; ZZ\ 


+2A5 

(18-38) 

+400 

(K82) 

GL20) 


2 Gas Distribution 

3 Merchant Banks 

4 Water 

5 Transport 


. +2-8 
. + 2.8 
. +2.5 
, +A3 
+ 2.1 


1 Othar Snvioas & Bus . 

2 RetaBem, Food 

3 Pharmaceuticals 

4 FT-SE SmaSCap ex (T . 

5 FT-SE SmalCap 


XL 1 
..-0.1 
.- 0.0 


..-on 


.40.1 


Scottish 
, TV under 


Scottish Television was one of 
the main casualties in the Lon- 
don market, the shares faTimg- 
44 to 430p as the company 
warned that profits for the 
year would he around £Sm 
against £l3.lm last time 
because of limit* on flirtim* 
sates. 

The warning ramp ] p^s than 
three weeks after Mirror 
Group acquired around 20 per 


cent of the company's shares 
at 520p a share. There were 
some mutterings in toe City 
that the group, and the securi- 
ties house which carried out 
toe deal, might now be looking 
foolish and Mirror shares fell 3 
to 128p. 

Mr NelQ Junor of NatWest 
Securities, toe house which 
carried out toe initial agency 
crosses representing 14.9 per 
cent, said that there might 
have bear a very short time 
available to the Mirror to 
acquire the stake and it would 
be able to offset the cost of the 
interest payable through 
equity accounting. Mr Robert 
JoUiffe of Hoare Govett argued 
that it was a long term play 


and said: “Intone toe strategic 
value of the deal should 
become clear.” Mr Junor held 
his 1995 forecast at £17m and 
Mr Jofliffe downgraded by ram 
to TlOm 

Although it was suspected 
that the Scottish mi-prim fig, 
ures would be disappointing 
they came only two days 
before Mr Stephen Darrell, the 
national heritage secretary, is 
expected to make a key speech 
at the Tory party conference. 
There is speculation that he 

mi ght annnunro plans to lift 

restrictions on cross-media 
ownership. If so, the impart- on 
prices could be sharp as the 
market looks for the next wave 
of takeover dtwic 


EQUITY FUTURES AND OPTIONS TRADING 


Stock index futures moved 
ahead briskly - for the third 
session in a row - but activity 
was disappointing with volume 
falling short of 11,000 


contracts, writes Jeffrey 
Brown. 

At the official 4:10pm dose 
the FT-SE 100 December 
contract was 40 points higher 


a FT-SE too INDEX FUTURES gJFFE) E2S par Kril tadrac petet 


1WT> 


Open Sett price Change High Low Est vet Opon M. 
Dec 3021.0 30570 +400 30580 30210 11867 6GS16 

Mar - 3081.5 +405 - - 0 2176 

■ FT-SE MtO 280 UBXX FUTURES tUffE) £10 par hJ Mot point 


Dec 


35000 35000 +400 35000 SSOOlO 


50 


■ FT-3E M1P 260 IM3EX FUTURES (OMJQ CIO per M irate* poW 
Dec - 35000 - I I 

M op«i imrawt Roma am lor pmvtaue tfcy. t Ewet wHumn mom. 


■ FT-SE 100 HDEX OPTION tUfFQ T3031) CIO per 80 index point 


Oct 

to 

DSC 

Jan 

Amt 


2880 2000 2060 3000 3060 

CPCPCPCPCP 
1«b 3h VSZ 5J? IflB 10*2 Oh 22 36 <2 
Zttttttfcinb 244 KBit 3ft 184 50*2 75 72*2 
236 2ft M8 41*2 13t 5ft ISO 74 100**85** 


3100 3180 3200 

C P C P C P 
*7 75 ft uft 2 reft 
51 100 3ft 134 21 174 
T9 12ft 55 153 3ft 138 


25ft 41 220 54 fM Bft 15ft M 04*2106*2 » 154>:7ft16ft5ft 197 
28ft 90 222b 1» 188 I74tj 124 232 

can ajrr pm mh 

■ EURO STYLE FT-SE 100 INDEX OPTIOW fllFFQ CIO per Ml Index point 

2675 2028 2975 3025 3005 3125 3175 3226 

Oct 17ft 5 128 8 M 1ft « 29 25 55 11 VI ft 133 1 18ft 

tor 196 1ft 15ft 2ft 121 42 s * 8ft 81 6ft 84 43 lift 2ft I4ft1ft Iflft 

Dec 213 33 178 4ft 142 81 113 81 18 tift 64 131 45 16ft 29 195 

■fa 22ft 77 « 113 Itfttfft 77 217 

Sspt 270b 98 21ft13ft 157 177 lift 22ft 

CM lAU PM I JW • ItMW Mai raba. Mm atom » MM on aWM pfen. 
t l»a t&tod ewfaf matte. 

■ &IHO STYLE FT-SE MP 250 WPEX OPItoH (OMUQ CIO per All fadrat point 


3400 3460 3600 366Q MOO 

M 151% 7ft 123M 9ft 8ft lift 

CM o PM 0 SAM prise* ad Me an Mm ■ 430pm. 


FT - SE Actuaries Share indict 


3700 3750 


at 3,057. This was Just short of 
the 3,058 best of the day. The 
premium to the cash market 
24.7 points and the fair value 
premium around 16 points. 

The premium to cash 
equities was substantial for 
most of the day but traders 
said most attempts to provide 
the the cadi market with a 
viable lead lacked conviction. 

Traders pointed to the 
lacklustre level of activity - 
there were just 10,657 
contracts, against 13,892 on 
Friday - and said this reflected 
the finely poised balance of 
opinion on where the 
December contract goes from 
here. 

“There are plenty of people 
around who cannot really 
believe that a recovery in 
equities is finally under way", 
said one leading trader 
yesterday. 

Volume in traded options 
totalled 24.420 lots, down from 
27,669 tots on Friday. FT-SE 
and Euro FT-SE volume 
accounted for more than half 
of the day's trading at 14026 
tats. 

BT (765 tots}, RTZ (765) and 
RecHand (698) were the most 
actively traded individual 
options 


The UK Series 




DayM 




Year 

Or. 

Esan. 

FVE XdadL 

Tolal 


Od 10 digaK 

Od 7 

Oct 8 

005 

■00 

ytom 

jWU7M 

rate ytd 

Return 

FT-SE 100 

3032-3 

+1.1 

2998.7 

2964.4 

29682 

31022 

A17 

7.17 

1048 10729 114929 

FT-SE MM 250 

3462.8 

+12 

3447S 

344&5 

34292 

34822 

3^8 

5.83 

20.68 10420 129821 

FT-SE Mrf 250 n kiw Tteafa 

347B.0 

♦1.1 

3441 A 

3440.1 

3423.0 

34905 

3.75 

622 

1925 10B21 

129426 

FT-SE-A 360 

1522 JS 

+1.1 

15052 

15002 

14S7.7 

15407 

4A4 

686 

1728 K.0B 

118006 

FT-SE S— 0>p 

177329 

+0.1 177124 177601 177651 1786.77 

324 

426 

2528 4728 

137828 

FT-SE SmaflCap m mv Thwta 

174368 


1743^8 1746.74 1750291778^3 

3^4 

5^1 

2326 4&B5 

135929 

FT-SE-A ALL-SHARE 

1609.49 

♦1.0 1494.19 14S9.09 147722 1S3527 

3-99 

6.73 

T72B 5088 

119003 

■ FT-SE Actuaries All-Share 






Olv. 

Earn 

P/H Xd ac*. 

TotN 



Day** 




Ymt 


Od 10 dvaw 

007 

006 

005 

■00 

jriddM 

yton* 

ratio yld 

Return 


10 MINERAL EXTHACTIONfia) 2713.11 

12 Furaanm fedudriK(4) 3875.78 

15 OS. JntagHBedTO 2659^8 

id OS fagAynaoji A Ptod(1T) 1915.02 


♦1 JO 2885*1 2B52A8 2641.16 235200 
+1.1 3631.38 3917.05 388845 31 71 JO 
+1.0 2633-88 259407 2582.12 231000 
♦1 J 189084 188858 1B8497 189&60 


329 

524 

25.06 81.46 

109127 

323 

5l1B 

2326 98.62 

10S7.06 

3-5S 

5j86 

22-02 85.00 

109068 

2.17 

t 

± 38-03 

1108.00 


?0 QEN MANUFACTURERSC*?) 

21 OuMtog 8 Conshuctenfa] 

22 Bumg Mans 4 MctcroPZ) 

S3 ChemcatapS) 

24 Dnmratfled WustrtNshffl 

25 Etacmtec * Elect EwArfM) 

28 EngfaeennfltTI} 

27 Engtoertno. VeWctosnS) 

28 Printing. P«P* 8 PckflCQ 

2fl TtogB a AOPeralpCft 


1860-34 +1.0 1842.70 184S08 183&S1 1924^0 409 5.12 23.70 B5uM 05008 

1033.78 +U 1018^5 1018.43 101744 1162-80 3*1 5*8 2459 34J20 813*0 

1791*7 +0* 1783.72 1787-21 180X46 1868.70 4.12 5.18 2356 6353 848-55 

23174U +0.8 2306^4 228528 2266.12 2224-20 4.00 4A2 28-39 7058 102081 

1780.64 +1.61752391784.11 174^96199080 5.14 521 23.0S 82.75 915.78 

1889.12 +00 1878.14 187092 1862-48 2203.40 309 607 1704 8005 92505 

1788.54 +0O 177208 177807 178304 168370 318 408 2374 4700 102204 

2229.09 +30 218807 220507 220102 1897.00 4.49 1.48 8000f 7407 T 061-52 

577342 +00 276310 2754.64 2754.75 246700 308 809 21.88 7324 109409 

180764 +0.8 1SB324 1585.78 1S77Q7 1931.40 4.19 6J0 1800 48-49 90800 


CONSUMER 00003(97) 268328 

Browenestth 

Sprite WbMH & CNJwatlO) 27OT.48 

Fond Manuteauntfs&n :=C0, I? 

HouMteKt Qco0aft3J 22910? 

HeaMri CarefM] 

P ’* IUC-utafafl3 ^50 

Tsasgaa _ 3eaL58 - 


+0.5 268319 287047 264323 2784.70 
+0.1 2151.36215606213200204600 
+02 275404 275353 2731.19 266800 
♦09 224075 2251.11 224203 2316.10 
+0O 228501 229201 227506 258500 
+0.6 157402 157103 156808 1714.10 

294375 294368 291402 314200 

+? HasaatP 3SS378 349605 3945.40 


4.43 

7.43 

15.45 10620 

927.14 

429 

IS* 

1529 61.10 

98621 

A04 

7.04 

1625 10123 

928-81 

429 

7.77 

1427 B1A6 

952.42 

327 

720 

15.14 5721 

aiara 

3.18 

!L40 

4121 4824 

S222Z 

A48 

728 

15L90 125.18 

94126 

627 

929 

11.56 21727 

84am 


semcEscoo} 

DatifeutafapO) 

liW< A 

RttWlM. RKKHT61 

netatem General 

Support S e rtnc— N h 

Ottmr Sen.toaa & Bu^ieaaB, 


1877.57 

252377 

204306 

2770.45 

168332 

1604.88 

1477.25 

221349 

123393 


+08 186398 188003 184011 1901.70 
+13 249066 246908 245036 269700 
♦1.0 202402 201209 201069 193340 
+05 2755.72 273906 270307 251400 
-Oi 1694.19 189315 169706 1761.10 
♦07 1594.19 159088 1678.12 16SBOO 
*0.7 1467.64 146204 1*55.18 163340 
+31 217058 217325 215554 230400 
-6.1 1341.46 124043 124504 122000 


329 

649 

1828 

5087 

92337 

X70 

725 

1823 

82.78 

87928 

343 

428 

2424 

E7.SZ 

101121 

221 

642 

21 M 

8928 

96321 

ass 

0.41 

iai4 

51.76 

101322 

328 

6.78 

1636 

*325 

8SB26 

225 

824 

1825 

3228 

89622 

379 

S.72 

2028 5628 

87003 

377 

226 

74-55 

2522 

1065.19 


i ununestM 

■ ElKtHctMlh 
i Qm OsmeulRA2l 
t TeNcfl iM — c a reMN) 


338094 

2447.75 

198313 

1992.14 

1881.96 


HOjtf Pj Mj gU U gS . 


163347 


♦1.6 234325 231454 227363 242360 
♦1.1 2420.03 239708 2366.95 213340 
♦20 182960 192000 1911.03 216700 
+1.4 1065.40 182345 189701 219090 
♦JA 1820-11 180341 1756.11 190350. 
♦OB 161802 161376 159904 164344 


4X2 

729 

15.43 73.42 

917.14 

37* 

1025 

1127 89XS 

101723 

624 

* 

t 68.79 

90621 

4.15 

720 

15X2 5022 

849-53 

622 

12.71 

8-58 8625 

930.7B 


3S5 045 1362 5308 115071 


FMANCIMJ9TI04) 
(MorfiUI 
(nMAfe-edh 
LUe AB9vanci#l 
MeKtwrH Uanm^l 
Other ftawnciaip*) 

JE5B99M9.U 


211081 

275357 

122799 

73088* 

3062.91 

177344 
1457 OT 


♦1 .6208359 207391 2084.11 230310 
+1.8 2710.0* 2702.15 2691.03 2614.10 
♦1.8 120409 119056 116317 150100 
*06 2283.752278.77 226378 278200 
*25 259338 259018 2584.93 313000 
♦0.4 176361 177200 177757 1621.10 
n 1+37 77 143806 143755 169100 


INVES WjgNftnuSTSpafl. 
rr-K-A AIX-SNABQB60} 


-~~ T ^leiWSWgnwiPaBMB 282400 


1509.49 *10 149319 14«W» 1*7702 153547 


*27 

921 

12X5 8720 

841-56 

427 

1028 

1123 11424 

82826 

521 

155 

1123 5427 

843.07 

524 

829 

1420 12722 

893,47 

320 

12X0 

920 87.78 

80429 

428 

823 

1323 6321 

951.12 

4.18 

423 

2920 43.62 

63427 

226 

128 

5126 53.41 

915.16 

MB 

6.73 

17,68 6028 

imoa 


Open 


9,00 

1020 

1120 

1220 

1320 

1420 

1520 

18.10 

Lcteday 

30156 

3461.9 

15)29 

30162 

9462.7 

1515.1 

3031X 

34732 

1521.1 

3091.7 

34752 

16212 

3031.1 

34772 

1521.4 

30292 

3*772 

1521.0 

30282 

3*77.8 

15205 

3031 X 
34802 
18212 

34822 

15222 

3009.7 

34562 

1511.1 


00 

tel 7*ia .imtiS 

i 3S0 1 

Hr Hdc 3SO»2ffl I UK W7UP4* 

Tj'i :tM awn man , f |jasm 

-SB Actuertos 350 Imhwtry basket* 

300 moo no g . 1 2 «L 


1OQ0 HW 15-00 16.10 CIbn fterbta Change 


tmlrvn 


BIi'JC 960.1 
♦tMOf. 2937? 
1«M.fl 18379 


:7b! 3 .TP3 fl 2r68S 


ar , , g»o 6702 5725 97*5 9760 9100 6760 

+^j52 29445 26433 29234 28165 26131 

5m37 18434 18431 18431 18431 1857.6 18537 

1834-9 lW3i Vrr. -nua oTten 57934 27922 27925 


9530 +182 

2619.0 -00 

18170 +42 A 


,o+o? 1843* 10—0.1 loeo-l lOiw.w — T-or, 

5?837 SS* ZTM 27837 27834 27832 27938 27436 +432 


™ , rrlkTn Hn -+*^rin t i «M rMM e ee UMoreaeMueMNew e^Mn .T MFMi^ri n.ee 
£*£*—***• 


~.rh«fY CC MM 


, iSiKi tw ‘ fMK Of Mens 

,% -• ,.w i«e m+i* 

♦..pMi tn m» l ™ f ■"*«* 



Telegraph deals 

The bay-back of Telegraph 
shares began as dealers 
parent group Bollinger came 
intn the market to acquire L4m 
shares a 1 330p a share. 

The block Is part of an 
intended ssm share purchase 
announced on Friday the 
trade is expected to irritate 
financial institutions who were 
persuaded to pay 580 p a share 
for 12.5m shares sold by 
HoDinger in May. 

One month after the original 
stake sale the Telegraph cut its 
newspaper cover price and the 
shares slumped to the current 
price. Yesterday the shares 
improved 4 to 834p with final 


TRADING VOLUME 


■ Major Stocks Yoxterrfay 

VaL Oaring 
oaOi price eftriwe 

ScMOnpt 
AMartototft 

AtntFWw 
Afad Ooranarf 

AogknWBSnr 


_ -Foodct 
Maoc. BrfL Port* 
BAAt 
0AThd+t 
BET 

acc 




0TH| 

BMelSootentt 


Boat 
Buecfas+t 


BLteipnt 

BriMOMt 

MMiLaia 


Drille8«Ml 


MSSCpSpriWI 




>(WmJ 


NoRhtenveMt 
NortMmBocc. 
ffaotwm Footet 
NanMb 
Peeoorit 
PI o+ 

PWiyw • 

P VuSOmtt 
PrudriaUf 


(W^Co+Twrt 




9ra« Ducn ant 
&rM BMdM Oa-t 


ZZSJT 

VMttVmr 



139 

317 

«** 

ASOO 

81 h 

+*I 

■ arao 

400 

+8 

a 

44 

-1 

BIB 

SOB 

+3 

ZBS 

534 

+8 

124 

317 

+10 

1.W0 

264 

-1 

M 

282 

-1 

a 

506 

+4 

as 

271 

*6 

2200 

490 

+22 

&200 

441 

♦18 

4200 

108 

+3 

1200 

3S7 

+8 

i7a 

ess 

+8 

MOO 

418*1 

+3 

483 

309 

48 

12200 

388 

+8 

8200 

SM 

+10 

143 

1ST 


2X00 

SS3 

+11 

70* 

527 

+1*1 

1.700 

273 

-1 

3D* 

415 

+a 

8200 

5C2<J 

«** 

07B 

488 

+6 

006 

434 

*2 

3.100 

MOO 

305 

ZBB** 


513 

401 

48 

10.000 

166 

43 

720 

100 

41 

299 

637 

-S’ 

1200 

54 

♦t 

MX 

386 

45 

980 

447 

45 

*53 

279 

43 

aim 

828 

% 

* 

7200 

238 

44 


454 



<32 

♦1 


938 

*13 


186 

43 


780 

-1 

350 

7X7 

+8 

2*0 

40 

+ 10 

1 JOB 

388 

<3 

1.400 

381 

46 


& 

+7 


110 

+i 


137 

*2 

4200 

23* 

+TO\ 

794 

MS 

+18 

1X00 

*■22 

287 

577*2 


377 

338 

+3 

■LjJ 

408 

*6 


405 

*2 


98? 


p -1 

185 

*2*1 


5® 

-1 

£300 

447 

-3 

£900 

696 

+13 

392 

332 

+6 

WCO 

220*4 

411* 

0200 

183 


871 

779 

+1 

1200 

172 

-2 

30 

299 

+2 

7S3 

BOO 

40 

L100 

46 

"St 

to 2 

88* 

488 

4* 

<74 

55* 

+13 

1200 

1200 

158 

«2 


B2 

897 

42 

813 

4*8 

4ft 

187 

327 


836 

6*6 

48 

1200 

194 

43 

SB 

078 

-6 

asoo 

T37I, 

-3 

MOO 

184 

♦IT 

563 

429 

+4 

774 

130 

43 

64 

78* 

-1 

2200 

401 


46** 

43 

SS6 

133 

48V 

£200 

113 

♦1 

rrvM 

484 

+12 


487 

+13 

Py 1 

238 


■ 1 

5*1 

*44 

Fj 

7S6 

43 

9200 

211*3 

♦I 1 * 

■L] 

7B3 

49 


808 

47 


802 

*4 

2200 


+** 

2200 

658 

420 

1200 

290 


328 

920 

♦10 

1200 

an 

•8** 

302 

25S 

48 

381 

399 

48 

719 

538 

*e 

79* 

487 

-% 

12M 

781 

46 

112 

221 

43 

LFvi 

490 

«*** 

fcj 

178 

43 


*00 

43 

p 1 

288 

4< 

1200 

394% 

Jft 

19 

1323 

+w 

stc 

tss 

-2 

1200 

329 

49 

1200 

347 

+3 

1JDD 

10S 

♦1** 

1.400 

148 

*6 

174 

382 

-3 

1208 

5*7 

♦17 

3200 

710 

40 


SOB 

48 


234 

♦ID 


438 

*4 

3200 

M3 

•1* 

£200 

«B 

48 

1.HD 

383 

♦7 

1.100 

<11 

-1 

169 

719 

-5 

434 

789 

43 

SB 

SSI 

** 

2S7 

727 

-a 

21 

5*3 

♦TO 


207 

<3 

O 

204 

*1 

Pi 

324 


re'-l 

210 

v» 

393 

48 

1200 

214** 

♦** 


rat 

42 

334 

494 

48 

47 

119 

+1 

£700 

23S*j 

-1*2 

+ png. 

519 

412 

184 

988 

*2 

3200 

212 

43 

tel 

82 

« 

act 

333 

48 

» 

ina 

414 

898 

309 

46*1 

1200 

480 

£200 

W7>* 

*ih 

031 

ffUt 

*23 

803 

880 

-0 

WB 

861 

♦IT 

80 

809 

48 

362 

527 

43 

1200 

333 

43 

£300 

195 

+3 

3*8 

140 

+8 

as 

725 

X 

251 

884 

42 

372 

538 

*17 

1200 

807 

-8 


O NidenfcMpgto te na lateerieeaattgUnNgt 
li neMn il i n aagbteaaQ wn i 
ye«Mdo “*f 4jppm Ttatee el one *Ven or 
i—ewamndoa— .ywfc.— i«nFT-3E 

1DDM0MH 


turnover hitting 3.3m, the 
highest since the June slump. 

BAA advance 

Airports group BAA was the 
day's best performing Footsie 
stock, jumping 22 to 496p as 
interest in the shares me upfr yf 
ahead of Thursday's traffic fig- 
ures for September. 

Activity was relatively tight 
at L7m trades but traders said 
interest was keen following 
last week’s better than expec- 
ted traffic showing from Brit- 
ish Airways. 

Bamhroe delivered the best 
performance in the t twtpImw* 
tianirg toe shares moving up 10 
to 243p, while SG Warburg 
jumped 23 to 610p. Buy recom- 
mendations from Smith New 
Court helped drive Klein wort 
Benson 16 better to 44Sp and 
Schraders up 10 to 1323p. 

Standard Chartered was the 
star turn in tha banks with the 
shares aggressively bought 
after a profits upgrade by Nat- 
West Securities. The latter's 
banks analyst, Mr Mark Eady 
lifted his current year profits 
estimate to £500m, from £464m 
and that for next year to 
£55Sm, from £559m, after a trip 
to the bank's for eastern 
operations. Standard Chartered 
shares closed 9 higher at 

267p. 

Persistent rumblings around 
the market that Barclays Bank 
has suffered from big loyys in 
proprietary trading foiled to 
prevent the bank's shares mov- 
ing up 11 to 542p. There was 
also talk that some institutions 
had been switching out of Bar- 
clays and into NatWest, up 12 


NEW HIGHS AND 
LOWS FOB 1994 

NBWMOHSpte 

CM aM PS o u uqoa*i. miii ii . ii M iaw 
KalMjt EXTRACTIVE MDS (I) StimtemL 

MVBVmENr TRUSTS 00 USSURE * HOTteS 
n cnynte Ntfhm. MEDIA. <!) enter, an. 
EXPLORATION & PROD tt) Qt Werigffv 
OTHER RNANCML fl) BriBe. RCDULERS, 
8EMS1AL (11 Oteer. SPBS 1 S. MNES 4 
aOERS « MacMwOkrteri. TOmtQ 8 
APPAREL (1) Btteo. TRANSPORT (9 OPT 
Bw. Oe-Atate raompc PW. Sa««SKlL 
AMBOCANB fl| Alepany 4 VVbbWil SOUTH 
AFWCANS (I) SASOL. 

MEW 10*8(04. 

03TB CQ BANKS (1) ANZ. BULOMO « 
CN 8 TRN Ot Brite*. Oyate Ttewy DougM 
BUM (BARS A MCMS 0 ) Antten. H*y«OMi 
Wma, Umtl, CHONCALS (3 BTP. ItoOn. 
DBmatRom n mnoma Rom. 

OWBMnBD WDLS w AAvmL BTR 
1067. 9M», teECTIMC 8 BEBT EQUP (!) 
PwriBA E NUl W miN B (Wl| ANi A Lacy. QBE 
ML. HtrtfciB 8W>6 PK, UgKkNAl Main. 
ttonpuf. 97 AB, Snlta. Vtaafc. VAiNmn, 
EXTRACTIVE 60S ( 1 ) Ope Rm. 1EAUH 
CARE W W —iaO fc Want HOUSEHOLD 
00006 « OriBMm NNwte UortML 
TtoritoeonA BMURANCC O) FMtiuy 
UndBwfino. Uonti & UcLoman. MVESTMSTr 

tnubia tm wueanmn cowpamcs to 

BNa Met ften Uls. LB9URE A HOTELS P) 
Bnnk far ><o BoRtor.ie-Tac.UFE ASSURANCE 
01 Uao*i MriL. 6 BMLO} PortsnMfa 8 
StsKtortand, Qata. OIL EXPLORATION A 
PROD(Q Ptow London. OTHER RNANCML |4} 
ChrMa. MVESCO. T^cNI Auriirifa Opto, 

Union. OTHER SBM 8 BU8N9 (I) Ewfa 
PHARBIACSUI 1 CML 8 fIJ Mono NOntefe 3 
Pttnto, PAPER 4 PMacaoiMX PROPERTY 
(14) Btoon. D hghanooo. Comal RShW Sfadatf 
Ooumtti, Dabantan Tmboo B CHnnod* 

Baete Qt Portfand 8 Hpc sooe. Harank^aav 
THpcLn. 20Z7. HanfaglW I towto. Londons 
MW ena M e . afaur&W. M aagort. OB4, StoOa. 
SMnpA VMM, OMBAL (!) Aapoy. 
Boofa. COTort, Hna An Daw, NOBfaNML 
Panaea, SUPPORT SBM 19 IS 8 -lni Saw. 3 
MR Date Un*nt. McOoraM Mo, Mao FOaa. 
Meragn. Pegaaua. TEXHLB « APPARS. tQ 
HOBM. AMERICANS » Oenacri Bacafa. 

Hariao. faoaraol-Rsnd. Mahy Terfu Taoneoo. 


at 434p. 

The persistent bid rumours 
circulating in the insurance 
sector r emai ned sharply 
focused on W iUte Commit, the 
insurance broker whose shares 


edged up 3 more to 155p with a 
big buyer of Willis shares said 
to have been operating in toe 
market HSBC, toe bank, was 
mentioned as a potential bid- 
der for Willis. Earlier this year 
HSBC bought a 6 per cent 
stake in Hogg Group, the 
insurance broker but later sold 
it on the Inchcape after the lab 
ter launched a bid for Hogg. 

The results from Lucas 
Industries pleased the market, 
pushing the shares up 17 to 
I94p and prompting most ana- 
lysts to upgrade their forecasts 
for current year profits. 

The company's £ilQm of 
operating provisions were right 
at the top end of brokers' esti- 
mates but a maintained divi- 
dend and confident statement 
helped push toe shares ahead 
steadily on turnover of 4. to. 

Hie feeling among securities 
houses is ttet the bulk of the 
axe-swinging by new chief 
executive George Simpson is 
now over. Panmure Gordon 
has upgraded 1994-95 profit 
forecasts by £15m to £l2Sm. 

Diversified industrials were 
heavily traded with turnover of 
close to to in both Cookson 
and Harrisons and Crosfield. 
BTR rose 10 to 814p aided by 
short covering following the 
expiration of Friday of a fine of 
warrants. 

PowerGen jumped 20 to 539p 
and National Power 13 to 487p 
as institutions continued to 
increase w eighting s ahead of 
the February sate of the gov- 
ernment's remaining 40 per 
cent stakes in both groups. 

Oil shares moved higher, but 
never looked like outpacing 
toe wider market, eventually 


closing below the day's highest 
levels, along with crude oil 
prices. Oil sector specialists 
said institutions had been buy- 
ers of the oil majors, but only 
as an insurance against a 
potential escalation in the Golf 
story. 

BP added 3 at 418&p and 
Shell, catching up after its 
underpe rfo nnance against BP, 
rose 9 to 71Dp. 

The news that J Sainsbury 
had raised the stakes in the 
tough pricing battle between 
UK food retailers unsettled the 
shares leaving them 2% lighter 
at 304Kp. 

Great Universal Stores 
dosed at 562p xd. There was 
some speculation that the com- 
pany was about to carry out 
the much talked about share 
buy back scheme. 

Pharmaceuticals group 
Zeneca foil 8 to 807p as one 
house was raid to have been 
unable to find a home for a 
line of 2m shares. Some dealers 
suggested the shares were 
finally placed at 812p by BZW 
but the overhang cast a pail 
over the sector and Wellcome 
lost 8 to 680p. Glaxo, also 
affected by news that its Ger- 
man subsidiary was r^mng in g 
the label on its Imigran 
migraine drug and alerting 
doctors to possible risks associ- 
ated with the medicine, shed 
VA to 572%p. 

MARKET REPORTERS: 

Steve Thompson, 

Peter John, Joel Kbazo, 
Jeffrey Brown. 

■ Other statistics. Page 30 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


RISES AND FALLS YESTERDAY 


Sm 


Opta 


CBM PM 

Oe( Jm A(r Oct JNI Apr 


AdlteHq 540 33 - - 2K - - 

0560 ) 519 5 - - 2*14 - - 

*8* 2BDKM18M 2B 5 16 IBM 

[■264 J 260 3 9K T7 10 Z7M 31M 

ASQA 60 3ft ft* 8 2 4ft 6 

rm ) 70 1 2ft 4 10 lift 12 

MAhoys 360 U » 3B 7 ISM 26 
[-36* ) 300 30 47 S 1ft BH 15 

SMkMA 420 13ft Z7ft 36ft 7ft 20ft 28 
r<2* ] 460 1ft Uft tfft 37ft 46M 52 

Bate SOO 13 27 36 7ft 19 29 
PS)* J 550 1 8ft If 48ft 55ft SM 

BP 300 32ft 40H 40ft 1ft 7ft 13« 

r4W) 420 s 22 32ft 9 20 2GH 
MMSM 160 10 Ti 22 2 7 3ft 

HM) 180 1ft 713ft 14 18 2D 
BM SOO 32ft 42 47ft 3 17 23 
rS26) 550 4ft 15 23ft 20 *6ft 52 

Ukim 3W 14ft 2«ft 41ft 7 22 Z7M 
r®4 1 CO 3H 18ft 68 29 30ft 44ft 
Quart* 420 37H <ni 57ft 1ft Bft 14ft 
(*433 ) 480 8 23 M 13 28ft 32 

CMBlMoa <93 41 55 Blft 1ft 8 17ft 

("529 J 543 6 M 32ft 18ft 29ft 43 


Option 


CM PM. 

Rot feta Itaj Nov Fefc Itay 


C22S) 


(15* ) 

ii+f« kM 

rrazj 

PSD 
fSW 1 


220 IS 18ft 
2*0 4ft S» 
154 Bft - 
180 Z 5ft 
180 15ft 2D 


22 4 8» lift 

13 14ft 19ft 22ft 
- 8ft - - 
B 28ft 30ft 32 
5ft 9 13ft 


HO*) 


C290) 
RTZ 
{•880 ) 


200 5 lift IBft 1720ft 24ft 

800 2*M 4Zft 62ft 10 28ft 45 
860 8 2DVi 30 53ft 60 74ft 

180 lift IS 21 5ft 10ft 13 

12 18ft 23 25 

86 3ft 8 U 

64 11 16H 24 


Brtttsti Funds 


17 

a 


Other Fixad Interest 

«■+ -i fH 9 i i Iril in 

4 

10 

General Mmutertirarn 

192 

86 

357 

Oonaranar Goods - - ... 

58 

32 

97 




299 

6 

166 

265 

28 

UtHtes 



Antedate 


57 

36 

17 



Othera .._ ._ .... - . 

62 

Totals 

91B 

346 

1318 


(■468) 

toy* In 

r287J 

235CA 

f22D) 

Vateoot 

CW) 


ms J 
OpOai 


200 3ft 
280 25 38 
300 lift 20ft 
850 48ft 71H 
900 Uft4Sft 
400 M at 
500 7ft 21 
280 1B2SH 
300 8ft 18ft 
22D 21 27 
240 7ft 15 
183 19ft 24 
200 9 15 
325 17 — 
354 4ft - 


82ft lift 25 42 
5814 34ft 49 06 
47ft lift 19 33ft 
29 36ft 42 58 
84 9 ISM 22 

25 21 26 32ft 
8K SM 71ft lift 
20ft 12 18ft 21 
- 3ft 7 - 

20ft 10 IS 18 
-6ft-- 
-24ft-- 
0c( Jai Apr Oct ten Apr 


Onto MMd cn Bwa o o uia i M tend no tt» tartan 3w SnNca 


TRADITIONAL OPTIONS 

FfcntDMflngs October 10 Expfcy 

LMtDMftrgs October 21 Ssfttomant 


January 12 

January 28 


(tete Motl A8M«to AoihMBC, Auto 8w: PL Baftorv 8MMW HMM WMtfeis. Puts 

& Cals: Rocftna. 


LOMDON RECENT ISSUES: EQUITIES 


a 

ra«) 


BOO 22 4Bft 85 11 28ft 47ft 
850 3ft 25ft 40ft 45ft 57ft 7B 
480 X 88 8214 3 12 20K 
r<88 ) SOO 0 24ft 4014 18 29ft 36ft 

Lad Star BOO 19 S4Sft 5 16ft 22 
C612 ) 950 114 12 2M 40 48ft 51ft 

Mb BS 380 23ft 32ft 42 2 9 13ft 

f410) 420 5 18 25ft 14 23ft 27 

MOM 480 38 61ft BOft 2 Bft 20M 

r«3 ) 500 8ft 27 37H 14 25)1 3Bft 

Steteuy 390 13 27ft 89ft 7 22 28 

r395) 420 2ft 13ft 2128ft 39 40 

SM Tan*. 700 17ft 37ft 49ft 718ft 31 


BM 475 27 35 48 2M lift 15ft 

(MBS) 500 8 20ft 88)4 12 22 27 
71UNV* 500 23)4 304 4814 4ft 20ft 24 
fS17 ) 550 311ft 24 38 49X5ZM 

Often tec Mr ten See Mr ten 


Abbey Ha 

nos i 


r» j 


C709) 

750 

tft 

15 

25 

43M 

« 

61 

Star items 

200 

7ft 

TO 

19ft 

3ft 

S 

14ft 

(*203) 

220 

1ft 

8ft 

11 

16ft 

zz 

26M 

Tnfripr 

80 

tft 

6 

11 

2ft 

SM 

7 

(-82 ) 

90 

1H 

4 

Bft 

10 

1IM 

13 

Utflewr 

1100 

21ft 

SI 

BBK 

12ft 

35 

52 

niroi 

1150 

4% 

27ft 

e 

48ft 

B4 ' 

Blft 

area 

BOO 

2Sft47M 

BOM 

lift 

28 

45 

nwj 

850 

3ft 

24 

38 

47 . 

57M 

74 

opto 


Ms* 

to 

tor 

N» 

to 

May 

amt net 

390 

28ft 

35 

42ft 

7 

18ft 21ft 

(■405 1 

420 

10ft 

IBM 27ft 

ZZH 

35 : 

37ft 

(atXrakB 

1*0 

22ft 

27ft 30ft 

2 

tft 

7M 

nse) 

180 

5ft 

15M 

19 

8 

12ft 

18ft 

rt State 

300 

IBft 28ft 

S3 

/ 

11 ' 

19ft 

CM) 

330 

Jft 

15M 

18ft 

26 

za 

38 

otten 


Use 

ter 

to 

Dae 

liar 

Jm 

(ton 

100 

tt 

17 

18ft 

4 

e 

Tft 

n») 

110 

8 

11 

14 

6 

ii ■ 

IZft 

(too* 


MB* 

to 

toy 

NOT 

u i 

to 


rss3» 

Bkn Ctcfa 

rro) 

Brteb Qto 

r2») 

teas 

nasj 


390 aSBft 40 
480 Uft 20 25 
25 3 4 5ft 

30 1ft 2ft 3H 
SBO 30 43ft 58ft 
800 10ft 22 28 
200 21 3138M 
280 1214 Uft 2044 
280 22ft 20 84 
300 11)4 18)4 23)4 
18818ft 23 28 
200 813)418)4 


lift 23ft 28 
28H4R4 45 
2ft 3ft 4 

6 7 7ft 

19ft 33ft 39 
52H B4ft 89ft 
7ft 9ft 20ft 
17 ti 3014 

7 lift 17 
17ft 20ft Z7 
714 12ft 16 
18ft 24 27 


Issue 

price 

P 

Amt 

paid 

UP 

MM. 

«P 

fDn) 

IBM 

rtOh Lew Stock 

Close 

P**» 

P 

+7- 

to 

dfc. 

Nv. On 
cm. yw 

WE 

net 

5125 

FJ*. 

17.2 

130 

113 Coirpef 

113 


WWLO 

2.1 

4 X 

109 

ee 

Fi». 

IAO 

ih 

1 Cadi Foods WAN 



- 

_ 

- 

_ 

- 

FJ>. 

24.8 

68 

61 Enwglng fcflds C 

62 


m 

- 

- 

- 

63 

F S>. 

1£2 

88 

65 Emsnn 

87 


RN0.71 

5J 

13 

8X 

T15 

FJ*. 

382 

125 

115 Gams* Woriarinp 

123 

+2 

RNL6 

£2 

4J 

11.8 

- 

FJ*. 

30l0 

80 

GO Hambros Em Aslan 

60 



_ 

- 

- 

• 

FJ*. 

2-90 

29 

28 Do IManants 

29 



— 

- 

- 

112 

FJP*. 

21X 

120 

118 Independent Parts 

120 


LN4J) 

2.1 

42 

145 

iao 

FJ*. 

17X 

195 

180 Mactte fall 

181 


RN8P 

22 

41 

7 A 

180 

FJ*. 

447.1 

181 

170 Man ED & F 

174 

+2 

RNafi 

1A 

6J2 

9.6 

80 

FJ*. 

232 

85 

78 Rytend 

82 


LN3-S 

1.7 

53 

136 

- 

FJ*. 

111A 

379 

380 Templeton S tor 

361 

-1 



- 

- 

- 

FJ*. 

11A 

212 

190 Oa Wrta. 2004 

191 


- 

- 

- 

- 


FJ*. 

2&3 

380 

340 WtatMm water 

340 


- 

_ 

_ 

— 

- 

FJ*. 

481 

330 

325 Da HV 

325 


- 

- 

- 

- 


Brit Aare 420 47 8314 8914 7ft 15ft 24 

C458 ) 400 20ft 38ft 48 24 3Zft <3 

B/ff fads 420 31 45 81 7 14 24)4 

(-440 ) 480 11 21 28)4 27M 34 47 

BIB 300 21 3t 35 5ft 1018ft 

r313) 330 8 18 20 71 20 33 

M Teton 360 3 38 42 3 8H 12 

r38B) 360 12 IB S 12 22 ft 28 

teteysto 420 35ft « SI 4 8 18 

<•447 J 460 IBft 22ft 28ft 21 2E 38 

Ernn Bee 750 38K a 78 2*ft 40M 49ft 
C753 ) 800 17ft 3B 62ft 54 68 77ft 

aentoto 420 38ft 48)4 SB 4ft Bft IB 

r*») 480 Tift 24 31 20ft 26 34ft 

GEC 288 15 20 06ft 5ft II 14 

f287 ) 300 5 11 17 17 22 J4M 


H71) 
Lonrto 
H37) 
M PDWB 
P486) 
Sen Pom 

n*s] 

Bna 

003) 

RUB 

034) 

Into: 

024) 

ten 38 

089) 

TSB 

rzi4 j 

tenkfas 

012) 


160 18 20ft 23ft 4ft 8 12 
160 t lOt 13ft 15ft 17ft 23M 
130 14 17 20 4ft 7H 9ft 
140 <11)4 15 9 13 14M 

400 38ft 31 81 12 18ft 27 
500 17)4 30 40 30ft 37 46ft 


330 32H 
380 17 
TOO 8 
110 JM 
220 22ft 
240 10ft 
120 TZft 
130 7ft 
950 88 
1000 37 
200 22 
220 8M 


47 
2S32J4 
10M 1214 
8 7ft 
SBM 32ft 
17 22 
17ft 21ft 
12 18 
BOft 182 
53 74ft 
25ft 28ft 
14 18 


10 16ft 21 
2SK32H 38 

4 Bft Bft 

10ft 12ft IS 

5 9 14 

14 IBft 24 
6ft 0ft 13ft 
12ft 15 IBM 
IBM 30ft 37ft 

38 53 61ft 
4ft Bft 12ft 
13ft 20ft 23 


RIGHTS OFFERS 

issue Amoug Latest 
price paid Rsnurt. 

P 19 dote 


1964 

rtgh Low Stock 


dosing +ar- 
prfce 
P 


160 

M 

17/10 

9pm 

2pm 

Jamyn fa*. 

500 

Ni 

18/10 

52pm 

24pm 

RecfeBt & Cobnan 

246 

m 

9711 

24pm 

10|H) 

VMdarn 

75 

to 

14711 

5pm 

3pm 

Worid o> LaNhar 


2pm 

25pm 

11pm 

3pm 


ran ) 


200 21 28 
220 10ft «» 
860 44MB* 
700 2243M 
Oct Jm 


SIM 5ft 9 12 
21H 15 19ft 22ft 
78 28 41M 54 
35ft 57 69ft 81 
*pr Od Ho Apr 


FINANCIAL TIMES EQUITY INDICES 


Sro 550 38ft 388414 94 XI 34 
(-573) 600 9427)4 39 3234 47ft 8! 

HSKTSpte BO Sift 76 89 3 19 37 

rBBS) 700 T6» 48ft BOft 79ft 39ft 82 

Mn *50 lift - - 10« - - 



Od 10 

Od 7 

Oct B 

Oct 5 

Od 4 

Yr ago 

"High 

Tow 

Oitel Share 

2338-9 

231 OX 

2309.1 

228&S 

2325A 

2358.7 

27136 

2240-8 

OnL cfv. yield 

4X1 

4X5 

446 

451 

4X2 

366 

451 

3X3 

Earn. yUKU 

G.23 

043 

6X5 

BJ1 

039 

4JSB 

051 

3X2 

PIE ratio net 

17X8 

T7j63 

1758 

17.18 

17X9 

27X6 

33X3 

1634 

P/E rate nS 

1032 

17X3 

1748 

17.21 

17-53 

2S32 

3080 

17.09 

Tor 1894, Ordnay Shan Ufa* shea campMfaBc Hto 27108 2AB/94; lev *9X 20 mo 
FT Odkray Stem Mr om dta 117135. 



r«c i 

462 

■ 

- - 18 - - 

(toon 


to to tor to to to 

ns tettayra 

160 

22 

27 30 2 5 8» 

p7B) 

1BD 

11 

1518ft 8ft 13 17 


* wcurity pita Pnmlnms sham m* 

QeVOO OfT I ■ ■ y 

October 10L Tetri conkMto; 2aES6 c tec 8,457 
(Ate 16.106 


FT GOLD MINES INDEX 


Ontoy flora hourly c ton gw 

Oten 900 IOlOO TVOB 12J0 13J0B 1400 1S00 1800 Wtfi Low 
2320-8 2323a 23228 2334-5 2338^4 23362 23366 2334-0 2335.7 23304 23170 
Od 10 007 Pet 6 OCA 5 Dd 4 Vr bqo 

SEAQ b a p ain s 22321 20374 20,425 21.055 22jB7S 31^44 

Equity turnover £jrfr - 14205 12025 1408.1 10002 SQ8.1 

btogaioBt - 24J06 23337 24,010 26,427 34*91 

Share* traded frn&t - 4742 5852 913.6 414 j4 4282 

Iteduteig toto rnw r butene and raw tamnr. 



Od %t»6 

7 aa to 

Od Od Tara 

6 5 age 

Gnu 6b 
jteU X 

Bwa* 

MW Law 

Gate Hto latex P4 
■ toriMw 

224325 +U 

224700 2232X0 101938 

U1 

23B7XB T792JB 

A^taPS) 

Nemtotecaflq 

3547X8 +16 
273362 -05 
178307 -08 

3*9025 351036 251&31 
260010 2621 M 209187 
173772 1787.10 1579X8 

303 

1.73 

0-75 

36Z32B 230445 
301309 208307 
2C38.B 7468.11 


Coortaa. 17* FitedN Hmw Uoted 190A 
Hfana to toattte ri -om oanbar of u omp ww . Bash US ONto. Bna Vfew: IDOOlOO SVBffi. 
todiennr OoU Mtan fame oa life SflB.7 ; teya curas ♦« potato; Vw tget WS t tertri. 
trite pnen mn uaWfltM fa* to »4*on. 


APPOINTMENTS ADVERTISING 

kRpcacsiQ tbc UK cditioB evoy . Wednesday & Thmsr% 

; ^dxntife every Friday For forthcr 

= .. mfonnalloB please calk ' • •* 

• .* * \ * / * . V * ' * • * * •• * 

.Gastahyooes ob+447I 873 377? 
Axt&rzwSkmrzyatitiou 844718734654 




























































































































































































































1 


* FINANCIAL TIMES TUESDAY OCTOBER 11 1994 




MANAGED FUNDS SERVICE' 






















































































TtMES TUESDAY OCTOBER M l«4 


36 


FINANCIAL 


CURRENCIES AND MONEY 



MARKETS REPORT 


Inflation worries cause 6 per cent fall in rouble 


Continued fears about inflation 
and tbe state of public finances 
yesterday caused the Russian 
rouble to fell by 6 per cent. 
icriies Philip Gawiik 

Tbe currency is not fully 
convertible, and hence is not 
traded on international foreign 
exchanges. Jt closed on 
Moscow's Interbank Currency 
Exchange at Rs3,081 from 
Rs2^86 on Friday. 

T rading elsewhere was very 
quiet, with Japanese markets 
closed overnight, and US mar- 
kets closed for the Columbus 
day holiday. 

There was little evidence of 
the dollar gaining ground from 
tensions in the Guif. It closed 
in London at Y 100.63, from 
Y100.225, and at DM1.55 from 
DM1.5411. 

Sterling lost half a cent 
against the dollar, to close at 
$1.5552, from $15905. It gained 
a similar margin against the 
D-Mark, finishing at DM2.4569 
from DM2.4511. 

A bright spot on the markets 
was the performance of short 


sterling futures which contin- 
ued their recent recovery. The 
March 1995 contract dosed at 
92.63, 45 basis points higher 
th an where it was a week ago. 
In the UK money markets the 
Bank of England provided 
£243m liquidity, compared to a 
£550m shortage. 

The D-Mark was mixed in 
Europe, with two of the latest 
opinion polls predicting a hung 
parliament, and one a victory 
for Chancellor Kohl, in Sun- 
day’s national elections. 


level of foreign reserves Yes- 
terday Mr Vyacheslav Solovov. 
deputy central bank chairman, 
blamed the rouble’s fall on 
speculation and said the bank 
would not use its currency 
reserves. “We do not want to 
help market speculators," he 
told Reuters. 

Some observers believe inter- 
est rates are too low, but Mr 
Viktor Gerashchenko, central 
hank chairman, has ruled OUt 
any immediate rise in rates. 


Rouble 


The markka has appreciated 
from FM3.32 at the beginning 
of June to its current level. 


is understood to want to curb 
further appreciation. 


Against the SfRoutdes per $) 
1.200 
1/400 -I 
1.600 — 

1.800 

2,000 


■ While the immediate cause 
of tbe recent slide in the rouble 
was the authorities' decision to 
stop intervening in the market, 
this comes against the back- 
drop of high levels of inflation. 

Other factors include con- 
cerns about the health of Presl- 
rfont Boris Yeltsin, and t h e. 


■ Pound In Mow York 


OCMO 

.-44881— 

— Piw. dare - 

Cspor 

1.5845 

1J885 

1 mtn 

12842 

1.5861 

3m«i 

1,5838 

15655 

lyr 

12725 

15732 


■ In Europe the Finnish 
markka maintained its recent 
strength ahead of Sunday’s ref- 
erendum on joining the Euro- 
pean Union. It closed at 
FM3.072 against the D-Mark, 
from FM3.07, after earlier ris- 
ing to FM3.06. 

Analysts said the markka 
had weakened after firm sell- 
ing pressure had driven the 
Swedish krona down earlier in 
the day. It fell to SKr4.7830 
against the D-Mark, from 
SKR4.76, before recovering to 
close at SKr4.770. 



1994 


Source: Datastream 


Mr Held Holm, international 
economist at Lehman brothers, 
said the other factor support- 
ing the markka, other than 
optimism over the EU, was the 
strong export performance. He 
said people were beginning to 
realise that Finland was very 
well placed to benefit from any 
growth in Russia. 


■ After initially showing some 
inclination to buy the dollar on 
tens ions in the Gulf, the mar- 
ket now appears to be recon- 
sidering. Mr Peter Luxton. 
international economist at 
MMS. said the lesson of the 
Gulf War in 1991 was that 
while It provided some short 
term support for the dollar, it 
had no longer term effect The 
longer term trend was deter- 
mined by the state of the US 
economy. 

In Brazil, the central bank 
bought dollars at RS0.S4. This 
was the second time, since the 
launch of the real three 
m onths ago, that the central 
bank has acted to curb its rise. 
The real has risen, from parity 
against the dollar, on the back 
of dollar weakness, and pre- 
election optimism about a vic- 
tory for Mr Fernando Cardoso. 

Exporters are now voicing 
disquiet, and the central bank 


■ The uncertain outlook for 
currencies is reflected in a 
Chief Dealer survey published 
by the New York based For- 
eign Exchange letter. The sur- 
vey. of 38 chief dealers, found 
that 26 per cent expect the dol- 
lar to fell below Y95 in the 
next three months, while 34 
per cent saw it above YL05. 

The S/DM picture is similarly 
confused, with 37 per cent of 
respondents expecting to see 
the dollar below DML50, and 
39 per cent expecting to see it 
above DM1.60. Sterling's recent 
strength is expected to con- 
tinue, with 55 per cent seeing it 
above KL jfi. 


■ OTHER cmtRBMCtes 


Od ID £ S 

rifltfiuy T717SB - 171.968 10&37Q ■ 108.470 
tan 2753X0 - 775000 1748X0 - 175090 
0.(715 - 04729 02975 - 02983 

38801.4 - V HUffii iwan - ygS ffq 
5025.10 • 51X090 3170X0 - 3180X0 
5X132 - 5X248 3X715 - 3X7% 


Kwok 


ILAE. 


' POUND SPOT- FORWARD AGAINST THE POUND 




RD AGAINST THE DOLLAR 


Oct tO 


Closing Change Bmfolter 
mkj-pohit on dny spread 


Day’s Md 
high low 


Oim month Him mo n ths On* year Bank of 
Rate %PA Rale KPA Rate MPA Eng. index 


Oct 10 


Closing Change Bid/offer 
mid-point on day spread 


Day's mid 
high low 


One month Three months One year J.P Morgan 
Rate KPA Rata MPA Rote %PA Meet 


Europe 
Austria 
Belgium 

Denmark 

Finland 
France 
Germany 
Greece 
Ireland 
Italy 

Luxembourg 
Nottwtenda 
Norway 
Portugal 
Spain 
Sweden 
Switzerland 
UK 
Ecu 
SOftf 
Americas 

Argentina (Peso] 1.5827 

Baa (R I) 13299 

Canada (CS) 2.1340 

Mexico (New Peso) 5.4093 

USA (5) 1.5852 

Pacfflc/MUdle East/Africa 


Europe 



172916 

+0.0407 

849 - 983 

172012 17.1709 

172873 

03 

172764 

04 

- 

- 

1152 

Austria 

(Scb) 

102065 

+0262 

080 - 110 

102200 

109000 

109085 

0.0 

10.9083 

OO 

108335 

07 

1042 

(BFr) 

505346 

+0.1173 

949 - 743 

502750 50.4030 

505546 

-05 

50.4696 

05 

50.1396 

02 

116.7 

Belgium 

(BFr) 

31.8800 

+018 

600 - 000 

312070 312100 

3128 

OO 

31.89 

-Ol 

31.95 

-02 

1052 


9.6098 

+02189 

097 - 129 

9.9142 9.5916 

9.6055 

05 

92219 

-05 

92386 

-03 

118.8 

Denmark 

(DK«) 

82624 

+00321 

614 - 634 

80683 

62513 

B2666 

-02 

6.0759 

-09 

6.1324 

-12 

1052 

(FM) 

72564 

+0.0239 

461 - 647 

7.5660 7.5040 

- 

- 

- 

- 

• 

- 

883 

Rrtand 

(FW) 

4.7670 

+00309 

625- 715 

4.7733 

4.7341 

4.767 

OO 

4.7695 

-02 

4.7835 

-03 

82.8 


B2837 

+0.017 

900 - 974 

8,3982 82838 

03934 

0.1 

83895 

02 

83295 

08 

1103 

Franca 

(FF* 

53952 

♦02283 

337 - 987 

53005 

52910 

52967 

-04 

55857 

02 

52979 

-Ol 

106.5 

(DM] 

2.4569 

+02058 

561 - 5 77 

2.4578 24527 

2.4558 

0.8 

2.4524 

0.7 

2.4216 

M 

1252 

Germany 

(D) 

1SS00 

+02066 

497 - 502 

1,5520 

72475 

72497 

02 

72487 

05 

12408 

OS 

108.8 

(Drj 

374.984 

♦0.83 

845 - 122 

375.155 374,577 

- 

- 

- 

- 

- 

- 

- 

Graeco 

(DO 

238.560 

+131 

510 - 610 

236.770 236.450 

23626 

-12 

237.435 

-12 

239.835 

-1.4 

682 

(IE) 

1.0130 

+0.0016 

123-136 

1.0136 12114 

12129 

Ol 

12132 

-0.1 

12154 

-02 

105-6 

ln*rrf 

PQ 

12649 

-02078 

641 - 656 

12670 

1-5623 

12647 

Ol 

1.5646 

01 

1.5494 

1.0 

- 

(L) 

248825 

+4.05 

798 - 994 

250018 249021 

2506.85 

-33 

2517.6 

-32 

2569.05 

-22 

742 

Italy 

w 

1576.46 

+72 

810 - 685 

157820 157320 

1581-23 

-32 

1588.18 

-32 

163328 

-3.6 

75. 1 

ILFr) 

502346 

+0.1173 

949 - 743 

50.5750 504030 

505648 

-05 

50.4896 

06 

501396 

08 

116.7 

Luxembourg 

(Lfi) 

31.8800 

+0.18 

800 ■ 000 

31.9070 312100 

3i.8a 

0.0 

3189 

-0.1 

31.95 

-02 

105.8 

(R) 

2.7508 

+0.007 

500 - 516 

2.7560 2.7436 

2.7496 

04 

2.7481 

07 

£713 

1.4 

120.7 

Nothtriands 

(FI) 

1.7354 

+00102 

351 • 356 

1.7367 

1.7310 

1.7352 

0.1 

1.7334 

04 

1.7258 

06 

I05.fi 

(NKr) 

10.6797 

+02265 

764 - 829 

108840 106443 

106791 

Ol 

106828 

-Ol 

106837 

OO 

863 

Norway 

(NKr) 

6.7373 

♦0.0391 

363 - 383 

6.7435 

6.7165 

6.7433 

-1.1 

6.7608 

-12 

nsem 

-12 

962 

(Ea) 

250898 

+0688 

779 - 016 

251.140 250225 

M2 628 

-63 

255208 

-7.8 

- 

- 

- 

Portugal 

m 

158380 

+026 

230 - 330 

158240 158200 

158285 

-62 

16018 

-43 

16423 

-32 

952 

(Pta ; 

2032)0 

+0523 

438 - 591 

200694 200264 

2Q321 

-2.4 

204.59 

-2.1 

207.145 

-12 

88.0 

Spain 

(Pta) 

128385 

+0 76 

360 - 410 

128.490 128200 

12827 

-2.7 

123.14 

-2.4 

131.735 

-22 

81.0 

(SKr) 

11.7195 

+00628 

104 - 265 

11.7429 11.6100 

11.7385 

-12 

11.788 

-23 

112995 

-2.4 

752 

Sweden 

(SKr) 

73833 

♦00767 

887 - 978 

7.4086 

72240 

7.4096 

-2.6 

7.4408 

-22 

7.6163 

-3.0 

81.8 

(SFr) 

22350 

+0.0032 

342-357 

2.0360 22302 

2.032 

12 

2-0263 

1.7 

1.9657 

2.4 

123.1 

Switzerland 

(SFr) 

13838 

+02063 

835 - 840 

12848 

12810 

12822 

1.4 

12791 

15 

1263 

1.8 

1082 

(0 

. 

- 

. 

- 

- 

- 

. 

, 

- 

- 

803 

UK 


12862 

-02053 

649 - 854 

1.5855 

1.6827 

72848 

02 

1-5842 

02 

1.5737 

07 

68.7 


12852 

+02029 

847 - 856 

12857 12829 

12848 

04 

12845 

02 

13814 

03 

- 

Ecu 

- 

13335 

-00066 

332 - 337 

1.2353 

12325 

12328 

0.7 

1 .2321 

04 

1227 

05 

- 


- 0.920641 


- 1.46520 


-0.0042 824 - 830 
-0.0101 281 - 317 
-0.0092 333 - 347 
-0.0281 045 - 141 
-00063 849 - 854 


15830 1.5803 
1.3332 1.3275 


2.1350 2.1319 
S.4146 52990 


1.6855 1.5827 


Austnda 
Hong Kong 
India 
Japan 
Malaysia 
New Zealand 
Pfdppfnes 
Saudi Araba 
Singapore 
S Africa (Com J (R) 
S Africa (Fin.) (R) 

South Korea (Wont 
Taiwan (T$) 

Thailand (Eft) 


(AS) 

(HKS) 

IBs) 

m 

(MS) 

(NZS) 

(Peso) 

(SR) 

(SU 


2.1463 
12.2505 
49.7242 
159.574 
4.0699 
2.6186 
4U 5640 
5.9495 
2.3532 
5.6877 
6.6212 
1266.70 
41.5504 
38.7191 


-00081 452-474 
-0.0404 481 - 528 
-01683 104 - 380 
+0.111 409 - 618 
-0.0088 884 - 713 
-0.0105 171 - 201 
-01516 783-497 
-0.0211 473 - 516 
-0.0023 520 - 543 
-00102 644 -710 
-0019 884-639 
-083 634 - 705 
-0.0558 402 - 605 
-0.0875 065 - 317 


2.1500 2.1420 
122536 122313 
48.7400 494530 
150680 159.020 
4.0723 4,0629 
2.8249 2.6138 
406510 404755 
50590 59399 
2.3645 243490 
5-6725 53589 
06640 05810 
1267.28 128449 
415621 41.4897 
307340 306090 

toon raw* tar Oa 7. Bdtattar spreads In 8w Fount Spar labia shorn only he tec three dadrnri jfaoas. f orward i 

but aeinpked by current htmrsut cam. Staring Mm (MM by toe Bank at Bnremd. Bern wn re ga 1886 ■ 10QJBM. CMw red MM-retre In tMh I 
ttw Data spot Wlm dariwad hm THE WMfflEUTERS CIOSNQ SPOT RATES. Sana •«**• are renamed by Ore F.T. 


2.1334 

02 

2.1321 

04 

2.1264 

04 

872 

12848 

0.3 

12842 

02 

12737 

0.7 

62.4 

2.1463 

OO 

2.1476 

-02 

2.1657 

-02 


122486 

0.4 

122456 

02 

12-2526 

0.0 

- 

158234 

3.6 

158084 

32 

1S2.699 

42 

1852 

2.0225 

-12 

2.6303 

-1.8 

22525 

-12 

- 

- 

• 

- 


- 

- 



SORt 
Americas 
Argentine 
flrazi 
Canada 

Madco (New Peso) 

USA (5) 

PacffiefMddte East/ Africa 


(Peso) 09965 
(R 5 08390 


(CS) 


12463 

3.4125 


+00007 984 - 985 
-00035 380 - 400 
-00013 460 - 465 


09986 09963 
0.8410 08370 


12480 1.3480 1.3464 OO 1.3458 0.1 1-3526 -05 


84.3 


-0.005 100 - 150 3A200 3.4100 3.4135 -04 3.4153 -03 3.4227 -0.3 


95.9 


Australia 

(AS) 

12540 

-00008 

535 - 545 

12569 12535 

1.3542 

-02 

12549 

-02 

12623 

-03 

88.7 

Hong Kong 

(HKS) 

7.7283 

+00004 

280 - 285 

7.7290 7.7280 

7.728 

02 

7.7289 

OO 

7.7438 

-02 

- 

India 

(Ra) 

312888 

. 

650 - 725 

312725 312650 

31.4538 

-32 

312988 

-Z9 

- 

- 

- 

Japan 

m 

100630 

+0405 

580 - 680 

100750 100.480 

10036 

32 

99.79 

32 

97.135 

3.5 

147.4 

Malaysia 

(MS) 

22675 

+0.003 

670 • 680 

22685 22653 

2.5583 

42 

2247 

32 

2.6205 

-2.1 

- 

Now Zealand 

(NZS) 

12520 

-0.001 

513 - 526 

12562 1.6510 

1.653 

-0.7 

1.6548 

-07 

1.6601 

-05 

- 

fWippines 

(Paso) 

252900 

-021 

400 - 400 

252500 252400 

• 

• 

- 

- 

- 

- 

- 

Saud Arabia 

(SR) 

3.7533 

-00007 

525 - 540 

3.7547 3.7520 

3.7546 

-0.4 

3.7587 

-0.6 

3-7773 

-06 

- 

Singapore 

CSS) 

1.4845 

+0.0035 

840 - 850 

1.4855 1.4825 

1.4832 

1.1 

1.4813 

09 

1.4745 

07 

- 

S Africa (ContJ 

« 

32755 

+00055 

740 - 770 

32800 32730 

3231 

-52 

3.6193 

-43 

3.696 

-3.4 

- 

S Africa (Fin.) 

(R) 

4.1770 

+0202 

570 • 970 

4.1990 4.1550 

42107 

-9.7 

42695 

-83 

- 

- 

- 

South Korea 

(Won) 

799.100 

+025 

000 - 200 

799200 799.900 

802.1 

-42 

805.8 

-32 

824. j 

-3.1 

- 

Taiwan 

(rt) 

26-2123 

+00523 

100 - 145 

262160 26.1560 

262323 

-02 

262723 

-0.0 

- 

- 

- 


> are not dkeetty quotad » flw rnartwr 


Thailand (Bq 25.0570 +00285 530 - 610 25.0620 24.9980 25.1295 -3.5 25257 -32 25.737 -2.7 

ISDH 1*9 fcr Oci 7. Bdtoftor apaada In toe 
but kreAed by ewant Maaar raaa, UK, 


Spot taste show arty toe lor Ore* OaJie l ptaco*. Forward me are not meaty guotod to Si 
a ECU are reared in US cuiwiey. IP. Morgan na irinat intsoas Oct 7. Baaa an are p* 1D90w100 


WORLD INTEREST RATES 


MONEY RATES 

October 10 Over 

roghi 


One 

month 


Belgium 
week ago 
Ranee 
week ago 
Germany 
week ago 


week ago 
Kaly 

week ago 
Netherlands 
week ago 
Switzerland 
week ago 
US 

week ago 
Japan 
week ago 


4% 

4% 

5% 

Si 

4.90 

4.15 

4K 

4* 

OU 

8* 

484 

424 

3S 

3% 

iV> 

4ft 

2ft 

2ft 


5 

5 

Si 

Si 

4.95 

4.95 

5ft 

5ft 

8i 

M 

6-00 

SCO 

3ft 

3ft 

Si 

Si 

3 

3 


Tima 

Sri 

If 

tomb. 

inter 

Dri. 

rate 

5ft 

5ft 

5ft 

53 

63 

85 

7.40 

7.40 

420 

4.50 

sa 

5% 

520 

5-18 

53 

Sft 

5.30 

523 

8a 

65 

5.75 

5.63 

520 

000 

6.00 

4.50 

4.50 

84 

85 

7ft 



6i 

8ft 

8ft 

S23 

85 

9ft 

94 

537 

7ft 

10ft 

10 

5.82 

- 

7.50 

720 

5.25 

522 

5.96 

45 

5.75 

4ft 

6.625 

3.50 

4ft 

su 

Si 

2ft 

4ft 

5ft 

53 

25 

4b 

Bi 

6ft 

2ft 

8.825 

3.50 

4.00 

4.00 

1.75 

2ft 

23 

Zft 

- 



Repo 

rate 


6.75 

3.75 

4.85 

4.85 
525 
6.25 
820 
820 


■ * UBOH FT London 
Interbank Fixing 
week ago 
US Dollar CDs 
week ago 
SOB Linked Da 
week ago 


64 

S% 

5ft 

8ft 


- 

” 

54 

S% 

Sft 

84 

” 



520 

521 

5.60 

6.17 

“ 

” 

” 

6.00 

522 

5J30 

6.06 

” 

“ 


3% 

34 

3ft 

4 

” 

“ 


3% 

31 

3« 

4 

” 

“ 



rata* are ottered rares lor Store quoted to toe neria* re r**™” . VMtnwaw 

day. The bw*a are: BreAan-Thret. Bank of ToWo. (Da) 

MU rates mo ahown far dre domaabc Money Rare*. US S CDa and SDR unkod iMfxma tu*. 


EURO CURRENCY INTEREST RATES 


Oct 10 


Short 


7 days 
notice 


One 

month 


Three 

months 


Six 

months 


One 

year 


Betgtm Franc 

4S 


43 

-43 

5i’« 

• 4>: 

Danish Krona 

Sh 

- 5*9 

s\ 

-5*2 

5^ 

- 5*8 

D-Mark 

4» 

-4U 

4U 

-4B 

5 - 

4^8 

Dutch GtAfer 

5- 


6 - 

4* 

5 - 

*h 

French Franc 

53s 

- 5*1* 

6,; 

• sa 

5A 

- 5ft 

Portuguese Esc. 

9A 

- sAs 

9H 

-9*3 

98 

■9 s * 

Spanish Peseta 

7*2 

-7 Si 

7*4 

-7 A 

7\ 

-7,1 

Sterling 

5*2 

-Sh 

5*4 

-5*| 

5*2 

-5ft 

Swiss Franc 

3% 

-3* 

3*S 

- 3L 

3% 

- 3\ 

Can. Denar 

4H 

4S 

5- 

43 

5 - 

4^ 

US Dolar 

43 

-4li 

*3 

-4U 

5>» 

-Si* 

Kai an Lra 

9- 

7*2 

»*8 

-Bh 

M 

-8ft 

Yen 

ih 


2 A 

-2A 

2A 

-2t« 

Ascn SStng 

l*a 

- 1 

2*a 

1-2 

2’4 

-2% 


5,i - 5,1 
6*2 - 6ft 
5ft - 5|‘« 
5ft - 5ft 
Sft -5ft 


5% -5b 
7 -6ft 
Sft -5ft 
Sft -5ft 
6-5% 


8-7% 
5fc - 5{i 
Jft - 4ft 

Sft -5& 
5ft - 5*8 
Sft ■ 6ft 

2h - 2 ft 


Sft -Sft 
6,; - 83, 
43, - 41, 
6/a - SB 
512 - 5H 
94 - 9,1 
2*2 - 2,', 
3ft -3ft 


BA - 6ii 

7ft - 7b , 

su - 5,1 e 

5U-5U 

eh -Vt 
toft - id** 

9*, • fl 
7** - 7,’, 

4ft -4ft 
8ft -Sft 
6*2-Bft . 
103, • 101* 
2%-2{i 

4*,-4 


snort tom, rates are coB Mr ttre U3 Do** and oreer* (no oay» iw**. 

■ THRHi MOUTH WBOW RITWP (MATif) Parts Interbank ottered rale 


Dec 


Jun 

Sep 


Open Sett price Change 
9404 9408 +007 

93.65 S3XO +009 

93.12 93.19 +0.10 

92^4 92.87 +011 


High 

944)9 

93.61 

S320 

92.88 


Low Est voi 
944)4 15X60 

93-55 8.7250 

93.12 3272 

92.79 1.860 


Open InL 
48282 
35291 
25.174 
20.875 


■ THREE MONTH EURODOLLAR ftOFFE)’ Sim points Ot 100ft 


Open Sett price Change High Low Est. vo) 

Dec - 9421 +0.08 - - 0 

Mar • 03.64 +0.10 - - 0 

Jun - 93 .22 +0.11 - - 0 

Sop - 9229 +0.10 - - 0 

■ TRCE MONTH EUROMARK FUTURES (L1FFE)' DMIm points 0 * 100% 

Open tat 
2338 
1458 
300 

52 


Open 

Sett price 

Change 

High 

Low 

Eat vol 

Open Int 

Oec 

94.88 

9429 

+005 

94.70 

9425 

15657 

165212 

Mar 

9427 

9422 

+006 

9-1.33 

9427 

19810 

175350 


93.83 

9324 

+0.11 

9325 

93.83 

15030 

106260 

Sep 

S3. SO 

9356 

♦Oil 

3356 

93.49 

5382 

75240 

■ THREE 

MOUTH EUROURA BIT JIATC nflUSS (UFFE) LI 000m points of 100% 


Open 

San price 

Change 

High 

Low 

Eat vol 

Open hit 

Oec 

9025 

9044 

+010 

90.45 

9020 

3833 

33080 

Mv 

89.63 

89.73 

+010 

69.74 

89.63 

1056 

T6759 

Jin 

89.04 

89.17 

+012 

89.19 

89.04 

523 

15289 

Sop 

88.65 

88.78 

♦Oil 

8820 

8825 

156 

15418 

■ TWKMONTH EURO SWISS FHJUSC FUTURES (UFFE) SFflm points of 100% 


Open 

Sen price 

Change 

FBgh 

Low 

Est vol 

Open Int. 

Dec 

9527 

9529 

♦004 

95.71 

9558 

3279 

23448 

Mar 

9529 

9029 

+024 

95.32 

9527 

1591 

13436 

Jun 

94.90 

94.92 

+005 

9425 

94.90 

391 

7298 

Sep 

94.60 

94.62 

+006 

94.84 

9420 

102 

1058 

m THREE MOWTH ECU FUTURES (LtfTE) Eculm pokrtj of 100% 



Open 

Sen price 

Change 

High 

Low 

Est vol 

Open hit 

Oec 

93.84 

93.67 

+007 

93.69 

9324 

1415 

7833 

Mar 

9328 

33.16 

+013 

aoia 

83.06 

1563 

5377 

Jun 

flg.sa 

9221 

+0.13 

92.82 

92.53 

545 

3053 

Sep 92.10 92.16 

- UFFE tauaa tnxted an APT 

+010 

92.19 

92.10 

112 

1142 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Oct 10 BFr DKr FFr 


DM 


NKr 


Pta 


SKr 


SFT 


s 


Ecu 


Belgium 


France 
Go t ma n y 
Ireland 
ICWr 

Natherionds 

Norway 

Portugal 

Spain 


Switzerland 

UK 

Canada 

US 

Japan 

Ecu 

Daman Kroner. 


(BFr) 100 
(DKr) 5058 
(FFr) 6020 
(DM) 2057 
0£) 43.88 
« 2.022 
(FI) 18.37 
(NKr) 4721 
(Ea) 2014 
(Pta) 2483 
{SKr) 43.11 
(SFr) 24.83 
(V) 5063 
(CS ) 2388 
0) 31.68 
(V) 31-88 
3922 


19.02 

10 

11.45 

3*11 

9.487 

0385 

3.493 

0998 

3.630 

4722 

8200 

4.722 

9.610 

4503 

6-063 

6.025 

7.479 


1061 

8.735 

ID 

3v416 

3288 

0.336 

3.051 

7.860 

0346 

4125 

7.162 

4125 

8294 

3933 

5296 

5263 

6.532 


4J82 

2357 

2227 

1 

2-425 

0098 

0.893 

2-301 

0979 

1207 

2.096 

1207 

2-467 

1.151 

1-550 

1540 

1212 


2.005 

1.054 

1207 

0412 

1 

0041 

0268 

0-949 

0404 

0498 

0884 

0488 

1213 

0475 

0639 

0.635 

0788 


4946 

2600 

2977 

1017 

2487 

TOO 

9004 

2340 

9800 

1228 

2132 

1228 

2439 

1171 

1577 

1687 

1945 


0444 

2.863 

3277 

1.120 

2.716 

OtlO 

1 

2278 

1.096 

1252 

2247 

1252 

2.751 

1289 

1.736 

1.725 

2.141 


21.14 

11.11 

12.72 

42<7 

1054 

0.427 

3282 

10 

4257 

5248 

9.113 

5248 

1068 

&005 

6.738 

0896 

8211 


4805 

261.1 

2909 

102.1 

247.7 
10.0* 
9120 
2342 
100 
1232 
214.1 
1232 
2502 

117.8 
1503 
1572 
1952 


Frencn Franc. Norwegian Kroner, and Sweden Kronor per IDs Belgian Ftwre, Yen. Escudo. Ure and Psaere 


402.7 
2112 
242 A 
B2JB2 
2002 
6.143 
7327 
1905 
81.11 
100 . 
173.6 
1000 
2032 
9036 
1204 
1272 
1504 
par 100 . 


23.19 

1220 

1326 

4.770 

11-67 

0469 

4280 

1027 

4.871 

5-759 

10 

5.768 

11.72 

5-482 

7294 

7246 

9.121 


4227 

2.118 

2.424 

0828 

2.009 

0.081 

0.740 

1205 

0211 

1.000 

1.738 

1 

2.035 

ae» 

1284 

1276 

1284 


1279 

1.041 

1.191 

0.407 

0287 

0240 

0384 

0236 

0289 

0481 

0863 

0.481 

1 

0469 

0231 

0627 

0778 


4223 

2221 

2242 

0868 

2.107 

0085 

0776 

1288 

0851 

1.048 

1221 

1248 

2.134 

1 

1248 

1238 

1.681 


3.137 

1.649 

1288 

0645 

1266 

0263 

0278 

1.484 

0.632 

0779 

1.352 

0.779 

1265 

0743 

1 

0994 

1233 


315.7 

1662 

1902 

64.92 

157.5 

6283 

5728 

1492 

6327 

7828 

1301 

7828 

1592 

74.74 

1006 

100 

124.1 


2243 

1237 

1231 

0223 

1268 

0051 

0.467 

1203 

0212 

0631 

1298 

0231 

1286 

0.602 

0211 

0808 

1 


■ D-MARK FUTUWtS (IMM) DM 125. 000 per DM 


■ JAPAMBSBVBI (UTU8R QMM) Yen 12.5 per Yen 100 



Open 

Seti Once 

Change 

High 

Low 

Est vol 

Open hit 


Open 

Sett price 

Change 

High 

Low 

Est vol 

Open bit 

Ooc 

0.6460 

06476 

+0.0010 

0.6483 

08448 

45.192 

75279 

Oec 

09933 

1.0027 

♦00038 

12034 

02983 

40221 

68233 

Mar 

06460 

02485 

+0.0011 

0.6490 

02463 

180 

3222 

Mar 

1X068 

12108 

+00038 

12110 

12062 

189 

3242 

Jun 

08490 

06496 

+02011 

0.6496 

08490 

239 

595 

Jim 

" 

1.0200 

+00038 

12000 

- 

2 

613 

■ SWISS FRANC FUTURES (IMM) SFr 126200 per SFr 



■ STERLMoronSESS 0MM) ES2200 per £ 




Dec 

07822 

0.7827 

-0.0002 

0.7B31 

0.7805 

2S275 

36,257 

Dec 

1.5848 

1.5850 

•00008 

1.5850 

1.6822 

22.629 

41,773 

Mar 

0.7811 

0.7851 

-0.0016 

07857 

0.7841 

31 

812 

Mar 

1.5810 

1.5832 

-00008 

12832 

12810 

IS 

381 

Jun 

0.7874 

07885 

-00018 

0.7885 

0.7874 

5 

83 

Jun 

- 

12788 

-0.0008 

- 

12770 

1 

a 


,RATES. 


LONDON MONEY RATES 


Oct 10 

Over- 

7 days 

One 

Three 

Sri 

One 

Netherlands 

2.19972 

2.14833 

+000098 

-2.16 

035 

_ 


nighr 

notice 

month 

morion 

niunrhs 

year 

Ireland 

0808628 

0.791270 

-0000188 

-2.15 

034 

14 

tnumoih Siarkng 
SJHtnxj CDs 

6 ft - 5ft 

SS, -5ft 

5*Z-5ft 

Sft ■ 5ft 

5ft - Sft 
514 - 5ft 
5ft - 5ft 

5!3 - 5iZ 
613-511 
5 ft - sfi 

SJI-5J3 
Sft -Sft 

6 ft - 6 ft 
Bft - eft 

7ft - 7ft 

7ft -7*s 

Belgium 

Germany 

France 

402123 

124964 

053883 

39.4908 

1.91942 

055847 

+00139 

+000083 

♦000057 

-1.79 

-1.55 

0.30 

427 

4.70 

2,77 

13 

-3 

TreJ^ury BiHi 

Bank Buis 

Local anrwnty depa. 
Oscoura Mariiot deps 

Sft - 6 ft 
6 ft - 5ft 

Sft - Sft 
5ft -Sft 

8 ft " 8 ft 
V. - 6 ft 

7 ft - 652 

Derunarii 

Portugal 

Spain 

7.43679 

192.854 

154250 

7.50982 

195.943 

1»X»4 

+000779 

+0103 

-0.042 

058 

1^0 

3.08 

2.08 

1.46 

0.00 

-7 

-11 

-22 

UK dearing bank base wiring rare 5ft per eenl trwn Septambw 12, 1994 

9-12 

NON ERM MFWBCRS 
Greece 204.513 

2BZ997 

+0.04 

1077 

-094 




Up to 1 

1-3 

3-8 

68 

ttaty 

1793.19 

1951.49 

-3.04 

8.83 

-628 




mouth 

month 

months 

month* 

month. 

UK 

0.788749 

0782028 

-0000755 

-0.60 

3.70 


Certs ol To< dep l Cl 00.0001 

1*7 

4 

3ft 

3ft 

3*2 

Ecu ov4ral mzoa 5W by lt» Cmnwian. Curomte mm de«oandln 0 tmng&i. 

Otti rt Tof dro. i«f<w Cioo.ooo (s l l 3pc. Doras ■*a**t»n tor ensn \pc. 



BsotobauwMOw 

lunate ow 

•W'ttQ® 4fl 

rancabalwaan I 

waeurtnrei. 

ei and Ecu oh 

rare raw* 


1944 Agreed rare Ire pml Oct M. ISM re Nor as. 1694. Sc+renwa Pin 7 -05pc Manner ran Mr 
pored Sea 1. 1094 lo Sec 30. 1944, Scbenna W 4 V 9-73Spc. Flnanca House Bare Rota Bps bwn Oct 
1 . 199* 


■ THREE MONTH STERLING FUTURES (UFFE) £500200 points of 100% 



Open 

Sen price 

Change 

High 

Low 

Est vtH 

Open M. 

Dec 

93.40 

93.43 

+0.06 

93.46 

93.38 

33347 

159648 

Mar 

92-52 

92.63 

+0.15 

92.66 

B2JS2 

20623 

78224 

Jen 

91.B7 

91.97 

+0.17 

91.99 

91-87 

9655 

53903 

Sep 

9139 

91^0 

♦017 

91.52 

91-39 

3227 

50961 


Traded on APT. Al Open rrwnssl Am- BN lor previous day 


■ SHORT STEBUWC OPTIONS (1JFFE) E5QQ.OOO pointa of 100% 


Strike 

Price 

Dec 

~ CALLS - 
Mar 

Jun 

Dec 

— PUTS - 
Mar 

Jun 

S32S 

034 

013 

0.15 

0.16 

0.73 

1.43 

9350 

0.18 

007 

0.10 

0-2S 

094 

1.63 

8375 

0.08 

0.04 

007 

0.40 

1.16 

1.85 


EsL tor n Cato 17im Pub OHO. Prevtoiq days open Ml, Cafci 308739 Puts ib*K1 


EMS EUROPEAN CURRENCY UNIT RATES 

Oct 10 Ecu cen. Rate Change % U- from % 

rafBa a^frgtEcu on day ewi rate 


y weakest 


CSv. 

ind. 


lor a cunncy. and tfw mamrvn panwcad purcemapa davtadat or the arraney** cnmkm rets ftreu er 
Ecu com rare. 

(17/3K9 Storing and raBrei lira suapandaa Bom BtM. Adtuatment criaiatad by ttre FManort Tlmw 


■ PMLADELPHUm C/E OPTIONS £31250 (cents per pouid) 


StrfKs 

Price 

Oct 

— CALLS ■ 
Non 

Dec 

Oct 

— PUTS — 
NOV 

Dec 

1-500 

626 

non 

833 

- 

04)1 

0X71 

1-525 

5.84 

5.85 

525 

- 

0-06 

008 

1-SSO 

035 

367 

067 

- 

034 

034 

1XT75 

1.12 

1.94 

iJ04 

018 

1.08 

1JK 

ijboq 

007 

081 

081 

1.63 

2.41 

2-41 

1^25 

, 

075 

025 

096 

429 

429 

Previous dayS vat. Crib 1M12 Put* 7576 

Prav. da/s open ML, Can +08X88 Pwa 3Z*?S0 


■ THREE MONTH EURODOLLAR (IMM) $im pofctta at 100% 


BASE LENDING RATES 


Adam A Corrpeny 5.75 

Trust Bark 2.75 

AB Barit 5.75 

•+Mf»YAnaBtSMr 5.S5 

BankcfBADda 575 

Banco BBuo Vizcaya- 5 ?S 

Bark of Cyprus 5.75 

Barit ci Irobnd 5.75 

Banket mas S.75 

BarkofSaxtand 575 

BarcJayaBanH - 575 

fate* atm Ext,..- 5.75 
•6,-mn Sripby & Co Ud 275 
CL Barit N&dRtand .. 5. 73 

CAbaritNA -..5.75 

Oydesdato Barit 5.75 

The CtKpoalrvo Bank. 5.75 

CeutB & Co 5 75 

Cnx« Lvramae 5.75 

Cyprus PaptArBcs* ..575 


% 

Dincanldnri* — 575 

Exeter Bank Untod— 6.75 
financial i Gen Bartt„ 05 
•Robert Ramiig 6 Cb _ fi.75 

Gaobtnk 5.73 

•Gtnren Mahon 5.75 

Hotair Bank «3 an*. 5 75 
•HambmsBark — ....5.75 
HertaliiD A Gan Inv Bk. 5175 

•HS Samuel. _6.75 

C. HcareS Co -5.75 

Hwitfang 6 Shanghai 5.75 
JiianHodga Bar*,.- 5.75 
•Leopold Jraeph 8 Sons 5.75 

UoyttsBsnk — 5.73 

Megm) Bank Ud 5.75 

MtffimdBanfc ,&75 

■MrentBoritkig — . — 6 

NafiVosfciWHtw 5.75 

•fftuBMthcra 575 


*naxtu^»Gtn0ine 
CaipanMon UnMd b no 
longer eutoeed as 
abadtighs tt ifan. 8 
Royal Bk of Scodaid _ 5.75 
•Srrift & WRIKI sees . 5.75 

TSB 5.75 

•United Bk of KuwaR. 5.7S 
may TH« Baric Fte._ 575 

Western Trust..- -5.75 

Whiaaway Ufcfaw 5.75 

Yoritsfdre Barit 5.75 


• Members of London 
investment Banking 
Asaoctaftai 

* tn aan hat a kr 



Open 

Sett price 

Change 

High 

Low 

Esl yd 

Open kit. 

Dec 

94.02 

94.02 

-001 

94JJ3 

9099 

240^97 

474.773 

Mar 

9304 

33.85 

. 

33X6 

93.81 

239557 

401.103 

Jun 

9351 

9353 

■ 

8023 

93.19 

131 JXO 

303.653 

■ US TREASURY HUT FUTURES (IMM) $1m per 100* 



Ok 

94^2 

94-S3 

. 

84.83 

94JB0 

5.129 

21206 

Mur 

94.19 

94^1 

. 

94.22 

94.19 

987 

9550 

Jim 

- 

83.83 

- 

• 

- 

332 

2.091 


At Open InMreat fcg t . ore Mr preuMut Coy 
■ EUBOMAHK OPTIONS (UFFD PMIm points of 100% 


Strike 

Pnoe 

Oct 

NCV 

CALLS - 
Dec 

Mar 

Ore 

NW 

PUTS 

Dec 

Mar 

9450 

020 

0.22 

0^5 

017 

0X11 

003 

008 

0£S 

9478 

002 

006 

0.10 

009 

0.08 

0.12 

016 

052 

8900 

0 

001 

003 

004 

031 

032 

0.34 

072 


Ebl VOL tool Cats sna Puts 3X2. Piw ren dar 1 * op«n «. Cate 17T122 iPua 18M7B 
R EURO SWISS FRANC oynoNsqiFFE) SFr imprints Of 100% 


Strire 





_ m PUTS — 


Dec 

— CALLS * 
Mar 

Jut 

Dec 

Mar 

Jtn 

Price 

9600 

024 

0.15 

on 

005 

038 

089 

9373 

008 

0XJ3 

OC5 

0.14 

OS6 

088 

9800 

0 02 

005 

002 

023 

0.76 

1.10 


Eat trei. to W. Otfi 0 PUS a MW «tw» COW hL CM* 1870 Put ® 813 



FINANCIAL TIMES 

Conferences 


THE NINTH EUROPEAN 
PETROLEUM AND GAS 
CONFERENCE 


European Oil Refining and the Market to the Year 2000 
15 & 16 November 1994 - Amsterdam 


This year’s meeting, timed to coincide with the PetroTech 94 Exhibition, will examine 
the European product market and prices and review refinery activity. Environmental 
issues and new refinery investment will also be discussed. 


ISSUES INCLUDE: 

• Current and Future European Refinery Capacity 

• The European Markets and The Middle East Refiners and Producers 

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

• Cost Effective Approaches to Heavy Oil Conversion 

• Environmental Protection and Fuel Quality 

• The Cost of Meeting EU Environmental Regulations 

SPEAKERS INCLUDE: 

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

• Mr Phil Trimmer 
Manager - Strategy and Forecasting 

BP Oil International 

• Mr Mohammed Saleh Shaikh Ali 

Chief Executive 

The Bahrain National Oil Company 


Mr Gilbert M A Portal 
Secretary General 
European Petroleum Industry 
Association 


Mr Chris Baxter 
Vice President 

The Chase Manhattan Bank, NA 

Mr James j Degnan 
Chief Executive Officer 
M W Kellogg Limited 


There are some excellent marketing opportunities attached to this conference, please contact 
Lynette Northey on 07 1 814 9770 for further details. 


THE NINTH EUROPEAN PETROLEUM AND 
GAS CONFERENCE 


Hrase return to: Financial Times Conference Organisation. 
PO BOX 3651, London SWI2 8PH.Tel: 081 673 9000 
Fax: 081 673 1335. 


Pfcase tick relevant boxes. 

□ Conference in formation only. 

□ Cheque enclosed for £775.50, made payable to FT Conferences. 
O Please charge my Mastetcani/Visa with £775 JO. 


Card no □□□□□□□□□□□□□□□[ 
Nome of card holder - 


The Ninth Eoropean Petroleum and Cas Conference £660+ Vat 

Name Mr/Mrs/Miss/Ms/Other 

Job Title 

Company 


Address . 


Exp. date Signature 


Tto axSrematai fito prevale wfll be hcM by •* jmI my hr w^l to Inp ycu nbnned nf FT fOoOiA tort aacd 
by after Wlcqnl quahQ i nnM « a» fcaii M b, parent.. 


Tel 


.PostCode 

Fax 


.-HA 







\ u „. 


n*«u 




‘>1 . . 


si . . 
I , 


Piiiiis 


■“Slf* 
;■ ,,:i \iwi 


v:u\ 




FINANCIAL TIMES TUESDAY OCTOBER 1 1 1994 



EUROPE 

Nsnu(Dcno/scty 


AmMr 

BMUt 

CrcaPT 

M?* 

& 

tea* 

■'•On 

RaoraH 

TleyrC 
IA T«C 


VMtt 


1.870 

1.046 

S3 

Z840 

W87 

1.190 

814 

887 

1,010 

488 

180 

use 

33S 

871 

<71 

5,877 


•20 2J0Q1JS0 2J 
♦183 l£7U 800 08 
+17 884 SO? 1.8 
♦SO *£00 2.788 05 
*11 1.718 1.1M 14 
-915871,050 04 
*4 744 566 — 


*■1* 1.0S7 
*85 1.050 
♦S 488 
+4 ZW 
*13 1.180 
*% 406 
*13 701 
*7 tDO 


645 15 
685 3X1 
387 25 
171 3-0 
874 ... 
326 15 
548 2.4 
430 1-7 


+57OS0Z411 IB ._ 


■a*WWMBB MIW6<Oct10/R9.> 


Mom 4.080 
Aknrt 7580 

SS* 1 4J00 

BSL 4580 
BOTU 1CJHQ 
BGnLPt 22,050 
smans 34500 

cctn. 5240 
cm# 194 

Sffi 

Bectb 5520 
BbMC 2560 
forts 2580 
GBL 3AW 

CBLrfv 3.700 
aaon 1,29? 
BonBna 7520 
Gwtft 8530 
GMM 4580 
mnoH 2555 
•MOBk. 0.100 
KM4F 0.100 
MciMr 5500 
H*U 1.400 
Pinuo 1SJS0 


Pwifln 

Read 

*SGnARf 

Soflrw 


a 

UC8 


4.470 

4.330 

2,130 

l£E 

1.450 

14.900 

S-500 

23.575 

2580 


-10 4,450 3,705 15 
-80 8580 7560 35 
*100 5500 4500 
*15 4580 3580 45 
*5aiojna'%BSQ 2.7 
-400!B«02I550 25 
— 4Un94500 55 

+&SS3 

*150 13575 11500 34 
+45 2.700 2.180 3-7 
-HJ 8200 5200 4-4 
-1 215 154 5-7 
+200 8500 0.100 1.7 
+8 1550 1.106 24 
—20 0520 5,110 74 
*10 3.781 2570 4,7 
-20 2B7Q2J80 _ 
*110 4580 3525 &.1 
*80 4,470 3550 55 
*•4 1580 1,258 25 
—20 B.180 7.420 8.0 
*50 flUOn B.72D 13 
+80 5560 4.1 BO 26 
+5 3586 2.760 52 
*90 5500 fijno to 
+80 7.850 5,090 T 5 
-SO 8.400 5500 45 
_ 1530 1.400 65 
— W.4D01&000 — 
*13010775 9^50 25 
+40 3^80 2.820 6.1 
-15 588 420 35 
*110 3200 4.250 48 
. *10 5580 4520 4.7 
+23 2B3B2JZ5 55 
-3S 2338 2.015 S3 
+301&7D01255G 5.0 
-60157&15S0 7.2 
+375173813750 44 
*6011580 8590 45 
*173 26.100 224B0 25 
_ 2530 2.440 44 


WO -UO 57038510 
W*1B 630 ... 70s 500 

LWH 661 *18 802 661 

15*00 403 30 +125048150 377 , 
Mg* 127.40 —50 167 JO 1D530 
tan* 1,126 *34 1486 1,0*5 
Uamo RWO — 75E0 5/WO 

38130 *1.90 38650 21090 
48B *750 Q4 463 : 
21850 +5J0 274207.10 

120 +1 13550 6750 1 

~ NMU 804 +11 136 866 i 

~ 1=2 - fi0 +4-50 18030 Tig i 

Omn 200 — 2C0 164 

Part* 330.70 *1150 52b 315 ! 

— P*M 306 — ! S»am!ffl : 

tattV 14850 *1.10 234 13550 : 

— PrrWe 30320 *130 WlS« i 
~ SST 174 +14 SOB 752 

PWT 810 +6 1,005 785 

— PWM 1,010 +221.150 006 

RMdt __S10 -10 604 352.10 

tfcmri S 2TGM *4 267 201 ; 
RtawA 124.10 *1.10 157 4Q Ilia i 
RUM S7H -2 752 542 ' 
3SX 750 *16 945 Ot ' 

SS£ HS *T5^^S; 

*12 600 472 ! 
+1J0 BIO 373.10 1 
-- 111 +1 700 382 1 

R 2JOTUI +51*70 1.7BO 
,666 *26 782 523 4 

2J»3 -J 2800 1.710 i 
282.50 -050 5292E22Q 
245.70 +8-50 377 234 78 E 

— §>nM ZOOjSO *130 ZB S0 16158 ! 

— Jattl Z60O —1303.120 2361 1 

— TtarCSf 142-50 +3L80 214 132.10 i 

— TOWB X23-B0 +5-0036450283,10 3 

— U£, 141.40 +-4.4C 22+50 177 50 S 

— OFBLPC 364 +4 494 333 4 

— 430-17-20 06042910 8 

— UoOnfr 416 +10 BOO 403 7 

— WW 270 *3.10 307 2*1 3 

— WtC 298+40 *ft40 335 240 3 

— WntsCI 238 +7 3K 227.10 4 


®«IAiiT(Octlo/DmO 


151 +101BUO 140 1.1 

607 *5 63S 4fl0 2.4 

— AaMnAg 1,025 *15 1.448 1£10 1.4 


= B4 ’« 
= M & 


*75 2B11 2.122 05 
> 576 ZO 


DENMARK tOdlO/Kl) 


•A 641.80 

188 

cam 26 o 

Cutan 5550 
(VS12A 106,000 
Mm im 


FLSB 

Btwrd 

BSB 

jyshafl 

IrtzrG 

MOM 


15B 

42056 

550.68 

170 


IS25 

K 

TooOan 

IUM 


283 

638 

445ad 

sn 

504 

400 

3SC 

000 

220 


+11.60 760 5B5 2-3 
*1 281 183 2_7 

*7.70 333 260 IJ 
—7BOO5JO0 08 
0-5 

+4 22811950 1 A 
*030 427 307 3.7 
+170325 “ 

■tSJES 615 
+6JSS 643 

z s 

■3’C 

+4J078MT 
+27 737 

' *9 ■» 

+fl are 
+5 486 
*436633 
+10 1,372 


150 5^ 
385 2.9 
445 23 
160 1 3 
330 23 
950 04 
252 3,5 
468 0.7 
418 1.1 
487 08 
425 OB 
321 Z5 
300 _ 
310 1.7 


+6 26720786 4.4 - 



(DcMO/Mha} 


ASru 

14-50 +1O50EB5S0 

780 *381,101 TOO » 

TOO +20ljes 615 1.1 
BASF . 301 JO *9.1034090 276 2.7 
486 — 510 435 1 6 

Brt«M 360 +8 465 346 U 

85m Jtia +KU0 4048093018 3-2 
HmoO+379-a£n- *17 528 85450 3B 

Bfififflr 786 +23 B29 639 1.6 

413 *14 673 385 3.1 

1.006 *261.105 SIS 1+4 

niu 284 *134450 236 IB 

WBt ^ +6 526 374 3B 

Mpo »5 +1 951 750 1-6 

Mttn 122B +10 16X 1,140 08 

COKnP 820 +101X130 805 IB 

CtmutJK 312-50 *6 mK toS i» 

gmW 234 BO +5J0 296 225 1.7 
OLW 402 +13 GOO 381 05 

De*rtr 76SL60+42J0 904 ^ IB 
Dwa 471 +14 568 443 1.5 

OTS^ 22050+1050 3650 210 _ 

OtcWk 706 +28 007 50 sp n *vi ? -1 

cum 13&G0 S m wiS 

DquMb 501 +6 807 478 2JJ 

Onom 310 +10 337 260 IB 

DraSK 385B0 +1080 49050 346 S.5 
6EH£ 517.50 +2B0 618 465 1.4 
SWim » +7 307 250 IB 

Ofecb 730 +8 730 590 IB 

HimfaB -20 +« 2«5 190 3.0 

HaUZra 1^82 +42 1360 1.141 1.0 

£*«*> 5S8 +1540 6B1 562 1£ _ 

Hrttt 317 +6 440 310 SB _ 

ftashtf 965 +11 1009 857 1-4 _ 

mam aisoo +oao 3^23420 22 _ 
685 *10 1 099 630 IB _ 

«b = 

inowk 352 *8 433 330 23 __ 

Km&8 143 +5-50 168 131 ._ _ 

ss a zsb = 

mo 125 +7 16150 115.16 — _ 


SPaolo U»0 +0011,700 6050 40 

§«-. loaoo *uonmo3oi u 
arnap rjao +38 2.730 1 sea 2 a 
Talscm 4 £10 +95 5.195 0363 ZO 

ToraAa 25,150 +4503430024450 IB 
TOMFf 16X300 -2BMM2 14500 84 
LMcam 10,100 +100 1&700 fl^SE IB 

NETHBKAIB8 (Oct 10 / Rs4 

MNtar 58.46 +14073.70 54 5.1 

AEGON 102.90 +1 1HUB «»+0 3B 

AtoU 45.30 +B0 5340 42B0 24 
«Z0 N 1BBB0 *2B0 228 1B7B0 33 
BOHUi 33.60 *M 4730 32.50 3B 
takDR 35-90 +1J0 52 34.00 23 

CSW 6520 +1B077B082B0 _. 
DSM 139.70 +2B0 15650 10530 1,1 
1« +U0 20617170 23 
By, 17.60 +J0 19L5014B0 - 
FkKDpR 15 +.40 25 13B0 SB 

FAhwOR 67 +.10 39-40 KJO 4B 
Ss* 92B0 +B0 1QUQ 09.10 4B 
GBrtlpfi 4230 +30 58B0 41+40 33 
HA*i>F 134 —B0 157 SO 123 _ 
H#«01 23400 +3 260 20650 IB 

H0C6 275 +J033U6 !64 3B 
1«KH>R 75-30 +120 as 48-50 SB 
jCnOyl 7B.TO +2.70 83B0 6*60 2J 
MOM 30 + JO 46.10 3470 8.1 
74.70 +1B0 94.70 7210 03 
02.10 +30 96B0 74 JO *4 
45B0 +B0 57 JO 4090 23 
43.50 +1,10 52-60 4210 OB 
6220 +20 55.10 47B0 „ 
+ .40 57 3D 43 JO 3-3 
+B0BS30 64 GB 

-70 10029 72 2A 

+B0 90 66.78 — 

+.B0 89-50 BfiBO 30 
+BOS230 40 OB 

+B0 84.50 71 10 

+30 131 112 21 

-.10 68 SO 6.1 

+J0135B)1MJ0 28 
__ +B0 10CLW 8170 6J 
RDLlcll 160B0 +3.40 21 S40 16480 4B 
StortcN 42-30 +B0 50JCI40JO 1J 
un*0p 194. BO +170 238 17640 3-0 
VMJ 174 -30 20316450 21 

VrOTpB 4T20 +2 5*60 4S 21 

MMDpfl 12280 *2BO1SU0injD |J2 


— MUMMY (Oct tO /KmtU] 



F%caSr IjSOO 
PrtM 4B80 
PIHB 190 

nm» iTstw 

Rttrtr 11 BOO 
RcteGn 5.785 
SOS Sr 1 BOO 
SMHBr 771 
S«<HRe 162 
“ 678 

S4E 
1B80 
■M 


Saflkftg 177 JO 
Swftoflr 706 
SwRaRg 688 
ffOKl 850 
W® IBM 


1.181 


(Malta 

_ ZnrtnB 


_ 450 30? 3+4 
_ 971 782 IB 
_ 190VCSC IB 
_ 991 700 IB 
-101BZD1B0Q 21 
*41 1.437 1 J53 21 
+Z 17S 123 _ 
+75 1.736 1,400 4J 
+210 5.640 3,780 _ 
_ 283 186 B3 
+40 1J40 1JJ01 ._ 
+275 laxw 11.12b OB 
+165 7£70 5,160 OB 
+15 2300 USD 2A 
+7 TB55 HO IB 
+3 JO 227 146 1-Z 
+21 668 662 *- 

+7 970 834 

+60 USD IBM 2.7 
+6 1.100 845 2D 
*4 531 362 43 
+3 JO 269 173 4B 
-12 615 564 IB 
-10 77D 515 IB 
+3S 688 735 — 
+81 1BD31B65 ZB 
*25 632 568 27 
+29 IBIS 1,128 1 J 


— 720 601 _ 

— SIS SIS _ 

— 670 614 Oi 

— W 1 OB 

— 677 804 

— 1B80 1,130 _ 
_ 335 250 

— 960 737 _ 

-24601700 _ 

— 2780: 




PAC1RC 

JAPAN fOCt 7 / Van) 


~ AtafM 


1J10 
821 

MNAI 1J70 
MfKS 1,250 
AmaA 1 £40 
Ammo 1B00 

AmoOi bis 

Antau 1B30 
Mi 465 
Aovama 3£30 
MnOI 4.860 
AMOSk 1,130 
Amoar 1J60 
MC 774 
MM 1J40 
AaertO 521 
Asfca 4ia 
MMwl 586 
EfcYiiTi 912 
Brau n i jog 
B roOir C89 
CSX 3B20 


Oman 

EkmFr 

MSNM 

RtmM 

UHH 

■WOM 

NSkgAI 

OlKta 

RttaOl 


SWB 

UMor 

(MOA 

VUM 


71 
143 
11 Jo 
178 
89-50 
lie 
288 
04-50 

247 JO 
166-50 


7b JO 
73 
60 
102 
122 
27 JO 
60 


+1 112 SB 49 

♦1 175 130 0.7 

— 1BB0 11B0 _ 
— IM 

-BO 114 
+2 14® 

+2 906 
-3J0115BO 
+5 2®B 
-JO 206 „ 

-2 30518850 ZO 
->16450 130 10 
+1B0 91 7250 2B 

+1 81 71 2J 

— 97 72 12 

-1 122 83B0 IB 

+2 151 114 21 

♦JO 6450 26.10 — 
— M 55 9B 



-5 1W IM ZO 
•» 178 121 IB 

_. ins m ... 

*20 49-90 35.80 1.4 
-2 233 141 2B 

17.40 aoi _ 

— 60 45 ZO 

— 705 505 20 

— 150 100 OB 

*4 247 140 IB 
+2 250 140 20 

-28 256 200 0.9 
-6 2W 190 IB 
+11 676 267 OB 

— 107 69 — 

— 104 58 1.4 

+2 102 54,10 IB 

-BO ST.BO 41 _ 
-.10 120 84B0 1JD 
*3 244 175 26 
+.10 31 16 ... 

+.10 20 BO 12 _ 
+6 129 89 -. 


mwtttfjeno/Foj 

^AGF 717 40 +6.40 35620410 _ 
Actor 621 *17 766 569 3B 

AMJq 731 *13 814 655 Z9 

44CW 409 +8B0 B13 4S4 4B 

JUQ 2*3.70 *670 330 217142 

PC 839 +16 718 570 4J 

BMP 253 00379*90 227 IB 

Bncaa St* +19D0 6S34*1I9 2B 

Bongm 2B40 +223,750 4757 32 

Dim 550 -14 7BJ 5*6 3,0 

Oi> 1.120 *48 1.460 1.033 «J 

Cantl* 817 +3 1.196 7M 46 

CoOGwn 161 90 +1 J» 72650 156B0 5B 
OnMtR 180 70 -ZOO 21530 1SU9 .... 
C6M Z125 +29 Z2Q0 1,711 ZO 

GMM 16690+550 205 13250 44 
cnrgr* 1 JW +28 1.570 UD4 3J3 
OlltMd 453 +9.10 498. 3*8 ZO 
CCF 216 +6.8030090 201 ZO 

OUrf 81S +15 1JM 714 OB 

OtyC< 423.60 .1380 690 370 SB 
OlKf 39080 +160 496351X0 „. 

ONH 407 +14 737 3701*3 

Daman 6.oW *io 6.160 Sboo 06 
Damn* 70* +B U«H 685 U 

OncklF 707 *5 830. 610.^ 

DWufi 35S +15 470 331-1.7 

Of SM +20 977 TOD 28 

E3UXOI 403.70 *1160 74845220 3-3 
Rn 65* -1 7+0 500 2J 

EnAqu 381 JO *8J0 435 911 BO 5.1 

wfi ®J +BBQ anjM.KO oa 

DSan 238 10 +1.10 282 101 151 


140 +EBD 1791CC.7BZB 

Uf*iyr B4S +4 800 630 23 

UrtW BOO *5 850 860 IB 

Unda 887 +30 966 030 IB 

UnoH 321 +7 410 311 ZB 

LUton 181-50 +4B0 2HL50 157 ja „ 
U81K 179 +4J0 209 151 1.4 

NOW 400 +TO 470 33TS 1.7 

MAN FT 314 +11 387 2S5 23 

396.50 +748BJ0 380 1 J 

GW _ 622 680 — 
155 +18.10 285 101 33 
2770 +103B172670 04 

235 *4 262 210 _ 

503 _ 530 493 3.9 

nnth 601 +21 950 822 0.4 

440 +710Q 501-50 418 22 

. , S*!8 a SS8i5 
ij5s 

+4 267 20D 3-fl 

_ 11324050 24 

Sctmo 898 +11 IM9 868 IB 

gct*J» £5 +Z50, 43| 330 IB 

ass S :? r 

«ST 90S ^ 380 288 3J 

& la 

ISO +11J 

* .rslo 443 337 as 

3 a 


— Koipa 


(OcnofPtB.) 

6.160 +1O6J80 5.15O IB 

+« B.700 4,770 £.0 
+30 3J3SZ780 24 
+60 3400 2415 7.1 
+SM76 3B7S 4.1 
i-IS0 17,700 1400 11 
4-900 +115BJ21 4.400 6JJ 
836 +8 1.146 560 945 

1165 +1S3J9O2410 32 

4J596 __ 5,1 1 0 SBOO 28 

8-720 +100lfoe01MO 25 
1.880 +40 2,713 1.765 4B 

U70 +10 1,775 I£1Q 2.0 

2330 +25 3J80 2J00 24 

5.510 +1108.1150 6,100 2B 
740 +141.100 720 5 A 

506 +*1 924 418 15.1 

+46 5.140 3£00 17 
+7 1,210 7M 7B 


orroWM 


_ OousMi 


-10 7B90 4J00 ZO _ 
+107B3O4B00 26 _ 


“ SMACE 



9,004 
812 
6BS0 

5B10 

<240 +M&49046S0 2 A 

SBOO +280 12500 6,420 IB 
2B3S +5 2170 1.B00 _ _ 
3,956 +50 4JOO 3-S05 2J9 _ 

+1 355 ICC 14 

-10 B96 351 M4 _> 
615 585 6.1 _ 

+10 4,450 2,005 15 _ 
♦152185 1^99 16 — 
_ 1.435 950 IB 
-1 735 5*8 7J _ 
2400 950182 
♦35 1J101.1E0 S.7 ._ 

*60 1120 1,060 2.4 _ 

2675 +12S2580Z2S0 l.i 


_.i,4aD urn » _ K? 

_ T37 466 — _ KS? 

— 1J10 991 QB — SSf 
_1JB0 970 — _ {tS®, 

— 1^5 B91 _ _ 

-1BM1B70 - _ ?g°g 
_ 744 563 IB _ 

— 1.700 940. _> — 

» 534 402 IB _ ESS! 

Z&640 4B70 OB Z j£gg 
_ 1250 1JJ20 _ _ EE* 
»1£50 1BCO — _ 

— 811 580 1-2 _ SE£? 
__ tjoo ixj4o _ _ SS , 

— 629 41Q 0,5 _ EKS, 
_ 513 380 IB _ 35t 

— 679 5S0 — HE&nar 

_ 608 855 — _ 

z •« , «2 z asr 

Z^^4A Z &SL 

_ 741 436 „ _ laOM 

_.1B20 1J30 _ _ t*8en 

— 3JB0 2590 _ 327 MOsul 

_ 1/410 1,020 IB _ MEnS 
_ 611 315 _ _ Mkfud 
_ 482 337 1 A — Itmr 
_ 997 541 _ MMtaS 

_ ®3 490 loom 

_ 1,4£>1.D40 05 _ MM 

Z 2BTO 2450 ’J Z S2rfta 

Zi^gj^z zS5£ 

_ 1.660 1B10 _ _ WtvnS 

— 984 772 IB _ UM- 

= g 3 = = 3 b 

_ 570 307 _ _ MnaaM 
_ 1BT0 1.420 _ IMg 

— 1.480 1J50 OB — ttalMI 

_Z060 1.700 _ ICC 

— 1,810 1/400 _ _ N6KBI 
_ 1^ 660 _ _ NSXSp 

z 1- no M? Z z ZZ* 
ZilS^ZZlg 

— 2-020 1 300 _ _ MTN 

_ 5Z7 345 _ _ M30FU 

_ 1JB0 720 _ _ No*M)r 
_ BSE 687 OB _ Uaoaaa 

_ 1.120 651 __ 

_1.no 1-3S0 619 MMa 

_1B70 1£30 OB _ Mchf 
_ 4650 1420 0.7 _ McftEa 

_ 7D5 545 IB NtwtCm 

_ 836 488 _ — utata 
_ 1J10 1£50 __ 

_ 1J601B80 _ 

— 1.180 993 _ 

_4J40 3B00 _ 

_ 708 521 OB — 

z^ffiz = 

_ 9H«1 ? nnn 

_ 73 BM IB _ 

_ 313 275 _ _ 

ns Z Z 

890 _ _ 


— 7B7 

— 573 423 IB 

— 523 SIB _ _ 

— 1X50 1J10 _ _ 

— 645 406 _ ^ 

_3Jl002220 

— 7,620 5J60 _ _ 
_ S55 37S 1J _ 
— . 689 730 

_ IJS50 90S _ Z 

Z^^z z 

Zi3«o SdB Z 

_ 936 612 ._ _ 
_ 2220 IBM _ 

._ sen 420 _ _ 
_ BOO 743 2B _ 

— 463 321 _ _ 

— 2010 1^20 IB __ 

— 2B201J0O _ _ 
_ 1B20 UOO _ _ 

— 1 £20 690 1.1 _ 

z^SS^z z 

— 782 Sz Z 

_ 7B2 582 OJ _ 

- 1 4S 1, 5S aB - 

— 963 480 _ 

_ 593 386 _ _ 
_1£30 7B0 OB _ 
_3JH0 2J80 _. _ 

— 724 520 _ 

_1JOO 906 _ _ 
_ 550 S35 _ _ 


1.470 


713 — 062 


UM _ 


— uno 706 _ _ 

Z 1 ^ Sgz Z 
Z S ^Z Z 


Z I<«co 


zS§ i.fS 


5,400 _ 


_ Ueo 1.140 _ _ 

_1B1Q 1,450 _ _ 

_ 56S 42B _ _ 


_ 400 301 _ _ 

— 1,420 1,100 OB _ 

— 890 743 OB _ 

Z 453 337 Z Z 

_ 030 576 _ _ 

_ B40 770 B7 _ 

— *46 310 _78J 

Z IJTO 790 Z Z 

z 2 ^^^ z 

— 1£10 669 _ _ 
_ 2500 1B83 OB 

— 624 488 OJ _ 

— 1700 2-000 _ _ 

— 4B80 3B72 - _ 
_1J10 839 

— 1.170 965 
_ 1,460 1 £20 
_ 630 396 _ _ 
» 296 231 _ _ 

EES 565 _ _ 
>- 791 526 IB _ 
_ 774 483 .. _ 

— 48* 316 _ _ 
_ 910 011 _ 

— 1,040 7B1 OB _ 
_ 580 500 _ _ 

— 2B80 1 JOG — _ 
TJ50 1 J7D _ _ 

— 615 8S0 — _ 
— - 610 628 _ _ 
_ S56 400 OJ _ 

Z so 412 Z Z 

— 1.440 1 £00 OB _ 
1.140 8S5 _ _ 
7-500 5-270 _ _ 


« ^ z 


_ Z Tor*) 


_ 512 361 1J 
._ <560 7 £30 _ 

— 1B101J20 _ 
_2B»2430 _ 

— 1.110 770 _ 
» 2320 1,610 _ 

1JM0 640 _ 

_ 1£90 1.130 _ 
_1£GO1£0O _ 
_ 636 433 1.1 

— 010 411 _ 
_ 385 266 _ 
... 700 BOO _ 
_ 823 481 _ 

— 1B601.110 _ 
_2820 2-060 _ 

— 323 700 08 
_6.«1Ji4W _ 

— 632 018 _ 
_ 7*7 435 _ 

— 22901,620 — 

— 587 404 _ 

— 1.100 637 — 

— UK USD — 

— «76 360 _ 

— 465 286 _ 

— 1030 SSI 08 

— 353 252 _ 

— IBID 864 _ 

— £73 432 — 

— 734 611 1-4 

— 1.129 616 — 

— 1 £20 IBM — 

— 616 674 — 

— 1 J20 1£50 — 

— SBSD17B0 — 
740 BIO — 

2210 1B30 1.1 
722 609 — 
882 679 OB 
1,650 1-070 — 
1J40UBO — 
1£*0 854 — 
606 400 — 
826 BIB QJ 
1,100 705 OJ 
651 566 tt7 

W -gTlJ 

770 B02 — 

993 670 — 


21B0Q17.2SQ — 
22302540 _ 
1B2O1.110 — 
638 326 — 
507 415 — 
Ueo 1.130 OJ 
532 421 — 

1 £20 1,450 _ 

2030 UlO — 
.2200 1,570 — 
-8B4023SO — 

- i«BO Z740 _ 
570 432 — 

705 620 — 
2J30Z200 — 
2140 1,620 0.7 
7B0 450 — 
629 657 — 
730 540 — 
1B60 1,460 — 
1B60 1.190 — 
7BB 573 _ 
876 670 — 
1£601BOO — 
764 433 _ 
90S 765 — 
414 285 _ 

20901B0D _ 
696 421 U 

■aris z 9 

733 S24 — 

527 330 — 
1JS0 965 — 


stew 

Z8S 


3J0 

ZOO 

54 

TNT 

2B3 


Z74 

1B1 


TAI48I 

4J0 

mm 

<00 

as 

*"d 

Wtanra 

BBOal 


BBS 

510 

<7 

WAtaj 

KWVM 

Bta 

7BB 

+.15 

Run 

B32 

HWI 

7 JO 

IB 

SB 

WtOTr 

2JD 

— JB 

2B5 

230 

4J 


<17 

+BB 

5S5 

<03 

IB 

WaxPl 

S£5 

+J8 

522 

170 

IB 


277 *B7 262 270 4B — 


116706 tantaa 
29660 BreenA 
6146 Bmcar 
480*8 CAE 

1700 CMFaA 

120622 om 

»S0 CAMpix 
272*0 Chdoco 
C ankr® 


- HMBKDKIDCHO/HXS) 


taiojPr 9 BO 

BEAM 3210 
1U0 
*9*01 



66 

_ 7J6 

CMci> «u« 
Crltaft 1270 
DFsnn iojo 
4£0 
800 
88L26 
tfl-imoC 14.10 

52.7S 

1210 
BBC 
HeoLnd 46B0 
HKGhS 14JJ5 
WSttff 10J5 
HK«r 3140 
mat 2175 
WLand 1BJ5 
MOW 19 
WtTol 1120 
Hem* 7-2CM 
ftfew 35B0 

l U i n IOT-WtiI 
' ‘ - 1210 


FBQXA 

SHKPr 


swco 

8a*iM 

BMnfi 

TataBr 

Mpf 

WlnuOn 


i4BSad 

9B5 

25J0 

35£0 

64.75 

12B0 

4B3 

11B6 

<70 


S0B5 

9-10 

35J0 

29J0* 

16J5 

11.10 

1025 


-30 15B0 6J6 4J 11 
-BO 50 2260 2J22B 
-.101&7D1040 SB — 
-.10 52S0BD2B — 
+ JO 67 37 SB MB 

— SI 59 2B 65/4 
-B6 14 B.1S — — 

-BO 27.20 18-80 IB — 
+■0512101230 28 14B 

— 1220 10 OS — 

-.02 BBS <10 ZB _ 
-.70 46 3230 U — 

+JO 131 SO 2B — 
* J5 2140 1120 4B41.1 
-£S 0OBO 47 JB 3B 124 
-.10 13J0 10 17 ZS 

-J6 6B0 5B3 4B — 
-J0MJ0 32B0 4B — 
-.15 24 £3 13 ZS 20.7 

— -35 16BD 10B5 lB 6J 

— 64 33 S.Q 13-8 

-,Q5 35-50 snap 3J _ 
+.15 31.73 17B0 05 — 
-.10 30£S 18-90 3.7 21.1 
+.10 17.70 12 24 — 

-.15 lOBO 5J0 <1 .. 

-.10 42S0 27-60 IB — 
-£S 33£5 19-25 4A — 
-.10 1110 7 BO OB _ 
-JO 84J0 48J6 0.4 _ 
+-05 38-50 24J0 04 — 

-JO 2S12B0 22J 
-.35 12-80 BJO OJ — 
-JO 4150 2020 3-5 — 
-JO 39 30 10 S5£ 

-jb 77 4i jo ii tar 
— £0 16J0 11 11 44J 

— £2 6.1S 3.75 JJ 13.7 
-25 1540 BBS 94 34J 

— 545 3J0 64 — 
+£3 7B0 056 55 _ 

-2 n 60 2£ 1SL2 
-JO 11 JO 8 15 155 
-JO 3750 23 2J — 

-.10 41 25J0 22 — 

-£b 2150 14 J5 23 — 
-JO 1650 10.40 2.1 _ 

-.101740 IOJO 75 — 


564(153 i 

65 CanTlr 
173070 OonTrA 
14026 C8IUA 
1000 CBBlItB 
00112 Cwfcr 

T SS ftlSs 

20 0 &Man 
8074 Catan 
151 CntCec 
11740 CtaaOd 

asm cum 

660 Cnrtp 
236789 Coras 
14200 CDKOn 
213020 CM 
48587 CreanX 
79600 Dartan 
i57oee Dctaco 

33710 DwrtnT 
130001 OoMta 
1 5400 Di#iMx 
7826 DuidBA 
20600 Esiplraa 
1W1M ECHOS 

1400 Emm 



110 

S1#2 151* 

| 22 > 

SIM !»>• 

sSiS MONTREAL (Oct 7/ Can Q 
OossdOd TO 


K*l I*!? 

SR’S 

nif>r io«. 
*174 16% 
SIM 13 
SIM 15 
S13V in 

*2S ,5 

SSI 

Mi 


84900 8rabrt6x 
24130 BtoChP 
46001 Cambto 
1(870 Cacads 
700 DnMarC 
487500 ETC B * 

M»CTI Bu ll 

27600 UHcn 
12 0170 Name 
3600 PMoo 
3000 ObrarA 
ooo vidon 


AFRICA 

SOOTH AfflffiA (Oct 7 / Rand) 


Cl* TPj 


SSjtT 



z MALAYSIA (Oct 10/ tflfQ 


zSSSS 


jar^ 

ObneO 


<68 

2130 

l&JO 

1740 

4.14 
<74 
4-23 

7.15 

&S 


+.03 0bo 
+J0 2S75 
+.1019.10 
+J0 10-80 
— 6-30 
-.12 665 
-.12 8£5 
+J0 640 
-.10 24.10 
-JO 2090 


3-52 2B 
16.75 1.1 
12-BO 06 
1130 1.1 
no i.7 
2-B8 OJ 
SB2 IJ 
190 11 
1640 OJ 
12B0 — 


207100 Inraaax 
hocoA 


— ns 


(OctID/SS) 


Fr8M> 

OdFIAa 


345 — _ 


z z® 


I (Oct 10 /Kronen 


MSak 




M A.U 

mo riALT (Oct i Q / 1>9) 

704 <6 — 



6SB0 *50 93 

B6J0 + JO 95.75 
534 +17 680 

525 +1B 665 

179 +3 197 

17760 +1-30 IM 
89 —10150 

-.50 106 if! 
*3 439 
+5 437 
+3 13* 

II 


56150 
5716J 
ZS> IB 
438 IB 
16 0.9 
144 OB 
55161 
7910.1 
32 IB 
«37 320 1.1 
134 67 3.1 

134 8S 11 
110 76-50 6B 
430 251 IB 


7*0 


BBCW 706 

(MAT 743 

Etta 3450 


HBCt* 

(1 

fl0* . . 

Fu**r 1.000 

E+A5CQ 007 

EUOB 7.50 

Faufl KH 

FdncLv 590 

Frniiat 5JM0 


3 , « 

♦14 630 
_ 3.467 2,750 2B 
11.700 40 


728 _. 
053 64 
1.7 


♦40 2JM!. _ 

+15 73* EB2 2.7 
-£S 16.70 BJ5 9.1 
-1 162 102 fl-B 

*« 336 560 17 

.. _ _ -6D 6.020 4 J40 1J0 

GH4EI0 436B0 -1.50 676 365 2.0 
Qau 2J0O *40 2.754 1B70 07 

cmaon aai -a 38373950 u 

OUW 360 *2 6*635530 13 

tbrau 437 *1549380 396 7.7 

InieW 539 +14 880 493 79 

440 — 716 427 SJ 

7OT *1 1JV0 662 8.3 
5140 -.10 119 51 J5 SB 


B Conan 1000 
BKung 2.700 
Mm i.6n 

KSR 

Brago 9,150 
OR U65 
CMSp 1JM0 
Cnrtr 1.450 
Cbftn 1.057 
Cr Ha 1£*« 
Ot** 10.130 
Faifll 1432 

ftal <300 
ftBJPr S7B0 
Hdta 4BX 
Fonsoa 1US0 
tan ijao 

tan* 38.71X5 
SldW 1610 
BPr 25,000 
IRL 5.500 
UN 1DJ00 
taa 1333 
won 10,600 
IBDM UBQ 

uStar 18,730 

Madbnc 11490 
Mound i£0O 
OOuat 1B00 
Plrai 17BS 
t«na +£70 
HAS 20BM 

as 

SM 641 

STCT <576 
SKIM <560 
Sotoam 3,400 


♦SO 1682 1470 SB 
+2D0 3J65 2B41 -- 
+61 2450 USQ IB 
-S 211 76 , 

>117029333 ULSOO 2B 
+W5 12450 MW — 
+10 3.100 1 £64 2.7 
*M 2.012 1JQ2 __ 
+10 2J95 1£S5 4B 
-6 2,010 1,027 .. 
+40 JB201B90 44 
-701*27* 9J55 ... 
*47 7J6* 1£B8 „ 
+n0 7J30<071 IB 
+50 4B20 2.119 2B 
+80 7J5D1679 17 


+470 17JBQ HU7D SJ — 
+201 BBS 1J22 2£ — 


+70O4WJ5 31*S5 OS 
-30 4.590 2478 — 
+850 30J0D 15206 1.4 
+2156BM5J56 IB 
-22519300 0.170 — 
+65 2-430 2JOOO - 
+31015W6BS2 QJ 
*120 6.4*0 <071 23 
-70T9JS012MB Z\ 
+49019700 1780B 1.5 
+5O1£*0 870 — 
+30 3.140 TB45 ... 
+83 6.1001810 1 J 
+463J6S 1.970 — 
-330 54650 aaw IJ 
-7317110 <788 7J 
♦5W154 7JS0 2B 
—11,068 490 _ 

+150 B-M0*£6S 2J 

♦30 7^0 <145 — 
+10 4J10 2B7S 




IS s 

SS&* *« 


— HtJAud IBIO 

zISS 'OS 

— HEW 5*0 

s 

— yrxuE? 2 AO 



— 2.130 IBID — — 

— 2J00 7J30 — — 

— 1.110 937 — — 

z S S T i z 

— 2.1SO1BS0 0.7 — 

Z 7as m Z Z 

z 


- 416 272 — — 
-1B00 B36 — _ 
. 1J30 1,120 IJ _ 
. 1,430 930 — _ 

- 968 620 — — 

-1B10 592 IB — 
-2£301£*0 - - 
-IBID 1.350 — — 
. 1£S0 BOO — _ 
. 1J50 1.110 — — 
- 1200 1 ,950 OJ — 
-US0 1,120 — — 
. 50* 350 1.1 — 

' 727 OB SOB 

:3 ® - - 


IS T 

TMLaa 

UOS 


1060 

17.10 
ZJB2 

3.10 

ig 

12B0 
14 JO 
7 

13,70 

1SJ0 

122 


4B4 

1060 


— 12J0 1060 

-.10 10,60 15 

-JB SB6 2J4 
-JO* JJO 2B5 

— 6B5 <82 i 

-.10 13 B 

-JO 18.7D 11 

-20 7B0 5J5 
-JO 15.10 1040 
-.10 17.10 13.10 
-.08 0BB 3.14 
+07 4£S 116 : 
-*.10 5J0 360 
-JO 11J50 BBS : 


2000 UM8» 
1270030 Mctaiz 
6731 MaMta 
11330 MSB 
217000 Mccodi 
400417 MttfOI 

is " 

29740 i 
2215 I 
1*0050 ! 

1600 MtfWSH 


IS ss 



NORTH AMERICA 


TORONTO (Oct 7 /Can 5 
CKnsdOctlO 



129400 OsnamA 
26040 PtanM 
134311 FtoP 
487957 PH#* 


J t «4 - _ AUSTRALIA (Oct 10/ AlEtS) 


2B4in.no z Z SLn sm 

a<8 E = B V 

JJlEE-l ™ 


215 +4 JO 
71* M -4 

109JO -3J0 
170 +350 
318 *4 

130.50 +1 

130.50 +50 
115-50 +150 

115 *1 

122-50 -JO 

125.50 +1 

I OB ... 

106 -JO 142 630 

46J0 +1£0 733960 ._ 

123 +119650 97 JO IB 

141 JO +U0 233 129 2J 

500 *4 475 351 IB 

402 *4 480 350 IB 

93 *4 144 85 2J 

92 -1 no 66 SJ 

80 — 122 87J03J 

100 +50 128 70 8 5 

ISl +2 158 106 SB 

133-50 +1J0 175 105 56 


aOTZBHMD KW10 / FlS.) 


AkiLRg 
URg 2-BIO 

UO»w 1,067 

UftiRO 202 

CSBr 530 

Qm» 732 

CXaRfl 729 


215 

649 


3J50 
IBM 
Fnnsr 2 bm 
HMA8 956 


*6 292 1B1 — 
-3 771 566 IB 
-1 71* 567 U 

-3S 3.066 2.173 IJ 
+18 1J491B1S 1.7 
+3 250 100 IB 
+21 747 500 3B 

+17 B70 705 2£ 
+12 9*2 696 2.1 
- 422 331 — 
♦20 3B80 1 J60 IB 
+10 1.700 1 £60 7.6 
♦30 2332 2.400 2 3 
+21 993 8S0 IB 


S z 



z 

.1.110 750 - _ 
. 1B40 1B00 — — 

^’•s = z 


PJgg-MD OJ — 

’f’l: z 

= = 

m z z 

JJiS z 


. 1B6D1J30 — — 
.2J701.790 OB - 




. 715 431 — 
. 1J*0 822 OB 
.2J00 2J50 09 
.13B0C 9,900 _ 
. 1.470 1£T0 0.7 
. 1 J50 625 _ 
. 1,660 1£B0 — 
-2BM1M0 _. 
. 420 336 
. 80S 516 OB 
. 570 430 — 
IZ43D — 


— 1.100 B87 — 


1,110 633 IJ — 
1£40 999 _ 

ISMfi z 

z 

I'iai 

ii= = 

1J40 1J30 - - 

2JB0 2.no £* Z 

^?SB z z 



1.1*0 — 


lOT 670 — — 
7J80 8J50 OB _ 

Z Z 

1B201JB) 06 — 

?S8?SS z z 

1.180 B5B — — 
IBM 1.130 IB — 


— 5B5 Z5B 06 — 
+£B 11.12 8B8 4-0 31,6 
+66 <10 165 1 J — 

— 11 JO 7J5 SJ 32.7 

- 3B2 Z«D Z7 — 

+£1 5£2 3.75 SJ — 
+B5 4.79 3J0 <9 — 
+02 2J5 1.49 SB 5£ 
+B4 20J6 16 IJ 30.1 

— 3JS 2B3 4B 6 lB 

+XB 462 115 6.1 — 

— 1J8 0B4 — _ 

+32 1SBB 12JB0 4B 34J 
+£2 1.T8 0-04 9.1 — 

+.10 S-03 3£5 EB 1BJ 
-07 5B6 4£9 56 16£ 
+J020J01S60 3£ — 

_ 180 2B5 SB — 

+ £2 3.40 2J0 2£ — 

-.ID 1730 7B0 2J — 
+B6 5JD XH 5£ — 
*18 560 <2D IJ — 
*-09 966 630 B£ — 
♦ OB 1,32 070 Q4 — 
-£1 056 OJ5 5J — 
+OB 8.07 197 X720S 

— 1.92 1£D 11 — 

— 1.40 0B8 2B 09 
♦£5 145 144 2B — 
•B2 IB 2J0 <3 _ 

— 1B7 OJW SB — 
-£3 ZM 2-15 7J 106 
*B4 3BD 2.12 73 _ 
--in l JB 1-10 25 12 

— 1-70 1J4 6.7 — 

— 265 2 8£ 06 

— 202 1.12 2J _ 
— £2 2.67 1J5 — — 
-JO 11 JO 9J5ZJ41J5 

— <00 263 6J — 
♦.04 1*64 15.70 4B31B 

+ 1*0 Z45 5B — 
+B6 139 2J5 1 J 70 J 
+£1 ID £4 707 <5 215 
+£B 4J1 265 <7 — 
+.06 13£6 9£7 <B 11B 
-£2 7 JO 525 IJ _ 
+26 IOJO 722 04 7B 
-£6 0J0 3J0 3B _ 

- Z79 ISO 2B — 
*.03 <15 105 3B24B 
-£1 5B2 3B0 57 — 
+M ZI6 1JB — — 

+ 2B3 U3 — — 
+£3 146 2-60 <7 13J 
-£2 4J5 ZB9 50 — 
-£5 9JS 5J0 1£ _ 
+£2 <30 2B3 ZJ — 
-£4 596 4B6 5J — 
-£S l£4 1.15 06 — 
+.10 6J6 <28 OLS — 

„ 5J0 4B2 — — 
+£6 <52 168 57 9B 
-.1* 7.1 D 5J3 5£ — 
+B4 1Z10 110 4J — 
-£2 3B0 265 5B — 


12S2S3 

60905 

21750 

S7810 

7900 

3O007B 

782747 

12300 

185580 

Z730 

547B4 

231113 

575 

7330 


ZS? 

NbUE 




ANnN 

Mr 

AteoO 


BCSUOA 

EtST 

BCE 

BCEAB 

BORA 


1295175 SkMinl 
753700 B»k«SX 
9K>4n Ban£( 
426340 MMi 


■ TOKYO ♦ MOST ACTIVE STOCKS: 



!<■ 380 PanCnP 


76205 Peanut 
l PatCan 


100340 

4100 PMEn 
460070 PtDoma 
58364 ftrarCp 
7035 PowiFfl 
400 
1100 
100 

6400 

74000 msOI 

406113 RanEn 
146415a 

SoSo 

RooCmB 

387362 flOJl6k£ 
44304 (tayQak 
Friday. October 7. 


ASSA 10.10 
AEO 27 JO 
AHad 121 
Amend 235 
AnnXm 233 
AmgaM 463 
Anal* 124 JO 
Bartow 30 JO 
Badbx 29 
BufTN S3JD 
CNA8N 3.70 
DaBCon 101 
DoeOtr 760 
DrWn 6BJ0 

. in£ BaSdG S 

LSssga, ^ 

73 

, 14 J5 

! 126 
I 4Z75 
24 
31 
<73 
100 
loom 

74 

70 
87 
16 
31 

71 

sc4 W, Oandfai 5Z25 
450 4B RmOrGp 24J0 
syjnj- Rm«cn 1575 
S2B 2b% nad>1 114.75 
I£Ji 17% soman 9.7501 
S4M45% SrndlCG 1SJ0 

salgsxgis 
^.aas "si 

44 4i *s 

36 56 WArao 73JO 
*55 w oeao 2za 

-'«J4 wwS? m 

I 31*4 

' 1 15 s— 



53“ 
Jl SSSS 

470 460 LfcUO 

SS 

TM 120 PBMM 

&& asr 


+/- 0M> law M 

— 10B5 8.7D <3 — 

— 20 17 Jo 2.1 — 

— 123 0150 2J — 

_. ass 115 2.1 — 

— 26*5016250 1-7 _ 
_ 608 344 ZB — 

— 140 102 16 — 

— 57 26 JO — — 

— 31 2170 2.0 — 

— 60 42 5.7 — 

— <30 155 IB — 

— 121 2S 97 OB — 

— 1025 Ann 2JB — 

7150 48 17 — 

— 14 JS 7J5 4J _ 

— 35 22-50 2_0 — 

— 42 3D 4.3 — 

— 2150 19.75 17 ... 
— BO 5175 53 — 

— 14B5 7B4 1.1 — 

— 130 87 JO 1.7 — 

— 47 23J3 — — 

— 2575 1575 57 — 

— 34 18 IJ — 

.... 4B5 Z15 IJ — 
... 104 65 IB — 

— 122 78 IB — 

— 84 JO 6150 3-6 — 

— 75 41 2B — 

— TOO 75 IJ — 

— 22 19-50 _ 

— 35 26 IB — 

— 91 5150 7 J — 

— 7.75 <75 57 — 

— 58 JO 37 JO 5/4 _ 

— 3575 23J0 1J _ 

— 2550 1560 IB — 

— 126 72 IB — 

-13-50 570 — — 

— 20 15 22 — 

— 104.50 79 IJ — 

— 06 26-50 IJ _ 

_. 87 27 2B — 

— 164 102 2.1 _ 

— 56 40 7-7 — 

— 46J3 252S 2.0 — 

— 490 350 10 — 

— 74 JO 33 <2 — 

— 22150 151 Z5 — 

— 80 44 JO SJ — 


»T*Maa 


MJTB - Pun aem saga nxi octal ce at 
mmodN aataagn M m b«H7 WO MM 
pricB* domras » to 109< new* Tonxm & 
BbbwNCMA » Ptfigi luajUdNl M fa 
(Mod b E» *dp tat s b. V0B». a & ii. 

FT FREE ANNUAL RB>»nS SERVICE 
leu on an* aa obM mHata on d m 
. amwwMifntaaranM 
*yj FTSUkltagWl 77D07JD Km 2* M Kdda 
MU 1114 nlortaMI 770N2Z.laODBtawaBlM»9a 
IB IK4ta*44ei 77D077IICIta+44ai 77D3822. 
Idea* n> ta MX MOtMMrtOa 40. ■**■>■ 


1994 



Stocks 

Closing 

Change 


Stocks 

Cloatag 

Change 


Traded 

Prices 

on day 


Traded 

Pricee 

on day 

Hitachi. 

B.Om 

990 

+17 

Honshu Paper 

42m 

687 

+25 

Mrtsubish Bee 

- 5-8m 

722 

+17 

Fujitsu — - 

3.8m 

1080 

+20 

Nippon Sted 

52m 

379 

-2 

Canon _ 

3.7m 

1800 

+20 

Toshiba 

4.8m 

746 

+11 

Kawasaki Steel — 

3-Bm 

434 

-4 

NKK 

4Jm 

281 

-6 

MRt 

3.1m 

1230 

-20 


INDICES 





1 US INDICES 










Oct IBM 

! • IM 

TtaB r 



tO 7 G 

Ugh im 

10 7 6 

HDD Low 

7 6 

■* 

Low 


GoNMtpanaTTi 


(U) 10877.76 10677.78 2547048 160 1775690 20*4 


M onkamNi-iNn 
ft Hmngun'Baj 

Aottti 

OCR NMOonSiM 
Tadet WnCIAtl 


19850 

1051* 


19S7J 

10(34 


1967J Z34QJD 30 
10434 TT35W 30 


Bare mm i 

Bradf 

itWlIBS 


Meets Mrw+ii9/'5) 

CWpodtaftlSTS 

Pdi«i*oK»4^W 

DUN 

PGA Gw OMMI 

Oawarti 

CopcrtWOWSBlI^ 


HEX Geonli»lSV9n 18351 1631B 


394.43 29056 39056 4658*2 12 
106200 104573 104573 122225 W 

13513* 133639 133539 1M28B 93 

(U) 48767.0 48767.0 8511000 1319 

M 407569 407568 425058 1519 

K) 429060 428080 488860 23/3 

(Q aasaOB atSUB 215260 VZ 

UH 5257 Jf 5257 Jf 5757 JD 7710 

341 JO mil 33511 OUR az 

18316 187260 4 B 


VtBM Z7» 
80469 55 


38021 WO 
toil JB OB 


PC (Not 1975} 

CSSTWnta^flSa 
CBS At Sir (Bid 39 


«« 264579 264579 2M.17 VI 


195733 204 


4279 

2686 


era 

2850 


4»a 

2650 


Slfl 

31/1 


Cap. 40 (1/7106) 

Nomaor 

CMojgwSCnjcs 


7/10 


3/1 


328506 2DW 
l 74/6 
285 


189203 198505 198805 243564 3 « 
10(100 1(8108 1031 39 1211.10 252 
297211 29».1B 2987.16 330537 4/1 
2867.7 SS757 28757 3BBJ0 1B2 
SB A»-S>x«(2W75 S653( 57474 57474 84101 4/1 


Manta Comp 0T«S 
7M«M 

BTA (1977) 


> 2U5 
25700 TVS 


1B4SJ1 11/7 


98001 TVS 


250733 90 


SBOO SOS 


3787.43 377536 378734 

(*1/1» (Wl 
9501 9517 9542 KBJ1 9501 

BUI/ (7/119 

144475 143550 144302 1*8229 143830 
CWJ »10} 

17542 T77B3 T77J6 22708 17565 

prt) (2QIB) pVBffl? 

HI tad. CW/0 rigri 362503 P8TO80 > law 3754-37 p7S2Bl J (Tbaow tea/ 4 ) 
Day*! IM 3602B1 {J7B4.74 ) law 3700.17 (3768.16 ) ( ArnM 4) 


pinoq 

10BJ7 

(W1IW9 

1ML29 

onm 



455.10 49236 *5332 48260 43802 

03 («9 

53955 53539 53518 SB0B9 31005 


BOW) 


4L22 

(2W/32) 

5409 

(U«»l) 

1202 

wraa 

1050 

(WO) 


4.40 

(UHQ 

302 


Franoa 

SOT 750 01/1290) 
CAD 4tk3l.l2R7) 


176751 124581 124561 158520 20 
18053= 185538 186538 238588 2& 


FAJAMrt3l!lM81 
Crfimwawi*iin=aa 
(MX (XY1C07II 

GW** 

<e««i SE31 12.00 

Who Kobo 

Hng Sa*0i3r7.C4| 

kta 

SmUOnh 


jauti CW0UHIM21 

Mand 

till OwrtMT.0® 

■Nta 

tau Corrw a (187? 

UB(tow3M*lW 

JtaM 

UUP .’25 Il5’5f4ta 
imk< 303 t rKTO 

lepj (J/1CS1 

xjs*Bocn4;i«i 


7513? 742J6 74250 E527 185 
217S9 =11580 211880 2 *6 6 JO 35 
=074 79 186039 196039 2271.11 166 

86=07 874.03 87*03 118496 INI 

8=4840 928408 9C84B8 1220100 4/1 

4*1055 443556 442605 *587108 27/9 

51188 515 OS 61506 «Z» SO 

18=103 179809 179569 2DBJB 2W1 


38BL20 4H 
33511 7/10 
lOOLtt 3rt 


5/U 

183172 fi/IO 

ROM 5/10 
2im30 S/H) 
7/10 


JSEtataBBB/m 

JSEMBNB/7S) 


» 23550N 23Sauf 253*50 7/0 
(3 62610f 62610V 635700 15* 

10650 10S5J4 108504 10BB93 BRO 

28402 2B1B8 28L46 38531 31/1 

130220 137530 137530 160308 31/1 


SattaEkMCn/ma 118507 117481 117481 1C3J4 3U1 

SBC Gpant (MOT) 81576 68239 8B239 168339 31/1 



VMgHadPrmmq-' 


6*006 

103/0 


639 

103.0 


6259 817.17 1VS 
10300 131500 105 


id 137*475 1974*75 2UB2BI 1310 

(o mit mu Mtn ra« 

BI 15/505 1S7505 17IM3 13« 

gi 2219.74 22T8.74 


57 


KLX Cpgj^TBJ 

:tn on a 


nun? 


112233 112133 tSMAB SI 


10507 255 


415 


348400 VI 


44872 12/7 


-M4M 1/7 


70/1 

ton 


1736874 471 
aU2 4/1 
14*537 4/1 
167531 4 ft 

82603 W 


SET (30/4/79 

Tkafeqr 

Mrtaf CitaftaB «M 


O 062536 602036 719013 309 
142512 14SZ78 H58l78 139333 4 71 


259=00* 27=260 27=253 

MSCtatttt(W7U5 eras- bito 6 i&r 


ivt 


Bntnck lOOpBfflWJ 1317-39 128709 13709 1S4519 31/1 

BrnTtp-HOCMra* VVB4BS 11C.C1 1143421 tSIUI 32 

JCtaeOgnsOViaBN » 33511 33511 U ST! 

BMt&BmoPTVgQ U 18177 18577 18L39 2Bfl 

■ CAC-40 STOCK MMX PUnMn IVATIF] 






nw 

C21X) 

0519049 

(21003 

8028 V* 

Ftomta 

4233 

4205 4=01 488* 

*139 

4Z4B 

664 





(!*• 

m 

(28003) 

flTUWQ 

TI450B 14/2 

msECma. 

2513* MUD 25536 20731 

24114 

267.71 

4-48 

544800 nri 



[S3 

m 


(25W43 


AobIHM 

455.12 4SUQ 451.11 4B7J9 

42ZJ7 

487 JB 

2931 

65537 234 




p« 

e*«j 

0=00 

enznzi 


KA5ZM0 Oap 

74596 744.19 74A28 803JS 

69*79 

BOB 

5437 

29507 3/W 




n»<3 

(Z«J 

(18000 

(3V1072) 

133*30 VT 

■ RATIOS 









Od 7 

Sep 30 

Sep 23 Year ago 

raw 1*77 

Dow Jem* tad. Ota. YWd 

ZTO 

Z76 

2.76 

Z64 

8*07 5/10 



Oct 5 

Sap 28 

Sep 21 Veer ago 


SAP tad. Dta. yield 

Z43 

238 

2B1 

Z51 

819463 tea 

SAPIncL P/E ratio 

2033 

20.78 

2064 27-52 


R STANDARD AMD ROOM BOO IM 

«X Rmmss SSOO 0m« Index 

H96J8 4H 

Open 

Latest 

Change 

High 

Low 

EstvoL Open Iri 


Dec 456-35 

457 JS 

+1.30 

456.10 

45020 

88.779 

218-572 

1268570 240 

M»r *6005 

461 JQ5 

+1.45 

461-20 

400.05 

975 

8 £55 

Jun 

fVen 6(WfH 

464 JO 
n 4w on 

Nnen dn. 

485J0 

- 

4 

Z57D 

at jb tM 



*RS INJ’ 





aauB 5/io 
room 5n& 

M NSW YORK ACTTY* STOCK* 

■ TRADMG ACnVTTY 


Pnctar Sws Don 

Cange 

• Wan «m«t 


Oet 5 

290=6 2U3 

taadad |>fei 

« day 


Od 7 Oet 8 


2U4 w 



Open 

Sad Price Chang* 

HWi 

Low 

Eta. voC Open M. 

Oct 

1877 jO 

1907.0 

+*ao 

19100 

18754) 

1 MZJ 

28336 

Nov 

looao 

19150 

+40.0 

18100 

18663 

38 

896 

D«c 

1885.0 

19343 

+405 

19200 

18913 

522 

28,478 


ONgesa 
Gea Moon 
Compaq 


4,433000 

3086000 

2092000 


7114 

281* 

44 

32K 


*» 

+N 


MtalW SE 
Horn 
NASDAQ 
WSE 


Opart MM figuaa W prautaua day. 


K+«ufl Kdm taw £* 1051B5 CM wkM of ■* meat ara 100 «aoc Auwata AA Odtany 

- v*r .♦ rS- MBOan. SaFSSO. CAC4ft Em Uta-lOZ BfO OvaraK Hasrtn CttnpBtaata* 

a»l - MO. Sral' 38 MdM - =8<Z NYSE M GSMMn - SO wdBNrNHdfMiPMiW- IZH 

fSSSS w, ra 1. - .ra. 


275562 mmt 39037 
14005 17003 15070 
=49026 247B30 823081 

2064 
538 
1755 
571 
9 
254 

T Conactw * Qtataat m lSBO OUT. • Erafc dag b un d* * lodwttatL sba uswa, r nanct and H wapuM an. 

4 Tba EU tadl rdc ttMari d^a bqw and In— ara 9m w a ia gia et *m tagRnd and b— a pocaa iwtad kma 8» <tay by aadi 
Moris atesaa aw acaal oair*b«ia ni taw* taPfAad by Tatataata eapnaant taa h0Mt and tewwt Mian IM *a fcakx twa raasttad 
itartng Iba i tay. (Tba Sguraa at firaatas ara (wi i ta i i daya/. V Sobpa so COCM la iribltiL 


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. 

tf 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 



'INTERNATIONAL 


TBHbodb 

2385300 

6DM 

+44 

fataies Traded 

=332 

2325 

S BAMn» 

Z4712B0 

213* 

- 

dsa 

1208 

988 

INHtait 

2.4SS300 

22S 

•5* 

fm 

934 

1,113 

Acer TAT 

2.4Z&200 

52 

+Vi 

UKtanpi 

SO 

724 

tat: Ft 

9 s TK,tm 

J4M 

+» 

NawK^M 

26 

19 

Xltad 

2314200 

16H 

-44 

Maw Lows 

164 

141 


Change your Future. 


The i.irnest provider of demoted f.mncul 
pjqinfj worldwide. Hulthiwn Telecom, brmgi 


ultimate financial pager on the market. Try 
PuliK for FREE now and you'll soon see why 


SrSo SSc Call 0800 28 28 26 Ext. 135 today. 


features and in-depth 



► PULSE 


Hutchison 

Telecom 


Complete details below and send to: FT Cityline International, 
Number One Southwark Bridge, London SE1 9HL 

Name:.... 

Address: 

Postcode: Tel: 









FINANCIAL TIMES TUESDAY OCTOBER 1 1 1994 


l:75pm October 10 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


ISO* 

H* iHBMt 
17% 12% Ml 
17% 12% A L Lata A 
78% 57% AMP 
72% 48% AMR 
5 3%Aftt 
56% 38% ASA 
3l%25%«4fflU 
15% 11%AHUPr 
23% 17% ASM tax 
16 1 1 % Actdncaln 
31 22%ACEUdx . .. 

12% 9% ACM (Mhi 1.0911.4 
10% TACM&Oppx aooiu 
10% 7ACMM5&I 0.9913,7 
12 0%«ME«SflA 109 13.1 
11% B%AOIMbi* 1.08135 
9% SAOlIbnacdx 07? 07 

S% AaneCK 0.4J 33 IE 20 13% 

6% Acme Bed 7 9 8% 8% 8% 

MAanflj aSO 22 13 21Q0 27% 27% 27% 

5% Mm 036 IS 2 48 10% <0 10% 

11% flaws. IS 603 16% 16% 16% 


til n Sa 

Dk % Mm, Hf LW OHM 

0.46 37 21 IS 12% 12% 12% 

aiB 1 1 37 31 16% 16% 18% 

181 22X 914 76% 75% 76 

67 1688 SO 46% 49% 

12 27 3% 3% 3% 

300 39 34 100 51% 51% 51% 
876 35 184091 31% 30% 31 

ISO 35 10 4 14% 14% 14% 

OS 2.6 39 20% 19% 19% 

a 60 u16 15% 15% 

0.44 1.7 31 572 25% 25% 25% 

144 9% 89% »% 

30 7% 87 7% 


am 

Bm Pin, 


3 

28-% 

13 % 

1 


165 

119 

151 

noo 


7% 07 

8% d8% 
8% 88 
8% 8% 


13 13% 


18% 16% Adams Eipr 048 £8 
64 46% Ad Mem 3M S.S 
31% 16% AdMBc 

6% 5 Maes Grp 

20 15A8M)ta< 

59% 49% APjnr AflA 
65% 44% AeboL 
36% 25% Aflac 
22% 16% Altmnai 
4 1% Afcenta 
50% Si's AkflC 1 
39 % 

28% 19-4 Akgasmc 
17 14*4 Afeisea • 

79% 21 % AlTdl 
18% 13% Atoka A» 
n% 18% Many hf 
17% 13% Atawi 
25% 19% AtoCuB 
227, 17*4 AKutn A 
30 •fl 25% Altai 
27% l9%AJaiAI 
65% 49% AfcoSJ 
30% 23% AtoBmm 
22% 14 AteiAl 

247, 17 ABtgn Lud 

S% 19% Aa*gP 
22% 13% Allen Can 
28 20 Aftagan 

4% j* AT«1 
27% 17%Aim«C3p 

10% OABnceSi 

27% 21% AO Hsn 
40% 33%ASSg 
11% 9% Aitmer 
29% 24 aim cn> 

7 4% A0HV3SM 
35 21% Aura 
87% 64% Stan 
30*4 19 Aba Co A 


21 17 16% 16% 

174 53% 53% 53% 

300 11 9 10 6512 25% 24% 25% 

016 3.1 B 24 5% 05 S% 

a 10 0.6115 13 17% 17% 17% 

1.47 15 13 18 59% M 59% 
2.76 58 71158 47% 47% 47% 
046 1 4 13 Z70 32 31% 32 

DBS 4.4 14 377 a 19% a 
1 73 2% 2 2% 

(LB8 £2 24 178 45 44*4 44% 

030 13 14 165 23% 23% 23% 
47 a 287 B 35% 26% 
1 84 ,1 7 12 14 16% 15% 15% 

4238 277, 27% 27% 
03) 1.4 21 512 14% 14% 14% 
D35 21 S 2 16% 16% 1B% 
0.20 1 4 2B 14% 14% 14% 
028 1.2 16 122 23% 22% Z3% 
as 10 16 51 21% 21% 21% 
044 1.5 23 221B 29% 28% 28% 
030 1.1 72 2935 28% 28% 2B% 
1.00 1.7 41 460 59% 59 59' 

070 2.7 4 78 25% 25% 

010 05113 1289 19% 19% 19 
048 23 19 57 21% 2l 21 

184 B.0 10 175 20% 20% 20% 
016 a8 16 SO £D% 19% 20 

044 1 7 IE 274 25% 25% 25% 
1 164 % li % 

1.64 78 22 106 21% 20% 21 

016 18 32 9% 9% 9% 

OX 39 14 4 23% 23% 23% 

067 2.0 7 2972 34% 33% 34% 
OB4 01 17 9% 09% 9*4 

0 88 13 18 269 26 % 26 26% 

* 2237 b7 6% 6% 
II 1265 30% 30% 30*2 
160 1.9130 2600 35 83% 83% 

38 9S5 19% 19% 19% 



7% 7% 

7% 7% 

7% 7% 

22 22 % 
47% 47% 
d8% 8% 

25% 25% 
35% 35% 
66 22 % 21 % 22 % 
97 7% 7 7% 

1J4 01 29 11 17% 17 17 

108 58 0 14 18% D1S% 18% 

105 10 57 340 09% 09% 99% 

2.40 7.7 18 311 31% 31 31% 

090 30 13 4059 30% 30 30% 

1.16 4.3 23 1178 28% 26% 26% 

49 6 rSS% 6 

92 21 7, 21% 21% 

' ' & 

2% 


11% 7AmGMnci 098 112 105 7*4 

8% 6% Am PrecB 025 13 28 164 7*4 

8% 6% AmnGd 008 1.1 13 260 7% 

25 r 5 20 Amos tod OS 14 15 a 22% 

52% 44 AmdaHs 0.60 10 49 846 43% 

9% S% Am Ad| R > 024 17 98 B% 

31 20*; Am Garrick OIO 04 33 3485 25% 

37% 29%Am8ma 100 08 10 
25% 13% Am Bit Pnl 0.80 16 M 
8 5% Am Can K> 065 9.1 
20% 16% Am Can Bd 
23% 13% Am Cap CV 
99% 42% AmCvan 
37% 27% AmSPw 
33% 25% AmEwrk 
30% 24% AoiGart 
9% 51 Am Govt m» 077118 
27% 31% Am Kan Pr 2-ffl 108 

, 06G 38 .. — 

232 4 3 12 1136 53% 59% 


1% 


65% 55% AmHoroe 

2% 2% Am Uriah 0.75 286 9 8 _ _ _ . 

961 81 7 , AmhO 046 0 5 15 1203 89% B9 89% 

11% 7 Am Opg Inc 1 1 00 14 0 128 7% 7% 7% 

3D 23% Anton* OSS 3.3 405 28% 26% 26% 

34 19 Am Pram 040 l.S 10 255 26% 28 26% 

7% AmRariES 0.44 16 5 15 8 7% 7% 

21 Am&rx 048 10 7 1690 26% 25% 26% 

IB Am »s»r 5% 105 07 =20 18% 10% 18% 

ZfiAmwhr 1.08 4.1 11 42 26% 26% 

IS 50 13 740 39 38" 

120 13 5 7 34 33' 

024 1.4173 52 17% 17 : 

120 17 16 3126 59% 58% 59% 


8% 

27% 

22 % 

31% 

43% 36% Amrtcn > 
43% SAra«mnhc 
17% 11% AnfltDk 
61% 50% Amoco 


9% 6%AoanMI4 070 1.4 5 289 
3% Ann Inc A 012 17112 420 
1.40 43 10 294 
10 37 



34*U 29% Antauai 
4% 2%Anaeamp 


58% 42% Arattma 

030 

06 

68 

1264 

47% 

33% 23% Analog 



31 

330 

32% 

29% 24% Anwfta 

094 

3.4 

24 

21 

27*4 

55% 47% AnSseh 

1J0 

11 

23 

322 

50% 

34 16% Anthem 



21 

Bbl 

31% 

18% 14% Anttotyta 

0.44 

£5 

17 

31 

17% 

35% 30 Aon Cp 

100 

30 

7 

230 

33% 

29*4 22% AracheCrp 

028 

1.1 

38 

814 

76% 

10% 8% Apra Mai F 

073 

6.0 


216 

9% 

24 !4%APH 



39 

B9 

22% 

7% AApMMae 



0 

68 

4% 

24% 16% ABM Pw A 

0.12 

05 

37 

n 

23 

26*4 21%Arcltti 

OIO 

0.4 

10 

B27 


51 43% Anaj Owntl 

£50 

5.2 

21 

13 

47^ 

51% 45% Bnnco J.5P 

450 

90 


13 

46 

5% 4%Armco 



3 

55 

6% 

29 Z3Anxco£1P 

£10 

01 


2 

23% 



57% 41%AmwVT 
3% Arrow Bee 


46 48 

6 6 

23% 23% 

128 30 32 617 42% 42 42% 

14 797 36% 35% 38% 
2 12 5 S 5 

078 12 13 291 23% 23% 23% 
040 12102 IK 32% 33% 32% 
040 12 12 67 31 30% 30% 

1.00 17 13 476 38% ' 

19 17% 


*5% 33’ 

7% 4% Alla Bp 
33% 23% Arrln ta 
34% 2l%Asarm 
31% 22% AsnMQal 
44% 33% AShM 
a% 18% AKiPacF 

3% 1% AKflllnvf ■ 028 112 b 7 2% 
37 3E%AssHl6asx 0.12 03 25 4611 u37% 


a 

A 


027 12 


57% 49% AT&T ( 

2B3*’ 336*; AH Men 2 
38% 3% Attn Gas 
9% 5%AttnS» 

21% 16 AttncEgy 

112% 92% ASK* 

10 1% Aflx 
30% 16*3 abiss Engv OM 5.1 


6687 52% 


38% 38% 

17% 17% 

Z% 2% . 

37% 37% +3% 
S2 52% +% 


5 


241% 241% 
30% 31% 


56% 47% AuDbq 
13% 


Avemcn, 
r% Anal 


20% 

19 

45 30% Amet 
62% 48% AwnPt 
14% 10% Awfln Coup 
7-i 5% Mar 


132 15 

2 BO 12 Z100 342241 

208 6.7 13 37 31% . . 

028 46 B 13 6% 6% 0% 

1.54 9.5 9 45 16% 16% 16% 

5.50 52172 IBS 101% 99% 100% 

0 17 5 5 5 

8 2 17% 17 17% 

8*4 0 

a 20% 
8 % 8 % 
55 55% 
17% 17% 
9% 9% 


12% 9% A&nSs AM 034 18 10 073 9 

24% 17% Aupt — 

12 Ji 8% Auwn *a 


016 0:8 24 165 20% 

010 11 381 8% 

050 1.1 S 499 55% 

044 26 12 
004 04 4 


32 17% 

13 9% 

060 1.7 19 375 35% 35% 3S% 
200 1 4 17 353 58% 50% 58% 


3 10% 10% 10% 
46 6% 6% 8% 


»% 31% BCE 
9% D% Bfl W 
5% 3 tames 

ir"j 15% taHir Fan 
2?% 17 EatoM 
2.'% :i% fcudwPc 
30% .’4% Banco 
!5 ‘j S'iBAaMO 
6 % Rwy 
25% 20'; BJfliZ 
20% 13 •} BOS BrScc 
38 28 BncOne 

15% 20% BnnctBS V ■ 
11% 0% tancaConlH 
34% 21 BcrpHaitoi 

1% o BincTms 
63% 49% tanpag 
50% 38% BonkAm 
» 81% Bank Boa 
26% 27% !»&2n 
49% *5 P> Bcetn P 

33% TSBMlKY 
50% 43% BarihAmA 
95 74 BankAm B 

84% 62% finktn , 
38% .^Pcw 
30% 22% BSM iC F) 
33 29% Bamts Op 
48% 39 % Omsk 
n a'sBanw 
n’i M% Bauscn 
»% Sana 

3% ?3% Bar Si Gns 

r% 19%BHTr 1830 
3% 15 Bear sots 
50% 46%Beaian»t 
37% 27*4 Besrooc 
32% 23 Be ouna i m 


- B - 

268 7 8235 323 
021 11 27 ffi 
020 48 6 57 

0 40 25 103 

046 24 45 21E7 
0 40 1 6 a 7100 
a 60 21 26 21 

005 OS 14 82 

12 l« 
152 6.6 12 405 
020 1.0 JO 5 
124 4.2 B 3185 
09* 39 8 77 
0 a 6.4 5 32 

104 15 7 199 
37 34 

0 70 1.3 18 43 

1 60 16 9 2174 

3U 68 3 

088 13 11 1761 
304 6 7 59 

1 10 17 5 2147 
325 7.4 2 

6 00 6 1 2 

160 56 5 536 
106 1 0104 2 

0 GO 25 20 187 

1 40 17 S3 12 
1.64 19 10 505 
005 04133 194 

0 96 2 5 14 1211 

1 os sa 4i ianu 

146 59 14 65 

1 72 &6 3 

060 39 4 7700 
108 68 30 

064 20 22 95 

040 U 25 303 


35% 35% 35% 
6% 5% 6% 

4% 4 4% 

16% 16 16% 
19% 19% 19% 
24% 24% 24% 
28% 28 28 
10 % 10 10 % 
7% r 7 
23% 72*4 23% 
20 % 20 % 20 % 
29% 28% 29% 
24% 24% 24% 
11 % 11 % 11 % 
29% 29% 29% 
1 % 1 1 % 
52% 53% 52% 
44% 43% 44 

82dS1% 81% 
26% 26% 26% 
45% 45% 45% 
29% 29% 29% 
43% 43*4 43% 
74% 74% 74% 
64 63% 63% 
35% 35% 35% 
24% 24% 24% 
37% 37% 37% 
42 41% 42 

12% 12% 12% 
30 38% 38% 
27% 27 27% 

34% 34% 24% 
20 30 20 

IS 7 , 15% 15% 
47 04«% 46% 
32 31% 31% 
30% 30 30% 


BE 

OllR 

GUEST. 




iStAN&jL POLAT 


Renaissance" 

^ MOTEL 
When vou Mnv with u> 

in ISTANBUL 

«av in (ouch - 

» ilh ynur complimcnutry copy of (he 

[ FINANCIAL TIMES I 

| luitfl V lulme-.kfw.liHI v 


H(ii LewSMi 
40% 34%Bects0 
7% SBndftk 
59% 49BeSAB x 
20% 14% Bel n 
63% 52%B48Smx 

55 <3% WO A 
25% 20% Bairt* 

56 55% BomS 4.3P 
44 34% Bens! 

36% 34% BcnaDnnA 
1% % Bengali B 

19% 13%Bag6i 
1995115100 BbUM 

10% SBav/m 
38% 19 Bad Buy 

28% 36% Seffi St 2. 
55% 51%BO«aiR 
24% 18% BatS 
53% *2%B«zL 
16% 11% BnEn 
21% 11% BksaR 
32% 23%Sn*V'>S 
23% 16*z8<D«L 
22% 18 BOA H PL 

10%. BBtamMAx 
0% 6% BWatMiK » 
10% 8% BUOCkTgix 
48% 37% Btt* 

8% 6%DUCMD* 

14% 9% BMCta 

50% 42% Boring 
30% 19 Brine * 

21% lOBoSBSN 
25% 9% Bento dun 

18% 11 Borden 
24% 18% Bow Cos 


36% 18% Brari Fnd 
34% 29% BE Prep 
00% 66% BrigSt 
33% 1B% ftMMi 
59% 50%BrtlySqx 
74% 54% BAIr 
54% 38BntG<a 
79% 55% BP 
27 10% BP PruSue 
27% IBBSsel 
71% 53% BT 
28% 22% BMynU 
38% 32% ftwrih 
8 5%BwSn 
30% 28% BmFmB 

S 24% BrfriT 
3% BHT 
17% Brmwk 
18% 13% BnnnWM 
41 35% Buctoyo Pt 
28% 12% Bui Coat 
58% 47% BUM 
49% 36% Burin Bess 
19% 15% Bumtnmft 


TIL Pi SM 
Hr » E in 

074 U 16 691 
038 8.1 3 T4 
276 SS 14 1395 
040 10 18 89 
276 5.1 26 1602 
060 12 22 129 
064 23 26 39 
4 30 7.7 3 

1.72 44 12 ZZ2 

047 1.8 IS 5 
004 4.6 17 ZB 

048 00 21 60 

49 Z20 
040 4-2 33 1J 

24 1978 
250 9.3 4 

5J» 95 3 

040 20 81138 
1.44 10 23 20 

32 3213 
010 06 27 214 
040 1.6 57 65 
040 1.9 21 772 

2 32 06 M 50 

073 8.9 66 

On 122 269 

070 82 80 

125 25 20 542 
012 10 15 

008 06 7 37 

1.00 23 11 747 
060 21 8 531 
006 04 33 709 
1.16 50584 1300 
030 22 17 444 
1J5 5.4 7 28 

060 21 14 128 
0J7 06 363 

240 7.9 7 88 

1.84 27 II 246 

19 556 
29Z 02 14 1310 
1.77 3 0 13 534 
207 66181 16 

1.76 22 26 1333 
1 50 72 7 80 

032 12 27 1088 

3 77 62 16 703 

135 53 14 28 

1.60 4.8417 54 

032 42 4 38 

0.95 3J> 4 188 
068 22 25 588 

38 15 

044 22 35 324 
0.32 12 43 176 
280 7£ 10 42 

10 081 
1.20 25 15 785 
055 1-4 IB 2320 
144 93 20 117 


HBB In 
46% 46% 

5% S% 
51% 50% 
20 % 20 
54% 64% 

49 48% 
23% 23% 
55% 055*2 


11 

16% 16% 

leaoioss 

ft a 1 ? 

39% 38% 
26% 26% 
52% 52% 

$3 

ISIS 

25% 25% 
21 % 21 % 
20 19% 

8% HO 
6% 06% 
8% 06% 
45% 44% 
6 % 6 % 
13% 13% 
44% 43% 
26% 28% 

13% 13% 
23% 23 



- c - 


35% 23 CH 

381253% C8S 
25 19% CMS En 
82% CNA Fh 
54% 44% CPC • 

18% 14 CPI Cop 

92% 65% CSX 

29% 19% era cm* 

24% 17% CriSO&mv 
S3 33CriMn» 

28% ?4%CaMC 
23% 18% Cri» OSG 
18% 10% CaOncrilsgn 
59 35% Caesars vn 
2% l%CriBealE 
15*4 10% Crigcn Dm 
19% l5%CaBigy 
15*4 9%CriFril 
25% 17% Catoul Os 
42% 34% OppOG s 
[] % tamttfis 

18*2 *4% Cl rite 
BS% 60% CapCilx 
14% 12% Cprid 128 
37% 20% CawM 1.6 
' 22% Capeurige 332U1 


046 £0 28 1038 23% dZ3 23% +% 

2.00 08 16 190 332% 328 332% *5% 

064 4.0 11 308 21% 20% 21 -% 

15 143 62% 61% 62 +% 

1J6 2.7 17 2SG 50% 50>4 50% 

056 £9 20 209 iH9% 10% 19 +% 

1.7G 2.7 19 770 66% 66 68 

040 1.4 22 17 28% 20% 28% -<-% 



26% T5% Corona* 
35% 30% CMCo 
23% 16% CmnflnD 
S ACuriraPC 
13 8% CamhaFr 
30 22% CarPU.4 


064 3.4 17 607 18% 10% 

11 1188 46 *5% 

056 22 12 166 28 25% 

016 08191 350 19% 10% 

825 1420(118% 18% 

11 042 42 41" 

04)100 2 23 2 1 

016 U 23 342 11% 10*. 

16 43 16% 16% 

0 541 12% 12% 12% -% 

0.40 £0 56 141 20% 20% 20% +% 

1.12 £9 16 488 39% 38% 39% +% 

K SOS % .S % 

032 IJ) 63 94 16% 19% 16% 

020 02 2 870 01% 81 81% -% 

1.26101 107 12% 12% 12% 

14) 7JS 2 21% 21% 21% 

305 24% 21% 23% -% 

22 141 23% 23% 23% 

080 2J 17 2 32 32 


15 31 1)23% 23% 
0 965 /, d/, 

£1 9 92 9% 9% 


66% 56^CnmrT 



020 £1 9 92 9% 9% 

1.70 6J 12 521 28% 25% 26 

£40 4.1 14 82 58 5B% 59 

»% B% CarWWd 033 23 23 426 14% 14% 14% 

1B% 13% CaKdeN 6 x 0.98 6.7 13 24 14% 14% 14% 

21% 16% CnaoCp x 020 1.0 38 19% 19% 19" 

10% 7%Ca*iAmr D.05 06 16 141 

60% BOCaqitr 060 1.1 71436 

15 10% GDI dip 32 8 

36% 26% Onto Fan » 2J5 72 11 19 

13% 0% CBdEn 080 8.0 1 82 ... . 

45% 22% Cartel 020 09 9 51 23% 23% 23% 

30% 22% Grntr Hdtnx 208 10 01911 23% 23 23% 

25% 21% cmrliil 1.46 07 12 13 £1% ‘ 

15 10% Colt Main * 060 62 6 77 11% 

30 24%'Cetthmp 056 £0 23 9 20% 

1.42 11 J 7 47 12% 

1.70 7.4 14 688 22% _ . 

032 1.1 20 91 20% 28% 28% 

91 1370 25% 25% 25% 

020 05 20 2434 36% 37% 36% 

020 £4 77 25 8% 8% 8% 

12 6 8% 

14) 4J8 18 5551 34% 

2 61 4% 

108 21 17% 

£04 5.9 19 66 34% 


22 12% Cart- him 
30% 20%Cent5W 


30*2 21%C«nft*y'n 
27% 18* 


21 % 21 % 
11 II 
28 28% 
12 % 12 % 
22 % 


% Canon 
40 28 Ckmpto 

12 % scnrinmi 
15% 5% Chart Hw 
ChnaM 


0% 6% 
34 34% 
4 4% 
17% 17% 
34% 34% 
35% 

_ 7% Own Waste 020 £8 5 125 7% 7% 7% 
35 22% Oiaapazka 072 11 78 530 33% 33% 33% 


4% 3 1%Ow»B 
18% 1D%C«*Sy 
38% 30% Chamad 
42% 33% QtomOkx 1.76 4 3 6 6374 35% 35% 
11% 7%awnWtatB 020 £8 5 125 7% 7% 




47% 39% Qmvm 
56% 40% Ma Fund 
10% 11% OdqBr 
8% 5 Chock Fid 

41% 32ChM 
34% 24%CM«ara 
$3% 43% cwyrir 
63% 68% Date 
74 57 0gna 

9% 7 Ogre hi 

37% 28% Omro to 
20% 15% OnnBal* 
27% 20% One Baa 
27 18%CMM 
4% 2% anaptoO 
30% 25% Chuo 
27% 16%OmjltQ* 
40*4 20*a Orcus Or 
45% 36% DOCS 
26*2 25 Qt)Cp9.12 

96 74% aqffTZAd 
itOi 84 CKPPT3M 
17*2 13% can un a 
17% 13% CDn LHB 
12% 7% CHyHatm 
12% 7% CHS i 
23% 9% QalruSt 
71% 50% Omntq 
26% 17 CtoytaHm 

11% oSCltmiaikG 
89 70Oaw756 

45*2 J4%OwC» 

86 70% OovU B 
55% 47donn 
26% 27 Outl Mod 


1B5 4.4 103164 42% 42 *2% +% 

1.45 £9 115 49% 48*4 49% *% 

020 1 JS 1963 14 13% 13% -% 

62 47 6% 5% 5% 

7 122 38% 37% 38% ♦% 

43*100 3! % 30% 30% 

17J0 £2 6 8464 45% 45% 45% f1% 

1.84 £6 18 437 71% 70% 71% ■*% 

004 50 18 1095 80% 60% 60% 

090 1£B 103 7% 7% 7% 

£46 04 II 30 29% ' 

090 43 20 5G 18% 

1.72 7 7 74 533 22% 

098 1 4 20 476 26% 

156 32 3% 

£00 7.4 10 63 27% 

010 04 19 638 26? 

181316 21* 

060 1.4 11 3659 42! 

£28 8 9 4 25! 

600 8.0 H00 75% 75% 75% 

700 83 13 04% <04 94% 

77 14 13% 13% 

156 13% 13% 13% 

' ">5 **% 

368 8% a % 8% 

359 10% 10% 10% 

27 493 66% 66% 66% 

17 766 18% 18% 18% 

057 5.7 75 10 9% 10 

7.56107 :100 70% 70% 70% 

7.X 12 8 65 38 J7% JS 

7.40 104 1 7£ 71 71 

192 37 16 18 5S% 

OX 1 3 10 G 22> 


29% 29% 
18*2 18% 
22 % 22 % 
25% 29% 
3 3% 
27 27 

25% 25% 

42% 42% 
25% 25% 


19 

1J2112 E 

064 5.1 31 3(0 11% 103 
006 10 
012 


1 

*% 


% 52% 52% 
2 22 % 22 % 


13 9% a« ton * 108107 IOC 10% 10 

1% 11% Oaacflnren 


10 % 

19 13 Coast 53o 

33% 26% CoasO 
50 38% coca C 
19% HCncaEn 
23% 16*z Coaur Don 
" 25% 


024 1.9 7 470 13 12% 12 

0.32 1.9 17 51G 16% 16% 16 

040 1.4 27 ZDS 27% 27% ~ 

078 1.6 28 4150 *9 48% 


36% 


■ Cotanan 


005 0.3130 548 !B% 

015 a 7 22 562 21% 

25 47 32'' 

65% 49% CWgPa 1 64 £9 16 1366 . 

11% 9% CMon kw a65 65 121 10% 

0% 6% CatoaAdHa 060 07 2S9 7 

7% 5% cotonbl 1 , 070 116 39 E% 

8% 6% CotontolMi 056 08 28 6% ... 

30% 21% CoKkn £32 08 B 104 26% 26% 28% 


45% 36% CoKA 
34% 17% Cvndtao 


012 0 3 49 6381 40^ 40% 
036 1 7 10 122 CO" — 
128 4 7 9 475 
9 



31% 25% Coroe rta 
M% ICCurtwlc 0.U £6 14 

29 nasimlMUk 0.48 16 17 

25% 21 CaawEdl^i 130 8.7 

26 2l%Cuni£ia.0Dx 200 91 2 
19 11% CommunPsy 0.36 £7 23 211 13% 13% 13% 
39% 24% Compaq 151473* 34% 32% 34% +1 

1% % Ccmpeftana l 236 % * 

*6% 27% CmpAna 020 04 23 4605 u*7% 
45%31%C«0Ed 25 718 41% 

io% 6% Corner TGp am 11 3 109 


30 20% Comsat 
33% 25% Calm 
31% Z)% CoonsctKG 1.48 6.4 12 
25 20 CDnmd En l.X OO 15 

20% 10% CaansPar 


0 78 3.2 13 B66 24% 

083 £fl 18 1204 30% 

3 21% 
I 1587 I 


.% 
*% 

1 

«s«i i 

41% 41% -% 

9 9 

24 24% 

29% 29% 

23% 23% 

21% 21% 

10 % 10 % 

d53 53 

25 a 

. 62 82% *1% 

24 943 21 20 % 21 *% 

19* 51 18 300 37% 37% 37% 

1.50 at 17 1991 49% «8% 

191415 17% 16% 17% 

050 1 2 4 2195 .1«1, 40% 

J 49 49 49 

S 96% 86% 86% 

Si 00 05 85 85 

9 565 B% B% 8 % 

1.00 7A 56 496 13% 13% 13% 

004 04 94 9% 9% 9% 

116113 8* 10% 10% 1D% 

40 T 7 , 7% 7% 


LIB 05 
7.45 07 
7.60 94) 


2Q V 

71% 53Cena£4.6S< 4.85 08 3 55 

32% 23 0mEd £00 BO 9 609 25% 

75 61 Com Ed PI x 5 00 80 3 62% 

29% »% Crafil 
47 36%CnsW6* 

£9% 48% CnfinH 
30% 11% Cons Shan 
66*4 *1% Consaeo 
a47%CPat4.1B 
100 64 CPwr 7 45 

100% 83% Con F7.68 
12% 7% Cunt Meric 

28% 1? ContCp 

10% 6% ConrHMs 
11% 10% ConvHN 
8% 4% convn Cm 
3% ^CoaparCaa 
52% 34% Canph 

29>* £1% Cooper 

15*2 W Core kid 0.24 £3 10 30 10* 2 

29% 24*s Cresn 14M 45 10 282 29' 

34% 27J, Cmtng OGB £1460 1931 » 

19 1!^ Cmrtrr Cl » 032 £3 

18 15%Cawlnrfr 068 SJ » 


A 


A* 

*% 

-% 


A 


♦% 


4 438 2% 2% 2% -% 
. 1-32 34 14 374 33% 39% 39% -% 

29*1 21% Cooper TSIl 624 1.1 10 1677 22% 22% 22% *% 


10% 10% 
26% £6% 
32% 32% 


12 % lO%Ci*g 
29% 24% Cram 
17 I4%cnwtm 


22 

0 75 30 15 


873 1 4% 14% 14% 
8 16% 16% 16% 
4 Jl% 11% 11% 
90 25% 25 2S 


050 3J? 14 101 16% 15% 16% 
20 % 20 % 


33% l9%QayR5 8 109 20% . , , 

«9% 38% CrSFn 1.60 3.7 12 2S 43% <3% 43% 

12 9% CriM 1.16122 12 173 9% 0% 9% 

6*4 4J4 caua Ba osfiiu 5 47 5 4% 5 

24% 13% CrarotaHh 048 32 IS 139 15% IS 15 
41% 33% Cranes 18 SM 37% 37% 37% 

11% 9% CRSSr 012 1.1 32 37 11% 1f% 11% 

8% sSdSFflBi 072101 18 7 dfi% 7 

9% 7%CSFBoSr. 081 100 40 6% 6% B% 

35% 25 CUC ton 44 658 32% 31% 32% 

17% 12% Crim 0 BO 10177 3 16 IB 16 

57%35%Cumntn 050 1.3 7 67 39% 36 39% 

13% 10% Currart In 092 8.5 12 27 10% 010% 10% 


-% 

3 

■% 

**8 


Bisk letoBsek 
37 32% cram 
11% 8 %CVRbR 
13% 7% CycarB 5y» 
20% l3%Cywfim 
33% 25%CwAm»* 
38% 12% Cyme 


Hta 

TkL Pi 9i Ckca Pml 

Ur % E IBB* Kte Law IM Baae 
1 -00 £8122 Z10Q 35% 35% 39% +% 
I.fflH.4 7 11 9% fl% 9% +% 
9 4 12% 12% 12% +% 

77 5222 16% 16 16% *% 

080 £7 IS 512 29% 29 29% At 

13 146 57% 37 37% ■*% 


- D - 


21% 1B% DM. Hridg 
' 13% Drito Sam 


1.18 


13% 

10*1 

7% 

9*4 


20 % 

30% 24% Dart 
47 36 

lOQsMJnd 
6% DaOCn 
2 Dacnoad 
6 %DamWuy 
86% 64% DaytnH 
2 % DOLE) 

8% 4 Da Son 


6.1 13 202 
15 23 
12 9 221 
03 £3 42 
1.4 33 103 
2 103 
1 225 
£5 5 3 

£1 17 753 
4 776 
0(4 £7 2 20 


084 
CO 012 
016 


020 

1.98 


33*2 25% Dean Foods 068 £3 16 72 
<3% 31% Dtaiffi) 050 1.4 9 1617 
8% 7*2 DoariBOrx 060 
90% 64% Deere x £20 
1% AMUriFn 
23% 18% MmPL x 154 
57% 39*2 OOMr 0J5 
12% B%Dertmcd 040 
38 25% Driua 1-46 

101 84 080617.45 7.45 

102 88*2 DeafifrJB 7£B 
30% 24% DeOEd £08 

38 22% Drider Cip 0J8 

24% 17% [tag proas 040 
24 19% DialDri 080 


1fr*2 10 % 
15 15 

26% K% 
43% 43% 
12 % 12 " 
10 
2 d 
B% 

73% 

\& 1 
5% 5 
29% 29% 


7.1 145 

£2 18 GOB 
0 20 
8.3 10 93 18% 1. . 

05 4 704 43% 43% 
18 15 22 10% 10% 

11 17 268 29% 29% 



14 

01 

01 7 
38 16 
1.7 22 
£8 7 


13 


X 23% Diamonds! 052 IJ 25 
14% 030 Kara Cm 
40% 34DWxKd 
38% 18% DtfE 
37% JS% DUWx 
48% 37% Dtaneyx 
35% 26% DdeFd 
45% 34% Dangtu 
6% 4% Doaterloc 
26*4 ZODonrioson 


31% 




St 

10% 

11 

£ 


1 Dandy 


6 

2 95 94% 

743 25% 25*4 

8 23 23 

27 23% 23*2 

644 20% 20% 

IBS 27 28% 

45 7% 7% 

088 £2 25 109 40% 40% 

1 7346 27% 28% 
012 05 12 2445 26 25% 

030 08 27 4794 38% 037% 

040 IJ 20 201 27 26% 

254 8J 11 140 37% 37 

025 4J 33 16 6 6 

028 1.3 8 23 22% 22*8 

064 £2 25 300 29% 29% 


50% Dow 

1.04 

10 

19 

72 

55% 

55 

55% 

-% 

56% Dow Ol X 

£60 

£5 

32 

2354 

74% 

74% 

74% 


28%DomJm 

064 

7.0 

19 

1057 

29% 

28% 

M 


17% Downey SSL 

048 

£5 

11 

20 

19% 

19^ 

10% 


27% DOE 

im 

59 

10 

42 

28% 

27^ 

20% 

+% 

20% OlPW 7Up 



16 

2219 

23% 

23*| 

23% 

+% 

9% Diana 

OB2 

SJ 

5 

52 

11% 

n% 

11*4 


19Dn» 

088 

£0 

10 

312 

70% 

20% 

20*7 

-% 

8% DrtusFd 3 x 

066 

79 


257 

8% 

•> 

8% 


8% Orta D 6 X 

081 

95 


207 

8% 

8% 

8% 

+% 

9*4 Dries am X 

073 

70 


110 

»% 

09% 

ft*a 


60% Da Pont* Jx 

4J0 

70 


noo 

62 

62 

62 


32% DMibPii 

106 

5.1 

13 

735 

38% 

38% 

38% 


20%Did<aBty 

UR) 

76 

26 

50 

25% 

24% 

24% 

-% 

S%(hB&d 

200 

4J 

24 

Ml 

58% 

58% 

58% 



1-88 £3 69 2355 


29% 24% 0UQL4.1 £05 15 

27% 2?% ftxjsneS.TS 1^8 8.1 
29% 23% Dnqsne4JW £00 8JS 
29 2SDuqLL2 £10 8.3 
20 24% DatpULIS £08 15 
100 87 DoqL 7 J 
47% X DuiacaB 
11% 8DHW1SV 
20% 13 Dynamics 


57% 


720 72 
0.B& 1.9 40 264 
30 31 
020 1.1 2B 4 


3 24% 024% 24% 
SO 23% 23% 23% 

4 24 23% 23*2 

Z30 2S% 25% 25% 

4 24% dZ4% 24% 
230 91% 91% 

45% 45% 

10% 10 
19 18% 


91% 

45% -% 

10% t% 
19 


17% 4% ECCtod 
19 14% BEBG 
46% 36*2 Bntn 
27% 21% East Ulfc 
27% 22% EErdp 
56 38*2 EastOi 
56% 40% EMM 
02% 43% Eaton 
35% 24% Edrinx 
23*2 19% Ecririitoc 
32% 21% BfisanBre 
24*8 lG%Edwmd* 

8% 6% Been Groap 
25% 15% Bar Cm 
8% l%BactA8S 
9% 5 %E*r 
5 1%BK*K 
23 12%B4CCm 
9% 7% Emm Briny 
65% 58% Brans 
7% 5%En*aD4J5 
20% 16%EmpfcaDk 
16 8% Employ Ban 
55% 40% Baton ADR 
23% 19% EnerOMiCo 
31% % Engtod 
16% 13 EntttBunx 

455376% Emn 105 
34% 27% Enron 
24% 18% Enrol OK x 
101% 94 ErashAJPE x 

19% 12% Entodl 
11 5%EnadiBi 
37% 22% Ehtrgy 
23% 18% Erdtora Cd 
2% 2 aih Rarity 

30%21%E«dfi» 

2% nEqudlEx 
38% 20EIMmUa 
II 6%E«krtm 
19% 10% Bryl 
14 10% Bxapa Fd 

18% 8% Efljrth 

17% 14% Excetdor 
67% 56% Exxon 


020 1S11T 
056 £3 II 
120 29 IT 
1-54 7.1 8 
1.40 14 27 
180 3.1 
1.K 11 35 
120 18 IB 
076 £9 17 
044 £2 17 
1.24 5^ 10 
058 3£ 6 
03 

022 IJ 9 
5 

118 

8 

082 £8 41 
012 12 
156 £7 15 
047 11 
1-28 7.8 14 
76 

1JB £6 14 
1.12 5J) 13 
040 £0143 
OK 4.4 11 
1050 £3 
075 £5 22 
012 06 12 
7.00 7.4 
020 15 20 
030 £8268 
150 7.8 8 
29 

1.10413 6 
062 £1 35 
028345 0 
1.14 17 13 
3 

050 4.4 14 
075 15 

79 

150 17 
£88 45 13 



882 12% 12 
310 17 16% 

308 42% 41% 
2860 22(121*8 

23 25% 25% 
410 52% 51% 

3160 52% 51% 
1232 47% 46% 
1309 29% 3% 
47 20% 20% 
51 22% 22% 
832 17% 17% 
65 7 6% 

25 16% 16% 
307 7% 6% 

4 7% 

242 2 

7998 20! 

1291 
3121 

*100 _ 

10 18% 16% 
10 11 % 11 % 
95 42% 42% 
3 22% 22% 
1032 24% 24% 
200 13% 13% 
zlOO 450 450 
430 2B% 29% 
834 21% 21% 
10 94 (B4 

5S5 13% 13% 
12 ini 10% 

032 23 22% 

24 22% 22% 
*100 2 % 2 % 

2K 29^ 29^> 

47 30% 30% 
5001111% 11% 
108 11% 11% 
163 11% 11% 
69 11% 11 

8 15% 15 

<873 K% 58% 


28% +% 


11 2 ♦% 
11% +% 
15 +% 
58% 


4% 2%FMhsu 
16% 13% FTOuartxJ 

18% 11% Fame** 
38% 35% Fro*) 3.x 

8 6*2 Fwdae) 
21% 10% Fmlitac 

0 6% FqnDrug 
82% 48%FadHmLn 
58% 44% F*SV2575 
29% 19% Fat Rty 
8% 4% Fodtta 
80% 57% FwJExp 
37% 21% FsdUri 
90% 75% Fedritri 

32 20% Fril’OdX 
21% 17Fad*alSq 
2S% 1B% FadDetXSI 
35% 21% Farm Cm 
34% 22%HdCai 
13% 8% Far* 

33% 21% Rngedut 
40% 33% Brat Am Bx 

39 29% FitBXS 
37% 31% FtaBmfl 
96 79% FriOlACFB 
Si% 49% FatCnKPC 
191% B2F*GH*pC 
55% 41% Friddg 
48*4 ao% rau 
37% 3ZWȣJ 
18% 11% Bret M 
6? 51% FWFnM 
BS 62% FMH 
20% 12% FxMs 
23% 16% FM PM F 
48 39%FriUdcn 
53% 51% RraUPf 
10% G%F*Ud!x 
40% 32% Ffcawgx 
35% 25% Stria CO 
41% Ji% ftoriF 
27% 18% FhnCnx 
30 22% RamCXt 
44% 33% FSgflBfll X 
33% 24%WPrg 
20% IBFtowmt 
56% 40% Hub- 
63% 45% FUC Cp 
7% 4% FKCGd 
48 41% Foots CSS 
17% 11% FoondOG 
35 26% Ford 
10% B% Fonts 
45% 32%Fns»m 
18% 11% Ftaxraeyer 
39% 27% FPL 
14% 9% France fimx 

9 7% FraddPrx 
51 33% Fmddlbx 

4j*a 31% FmiMayer 
6% 4%FlH«fdA 

5% 4FrHwB 
21% 16% FnMcM 
27% 20% FfUcUA 
26 21% Fnnflnx 

33 23FrUxxn 
79*2 GOFdAmEn 
16*2 13% Fton Gmy 


5DGATXW5* 
. . 38%CATX 
57% 47% uaco 
14% 7% GTOW 
35% 29% GTE 
19% 15% GTE FI JS 
12% 10% Gabel Eq 
»%28%BaBriirx 
IB 11% GaJoobLw 
4% 1%GrirHtt1 
59 48% GannS 
<9% X% Garins 
25% GCCos 
11 Canaan 

16% GarH I 

16% il%Goem 

22% 19% GnAlm 
57% 38GoiD|nx 
55 45G«nBacx 
67, 3% Gan Hod 
15% 0% toiMoun 
52% 40% Mfflx 
65% 43% GanMr 
' 27% GnUBE 
JlSfttM 
23 S GsbFU 
_ j101%6aiRe 
38 30%GBflSsx 
J% 41% GarartBcfl 
5% 2%Eent*» 
21% 13%8Bnew58 
7% 4% Grand me 
38% 33% GarePi 


- F- 

007 £5 41 8 

1.12 £3 SB 
012 08 27 10 

£60 03 13 

040 10 22 18 
556 778 
020 £0 14 28 

1D4 1.9 13 2017 
£88 52 19 

1J8 71 34 IE 
048 9.4 05 177 
£1 660 
048 £1 19 312 
£40 11 10 4839 
1J» £3 87 228 
042 £2 16 216 
17 1101 
054 £2 13 23 

21 B 
026 £1 7 

018 07 15 30 
118 10 9 326 
1.16 £3 14 135 
032 1.0 13 15 

100 7.5 noo 
£50 71 noo 
iso 7.1 noo 

£00 45 5 2123 
1-68 4 0 B 1220 
£15 15 27 

006 03 83 

OIO 02 27 203 
100 £8 11 902 
030 U 7E 52 

0- 78 15 54 

1.B4 4.4 9 694 
4.10 84) 3 

040 5£ 9 5* 

1£B 34 10 174 
1.20 40 9 213 
1.40 18 13 1488 
056 £4 1 7 895 

1- 20 40 23 637 

048 12 18 27 
138 741 12 942 
0 80 4.7 16 13 

052 1.1 23 935 

54 416 
OK 1.1 G 50 
120 £6 20 77 
024 18 14 270 
090 12 12122 » 
090 9.7 4 

074 £1 21 573 
028 1.0 18 34 

1JB8 12 13 1428 

004 OA 1881 
060 11 W 
032 08 15 427 

14 75 

005 1.1 noo 

0,05 1.) 9 3 

12 15 42 591 
060 £4222 572 
078 11 7 310 

9 725 
088 09 B T100 
0.08 05 38 


- G - 

IK 7.5 4 51 

1.50 18 13 207 39% 
14)0 £0 12 42 51% 

22 2SS 13% 
1438 12 29 1Z7B 30% 
1425 7.7 *40 16% 

14)0 0.1 293 11 

008 £8 15 2 31% 

1 70 1£6 7100 13% 

004 17 5 123 1% 
1 38 £9 17 414 47- 
0.48 15 21 2016 32 
4T IX 

140 1£4 

7 


2% 2% 



33% 33 _ 
BO 80 
40% 49% 
82 1 « 

a** 


- 41% 
33 32% 
15% 15% 
50% 57% 
80 79% 
20 20 
21$ 21% 
41% 41% 
52% 52% 
73. 7% 

37% 37% 
30 29% 
36% 36% 
23% 23% 
24% 24% 
37% 37% 
28% 28 
17% 17 

47% 47% 
61% 81 
4% U4% 
48 45% 
14% 14% 
28*4 27% 
9% 9% 

35% 34% 

i<!i a 



030 IS 
060 40 
012 OB 
1.40 £2 
l.« £1 
038 02 


X 29% 

19 11% 11*. 


3ti 

38 

S3% 


20 19 

8 48 12% 

21 20 % 
S 489 44% 

9 6081 47% 
1 1D1 4% 

032 £5 13 164 13 

198 13 17 263 56% 
080 IJ) 2114464 45% 
048 14 M BIB 37 
000 £1 23 427 
U)Q 74 B 395 
142 14 13 587 108% 
OBO £7 22 345 34 

105 342 uS2% 

1 252 2% 

16 V 17% 

2 23 5 

1.15 £3 16 118 35% 


50% 51 

39% 39% 
51 51 

13% 13% 
30% 30% 
16% 16% 
10 % 11 
Jl% 31% 
13% 13% 

li* 1la 

45% 47 

32% 32% 
2B% 20% 
11% 11% 
18% 18% 
13 12% 
20% 20% 
43% 43% 
47% 

raiiS 

56% 56% 

& 
38j 

- - 37% 

24% 24 % 
108% 108% 
33% 33% 
52% 52% 
10 % 2 % 
17% 17% 
4% 4% 

35 £5% 



5 

I 

•Fl% 

♦% 

+% 


+ % 


IBM 

writ low stock a* 
42 21% GigbER 
75 56% GigtaP 160 
104 91% 6ga7.7Z 772 

16% 13% GaiWSri 032 
12% 10% Germany Fd 016 
12% 5% Oerdfl 
16% 10% Gutty Par 008 
14% 9% Giant Bp 
10% 7%Gtwtlmh 040 
73 57% 


C8M 


21% 15% Gtati 
10% ( 


1.00 

047 

16% 10% fibasm Co 040 
7% 5% GMriGorx 044 
9% 7% GMxd he 071 
4% 3%GUtriMar 
8% 8% GkXnlYld 040 
46 37%EWSffn 040 
48% 39 CdrU 220 

61% 47% Goaric 15 350 
40% 31% COyer OK 
12% 7%GdtMft* 

46% 38%CacaW{ 1.40 
69% 58% GmaW OK 
30 23%GMri 140 
27% 19% GtAVT x OK 
17*4 12% Bari GEn 02* 
82 48% a taxes Cl 040 
50 asaNtntox a hi 
21% 15% BTIFh 092 
31% 23%6RenUtP £12 
34% 21 % Bran Tree 025 
17% 12 GratonEng 02a 
18% 14 Bwtx 020 

12% 9%Gnw0i5)m 015 
40% 19BTnhADR 
16% OGuardsmai 042 
24% 18% Guam M 080 


TkL PT ax 

9 E in 
38 446 
£t SB 3330 
84 3 

£226 85 
U 317 
B 722 

05 IS 37 

12 3 

£4 6 11 
1.4 H 1685 
44 12 3533 
£6 48 3 

74 152 

94 99 

112 4320 
£0 236 

06 9 35 

54148 97 
7.1 4 

£4 ID 1524 

27 8 

34 75 354 
1.4 19 IK 
4.7 108 

£1150 61 
15 279 

07 IS 148 

94 11 30 

£0 65 3038 
05 11 noo 

7.0 7 33K 
£1 15 S 
14 17 157 
1.4 501 

781 

£5 21 10 

24 IS 248 


Mgk (aw 

39% 38% 

73% 73% 

94 94 

14% 14% 

11 % 11 % 

6% 6% 

11 % 11 

70 09% 

18% 18 
15% 15% 

S d5% 

7% 

4% 4% 4% 

6 % 06 % 6 % 

39% 30% 39% 

ass a 

33% 33% 33% 

7*8 


Crgt 
flaw hw. 




- H - 


19% 13% K8Q Heart 
22% lGWCTriADH 
16% 13% tfRE fTopI x 
3% SHadsen 
35% Z7%KdM1 
5% 3 htrinood 

10 6%tfcoAFbO> 
17% 14% IT cock K 
24% T9% H-cofltlriar 


HamSanan 
13 Handy ttana 


14 

23 

26% 19 
4% £ Hanaro Wl 

22% 17% Hanam ADM 
39I2 30% Hanfin 
24% 20%Hatand 
29% 21% HartayDav 
K 24% Herman M 
29% 18% Ifendg 
52% 41% Hauls 
46% 38* 2 HttSCOX 
53% *2% Hand Stm x 
7% 5 Karon 

18% 15% HaBHaxx 
35*2 29% HmlanS 
16% 13% KnHM 
32% 27% Darin Ca 
7% 4% HHi Image 
39% 23% KeanfBdi 
38% 2S%Hansoutw 

15 9% HactaM 

a 23% HrilgMey 
30% min 

36% 22% Helene Or 
30% 24% HttnP 
121% 96% Itafea 
53% 41% HRhey 
71% HawPac 
5% 2%HexcelCip 
4% MShaar 
7% HbembA 
5% High tax 
ftiipilrdi 
7»fldtax 
7%HtTUPhx 


OK 64 
061 3.1 
J.I2 7.7 

140 £0 

032 47 
146 84 
148 04 
044 44 
020 12 
050 £0 
038 14 

094 £2 
064 IJ 
058 4.8 
016 OB 
016 05 
040 IJ 
124 £6 
1.40 £4 
£20 5.1 

own.* 

128 90 
222 7.4 
122 92 
£00 6.7 
008 1.1 


St 

3 

S; 


13% 11%KlngSH 
43% 26% tUentjrsn I 
24 17% HriMi 
74 49% taunH 
1 «% TSMQChl I 
46% 29% toueDap I 
15% 9*2 Home Shop 
24% 17% HrnstUI 1 
1% 1 Homph Hqj l 

37% Z7%HmaMADHi 
36% 30%Knywal 1 
28% 22% HrcWannEd I 
28% 18%HonnHDl 
23% 18%Honnri 1 
16% 12% Honham 1 
13% 6% H9Mar f 
3% 1*2 Hotel Imr 
S3 36% KouriaonM I 
8% 1% Korn Fad 1 
39% 28*2 KM lx 
27% 28% Hand I Dp x i 
13% 10% Hoad I 
25** 11% Hudxon Fds ( 
19% KHKyOnp ( 
32% 17 ttogrmsSi* ( 

23% 15% Humana 1 
18% 15*jj Hritf Mg C { 
11% 4*,Hurdtopdan I 
10% 8%HypRtanx ( 


19 14% 14% 
7 127 19% 19% 

24 4 14% 14% 

1 91 2% 2% 

18 2330 33% 32% 
1 23 2% <C 

2fi 22 8% 9% 

18 2 14% 14% 

25 IS 20% 19% 

10 575 11 10% 

24 36 15% 15% 

17 89 25% 24% 

18 42 24% 24% 

6652 1 *& 

16 1047 18% 18 

16 469 35 34% 

12 40 20% 20% 
53 955 26 5% 

21 13 32% 32% 

39 3509 26 25*4 

15 155 48 47% 

12 40 41% 41% 

51 52 43 42% 

28 32 S% 5% 

2 15% 15% 

13 18 31% 3T% 

12 234 14% 14 

17 63 30% 29% 

21 95 7% 9% 

29 318 37% 36% 

19 82 37% 37% 

Z7 559 12% 12% 
27 903 29% 28% 
IB 5B0 36% 36% 

20 75 32% 32% 
23 329 29% 29% 
20 B30 101% 100% 

13 127 46% 45% 

17 3197 90 B8 

0 121 5% 5% 

10 19 5% 5% 

i 13 690 7% 7% 
I 75 5% 05% 

) 130 5% (15% 

> 58 7% 7% 

I 55 8% B 
I 20 15 12% 12% 
I IB 269 X 29% 
10 156 22*2 22% 

I 28 156 57% 57% 
) 52 2 98*2 98*2 

I 41 48Z7 42% 41% 
63 347 11% 11% 
1 52 643 20% 20% 
) 0 51 1% 1% 

r 76 6 £5*2 35% 

1 14 264 33% 33% 
I 8 <7 22%d22% 
32 344u28% 28 

! 16 29 
I 39 204 1 
r 25 533 10 

7 11 _ - 

I 18 22 42 41% 

i 0 62% 2 
[ 13 534 35% 35% 

I 2 26% 26% 

1 25 2 11% 11% 

! 19 427 21% 21% 

! 71 18 15% 15 

! 14 5 17*2 17 

I 42 2189 U23% 23 
I 17 96 16 1 . 

I 9 244 5% 5% 

73 8% d&% 


*% 

+% 


4 



1 

7% 

8 

12% 

30 

57% 

96% 

42% 

11% 

20% 

ih 

33% 

33% 

22% 

28 

Z% 

15% 

10*2 

3 

a 

11% 
21% 

5*8 

8% 



33% 22%BPta 
13% 8K»nwm 
31% 21% I* Tim 
11% 8*« RTPropty 
5 ZCFKl 
30% 21% kMuPmr 
43 33% tax Cap 
29 24% ■’W4.42X 
40*2 41 % Wr7J6 x 

28 23 > Pr4J36 x 

29 23% ■ Prf J x 
52% 4fiaPHL24x 
38% 28% ItorxfeOi 
<7% 38U > HARPAx 

5? 45VMWVX 
22% 18% rtnrx 
54% *4 P 

49% 30%UCFmi 
12% 6% knoDd 
10% 15% MAhvari 
31% 21% hen 
97% B0ftx*ff7J)8 
30% lBtodaBtn 
23% 18% ind Energy 
21% 11% XxtorFux) 
15% 10*4 kafecsco 
41% 32% togRnd 
42 29% toUS 
0% 7%lnsrSyri 
23% 18% axSrtXi 
49% 41% totem Fn 
3% hMd 
%wetoric 
20 htar Hag 
15% ntaicapx 
15 Mtekw 

71% 51% BM 
22*4 13% htftnB 
44% 35% kt FF 
S3*a 15% kiMdt 
80% 60% mtpap 
34% 27%lmpUD 
11% 7% htBrsun 
30% 21 kaaPw 

8% 4% kdTAH 
34 17% MQuraT 
23 13WBeca 
4% 2H rectal 
54% 42% tails 
24% 19*4 knmIC&E 
35% 28*4 ipaloo Em 
11% B%tanlim 

12% 8% Inly Find 
35% 22%MCm 
10**4 79% in 


020 (LG 19 362 
13 «11 
£83 1 1.3 4 38 
0J4 6.7 12 159 


32% 31% 
13% 12% 


221 68 4 

£78 63 ZlO 
£04 63 5 

£io &£ noo 

4.12 61 5 

084 £9 13 1413 
£00 7.9 2 

3JD 7.9 zim 
0J0 4.0 a 4315 
1.77 £5 13 293 
108 £6283 1109 
090 5J t 42 
1-32 67 14 

0.40 1.4225 2558 
7.06 68 6 

156 63 43 

1JJ6 £4 14 31 
DJJ5 03 58 

12 120 
0.74 £2 21 413 
0J0 1.6 46 SB 
025 £2 33 

020 0.9 18 3 

1* 4.1 9 44 


I 93 
1-00 1-4 9832 

19 420 
108 £6 25 257 
OK 40 £3 34 

108 £2 32 4506 
058 1.8 19 33 

012 1.5 4 74 

£08 98 13 18 

0 42 
0.12 0.6 22 1330 
67 575 
10 192 
24 68 

1.73 68 10 54 

£12 7£ 14 53 

007 0.7 9 

007 09 749 

65 13 

198 £4 11 2224 


- J - 


45% 37% J Anr PF £38 
46 37% j Rtver L £50 
14% 7%ja«p«Enx 032 
28% 16% JacotB Eng 
14% OJakanaGr 006 
{I % Janwnuoy 
14% 9% JaoOtc 019 

55%4j\JeflP 1.7? 

m S5N JnyP708x 708 
61% 44% jnsnCn 144 
52% 3C Jnai&J *1.16 
13% 9% Johnston 038 
20 15% JMWBh 088 



41% 41% 

41% 41% J* 
9% 9% +% 
22% 22% 

10% 10% 

*2 A 
11 11% 

52% 52% 

97 97 

48% 46% -% 
50% 51 4% 

8% B% 

17% 17% +% 


32% Z1% KLM R D(E*I 052 
26% 2l%)UEner|Bf 096 
SB 58Xan(2£5 4J0 

28% 23% Karetf H 220 
9% 7%KandjS» 094 
4% 2%KareoSsnr 
23% 18% KaCyP IJ2 
20 msinCySflL un 
52% 33% KansasSto 030 
10% 4 taster 0.10 

1136 OjirsiJylndl 035 
Kautaupur 030 
Koydon 040 
HBenflusx 072 

.kaoogg 144 

27 10% Kenwood OK 
11% OKmpUdnxOJT 
64% 35k Kenoar 0.92 
7% kamparHit 090 
7Komrlfi*x064 
1 1 Krapi Un 1 097 
11 KamparSIrx 082 
. . MRranml 050 
22 19% Ken C 1.7 1.70 

51 WWrtfc 1J2 
17% lOkayamCoi 
29*2 iB%Kfljs»iM 
GO 51% RmbB 
2% i%Hknmtn*En 003 
44% 33% KngWd 
21% 14% Kmart 056 
61 KnAddx 1.48 
19% BjKDoooCm 0.10 
9% 6% KoBaaroMi 008 


10% 

ff% 

13% 

13% 

29*2 


-K- 

£0 31 
£7 16 
70 

03 10 
110 

5 

69 13 118 
53 4 . . 

09 15 64 34% 
1.9 13 5 5% 

£5 7 24 
23 14 250 13 _ 
1.8 2 034% 

75 31 9% 

£5 19 447 57% 
£7 9 453 22% 
"93 236 9% 

1.64772231 B6*s 



UBI M h B 

■riMM Ik 1 («■ Up U> van 

27% 18% Kom Fd O01 00631 201 2S% 25% H% 

26% l9%Krogar ’5 ^ 

28% 24% KU Btaw 104 Ol 12 11 Zt 2G% 26% 

10% 14%Kl4teanC0 000 4.1 50 15 14% 14% 14% 

1S3% 10*iqwm(7 O0S 06 64 24 144 l« M« 

20% l5Kyaer»HU* 052 £5 12 2 20% 20% 20% 


Wri 


10% 5% LA Geer 
4) 33% LGSEBix 
39% 15% LBLg 
36% 19% La ftriio 
40 £S% LaTBoy 
25% £O%ladad80i 
27% 1&% Lrtxga 
8% 4% untsonfi S 
27% ifi% Unto End 

13% 10% Loner tot 

18% 14% Harare) 

38% si%ue6nm 

25% lB%UggM*son 
49% 33% Lanfi 

S% 14% Lamar Op 
4% 2% Luster Fay 
2% 1% Uharta h 
11% 9%LlwtyAS 
29% 23% Ubertycp 
61% 47% LEy 
22% 16% LBbM 
44% 35% UncnN x 
20V 15% UncnMFd 
70 57liBBLP8 
74% 28% Utoo 
26*3 19%UxOb 
5% 4% LLSEFnyi 
78% 58% LDCkM 
45% 35 LocXta Co 

102% 84% Loews 
33% Z5% LogtaXI 
9% 4% LamaaFMh 
24% 15% UbU 

S 3l% LngsDr 
16% ungtoew F 
42% 33% lari 
32 2Sla*ST£6x 
48% 35% Loriri. 

48 29% LkOP 
40*2 26% Laws 
21% 14 LTV 

6% 3% LTVWto 
38% 28% Ultod 
24% 21%U*»CriB 
39% 28V Lutens Inc 
36% 27% Luxutnca 
35% 20%Lydalta 
32% 20% LyoxtolP 


- L - 

5 13 
2.1B £8 15 1E3 
361792 
01 0 03 X 34? 
008 £4 14 6 

12 5.8 6 19 
030 101861357 
57 12 

020 10 9 544 
040 12132 9 

056 30 17 K 

004 as is noo 

044 £2 6 38 

044 f.SIfi 305 

020 1.4 734 

OIO 07 6 SIS 
0 634 
0 4 

100 rar ik 

0.62 £4 12 2 

£50 40 34 3180 
03B 10 17 BG7 
1.64 4J 8 379 
006 60 7 

500 8.7 Z 
9 115 
046 10 15 1459 
064 l£4 34 182 
£28 £3 10 313 
004 £0 22 161 
140 1.1 0 159 
032 1.1 11 17 

0 87 

1.78 107 7 BBS 
1.12 £3 14 21 

002 £0 24 774 
060 15 13 3K 
116 107 Z100 

140 £2106 616 
050 10 13 1257 
0.18 05 21 2899 
39 1526 
57 

008 £0 23 1220 
OK £8 17 103 
140 11 42 20 

048 1.4 25 78 

29 47 

000 12484 2499 



12% 12% 12% 


14% 

s 

9*2 


18*2 16% 
34% 34% 34% 
20*2 20 % 20 % 
35% 35 35 

d14 14% 
19% 15% 

n a 

58% 57% 58 

1B% 18% 1B% 
35% 35% 35% 
IS tfl 16 
57% 57% 57% 
3a 37% 38 

23% 23% 23% 
5% 5 5% 

68*2 89% 89% 
42% 42% 42% 
87% B7 87% 
29% 29% 29*2 
4% 4% 4% 

16% 18% 16% 

34% 337, 33% 
17% 17% 17% 
39% M% 39% 
29*2 29** 2B*2 
45% 45 45% 

32% 31% 31*2 
37% 36% 37% 
20% 19% 20 

5% 5 5 

29% 29% 29% 
23% Z3% 23% 
32% 32% 32% 
33*2 33% 33% 
33% 33 33% 

2B 27% 27% 


■k 


9% 4%M»G*n 
15*4 52% MBmtac 


7 

65*4 52%MSAta 124 22 9 

40% 33% KCN 1.72 4.7 14 

7% 4% WOClUg* 008 10 11 
32% 25% MDU Raa 100 50 13 
9% 8% VSChsnax 074 80 
7% 5%NrSGwrti 
16% 13% MQPropX 
39% 22% MGU Grand 
20% 13% Matfifl 
18% 12% UapnaC 
16% 12% MBBRttk 
29% 17% MaSawte F 
38% 28%Mncte- 
32% 24IMDW 
29% 23% UmarC 
26% 


»% 57% 
36% 36% 
5 5% 


19% 20% 
17% 17% 


*% 

4 


8% 16% 

5% 2% MrawLoix 020 6.7 20 
10% 7Mmrie 
25% 22% Unrria PT 
64% 53%Mapco 
26% f5%MnMarx 
5% 4 inp 

23% 15% Mart IV 
32% 24% Mann 
88% 74% IMiMcLx 
29% 20% Marital 
51 40% MUMP 


-RI- 
OT 7% 

958 57% 

20 36% 

K 5% - - . 

85 27% 27% 27% 

296 8*2 d8% 0% 

050 14 9 1574 6*8 d5% 6 

088 SJ 2D 8 15% 15% 15% 

16 84 29% 29% 29% 

17 360 20% " — 

38 365 17% 

18 69 13 

002 01 125 22% 

050 1.7 27 348 30% 

100 30 22 2 26 _ . 

009 0 3 23 496 37% 27% 27% -*, 

0.10 03 S3 1141 u29% 28% 29% 

45 3 

100 210 27 41 8% 

£7011.7 nOO 23* 

100 10 12 360 
1.00 40 (9 1064 25% 24% 

1.15209 5 456 o5% 5% 

011 05 IB 75 22% 22% 

028 10 22 78 28 27% 

200 30 16 423 75% 7S*z 

7 16 24% 24% 

008 £2 10 376 44% 



22% I 

11% Maacoladix Ol! 10 12 555 


6% ktesund Pt 084 £7 
34% 29%MHmut 



17% 14^z IMSd 



12 dll % 11% 

in r% 7 % 7 % 

200 07 9 4 32% 32% 32% 

14 76 15% 15*4 15% 

107 06191 nOO 184 1 64 164 

004 09 3* 1155 26% 25*| 
400100 16 37% 

040 8.6 10 1615 4% 

104 £7 13 1194 

_ . _ , 050 30 32 1725 15% 15 _ 

27% 19% WMACop 072 £9 18 2321 24% 24 24% 

27%2i%McOaUiy 034 IJ 21 2 23% 23% 23% 

33% 2B*kOrmZ2 220 72 2 31 39% 30*4 

31% 29% McOarm£6 £80 09 5 29% 029% 29% 

16% 12% MeDmkiv 032 2J 5 7 12% 12% 12% 

024 00 172867 26% 26% 26% 
1.40 10 12 445 119% 117% 118 
£32 £2319 * 73% 73% 73% 

108 16 28 623102% 102102% 

100 £0 24 1979 50% 50% 50% 
044 £1 46 14 21% 21% 21% 

£65 8J 15 103 31* 

041 00 13 319 51 7 
26 242 


1881344 

2S% 20% Man 
45% 33% Mam PI 4 
5% 4%Ma»tf 
45% 37UayOSr 
20% 14% Maytag 


31% 25%MdMd 
134% 102% McDnOp 
77% B2%HCBWH 
101% 52% McKern 
53% 39% UmdCp 
22 17% Maasuax 
30% Morirut 
34%Mdhncx 


20% Medusa Grp 050 20 22 
I MalonBiH 200 BJ 


60** 52% MMkft 
41% 34%MaMa 
10% 8%AHrt) 

57 30%MareSt 
38 28% Mw* 

19% 13%MnnayFii 
49% 38% HU 
45% 32% Mertyn 
4% 1% ManyGaRd 
5 Mesa 

2% MeaaUDd 
BMaaWita 
55 45HrirE30O 
24% 14% MBVHM 
40% 24% Maxtor) FdX 002 10 9 


31% 31% 
51% 51* 
24% 2<3 
27% 27? 


« si sa a 


4 Z!\ 

£70 40 12 241 58% 

1J2 4.4 11 

006 11 J 13 ft ft .. 
102 £5 17 371 40% 40% 40*2 
120 13 19 4382 36% 35% 36 

032 £2 Z7 10K 14% 14% 14% 
0.72 10 26 25 46 

002 £7 5 3757 34% 

005 3J 0 ' 

2 

024 7.1 17 
15 

300 6.7 
O0O £5 It 




000 1.1 47 112 53% 52% 52% 
1.78 £3 16 1211 53% 53% 53% 
37 1660 22% 21% 


.21% 
3 18% 18*a 18% 
18 18 


i'St 

2 25% 


12% 9%ManMcti 
19% 11% MankAusm 
86% 72% Uwrti 

10% 5% MM Erin _ 

25% 21% maFtx 100 7.1 11 
16 Martgom S U8 8J 8 


20% 16% Mam cap 

72 59% IftgnJP 

11% 9% MtxgaiGnn 1.16120 
90 68% M’gaVP PI 500 7.1 
13*2 12 Mayan Kgn 032 20 

9 4% Morgan ft 
80% 55 MrgaSt 
207, IS MonKn 
37% 25*2 Mrfeito 
55% 42% Mnda 
% 

8% 7%M*Opx 
11 % a^Mritadix 
9% 8% MuMctal 
13% lOMuntenhanc 002 OO 
47% 31% Uphyo 100 30 22 


046 £6 22 
053 £9 

13 

007 aaiss 

3^0 40 15 2882 80% 70% 

7 115 13% 13% 

020 £2 13 3 9% d9% 

016 10 9 27 14 13' 

£S2 30 18 2045 77% 

079 09 2 48 B 7 

440 22% 22% 22% 
11 16% d16 16 



3 > 


004 5.0 26 116 10% 18% 10% 
£72 46 71103 K% 59% 60% 
44 9% 9% 9% 

3 70 70 70 

5 4 12% 12% 12% 

4 6 5% 5% 5% 

100 £0 8 256 60% 59% W% 

OBO 4.9 52 208 16*2 16% 16% 

044 10 8 461 27% 27 27 

028 05 14 5418 51* 


OK 8.7 
072 60 
065 7J 


11 


13% 


1 M»WS LE 022 10 19 


M 7: 

78 9 9 9 

53 8% dB% 6% 
232 10% 10% 10*4 
7 43% 43% 43!" 
10 12% 12% 12! 


27% 15%URanUiHXO20 0 7 27 2904 27 26% 



48 35NB8Banep 
65% 56%HCH0txp 
63 45% NOCCO 
373 29% HatarCn 
30% 22%Naana 

15% 10%HH» 

57% 44*11 HanBh 
42% 35% irracehsn 
46% 37% HatAuraa 
29 24N«atyx 
23 15%MDaa 
7% A NatErian 
it AMdEm- 
36% 28% Hat Fori X 
18% 10%MttS 
19% U% (tailed 
48 39% IM Pitta 
24% i4%MSan 
26% 24%WSanr 
14 7% Hat sand 
26% 12% Nantr 
54% 49%ItafcteGx 
33 Z7 ISO Bn 
18% 13% Nriman mb' 
14% 7%MahnikEg 
34% 17% Hmada Pwrx 
5% 4 New Am W 

39 28% NEnflS 
13% 11%HnrG , naay 


St 

5 

021 

30 

76% 

a 

& 

11% 

13 

50*2 


24%Z0%NMPbin 
30*2 TB%maai 
23% 18% Nawafl 
17% 13% Heatel 
50 37% NanaK 
48 37% NwmnW 
01 Hews Cm 
49% 38HBOM30 
20% 12HlasH 
66% 48% HM 

33 2B%NpmW 

11% 4% NL tad 
32% 22*zMMI 
9 5%WWnE 
40 32%Ma6T 
7% 4% PM Raa 
74% 58*2 Ner*® 

38% ZSNonkitydr 
13% 7%i*minc 
16% 12% Ntt Fort 
4% ic Fad 
25% 20% NED* 

43% 38%KBPna 

1 % (i 

16% 34% 


Hrttra 

. KiMiwpi* 
28% 22% Kora* 
11% 6% Houa 
19% 10% I 


- N - 

100 £5 14 76 47% 47% 47% 

100 10 15 59 04 63% 64 

068 1.1 46 24 60% 60% 60% 

006 10 15 208 32% 32 32% 

072 12 6 23 23% 02:% 22% 

002 2.2 994 14% 13% 14% 

1.B4 £6 10 1473 47% 47% 47% 
£65 70 IS 23 36% 36% 36% 

£55 6.7 13 2 36% 38 38 

100 4.4 11 938 J>7% 27% Z7 

044 £2 24 16 ai% 20% 

38 28 5 d«% 

4 2 021 021 

108 5.3 13 33 30 29% 

116 163 16% 15% 

0.48 £5150 5683 16 % 16 % 

100 40 IB 2 42% 42% 

10K22 15% 14% 

106 4.1 17 122 26% 26% 

6 8 11 % 11 % 

I 191 13% 13 

600 110 26 59*2 90% 

1.20 A2 It 2012 26% 26% _ 

020 1.4 41 12 14% 14% 14% 

61 356 14% 13% 14% 

1.60 10 11 238 20% 19% 20% 

054 130 63 4% 04 4 

£30 7.5 ID 33 30k 30% 30% 

012 10 549 12% 12 12% 

1J2 75 IT 148 20% 030% 20% 

104 BJ 22 243 21% 21% 2t% 

£3)12.1 B 533 1B% D1S% 16% 

040 10 10 682 21% £i% 71I 

040 £7 42 30 

040 1.1 39 20 

048 1.1 37 299 

017 04 15 1837 43% 

300 9.1 120 39" 

1 12 8 3 7 683 13 

OK 10 13 4OT u 

M4 5.4 11 629 26 

020 10 9 43 10% 10% 1 

016 08106 237 27% 27% 27% 

026 44 202 6% 6% 6% 

100 80 3 34 33% 33% 

54 5 6% 6% 6% 

102 11 15 352 61% 60% 01 

0<6 10 28 1381 38% 36% 38% 

OIO 00 23 1Z7 12% 12 12% 

040 £0 18 4 1fi% »S% 15% 

120 1*5 9% 9% 9% 

105 B0 13 178 22% 22% 22% 

2J4 03 13 1G3 43% 42 42" 

4 133 % H 

100 14 23 132utt*t 46% 

166 50 13 4 28% 28 28% 

07* £1 II 1289 24% 23% 24 

004 £3 99 10% 10% 10*s 

U1123 10% dio% 10% 


«■% 

I 

*± 

A 


2 

+% 

IiS 

+ Jl 

-% 



i 

-% 


1894 

Hah l—W “ 
27% 22 NwrfS 0.15 

17% 14% BiCaMunx 1.07 
18% 15% Nu ft Mail 1.13 
. 72 48% Hoax Cm x 018 
1 28% 16 HU Cap 1JD 
17% 14% Phn bl x 1^ 
13% 11*2 NuraenClx 077 
13% 11% HnnanMIx 002 
17 KPknwiMDx 1 12 
12 9%HBMMnNMiOG7 
(B% 15%HwaraNPx 1.10 
16% 13% NuwraPP* 1-08 
16*2 i3% HuxaraPix 1.13 
25% l5%M|(iaJ6fc* 0« 
«% 33%NynoxX £38 


TO. PI » 
% E lOfc 

07 4 150 
7.1 11 

7.0 3 

00 43 680 
07 10 46 

7.1 52 

6.7 12 

OB 75 
76 136 


OS 

70 

7.6 

£1 

£4 11 


55 

23 

114 

178 

27 


6.1 27 19U 


H5* Law 
22% 22% 
15% 15% 
16 16 
62 % 61 % 
18*4 Tfi% 

(4% 14% 
11 % 011 % 
12 11 % 
14% 14% 
10 % 10 % 
15% 15% 
14% 14 

14% 14 

16% 16% 
38% 36% 




23% t% 
15% 

IB 

61*4 ■% 
16% -% 
14 % -% 
U% 

II *** 

14% 

10 % ♦% 

15% 

14% 

14 

16% 

38 % -% 


105 

TJO 

4.40 

406 

704 

706 


§ 0HM Dp 

Owns 

19% Warned Hm ODD 

15%0cddP IK 
jg% DBceDrixrt 
19*8 OS** 

IB 14% Ogdon Pm) 

22% 16*> (WoEd 
63 50% OWoEt4.4 
62*2 50 0NOE4J8 

B7 KOMo£704 
97% 81 OhtaE706 

37% 29%0UahGSEx £66 
60% 4G0dnCD £20 
41% 26% DmMtare 010 
51*2 43% Omntan 104 
17 13*4 OnridS LM 048 
20% i5%0naak 1.12 
26% 22% Oppridi Cap £00 
11% B% OppwdiMSx 09* 

6% 6%0pperiiHrtx 062 

6*2 5% Orange Co 
41% 29*2 Onus* Rck £56 
27% 15% Ongan 50 056 

34% 28% OnonCap 
20 i3%0iyxEn 
25% 16 OumdM 

26% 17% OVasn 
17% 13% Owanrirt 
46 30%OweraC 
34% 24% OxM tad 


000 

040 

040 

000 

0.18 

072 


- o - 

31 97 

16 «4 
0.3 19 309 
*8 32 )224 
38 2604 
6.0 14 67 
14 5 

7.9 US) 519 
80 2 

9.9 16O 

OO *100 

as noo 
ao 10 TIB 
£8 IS 49 
05 40 64 

£5 18 324 
13 14 99 

65 n 
80 11 
101 
B 0 

13 

85 9 
30 23 
20 7 
£B 5 2020 
IJ 72 35 
£6 <7 « 
II 17 
12 1171 
£9 12 167 


11 10*4 10% 
24% JH% 24% 

2S% S 3 a 4 
20% 20% 20% 
26% 25% 26 

21 20% 20% 
16% 16% 16% 
19 16% 18% 
51% 51 51 

SI 51 51 

80% 80% 90% 
92% 82*4 82% 
33% 33% 33% 
57% 57% 57% 
37% 37% 37% 
50% 50 50 

14% 14% 14% 
1?% 17% 17% 
22%d22% 22% 
9% 9% 9% 

6% 6% 6% 
5% 5% 5% 

30 29% 30 

17% 17% 17% 
29 29% 28% 
14% 14% 14% 
22 % 22 % 22 % 
23% 22% 23% 
16% 18 IE 

30% (09% 30% 
24% 024 % 24% 


9% 


- P - Q - 

108 36 10 165 36% 35% 

1.40 5.5 8 2142 25% 25% 

1.12 10 13 675 37% 37% 

OK 6.2 5 21 9% 9% 

104 5.5 13 307 22% 22% 22% 
100 03 2* 14% 14% 14% 

012 04 22 87(130% 30 30% 
1 K 80 12 479 17% 17 17% 

108 61 10 76 21% 20% 21% 

108 9.0 9 4875 21% 21% 21% 

£16 7.2 66 1526 30*2 30*5 30% 

0.48 £4 3 249 14% 13% 14 

007 £1 25 477 17% 17% 17% 

OB* £7 17 1686 22*2 ?1% 22% 

35% 22% Part Brid 046 1.4 25 (0 34% 34% 34% 

6% 4% PartDr 117 1340 5% 5% 5% 

100 2J 30 1410 40% 39% 40% 

4 110 1% di% 1% 

OK 105 87 7% 7% 7% 

14 9 3% 3% 3% 

1 52 O01D B27 25% 24% 3% 
450 7.8 1 56% 58 SB 

106 £? 14 1586 52% 

107 8.5 9 167 19% 

200 7.4 5 

300 60 12 3*3 

100 60 11 155 26 s 

25% Pep BoysM x 017 05 32 SOS 32*. 

41% 29% hprin 072 £2 IB 3055 32% 32% 32% 

39%26%Pteem OK £2 56 46 31 30*4 20% 

21% 12 ftrths fin x 1.30109 9 MO 10011% M% 

6% 4PmrtelBaxaj1 10.7 10 12 4% 4% 4% 

7% 4% PHiyDrog 5 565 U7% 7% 7% 

29% 16% Prilnc 002 10 18 1019 20% 19% 20% 
000 £7 43 36 3% 29% 29% 

29% 23% Pride x 000 06 K 10K 25% 25* 2 25% 

70% 53% Ptmr 1 BS £7 34 5507 69?, 69% 69% 

1.65 £0 22 176* S0% 59% 59% 
1 12 64 13 16 17% 17% 17% 
330 SJ 14 5224 60% 59% 59% 
1.12 £3 34 3642 34% 34% 34% 
015 OB 13 2615 19% 19% 19% 
23% 19% PlBdxWidNG 104 4.9 14 17 21% 21 21% 

10% 7% Fieri tap 012 IJ 1* 485 8% 6 6 

12% 9% ngriaRB 028 £6 49 10% 10% 10% 

10% 6%F9grtraP 006 06 11 13ul0>4 10% 10% 

22% 16PMNCP 000 40 9 1982 18% 16 18% 

27% 32% PW £125 x £12 90 16 23% 

14% 8% PKxwFni 0.15 1.7 
14% i1%Ptonta 1.06 90 

366 3KPOwy£12 £12 07 

46% 34% PSneyfl 
31 % 21 % Pam 


*3% 33 PHH 1 

31% 24% PNCFn 
42% 34%FPCta 
14% 9% PS Group 
26% 19% PS 
16*2 UPaeNatnc 
30% 21% Psc&ter 
19*2 15% Pcdcp 
24% 19% PacElC 
35 ?1%PxGE 
5S 20% PTeleax 
19% 13% PaW* 
20% 13% P38 x 
25% i9%PumdE 
PBikEWd 
Padd)r 
45% 34ParKHn 
2% l%PaWckPi 
10% 7%PanttPr 
3% 3% Patron era 
29%23%PBceEn 
66 56 PannPL* 5 

SB 47Penwyx 
77% 19% FbdtR. 
31% 29% Pwafnt 
56% 45%PnzOO 
32% 23%PrapEn 


30% £7% Panes 
23% Pride x 
70% 53% Pfcar 
65 47% Phekrt) 
19% 17% RriSuDM 
62% 47%PMiOT 
36%25%PMR 
39 17% PMVH 


52 52% 
19% 19% 
29% 29% 
47% 47% 
26% 26% 
32% 32% 


23 23 

442 9 8% 9 

7 11% 011 *2 11% 

*100 2 96 316 29S 

104 £9 16 422 35% 35% 35% 
000 07 21 393 27% 27% 27% 


28% 19% Placer Don 030 10 52 1160 23% 23% 23% 
Z7% 19% Pima PM 024 00650 14 26 26 26 


IPUytoyB 


10 71 8% 8% 8*2 


32% 21% pun era* 1.72 70 12 134 235» 22% 23% 
24% l5%PogoPnxl 
35% 29% POM- 
41*2 25% Plcyrti 
48% 37% ftSyftwk 
32% 17% Pope <s Ta) 

15% iO%nxteeta 
15% 11% Portugal F 
*2 22%Pute*iSra 
49*2 38PUdl 
18%PoBP 
24% 16% Pnok 
26% 18% PracWon 
46% 33W Premart 
29% 17% Prsmto 
15 11 Prtwk 
1% % PitaMMolP 

60% 51% PmriG 
40% 27% PrgmvOi 
14% 8% Pratorht 
55% 27% Praams 

16% Prop IT Am 
3 %PtwpS 
36% ftndJ 


012 05 29 IM 22*4 22 22% 

OK 1 J SM 338 35% 35% 35% 
14 37 39*8 38% 36% 
040 00 44 79 42 41% 42 

076 *2 9 175 10% 17% 16 

12 97 14% 14% 14% 

001 Ol 443 15% 15% 15*2 
1.44 £9 31 1079 37% 36% 37% 
1.H 4.1 29 37 39% 39% 39% 

1J6 8.7 9 2283 19% 18% 19 

009 10 21 1776 22% 22% 22% 
004 00 16 82 26% 26% 26% 

OK 20 7 557 40% 40% 40% 
040 1.7 22 19 24% 24 24 

25 39 1 3% 12% 13 

£M30£5 0 40 U ti 
140 20 79 1762 60% 60 60% 

022 OB 10 152 35 34% 34% 

006 £7 40 2100 7 7 7 

35 2B27 32% 31% 32 

100 60 34 2278 17% di6% 16% 
042 1£0 66 ‘ 

1.12 £6 12 27 


17% <Jl6% 16% 
3*2 d3% 3% 
43% 43% 43% 


3 


*% 

*% 


4 

1 

3 

A 


A 

1 

§ 


A 

♦% 

+% 

♦% 

3 

+% 


A 

»% 

A 

A 


*•% 

1 

■*- ** 


1 


A 

*% 


31% 

24% PnUB 

1.04 

40 10 

80 

26 25% 25% 

38% 

28% Prwte 

000 

£6 

879 

30% 

30% 

30% 

% 

%PiudHnyC 

0.161024 0 

16 

* 


£ 

60 

48PDSef»40a 

408 

as 

2 

49 

(MS 

40 

102 

B7Pb5arV7.40 

7.40 

60 

3 

BO 

89% 

90 

99 83% PWeraCoi 

7.15 

04 

nrn 

85 

85 

85 

103 

91 P6Sani70 

700 

7.9 

1 

99 

(0) 

99 

32 

24 PbSlEG 

£16 

03 10 1326 26% 

25% 

26 +% 

i3% 

nPbSNatavlei 


13 

105 

12% 

1? 

13% 

*> 

1% PaOBckar 


1 

B 

2 


2 


33Pufltfx 
38% 20% PUB 
11% S% PrinmOMn 
ia% 8% PummHghV are 80 

A ' 


104 9.1 10 265 20% 20% 20% 
058 IJ 17 5 33% d33 33 


004 1.1 
078 80 


0.K 80 

11%Pumm*W& OK 6.0 
1% gpumamMn 078 60 

rt 7 PuTOnPAarin 069 9.7 

!% 7%Punan«a 075 9.7 
)% 7 PubanProm 072 9.9 

85 61% OuakrD 
16% 12% Quakers 
27% 17 Quanta 

2S% 21% Queovaf D 
13% 12 QuesIUai P 

35% ZSCteort 
36% 23% Qutok Rty 


134 

73 

129 

77 

38 

57 

132 

171 

265 


21% 21% 21% 
9% 9% 9% 


9 d8% 
7% d7 
12 11 % 

a a 

?% a 


£28 21 17 A3S 74% 74% 74% 

000 £B 29 380 14% 14 14% 

0J6 £2142 4 25% 25% 25% 

33 23% 23% 23% 

59 12% 12% 12% 

« 29% 26% 29% 

53 25% 25 25 


100 50 
100 06 
1.14 30 13 
048 10 6 


8 5%RJRKb 
27% £0%RUCm> 
IS 9% ROCTalwril 
4% 3% RPS Really 
19% 13% Hricnp 
33*2RNtnP 
41% 33% Raydiro 
16% 13%RayJapeaF 
66% K% Raythnx 
47% 39% Itea d TO A 
7% S% RaadBaM 
18% iBRaaEorTcx 

>6% 6% RecognttEq 

38% 28% Raetok 
ti Oil Ragritaa 
8% 4% Ratax 
35 28 Repaal ADR 
52% 42% RupriiNr 
23% 14% RaxSIr 
17% 3 Renan Cp 

28% 1B%RqnflA 
58 40%RqnMt 
21% 13% RhonePADS 
39*2 30% RtanP Ax 
22% 15% FBtoAM 
5iJ 2 HM 11 
23 12% Rottort Hri 
26% 19% RncaCEx 
25% 20% Radi Tri X 
8% 4%He»BflaPx 
44% 33% Rcteta 
7% 5Rodm6Rere 
68% S3% ItoranH 
12% B%Rm 

6% anotaBfm 
30% 23% Rotas 
1<% 11 RofflnsTrt. 
9% 6% Rowan 
ZlhSkn/mSM 
11*% M% ROiacn 
13% 10%ROjj»VM 
35% 23% HOtxmd 
23 I5%ftjddck 
1^8 i2%Runaanto 

37% ZUttESCp 

24% 11% Ann 
28 21%Ryd*S 
25% 15% Rytand Gn>* 


- R - 

112 1 ! 
OK £8 41 T 
016 10 3 

002 7.5 K 

100 30 12 : 
002 D.B197 < 
002 £1 6 
1J0 £4 12 I 
1.40 30 19 L 
52 ! 

138 80 14 


6 % 6 % 
21 % 21 % 
11 % 11 % 
4% 4% 
19% 19% 

15% 15% 
63% 63% 
44 44% 
0 % 

16% 16% 
7% 7% 

36% 37% 
A 018 
6 6 
30% 30 
42% 42 
19% 19 . 
15% 15% 

23% 03% 
53% 54% 

17 17 

37% 37% 
— 2 % 


+% 


± 

1 

-% 

A 


A 

♦% 

-% 

*1 




81 26% 
I 1936 109% 
« 11 % 
375 26 

7 18% 

20 13% 
25 30% 

5 13 

307 25% 

21 16% 


5% 5% 
23% 24 

11 % 11 % 
7% 7% 
26% 26% 
i(»%ire% 
11% 11% 
25% 25% 
18% 19% 
13% 13% 
30 30% 
13 IJ 
25% 25% 
16% 16% 


20% 16% 3 Anita Ha Oft) 

*3]^ sew us cp oae 

27% 18% EPST, i w 
l«%T3%SarewM 119 
20%. 13% Sriaarn oa) 
17% 11% Stag'd Sc 
18% 12%SltyB 006 
S% 19% Sataway 
7% *%SafmnyiH96 
62% 47%SUe*ii*r 000 
30% aSUoaLJP ijg 


- S - 

40 61 
30 23 
49 3 
80 9 
13 13 
6 


30 10% 016*2 16% 
5 11% n% 11% 
2 26*4 28% M% 
75 13% 13% 13% 
19 15% 15 15 

12 13% 13% 13% 


17 8 2736 13% 13% 13*b *5 
39% 30 -% 


30 I860 u30% 

76 u7% 7% 
04296 40 56% 55 

03 14 S 28% 20% 


7% 


ConOnuBd on next page 



39 


• *v. 


■*» > 

■< 


FINANCIAL TIMES TUESDAY OCTOBER II 1994 ★ 

r *~L NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


4 pm doss October 70 


4ft *2h ft 

ft s h -% 

32 3ft ft 

ift ta% +% 
*% 3 ft ft 


******* u-saS 

Continued tram previous page 

4S37%S8>®Ax 150 U 4 1144 421 43la o). J. 

ft 5 aw ftp 8 3 9% ft ft t2 

49%31%£rau» 1,40 <3 8 1488 325 32 32% ft 

«? U2 S,lfl " flBBr ** *>• 302 12% 125 12% ft 

525 SftSahwn OM 1.7 S 4ft 38 3ft »% ft 

25 17% SnOgGE 152 7X 10 MB 185 18 ift 2 

10 75SraF.ni 0.18 15 8 053 95 85 8% ^ 

175 135 SFMd Wn^ tjL ^*u tu> jl 

40 31% SrafMe 250 U 15 29 33* 33% 335 +5 

2fiUl24SMV 0.10 07 8 300S 1*5 m2 14% +2 

» Ift&rrtat 00* £0 15 8140 28% S2h ffifi ft 

505 425 Sana 0»p IBMII 63 445 435 445 ft i 

2Hh 125 Sonp* UO 75 8 4004 135 13 135 +5 

<2 31%Stt*wW 33 mn&i « c% ^4 1 

725 SftSeWI 10* 18 IB 2118 n 70% 70% 

MSUtScflM 1 32 11 23 2502 56*, sft SOU 


105 65 

a 3 


2rts cta*n 03 08 14 3136 


B5 375 Sa* 080 18 

285 lB%Scud®fM*F 021 09 
135 9% !icirmcur 0.16 1.7 


a 448 85 
03 08 41 1387 805 
O10 06 M B 135 
080 18 1712441 685 
021 OS 140 235 
016 1.7 IQS? 85 


165 155 ft 
ss% 33% ft 
1*5 145 +5 

a> aS ft 
435 445 +5 
13 135 +5 
42 425 +1 
705 705 
S55 585 

29 29% +5 


395225T*WI» 
ft 5%Talqtad 042 
<65 10 Taw Pi 180 
♦45 345Tmtnis 1x8 
165 Ufelista 
485 2Q%Taadyx 080 
125 85 Tana Mn 070 
♦ 2%TCChd 
22% 10%TacoErng 181 
*2S%Wra. 0J» 
2ft 145 Mfm 080 

465 M%TrieBpSA 188 
7>S0%T*M> 181 

585 *3%T®pH 180 

305lftTralBDlliai7 

ft ftTmpMfcbxOBO 

b 6% Tracer* am 

585 425 DHH 180 

sozftTmam z« 
ttaftTratm 

ft 45 Tra O00 
1ft ft Tra Ml 008 
1ft 55T«an 


185 13%tt®M 070 48 7 30 1ft 

165 14% SnCI.4625 188 08 «00 Ift 

2S5SwenB 060 28 U 1614 305 

225 5mquI Bi » 1019 2ft 

23 138 335 
4ft$Mrit .80 3.4 71633 475 

11 Sa*gn S® 0JM 78 104 11 5 

2B Snm 022 07 33 3803 325 

2S56raU UO 23 B 2B 2ft 

MSoqwa am is 10 315 

2258WCP* 142 18 201448 2ft 

SMWr 092 17 12 132 2ft 

13%8M.tad 082 18 17 614 145 


205 225 Mogul Bi 
3ft 2ft Sara* 
5ft 4ft$writ 
135 11 SoCgn S* 
3ft aEnm 
30%2S%6ra» 
«5 SSSaqnO 
26 225 One* x 
2ft 22 SMUT 
2S 13%8M*tad 


21 

315 ft 


25 1955tanuwxam 18 184453 
<45 ftSheijjWt 08B 28 20 38 

7ft 56% StMITrx 244 IB 21 395 


355 ZftSbMW 
2ft 13% Stomp 
225 12 Btnriio® 
2ft 175 Straw 
ft ft gras* 

435 325 9ra>M 
2B5 iftOtanBr 
135 115 Seator 
ft ft Stair 
245 17%Stt*» 

5 ftSLMl 


244 38 21 395 67% 
088 18 18 1788 315 
9 557 14 

0.10 08 14 146 13 

T.T2 OS 11 453 2ft 
1 5 ft 

180 29 11 3700 34 

33 2201 255 
1.12 06 31 117 115 
O10 28 1 288 ft 
048 22 18 59 215 
tUIB 18 IS 12 ft 


ft ftsracm 020 4,0 72 305 ft 
1ft ftSffliHa 1251029 1ft 

35%20%SOCM 05S 28 16 5 3ft 

325 23% EKBEqu 1.17 38 3686 3ft 

2ft IftSHMFd 082 21 16 747 2ft 
3,20% Smart® J 030 22 IB a 2ft 
4ft 3ft SnpOnT 186 21 17 1185 34% 
715 165 Sown 020 18 21 in 175 
34 2ft Sotoertn 27 1229 2ft 

345 a Son* 180 24 10 1406 31% 
635 4855a* 043 07183 171 585 

lftlftSONv 024 12 62 404 125 
465 40 Sara Cap 380 88 4 405 

495 SOSouMaSft 280 78 7 S3 

24 IftSOUonU 184 03 10 40 175 
XlftStmn 050 25 84 GO 1ft 
22 19SCUM 180 78 8 124 105 


611 115 

t 

3ft 315 

2ft «*a -5 
145 145 

075 075 45 
31 315 ft 

135 14 ft 
125 ift *5 
Ift 20 -ft 
75 ft ft 
335 34 ft 

25 2S% ft 
tft <15 
ft ft 
21 21 -5 
4 45 ft 

iS 1ft 45 
335 335 *5 
305 3ft 45 
3ft 245 ft 
23 23 -5 

345 3ft ft 
17 17 ft 

255 2B5 45 


22165SMUCPX OOO 48 8 390 18% 
3 175 SttCo 1.18 08 9 3848 105 
33% 2ft SdoBxdGE 186 68 10 28 2ft 
3ft 285 SMW 1.76 68 66 136 335 
38 21 SWW 004 02 21 4122 22% 
185 1G8MMKH 082 48 20 42 T75 
1ft 1ft SBUMElQr 024 1-5 16 61 1ft 
305 23% SouWfcPS. 220 0.4 10 410 3ft 
T25 ftSpMFM 080 4.4 388 ift 

75 45W*MCp 8 12 ft 

1ft 145 MhnD OT2 08 11 1ft 

3ft aftSprt* 120 15 13 206 3ft 
4ft325Sptt 120 2B 27 1420 385 
10 13% SFK 040 £3 » 118 1118 
1ft ift SUDm 040 28 7 237 15% 
26% 145 SKI Motor 032 1.7 13 67 1ft 


12% ftSMMX 012 18110 919 ft 
3ft 245SKM* 086 2.7 12 68 24% 

3ft 2ft Santa OS6 £1 16 16 2ft 

37 3T5SMMma 186 12 20 a 3ft 
44% 3ft SUM 1.40 38 19 H 4ft 

445 375SBBKX 140 38 19 4ft 

295 2ft Snow an ll 19 20 215 

285 2*5 MMM 004 £4 7 1646 27 

75 ftSMBODrp 020 38 6 40 ft 
13% ftSMoCtn 006 06100 872 12% 

145 95 me 47 12 

3ft aSMItSm a 975 2ft 

105 ftSSMFb 012 £1 2 30 ft 
33% ZftSkMUfcOxQSO 18 26 174 32 

715 ft SOM CM 071 38 45066 16% 

275 195 smp Shop a 48 a 

185 IftSttOH 084 18 15 288 145 
415 25 SOJcti 0 9014 27% 

385 22%SM* 901108 3ft 

16% 128MM6. 088 28 11 1507 13% 
3ft 23% Stas Wr 120 4.4 14 100 2ft 
ft 2 SUM Shot 030 88 1 39 ft 
11 Ift StaDtoAx 1.10104 7 12 ift 
6% 4 SitlOtoB I 03* 48 4 182 S 

75 45SUIBW07 03 58 36 70 4% 
465 335 Sara 0*0 18 13 784 Sft 
6>5 41 M* m £4 18 793 »5 
115 BSMrtMPI 1.19118 Z72 ift 

35 ftEurahM 1» 25 

615 435SWM ia 2.7 12 202 475 
l»5rt5Sn***0 086 i2 13 77 1l5 
465 295 Sltrax 018 0.7 IS 1081 77 

4ft aswrt 084 3.7 9 924 255 
20 11% Sap cn 016 08 a 1190 1ft 
23% isswmhi* am oi in 20 
315 155 Sjmhal Tgc 60 316 3ft 


75 ft StBrtBtap 020 38 6 41 
13% ftSMoChn 006 06100 072 
M5 95 me 47 

3ft SSMlSm a 975 

105 ftaMFb 012 £1 2 30 
a% 275SHMHMxa0O 18 a 174 
715 ftSSMCOK 071 38 4 5066 
275 195StpShop a 40 

105 IftSkfOU 084 18 15 28B 
415 aShfch 0 9014 

385 22%m*a 90 1100 

16% 12 Sudan, ass 28 11 1007 

335 23%Sta»m* 120 4.4 14 10B 
45 2 SUM Shat 030 18 1 35 

lllftSWOlAx 1.W 104 7 72 
65 4801 0*5 1 03* 48 4 182 

75 45SuiBwv 03 59 26 70 


I 125 125 +5 

: *ft «5 

i 32 33 

I ift 175 -5 

ift 1ft +5 

616 1ft -5 

' 185 18% 

105 1ft ft 

a 285 ft 
33 335 ft 
21% 2ft ft 

17 17% ft 
15% 1ft ft 

26 2ft -5 
9% 1ft ft 
ft ft ft 

4145 1*5 

aft 3*5 -5 

,s s ;a ^ 

sft ft 
265 2ft -5 
3ft 3ft ft 
»% 405 ft 
40*2 «5 ft 

a< «5 -5 

265 27 ft 

65 65 ft 


3ft 235 Tew M 020 
aft 61 MSI 180 
215 105 Tea. P X 040 
43529%™* 380 

ft 35T«ara 1.10 
60% 475 W®n 180 
ft 41hH*tow 
2*5 1ft IMG* 036 
375 2*5 ThatftBd oa 
47% 58TWtnceac 012 
a H5 TWeX 068 
69 5B5ThBai 224 
18% iftlMotM 040 
<3 2ft Thoms® tt 1.17 
29 195 ura 040 
385 2B5 TIBanji oa 
445 aftToMum am 
37% a% TatUK 186 
395 315 Ttatan 1.00 
8 2!%7(afip 
135 1057301 Pf 1.00 
I 4% «TMdOp 
1ft ftTohMnGb a 56 
Z75 2ft TME281 281 
19% ift To! Bib. 

75 58% TooSto n 044 
4ft 3ft Tdmkx L12 
3ft 20%1fe»Corp 048 
35 Z75TOKO 064 
165 BATHOS* 009 
40% a5i*iut 
a HTnanci 182 

t 48%TMsf x 280 
XftTnuaOoi 036 
14 Tinea 080 
125TnnEnlR 
IftnMWft 026 
43 31 TTM 060 
18% 13% lianaa 084 
375 32TrtQ*rt2J 280 
265 125 litre 
6*5 5051ihu« 184 

245 215T4C01 080 

475 3ft Trtt»x 068 
40 31% Hum 068 
37 2ftTr*jr .010 
ft 2%TUe«xiB 

7% ft-nraQp an 

145 &5 TixMOikl 012 
2ft 8% IWBiCat 064 

aft iftiMitme on 
S55 425 %CdL* 040 

ID 85 1*>T 010 

ft 35l>tr 


W- W » 
• aim 
654 

2 48 13 381 

0 m a 

s «.4 a urn 
3 5784 
D 18 17 SOI 
9 78 3 

IB 

1 83 14 SQ 
9 18 S 1711 
9 58 64 219 
9 42 7 265 
I £5 1219848 
1 12 44 2417 

r OJ 110 
) 01 12* 

1 8.7 1440 

) 3.7 16 3835 
1 0511 35 
» 1578 
i 08 1 70 

I 07 a 1168 
16 342 
I 62 13 0632 
I 06 39 68 
I 12 137800 
I £0 24 7100 
I 03 19 1582 
1308 1 a 
I £9 11 4205 
212 50 

12 9 

09 52 

! 03M 795 
£9 7 841 
38 a 1171 
£6 37 22 
£6 17 a 

13 3S KS 
08 60 SOT 
18 73 8743 

14 2* 1933 
£7622 288 

7 00 

02 Z1Q0 

14 « 

00937 141 
108 6 
11 232 
07 16 16 
£6 12 366 
20 16 136 
22 12 466 : 
05 a 40 
24 7466 : 
04 10 50 : 

4.1 • 445 ‘ 
07 13 198 : 
42 10 288 
5 2100 

£1 10 8 ' 
18 89464 ! 
1-4 17 ia 1 
71 4 : 

7 ia • 
12 a 2m ! 

30 713 : 

£1 18 548 i 
28 91 2 a 

03 21 338 : 
112 «9 

4 2231 111 
1.7 55 

5.4 2 979 1 
38 22 71 2 
09 a 2383 4 
12 3 674 
412 in 


1ft 1ft 155 

1ft lljE <6*2 

3 3 3 

19 1B% 10 

38% 38% 39 

1ft 16 16 

*05 385 4ft 
805 595 ®5 
Sft S3 53% 
2ft 2ft 2ft 


1 aft aft 2ft 

I 275 27% 275 

I 12 115 12 

10 95 95 
: ai5 61 615 
! 315 315 315 

:6ft 67 66% 

335 S5 S3 
0% 475 47^ 
1ft 165 ift 

3ft a% 23% 
465 45% 4ft 
235 235 235 
uBft 685 8ft 
145 1ft 145 
42 415 42 

sis a 

36 36 35% 1 

SI5 315 315 
375 875 375 

1ft ift 1ft 

Jj Sj J 

1ft 6105 ift 
625 615 62 

235 2ft a£ 

§5 175 ift 
375 365 37 

915 515 515 
145 145 145 
145 145 145 

§ 125 1ft 125 
325 315 8ft 
175 175 175 • 
325 325 
125 125 
53 S35 ■ 
225 72 225 

325 32 325 - 

a a 2 . 

7 ft ft 

11% 115 11% H 

aaa: 

a i a. 


MBb ImSkdE Oh % E 

24 155USUC0 02* 12 7 
W% ft (JEUFEtoe OOO 07 0 
ift is5usxm an 08447 
4ftao5usxus i.eo os 9 

17% 1ft USX MU UD 1J 6 
31% 25% uteop U7 04 13 


im. rt m Ban pm. 

hi Ein Dp Ui Mto Ban 

024 17 7 170 205 2ft 205 +5 


On 0844311E88 18 175 1 
1.00 £S 91991 40 3ft 8 
020 16 6 173 1ft 1ft < 
1-72 04 13 100 20% 2ft 2 


15 085 ft , 
18 175 175 +5 
m 3ft 88% +5 
15 1ft 135 +5 


535 445WCP 
245 165 MnE 
7 45MHM 

ft B%MkwMx 


125 AMP 
7% ftWRahXI 
3ft 2ftMdai 
5ft 33W6rty 


135 ift 1 

ift oft warns 
455 3l5UbnrM 
255 i95MaRaa 
2ft 2ft«n.«« 
325 2*5UDdoorB 
14 ftwtnnr 
ift ift Wn Cat 
375 3l5Mndo 
545 4* topeoM 


\J2» £7 12 
05 £4 
on 1.4148 
09412L5 
12D1U 
OB4 8.1 

33 

0» 07 11 
27 

1X6 03 0 

on 03 

72 

10 

72 

044 U 9 

ID 

18 

2X0 59 40 
15 £4 72 


466 475 475 

142 2ft 21% 

143 7 ^ 

S ft ft 
60 105 1ft 

025 7% .7 

712 33 S5 

308 37% 365 
zlOO 13 13 

220 Gftmft 

237 4ft 44% 
10 215 21 

4B 275 Z7% 
2111 3l5 315 
56 7% 6% 
271 1ft 18 
105 3* 33% 

B1u5*5 54 


475 -5 
215 +5 


325 ^4 

3ft ft 

Bft 

275 +ft 


5*5 -ft 


S 2fl% 1B5M4SM 
32% 2ftWPLHBhln 192 
UfAtoanhc 
3ftlMM 131 
165 125 MchMU 036 


42% 335<MM> 068 

3ft 35HMhMCS 084 
2ft 225 MM 017 

ft 25WMnarla OM 

aft eo«tolM £44 

ift lftnattflon i.oo 

4Z5 335MM6LX £22 
2ft 205taatMU 1.08 
2642215 MMHPBx 4X0 
385 IftlMUn 048 
ft l5manonM OXB 
1ft 1353Mbp8 090 
4ft 345 WMagaan 2a 
11 65WMMSI 064 

? 245 WaMft oa 

7% VMon oa 

345 17% MataM 024 

13051275^1^ 490 

105 135 Ptantfn 0 2* 
275 215 WBB Co 048 

185 M5MMeaE on 
W395VMhB 
165 95 KUU. 

I 205 &5WMU0 
! 385 18 WntoCWx 030 
2ft 1B5 MM! IBS X 023 
84% aftWttoRB* 196 
1ft 10 %«MbS 020 

65 fttUOKCoM 032 

2ft iftnfettmw 


315 15% SfnBalTae 60 316 305 Mb 305 +5 2ft 

105 ;5S)Mcapiaa 2903675 675 75ft 2ft 

195 16% 9mm Fn 045 £4 16 7B 18% 185 105 -5 415 

295 215S7U 038 1.4 a 1410 255 345 265 ft 2* 


265 275 ft 
3 35 ft 

45 45 

$ 

*7 475 ft 

’ft 12?* . 

»5 2S»j *5 

2ft 295 
195 195 ft 
105 rt% ft 

345 265 ft 


6% STCWEnta 020 £5 23 58 5% 
435 285TCFFMK 1.00 £0 12 S3 3ft 
9% 85lWOwSxO04 07 166 85 

405 345 TOO CM 0 043 10 46 40 4*5 
35 15TISMM On 49 3 80 1% 
295175TXC 099 39 16 718117% 

185 ift TNPB9MP 090 S3 14 35* 1S5 
77% 81 TIM £00 £6 a 470 71% 


§ 5% J5 

375 375 

sa-s 

155 14% 16 

nk 715 715 


2ft 235lUBFtox 
8 45WS 
5l5 4ft USM 4.1 
36 175 USB 
31% 235UST 
515 48% usx am 

150 8ft (ML 
1ft ftUOCHn 

215 17% uo cap 
115 ftONCM 
2* 21 5 tHeaK 
27 20ljUnl.be 
175 115 IMM 
745 58% UWr 

t lQftUWV 
425UCWP 
215 Uncarts 
65 UbfenCOp 
54*2 4ft UneSJO 

67 munBorn 
3ft 3Q5UoBac 
B75 485UAc 
28% afttHoraot 
72 Ift IMnTm 
2% 5 OntFn 
ift ft (Mm 
35 25tt® Cap 
4.5 a5uhMama 
15% 125(900084871 
225 175 WCtooM 
6*5 n£io>mn 

40 a Tirana 
ft 45 IMHO* 
1ft 105UM5MM 
5 UlMPMCM 
ift 4USNr 
185 ii5oa« 

2ft IftUSHkr 
2ft 14U6HBM 
415 31USUCP 
241l5USShn 
32*2 15% USOxg 
465 375 USM 
72 aurac 

145 12% umw 
19% iftlMhon 
3*5 2ft ihdrWodi 
rt lftUHfHBl 
5 011IMMML 
1ft ftlMnOp 
285 175UMOPX 
305 2ftitoatx 
S0 43UKJH Cap 

375 255Hfnx 


1X4 <0 18 969 
33 13 

4.10 07 30 

S18M 
1.12 3X 16 1395 
390 79 » 

(717 916 
19874.7 1 861 
198 7 2 a 611 
2 W 
190 79 81 3167 
040 T9 15 319 
010 08 13 4 

290 49 10 5 

494 40 16 469 
190 £2 67 2070 
076 £3 a 2479 
S 44 
390 79 Z100 

490 79 4 

296 69 12 214 
112 £4 14 OM 
092 39 9 35 
(UD 1.0 55 1282 
0 106 
£77246 7 51 M 
25 317 
1.04 £9 16 237 

anuow 
oa IX 17 8 

003 01 212B0S 
£78 02 6 9 
026 59 B » 
005 04 266 

12 15 
012 29 0 2358 
Oa 19 14 3130 
37 » 
2 246 
1.24 39 7 rt 
032 19 9BI62S 
On 03 9 2134 
£14 5.6 33 2543 
£00 £2 17 3831 
082 69 12 38 
30 82 
092 32 13 254 
196 09 11 8 

0 145 
030 £2 16 14 
096 42 13 12 

090 29 22 2623 
0» £1 11 1121 
in M 14 23« 


I 26 2ft 25% -5 

1 « ft « 

I 475 47 47% 

!2S£S a 

r 4ft « 4ft +5 

85% 8ft 85% 42 

25 m% 25 ft 
105 16 195 ft 

•5 6ft 
72 21% 21% ft 
255 25 a -5 
125 125 125 
70 685 70 +5 

1131115 113 +15 
4ft 48 4 ft ft 
32% 315 32% ft 
135 1ft 1ft -5 
445 «*5 44% -1% 

565 n 965 
055 »5 aft ft 

5ft *5 505 ft 
245 245 245 -5 
1ft 195 1ft ft 

115 115 H5 
035 35 35 
385 365 365 , 
12% 0125 1ft -5 
1ft 1ft 1ft ft 
5*5 Sft 5*5 ft 
30 295 29% 
ft ft 5fi ft 

rrjs 

^ 135 135 ft 

1ft 105 1ft 
315 315 315 

§ S S 
a sa* 
a a a i 
siss*" 

021 013 021 

a^a - 3 . 

S35 32% 335 -S 


5l5 3ft«*tn ia 
2i5l35WMhMr OiO 
735 4ft M*M 1X2 
225 105«UkM 
IB 1*5 Whtan 034 
ift i35mtra 

3 255 (Men hex 190 

ft state oio 
225 cam ax* 

75 S95WW m 006 

12 B5muam oa 

5ft 425M0O0IX 196 

13% 7%«tahW 
27% 235We£n 141 

3ft 27 WtjtfubS* 192 
10% 15WM0 040 

3S2ftmtoaCHp 1.12 
3ft 2ft MOT 080 
27% iBbWhatox Ort 
285 12%«heMi 060 
iftiftMxuwMi an 

7% ft Wattorp 
S3% SftCtarx on 
2I>5 165 Wpiixtxr 028 
235 185«rtnH 044 


15 16B 175 
! 09 13 123 27% 
B4 457 1ft 
1 £7 11 IrtO 3ft 
I 2-4506 5 195 

53 674 $5 

I 1.7 19 1614 36 

I £2 14 291 9 

’ 07 22 6649 235 
I 19 6 120 35 
I £1 37 2S53 7ft 
) 69 0 121 145 
! 59 13 149 375 
I 4-9 B 47 22 

I 19 16 2623ft 
I 14 23 106 34 

I 03 E 17 1% 
MX 15 92 14% 

I 05 25 227 3ft 
! OS 14 1273 9% 
i 29 15 133 20 

: £2 14 2846 ift 
07 2B 670 325 
i 27 IB 636 1485 
1J 10 1503 145 
1.7 19 S0UZ75 
59 11 101 1ft 
433 445 
101716 1ft 
995628 15 

09 17159 21% 
19147 6 235 

OB 10 74 28% 
19 17 5181 125 

54 0 568 6 

25 a 175 

£0 4 42 155 
£9 48 704 37% 
£8 16 3135 43 

07 17 2005 15 

24 151763 515 
24 »U225 
£1 16 131 1ft 
a 31 195 

59 15 77 2ft 
14 15 S6 75 
29 13 1452 30 

0914 30 8% 
19 17 30 10% 
11 15 141 SI 
16 361 ft 

55 14 1405 255 

06 11 111 2ft I 
£4154 36 17 

4X 60 260 285 : 
21 30 5141 95 : 

06 14 84 24% i 

£5 32936 Ift ' 

07 25 1ft ' 

9 2515 75 

1J2 27 479 4ft 
19 19 154 Ift 1 
£0 13 24 25 


’’J* ♦?» 

Zft 275 +5 
1ft 1ft 
32 32% +5 
1ft 1ft -5 


145 1ft 

36% 37% ♦% 

215 21% 

238 23ft -5 
3ft 34 +1 

015 1% ft 

a| 4 

105 ift 


3 A 
Si 

425 ft 


105 ift ft 
1ft 195 
2ft ft 

£& 4 
s iS i 

» ^5 ft 

Ss 17 ft 
27% a ft 


165 17 

t*5 i«5 +5 
75 75 +5 

*0 4ft ft 
175 175 ft 

a a ft 


« m 

M DhEM Up lanMl 

MSM. 03D 19 13 145 145 145 ft 

ACC Cap 012103 SO 18 17 18 *1 

«a*PE 2418830 185 17% 1B% ft 
taneWs 19 81 a 21 aft 

taMn Cp a 9 28 75 21% % 

meOWl 188319 1B,% 185 18 ft 

ADCTM 34 883 *15 395 415 +25 

AdMgton ia a 12 iz tz 

AfaSw 010 21 S 335 365 355 ft 

XUotaSmxOa 269199 365 35 3ft ft 
Mraac 7 220 10% ift 1ft 

Mrlxdc 0 13 45 3% ft ft 

MrPdym 7 as 55 *% ft ft 

Mrftilab 12 273 Ift 15 15 ft 

Mnoa 03 153101 305 285 305+15 
Any® ax ii os ib 5 ift ift 

Agntafa 010TS9 651 1ft ift ift 
A»EM 024 \7 78 »% 2ft 2Slj -5 
f*X t&R £24 20 648 575 57 57% ft 
Afceu OXB T7 78 2ft 25 25 
A060bSW a 144 11 10% 10% 

MtonOig 092 15 40 » 37 375 ft 

AlaiM 4 197 85 8 ft 

AUEtpB 1X0 13 42 15 14% 14% ft 

AM cap Q90 12 35 14 ift 1ft 

AtototoC 032 8 867 25 25 25 

AMfiBU 0X6 18 67 1\ ft ft ^ 

Aten CO 2710977 2ft 275 27% ft 
An Bator 072 BH5B 21b 21 21% ft 

AmOWr 016 43 165 1ft 1ft ft 

Am arm m 6aie5 ift 105 

Are Macao Z415B7 2ft S5 25% ft 

An IMS 101308 75 ft 75 ft 

AbSiAm 032 9 926 ft 4% 4A ft 
An Rtam 38 184 2ft a5 22% -5 

AnGrtA 096 1B34B9 26% 285 »5 ft 
AnMP 2 285 ft ft ft 

AaMh 220 7 66 475 47 47% ft 
Anfl*Oxw 362699 195 ift 195 ft 

AnTrn 13 204 1ft 165 16A ft 

Amgoibic 19120S3 S2 SI 5 515 ft 

Amracp 0X0 IS 712 115 105 105 -5 

Aoafln 4 7 ft ft ft 

Antogie is 18 17 185 ift 
Arty* on 14 a 175 175 <75 ft 

AaaagfMn 1X0 13 89 1ft ift ift ft 
AttmwQ) 281174 495 485 48 ft 

ArtotAn 8 16 1B5 ift 165 +5 
Apogee En 030 33 42 1ft 1ft 1ft 
APPBto 8 2W ft ft ft ft 

AppUUat 3111612 475 445 47+25 
Apptod 048 3447848eaft 37 38% +1% 

AppWM 0« 44 968 175 17 175 -ft 

ArtxxDr 024 401707 2ft 21 »5 ft 

Araco 019 131232 10 175 <75 ft 

AigortK 1.W 0 11 295 2ft 2ft ft 

Armor Al OM 8 66 2ft 23 72 ft 

Arnrtttl 040 17 17 2ft 195 ift ft 
MpacOW 33 10S2 3ft 355 3ft ft 
AnocOxna 325 KB 26 & 26+15 

AST Radi 87911 13 125 12% ft 

AMwxi 12X100 ft 95 95 ft 

AflSEAtt 032172574 24 a5 2ft +5 

Art* 040 a 5076 U07 64 66% +2% 

ArtutadO 9 323 25 25 25 ft 

Aeondtk Q92 19 194 75 75 7% ft 


tat h c n n u. w m 

Del CDmp 4113*22 u405 38% 3ft +<5 
DMPr 030 31273 345 335 335 ft 

DmOy i.u & S3 32 315 3i5 -5 
Damn 020 4 3 7 5 7% 75 ft 

OH Tech 18 14 22% 2 25 

DMB on atm 195 ift ift 
tMtfhlri IS Z70 18 1ft 155 

nc»m 7285 1ft 1ft 13 ft 

DIO Sam 57 1532 24 25 24 

D*3s! 23 IBB ft 65 ft +4 

ModocCD 17 25 3ft 395 3ft +5 

OtdeYra 020 47 11 9 85 ft ft 

DNARst 21022 45 3% ft 
Deter Ql 020 77 4S9Sb275 2ft 77 +5 
DardiHb.098 W IBS 12% 125 125 ft 
Dnmengy 9 141 ft »5 05 ft 
Mn 11 107* 1ft 95 105 +j% 

tam ana n 255 255 2S5 +4 

DraD&npo 008 43 662 4% 45 ft 
DSBncor 1X9 15 138 2^ 2B5 205 ft 
Dutm 042 12 310 <0 Ift 16 ft 

Dyntoach fi 1583 iCft 285 275 ft 


-E- 

2 58 35 25 2% ft 

2 132 ft 35 3i« -4 
2 196 14 dl 1 -4 

032 S 2977 185 175 IB ft 
241 206 75 75 75 ft 
1 3470 1& U14 14 ft 
15 381 155 145 1ft +5 
0X9 48 ISO 485 4ft 4ft ft 
2523387 &5 2ft 2i5 

17 a 55 55 ft 

121401ft 8% 1ft +1% 
51 75 145 145 145 
66 a 2 1% 2+4 

4 140 3 2% 2% ft 

01018 Q 5 45 5 

0*6149 5777 545 5ft 53% ft 
44 8 8 8 

£5 Z100 125 125 125 
273475 21% 20% 215 +4 

18 12 8 8 8 

15 48 205 205 205 +5 
010 21 174 18 185 1ft ft 

18 530 1l5ffT05 1< 


- K - 

KtaBtx 00612 20 £1235 24 +5 

Kasm Cpx044 5 92 ft 9% ft ft 
KrtejCa 3 371 ft 5% ft ft 
KsfySY 072 22 fffl 275 27 27 -5 
Kentucky 011 11 43 ft 6 ft ft 
Kknttea on 13 5 2ft 23% 235 

xtaefanr 72 20 ift 1ft 1ft 

KLAbStr 836310 40 4ft 47% +% 

KnortDdge 21427 3% ft ft 

net A o is 4 4 4 

KOmtOkE 2434605 275 25% 2ft ft 
HUtas io 2a ift ift ift 


- L - 

Lata® 072 » 48 195 185 195 ft 

LaM Fun 012 361754 65 6 6 ft 

LrtRst) 4443S2 40 385 394 +1* 

Lancaster 048 14 314 34 33 3ft 

lam lac 096 18 129 1ft 18 18 

Ixnttnkmh 23 1604 185 <75 10 ft 

implies 11 M ft ft ft 

Lrascpe a 027 45 45 45 -4 

UBeaS 14 1550 17 10% 16% ft 

LMtcnPrxQM <9 34 255 ZS 255 -ft 

LOOS 3053908 2l5 21 21% ft 

LOICp 016 1 344 55 5 55 

Lrttan 22151S 18 175 17% ft 

lcgaotcp 17 5139 a 27 275 ft 

in Taw 020 16 13 ift IB ift ft 

UMe 24 132 4% ft 4% ft 

LXytadA 028 12 1266 1ft 13 135 
UaBr Tt2I 0061355134513ft ft 

UneOtiT 052 16 382 1ft 1ft 1ft ft 
Uxrtrtlt 13 36 305 2ft 2ft 
UnearTac 024 372713 4ft 4ft 4ft +15 
Utotax 040 17 72 3* 335 335 

IrtMlSp 006 27 267 2ft 23 2ft 
LmSBT 8 300 ft ft ft ft 
LntUsD » 5031 37 35 3ft +1% 

LTXCp 3 584 *5 4 ft ft 

UW 078 4 a 32% 32% 325 ft 


-X-Y- 

I HB% 875 Xra £00 £8 541 
535 nmaCap am n s 
255 20*atatEar IS 57 12 
425 33% IMM oifi 04 20 
55 imprtx OM 12 
135 72we 51 

27% 20% 2enth Mel !A u I 
7% 8%2tthtoc 0X3120 
185 iftZaa 0*0 £1 15 
2ft 16% 2umH an U 17 


185 ift i 
2ft i8%; 
13% 1B%i 


014 12 

5 

1X0 O 8 
093 1£0 
0*0 11 15 

an u 17 


13% lQ%2Uft Fuad x 1X8 97 
105 ftZMoTMi 064100 


-2- 

176210ft 
61 49% 
7 215 

irst 

1534 11% 
80 23% 
42 7 

a 12% 

21 19% 
77 11% 
356 85 


105 107% +2% 
*9% 48% ft 
21% 21% -% 
<1 41 -% 

45 ft 

!25 1§ ft 

”S s ^ 

ft ft 


tar MM M kta tains Irtea at mi ton rt i SM 

tow a ra » Meet ram i « * | » a p— . — tm tm 
pUMtaita—rtarttart — tatart—tatoer- 
hhamaaHMetasiMtaMMu 
*• ta Mta SW On rn MBM 
tortta On rt Had w d rtta pta «a mart 
e- tart OMrtU dd rrt a ■ I fcta UtotaMn e»U 

M tata 12 w B * * ra a frt pe n tart «ta » » 


rttort hi ram. Hb HaiiMiaSnn 1» BM** oag* 
ata mi tm «m t« trap, im ear uray. ra pnra ipip m 
Mttart tactort ar m * r w nW c nrt pw Art mum 
n*a rt r e tira art ra tm d rt Ka n i-mom art® 
•rt ai encrag 12 wwrt artta can rta cs ata m 

artMrtn rt* MW irtt ta **tas tart »to rtmpc. * 

ran rt a rag wrtw mr tm tarty Aa. « araaw 
tora od » ra m art rt ra—n wraa m^rara ra 

1 nt u drt rt rt to ** Itolrt MM b ML 


AMEX COMPOSITE PRICES 


4 pa dose October IQ 


Dta. E IBOa Wph IraGtaCta 

1 '£ '1i ’1i A 

4 140 ft ,6 8-5 


AlPtaPl 104 13 3 47 48; 

AmbMnA OX* UK 253(045 s 
AjnWN 0X5 31058 ft 6 
ADiEm 2 169 1% 1, 

Amxt-AnA 47 90 6% X 

ASRW 072 22 32 75 2 

A a ta McI i 24 47 2% 2 

AI»i 6 616 7 V 

AU4CM8 0 50 j 

AuAmA 6 109 95 7- 


Sack Me. E 100a Hph iMaCkaaCrtg 

CBocdFM 5*100 ft 8% 8% . 
cmgaKTA 064554 33 18% 165 <ft ft 

QonCA 040 41 10 1ft <ft 1ft 

CraanCB 040 1* 30 1ft 16% 16% ft 

CUPC 6XS 83 <9 195 19 1ft ft 

Crtoroa i fc IB 30 ft 3& 3% ft 


k 5 

1ft 1ft 


BSHOcaan 
BadptoAOr 
MtaTA 
Barry RE 
HATrt 


3 ft ft ft . 
12 28 2ft ?6 +5 
290 uB ft 5% ft 


120 S% 20% S5 ft 

3 4 3 

3 215 6< 2< , 
33 2ft 25 25 ft 
18 435 « *ft +^i 

492 16%tft6^ ft 


nmria io so 

Otak 27 60 76 

Dacamaun 6 24 4 

OuglK 048 8 tl 6 


Era CD 0*6 13 4 13% 13% 13% 

Ectnmy 0X74501661 135 13% 135 
EMEflA 030 8 2* 1ft 10% 1ft 
&mm 4 60 65 ft ft 
Ban 17 798 375 36% 37% 


a a 

13% 15% 

:as 


8MM 036 B 492 16%tft65 1ft ft 
BrvcanA 1X431 14 14 13% 13% 

Snta 020 16 11 28^ 26^ Jb 2 ft 

ss ss". .» i 2 "va a 

CMta 4 37 25 25 25 -5 

ttanohn 55 179 » 3D> 3Th ft 

CwPUx 00* 36 7S 14% ift ift 

CttlFOA 001 *8 5% 55 5% 

coma o30t.ee <3 i6i7% w ft 

CmtaK 1 lit 1 % B ft 


5 fS^’S'S+b 

17 7» S5 36% 37% , 

587 15 S 3 “ ft 

13 435 21% 20% 20% ft 


ftfihd. 084 11 a 305 305 305 ft 

FtaaA 4X0 16 4 7ft 7ft 7ft +% 

Fwcnje**020 w 2 ift 125 ift , 

FUxlJ) 0X6 75 13 305 295 305 +5 

FvrtLa M 330 49 48% 40+5 

rmguney 3 6 3% (Q% 3% -it 


Qm 090 5 50 10 15% 15% 

SkatFdA 072 15 354 23% 23% 23% +5 

GtaKx 078 38 1« 17 18% 16% 

QokMd 1 2 | T . d% % ft 

9WM 14 2 ft 6<2 65 

cur an oxi is 32t 45 45 ft ft 


22 417 
028 13 637 
4 62 


4l* 


Ml E 108* Ugh tat 

1 48 ft IA 
015 44 5 105 105 

10 552 7% 7% 

012 30 » 125 125 

3 909 3,5 35 

n 87 15% 15 

006 191028 19% 195 

4 279 5% 5% 

20 4 13% 13% 

19 16 4% 4 

19 237 16% 1ft 
M 75 8% 8% 

9 24 \h 
14 62 ft ft 

216 25 1ft 12% 

9 16830% 30% : 

3 27 31% 31 5 ' 
0*4 29 240 2ft 2ft : 
020 38 30 ft 5% 
26 ft 6% 
13 9 7% 7% 

93 50 B 3 

5122 1 2A <S\ 
O5031Q12S2 21% 215 i 
Q2D 14 3 1ft 10% ■ 

117 6 5% 5% 

281 32 5% 5% 

024448 798 3ft 35% ! 
040 10 356 W% 15% 1 


1% 

105 +% 
7% 


<55 +5 
19% ♦% 

55 ft 

’§ i 

’S A 


=§ A 


Sac® Ml E 100a Hgh UmCtaCrtB 
Pta 000 18 29 ft 9% ft 
MHPwB 1.6* 9 2 17% 17% 17% 

PMU) 024 15 2SS 57% $7 57 -% 

PWnrtfA OXOIBZIOO 36 38 36 +5 

Ply Sam 012 29 179 22% 22% 22% +5 

PMCX 094 16 SO 14% 14% 14% -% 

PloMart OIO 0 16 l£ if, if, 

RraAad 34 2 32 32 32 

IttWCp 3 25 5% 5% 5% +% 

SJWCttp £19 9 13 3ft 35% 35% 
smaUWn 16 10 17% 17% 175 -% 
SWA- 131 5% 5% 5% -% 

T»C Prods 020 46 4 8% 8% 0% 

TrtDrt 036 67 120 45% 455 45% 
Thcnaadc* 06 SI 15% 155 15% 
TiWMta 32 328 30% 3ft 30% +% 
TctPHIX 020 18 SI 1ft 1ft 13% 
TomOSy 58 211 1% 1« 1% 
naan 1 zloo i% t5 i% . 

runs UK 71254 ft 55 ft -% 
TmxfltAX 0X7 72 84 1ft 19% I ft +5 
TnnSrBk 0X780 306 19% 19% 19% +% 


S A 


li 

s* 1 - 


UHRnU 

5 

10 

!fc S 

2% 

WdFoaM 

020112 

20 

2% 

IMM 

27 

31 

7% 7% 

7% 

us era 

240 

8 31% 31 31% 

VtoCrtM 

26 

SOI 


4ft 

VtocnnB 

11420 


MWhedd 

301116 

12% 12% 

ift 

MET 

1.12 17 352 12% 12% 

12% 

uratirt 

WOtiTioE 

080 13 

7 

29 28% 

29 

xynnttr 

4 

92 

4% 4A 

4% 


aiAe:^^^^^a/tfXHVered in 

Gain the edge over your competitors by hawing the Financial Times delivered to your home or office eveiy working day. 

Hand deJNery services oe avateWe for subsoflwre wtw wor^ or live in the business centre of Budapest 
Please call 449 69 15 68 50 for more Informedon. 

Financial Times. Europe’s Business Newspaper. 


- B - 

BE1B 008 30 M 5% 5% 5% +% 

Beta«ax 10 u 12% 12 12% +5 

BPoHW <0 iz i 

BtazrJ 006 11 632 19 18% 19 +5 

BttanLB 0X1 3 2 155 ift 15% 

BKrt 18 320 2ft 21% 25 +% 
B ran* 05B 11 363 18 17% 17% -5 

BatasCp OW 73074 14% 13% 14% -1% 
Brtoortb 000 13 14 23 23 23 -% 

Baotl BOO 0X2 16 503 33% 33 33 4% 

Start F 080 14 31 27 2B, 1 . 2ft + J 4 

Bay tax 090 13 101 245 2* 24% 
Btart 190 12 701 5ft 55% 56% +5 
BKTfiD 116 9 406 285(00% 28% -% 
BE Amo 21 70 ft 85 9 +5 

BrtfflCo** 042 33 Z100 145 U% 145 
BuSJanr 12 6 2 13% 13 13% -% 
BartdayMt 044 13 291 35% 35,*, 36& -i 
BMOp 012 19 >4 125 125 <25 
Btac 100 54 5 4% 5 +% 

BoB 016 16 25 11% 11% 115 +% 
KodtojW 00815 195 13% 13% 13% 
sapen 5628*66 54% 51% 52% -2% 

Boom 21 1929 12% 11% 12% ft . 

BtadtOg UH11 3 31% 30% 30% -% 
BMCSoftW 145487 44% 42% 43% +% 
BwmoS 138 92514 30% 29% 29% % 
Bab Ear* 029 18 382 20% 19% 20% 
Bta&B IS 46 3ft 29% 29% 

Bdta 154003 13% 12% 12% -% 
Bolton Bk 078 5 35 32% 32% 32% +% 
BBtaTc S 697 13% 13 13% +% 

BafljWAX 000 19 51 48% <7% 48% +% 
Banco 024 29 23* 1Z% 125 12% +% 
BnmS 028 193729 ft 9 9 -% 

BSSBacp 078 9 11 29 27% 29+1% 

BTSMpng 048 5 130 2% 2% 2% 

BtftS 22 770 1ft 14% 14% +£ 

BdktoaT 20 848 11%dn% 11% 

BarSna 40 479K1i% (ft 11% +1% 

Saktal 66 S 35% 34% 25 ft 

BmiXg*a40 6 21 S%S%S%+1% 


- c - 

! CTee 246 99 2ft 24% 24% ft 

i ChMUad 7 81 6 5% 5% -% 

Ofitfmti-BB 16 64 28% 28% ZB% ft 
OtawCoona 21 28 18% 18 18 

| CaamCp 9183745 1ft 10 10% ft 
1 Ca4» 225 5 517 9% «% 9% ft 
CtoUkra 25 3282 275 2ft 25% +% 
Canita. 1 19 2% 2% 2% 

Codas 3 175 1% 1% 1% +i 

i Canes kx 053123 S 89% 80% » -% 
Cmx* 3 35 5% 5% 6% ft 

CartmQa OS 22 173 26% 26% 20% ft 
ftterarta on 22 27 24% 2ft 24 
CasorS 006 19 840 1ft 12% 13A +& 
Cdgana 5 208 7% 6% 6% ft 

CaiCp 20 26 1ft 12% 12% ft 
C ente r 83278 17% 16% 105 ft 
QWFW 1.12 11 454 30% 295 295 ft 
CnoiSpr 22 6 11% 10 11% 

aoodar 9 40 5% 4% 5% 
Qatar 1 oao 7 390 2ft 2ft 20% +4 
ChnaShz 009 102B97 75 7% 75 +A 
CfarnttS 17 10 iiV 115 li5 
Chnapomr 1* 7 *% 3% 3% 

QSoKTa 10 685 5% 5% 6% ft 
ChhoaCp 598154 81% 80% 61 +1 

CIS Fin 1XB 12 227 S% 52 52% ft 
CUasCp 017 33 n 34% 3* 34% ft 
Chnslpc 3010807 29% 27£ 2Si r . +* 
CSTaeh 118 238 2>5 2% 2% 
Cams* 1550283 28% 27% 27% ft 
BEBancp 1X8 18 37 29% 23 29% ft 
CtaaMr S 69 6% 6 6 -% 

QO. Dr 382683 11% 11 11% 

CUettn 7 148 4% 4% 4% ft 
CocaCdaB 100 IB 528 28 27 27 -1 

CodxEnoy 133 512 «% 0% «fi -4 

OodaAtai 27 40 11% 10% 10% -% 

Court Cp 301603 19 18% 19 ft ! 

Count 123 910 13% 13% 13# -£ 
(tarn 10 200 14% 13% 14% 
CnMgm 040 90 595 23 21% 22% ft 

CeHGaa U6T3 24 21% 20% 2ft ft, 
CBM ftp on 12 8751(35% 31% 82% +1% 

can*. OX 14 1963 215 2l£ 2li -A 

CfflcHA 009 2D 5190 10% 15% 15/, +1, 7 . 
CmcxaSp 000 <210000 16% 15% 18% +1% 
ctaaramaniD 31 2ft 2929% 

CoronOz 070 89 22 175 17 17 

QaaaaC 16 822 2*5 24% 24% ft 

CooprUfcJ 300 232 9% dB% 0 ft 

CamSM 54 72 12 11 12 ft 

CDnatKU 341Z7B 3d 3 3% +ft 

CUftp 1X9 3* 8 Sft Sft 5ft 

Cartas 4 197 5% 5% 5% ft 

Casta 59 25 23# 23% 23% ft 

Conan io 244 6% d5% ft ft 

Coma 050 19 601 isd 175 17% ft 

Copyue 411359 ft 55 5# -ft 

COR* & 254142057% 54% 57% +1% 

Cap a A 48 8070175 17% 17% -ft 


ffl 002 261904 


04 Omp 

BMh 

Clfcgen 


1 m ia i% id ft 

34 32S 5% 5% 5% -A 

2 546 3% 3% 3# ft 


-D- 

2014031 305 
32 10 03 


29 30% +1% 
79 83 


Dut&sa 013 32 10 83 79 83 

Ddtau ID 32 2% 2% 2% 

SMSb 35 T1S 0% 0% 6% ft 

Dtaeopt 15 517 10% 15% 16 ft 

OtapBhOp 082 11 115 25% 245 24# -it 

Mstta 02015 10 t (A 5 

DdufeEa 032 21 32 T0% 18 ift ft 

□ate) Si an 42 4 205 275 2ft •% 

O d rwn p a ILU io 18 I9%tfl9% 19% ft 


- F - 

FM Grp 10 9 4% 4% 4% ft 

FiB-Cp 024 31 8 6% 6 6 

Ftan® 0X4 64 665 41% 40% 405 ft 

FWkS 171672 29% 275 28% ft 

FWilMx 1X4 15 405 515 51% 51% ft 

FTy Off 14 528 5% 4% 4% ft 

flfldiA 0X4 0 Z78 8% d7% 7% ft 
Heoa 31 1087 23 22% 22% 

FtatAm 0X4 7 1696 32 31% 31% ft 

FaScflUa 1XD 12 553 27% 26% 27% ft 
FktDAx 0X0 19 9 22% S% 21% 

WSady 1X4 102570 28% 27% 27% ft 
Fat Tana 1J0 10 647 44% 44% 44% ft 

FttWra 036 7 109 9% ft 9% ft 

FtaBBe 050 7 201 23# 23% 23% 

Ftaer 1X4 0 9 32% 32 32% 

Ftatai 52 » 9% 8% 8% ft 

Rear* 27 B43 22% 22 22% ft 

HawM 18 175 8% ft ft +% 

RxxLAi OOB 15 970 55 5% 5% 

tad IX X O09562 341 5% 5% 5% 

Fomant 1X0 10 18 32% 315 315 

Ffrad w ar 10 17 11% 11% 11% 

tatorA 38 239 3% 3d 3% +d 

FrthHo 1X4 12 56 30% 29% 30 ft 

FttFU 040 8 128 1ft 15% 15% -% 

Fat Haw® 1.18 ID 52 28 27% 27% 

RdarHB 058 20 a 31 30 31 +5 

FtaSnRa 008 10 98 19% 18% 19% ft 

tanx OX* 24 98 19% 19% 19% ft 

FHmedAOfl 14 3 3% 3% 3% ft 


- G- 

GBAfp 8Z100 3% 3% 3% ft 

GSCSan 0X7 22 06 1ft 15 15% ft 

Brad 0 113 3% 3d 3% ft 

mraaim 9 30 3% (13% 3% 

Gad Co 016137 2 5% 5% 5% ft 

GadBtad 0*0 21 3 2ft 2ft 20% +d 

Grata 19 71 4% 45 *5 
rarar ti 34574 s% s% s% ft 

GeurtCp <00 X 057 21% 21% 21% 

Genu* Inc 193 301 6 55 5# ft 

Gtnzyma 601520 33% 325 323 ft 

Siam a 0*019 431 ts% 15 I5d ft 

GttfepL 012 12 1353 17 1ft 16% ft 

CtatoTA 000 IS 35 14% 14 14% ft 

GttBkn llztOO 5% 5% 5% -% 

Good Boys 15 62 12 11% 12 +% 

GoddaPngxdUO IS 193 22 21% 21% ft 

Gntaeyt 325 129 3% 3 3% ft 

tart 020 71 109 21% 21% 21% ft 

Green AF 034 11 zTOO 105 185 195 ft 


FbrtrA 38 
FrthHo IX* 12 
FttFU 040 8 
FatHrt® 1.1810 


Mac® QOS 2114690 24% 24% 24£ ft 
96 Cart 20 22S 23% 23% 23# ft 
Mac Mi on 42 2100 13% 13% 13% ft 
MafeonGE 108 14 21 33% 33 33 ft 

Atom Par 151391 34% 34% 34% 
BtagnaEkp 078 13 84 20% 20% 29% 
ttWBv 15 38 9% 9% 0% ft 
UtotaaQ) 24 3*6 11% 10% 10% ft 
MartneDT 12 186 4% 4% 4% 
ttarif®Cp 9 2 41% 41% 41% 

Kanrat 2 66 ft 1% 1% 

Manta 17 2 8% 0% 8% ft 

Mto®SakA044 11 17 11% 11% 11% ft 

ItaoM 080 10 525 20% 19% 20% 
tttatac 9 85 7% 7% 7% 

UndraW 441551 50 565 68 +% 

MtodOrCp 0 905 4% 45 4% ft 
UeQWiR 044 12Z10Q 15% 15% 15% 
McCandCXlMB 161043 20 19% 195 ft 

Mart toe 01618 106 13 12% 13 

MUktodS 048 14 70 24 23% 24 

Mebahie ox* 22 84 10% 10% 10% ft 

unurep 016 55 165 105 16% 10% ft 

IkrtlG 02* 252439 11% 11% 1ft ft 
Manets 08011 722 22 21% 21% ft 

MBRWyG 070 72361 28 275 27% 

Itartta 1X5 101978 27% 27% 27% ft 
Mart® 102110 10% 9% 10% ft 
MrtOdBAxO.12 19 32 19% 19% 19% 

*95 Cm 39 4405 37% 35 37% +2 
Md«®F 020 20 527 12% 11% 12% ft 
Me* NBtS £00346 242 78% 75% 78% ft 
ttacraKta 10 85 3% 3% 3% ft 
UktoMOe 9 468 13 12% 12% ft 

Mopeom 72401 8% 7% ft +% 
MogatX 10 77 5% 5% 5% ft 
Mapofc 2 597 7% 6% 7% ft 
I8 e®I 1624588 55% 54% 54% ft 

MdA9M 25 222 20% 28% 28% ft 

Mhrtdc 052 11 19S3 27% 27% 27% ft 
ttfeMWn 050 22 54 27% 27 27 

MkrH 052 17 114 23% Z3% 23% ft 
I ram 1394 24 22% 23% +% 

Itatt* 20 310 15% 15 15% ft 

MatrtT® 501544 20% 20 2ft ft 
Madam Co 020 10 11 7% 7% 7% ft 
UottadUf 052 20 287 29% 27% 2B% ft 
MdKX 0X4 104 38% 37% 38% 

MdRttBX OM 30 827 40% *0 40% 
Macao 004 14 800 7% 7 7% 

MoskrtP 036 23 26 31 30% 31 ft 

MISS* 056 9 3 24% 24 24 ft 

Wmed 13 1278 29% 29% 2ft ft 
mraotn 5 44 10% 10 10% 


■tosh rt E lflti Hgh La. us Ok® 

ouawaniosz 70 a 17% 17% 17% ft 

QuSFocd 020 13 197 21% 21 21 ft 

Qaaon 68W54 15 14% IS ft 

OafeM* 22 » IS# 15% 15% ft 

IMCtac 29 544 43% 43% 43% ft 


- R - 

M rt® 11 495 12% 11% 12% ft 

Hp 3 71 4% 4% ft ft 

taBmps 1 228 3% 3% 3% ft 

Riymaal 27 047 21% 19% 20% ft 

Rmaai is 131 17% 16% 17 ft 

IfcUeA 22 104 23,% 23% 23* ft 

Raplgen 2 393 3% 3 3% 

tapmrt 6 31 n3% 3% 3% ft 

tarddod 19 47 11% 11% 11% ft 

Raman 0X7 151389 42% 42% 42% 
taaoK 9 2*9 5% 5 5% 

RrarF® 060 10 11 34 33% 34 ft 

tadMSX 140 172120 54053% 53% ft 
RMu* 0-12 13 13 0% 6% 6% 

Fbch&GkxCWO 4 1G0 10 17% 18 

Roaraat OM 3 715 18% 10% is% ft 

ROSSO 020 11 003 14% 14 14% ft 

nOfecMM 32 687 27 26% 26% ft 

Rauaa OXB 58 749 19 10% 18% 

RPMtoc. 052 221576 19% 16% 19% ft 
RSFti 060 14 zlOO 23 23 23 

RyanFnly 111585 6% 5% 6ft 


5®amx 1X6 7 732 50% 50% 50% 
SandamxOX0 14 45 19% IB 1 * ift ft 
SddrabgcA 030 20 98 27% Z7% 27% ft 
SefMedL 127309 B46 43 45% +1% 

SaSyart 173550 21% 21% 21ft *?, 
Seta* 72197 6% 8% 0% ft 

SctaCp 052 101025 22% 21% 21% 

Scant Brd 6 223 4% 4% 4% ft 

Sd®)®d 120 42 2 35 35 35 ft 

5*g®a 1115076 24% 22% 23% +1% 

SB Cp 016 25 069 19% 10% 10% ft 

5®b®sB 0X8 8 83 2# 2% 2# +,‘« 

SatoetaB 1.12 15 8 25% 25% 25% ft 

Saqurt 83 1326 17% 17% 17% ft 
Saquota » 236 4% 4% 4% 

Sara Tech i« 20 10 B% 10 ft 

Santas 17 7 4# 4# 4# 

Smnaaa 022 16 4 17% 17% 17% 

StaMddX 0X4 201107 20 27% 28 +% 

SH-Sythn 2 in 5% 5% 5% ft 

Baxmood 33 <10 20% 19% 20% ft 

GhgwtfeP 7 206 V, 0% 8% ft 

Storm On 16 766 23% Z2 22% +% 

SonalUc 4Z100 3% 3% 9% 

SgmN 0X3 15 024 34% 33% 34% 

SuaaDea 21 434 B% 7% B ft 

SaknVBc 006 57 114 11% 11% 11% 

SBenY^j 442881015% 14% 15% ft 

Smpmn 0*0 15 5 12% 12& 12ft -A 

SfflHM 35 714 26 S 25% +% 

SnappkS* 31 5573 12% 11% 12 ft 

SBftuareP 1 88 4% 4 +A 

Sonoco 056 16 1443 23% 22% 22% ft 

SbuOM 066 10 BBS 19% 19% 19% ft 

Spieg® A 020 38 930 17% 1ft 17% ft 

StJudaMd 040 151271 £5% 35 35% ft 

StPauBC 0X0 0 217 20% 19% 19% 

Sty« 1 438 2 1% 1% 

Sttataa 5311112 idB 32% 35 +2% 

State Sir x QXD 15 1772 38% 35% X& +i, 

SUMkro 14 027 20% 20 20% ft 

Shi Rag® 0X6 12 331 18% 18% ift ft 

SIB® The OXB IS 431 14%tfl3% 14 ft 

StoktotEA 020 33 153 ft 8% 9% 

GUN 155 59 22 21% 21% ft 

ShtartQx 1.10 14 5 23% 23% 23% ft 

ShlCIDy 102393 5% 4% Sft 

SOyfcBr OXB 28 415 33% 33 33% ft 

Siam) 201088 13% 13% 13% -% 
Santa®) 0X0 18 35 25% 23% 23% -1X9 
SunmtBc 0X4 134311 21% 20% 21% +1% 
Sanaa Te 391601 34% 32% 34% +% 

Sun Sport 13 86 5% 5% 5% ft 

SddMc 1612238 29% 2B% 29 ft 

SadttTm *3 33 42% 42% 42% ft 

Sytaelnc 5416*16 48% 45% 47% +1% 
Syntax: 41 3229 15% 15% 15% ft 

Spray 040 19 133 18% 18 18 ft 

SyrmoD 95 5 4% 4% 4% 


Sanaa Te 361601 34% 32% 34% +% 

Sun Sport 13 86 5% 5% 5% ft 

Suckle 1612239 29% 2B% 29 ft 

SadttTm *3 33 42% 42% 42% ft 

Sytralnc 5419416 48% 45% 47% +1% 
SynartBC 41 3229 15% 15% 15% ft 

Syntaqy 040 19 133 18% 18 18 ft 

Syrmon 95 5 4% 4% 4% 

Synrgan 12559 5% 5 5 ft 

Sywdfc 67 91 tfl 6% 16 18% ft 

Synopta 1525331 17 15# 16% +3 

syamsott 012 13 502 12% 11% 12 ft 

Strata 29 596 18% 18 18% ft 

Craned 41 256 8% 8% 8% 


01088 % % iJ -it 

11671 2% 2% 2% ft 
631 37 12% 12% 12% ft 
12 303 17% 16% 1B% ft 
5 782 9% 8% 9% ft 


- H - 

HantagA 72 3 X 8 8 ft 

Hartary® 0X8 9 Z100 23% 23% 23% 

KnparGp 020 12 34 13% 13% 13£ ft 

W0&Cnxai8 2827l3 34 32% 33% ft 

tartar 2*2277 27% 28% 26JJ ft 
Haataa 008 18 4 11% 11% 11% 

tamayn 12 001 ft 7% sft 

VMHnger 010 2X1904 13% 13% 13% 
HaUmj 2 9% 9% 9% -% 

WaoTray 9 19 17 16% 16% 

Hart® 0X8 11 678 17 16% 16% ft 

Hogan Qa 015 18 368 6% 6 6% ft 

Hotogfc 71 154 16 15% 15% +% 

Hama Be® 0X0 8 82 20% U20 20% 
Hgntada 044 18 26 25% 25% 25% ft 
Honrtdc 1C 1080 15% 14% 14% ft 
Htmnhta 044525 no 5% 4% 5% ft 
tteTJB 020 18 858 18% 16 18% 

tatalta 0X0 7 560 18% 18% 18& ft 
MnoCU 0X8 1 B5 3% 3% 3% 
Hdetrrra 154 600 zr% 26% 27% +1 
Hyeorao 18 82 5 ft ft ft 


NACRE 018 10 692 24X8 24% 24% 
talMl 072 11 72 18% 15# 16% ft 
WtOampt 036116 21 14% 13% 14 +% 

Mm SO! 020 21 17 14 13% 14 ft 

ta gaa rx ooo 5 17 ift 14% ift +ft 
ICC 00108 4 61% 61% 61%+% 

Haicar 19 494 X 29% 29% +% 

lismta 28 2635 20 19% 20 ft 

MbKMS 071745 7% B% 6# -A 
Naumgan 10 90 7 6% 6# ft 

NawESua 0X0 X 318 17%d16% 17% 
NearhndQB 82 454 6% 6% 6% 
HxdgaMtt 22 525 31% 29% 3Q ft 
NatopriCp 0X4 19 Z7 7% 7% 7% ft 

MoUflDri 222387 7% 7% 7& ft 

Norton 056 25 94 55% 54% 55% 4% 
Krthm 040 2S 4247 44% 42% 43% -% 
Hasten l 15 105 19% 19% 19% ft 
MStarUo 4 31 5% ft 5% +% 

HorthnT® 0X8 12 963 37% 38% 36% ft 
MV Air 10 1100 18% 18% 18>^ ft 

NOW* 72523871 14% 14% 14% ft 

Howto* <12296 <7% 45% 45% ft 

NPCA 107 6% 6% 6% 

NSC Carp 7 20 2% 2% 2% 


HISp 

DB Comas 25 3649 6% 8% 8% ft 
IS tort 3 481 3% 3% 3% 

honor 38 178 0% 6 8% ft 

hanu n ogiB 1 IS * 3% ft 
taped Be 040 32 22 17 18% 17 

tod ha Q24178 12 12%tfl2% 12% ft 
a Res 14 8828 12d11% 11% ft 

toftsmk 3115232 28% 35% 25% ft 

togWMd OXB IS 5 11% 11% 11% ft 
fatagrDw 2415200 20% 18% 20% +% 
Hg&Sys 32 83 13% 13>4 13% ft 

In&mt 7 23 2% 2% 2% ft 

hi® 024 113142B 80% 59% 80% +ft 
tots® 7 81 2% 1% 2 ft 

JnCpXB 040263058 16% 15% 18% +% 
htarT® 165147 9% 7% 7% -1% 
HarfceA 0L» 17 19 13% 13 13^ ft 
Uafh 22282 B% d7% 7iJ ft 

raw 4 S38 4% 4% 4% ft 

kdMM 61793*18% 14% 18% +1 A 

hrtrwle 261607 14% 14% 1ft 
kxOrtyCM 13 445 19% 18% 15* ft 
totta 002 18 6 2% 2% 2% ft 

hi Toad zrs 19 5% 5% 5% 
h«ni 00$ 18 105 28% 27% 27% ft 
tanmCfc 2 726 3% 3% 3% ft 
hanert 17 8 19 IB 19 +% 

firfofert 1X9 38 4 Z1221Q%210% 


- I - 

45 59 7% 7% T % ft 


4 3% « ft 
17 10% 17 


- J- 

AltaBEk 14 123 12% 12% 12% ft 
Jam Inc 028 u 207 s% 9% 8% +% 
JIX led 010 33 106 36% 36 38%+% 
JctnsonW 61 2 2ft 24% 2ft 

JOWU U 828 1ft « 14% 

Jones Ifcd 01012 509 8% 7% 8ft 
JD®jnCp TXD12 84 28% 28 28% -% 

JSBFn 000 16 20 25% 25% 25% 

Juno LU OXB 10 79 10% 18 18% +% 

JnaOnx 018 101302 13% 12% 13% ft 


- o - 

OQartye 19 42 12% 12% 12% -% 

OctdCora 181329 21% 20% 21% ft 

OdaBesA 20 49 7 6% 7 +% 

ORHnLg 13 211 12% 12% 12% 
OgtottayN 120 10 8 29% 29% 29% ft 

Odoca 1.48 8 55* 30% 29% 29% 

DM Kart 1.1B1D 488 32% 32 32% +i r . 

OUN®B 092 10 2 36% 38% 38% -% 

Ortmxxp U» 7 *15 a% 27% 20% ft 
Onaftlee 7 72 9% B% 0% ft 
OpOc® R 221055 10* 23% 23% 
OractoS 5223647 42% 41% 42% +% 

(Absence SB 736 16% 15% 15% -1 

thbouefa OXB 27 73 9% 9% 9.49 -.15 

OnMSra 6 IK 8% d9% »% -% 
OragnM® 031 10 1372 6% 5% BA ft 
0®ap IB 89 2% 2% 2% -% 

O048A 0413GB 300 14% 14% 14% 

OMttatlT OSD 11 31 11% 10% 11% ft 

Dean® 172 15 3 34% 33% 33% ft 


-P-Q- 

Paecar 1X0 11 588 43%d42% 43% 
FBCflUdop 002 11 90 11% 11% 11% 
PTrtca 1X216 21 » 3* 74 ft 

PadBCra 31 107 7S 74 7ft ft 
tawartt 427613 38 33% 30+1% 

PQCta 038 451561 36% 35% 36% +1 
PaycoAm 23 4 9% 9% 9% +% 

tartan 050 61 113(114% 19% 14% +% 
PamTty 10 31 u16 15% 15% +% 

FaoiVbg 1X0 24 38 33% 33% 33% ft 

PSOl* 072 17 224 40 38% 39% +1% 

P®nta± I 13 580 5% 5i 5% 

Fanmtl 020 27 56 2ft 24 2ft -% 

taptoaH 032 142938 14% 14% 14% ft 
Pdhdtax 1.1216 U 30% 29% 30% -% 

tarmacy 36 153 12 11% 12 ft 

PtaraTrt 301017 8 5% 6ft 

Pktadl 048 3 7 8% 8% 9% -% 

PtCturtt 361328 17% 18% 17% ft 
FYAatu i 42 176 18% 16% 16% 
taB®5> 064 31 221 45% 45 45 -% 

PtawartiX 058 21 1024 31% 30% 31% ft 
PtattsStX 012 9 344 18% 16% 18% 

Pott* Fed 6 23 9 8% ft ft 

PoW 15 25 ft 5% ft 

FIBBLA 0X9 3 238 ft 6% ft ft 
Prana* 1821190 44% 41% 43% +2 
FWo® 249010 18% 18% 16% 

Frida Pet 39 71 5% 4% 5% ft 

Prtatrori 38 783 22% 21% 22% -% 

PredOpJX 0L24 23 107 28 25% 25% ft 

PaUnn B 012 12 5326(23% 22% 22% ft 
Pyramid 6 545 8% 8% 8% ft 

QaOaLog 10 16 8.71 6% 6.71 


T-CMSc 5 323 3% 2% 2% 
TjmwPr. OS 19 <23 30% 30% 30% ft 

race* 13 33 io% 10 10 

TCACUiexO-44 28 270 24 23% 23% 
TieMkn 11 485 18% 18 18% 

Tearaah 080 12 zlOO 40% 46% 48% -% 

TrtnteC 5 G06 015 12% 14% +2 

Trico Sy* 103161 15 14% 14% +% 

T®ChM 17327131 22% 21% 22% +1% 

Trial* 81775 5% 4% 5% 

Teats 347DZ7 D48 45% 47% +2% 

Tatar Cp 001 72 810 19% 13 13% -% 

Tart Toe 09 <2 8% 8* Bft -ft 
TnaMAOR 010 3096*1 30 29% 29% +A 

Three Com 7515875 39% 38 38% +% 

Tl IS 5% 5% 0% +* 

TJW 022 2B 400 10% 17% 17% -% 
Total Med 5 730 7% 7% 7% -% 
Tokyo Mar 034 34 83 57 57 57 -% 

TbmBrowa 88 250 13% 13 13 -% 

TcppsCo 128308 1203 8% 8 6% 

IPTEnta 3 295 6% 6% 8% -% 

TiaaMd 65 12% 12 12 +% 

Tram** 1X0 10 zlOO 38% 36% 38% -% 
lifcWE 20 14 2% 2% 2% 

Trtodrt 75 203 14% 14% 1*A -A 
TturtoBhC 1.10 10 87 21 20% 20% +% 

Ts&no Lad 02) 12 8B7 5% 6% 8% ft 
Tye«A 0X8102 2303 23% 23% 23% ft 


LBHtacr 08« 17WDBB 48% 48% 47, *« -% 
Watt 25916 5% 5 5 ft 

UQttoriM 1X0 13 34 16% 16 18% ft 

USIttZ 200 12 17uS3% 52% 53% ft 
UntadStx 040 9 216 10% ID 10& *A 

Udtog 0X8 14 84 18% 17% 18% 

UMM) 1X0 25 183 47% 48% 47% +% 

IS Bancp 1X0 10 885 25% 24% 25A ft 

US Energy 11 4 3% 3% 3% -% 

1ST (tap 1.12 8 315 11% 11% 11% ft 

UtohUBd 15 as 9% 9% 9% ft 

UM Tatar 12 3 51% 51% 51% ft 

UAL 12 124 4% 4% ft 


- V - 

Vaknort 020 35 220 16 15% 16 ft 

VOgrdCril 101 456 J6i 7 . 28 26% +% 

Vedton# 25 489 22% 22 Z2% ft 

Wear 39 780 23% 34% 25% +% 

VttorpA* 10 IK 16% 18% 1B% ft 

VtaMogie M 331 19% 18% 19% ft 

VLSTedl 3*3709 11 10% 10% 

WtnB 017 16 736 18% 17% 18% ft 


- w - 

yWmnrEnxOlO 18 401 24 23% 23% 

Written 92 166 5A 5% V. 
WaaMhdS&072 84284 19% 18% 18% ft 
TWfWLiOM 62032 28018,*. 19% ft 

MBBkrtt 02 10 642 25 24% 25 ft 

WusauPM 024 14 627 23% 23 23% ft 
HD-40* £40 16 54 <2% 42 42% ft 
MaBak 7 57l ft 3% ft 

WB® Onex 072 ID 1202 27% 27 27% ft 

wnnBne 0X8 20 33 31% 31 31% ft 
WPlA 11 1133 13% 12% 13% ft 
VMpSA 1 221 13% 13% 13% 

MSSM 10 138 3% 3ft 

WhBBB OXB 241008 50% 48% Sft +1% 
wmsarah 751213 33% 32% 33% ft 
WgUanL 028 15 22 17% 17% 17% ft 
WOn® 040 27 541 21% 21 21% 
WPQnp 0X320 208 % r » ZA 3A 
Wyrtiftkia40 1 190 5% 5% 5% +A 


-X-Y-Z- 

XftK 31 5158 81% <9 49% ft 

Koran Gap 2 582 3% ft 3% 
Yrtow QM go 1082 19 19% 19 ft 

YMcfecft 129 <0 ft 3% 3% 
ZkCBttthx 120 9 114 38 36% 38 +% 



40 


WORLD STOCK MARKETS 


FINANCIAL TIMES 


Tuesday October II 1994 ^ 


AMERICA 


EUROPE 


Interest turns 
to outlook 
for earnings 


Wall Street 


US stocks improved yesterday 
mornin g as investors shifted 
their attention from interest 
rates to corporate earnings, 
writes Frank McGurty in New 
York. 

By l pm, the Dow Jones 
Industrial Average was 15.47 
higher at 3,812.90. while the 
more broadly based Stan- 
dard & Poor's 500 was 2.94 
ahead at 458.04. 

The Nasdaq composite was 
5.73 better at 755.69 and the 
American SE composite up 0.86 
at 455.98. 

The Toronto and 
Johannesburg markets were 
closed yesterday for public 
holidays. 

On the NYSE, advancing 
issues led declines by a twoto- 
one margin. Volume was light, 
with some investors observing 
the Columbus Day holiday. 
Only 120m shares were traded 
by early afternoon. 

Unease over an imminent 
tightening of monetary policy 
had eased a little after Friday's 
employment data, which 
suggested that the economy 
was not growing as fast as had 
been feared by many analysts. 

Yesterday the market began 
to focus more intently on the 
third-quarter reporting season, 
which was about to get under 
way in earnest. 

Anticipation of strong 
results pushed many stocks 
higher, especially those on the 
cyclical side. General Motors 
led the motor vehicle group, 
climbing $i'4 to $45 1 /*. Chrysler 
gained SIS to $457* and Ford 
added $?i to $28. 

Computer-related issues 
were among the most active. 
Micron Technology jumped $2 
to S35Y* after Goldman Sachs 


MARKETS IN PERSPECTIVE 


% dmga In bed carmney f 

% elfin* 
Mfeot 

% chans* 
hUSSt 


1 Weak 

4 WMfcS 

1 Y«r 

Start of 
1694 

Start of 
ISM 

Sfetof 

ISM 

Austria - 

-2.83 

-9.41 

-283 

-13.30 

-9.35 

-2.54 

Belgium .............. 

-2.28 

-786 

-2.67 

-12.65 

-7.34 

-0.39 

Denmark 

-3.73 

-5.76 

-4.56 

-12.58 

-8.38 

-1.49 

Finland 

-3.81 

-7.71 

+24.41 

+17.56 

+33.71 

+43.74 

France ... 

-1.59 

-5.40 

-11.15 

-17.05 

-1380 

-7.01 

Germany 

-2.70 

-10.19 

-3.66 

-14.48 

-1086 

-3.63 

Ireland 

-2.63 

-7.88 

+7.65 

-2.60 

+1.12 

+8.71 

Italy 

-6.84 

-2.29 

+4.03 

+3.82 

+588 

+1380 

Netherlands 

-1.55 

-4A 8 

+3.70 

-7.31 

-2.94 

+484 

Norway 

-1.55 

-5.99 

+2.86 

-380 

+089 

+8.58 

Spain 

-1.90 

-3.52 

-3.94 

-12.09 

-8.43 

-1.56 

Sweden 

-2.92 

-5.19 

+2.45 

■181 

+4.26 

+12.09 

Switzerland 

-1.16 

-4.55 

+1.01 

-13.48 

-6.46 

+087 

UK 

-0.94 

-1.98 

-3.00 

-12.03 

-12.03 

-5.43 

EUROPE _ 

-1.92 

-5.66 

-2.67 

-1187 

-881 

-1.96 

Australia 

-2.77 

-4.68 

-1.92 

-8.85 

-7.78 

-0.86 

Hong Kong 

-2.79 

-8.45 

+1983 

-22.09 

-27.53 

-22.09 

Japan 

+0.31 

+0.06 

-382 

+9.10 

♦13.00 

+21.48 

Malaysia 

-1.00 

-485 

+2985 

-1086 

-12.90 

-6.36 

New Zealand ..... 

-3.49 

-7.17 

+1.91 

-4.65 

-4.09 

+3.12 

Singapore 

+1.14 

+4.45 

+18.76 

-4.16 

-3.1 S 

+4.12 

Canada 

-0.83 

-081 

+11.04 

+2.34 

-6.47 

+0.55 

USA 

-1.64 

-2.70 

-0.97 

-2.15 

-8.98 

-2.15 

Mexico 

-2.76 

-485 

+43.06 

+088 

-14.72 

-8.32 

South Africa 

-1.49 

-6.29 

+5083 

+14.38 

+982 

+1783 

WORLD INDEX 

-1.16 

-283 

-089 

-289 

-382 

+3.72 


f Baud on Delator Tttt IKK- CopyriOM. Tto Financial Thm Unttad. Goldman. Sacha & 
Co. .and KotWmrt GacunUm Umttod 

Attention will remain focused on US economic data this 
week, as it was last, while the build-up of tension in the Gulf 
will also inevitably have a bearing on the movement of the 
world's equity markets over the next few days. 

Investors arc waiting for US inflation data, due ont by the 
end of the week which, depending on the figures, could 
provoke the Federal Reserve finally into making its sixth 
increase in interest rates so far this year. Some analysts 
suggest that the financial markets have already factored a 
further rates rise into share prices, and forecast that bourses 
could move ahead on the announcement. 

European investors will also be looking for signals from the 
German Bundesbank when it meets on Thursday, although 
there is probably only a slim chance that rates will be cut 
here: while the continuing political crisis in Italy - last 
week's worst performer by a long way among the world 
index constituents - will again cast its shadow over that 
market's performance. 


Message 

Frankfurt rockets up on short covering f or Arab 


added the stock to its “buy” 
list. Compaq Computer was up 
$1% to $337*, and Digital Equip- 
ment added $1% to $27%. 

Apple led the Nasdaq’s most 
active list, climbing $17* to 
S387* in volume of 3.3m shares 
by early afternoon. The stock 
was helped by a report that the 
company was dose to agreeing 
a common computer standard 
with IBM, up $V4 at $717*. 

Paper stocks were also 
strong: Scott Paper was 
marked up $2% to $637* on its 
decision to sell its S D Warren 
business to an international 
investment group for $1.6bn. 
Else where, international Paper 
forged $1% ahead to $77 while 
Georgia Pacific was $1% higher 
at $75%. 

Sprint, the long-distance tele- 
phone company, appreciated 
$7* to $387* after breaking off 
talks with two regional tele- 
coms on merging their cellular 
businesses. Instead, it 
announced plans to join Tele- 
communications and four 
other cable companies in a 
national wireless service. 

On the Nasdaq. Tele-Commu- 
nications was marked up $1'/* 
to $22%. Comcast, one of its 
partners, added $17< to $16%. 
Both stocks were helped by 
favourable comments by CRI 
Media Partners. 

Mexico 

Equities were dragged down at 
the opening by a Tall in Ok 
ADR’s of Televisa, the media 
group, following an earnings 
downgrade by Goldman Sachs, 
the US investment h ank 

The IPC index dipped 2A28 to 
625.51 in early trading, 
although turnover was light at 
39m pesos in volume of lJ2m 
shares. 

In the domestic market Tel- 
evisa was down 12 per ce nt at 
82.5 pesos. 


Over the weekend, two opinion 
polls predicted a hung parlia- 
ment following this week’s 
German general elections, and 
one pointed towards an out- 
right victory for the chancel- 
lor. Mr Helmut Kohl, writes 
Our Markets Staff. 

The addition of this ingredi- 
ent to short covering in Frank- 
flirt, the absence of the US 
bond market on a day’s holiday 
and a comfortable start for the 
Dow made for phenomenal 
results in German equities yes- 
terday. and other bourses came 
along for the ride. 

FRANKFURT saw its bond 
market stabilise, and appreci- 
ate. and the gain in bund 
futures transmitted to equities 
after last week's gloom which 
saw some pessimists talking 
about 1,850 for the Dax index 
while selling equities and Dax 
futures short 

Short covering was the order 
of the day. Dealers said that 
they saw little true investment 
business as the Dax rose 6420, 
or 32 per cent on the session, 
to 2,024.79 and put in another 
kick to close the post- bourse 
70.89, or 3.6 per cent higher at 
an Ibis-indicated 2,04826. 

Turnover rose from DM6.6bn 
to DM7.6bn. Big winners 
included stocks hurt in the 
market's recent bout of weak- 
ness. including D aiml er, up 
DM41.40. or 5.6 per cent at 
DM778.90nn the post-disaster 
stock category, Metallgesell- 
schaft rose DM15JX), or 11.4 per 
cent, to DM154.90. 

Other big winners included 
Bayemhypo in banks. Thyssen 
in steels and Volkswagen in 

ASIA PACIFIC 


Pafan l o r-Bewz 

Shars price (DM) 



I FT-SE Actuaries Share fn 

dices 




Oct 10 





THE EUROPEAN SERIES 

Houly changes 

than 

1180 

118) 

12.00 

1380 «JM 

15.00 

Os* 

FT-SE Brora* 100 
FT-SE Etnoack 200 

1307.01 

138488 

1309.30 

13688) 

130175 

1388.15 

131153 

138757 

1312.72 1313m 
1387.78 1369.04 

1314.49 

136605 

131789 

1370.44 


M 7 


acta 


acts 


004 


OCt 3 


FT-SE draw* 100 1287.99 1290.54 1206-43 131247 138X82 

ft-se Brora* 3x3 iw.e 1345.42 ims6 tmei 1S7J6 

Ban UXB (2tf!0rat HffM&r 100 - 13(7.44; 3B - 1371 JB 109 - 130*00 200 - I3SU0 T 


carmakers, all up between 5 
and 6 per cent; bnt there was 
little respite for the phamaceu- 
ticals group Schering, up only 
DM3 at DM898 ahead of yester- 
day's data from the competing 
Biogen in San Francisco. 

PARIS built on Friday's 
gains and, towards the end of 
the day, the CAC-40 index 
momentarily breached the 
1,900 level for the first time 
since the end of September. 
However, the breakthrough 
was short-lived and the index 
ended the day at 1.89&32. up 
41.94 points or Z3 per cent 

Following the decline to a 
new 1994 low during last week 
some analysts believed that 
the market was due for a 
rebound and forecast that the 
CAC-40 could wen attain the 
1.950-2,000 level by the end of 
the year. 

Bouygues went against the 
trend, losing FFr14 to FFr550, 
on reports that company offi- 


cials had been interviewed 
recently in connection with a 
judicial investigation into 
financial irregularities. 

There was better news for 
Danone, up FFr8 at FFr704, as 
it confirmed that it was 
looking at the possibility of 
buying the Colman's division 
from Reckitt and Column of 
the UK 

The “Euro stocks" went sep- 
arate ways: EuroDisney weak- 
ened 25 centimes to FFr7.50 in 
spite of denying a report that 
attendance figures had fallen, 
while Eurotunnel improved 55 
centimes to FFr21.95 as the 
company said that freight traf- 
fic was on target 

ZURICH finished 22 per cent 
higher in a strong technical 
rebound, and the SMI Index 
rose 56.5 to 2.553.4. 

Shares in UBS, under pres- 
sure last week as Mr Martin 
Ebner's BK Vision sought to 
increase its influence, bounced 
back. The bearers picked up 
S Frill to SFrIJQS. with UBS 
said to be a buyer of its own 
stock, while the registered 
added SFr6 to SFr296. CS Hold- 
ing rose 5R22 to SFt530. 

Swiss Re gave up SFrlO to 
SFr889 with investors said to 


be still swapping to the other 
insurers. Zurich Insurance rose 
SFr30 to SFrU85. 

Nestle rose SFr4Q to SFW.206 
and Brown Boveri. which 
announced a Russian joint ven- 
ture. was SFrl8 ahead at 
SFTUS7. 

Among the pharmaceuticals, 
Ciba added SFrl2 to SFr729 as 
investors awaiting third quar- 
ter sales figures tomorrow and 
Roche certificates, which 
reports its own third quarter 
sales details next Monday, rose 
SFrl65 to SFrS,785. 

MILAN saw a technical 
rebound as some shares began 
to look relatively cheap after 
last week's cumulative 7.3 per 
cent losses and on short cover- 
ing flbmad of trading deadlines 
for the October account The 
Comit index picked up 10.16 or 
1.6 er cent to 640.06. 

Politics remained the driving 
force, but attention switched 
from the damaging row 
between the government and 
investigating magistrates to 
proposals aimed at distancing 
the prime minister, Mr Silvio 
Berlusconi, from his $7bn a 
year Fininvest media empire. 

Mr John Stewart at InterEu- 
ropa in Milan commented: 


“The prospect of an immediate 
political crisis looks to have 
been averted but the situation 
remains extremely unstable.” 

Industrials led the market 
higher. Fiat was LUO higher at 
L6.360. Olivetti rose L30 to 
L1.900 and Pirelli was up L45 at 
IA270. 

Financials followed the 
trend. BCI was L50 higher at 
L3.600 and Credito Italiano 
rose L40 to L1.940. Generali 
was L700 ahead at L38.700. but 
Ras gave up L350 to L20.350. 
still depressed by talk of a cap- 
ital increase to finance its pur- 
chase of file Swiss Eliva insur- 
ance group. 

Benetton bounced Ll.170 or 
6.3 per cent higher to L19.670. 
paring some of last week’s 
sharp losses. 

AMSTERDAM moved for- 
ward as equities were encour- 
aged by strength in the bond 
market. The AEX index rose 
5.84 or 1.5 per cent to 398.71. 

Philips, up 80 cents at 
FI 53.20. was bought on news 
that it had signed a co-opera- 
tion agreement with IBM of the 
US for the production of semi- 
conductors at the latter’s Ger- 
man factory. 

Reports of changes in the 
Dutch broadcasting system ini- 
tially affected the performance 
of VNU, the publishing house, 
which has a substantial stake 
in two commercial channels. 
VNU fell to FI 171-20, rallied to 
a session high of FI 175.30 
before closing at FI 174.00. 

Written and edited by William 
Cochrane, John Pitt and Mchael 
Morgan 


Gulf tensions take toll on regional markets 


The region had mixed feelings 
about the latest threat in the 
Middle East. Taiwan, mean- 
while, was closed for the 
national day holiday after a 
fall of 6.1 per cent on Saturday 
on rumours of the death of the 
Chinese leader, Deng Xiaoping; 
this followed a 7.8 per cent faff 
in the previous three days, 
dragged down by the Huaion 
group’s payments default case. 
Tokyo was also closed for a 
public holiday. 

BANGKOK dropped 22 per 
cent on blue chip selling initi- 


tncficaa (rebased) 
HO 


Bangkok SET 


105 


100 



Aug 1994 Sep 
Sowea: FT Graphite 


Oct 


a ted partly by fears of renewed 
tensions in the Gu It The SET 
index closed 31.66 lower at 

1.428.12 in turnover of 
Bt7.3Sbn. 

The finance sector was the 
biggest loser and the most 
active, falling 3.25 per cent in 
turnover of BtlJJba. Siam City 
Bank topped the active list, 
shedding Bt0.75 to Bt29.50. 

KUALA LUMPUR was under 
pressure early in the day fol- 
lowing the news that Iraq was 
massing troops near its border 
with Kuwait, although prices 
subsequently recovered from 
their lows on late bargain- 
hunting. 

The composite index ended 
li2l or 1.1 per cent lower at 

1.110.12 after a low of 1097.34. 
with the bearish sentiment 
also aggravated by apparent 
political tension in Malaysia 


when an Umno youth leader 
clashed with the p rimp minis- 
ter. Mr Mahathir Mohamad, 
over the ousting of a scandal- 
hit party official. 

Among gainers. Berjaya 
South picked up M$4 or 15.1 
per cent to MS30.50 on news 
that it was buying into Malay- 
sia's privatised sewerage con- 
sortium. 

SYDNEY combined positive 
exploration news from a num- 
ber of oil companies with spec- 
ulation on an oil price rise due 
to the Iraq-Kuwait confronta- 
tion. The oil and gas index 
closed 29.5, or 3.2 per cent 
higher at 940.3. helping the All 
Ordinaries index to a gain of 
20.5, or 1 per cent at 1,988-0. 

SINGAPORE was lower with 
the mood bruised by tensions 
on the Iraq-Kuwait border. 
Heavy profit-taking in Malay- 
sian stocks traded over the 
counter also weakened senti- 
ment 

The Straits Times Industrials 
index fell 27.81 to 2^02.28, just 
managing to hold above the 
psychological 2,300 leveL 

SHANGHAI'S A share index 
closed 5.5 per cent lower as last 
week's rumour laden trading, 
concerning the health of Chi- 
na's leader Deng Xiaoping, 
continued to overshadow the 
market. The index finished 
down 42.00 at 715.86 in 
increased turnover of Yn5.0bn. 

Large capitalised issues led 
the day’s fall. Shanghai Petro- 
chemical lost Yn0.15 or 6.8 per 
cent to Yn2.06 in heavy vol- 
ume of 21.9m shares. Maan- 
shan Iron and Steel gave up 
Yn0.l4 or 6.5 per cent, to 
Yn2.03 in volume of 10.0m 
shares. 

In Shenzhen, the A share 
index fell 10.09 or 5.8 per cent 
to 162.99 and the B index edged 
down 0.40 to 116.05. 

HK stocks close off lows in 
thin, bearish trade. 

HONG KONG closed off its 
lows after a day spent lan- 
guishing around the lower sup- 
port level of 9.200 in thin turn- 
over and weak sentiment with 


foreign funds liquidating south 
east Asian holdings. 

The Hang Seng index closed 
36.48 down at 9,248.40 in turn- 
over of HK$2.2bn compared 
with HK$2.9bn on Friday. 

The H-share index of Chinese 
stocks listed in Hong Kong fall 
30.93 or 2.4 per cent to 1,284.69 
in response to the latest fall in 
the Shanghai A index. 

BOMBAY was lower on weak 
buying support in thin volume. 
The BSE 30 share index dipped 
15.61 to 4,41055. 

Brokers said that they expec- 
ted trading to remain low in 


the next few days ahead of a 
Hindu festive season. 

SEOUL closed higher in mod- 
erate trading, in spite of con- 
solidation by primary blue 
chips as a rally persisted 
among banks, financial compa- 
nies and low and medium- 
priced shares. The composite 
index closed 6.72 higher at 
1,068.68. 

Trading volume totalled 
4659m shares compared with 
68.83m on Friday. 

WELLINGTON ended a four- 
day losing streak which saw 
the NZSE-40 index lose 38 per 


cent, but only barely with a 
rise of just 4.89 to 1.992.93. 
Equities were supported by a 
firm bond market, although 
the New Zealand finance min- 
ister said yesterday that higher 
rates were inevitable. 

MANILA’S composite index 
closed 25.05 lower at 2,972.108 
in turnover of 1884 bn pesos, 
also reflecting the Iraqi troop 
movements. 

JAKARTA watched the Gulf, 
and took profits after last 
week's sharp rebound, the offi- 
cial index ending 3.18 off at 
51186 in thin volume. 


bourses 


Markets in the eastern 
Mediterranean sent a caution- 
ary message to their Arab 
neighbours yesterday with 
Turkish equities down 4 per 
cent, Israeli blue chips by 
another 1.3 per cent for a 
two-day. 3.2 per cent foil, and 
Greek stocks by 1.4 per cent 
although Athens was moved 
by domestic concerns. 

Istanbul’s composite index, 
down 1.090.25 at 26.136.56, 
plunged on worries over the 
survival prospects of the coali- 
tion government led by the 

prime minister. Mrs Tansu 
Ciller, as well as on an escala- 
tion of tensions in the Gulf. 

Brokers quoted recent 
reports that the coalition part 
ners - Mrs Ciller’s conserva- 
tive True Path Party (DYP) 
and the Social Democrat Popu- 
list Party (SHP) - had fallen 
ont over draft laws to acceler- 
ate privatisation and improve 
democratic rights. 

Mrs Ciller, hoping that sell- 
offs would rescue the ailing 
Turkish economy, had made 
the privatisation law her top 
priority. 

As a Nato member, Turkey 
supported the US-led western 
forces against its neighbour, 
Iraq, during the Gulf war in 
1991. Istanbul share prices fell 
sharply in the days following 
the Iraqi invasion of Kuwait 
on August 2, 1990. 

In Tel Aviv, market sources 
said that banks had called in 
credit extended to the public 
for investment in securities. 
The Mishtanim index fell 
another 2.34 to 180.24 and 
turnover rose from a slim 
Sfakl37m to moderate, at 
Sfakl68m. 

The market closed off its ses- 
sion lows as investment funds 
led a small late rally and trad- 
ers said that demand for call 
options at that time Indicated 
that speculators expect a tech- 
nical rally today. 

Athens was more worried 
that a sharp rise in September 
inflation, to 11.9 per cent, 
would inhibit a fall in interest 
rates. The general share index 
ended 11.96 down from Fri- 
day’s close at 862.07 03 after 
opening slightly np at 875.04. 

Turnover was Dr3.1bn. Bro- 
kers said that there was 
intense pressure on the mar- 
ket 



rer^GTOAffi 

ES WORLD INDICES 












1 

Jointly rompJoa by The Rnancwf Times Ltd, Goldman, Sachs S Ca and NatWsst Securities Ltd. in conjunction wife fee institute of Actuaries and fee Faafty of Actuaries 

NATIONAL AND 































Figures m parentheses 

us 

Ony^ 

Pound 



Local 

Local 

Gross 

US 

Pound 



Local 



Year 

shew number of hrws 

Dota 

Change 

Starting 

Yon 

DM 

Cwrency 

% ctig 

□Tv. 

Ddtor 

Sterling 

Yen 

DM Currency 52 week 52 week 


cl stock 

Index 

% 

1 relax 

Index 

Index 

Mex 

on day 

Yield 

Index 

Index 

Index 

Index 

Index 

High 

Low 

tapprcw) 

Airfrjlij (681 

165.44 

-0.6 

154.21 

104.81 

13X55 

149.04 

-O.d 

3.72 

168.40 

15525 

10432 

13X61 

14926 

189.15 

14926 

140.87 

<\jst»06) 

160.28 

0.0 

163.04 

114.21 

144.44 

144.313 

-02 

1.11 

18024 

16X37 

11X71 

144X0 

144.75 

16X69 

167.48 

17X07 

Bc+tJium t371 

— .162.02 

0J 

151.02 

10265 

129.81 

126.66 

-0.1 

425 

161.66 

15092 

101.83 

129.60 

12X73 

177.04 

14X33 

14952 

Canada 11031... 

- .136.54 

0.6 

127.27 

86 50 

109.39 

13323 

as 

2.52 

135.75 

12X73 

8529 

10X99 

132X3 

14X31 

120.54 

12455 

DrrtmjL (33) 

... 203S1 

ao 

226.97 

15427 

195.10 

199.72 

-02 

1.4S 

243.49 

22721 

153.53 

19X50 

20024 

275.79 

23027 

233.92 

Finland paj... 

.. 177 09 

-1.6 

165 07 

112.18 

141.88 

17a 02 

-2.3 

0.B0 

17996 

16X01 

113.47 

144.49 

18022 

18228 

116.71 

11X71 

France tHM) . . 

. 163.63 

07 

152.52 

103.67 

131.10 

135.19 

05 

320 

162.45 

151.66 

102.43 

13044 

13421 

18X37 

15X34 

170.77 

Gemrany i*5l 

.... 135.15 

0.1 

125.98 

85.62 

10828 

10828 

-0.1 

1.90 

134.99 

12X03 

85.12 

10X39 

10X39 

15040 

12X37 

13350 

Hon; Kong (56) 

....381.70 

00 

355.32 

241.50 

305.42 

37820 

ao 

322 

38122 

35520 

24027 

30X09 

37X21 

cnfti« 

317.38 

31X84 

imbed nai . . . 

...rot 36 

03 

187.68 

12 TJS6 

181.33 

180.38 

-0.1 

355 

200.81 

187.48 

12X62 

16124 

180.47 

21X60 

17140 

172.85 

ilolv (591 

- - 77.71 

-2.4 

72.43 

4923 

6226 

91.04 

-22 

1.70 

7S58 

7420 

5018 

6X91 

93 05 

97.78 

57X8 

73.15 

Japan 1065/ 

... is&oa 

-0.3 

147.35 

10115 

126L66 

10Q.15 

ai 

0.77 

f 58.61 

1-tt.W 

10O01 

127.35 

TOO. Of 

170 fO 

124.54 

155.78 

ULir/su (V7) 

..55J.91 

-zss 

51630 

350 32 

443.80 

547.08 

-22 

1.54 

56720 

52923 

357.84 

455,43 

65980 

KM .63 

43071 

432.16 

Mc-jCO 081 

.. 2189.13 

-0.1 

2040.47 

1386.08 

1753.91 

817968 

-O.T 

125 

2192.30 

304X68 

138221 

178022 

818676 

2647.06 

1674.01 

1680.72 

Nefeefcfed 09) 

-...207.76 

0.9 

133,66 

131.62 

166.46 

153-59 

0.7 

3.53 

20522 

19225 

129.84 

16524 

16X51 

218.19 

187.01 

169^6 

Not? Zealand 04| 

- 70.03 

-06 

6527 

44 38 

58.11 

61.46 

-0.6 

3.9E 

70.42 

65.74 

44.40 

5054 

6124 

77.59 

5X22 

6X43 

Norway |J3) ... 

.. 195.05 

-0.8 

181.80 

123.57 

15627 

177.33 

-12 

126 

19662 

183.56 

123.97 

157.87 

17920 

211.74 

185.52 

17X02 

&n <?CW (441 382.69 

-0.5 

356.70 

242.44 

306.61 

261.17 

-0.4 

1.81 

384.43 

35820 

242-40 

30X87 

26221 

393.12 

294.68 

30955 

South Africa I59i 

.. ..313.97 

0.4 

292 65 

196.91 

251.55 

286 50 

02 

224 

312.71 

291.94 

197.17 

251.06 

28X04 

31424 

202.72 

212.92 

Spai'' (33/ . . . 

.. 137.18 

0.8 

127.87 

86.31 

109.91 

132.64 

02 

4.1 B 

130-03 

127.00 

85.77 

10X22 

13156 

155.79 

138.88 

iaai4 

Sweden 136* . 

.—320.11 

-ai 

205.16 

139.45 

176.35 

23&41 

-0.6 

1.68 

22033 

205.76 

13827 

17X96 

23527 

231^ 

175.63 

194.81 

Swrccrijhd i+n 

161.06 

0.6 

150.12 

102.04 

129.04 

12726 

02 

1.80 

160.16 

14923 

10029 

12X60 

127.16 

176X6 

142.90 

14250 

united Kingdom (2041 

. 193.97 

0.6 

193.76 

122.86 

155.37 

180.76 

0.4 

421 

192.60 

18020 

121.57 

15421 

180.00 

21426 

1B1.11 

191.36 

USA |&i 5) 

.. . 165.83 

0.6 

173 21 

117.73 

14828 

18S23 

0.6 

292 

184.74 

172.47 

11X49 

14X33 

184.74 

19X04 

17X95 

187.64 

EUROPE iTCTj 

16625 

0.3 

154.96 

105.32 

13320 

14526 

0.1 

3.1B 

165.71 

154.70 

104.49 

133.05 

14X78 

17X58 

154.79 

16077 

Non** (116*. 

. . 313.93 

-0.4 

199.40 

135.53 

171.40 

196 42 

-0.9 

1.49 

214.80 

20024 

13544 

172.47 

20019 

222.18 

17X19 

184.74 

Pacific Bonn (747).... 

... 167 41 

-0.4 

156.05 

10606 

134 13 

110.72 

ao 

1.09 

168.09 

15X92 

10529 

134.86 

11070 

17X88 

134.79 

16156 

Euro-Poisfe .1456). 

—.166.80 

-0.1 

155J7 

105.67 

133.64 

125.02 

0.1 

1.67 

18695 

15527 

10627 

13425 

12425 

17X14 

143.88 

161X71 

North America (5161 

. ..>82.76 

0.6 

170.35 

115.76 

146.43 

162.17 

0.6 

2.90 

161.69 

169.63 

11426 

14528 

181.12 

192.73 

175.67 

183.72 

EtPOpe 6*. UK iS05i ... 

.. . 147.92 

0.2 

137.87 

93.71 

11(L51 

125.63 

-ai 

2.56 

147.67 

137X6 

9X11 

11X56 

12529 

16X12 

136.94 

14151 

Pawflc Ex. Japan 079) _ 

25801 

-0.B 

240.48 

163.46 

206.72 

229.72 

-0.7 

283 

25196 

242.70 

18X92 

10X73 

23126 

29X21 

S1&1G 

216.16 

World Ea. US 11638) 

168.77 

-0.1 

157.31 

106.92 

13522 

128.78 

0.1 

1.98 

16X89 

157.87 

10649 

13X60 

12X69 

17X66 

14X58 

161.24 

tYorld UK 11947) 

... 171.43 

0.1 

159.79 

106.61 

13725 

142.94 

02 

211 

17123 

1S9.B8 

107.97 

137.49 

142.61 

17X59 

15X96 

16X87 

World Ex. So. At (2092)- 

.. -17257 

0.2 

160.80 

10930 

13822 

145.37 

02 

221 

17225 

16081 

10X61 

13820 

14521 

180.03 

15X54 

16X84 

World Er. Japan 11683) - 

18361 

0.4 

171.14 

11832 

147.11 

173.34 

0.3 

2.S6 

182.83 

170.78 

11524 

14X88 

172.82 

19520 

17X34 

178.05 

The Worts ftxtor (2I5T).... 

.... 173.42 

02 

161.85 

10387 

136.94 

146.42 

02 

221 

173.14 

161.64 

10017 

13SJK 

148.05 

18080 

15X85 

168.03 


Financial Times. 
Europe’s Business Newspaper. 


skiing 
Snow oublished with 




W 5 


r or 


not 



*•1 5 
& 


IfcT, I 


is, 


It includes a guide to 


s m resorts, as wail as 

x 

FT reads?s= 

. There are a! so 


tm 


iSt 




tfl t i 


*3 CTO 




3d * 


!2lg 

children skiing, the 
joys m cross-country, 
dry ski slope®, this 
.year’s ski fashions 
am a iig£?t-heartetf 
look at the tour 
operators? brochures. 

So if yois want to 
know what/s going 
ntn this winter, 
Pm k Snow. 



a* 





CvPV'jM, The R/vmcJl Tint's Unfed. GorfiTm. Soars and Co. and Naiwcoi Secumw ixnnod. 1987 
Litas: pn«s *W uuvsttrte l£» odram.